Document:

Exhibit 10.25

 

	 	Dated
    22 December 2021	
    

	 

 

	 	Royal Caribbean Cruises Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Société Générale	(2)
	 	(the Facility Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(3)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(4)
	 	(the Lenders)
	 

 

	 	

                                                                                 

                                                                                Amendment Agreement 
 in
                                                                                connection with the Credit Agreement in respect of
 "HARMONY OF THE SEAS " (ex Hull A34)
	 

 

     

     

    

 

Contents

 

	Clause 	Page
	 	 	 
	1	Interpretation and definitions	1
	 	 	 
	2	Amendment of the Existing Credit Agreement	2
	 	 	 
	3	Conditions of effectiveness of Amended Credit Agreement	2
	 	 	 
	4	Representations, Warranties and Undertakings	4
	 	 	 
	5	Incorporation of Terms	4
	 	 	 
	6	Fees, Costs and Expenses	4
	 	 	 
	7	Counterparts	5
	 	 	 
	8	Governing Law	5
	 	 	 

	Schedule 1 	Finance Parties	6
	 	 	 
	Schedule 2 	Form of Amendment Effective Date confirmation – Hull A34	7
	 	 	 
	Schedule 3 	Amendments to the Existing Credit Agreement	8
	 	 	 
	Schedule 4 	Form of Guarantor Confirmation Certificate	9

 

     

     

    

 

THIS AMENDMENT AGREEMENT (this Amendment)
is dated 22 December 2021 and made BETWEEN:

 

		(1)	Royal Caribbean Cruises Ltd. (a corporation organised and existing under the laws of the Republic
of Liberia) (the Borrower);

 

		(2)	Société Générale as facility agent (the Facility Agent);

 

		(3)	Société Générale as BpiFAE agent (the BpiFAE Agent);

 

		(4)	The banks and financial institutions listed in Schedule 1 as mandated lead arrangers (the Mandated
Lead Arrangers); and

 

		(5)	The banks and financial institutions listed in Schedule 1 as lenders (the Lenders).

 

WHEREAS:

 

		(A)	The Borrower, the Facility Agent, the BpiFAE Agent, the Mandated Lead Arrangers and the Lenders are parties
to a credit agreement, dated as of 15 April 2014 (as amended and restated from time to time prior to the date of this Amendment, the Existing
Credit Agreement), in respect of the vessel named “HARMONY OF THE SEAS” (formerly Hull no. A34) (the Vessel) whereby
it was agreed that, subject to the terms and conditions therein, the Lenders would advance (and have advanced) their respective Commitment
of an aggregate amount not exceeding the Maximum Loan Amount (as each such term is defined in the Existing Credit Agreement).

 

		(B)	The Borrower has, pursuant to a consent request letter dated on or about 8 December 2021, requested that
the Existing Credit Agreement be amended on the basis set out in this Amendment to reflect certain amendments to the financial covenants
set out in Clause 9.4 of the Existing Credit Agreement.

 

		(C)	In connection with the arrangements referred to in Recital (B) above, the Parties wish to amend the Existing
Credit Agreement on the basis set out in this Amendment.

 

NOW IT IS AGREED as follows:

 

		1	Interpretation and definitions

 

		1.1	Definitions in the Existing Credit Agreement

 

		(a)	Unless the context otherwise requires or unless otherwise defined in this Amendment, words and expressions
defined in the Existing Credit Agreement shall have the same meanings when used in this Amendment.

 

		(b)	The principles of construction set out in the Existing Credit Agreement shall have effect as if set out
in this Amendment.

 

		1.2	Definitions

 

In this Amendment:

 

Amended Credit Agreement means
the Existing Credit Agreement as amended in accordance with this Amendment.

 

Amendment Effective Date has
the meaning set forth in clause 3.

 

Fee Letter means any letter
between any Finance Party and the Borrower setting out the fees payable in connection with this Amendment.

 

    Page 1

     

    

 

Finance Parties means the Facility
Agent, the Mandated Lead Arrangers and the Lenders.

 

Party means each of the parties
to this Amendment.

 

		1.3	Third party rights

 

Other than BpiFAE in respect of the
rights of BpiFAE under the Finance Documents, unless expressly provided to the contrary in a Finance Document, no term of this Amendment
is enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a Party.

 

		1.4	Designation

 

Each of the Parties designates this
Amendment as a Finance Document.

 

		2	Amendment of the Existing Credit Agreement

 

In consideration of the mutual covenants
in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree that, subject to the satisfaction of the conditions precedent set forth in clause 3.1, the Existing Credit Agreement shall,
with effect on and from the Amendment Effective Date, be (and it is hereby) amended in accordance with the amendments set out in Schedule
3 and (as so amended) will continue to be binding upon each of the Borrower and the Finance Parties in accordance with its terms as so
amended.

 

		3	Conditions of effectiveness of Amended Credit Agreement

 

		3.1	The Amended Credit Agreement shall become effective in accordance with the terms of this Amendment on
the date (the Amendment Effective Date) upon which each of the following conditions has been satisfied to the reasonable satisfaction
of the Facility Agent:

 

		(a)	the Facility Agent shall have received from the Borrower:

 

		(i)	a certificate of its Secretary or Assistant Secretary as to the incumbency and signatures of those of
its officers authorised to act with respect to this Amendment and as to the truth and completeness of the attached resolutions of its
Board of Directors then in full force and effect authorising the execution, delivery and performance of this Amendment, and upon which
certificate the Lenders may conclusively rely until the Facility Agent shall have received a further certificate of the Secretary or Assistant
Secretary of the Borrower cancelling or amending such prior certificate; and

 

		(ii)	a Certificate of Good Standing issued by the relevant Liberian authorities in respect of the Borrower;

 

		(b)	the Facility Agent shall have received from each Guarantor a certificate (substantially in the form set
out in Schedule 4), signed by a duly authorised officer of that Guarantor:

 

		(i)	confirming that:

 

		(A)	the relevant Guarantor acknowledges the amendments to the Existing Credit Agreement contained in this
Amendment;

 

		(B)	the relevant Guarantee and each other Finance Document to which that Guarantor is a party shall remain
and continue in full force and effect notwithstanding the amendment of the Existing Credit Agreement pursuant to this Amendment;

 

		(C)	the relevant Guarantee shall extend to any new obligations assumed by the Borrower under the Amended Credit
Agreement; and

 

    Page 2

     

    

 

		(D)	continuing to guarantee the amended obligations of the Borrower does not cause any borrowing, guaranteeing
or similar limit binding on the relevant Guarantor to be exceeded; and

 

		(ii)	evidencing the authority of the relevant officer to execute that certificate and to provide the confirmations
referred to in paragraph (i) above,

 

together with such evidence from legal
counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the Guarantees relative to the arrangements
contemplated by this Amendment;

 

		(c)	the Facility Agent shall have received a duly executed copy of each Fee Letter;

 

		(d)	the Facility Agent shall have received evidence that all invoiced expenses of the Facility Agent (including
the agreed fees and expenses of counsel to the Facility Agent) required to be paid by the Borrower pursuant to clause 6 below, and all
other documented fees and expenses that the Borrower has otherwise agreed in writing to pay to the Facility Agent, have been paid or will
be paid promptly upon being demanded;

 

		(e)	the Facility Agent shall have received evidence satisfactory to the Facility Agent (acting on the instructions
of the Lenders) that BpiFAE has approved the arrangements referred to in this Amendment;

 

		(f)	the Facility Agent shall have received opinions, addressed to the Facility Agent (and capable of being
relied upon by each Lender) from:

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law (and being issued
in substantially the same form as the corresponding Liberian legal opinion issued in respect of Amendment and Restatement No. 5); and

 

		(ii)	Norton Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being issued
in substantially the same form as the corresponding English legal opinion issued in respect of Amendment and Restatement No. 5),

 

or, where applicable, a written approval
in principle (which can be given by email) by either of the above counsel of the arrangements contemplated by this Amendment and a confirmation
that a formal opinion will follow promptly after the Amendment Effective Date;

 

		(g)	the representations and warranties set out in clause 4 are true and correct in all material respects (except
for such representations and warranties that are qualified by materiality or non-existence of a Material Adverse Effect (which shall be
accurate in all respects)) as of the Amendment Effective Date;

 

		(h)	no Event of Default or Mandatory Prepayment Event shall have occurred and be continuing or would result
from the amendment of the Existing Credit Agreement pursuant to this Amendment;

 

		(i)	the Borrower shall, as required pursuant to clause 5, have provided a letter to the Facility Agent which
confirms that RCL Cruises Ltd has accepted its appointment as process agent in respect of this Amendment; and

 

		(j)	the Facility Agent shall have received from the Borrower such documentation and information as any Finance
Party may reasonably request through the Facility Agent to comply with "know your customer" or similar identification procedures
under all laws and regulations applicable to that Finance Party.

 

		3.2	The Facility Agent shall notify the Lenders and the Borrower of the Amendment Effective Date by way of
a confirmation in the form set out in Schedule 2 and such confirmation shall be conclusive and binding.

 

    Page 3

     

    

 

		4	Representations, Warranties and Undertakings

 

		(a)	Each of the representations and warranties in:

 

		(i)	clause 7 (Representations and Warranties) of the Amended Credit Agreement (excluding clause 7.11
of the Amended Credit Agreement); and

 

		(ii)	clause 3(b) of Amendment and Restatement No. 4,

 

are deemed to be made by the Borrower
on the date of this Amendment and the Amendment Effective Date, in each case as if reference to the Finance Documents in each such representation
and warranty was a reference to this Amendment and each officer certificate referred in clause 3.1(b), and as if the Amended Credit Agreement
was effective at the time of each such repetition.

 

		(b)	In addition to the representations and warranties referred to in paragraph (a) above, the Borrower:

 

		(i)	represents and warrants to the Facility Agent and each Lender that if and to the extent any of the Borrower’s
Bank Indebtedness include a fixed charge coverage ratio and/or net debt to capitalisation ratio commitment, such fixed charge coverage
ratio and/or net debt to capitalization ratio commitment (and their definitions) are substantially aligned with the Fixed Charge Coverage
Ratio and the Net Debt to Capitalization Ratio respectively (and their definitions) ignoring for this purpose, if applicable, any differences
in their definitions which the Borrower in good faith considers immaterial in giving this representation and any differences arising from
the application of differing governing laws applicable to any such Bank Indebtedness;

 

		(ii)	represents and warrants to the Facility Agent and each Lender that the Borrower is negotiating amendments
to each other ECA Financing which shall, upon entry into of the relevant amendment agreement in respect of that ECA Financing, contain
amendments that will be consistent with, and on the same substantive terms as, the amendments to be contained in the Amended Credit Agreement;
and

 

		(iii)	covenants and undertakes with the Facility Agent that, in relation to each amendment agreement to the
finance documents in respect of each other ECA Financing containing the amendments referred to in paragraph (ii) above, it will liaise
with counsel to the facility agent under each such other ECA Financing to sign and lodge counterparts of such amendment agreements on
the understanding that they will become effective at or around the same time as the Amendment Effective Date or, if and to the extent
that the Facility Agent receives evidence satisfactory to it that BpiFAE has permitted this and provided that all such amendment agreements
shall take effect no later than 31 December 2021, promptly after the Amendment Effective Date.

 

		5	Incorporation of Terms

 

The provisions of clause 13.4 (Notices),
clause 13.8 (Severability) and clause 13.14 (Law and Jurisdiction) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those clauses to “this Agreement” were
references to this Amendment and references to each Party are references to each Party to this Amendment.

 

		6	Fees, Costs and Expenses

 

		6.1	The Borrower shall pay to the Facility Agent (for its own account and for the account of the Lenders (as
applicable)) the fees in the amounts and at the times agreed in the Fee Letters.

 

		6.2	The payment of the above fees shall be made free and clear of any deduction, restriction or withholding
and in immediately available freely transferable cleared funds to such account(s) as the Facility Agent shall notify the Borrower of in
advance or, where applicable, in the relevant Fee Letter.

 

    Page 4

     

    

 

		6.3	The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of:

 

		(a)	the Facility Agent in connection with the preparation, execution, delivery and administration, modification
and amendment of this Amendment and the documents to be delivered hereunder or thereunder; and

 

		(b)	any Lender in connection with the preparation, execution, delivery and administration, modification and
amendment of any security or other documents executed or to be executed and delivered as a consequence of the parties entering into this
Amendment and any other documents to be delivered under this Amendment,

 

(including the reasonable and documented
fees and expenses of counsel for the Facility Agent with respect hereto and thereto as agreed with the Facility Agent) in accordance with
the terms of clause 13.5 (Payment of Costs and Expenses) of the Existing Credit Agreement.

 

		7	Counterparts

 

This Amendment may be executed in any
number of counterparts and by the different Parties on separate counterparts, each of which when so executed and delivered shall be an
original but all counterparts shall together constitute one and the same instrument. The Parties acknowledge and agree that they may execute
this Amendment and any variation or amendment to the same, by electronic instrument. The Parties agree that the electronic signatures
appearing on the document shall have the same effect as handwritten signatures and the use of an electronic signature on this Amendment
shall have the same validity and legal effect as the use of a signature affixed by hand and is made with the intention of authenticating
this Amendment, and evidencing the Parties’ intention to be bound by the terms and conditions contained herein. For the purposes
of using an electronic signature, the Parties authorise each other to conduct the lawful processing of personal data of the signers for
contract performance and their legitimate interests including contract management.

 

		8	Governing Law

 

This Amendment, and all non-contractual
obligations arising in connection with it, shall be governed by and construed in accordance with English law.

 

The Parties have executed this Amendment the day
and year first before written.

 

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Schedule 1

Finance Parties

 

Facility Agent

 

Société Générale

 

 

BpiFAE Agent

 

Société Générale

 

 

Mandated Lead Arrangers 

 

Banco Santander S.A.

 

KfW IPEX Bank GmbH

 

 

Lenders

 

Société Générale

 

Banco Santander S.A.

 

KfW IPEX Bank GmbH

 

    Page 6

     

    

 

 

Schedule 2

Form of Amendment Effective Date confirmation – Hull A34

 

To:        Royal Caribbean Cruises Ltd.

 

"HARMONY OF THE SEAS" (Hull A34)

 

We,
Société Générale, refer to the amendment agreement dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 15 April 2014 (as previously amended, supplemented and/or restated
from time to time) (the Credit Agreement) made between (among others) the above named Royal Caribbean Cruises Ltd. as the
Borrower, the financial institutions listed in it as the Lenders and ourselves as the Facility Agent in respect of a loan to the Borrower
from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

We hereby confirm that all conditions precedent
referred to in clause 3.1 of the Amendment have been satisfied. In accordance with clause 3 of the Amendment, the Amendment Effective
Date is the date of this confirmation and the amendment of the Credit Agreement in accordance with the Amendment is now effective.

 

Dated: [●] 2021

 

	Signed:		

 

For and on behalf of

 

Société Générale

 

(as Facility Agent)

 

    Page 7

     

    

 

Schedule 3

Amendments to the Existing Credit Agreement

 

LIST OF AMENDMENTS TO THE RCCL OASIS 3 USD CREDIT
AGREEMENT

 

Schedule 3

 

It is acknowledged and agreed
that, with effect from the Amendment Effective Date, the Existing Credit Agreement shall be amended as follows:

 

		1	the following new definitions shall be inserted into sub-clause 1.1 (Defined Terms) of Clause 1
(Definitions and interpretation) in alphabetical order to read:

 

“2023
Converted Debt” means the aggregate amount of debt securities issued by the Borrower pursuant to the 2023 Convertible Notes Indenture
which are, in accordance with the provisions of the said 2023 Convertible Notes Indenture, converted, or to be converted, into equity
securities of the Borrower on the 2023 Maturity Date.”

 

“2023
Convertible Notes Indenture” means that certain Indenture, dated as of June 9, 2020, (as amended, supplemented, extended, refinanced,
replaced and/or otherwise modified from time to time) in respect of the $1,150,000,000 4.250% convertible senior notes due 2023, by and
among the Borrower as issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.”

 

“2023
Maturity Date” has the meaning given to the term Maturity Date in the 2023 Convertible Notes Indenture (and being June 15, 2023).”

 

"Annualized
Net Cash from Operating Activities" means, with respect to any calculation of net cash from operating activities for any period:

 

		(a)	in the case of the period of four consecutive Fiscal Quarters ending with the first Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (A) net cash from operating activities for such
first Fiscal Quarter and (B) four,

 

		(b)	in the case of the period of four consecutive Fiscal Quarters ending with the second Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such second Fiscal Quarter and the immediately preceding Fiscal Quarter and (ii) two; and

 

		(c)	in the case of the period of four consecutive Fiscal Quarters ending with the third Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such third Fiscal Quarter and the two immediately preceding Fiscal Quarters and (ii) four-thirds,

 

in each case determined
in accordance with GAAP as shown in the Borrower’s consolidated statements of cash flows for such period."

 

    Page 8

     

    

 

		2	the definition of "Covenant Modification Date" in sub-clause 1.1 (Defined Terms) of Clause
1 (Definitions and interpretation) shall be deleted in its entirety

 

		3	the definition of "Fixed Charge Coverage Ratio" in sub-clause 1.1 (Defined Terms) of
Clause 1 (Definitions and interpretation) shall be deleted in its entirety and replaced as follows to read:

 

"Fixed Charge Coverage Ratio"
means, as of the end of any Fiscal Quarter, the ratio computed for the period of four consecutive Fiscal Quarters ending on the close
of such Fiscal Quarter of:

 

		a)	

 

		(i)	save as provided in a) ii) below, net cash from operating activities (determined in accordance with GAAP) for such period; or

 

		(ii)	in the case of the end of each of the first three Fiscal Quarters ending after the last day of the Fiscal Quarter ending on September
30, 2022, the Annualized Net Cash from Operating Activities for such relevant Fiscal Quarter, to;

 

		b)	the sum of:

 

		(i)	dividends actually paid by the Borrower during such period (including, without limitation, dividends in respect of preferred stock
of the Borrower); plus

 

		(ii)	scheduled cash payments of principal of all debt less New Financings (determined in accordance with GAAP, but in any event including
Capitalized Lease Liabilities) of the Borrower and its Subsidiaries for such period."

 

		4	the definition of "Stockholders' Equity" in sub-clause 1.1 (Defined Terms) of Clause
1 (Definitions and interpretation) shall be deleted in its entirety and replaced as follows to read:

 

"Stockholders’
Equity" means, as at any date, the Borrower’s stockholders’ equity on such date, excluding Accumulated Other Comprehensive
Income (Loss), determined in accordance with GAAP and which shall, for the purposes of determining the level of Stockholders’ Equity
for the purposes of assessing compliance with the financial covenant contained in Clause 9.4(a)(iii):

 

		1)	for the Fiscal Quarter ended March 31, 2023, also include the 2023 Converted Debt in the amount of $1,150,000,000
as reduced by (i) the value of the 2023 Converted Debt that the Borrower has elected to settle in cash (rather than equity) in accordance
with section 14.02 of the 2023 Convertible Notes Indenture and (ii) the value of any new equity the Borrower issues in order to settle
in equity that 2023 Converted Debt obligation; and

 

		2)	for the avoidance of doubt, when calculating the Stockholders’ Equity for the purposes of determining
the Borrower’s compliance with the financial covenant in Clause 9.4(a)(iii):

 

		A	for all periods starting after December 31, 2022, any outstanding 2023 Converted Debt will be accounted
for as equity at any time until the 2023 Maturity Date (and, in the case of the Fiscal Quarter ended March 31, 2023, in accordance with
calculations set out in paragraph 1) above); and

 

		B	from the 2023 Maturity Date, only such part of the 2023 Converted Debt as has actually been converted
into equity securities by the 2023 Maturity Date shall be included in determining the level of Stockholders’ Equity for the purposes
of assessing compliance with the financial covenant contained in Clause 9.4(a)(iii)

 

    Page 9

     

    

 

provided that:

 

a)           
any non-cash charge to Stockholders’ Equity resulting (directly or indirectly) from a change after the date hereof in GAAP or in
the interpretation thereof shall be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction
thereof resulting from such change shall be added back to Stockholders’ Equity;

 

b)           
any non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31, 2020 shall be disregarded in the
computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such write-offs shall be added
back to Stockholders’ Equity;

 

c)            
any non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31, 2021 or December 31, 2022 (excluding
any such write-offs to goodwill with respect to either such Fiscal Year) shall be disregarded in the computation of Stockholders’
Equity such that the amount of any reduction thereof resulting from such write-off shall be added back to Stockholders’ Equity;
provided that the aggregate amount of such write-offs added back to Stockholders’ Equity pursuant to this clause (c) shall not exceed
the greater of (i) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
as at the last day of the most recently ended Fiscal Quarter and (ii) $3,000,000,000;

 

d)           
any non-cash write-off to such part of the Borrower’s goodwill as existed on the Borrower’s balance sheet as of December 31,
2020 (namely $809,480,000) in respect of the Fiscal Years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31,
2024, shall be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from
such write-offs shall be added back to Stockholders’ Equity; and

 

e)           
 “net loss attributable to Royal Caribbean Cruises Ltd.” (but excluding any net loss associated with an impairment or write-off
added back pursuant to clause (b), clause (c) or clause (d) above), determined in accordance with GAAP as shown in the Borrower’s
consolidated statement of comprehensive (loss) income, attributable to the Fiscal Years ending December 31, 2021 and December 31, 2022
shall be added back to Stockholders’ Equity; provided that the aggregate amount added back to Stockholders’ Equity pursuant
to clause (c) above and this clause (e) shall not exceed $4,500,000,000,

 

and provided further that unless the Borrower, the Facility
Agent and the BpiFAE Agent (acting upon the instructions of BpiFAE) have agreed otherwise in writing:

 

		(i)	if, by no later than the date (the “Add Back End Date”) falling 30 days after the end
of the Fiscal Quarter ending June 30, 2025, BpiFAE has issued its written consent (the “Add Back Transition Consent”)
to the arrangements set out below, the aggregate amount of the add backs made pursuant to paragraphs (b) to (e) above shall automatically
be reduced successively by 25 per cent of such aggregate amount in the last Fiscal Quarter of each of the four (4) Fiscal Years commencing
January 1, 2025 so as to reduce to zero any such add backs by, and in the assessment of, the Fiscal Year ended December 31, 2028; and

 

		(ii)	if BpiFAE has not issued the Add Back Transition Consent by the Add Back End Date, with effect from the
Add Back End Date the add backs set out in paragraphs (b) to (e) above shall be removed and accordingly
the add backs set out in paragraphs (b) to (e) above shall be reduced to zero for the purposes of, and in the assessment of, the Fiscal
Quarter ending September 30, 2025, and any Fiscal Quarter and Fiscal Year occurring thereafter.

 

For the avoidance
of doubt, no item added back to Stockholders’ Equity pursuant to paragraphs (b), to (e) above shall be added back pursuant to any
other clause, section or paragraph of this Agreement. For the purposes of paragraphs (i) and (ii) above, where BpiFAE issues the Add Back
Transition Consent the BpiFAE Agent shall communicate such consent promptly to the other parties to this Agreement."

 

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		5	Paragraphs (c) and (p) of Sub-Clause 8.1 (Financial Information, Reports, Notices etc.) of Clause
8 (Affirmative Covenants) shall each be deleted in their entirety and replaced as follows to read:

 

		"c.	together with each of the statements delivered pursuant
to the foregoing paragraph (a) or (b), a certificate, executed by the chief financial officer, the treasurer or the corporate controller
of the Borrower, setting out, as of the last day of the relevant Fiscal Quarter or Fiscal Year, computations as to compliance with the
covenants set forth in Clause 9.4(a) (Financial condition) (in reasonable detail and with appropriate calculations and computations
in all respects reasonably satisfactory to the Facility Agent) it being understood and agreed that any such certificate supplied in respect
of any Fiscal Quarter ending during the Financial Covenant Waiver Period shall still contain such calculations and computations but shall
not be required to demonstrate compliance with the covenants set forth in Clause 9.4(a);” ;

 

		“p.	during the period from the Second Deferred Tranche Effective Date until the Minimum Liquidity Cut-off
Date (as defined in Clause 9.4(d)), within five Business Days after the end of each month falling during such period, a certificate, executed
by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the immediately
preceding month, compliance with the covenant set forth in Clause 9.4(d); provided that if, during such period, the Borrower is not in
compliance with the covenant set forth in Clause 9.4(d) as of the last day of such month, the Borrower shall show compliance with such
covenant as of the date such certificate is delivered;”

 

		6	The last line of Paragraph (s) and the final 8 lines of Sub-clause 8.1 (Financial Information, Reports,
Notices, etc.) of Clause 8 (Affirmative Covenants) shall be deleted and replaced and a new Paragraph (t) shall be added as
follows to read:

 

“Restricted
Voluntary Prepayment); and

 

t. following the
later to occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches'
in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist, within 5 Business Days of
any Group Member agreeing to any new, modified or substitute financial covenants of the type or similar to the financial covenants set
out in Clause 9.4(a)(i) to (iii) in respect of any of its Indebtedness for borrowed money, the Borrower shall provide written notice to
the Facility Agent of such agreement (and setting out full details of the relevant new, modified or substitute financial covenants) and,
if requested by the Facility Agent (acting upon the instructions of the Required Lenders), the Borrower and the Lenders shall discuss
in good faith whether or not such new, modified or substitute financial covenants shall be incorporated into this Agreement and, if agreed,
the parties shall promptly enter into an amendment agreement to reflect such agreement,

 

provided that information
required to be furnished to the Facility Agent under subsections (a), (b), (h) and (r) of this Clause 8.1 (Financial Information,
Reports, Notices, etc.) shall be deemed furnished to the Facility Agent when available free of charge on the Borrower's website at
http://www.rclinvestor.com or the SEC's website at http://www.sec.gov; and provided further that the Facility Agent may
disclose to BpiFAE the documentation and information received by or available to them pursuant to this Clause 8.1 (Financial Information,
Reports, Notices, etc.) and any other documentation and information concerning the Borrower that BpiFAE may request from time to
time.”

 

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		7	The opening line of Sub-clause 9.4 and Sub-clauses 9.4(a) to (c) (Financial Condition) of Clause
9 (Negative Covenants) shall be deleted in their entirety and replaced as follows to read:

 

"(a) The Borrower will not permit:

 

		i.	the Net Debt to Capitalization Ratio, as at the end of any Fiscal Quarter, to be greater than the applicable level set forth below
opposite such Fiscal Quarter under the below heading “Net Debt to Capitalization Ratio”:

 

	Fiscal Quarter Ending	Net Debt to Capitalization Ratio
	March 31, 2022	0.775 to 1
	June 30, 2022	0.775 to 1
	September 30, 2022	0.775 to 1
	December 31, 2022	0.750 to 1
	March 31, 2023	0.725 to 1
	June 30, 2023	0.700 to 1
	September 30, 2023	0.675 to 1
	December 31, 2023	0.650 to 1
	March 31, 2024 and thereafter	0.625 to 1

 

		ii.	the Fixed Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter; and

 

		iii.	if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both
Moody's and S&P, Stockholders' Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus
(ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending on
the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any event excluding
any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

In connection with the determination of
Stockholders’ Equity for the Fiscal Quarter ended March 31, 2023, the Borrower hereby undertakes that it will act in good faith
and will provide to the Facility Agent no later than March 25, 2023 written confirmation of the actual amount of 2023 Converted Debt it
has elected to settle (i) in equity, (ii) in cash and (iii) in cash generated from equity issued for the purpose of settling the 2023
Converted Debt obligation in cash, together with copies all notices of conversion provided to the noteholders pursuant to section 14.02
of the 2023 Convertible Notes Indenture.”

 

		8	Sub-clause 9.4(d) of Clause 9 (Negative Covenants) shall be deleted in its entirety and replaced and re-lettered
as 9.4(b) as follows to read:

 

“CLAUSE 9.4(b).
If from the start of the Financial Covenant Waiver Period until the later to occur of (i) the end of the Financial Covenant Waiver Period
and (ii) the repayment of all sums described as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which
 “Deferred Tranches” exist any Group Member agrees, in respect of any of its Indebtedness for borrowed money, to any new, modified
or substitute financial covenants of the type or similar to the financial covenants set out in paragraph (a) above then (i) the Borrower
shall notify the Facility Agent in writing within 5 Business Days of such new, modified or substitute financial covenants being agreed
with the relevant creditor(s) and (ii) if required by the Lenders, the Borrower and the Lenders shall, as soon as practicable thereafter,
enter into an amendment to this Agreement to incorporate the new, modified or substitute financial covenants.”

 

    Page 12

     

    

 

		9	Sub-clause 9.4(e) of Clause 9 (Negative Covenants) shall be re-lettered as 9.4(c)

 

		10	Sub-clause 9.4(f) (Minimum Liquidity) of Clause 9 (Negative Covenants) shall be deleted in its
entirety and replaced and re-lettered as 9.4(d) as follows to read:

 

		“(d)	

 

		(i)	The Borrower will not allow the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower
and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (a) the last day of any calendar
month from the Second Deferred Tranche Effective Date until the earlier to occur of (i) the date of repayment or prepayment of all sums
described as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches”
exist and (ii) the Add Back End Date (the “Minimum Liquidity Cut-off Date”), or (b) if the Borrower is not in compliance
with the requirements of this Clause 9.4(d) as of the last day of any calendar month falling prior to the Minimum Liquidity Cut-off Date,
the date that the certificate required by Clause 8.1(p) with respect to such month is delivered to the Facility Agent demonstrating such
compliance; and

 

		(ii)	for the purposes of this Clause 9.4(d), on and from 1 October 2022, the calculation of unrestricted cash
and Cash Equivalents shall also include the aggregate amount of any amounts available to be drawn by the Borrower and/or any of its Subsidiaries
under committed but undrawn term loan or revolving credit facility agreements where such amounts are to be made available for general
corporate purposes or which would, once utilised, otherwise increase the liquidity of the Borrower or the relevant Subsidiary.”

 

		11	Sub-clause 11.1(e) (Non-Performance of Certain Covenants and Obligations.) of Clause 11.1 (Mandatory
Prepayment Events) shall be deleted in its entirety and replaced as follows to read:

 

“(e) Non-Performance
of Certain Covenants and Obligations.

 

The Borrower shall
default in the due performance and observance of any of the covenants set forth in Clause 6.15 (Use of Proceeds) or Clause 9.4(a)
(Financial Condition) or Clause 8.1(t); provided that any such default in respect of Clause 9.4(a) (Financial Condition)
that occurs during the Financial Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further
breach that may occur following the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under any
of Clauses 10.1(e) to 10.1(g) (inclusive) has occurred and is continuing, or no Mandatory Prepayment Event under Clause 11.1(m) (Framework
Prohibited Events) or Clause 11.1(n) (Breach of Principles or Framework) has occurred, in each case during the Financial Covenant
Waiver Period) constitute a Mandatory Prepayment Event.”

 

the cross-references in clause 11.2(b) (Mandatory
Prepayment) to Clause 9.4 (Financial Condition) shall be corrected to Clause 9.4(a) (Financial Condition).

 

    Page 13

     

    

 

Schedule 4

Form of Guarantor Confirmation Certificate

 

[Insert name of relevant Guarantor here]

 

GUARANTOR’S CERTIFICATE

 

_______________, 2021

 

This Certificate is delivered on behalf of [Insert
name of relevant Guarantor here] (the Guarantor), a [company][corporation] incorporated in [●]. 

 

[I][We], [insert name of the authorized officers/directors],
the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor and not in any individual capacity,
do hereby confirm in relation to the Agreements (each as more particularly defined in Schedule 1 of this Certificate) as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions
defined in the Agreements shall have the meanings when used in this Certificate.

 

		2.	The Guarantor is a guarantor under each Agreement.

 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that each
Agreement shall be amended or, as the case may be, amended and restated pursuant to an amendment agreement (each a Vessel Loan Amendment)
in order to record the agreement of the respective parties to an amendment of the existing financial covenants and their application
(whether or not applicable to some or all of the fixed charge coverage ratio, the net debt to capitalization ratio, the minimum stockholders'
equity level and/or minimum liquidity) for the purposes of amending some or all of (i) the method of calculation of cash for purposes
of testing the fixed charge coverage ratio during the first 3 quarters following the expiry of the Financial Covenant Waiver Period (as
such term is defined in each Agreement), (ii) the method of calculation of stockholders' equity, (iii) the improvement of the level of
net debt to capitalization ratio and (iv) the timing of disapplication of the financial covenant applicable to minimum liquidity and
to reduce the frequency of the provision of certain financial reporting under some or all of the Agreements, and further to make any
other changes to such Agreements and to enter into or amend any other agreements to the extent deemed appropriate by the Borrower.

 

		4.	This Certificate is one of the “certificates” required
to be provided pursuant to clause 3.1(b) of each Vessel Loan Amendment and in the context of the requirements of clause 3.1(b) of each
Vessel Loan Amendment, [I][we] hereby further acknowledge and confirm on behalf of the Guarantor the following:

 

		a.	the amendments contemplated in the Vessel Loan Amendment for
each Agreement and the contents thereof are acknowledged;

 

		b.	the Guarantee given by the Guarantor in each Agreement and each
other Loan Document or Finance Document, as the case may be (as defined in each such Agreement) to which the Guarantor is a party shall
remain and continue in full force and effect notwithstanding the amendment of each such Agreement pursuant to the Vessel Loan Amendment
applicable to it;

 

		c.	the Guarantee given by the Guarantor in each Agreement shall extend to any new obligations assumed
                                                                                  by the Borrower under such Agreement as amended by the Vessel Loan Amendment applicable to it; and

 

		d.	continuing to guarantee the amended obligations of the Borrower
under the Agreements as amended by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing or similar limit
binding on the Guarantor to be exceeded.

 

    Page 14

     

    

 

 

		5.	[I][we] hereby confirm that:

 

		a.	the copy of the certificate or articles of incorporation, formation
or organization or other comparable organizational document of the Guarantor (collectively, the Organizational Documents); and

 

		b.	the by-laws or operating, management or similar agreements of
the Guarantor (collectively, the Operating Documents),

 

in each case, appended to the Secretary’s Certificate dated [[18][21]
December 2020][21 April 2021] (the Original Secretary’s Certificate) remain true and correct on the date of this Certificate
and have not been amended, modified or revoked and remain in full force and effect.

 

		6.	[I][we] hereby represent and warrant on behalf of the Guarantor
that [I][we] have the authority to sign this Certificate as evidenced by Schedule [...] of the Original Secretary’s Certificate
(the Authorization). The Authorization has not been modified or rescinded and remains in full force and effect.

 

		7.	[The Guarantor does not have its management or control in Liberia
nor does it undertake any business activity in Liberia.

 

		8.	Less than a majority
of the shareholders of the Guarantor hereto by vote or value are resident in Liberia.]

 

		9.	This Certificate shall be governed by and construed in accordance
with New York law.

 

[Signature Pages Follow]

 

    Page 15

     

    

 

 

IN WITNESS WHEREOF, I have set my hand hereto
this  ______ day of ___________, 2021.

 

	 	 
	 	[insert
    name]
	 	[state
    the signatory’s office]
	 	 
	 	
	 	[insert
    name]
	 	[state
    the signatory’s office]

 

    Page 16

     

    

 

Schedule 1

 

Agreements

 

[for each Guarantor’s Certificate, include only those Facility
Agreements [and Novation Agreements] in respect of which such entity is a Guarantor]

 

Facility Agreements

 

OASIS CLASS

 

		1.	Oasis of the Seas: Facility agreement dated as of May 7, 2009 (as amended, supplemented and restated
from time to time) in respect of the passenger cruise vessel m.v. “Oasis of the Seas” entered into between, amongst others,
RCCL as borrower and the BNP Paribas Fortis S.A./N.V. as Administrative Agent pursuant to which the Lenders agreed to advance (and have
advanced) to RCCL as borrower an aggregate amount not exceeding the aggregate of $840,000,000 and Euro 159,429,092.

 

		2.	Harmony of the Seas:

 

		a.	Facility agreement dated 9 July 2013 (as amended, supplemented
and restated from time to time) entered into between, amongst others, RCCL as borrower, Société Générale
as the Facility Agent (SocGen Facility Agent) and the banks and financial institutions listed therein as Lenders in relation to
a Euro term loan facility in respect of the passenger cruise vessel m.v. “Harmony of the Seas” (ex Hull A.34); and

 

		b.	Facility agreement dated 15 April 2014 (as amended, supplemented
and restated from time to time) entered into between, amongst others, RCCL as borrower, the SocGen Facility Agent and the banks and financial
institutions listed therein as Lenders in relation to a US Dollar term loan facility in respect of m.v. “Harmony of the Seas”
(ex Hull A.34).

 

		3.	Symphony of the Seas: Facility agreement dated 30 January
2015 (as amended, supplemented and restated from time to time) entered into between, amongst others, RCCL as borrower, Citibank Euro
Plc, UK Branch as the Facility Agent (Citi Facility Agent) and the banks and financial institutions listed therein as Lenders
in relation to a US term loan facility in respect of the passenger cruise vessel m.v. “Symphony of the Seas” (ex Hull B.34).

 

QUANTUM CLASS

 

		1.	Quantum of the Seas: Facility agreement dated 8 June 2011 (as amended, supplemented and restated
from time to time) in respect of m.v. “Quantum of the Seas” (builder’s hull no. S-697) entered into between, amongst
others, RCCL as borrower, KfW IPEX-Bank GmbH as Hermes agent (in this capacity, the Hermes Agent), KfW IPEX-Bank GmbH as facility agent
(in this capacity, the Facility Agent) and the banks and financial institutions listed therein as Lenders in relation to a term loan facility
not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee
(as such terms are defined therein).

 

		2.	Anthem of the Seas: Facility agreement dated 8 June 2011 (as amended, supplemented and restated
from time to time) in respect of m.v. “Anthem of the Seas” (builder’s hull no. S-698) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein).

 

    Page 17

     

    

 

		3.	Ovation of the Seas: Facility agreement dated 31 March 2016 (as amended, supplemented and restated
from time to time) in respect of m.v. “Ovation of the Seas” (builder’s hull no. S-699) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein).

 

		4.	Spectrum of the Seas: Facility agreement dated 13 November 2015 (as amended, supplemented and restated
from time to time) in respect of m.v. “Spectrum of the Seas” (builder’s hull no. S-700) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein),

 

		5.	Odyssey of the Seas: A facility agreement dated 13 November 2015 (as amended from time to time
including by an amendment agreement dated 30 April 2020) in respect of m.v. "Odyssey of the Seas" (builder's hull no. S-713)
entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions
listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the
Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms are defined therein).

 

SOLSTICE CLASS

 

		1.	Celebrity Solstice: Facility agreement dated 7 August 2008 (as amended from time to time, including
by way of a supplemental agreement dated 23 April 2020) in respect of m.v. “Celebrity Solstice” (builder’s hull no.
S-675) entered into between, amongst others, RCCL as borrower, the Hermes Agent, KfW IPEX-Bank GmbH as administrative agent (in this capacity,
the Administrative Agent) and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of €412,000,000.

 

		2.	Celebrity Equinox: Facility agreement dated 15 April 2009 (as amended, supplemented and restated
from time to time) in respect of m.v. “Celebrity Equinox” (builder’s hull no. S-676) entered into between, amongst others,
Royal Caribbean Cruises Ltd. (RCCL) as borrower, KFW IPEX-Bank GmbH as the Hermes Agent (in this capacity, the Hermes Agent), the Administrative
Agent (in this capacity, the Administrative Agent) and the banks and financial institutions listed therein as Lenders in relation to a
term loan facility not exceeding the US dollar equivalent of €412,000,000.

 

		3.	Celebrity Eclipse: Facility agreement dated 26 November 2009 (as amended, supplemented and restated
from time to time) in respect of m.v. “Celebrity Eclipse” (builder’s hull no. S-677) entered into between, amongst others,
RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of €420,000,000.

 

		4.	Celebrity Silhouette: Facility agreement dated 27 February 2009 (as amended from time to time,
including by way of a supplemental agreement dated 22 April 2020) in respect of m.v. “Celebrity Silhouette” (builder’s
hull no. S-679) entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial
institutions listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of €444,000,000.

 

    Page 18

     

    

 

		5.	Celebrity Reflection: Facility agreement dated 19 December 2008 (as amended from time to time,
including by way of a supplemental agreement dated 8 April 2020) in respect of m.v. “Celebrity Reflection” (builder’s
hull no. S-691) entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial
institutions listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of €485,600,000.

 

EDGE CLASS

 

		1.	Celebrity Edge: Facility agreement dated 22 June 2016
(as novated, amended and restated pursuant to a novation agreement dated 22 June 2016, as further amended and restated from time to time)
entered into between, amongst others, RCCL as borrower, the Citi Facility Agent and the banks and financial institutions listed therein
as Lenders in relation to a US Dollar term loan facility in respect of m.v. “Celebrity Edge” (ex Hull J34).

 

		2.	Celebrity Apex: Facility agreement dated 22 June 2016
(as novated, amended and restated pursuant to a novation agreement dated 22 June 2016, as further amended and restated from time to time)
entered into between, amongst others, RCCL as borrower, the Citi Facility Agent and the banks and financial institutions listed therein
as Lenders in relation to a US Dollar term loan facility in respect of m.v. “Celebrity Apex” (ex Hull K34).

 

    Page 19

     

    

 

ICON CLASS

 

		1.	ICON 1: Facility agreement dated 11 October 2017 (as amended from time to time) in respect of the
passenger cruise vessel with builder’s hull no. 1400 entered into between, amongst others, RCCL as borrower, the Hermes Agent, the
Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding the
US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera Premium
and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

		2.	ICON 2: Facility agreement dated 11 October 2017 (as amended from time to time) in respect of the
passenger cruise vessel with builder’s hull no. 1401 entered into between, amongst others, RCCL as borrower, the Hermes Agent, the
Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding the
US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera Premium
and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

		3.	ICON 3: Facility agreement dated 18 December 2019 (as amended from time to time) in respect of
the passenger cruise vessel with builder’s hull no. 1402 entered into between, amongst others, RCCL as borrower, the Hermes Agent,
the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera
Premium and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

SILVERSEA SHIPS

 

		1.	Evolution 1: Facility agreement dated as of 19 September 2019 (as amended from time to time) in
respect of the passenger cruise vessel with builder's hull no. S-719 entered into between, amongst others, RCCL as borrower, the Hermes
Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms
are defined therein).

 

		2.	Evolution 2: Facility agreement dated as of 19 September 2019 (as amended from time to time) in
respect of the passenger cruise vessel with builder's hull no. S-720 entered into between, amongst others, RCCL as borrower, the Hermes
Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms
are defined therein).

 

The facility agreements listed in this Schedule
1, the Agreements.

 

    Page 20

     

    

 

SIGNATORIES

 

Amendment Agreement in respect of
Hull A34 (USD)

 

	Borrower	 
	 	 	 
	Royal Caribbean Cruises Ltd.	)	 
	Name: Antje M Gibson	)	/s/ ANTJE M. GIBSON
	Title:
    Treasurer	)	 

 

    Page 21

     

    

 

	Facility Agent	 
	 	 
	Société Générale	)	 
	Name: Mauriel Baumann	)	/s/ MAURIEL BAUMANN
	Title: Structured Finance Middle Office Senior
    Officer	)	 
	 	 
	BpiFAE Agent	 
	 	 
	Société Générale	)	 
	Name: Mauriel Baumann	)	 /s/ MAURIEL BAUMANN
	Title: Structured Finance Middle Office Senior
    Officer	)	 
	 	 
	Mandated Lead Arrangers	 
	 	 
	Banco Santander S.A.	)	 
	Name: Vanessa Borrso and Carmen Molina	)	/s/ VANESSA BORRSO
	Title: Vice President	)	/s/ CARMEN MOLINA
	 	 
	KfW IPEX Bank GmbH	)	 
	Name: Delphine Deroche and B. Behrends-

                                                                           
	)

                                                                                      
	/s/ DELPHINE DEROCHE
 

                                                                           

	Troost	)	/s/ B. BEHRENDS-TROOST
	Title: Directors	)	 

  

    Page 22

     

    

 

	Lenders	 
	 	 
	Société Générale	)	 
	Name: Valerie Mace	)	/s/ VALERIE MACE
	Title: Director, Development Structured &

Export Finance	)
 )	 
	 	 
	Banco Santander S.A.	)	 
	Name: Vanessa Borrso and Carmen Molina	)	/s/ VANESSA BORRSO
	Title: Vice President	)	/s/ CARMEN MOLINA
	 	 
	KfW IPEX Bank GmbH	)
	Name: Delphine
Deroche and B. Behrends-  
	) 	/s/ DELPHINE DEROCHE
	Troost	)	/s/ B. BEHRENDS-TROOST
	Title: Director	)	 

  

    Page 23Exhibit 10.1

 

Execution
Version

 

 

 

 

 

 

CREDIT
AGREEMENT

 

among

 

BIOTRICITY
INC.,

as
Borrower,

 

SWK
FUNDING LLC,

as Agent, Sole Lead Arranger and Sole Bookrunner,

 

and

 

the
financial institutions party hereto from time to time as Lenders

 

Dated
as of December 21, 2021

 

 

 

 

 

 

    	 

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	Section
    1	Definitions;
    Interpretation.	1
	 	1.1	Definitions	1
	 	1.2	Interpretation	16
	 	 	 	 
	Section
    2	Credit
    Facility.	17
	 	2.1	Term
    Loan Commitments	17
	 	2.2	[Reserved]	17
	 	2.3	Commitments
    Several	17
	 	2.4	Indebtedness
    Absolute; No Offset; Waiver	18
	 	2.5	Loan
    Accounting	18
	 	2.5.1	Recordkeeping	18
	 	2.5.2	Notes	18
	 	2.6	Payment
    of Interest	19
	 	2.6.1	Interest
    Rates	19
	 	2.6.2	Payments
    of Interest and Principal	20
	 	2.7	Fees	20
	 	2.8	Prepayment	20
	 	2.8.1	Mandatory
    Prepayment	20
	 	2.8.2	Voluntary
    Prepayment	20
	 	2.9	Repayment
    of Term Loan	21
	 	2.9.1	Revenue-Based
    Payment	21
	 	2.9.2	Principal	23
	 	2.10	Payment	23
	 	2.10.1	Making
    of Payments	23
	 	2.10.2	Application
    of Payments and Proceeds	23
	 	2.10.3	Set-off	23
	 	2.10.4	Proration
    of Payments	23
	 	 	 	 
	Section
    3	Yield
    Protection.	24
	 	3.1	Taxes	24
	 	3.2	Increased
    Cost	27
	 	3.3	[Reserved	28
	 	3.4	Manner
    of Funding; Alternate Funding Offices	28
	 	3.5	Conclusiveness
    of Statements; Survival	28
	 	 	 	 
	Section
    4	Conditions
    Precedent.	29
	 	4.1	Prior
    Debt	29
	 	4.2	General	29
	 	4.3	Fees	30
	 	4.4	Representations,
    Warranties, Defaults	30
	 	 	 	 
	Section
    5	Representations
    and Warranties.	30
	 	5.1	Organization	30
	 	5.2	Authorization;
    No Conflict	30
	 	5.3	Validity;
    Binding Nature	31
	 	5.4	Financial
    Condition	31
	 	5.5	No
    Material Adverse Effect	31

 

    	 

     

    

 

	 	5.6	Litigation	31
	 	5.7	Ownership
    of Properties; Liens	32
	 	5.8	Capitalization	32
	 	5.9	Pension
    Plans	32
	 	5.10	Investment
    Company Act	32
	 	5.11	No
    Default	32
	 	5.12	Margin
    Stock	32
	 	5.13	Taxes	32
	 	5.14	Solvency	33
	 	5.15	Environmental
    Matters	33
	 	5.16	Insurance	33
	 	5.17	Information	33
	 	5.18	Intellectual
    Property; Products and Services	33
	 	5.19	Restrictive
    Provisions	34
	 	5.20	Labor
    Matters	34
	 	5.21	Material
    Contracts	35
	 	5.22	Compliance
    with Laws; Health Care Laws	35
	 	5.23	Existing
    Indebtedness; Investments, Guarantees and Certain Contracts	36
	 	5.24	Affiliated
    Agreements	36
	 	5.25	Names;
    Locations of Offices, Records and Collateral; Deposit Accounts	37
	 	5.26	Non-Subordination	37
	 	5.27	Broker’s
    or Finder’s Commissions	37
	 	5.28	Anti-Terrorism;
    OFAC	37
	 	5.29	Security
    Interest	38
	 	5.30	Survival	38
	 	 	 	 
	Section
    6	Affirmative
    Covenants.	38
	 	6.1	Information	38
	 	6.1.1	Annual
    Report	38
	 	6.1.2	Interim
    Reports	39
	 	6.1.3	Quarterly
    Review Meeting	39
	 	6.1.4	Revenue-Based
    Payment Amount Reconciliation	39
	 	6.1.5	Compliance
    Certificate	39
	 	6.1.6	Reports
    to Governmental Authorities, Board of Directors and Shareholders	39
	 	6.1.7	Notice
    of Default; Litigation	40
	 	6.1.8	Management
    Report	41
	 	6.1.9	Projections	41
	 	6.1.10	Updated
    Schedules to Guarantee and Collateral Agreement	41
	 	6.1.11	Other
    Information	41
	 	6.2	Books;
    Records; Inspections	42
	 	6.3	Conduct
    of Business; Maintenance of Property; Insurance	42
	 	6.4	Compliance
    with Laws; Payment of Taxes and Liabilities	43
	 	6.5	Maintenance
    of Existence	44
	 	6.6	Employee
    Benefit Plans	44
	 	6.7	Environmental
    Matters	44
	 	6.8	Further
    Assurances	44
	 	6.9	Compliance
    with Health Care Laws	45
	 	6.10	Cure
    of Violations	46
	 	6.11	Corporate
    Compliance Program	46
	 	6.12	Payment
    of Debt	46

 

    	 

     

    

 

	Section
    7	Negative
    Covenants.	47
	 	7.1	Debt	47
	 	7.2	Liens	48
	 	7.3	Dividends;
    Redemption of Equity Interests	49
	 	7.4	Mergers;
    Consolidations; Asset Sales	49
	 	7.5	Modification
    of Organizational Documents	50
	 	7.6	Use
    of Proceeds	50
	 	7.7	Transactions
    with Affiliates	50
	 	7.8	Inconsistent
    Agreements	51
	 	7.9	Business
    Activities	51
	 	7.10	Investments	51
	 	7.11	Restriction
    of Amendments to Certain Documents	52
	 	7.12	Fiscal
    Year	52
	 	7.13	Financial
    Covenants	52
	 	7.13.1	Minimum
    Consolidated Unencumbered Liquid Assets	52
	 	7.13.2	Minimum
    Aggregate Revenue	53
	 	7.13.3	Minimum
    EBITDA	54
	 	7.14	Deposit
    Accounts	54
	 	7.15	Subsidiaries	55
	 	7.16	Regulatory
    Matters	55
	 	7.17	Name;
    Permits; Dissolution; Insurance Policies; Disposition of Collateral; Taxes; Trade Names	55
	 	7.18	Truth
    of Statements	56
	 	 	 	 
	Section
    8	Events
    of Default; Remedies.	56
	 	8.1	Events
    of Default	56
	 	8.1.1	Non-Payment
    of Credit	56
	 	8.1.2	Default
    Under Other Debt	56
	 	8.1.3	Bankruptcy;
    Insolvency	56
	 	8.1.4	Non-Compliance
    with Loan Documents	57
	 	8.1.5	Representations;
    Warranties	57
	 	8.1.6	Pension
    Plans	57
	 	8.1.7	Judgments	58
	 	8.1.8	Invalidity
    of Loan Documents or Liens	58
	 	8.1.9	Invalidity
    of Subordination Provisions	58
	 	8.1.10	Change
    of Control	58
	 	8.1.11	Certificate
    Withdrawals, Adverse Test or Audit Results, and Other Matters	58
	 	8.1.12	Material
    Adverse Effect	
	 	8.2	Remedies	59
	 	 	 	 
	Section
    9	Agent.	60
	 	9.1	Appointment;
    Authorization	60
	 	9.2	Delegation
    of Duties	60
	 	9.3	Limited
    Liability	60
	 	9.4	Reliance	61
	 	9.5	Notice
    of Default	61
	 	9.6	Credit
    Decision	61
	 	9.7	Indemnification	62

 

    	 

     

    

 

	 	9.8	Agent
    Individually	62
	 	9.9	Successor
    Agent	62
	 	9.10	Collateral
    and Guarantee Matters	63
	 	9.11	Intercreditor
    and Subordination Agreements.	63
	 	9.12	Actions
    in Concert	63
	 	 	 	 
	Section
    10	Miscellaneous.	64
	 	10.1	Waiver;
    Amendments	64
	 	10.2	Notices	65
	 	10.3	Computations	65
	 	10.4	Costs;
    Expenses	65
	 	10.5	Indemnification
    by Borrower	66
	 	10.6	Marshaling;
    Payments Set Aside	66
	 	10.7	Non-liability
    of Lenders	66
	 	10.8	Assignments	67
	 	10.8.1	Assignments	67
	 	10.9	Participations	68
	 	10.10	Confidentiality	69
	 	10.11	Captions	70
	 	10.12	Nature
    of Remedies	70
	 	10.13	Counterparts;
    Electronic Signatures	70
	 	10.14	Severability	70
	 	10.15	Entire
    Agreement	70
	 	10.16	Successors;
    Assigns	71
	 	10.17	Governing
    Law	71
	 	10.18	Forum
    Selection; Consent to Jurisdiction	71
	 	10.19	Waiver
    of Jury Trial	71
	 	10.20	Patriot
    Act	72
	 	10.21	Independent
    Nature of Relationship	72
	 	10.22	Approved
    AR Loan Facility.	72

 

    	 

     

    

 

	Annexes	 
	 	 
	Annex
    I	Commitments
    and Pro Rata Term Loan Shares
	Annex
    II	Addresses
	 	 
	Exhibits	 
	 	 
	Exhibit
    A	Form
    of Assignment Agreement
	Exhibit
    B	Form
    of Compliance Certificate
	Exhibit
    C	Form
    of Note
	Exhibit
    D	Pro
    Forma Interest and Amortization Schedule
	 	 
	Schedules	 
	 	 
	Schedule
    1.1(a)	Pending
    Acquisitions as of the Closing Date
	Schedule
    1.1(b)	Restricted
    Transferee
	Schedule
    4.1	Prior
    Debt
	Schedule
    5.1	Jurisdictions
    of Qualification
	Schedule
    5.7	Ownership
    of Properties; Liens
	Schedule
    5.8	Capitalization
	Schedule
    5.16	Insurance
	Schedule
    5.18(a)	Borrower’s
    Registered Intellectual Property
	Schedule
    5.18(b)	Products
    and Required Permits
	Schedule
    5.21	Material
    Contracts
	Schedule
    5.25A	Names
	Schedule
    5.25B	Offices
	Schedule
    5.27	Broker’s
    Commissions
	Schedule
    7.1	Post-Closing
    Convertible Debt
	Schedule
    7.7	Transactions
    with Affiliates
	Schedule
    7.14	Deposit
    Accounts

 

    	 

     

    

 

CREDIT
AGREEMENT

 

This
Credit Agreement (as may be amended, restated, supplemented, or otherwise modified from
time to time, this “Agreement”) dated as of December 21, 2021 (the “Closing Date”), among BIOTRICITY
INC., a Nevada corporation (“Borrower”), the financial institutions party hereto from time to time as lenders (each
a “Lender” and collectively, the “Lenders”) and SWK Funding
LLC, a Delaware limited liability company (in its individual capacity, “SWK”), as Agent for all Lenders.

 

In
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

Section
1 Definitions; Interpretation.

 

1.1
Definitions.

 

When
used herein the following terms shall have the following meanings:

 

Account
Control Agreement means, individually and collectively, any account control or similar agreement(s) entered into from time to time
at Agent’s request, among a Loan Party, Agent and any third party bank or financial institution at which such Loan Party maintains
a Deposit Account.

 

Acquisition
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the
acquisition of in excess of fifty percent (50%) of the capital stock, partnership interests, membership interests or equity of any Person,
or otherwise causing any Person to become a Subsidiary, (c) the acquisition of a product license or a product line (excluding, for purposes
of Section 7.10 hereof, any pending Acquisitions as of the Closing Date as set forth on Schedule 1.1(a) hereto), or (d)
a merger or consolidation or any other combination (other than a merger, consolidation or combination that effects a Disposition) with
another Person (other than a Person that is already a Subsidiary).

 

Affiliate
of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control with
such Person, (b) any managing member, manager, officer or director of such Person and (c) with respect to any Lender, any entity administered
or managed by such Lender or an Affiliate or investment advisor thereof which is engaged in making, purchasing, holding or otherwise
investing in commercial loans. For purposes of the definition of the term “Affiliate”, a Person shall be deemed to be “controlled
by” any other Person if such Person possesses, directly or indirectly, power to vote ten percent (10%) or more of the securities
(on a fully diluted basis) having ordinary voting power for the election of directors or managers or power to direct or cause the direction
of the management and policies of such Person whether by contract or otherwise. Unless expressly stated otherwise herein, neither Agent
nor any Lender shall be deemed an Affiliate of Borrower, any Loan Party or any Affiliate thereof.

 

Agent
means SWK in its capacity as administrative and collateral agent for all Lenders hereunder and any successor thereto in such capacity.

 

Aggregate
Revenue shall have the meaning set forth in Section 2.9.1(a).

 

Agreement
shall have the meaning set forth in the Preamble.

 

Approved
AR Loan Facility shall have the meaning set forth in Section 10.22.

 

    	- 1 -

     

    

 

Approved
Fund means (a) any fund, trust or similar entity that invests in commercial loans in the ordinary course of business and is advised
or managed by (i) a Lender, (ii) an Affiliate of a Lender, (iii) the same investment advisor that manages a Lender or (iv) an Affiliate
of an investment advisor that manages a Lender or (b) any finance company, insurance company or other financial institution which temporarily
warehouses loans for any Lender or any Person described in clause (a) above.

 

Assignment
Agreement means an agreement substantially in the form of Exhibit A.

 

Authorization
shall have the meaning set forth in Section 5.22(b).

 

Board
means Borrower’s board of directors or such similar governing body.

 

Borrower
shall have the meaning set forth in the Preamble.

 

Business
Day means any day on which commercial banks are open for commercial banking business in Dallas, Texas.

 

Capital
Lease means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property
by such Person that, in conformity with GAAP, is accounted for as a capital lease or finance lease and as a liability on the balance
sheet of such Person; provided that, notwithstanding any changes adopted or required to be adopted by Borrower after December 13, 2018
as a result of any actual or proposed update to accounting standards (including, in particular, Accounting Standards Update (ASU) 2016-02
Leases (Topic 842), any successor proposal, any implementation thereof, any oral or public deliberations by the Financial Accounting
Standards Board regarding the foregoing) or any other change in GAAP that requires or would require the obligations of a Person in respect
of an operating lease that would be treated as an operating lease on December 13, 2018 to be re-characterized as a capital lease, only
obligations under operating leases that would be classified as capital leases under GAAP as in effect on December 13, 2018 (whether or
not such operating leases were in effect) shall constitute Capital Lease obligations for purposes of this definition.

 

Cash
Equivalent Investment means, at any time, (a) any evidence of Debt, maturing not more than one year after such time, issued or guaranteed
by the United States Government or any agency thereof, (b) commercial paper, or corporate demand notes, in each case (unless issued by
a Lender or its holding company) rated at least “A-l” by Standard & Poor’s Ratings Group or “P-l” by
Moody’s Investors Service, Inc., (c) any certificate of deposit (or time deposit represented by a certificate of deposit) or banker’s
acceptance maturing not more than one year after such time, or any overnight Federal Funds transaction that is issued or sold by any
Lender (or by a commercial banking institution that is a member of the Federal Reserve System or is a U.S. branch of a foreign banking
institution and has a combined capital and surplus and undivided profits of not less than $500,000,000), (d) any repurchase agreement
entered into with any Lender (or commercial banking institution of the nature referred to in clause (c) above) which (i) is secured
by a fully perfected security interest in any obligation of the type described in any of clauses (a) through (c) above
and (ii) has a market value at the time such repurchase agreement is entered into of not less than one-hundred percent (100%) of the
repurchase obligation of such Lender (or other commercial banking institution) thereunder, (e) money market accounts or mutual funds
which invest exclusively or substantially in assets satisfying the foregoing requirements, (f) cash, and (g) other short term liquid
investments approved in writing by Agent.

 

    	- 2 -

     

    

 

Change
of Control means the occurrence of any of the following, unless such action has been consented to in advance in writing by Agent
in its sole discretion:

 

(i)
any Person acquires the direct or indirect ownership of more than fifty percent (50%) of the issued and outstanding total combined voting
Equity Interests of Borrower;

 

(ii)
Borrower shall at any time fail to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of each of its Subsidiaries;
or

 

(iii)
a Key Person Event.

 

CLIA
means (a) the Clinical Laboratory Improvement Act of 1967, as the same may be amended, modified or supplemented from time to time,
including without limitation the Clinical Laboratory Improvement Amendments, 42 U.S.C. § 263a et seq. (“CLIA 88”),
and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder, or (b) any equivalent
state statute (and any and all rules or regulations promulgated from time to time thereunder) recognized by the relevant Governmental
Authority as (x) having an “Equivalency” (as defined by CLIA) to CLIA, and (y) offering a compliance and regulatory
framework that is applicable to a Person in such state in lieu of CLIA.

 

Closing
Date shall have the meaning set forth in the Preamble.

 

CMS
means the Centers for Medicare and Medicaid Services of the United States of America.

 

Collateral
has the meaning set forth in the Guarantee and Collateral Agreement.

 

Collateral
Access Agreement means an agreement in form and substance reasonably satisfactory to Agent pursuant to which a mortgagee or lessor
of real property on which Collateral (or any books and records) is stored or otherwise located, or a warehouseman, processor or other
bailee of Inventory or other property owned by any Loan Party, acknowledges the Liens of Agent and waives (or, if approved by Agent,
subordinates) any Liens held by such Person on such property, and, in the case of any such agreement with a mortgagee or lessor, permits
Agent reasonable access to any Collateral stored or otherwise located thereon

 

Collateral
Documents means, collectively, the Guarantee and Collateral Agreement, the IP Security Agreement, any Collateral Access Agreements,
any Account Control Agreements and each other agreement or instrument pursuant to or in connection with which any Loan Party or any other
Person grants a Lien in any Collateral to Agent for the benefit of Agent and Lenders, each as amended, restated or otherwise modified
from time to time.

 

Commitment
means, as to any Lender, such Lender’s Pro Rata Term Loan Share.

 

Compliance
Certificate means a certificate substantially in the form of Exhibit B.

 

Consolidated
Net Income means, with respect to any Person and its Subsidiaries, for any period, the consolidated net income (or loss) of such
Person and its respective Subsidiaries for such period, as determined under GAAP.

 

Consolidated
Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Loan Parties, on a consolidated
basis, which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or
proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than the Lien for the benefit of Agent and Lenders.,
minus (ii) the aggregate amount of Borrower’s accounts payable which are unpaid more than ninety (90) days beyond trade
terms consistent with Borrower’s past practice.

 

    	- 3 -

     

    

 

Contingent
Obligation means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently
liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to or otherwise
to invest in a debtor, or otherwise to assure a creditor against loss) any indebtedness, obligation or other liability of any other Person
(other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions
upon the shares of any other Person. The amount of any Person’s obligation in respect of any Contingent Obligation shall be deemed
to be the amount for which the Person obligated thereon is reasonably expected to be liable or responsible.

 

Contract
Rate means a rate per annum equal to (x) the LIBOR Rate, plus (y) ten and one-half of one percent (10.5%).

 

Controlled
Group means all members of a controlled group of corporations and all members of a controlled group of trades or businesses (whether
or not incorporated) under common control which, together with a Loan Party, are treated as a single employer under Section 414 of the
IRC or Section 4001 of ERISA.

 

Controlled
Substances Act means the Drug Abuse Prevention and Control Act; Title 21 of the United States Code, 13 U.S.C, as amended from time
to time.

 

Copyrights
means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired
right, title, and interest in and to: (i) copyrights, rights and interests in copyrights, works protectable by copyright, all applications,
registrations and recordings relating to the foregoing as may at any time be filed in the United States Copyright Office or in any similar
office or agency of the United States, any state thereof or any political subdivision thereof, or in any other country, and all research
and development relating to the foregoing; and (ii) all renewals of any of the foregoing.

 

DEA
means the Federal Drug Enforcement Administration of the United States of America.

 

Debt
of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all indebtedness evidenced
by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been
or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP, (d) all obligations of such Person to
pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), other
than royalty payments or cash milestone payments made or to be made by such Person from time to time in connection with an Acquisition,
(e) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such
Person (with the amount thereof being measured as the lesser of (x) the aggregate unpaid amount of such indebtedness and (y)
the fair market value of such property), (f) all reimbursement obligations, contingent or otherwise, with respect to letters of credit
(whether or not drawn), banker’s acceptances and surety bonds issued for the account of such Person, other than obligations that
relate to trade accounts payable in the ordinary course of business, (g) all Hedging Obligations of such Person, (h) all Contingent Obligations
of such Person in respect of Debt of others, (i) all indebtedness of any partnership of which such Person is a general partner except
to the extent such Person is not liable for such Debt, and (j) all obligations of such Person under any synthetic lease transaction,
where such obligations are considered borrowed money indebtedness for Tax purposes but the transaction is classified as an operating
lease in accordance with GAAP.

 

Debtor
Relief Law means, collectively: (a) Title 11 of the United States Code, 11 U.S.C. § 101 et. seq., as amended from time to time,
and (b) all other United States or foreign applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization or similar debtor relief laws from time to time in effect affecting the rights of creditors generally, in
each case as amended from time to time.

 

    	- 4 -

     

    

 

Default
means any event that, if it continues uncured, will, with the lapse of time or the giving of notice or both, constitute an Event
of Default.

 

Default
Rate” means a rate per annum equal to the lesser of (i) three percent (3%) over the Contract Rate, or (ii) the maximum rate
of interest permitted to be charged by applicable laws, directives or regulations governing this Agreement until paid.

 

Deposit
Account means, individually and collectively, any bank or other depository accounts of a Loan Party.

 

Disposition
means, as to any asset or right of any Loan Party, (a) any sale, lease, assignment or other transfer (other than to any other Loan
Party), but specifically excluding any license or sublicense, (b) any loss, destruction or damage thereof or (c) any condemnation, expropriation,
confiscation, requisition, seizure or taking thereof, in each case excluding (i) the sale of inventory or Product in the ordinary course
of business, (ii) any issuance of Equity Interests by Borrower, (iii) any Disposition of obsolete or unused equipment and (iv) any other
Disposition where the Net Cash Proceeds of any sale, lease, assignment, transfer, condemnation, expropriation, confiscation, requisition,
seizure or taking do not in the aggregate exceed $750,000 in any Fiscal Year.

 

Division
means, with respect to any Person which is an entity, the division of such Person into two (2) or more separate such Persons, with
the dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section
18-217 of the Delaware Limited Liability Act for limited liability companies formed under Delaware law, or any analogous action taken
pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity. The word
“Divide,” when capitalized, shall have a correlative meaning.

 

Dollar
and $ mean lawful money of the United States of America.

 

Drug
Application means a new drug application, an abbreviated drug application, or a product license application for any Product, as appropriate,
as those terms are defined in the FDA Law and Regulation.

 

    	- 5 -

     

    

 

EBITDA
means, for any Person and its Subsidiaries for any period, Consolidated Net Income for such period plus, to the extent deducted
in determining such Consolidated Net Income for such period (and without duplication), (i) Interest Expense; (ii) income tax expense
(including tax accruals); (iii) depreciation and amortization; (iv) non-cash expenses relating to equity-based compensation or purchase
accounting; (v) other non-recurring and/or non-cash expenses or charges approved by the Agent in its reasonable discretion; (vi) any
(A) any fees, premiums, expenses, accruals and other transaction costs incurred or paid by Borrower or any of its Subsidiaries in connection
with this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby and (B) reasonable fees, costs,
expenses, accruals or charges (I) incurred in connection with (x) any issuance or offering of Equity Interests, Investment, joint venture,
acquisition, non-ordinary course Disposition, recapitalization or the issuance, incurrence, redemption, exchange or repayment of Indebtedness
(including, with respect to Indebtedness, a refinancing thereof), including any costs and expenses relating to any registration statement,
or registered exchange offer, in respect of any Indebtedness permitted hereunder, (y) any amendment, waiver, consent or modification
to any documentation governing the terms of any transaction described in the immediately preceding subclause (x) or (z) any amendment,
waiver, consent or modification to any Loan Document or any other document governing any Indebtedness, in each case under subclauses
(x), (y) and (z), whether or not such transaction or amendment, waiver, consent or modification is successful, and/or (II) to the extent
reimbursable or insured by third parties or pursuant to indemnification provisions (with a deduction in the applicable future period
for any amount so added back to the extent not so indemnified or reimbursed within 365 days of incurrence), in each case, deducted in
computing Consolidated Net Income; (vii) (A) board of director fees and expenses paid in Equity Interests of the Borrower and (B) expense
reimbursements payable to directors, any indemnity payments, and any expenses for director and officer insurance premiums to the extent
such payment is permitted by this Agreement, in each case, to the extent the same were deducted in computing Consolidated Net Income
not to exceed $25,000 during any Fiscal Quarter; (viii) in each case other than as it relates to any such matter involving the prosecution
or defense of claims relating to Borrower or any other Person’s use of Intellectual Property, all attorneys’ and experts’
fees and expenses and all other costs, liabilities (including all damages, penalties, fines and indemnification and settlement payments)
and expenses paid or payable in connection with any threatened, pending, completed or future claim, demand, action, suit, proceeding,
inquiry or investigation (whether civil, criminal, administrative, governmental or investigative) either (i) arising from, or related
to, facts and circumstances existing on or prior to the Closing Date or (ii) arising out of or related to securities law, in each case,
to the extent the same were deducted in computing Consolidated Net Income and (ix) (A) all non-cash expenses, charges or adjustments
related to derivatives, derivative liabilities, stock options or any other such securities or security linked structure, (B) any special
and non-recurring net loss (after any offset) resulting in such period from obligations in respect of Hedging Obligations and the application
of Accounting Standards Codification 815 (Derivatives and Hedging) or any ineffectiveness recognized in earnings related to qualifying
hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions,
in each case, in respect of Hedging Obligations, (C) any special and non-recurring net loss resulting in such period from currency translation
losses related to currency re-measurements of Indebtedness (including the net loss or gain (1) resulting from Hedging Obligations for
currency exchange risk and (2) resulting from intercompany Indebtedness) and all other foreign currency translation losses and (D) any
net after-tax loss for such period attributable to the early extinguishment or conversion of (1) Indebtedness, (2) Hedging Obligations
or (3) other derivative instruments and all deferred financing costs written off or amortized and premiums paid or other expenses incurred
directly in connection therewith.

 

Elapsed
Period has the meaning set forth in Section 2.9.1(a).

 

Environmental
Claims means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility
for violation of any Environmental Law, or for release or injury to the environment or any Person or property.

 

Environmental
Laws means all present or future foreign, federal, state or local laws, statutes, common law duties, rules, regulations, ordinances
and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements
with, any Governmental Authority, in each case relating to any matter arising out of or relating to the effect of the environment on
health and safety, or pollution or protection of the environment or workplace, including any of the foregoing relating to the presence,
use, production, generation, handling, transport, treatment, storage, disposal, distribution, discharge, release, control or cleanup
of any Hazardous Substance.

 

Equity
Cure has the meaning set forth in Section 8.1.4(b).

 

Equity
Interests means, with respect to any Person, its equity ownership interests, its common stock and any other capital stock or other
equity ownership units of such Person authorized from time to time, and any other shares, options, interests, participations or other
equivalents (however designated) of or in such Person, whether voting or nonvoting, including, without limitation, common stock, options,
warrants, preferred stock, phantom stock, membership units (common or preferred), stock appreciation rights, membership unit appreciation
rights, convertible notes or debentures, SAFE’s or similar instruments, stock purchase rights, membership unit purchase rights
and all securities convertible, exercisable or exchangeable, in whole or in part, into any one or more of the foregoing.

 

    	- 6 -

     

    

 

Event
of Default means any of the events described in Section 8.1.

 

Excluded
Subsidiary means (a) an Inactive Foreign Subsidiary (as defined in the Guarantee and Collateral Agreement), and (b) any other Subsidiary
with respect to which, as reasonably determined by Agent in good faith consultation with Borrower, the burden or cost of providing a
guaranty outweighs the benefits afforded to the Lenders thereby. Notwithstanding the foregoing, and notwithstanding any other provision
contained in this Agreement or any other Loan Document, the Borrower shall not be an Excluded Subsidiary.

 

Excluded
Taxes has the meaning set forth in Section 3.1(a).

 

Exempt
Accounts means any Deposit Accounts, securities accounts or other similar accounts (i) into which there are deposited no funds other
than those intended solely to cover compensation to employees of the Loan Parties (and related contributions to be made on behalf of
such employees to health and benefit plans) plus balances for outstanding checks for compensation and such contributions from prior periods;
(ii) constituting employee benefit accounts or employee withholding accounts and contain only funds deducted from pay otherwise due to
employees for services rendered to be applied toward the Tax obligations of such Person or its employees, (iii) into which there are
deposited no funds other than those received in trust or in escrow, or as cash collateral to secure performance or (iv) constituting
zero balance accounts.

 

Exit
Fee has the meaning set forth in Section 2.7(b).

 

Fair
Valuation means the determination of the value of the consolidated assets of a Person on the basis of the amount which may be realized
by a willing seller within a reasonable time through collection or sale of such assets at market value on a going concern basis to an
interested buyer who is willing to purchase under ordinary selling conditions in an arm’s length transaction.

 

FATCA
means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal, Tax or regulatory legislation, rules or official
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of Sections 1471 through
1474 of the IRC and any current or future regulations promulgated thereunder.

 

FD&C
Act means the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. §§ 301 et seq., as amended, and all applicable regulations
or guidance promulgated by the FDA.

 

FDA
means the Food and Drug Administration of the United States of America.

 

FDA
Law and Regulation means the provisions of the FD&C Act and all applicable regulations or guidance promulgated by the FDA.

 

    	- 7 -

     

    

 

FDA
Products means any finished products sold by Borrower or any of the other Loan Parties for itself or for a third party that are subject
to applicable Health Care Laws.

 

Federal
Funds Effective Rate means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based on
such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New
York shall set forth on its public website from time to time) and published on the next succeeding day on which commercial banks are
open for commercial banking business in New York, New York, by the Federal Reserve Bank of New York as the Federal funds effective rate
and (b) 1.00%.

 

Fiscal
Quarter means a calendar quarter of a Fiscal Year.

 

Fiscal
Year means the fiscal year of Borrower, which period shall be the twelve (12) month period ending on March 31 of each year.

 

Foreign
Lender means any Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the IRC.

 

FRB
means the Board of Governors of the Federal Reserve System or any successor thereto.

 

GAAP
means generally accepted accounting principles in effect in the United States of America set forth from time to time in the opinions
and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting
profession), which are applicable to the circumstances as of the date of determination.

 

Governmental
Authority means any nation or government, any state or other political subdivision thereof, and any agency, branch of government,
department or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government
and any corporation or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing, whether
domestic or foreign. Governmental Authority shall include any agency, branch or other governmental body charged with the responsibility
and/or vested with the authority to administer and/or enforce any Health Care Laws.

 

Guarantee
and Collateral Agreement means the Guarantee and Collateral Agreement dated as of the Closing Date executed by each Loan Party signatory
thereto in favor of Agent for the benefit of Lenders.

 

Hazardous
Substances means hazardous waste, pollutant, contaminant, toxic substance, oil, hazardous material, chemical or other substance regulated
by any Environmental Law.

 

    	- 8 -

     

    

 

Health
Care Laws mean all foreign, federal and state fraud and abuse laws relating to the regulation of healthcare products, pharmaceutical
products, laboratory facilities and services, healthcare providers, healthcare professionals, healthcare facilities, clinical research
facilities or healthcare payors, including but not limited to (i) the federal Anti-Kickback Statute (42 U.S.C. (§1320a-7b(b))),
the Stark Law (42 U.S.C. §1395nn and §1395(q)), the civil False Claims Act (31 U.S.C. §3729 et seq.), TRICARE (10 U.S.C.
Section 1071 et seq.), Section 1320a-7 and 1320a-7a of Title 42 of the United States Code and the regulations promulgated pursuant to
such statues; (ii) the Health Insurance Portability and Accountability Act of 1996 (Pub. L. No. 104-191), as amended by the Health Information,
Technology for Economic and Clinical Health Act of 2009 (collectively, “HIPAA”), and the regulations promulgated thereunder,
(iii) Medicare (Title XVIII of the Social Security Act) and the regulations promulgated thereunder; (iv) Medicaid (Title XIX of the Social
Security Act) and the regulations promulgated thereunder; (v) the FD&C Act and all applicable requirements, regulations and guidances
issued thereunder by the FDA (including FDA Law and Regulation); (vi) the Controlled Substances Act, as amended, and all applicable requirements,
regulations and guidances issued thereunder by the DEA; (vii) CLIA, as amended, and all applicable requirements, regulations, and guidance
issued thereunder by the applicable Governmental Authority; (viii) quality, safety and accreditation standards and requirements of all
applicable foreign and domestic federal, provincial or state laws, directives, regulations or regulatory bodies; (ix) all applicable
licensure laws, directives and regulations; (x) all applicable professional standards regulating healthcare providers, healthcare professionals,
healthcare facilities, clinical research facilities or healthcare payors; and (xi) any and all other applicable health care laws (whether
foreign or domestic), regulations, directives, manual provisions, policies and administrative guidance, including those related to the
corporate practice of medicine, fee-splitting, state anti-kickback or self-referral prohibitions, each of clauses (i) through
(xi) as may be amended from time to time.

 

Hedging
Obligation means, with respect to any Person, any liability of such Person under any interest rate, currency or commodity swap agreement,
cap agreement or collar agreement, and any other agreement or arrangement designed to protect a Person against fluctuations in interest
rates, currency exchange rates or commodity prices. The amount of any Person’s obligation in respect of any Hedging Obligation
shall be deemed to be the incremental obligation that would be reflected in the financial statements of such Person in accordance with
GAAP.

 

Indemnified
Taxes has the meaning set forth in Section 3.1(a).

 

Intellectual
Property means all present and future: trade secrets, know-how and other proprietary information; Trademarks and Trademark Licenses
(as defined in the Guarantee and Collateral Agreement), internet domain names, service marks, trade dress, trade names, business names,
designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing) indicia and other source and/or
business identifiers, and the goodwill of the business relating thereto and all registrations or applications for registrations which
have heretofore been or may hereafter be issued thereon throughout the world; Copyrights (including Copyrights for computer programs,
but excluding commercially available off-the-shelf software and any Intellectual Property rights relating thereto) and Copyright Licenses
(as defined in the Guarantee and Collateral Agreement) and all tangible and intangible property embodying the Copyrights, unpatented
inventions (whether or not patentable); Patents and Patent Licenses (as defined in the Guarantee and Collateral Agreement); Mask Works
(as defined in the Guarantee and Collateral Agreement); industrial design applications and registered industrial designs; license agreements
related to any of the foregoing and income therefrom, books, records, writings, computer tapes or disks, flow diagrams, specification
sheets, computer software, source codes, object codes, executable code, data, databases and other physical manifestations, embodiments
or incorporations of any of the foregoing; customer lists and customer information, the right to sue for all past, present and future
infringements of any of the foregoing; all other intellectual property; and all common law and other rights throughout the world in and
to all of the foregoing.

 

Interest
Expense means for any Person and its Subsidiaries for any period the consolidated interest expense of such Person and its Subsidiaries
for such period (including all imputed interest on Capital Leases).

 

Inventory
has the meaning set forth in the Guarantee and Collateral Agreement.

 

Investment
means, with respect to any Person, (a) the purchase of any debt or equity security of any other Person, (b) the making of any loan
or advance to any other Person, (c) becoming obligated with respect to a Contingent Obligation in respect of obligations of any other
Person (other than travel and similar advances to employees in the ordinary course of business) or (d) the making of an Acquisition.

 

    	- 9 -

     

    

 

IO
Extension Condition means Borrower achieving net Aggregate Revenue of $28,000,000 or more for the twelve (12) month period ending
on December 31, 2023.

 

IP
Security Agreement means the Intellectual Property Security Agreement dated on or about the Closing Date by each Loan Party signatory
thereto in favor of Agent for the benefit of Lenders.

 

IRC
means the Internal Revenue Code of 1986, as amended.

 

IRS
means the United States Internal Revenue Service.

 

Key
Person means Waqaas Al-Siddiq.

 

Key
Person Event means, unless such actions are consented to in advance in writing by Agent, any Key Person shall no longer serve in
their respective, current executive capacity with Borrower, unless such Key Person is replaced within one hundred twenty (120) days with
a person of like qualification and experience to assume the respective responsibilities of such departing Key Person and which has been
approved in writing by Agent to assume such responsibility and capacity of such departing Key Person.

 

Legal
Costs means, with respect to any Person, all reasonable, duly documented, out-of-pocket fees and charges of any counsel, accountants,
auditors, appraisers, consultants and other professionals to such Person, and all court costs and similar legal expenses.

 

Lenders
has the meaning set forth in the Preamble.

 

LIBOR
Rate” means a fluctuating rate per annum equal to the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which U.S. Dollar deposits are offered by leading banks in the London interbank deposit market),
as the offered rate for loans in Dollars for a three (3) month period, rounded upwards, if necessary, to the nearest 1/8 of 1%. The rate
is set by the ICE Benchmark Administration as of 11:00 a.m. (London time) as determined two (2) Business Days prior to each Payment Date,
and effective on the Payment Date immediately following such determination date and continuing to but not including the next succeeding
Payment Date. If Bloomberg Professional Service (or another nationally-recognized rate reporting source acceptable to Agent) no longer
reports the LIBOR Rate or Agent determines in good faith that the rate so reported no longer accurately reflects the rate available to
Agent in the London Interbank Market or if such index no longer exists or if page USD-LIBOR-BBA (ICE) no longer exists or accurately
reflects the rate available to Agent in the London Interbank Market, Agent may select a replacement index that approximates as near as
possible such prior index. Notwithstanding the foregoing, (i) if at any time Agent determines, in its commercially-reasonable discretion,
that the LIBOR Rate is no longer available for determining interest rates for loans or notes similar to the Loans, then Agent shall,
in consultation with Borrower, endeavor to establish an alternate rate of interest to the LIBOR Rate that (x) gives due consideration
to the then prevailing market convention for determining a rate of interest for loans or notes similar to the Loans in the United States
at such time and (y) results in a total interest rate payable by Borrower hereunder that approximates (as much as reasonably possible)
the Contract Rate as in effect immediately prior to the establishment of such alternate rate, and, if requested by Agent, Agent and Lenders
at such time party hereto and Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and
such other related changes to this Agreement as may be applicable (including, for the avoidance of doubt, any amendments to the definition
of “Contract Rate” to ensure that the interest rate payable by Borrower hereunder is substantially similar to the interest
rate that would otherwise be paid prior to the selection of such alternate rate of interest), and (ii) in no event shall the “LIBOR
Rate” or any such alternate rate of interest to the LIBOR Rate ever be less than one percent (1.00%).

 

    	- 10 -

     

    

 

Lien
means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned
or being purchased or acquired by such Person which secures payment or performance of any obligation and shall include any mortgage (whether
legal or equitable), lien, encumbrance, charge, pledge, assignment by way of security or other security interest of any kind, whether
arising by contract, as a matter of law, by judicial process or otherwise.

 

Loan
or Loans means, individually and collectively the Term Loan and any other advances made by Agent and Lenders in accordance
with the Loan Documents.

 

Loan
Documents means this Agreement, any Notes, any subordination agreements, the Collateral Documents and all documents, instruments
and agreements delivered in connection with the foregoing.

 

Loan
Party means Borrower and each of its Subsidiaries that are party to the Guarantee and Collateral Agreement; provided, that notwithstanding
anything to the contrary in any Loan Document, in no event shall any Excluded Subsidiary be required to be a Loan Party or a “Grantor”
under the Guarantee and Collateral Agreement.

 

Margin
Stock means any “margin stock” as defined in Regulation T, U or X of the FRB.

 

Market
Capitalization means, with respect to Borrower, the volume weighted average closing price per share of Borrower’s publicly
traded common stock as of the end of the twenty (20) trading days immediately prior to such date of determination (as quoted by Bloomberg
L.P. or, if such quote is not available, such other customary inter-dealer quotation system reasonably acceptable to Agent) multiplied
by (b) the number of outstanding shares of Borrower’s publicly traded common stock publicly disclosed in its most recent SEC filing
as outstanding as of such date of determination.

 

Material
Adverse Effect means (a) a material adverse change in, or a material and adverse effect upon, the condition (financial or otherwise),
operations, assets, business or properties of Loan Parties taken as a whole, (b) a material impairment of the ability of any Loan Party
to perform any of its payment Obligations under any Loan Document or (c) a material and adverse effect upon any material portion of the
Collateral under the Collateral Documents or upon the legality, validity, binding effect or enforceability against any Loan Party of
any material Loan Document.

 

Material
Contract has the meaning assigned in Section 5.21 hereof.

 

Multiemployer
Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower may have any liability.

 

    	- 11 -

     

    

 

Net
Cash Proceeds means, with respect to any Disposition, the aggregate cash proceeds (including cash proceeds received pursuant to policies
of insurance and by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but only as and when
received) received by any Loan Party pursuant to such Disposition net of (i) the reasonable direct costs relating to such Disposition
(including sales commissions and legal, accounting and investment banking fees, commissions and expenses), (ii) any portion of such proceeds
deposited in an escrow account pursuant to the documentation relating to such Disposition (provided that such amounts shall be
treated as Net Cash Proceeds upon their release from such escrow account to and receipt by the applicable Loan Party), (iii) Taxes and
other governmental costs and expenses paid or reasonably estimated by a Loan Party to be payable as a result thereof (after taking into
account any available tax credits or deductions and any tax sharing arrangements), (iv) amounts required to be applied to the repayment
of any Debt, including any Approved AR Loan Facility (together with any interest thereon, premium or penalty and any other amount payable
with respect thereto), secured by a Lien that has priority over the Lien, if any, of Agent on the asset subject to such Disposition,
(v) reserves for purchase price adjustments and retained liabilities reasonably expected to be payable by the Loan Parties in connection
therewith established in accordance with GAAP (provided that upon the final determination of the amount paid in respect of such
purchase price adjustments and retained liabilities, the actual amount of purchase price adjustments and retained liabilities paid is
less than such reserves, the difference shall, at such time, constitute Net Cash Proceeds) and (vi)(A) with respect to any Disposition
described in clauses (a), (b) or (c) of the definition thereof, all money actually applied within three-hundred
sixty-five (365) days (as such deadline may be extended by Agent in its commercially-reasonable discretion in the event Borrower has
entered into a legally binding contract in relation to the reinvestment of such proceeds as of such deadline) to replace such assets
to be used in the business of Loan Parties, and (B) with respect to any Disposition, all money actually applied within three-hundred
sixty-five (365) days to repair or replace the assets in question or to repair or reconstruct damaged property or property affected by
loss, destruction, damage, condemnation, expropriation, confiscation, requisition, seizure or taking.

 

Net
Sales means the gross amount billed or invoiced by Loan Parties for Services and for the sale of Products (including products and
services ancillary thereto) to independent customers, less deductions for (a) quantity, trade, cash or other discounts, allowances, credits
or rebates (including customer rebates) actually allowed or taken, (b) amounts deducted, repaid or credited by reason of rejections or
returns of goods and government mandated rebates, or because of chargebacks or retroactive price reductions, and (c) Taxes, tariffs,
duties or other governmental charges or assessments (including any sales, value added or similar taxes other than an income tax) levied,
absorbed or otherwise imposed on or with respect to the production, sale, transportation, delivery or use of Products. A Product or Service
shall be considered sold and/or provided when billed or invoiced. To the extent applicable, components of Net Sales shall be determined
in the ordinary course of business in accordance with historical practice and using the accrual method of accounting in accordance with
GAAP. For the purposes of calculating Net Sales, Lenders and Agent understand and agree that (i) Affiliates of Borrower shall not be
regarded as independent customers and (ii) Net Sales shall not include Products distributed for product development purposes, including
for use in pre-clinical trials.

 

Note
 means a promissory note substantially in the form of Exhibit C.

 

Obligations
 means all liabilities, indebtedness and obligations (monetary (including post-petition interest, allowed or not) or otherwise) of
any Loan Party under this Agreement, any other Loan Document or any other document or instrument executed in connection herewith or therewith
which are owed to any Lender or Affiliate of a Lender, in each case howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent, now or hereafter existing, or due or to become due. For the avoidance of doubt, “Obligations” shall
include Borrower’s obligation to pay any amounts due under Sections 2.7 and 2.8.2 and payable on such date of determination.

 

OFAC
 means the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

Operating
Burn means, for any period being measured, the (i) aggregate cash flow from operations of Loan Parties less (ii) capital expenditures,
each as determined in accordance with GAAP.

 

Origination
Fee shall have the meaning set forth in Section 2.7(a).

 

    	- 12 -

     

    

 

Paid
in Full, Pay in Full or Payment in Full means, with respect to any Obligations, the payment in full in cash of all
such Obligations (other than contingent indemnification obligations, yield protection and expense reimbursement to the extent no claim
giving rise thereto has been asserted in respect of contingent indemnification obligations, and to the extent no amounts therefor have
been asserted, in the case of yield protection and expense reimbursement obligations, which Obligations shall survive the Payment in
Full of the Obligations).

 

Patents
means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired
right, title and interest in and to: (i) all patents, patent applications, inventions, invention disclosures and improvements, and all
applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and Trademark
Office or in any similar office or agency of the United States, any state thereof or any political subdivision thereof, or in any other
country, and all research and development relating to the foregoing; and (ii) the reissues, divisions, continuations, renewals, re-examinations,
extensions and continuations-in-part of any of the foregoing.

 

Payment
Date means the fifteenth (15th) day of each of February, May, August and November (or the next succeeding Business Day
to the extent such 15th day is not a Business Day), commencing with February 15, 2022.

 

PBGC
means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its material functions under ERISA.

 

Pension
Plan means a defined benefits “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title
IV of ERISA (other than a Multiemployer Pension Plan), and to which Borrower may have any liability, including any liability by reason
of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by
reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

 

Permit
means, with respect to any Person, any permit, approval, clearance, authorization, license, registration, certificate, concession,
grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether
or not having the force of law and applicable to or binding upon such Person or any of its property or Products or to which such Person
or any of its property or Products is subject, including without limitation all registrations with Governmental Authorities.

 

Permitted
Liens means Liens permitted by Section 7.2.

 

Person
means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or unit,
or any other entity, whether acting in an individual, fiduciary or other capacity.

 

Prepayment
Fee has the meaning set forth in Section 2.8.2.

 

Prior
Debt means the Debt listed on Schedule 4.1.

 

Pro
Rata Term Loan Share means, with respect to any Lender, the applicable percentage (as adjusted from time to time in accordance with
the terms hereof) specified opposite such Lender’s name on Annex I which percentage represents the aggregate percentage
of the Term Loan Commitment held by such Lender, which percentage shall be with respect to the outstanding balance of the Term Loan as
of any date of determination after the Term Loan Commitment has terminated.

 

    	- 13 -

     

    

 

Product
means any products manufactured, sold, developed, tested or marketed by Borrower or any of its Subsidiaries, including, without limitation,
those products set forth on Schedule 5.18(b) (as updated from time to time in accordance with Section 6.1.2); provided,
however, that if Borrower shall fail to comply with the obligations under Section 6.1.2 to give notice to Agent and update
Schedule 5.18(b) prior to manufacturing, selling, developing, testing or marketing any new Product, any such improperly undisclosed
Product shall be deemed to be included in this definition; and provided, further, that products manufactured by Borrower
for unaffiliated third parties shall not be deemed “Products” hereunder.

 

Registered
Intellectual Property means all applications, registrations and recordings for or of Patents, Trademarks or Copyrights filed by a
Loan Party with any Governmental Authority, all internet domain name registrations owned by a Loan Party, and all proprietary software
owned by a Loan Party.

 

Required
Lenders means Lenders having an aggregate Pro Rata Term Loan Share in excess of fifty percent (50%), collectively.

 

Required
Permit means a Permit (a) required under applicable law for the business of Borrower or any of its Subsidiaries or necessary in the
manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution
or delivery of goods or services under any laws applicable to the business of Borrower or any of its Subsidiaries (including, without
limitation, any applicable Health Care Laws) or any Drug Application (including without limitation, at any point in time, all licenses,
approvals and permits issued by the FDA, CMS, or any other applicable Governmental Authority necessary for the testing, manufacture,
marketing or sale of any Product by Borrower or any of its Subsidiaries as such activities are being conducted by Borrower or its Subsidiaries
with respect to such Product at such time), and (b) required by any Person from which Borrower or any of its Subsidiaries have received
an accreditation.

 

Responsible
Officer means the chief executive officer, chief operating officer, or chief financial officer of a Person, or any other officer
having substantially the same authority and responsibility; or, with respect to compliance with financial covenants or delivery of financial
information, the chief financial officer, the chief technology officer, the chief information officer, the treasurer or the controller
of a Person, or any other officer having substantially the same authority and responsibility, and in all cases such person shall be listed
on an incumbency certificate delivered to Agent, in form and substance acceptable to Agent in its sole discretion.

 

Restricted
Transferee means each Person set forth on Schedule 1.1(b) and any of their respective Affiliates.

 

Revenue-Based
Payment Amount has the meaning set forth in Section 2.9.1(a).

 

Royalties
means the amount of any and all royalties, license fees and any other payments or income of any type recognized as revenue in accordance
with GAAP by Loan Parties with respect to the sale of Products or the provision of services by independent licensees of Borrower and/or
its Subsidiaries, including any such payments characterized as a share of net profits, any up-front or lump sum payments, any milestone
payments, commissions, fees or any other similar amounts, less deductions for amounts deducted, repaid or credited by reason of adjustments
to the sales upon which royalty amounts are based, regardless of the reason for such adjustment to such sales. For the purposes of calculating
Royalties, Lenders and Agent understand and agree that Affiliates of Borrower shall not be regarded as independent licensees.

 

    	- 14 -

     

    

 

Services
 means services provided by Borrower or any Affiliate of Borrower to un-Affiliated Persons, including without limitation any sales,
laboratory analysis, testing, consulting, marketing, commercialization and any other healthcare-related services.

 

Solvent
 means, as to any Person at any time, that (a) the fair value of the tangible and intangible property of such Person is greater
than the amount of such Person’s liabilities (including disputed, contingent, unmatured and unliquidated liabilities); (b) the
present fair saleable value of the tangible and intangible property of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured; (c) such Person is able to pay its debts
and other liabilities (including subordinated, disputed, contingent, unmatured and unliquidated liabilities) as they mature in the normal
course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in business or a transaction, and is not about
to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital.

 

Subordinated
Debt  means any Debt incurred by Borrower and/or any other Loan Party that is subordinated to the Obligations pursuant to a subordination
agreement, in form and substance reasonably acceptable to Agent, entered into between Agent, any applicable Loan Party and the subordinated
creditor(s).

 

Subsidiary
means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such Person owns,
directly or indirectly, such number of outstanding shares or other equity interests as to have more than fifty percent (50%) of the ordinary
voting power for the election of directors or other managers of such corporation, partnership, limited liability company or other entity.
Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to direct and indirect Subsidiaries
of Borrower.

 

SWK
has the meaning set forth in the Preamble.

 

Tax
or Taxes has the meaning set forth in Section 3.1(a).

 

Term
Loan has the meaning set forth in Section 2.1.

 

Term
Loan Commitment means $12,000,000.

 

Term
Loan Maturity Date means December 21, 2026.

 

Termination
Date means the earlier to occur of (a) the Term Loan Maturity Date, or (b) the date upon which the Loan and all other Obligations
are Paid in Full, whether as a result of (i) the prepayment of the Term Loan and all Obligations through any other mandatory or voluntary
prepayment of the Term Loan in full, (ii) the contractual acceleration of the Loan hereunder, (iii) the acceleration of the Loan by Agent
in accordance with this Agreement, or (iv) otherwise.

 

Trademarks
means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired
right, title, and interest in and to: (i) all of such Loan Party’s (or if referring to another Person, such other Person’s)
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos,
other business identifiers, all applications, registrations and recordings relating to the foregoing as may at any time be filed in the
United States Patent and Trademark Office or in any similar office or agency of the United States, or in any other country, and all research
and development and the goodwill of the business relating to the foregoing; (ii) all renewals thereof; and (iii) all designs and general
intangibles of a like nature.

 

    	- 15 -

     

    

 

Uniform
Commercial Code means the Uniform Commercial Code as in effect in the State of New York; provided that if perfection or the
effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, “Uniform Commercial Code” means the Uniform
Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority.

 

U.S.
Lender means any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the IRC.

 

Wholly-Owned
Subsidiary means, as to any Person, another Person all of the Equity Interests of which (except directors’ qualifying shares)
are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person.

 

1.2
Interpretation.

 

(a)
In the case of this Agreement and each other Loan Document, (i) the meanings of defined terms are equally applicable to the singular
and plural forms of the defined terms; (ii) Annex, Exhibit, Schedule and Section references are to such Loan Document unless otherwise
specified; (iii) the term “including” is not limiting and means “including but not limited to”; (iv) in the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including”;
the words “to” and “until” each mean “to but excluding”, and the word “through” means
“to and including”; (v) unless otherwise expressly provided in such Loan Document, (A) references to agreements and other
contractual instruments shall be deemed to include all subsequent amendments, restatements and other modifications thereto, but only
to the extent such amendments, restatements and other modifications are not prohibited by the terms of any Loan Document, and (B) references
to any statute, directive or regulation shall be construed as including all statutory and regulatory provisions amending, replacing,
supplementing or interpreting such statute, directive or regulation; (vi) this Agreement and the other Loan Documents may use several
different limitations, tests or measurements to regulate the same or similar matters, all of which are cumulative and each shall be performed
in accordance with its terms and (vii) this Agreement and the other Loan Documents are the result of negotiations among and have been
reviewed by counsel to Agent, Borrower, Lenders and the other parties hereto and thereto and are the products of all parties; accordingly,
they shall not be construed against Borrower, Agent or Lenders merely because of Borrower’s, Agent’s or Lenders’ involvement
in their preparation. Except where otherwise expressly provided in the Loan Documents, in any instance where the approval, consent or
the exercise of Agent’s judgment is required, the granting or denial of such approval or consent and the exercise of such judgment
shall be (x) within the sole and absolute discretion of Agent and/or Lenders; and (y) deemed to have been given only by
a specific writing intended for such purpose executed by Agent.

 

(b)
For purposes of converting any amount reported or otherwise denominated in any currency other than Dollars to Dollars under or in connection
with the Loan Documents, Agent shall calculate such currency conversion via the applicable exchange rate identified and normally published
by Bloomberg Professional Service as the applicable exchange rate as of the close of currency trading on each trading date during the
applicable period of measurement, or, if such currency conversion deals exclusively with a particular date of determination, as of the
close of currency trading on such date of determination (or the following trading date to the extent no currency trading took place on
such date of determination). If Bloomberg Professional Service no longer reports such currency exchange rate, Agent shall select another
nationally-recognized currency exchange rate reporting service selected by Agent in good faith.

 

    	- 16 -

     

    

 

(c)
If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document,
and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of
the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio
or requirement made before and after giving effect to such change in GAAP.

 

Section
2 Credit Facility.

 

2.1
Term Loan Commitments.

 

On
and subject to the terms and conditions of this Agreement, each Lender, severally and for itself alone, agrees to make a term loan to
Borrower (the “Term Loan”) on the Closing Date in an amount equal to such Lender’s applicable Pro Rata
Term Loan Share of the Term Loan Commitment. The Commitments of Lenders to make any portion of the Term Loan shall terminate concurrently
with the making of such Term Loan. The Loan is not a revolving credit facility, and therefore any amount thereof that is repaid or prepaid
by Borrower, in whole or in part, may not be re-borrowed.

 

2.2
[Reserved].

 

2.3
Commitments Several.

 

The
failure of any Lender to make the Term Loan on the Closing Date shall not relieve any other Lender of its obligation (if any) to make
its Loan on the applicable date, but no Lender shall be responsible for the failure of any other Lender to make any Term Loan to be made
by such other Lender.

 

    	- 17 -

     

    

 

2.4
Indebtedness Absolute; No Offset; Waiver.

 

The
payment obligations of Borrower hereunder are absolute and unconditional, without any right of rescission, set-off, counterclaim or defense
for any reason against Agent and Lenders to the maximum extent permitted by applicable law. As of the Closing Date, the Loan has not
been compromised, adjusted, extended, satisfied, rescinded, set-off or modified, and the Loan Documents are not subject to any litigation,
dispute, refund, claims of rescission, set-off, netting, counterclaim or defense whatsoever, including but not limited to, claims by
or against any Loan Party or any other Person. Payment of the Obligations by Borrower, shall be made only by wire transfer, in Dollars,
and in immediately available funds when due and payable pursuant to the terms of this Agreement and the other Loan Documents, is not
subject to compromise, adjustment, extension, satisfaction, rescission, set-off, counterclaim, defense, abatement, suspension, deferment,
deductible, reduction, termination or modification, whether arising out of transactions concerning the Loan, or otherwise. Without limitation
to the foregoing, to the fullest extent permitted under applicable law and notwithstanding any other term or provision contained in this
Agreement or any other Loan Document, Borrower hereby waives (and shall cause each Loan Party to waive) (a) presentment, protest and
demand, notice of default (except as expressly required in the Loan Documents), notice of intent to accelerate, notice of acceleration,
notice of protest, notice of demand and of dishonor and non-payment of the Obligations, (b) any requirement of diligence or promptness
on Agent’s part in the enforcement of its rights under the provisions of this Agreement and any other Loan Document, (c) any rights,
legal or equitable, to require any marshalling of assets or to require foreclosure sales in a particular order, (d) all notices of every
kind and description which may be required to be given by any statute or rule of law except as specifically required hereunder, (e) the
benefit of all laws now existing or that may hereafter be enacted providing for any appraisement before sale or any portion of the Collateral,
(f) all rights of homestead, exemption, redemption, valuation, appraisement, stay of execution, notice of election to mature or declare
due the whole of the Obligations in the event of foreclosure of the Liens created by the Loan Documents, (g) the pleading of any statute
of limitations as a defense to any demand under any Loan Document and (h) any defense to the obligation to make any payments required
under the Loan Documents, including the obligation to pay taxes based on any damage to, defects in or destruction of the Collateral or
any other event, including obsolescence of any of the Collateral, it being agreed and acknowledged that such payment obligations are
unconditional and irrevocable. Borrower further acknowledges and agrees (i) to any substitution, subordination, exchange or release of
any security or the release of any party primarily or secondarily liable for the payment of the Loan; (ii) that Agent shall not be required
to first institute suit or exhaust its remedies hereon against others liable for repayment of all or any part of the Loan, whether primarily
or secondarily (collectively, the “Obligors”), or to perfect or enforce its rights against any Obligor or any security
for the Loan; and (iii) that its liability for payment of the Loan shall not be affected or impaired by any determination that any security
interest or lien taken by Agent for the benefit of Agent and Lenders to secure the Loan is invalid or unperfected. Borrower acknowledges,
warrants and represents in connection with each waiver of any right or remedy of Borrower contained in any Loan Document, that it has
been fully informed with respect to, and represented by counsel of its choice in connection with, such rights and remedies, and all such
waivers, and after such advice and consultation, has presently and actually intended, with full knowledge of its rights and remedies
otherwise available at law or in equity, to waive or relinquish such rights and remedies to the full extent specified in each such waiver.

 

2.5
Loan Accounting.

 

2.5.1
Recordkeeping.

 

Agent,
on behalf of each Lender, shall record in its records the date and amount of the Loan made by each Lender, each prepayment and repayment
thereof. The aggregate unpaid principal amount so recorded shall be final, binding and conclusive absent manifest error. The failure
to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Obligations
of Borrower hereunder or under any Note to repay the principal amount of the Loans hereunder, together with all interest accruing thereon.

 

2.5.2
Notes.

 

At
the request of any Lender, the Loan of such Lender shall be evidenced by a Note, with appropriate insertions, payable to such Lender
in a face principal amount equal to such Lender’s Pro Rata Term Loan Share and payable in such amounts and on such dates as are
set forth herein.

 

    	- 18 -

     

    

 

2.6
Payment of Interest.

 

2.6.1
Interest Rates.

 

(a)
The outstanding principal balance under the Loan shall bear interest at a per annum rate of interest equal to the Contract Rate (as may
be adjusted from time to time in accordance with this Section 2.6.1). Whenever, subsequent to the date hereof, the LIBOR Rate
is increased or decreased (as determined on the date that is two (2) Business Days prior to each Payment Date), the Contract Rate, as
set forth herein, shall be similarly changed effective as of such subsequent Payment Date, without notice or demand of any kind by an
amount equal to the amount of such change in the LIBOR Rate on the date that is two (2) Business Days prior to each such Payment Date.
The interest due on the principal balance of the Loan outstanding as of any Payment Date shall be computed for the actual number of days
elapsed during the period in question on the basis of a year consisting of three hundred sixty (360) days and shall be calculated by
determining the daily principal balance outstanding for each day of such period in question. The daily rate shall be equal to 1/360th
times the Contract Rate. If any statement furnished by Agent for the amount of a payment due exceeded the actual amount that should have
been paid because the LIBOR Rate decreased and such decrease was not reflected in such statement, Borrower shall make the payment specified
in such statement from Agent and Borrower shall receive a credit for the overpayment, which credit shall be applied towards the next
subsequent payment due hereunder. If any statement furnished by Agent for the amount of a payment due was less than the actual amount
that should have been paid because the LIBOR Rate increased and such increase was not reflected in such statement, Borrower shall make
the payment specified in such statement from Agent and Borrower shall be required to pay any resulting underpayment with the next subsequent
payment due hereunder.

 

(b)
Borrower recognizes and acknowledges that any default on any payment, or portion thereof, due hereunder or to be made under any of the
other Loan Documents, will result in losses and additional expenses to Agent in servicing the Loan, and in losses due to Lenders’
loss of the use of funds not timely received. Borrower further acknowledges and agrees that in the event of any such Default, Lenders
would be entitled to damages for the detriment proximately caused thereby, but that it would be extremely difficult and impracticable
to ascertain the extent of or compute such damages. Therefore, upon the Term Loan Maturity Date (or upon any acceleration) and/or upon
the occurrence and during the existence of an Event of Default at the election of Required Lenders (or automatically upon any Event of
Default under Section 8.1.3), interest shall accrue hereunder at the Default Rate. The Default Rate shall be calculated and due
from the date that the Event of Default occurred and shall be payable upon demand. Agent shall give Borrower written notice of any such
election to charge interest at the Default Rate; provided, that, any failure by Agent to provide such notice shall not relieve Borrower
of its obligation to pay interest at the Default Rate.

 

(c)
Notwithstanding anything herein to the contrary, if at any time the interest rate for any Loan (if applicable), together with all fees,
charges and other amounts that are treated as interest on such Loan under applicable law (collectively, “charges”), shall
exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved
by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder (if
applicable), together with all charges payable in respect of the Loan, shall be limited to the Maximum Rate. To the extent lawful, the
interest and charges that would have been paid in respect of such Loan but were not paid as a result of the operation of this Section
shall be cumulated and the interest (if any) and charges payable to such Lender in respect of other Loans or periods shall be increased
(but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate for each day to the date of repayment, shall have been received by such Lender. Any amount collected by
such Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance
of such Loan or refunded to the Borrower so that at no time shall the interest (if any) and charges paid or payable in respect of such
Loan exceed the maximum amount collectible at the Maximum Rate.

 

    	- 19 -

     

    

 

2.6.2
Payments of Interest and Principal.

 

Borrower
shall pay to Lenders all accrued interest on the Loan in arrears on each Payment Date, upon a prepayment of such Loan in accordance with
Section 2.8 and at maturity in cash. Any partial prepayment of the Loan shall be applied pursuant to Section 2.9.1 (but
this shall not be construed as permitting any partial prepayment other than as may be expressly permitted elsewhere in this Agreement).

 

2.7
Fees.

 

(a)
Origination Fee. Borrower shall pay to Agent, for its own account, a fee (the “Origination Fee”) in
the amount of $120,000, which Origination Fee shall be deemed fully earned and non-refundable on the Closing Date.

 

(b)
Exit Fee. Upon the Termination Date, Borrower shall pay an exit fee (the “Exit Fee”) to Agent, for the
benefit of Lenders, in an amount of $600,000, which Exit Fee shall be deemed fully earned and non-refundable on the Termination Date.

 

2.8
Prepayment.

 

2.8.1
Mandatory Prepayment.

 

(a)
Borrower shall prepay the Obligations, or any portion thereof, as applicable, (which shall include the amounts due and payable under
Section 2.7(b) hereof) until paid in full within two (2) Business Days after the receipt by a Loan Party of any Net Cash Proceeds
from any Disposition, in an amount equal to such Net Cash Proceeds.

 

(b)
In connection with any prepayment of the Term Loan made pursuant to this Section 2.8.1, Borrower shall pay to Agent, for the benefit
of Lenders, the following amounts (in addition to any such prepayment of the Term Loan and related Obligations) on the date of such prepayment
(such amounts referred to herein as the “Prepayment Fee”): (i) as it relates to any such prepayment made
on or after the first anniversary of the Closing Date, any amounts that would otherwise be due and payable on such date had Borrower
voluntarily prepaid the Obligations pursuant to Section 2.8.2; or (ii) as it relates to any such prepayment made on or before
the first anniversary of the Closing Date, a prepayment fee equal to (A) two percent (2.0%) of the aggregate amount of the Term Loan
so prepaid plus (B) an amount equal to the aggregate interest that would have accrued pursuant to this Agreement in relation to the aggregate
amount of the Term Loan so prepaid from the date of such prepayment through the first anniversary of the Closing Date assuming a static
Contract Rate equal to the Contract Rate in effect on such date of prepayment

 

2.8.2
Voluntary Prepayment.

 

(a)
Subject to clause (b) below, Borrower may, on at least five (5) Business Days’ written notice or telephonic notice (followed
on the same Business Day by written confirmation thereof) to Agent (which shall promptly advise each Lender thereof) not later than 12:00
noon Dallas time on such day, prepay the Term Loan and all related Obligations in whole or in part at any time on or after the first
anniversary of the Closing Date. Such notice to Agent shall specify the amount and proposed date of such prepayment, and the application
of such amounts to be prepaid shall be applied in accordance with Section 2.9.1(b) or 2.10.2 (as applicable).

 

    	- 20 -

     

    

 

(b)
If Borrower makes a prepayment of the Term Loan under Section 2.8.2(a), it shall pay to Agent, for the benefit of Lenders, the
following amounts (in addition to any such prepayment of the Term Loan and related Obligations) on the date of such prepayment: (i) if
such prepayment is made on or after the first anniversary of the Closing Date but prior to the third anniversary of the Closing Date,
two percent (2.0%) of the aggregate amount of the Term Loan so prepaid, (ii) if such prepayment is made on or after the third anniversary
of the Closing Date but prior to the fourth anniversary of the Closing Date, one percent (1.0%) of the aggregate amount of the Term Loan
so prepaid, and (iii) if such prepayment is made on or after the fourth anniversary of the Closing Date, zero percent (0%) of the aggregate
amount of the Term Loan so prepaid.

 

(c)
For the avoidance of doubt, a permitted payment under this Section 2.8.2 is independent of and in addition to Revenue-Based Payment
Amounts that are credited toward the principal of the Loans under Section 2.9.1(b). Notwithstanding anything set forth herein
or in any other Loan Documents to the contrary, any prepayment of the Loans other than via the application of Revenue-Based Payment Amounts
made pursuant to Section 2.9.1 or Section 2.10.2, as applicable, or prepayments in accordance with Section 2.8.1
or Section 2.8.3, shall be limited and governed by this Section 2.8.2.

 

2.9
Repayment of Term Loan.

 

2.9.1
Revenue-Based Payment Amount.

 

(a)
During the period commencing on the date hereof until the Obligations are Paid in Full, Borrower promises to pay to Agent, for the account
of each Lender according to its Pro Rata Term Loan Share, an amount based on a percentage of the aggregate of the Net Sales, Royalties
and any other income or revenue realized by Borrower and/or its Subsidiaries, on a consolidated basis, in accordance with GAAP (collectively,
the “Aggregate Revenue”) in each Fiscal Quarter (the “Revenue-Based Payment Amount”), which will
be applied to the Obligations as provided in clause (b) below. The Revenue-Based Payment Amount with respect to each Fiscal Quarter
shall be applied by Borrower on the Payment Date next following the end of such Fiscal Quarter in accordance with clause (b) below. Commencing
with the Fiscal Quarter beginning April 1, 2021, the Revenue-Based Payment Amount with respect to each Fiscal Quarter shall be equal
to:

 

(i)
the aggregate Revenue-Based Payment Amounts payable during the period commencing as of April 1 of the Fiscal Year of which such Fiscal
Quarter is part, through the end of such Fiscal Quarter (such elapsed portion of the Fiscal Year, the “Elapsed Period”),
calculated as the sum of:

 

(A)
One hundred percent (100%) of Aggregate Revenue during the Elapsed Period up to and including $10,000,000; plus

 

(B)
Seventy-five percent (75%) of Aggregate revenue during the Elapsed Period greater than $10,00,000; minus

 

(ii)
the aggregate amount of Revenue-Based Payment Amounts, if any, paid in cash to Agent, for the benefit of Lenders, pursuant to this Section
2.9.1, with respect to prior Fiscal Quarters in such Fiscal Year; provided that the Revenue-Based Payment Amount is payable
solely upon Aggregate Revenue in a given Fiscal Year, and will not be calculated on a cumulative, year-over-year basis.

 

    	- 21 -

     

    

 

(b)
So long as no Event of Default has occurred and is continuing and until the Obligations have been Paid in Full, on each Payment Date
the applicable Revenue Based Payment Amount will be applied in the following priority:

 

(i)
FIRST, to the payment of all fees, costs, expenses and indemnities due and owing to Agent pursuant to Sections 2.7, 3.1,
3.2, 6.3(d), 10.4 and/or 10.5 under this Agreement or otherwise pursuant to the Collateral Documents, and
any other Obligations owing to Agent in respect of sums advanced by Agent to preserve or protect the Collateral or to preserve or protect
its security interest in the Collateral;

 

(ii)
SECOND, to the payment of all fees, costs, expenses and indemnities due and owing to Lenders in respect of the Loans and Commitments
pursuant to Sections 2.7, 3.1, 3.2, 6.3(d), 10.4 and/or 10.5 under this Agreement or otherwise
pursuant to the Collateral Documents, pro rata based on each Lender’s Pro Rata Term Loan Share, until Paid in Full;

 

(iii)
THIRD, to the payment of all accrued but unpaid interest in respect of the Loans as of such Payment Date, pro rata based on each Lender’s
Pro Rata Term Loan Share, until Paid in Full;

 

(iv)
FOURTH,

 

(A)
to the extent the IO Extension Condition was not satisfied, as it relates to each Payment Date on or after the Payment Date occurring
in May 2024, to the payment of all principal of the Loans, pro rata based on each Lender’s Pro Rata Term Loan Share, in the amount
of $600,000, or

 

(B)
to the extent the IO Extension Condition was satisfied, as it relates to each Payment Date on or after the Payment Date occurring
in May 2025, to the payment of all principal of the Loans, pro rata based on each Lender’s Pro Rata Term Loan Share, in the amount
of $900,000; and

 

(v)
FIFTH, all remaining amounts to be retained by Borrower.

 

In
the event that the Revenue-Based Payment Amount in relation to any Payment Date is insufficient for payment of the amounts set forth
in clauses (i) through (iii) above for such Payment Date, Borrower shall pay an amount equal to the extent of such insufficiency,
in immediately available funds, within two (2) Business Days of request by Agent.

 

(c)
In the event that Borrower makes any adjustment to Aggregate Revenue after it has been reported to Agent, and such adjustment results
in an adjustment to the Revenue-Based Payment Amount due to the Lenders pursuant to this Section 2.9.1, Borrower shall so notify
Agent and such adjustment shall be captured, reported and reconciled with the next scheduled report and payment of Revenue-Based Payment
Amount hereunder. Notwithstanding the foregoing, Agent and Borrower shall discuss and agree on the amount of any such adjustment prior
to it being given effect with respect to future Revenue-Based Payment Amounts.

 

(d)
For the avoidance of doubt (and for illustration purposes only), Exhibit D sets forth the pro forma calculation of the interest
and principal payments to be made by Borrower pursuant to this Section 2.9.1 based on the assumptions set forth in such Exhibit.

 

    	- 22 -

     

    

 

2.9.2
Principal.

 

Notwithstanding
the foregoing, the outstanding principal balance of the Term Loan and all other Obligations then due and owing shall be Paid in Full
on the Termination Date.

 

2.10
Payment.

 

2.10.1
Making of Payments.

 

Except
as set forth in the last sentence of this Section 2.10.1, all payments of principal, interest, fees and other amounts, shall be
made in immediately-available funds, via wire transfer as directed by Agent in writing, not later than 1:00 p.m. Dallas time on the date
due, and funds received after that hour shall be deemed to have been received by Agent on the following Business Day. Not later than
two (2) Business Days prior to each Payment Date, Agent shall provide to Borrower and each Lender a quarterly statement with the amounts
payable by Borrower to Agent on such Payment Date in accordance with Section 2.9.1(b) hereof, which shall include, for additional
clarity, Agent’s calculation of the Revenue-Based Payment Amount for the prior Fiscal Quarter, which statement shall be binding
on Borrower absent manifest error, and Borrower shall be entitled to rely on such quarterly statement in relation to its payment obligations
on such Payment Date.

 

2.10.2
Application of Payments and Proceeds Following an Event of Default.

 

Following
the occurrence and during the continuance of an Event of Default, or if the Obligations have otherwise become or have been declared to
become immediately due and payable in accordance with this Agreement, then notwithstanding anything herein or in any other Loan Document
to the contrary, Agent shall apply all or any part of payments in respect of the Obligations and proceeds of Collateral, in each case
as received by Agent, to the payment of the Obligations in the order and priority as determined by Agent in its sole discretion, with
the balance, if any, delivered to the Person lawfully entitled thereto (including Borrower or its successors and assigns).

 

2.10.3
Set-off.

 

Borrower
agrees that Agent and each Lender and its Affiliates have all rights of set-off and bankers’ lien provided by applicable law, and
in addition thereto, Borrower agrees that at any time an Event of Default exists, Agent and each Lender may, to the fullest extent permitted
by applicable law, apply to the payment of any Obligations of Borrower hereunder then due, any and all balances, credits, deposits, accounts
or moneys of Borrower then or thereafter with Agent or such Lender. Notwithstanding the foregoing, no Lender shall exercise any rights
described in the preceding sentence without the prior written consent of Agent.

 

2.10.4
Proration of Payments.

 

If
any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of set-off or otherwise, on account
of principal of, interest on or fees in relation to any Loan, but excluding any payment pursuant to Section 3.1, 3.2, 10.5
or 10.8) in excess of its applicable Pro Rata Term Loan Share of payments and other recoveries obtained by all Lenders on
account of principal of, interest on or fees in relation to such Term Loan then held by them, then such Lender shall purchase from the
other Lenders such participations in the Loans held by them as shall be necessary to cause such purchasing Lender to share the excess
payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery
is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of
such recovery.

 

    	- 23 -

     

    

 

Section
3 Yield Protection.

 

3.1
Taxes.

 

(a)
All payments of principal and interest on the Loans and all other amounts payable hereunder by or on behalf of Borrower to or for the
account of Agent or any Lender shall be made free and clear of and without deduction for any present or future income, excise, stamp,
documentary, property or franchise taxes and other taxes, fees, duties, levies, withholdings or other similar charges imposed by any
Governmental Authority that is a taxing authority (“Tax” or “Taxes”), excluding (i) taxes imposed
on or measured by Agent’s or any Lender’s net income (however denominated) or gross profits, and franchise taxes, imposed
by any jurisdiction (or subdivision thereof) under the laws of which Agent or such Lender is organized or in which Agent or such Lender
conducts business or, in the case of any Lender, in which its applicable lending office is located at the time such Lender acquires its
initial interest in any Term Loan Commitment, (ii) any branch profit taxes imposed by the United States of America or any similar tax
imposed by any other jurisdiction in which Agent or a Lender is located or conducts business; (iii) in the case of any Foreign Lender,
any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this
Agreement or designates a new lending office; (iv) in the case of any U.S. Lender, any United States federal backup withholding tax;
and (v) taxes imposed under FATCA; (vi) Taxes attributable to a Foreign Lender’s failure to comply with Sections 3.1(c)
or (d) or inability to provide the applicable IRS Form set forth in Sections 3.1(c) or (d) to Borrower and Agent;
(vii) with respect to Agent or any Lender, Taxes imposed as a result of a present or former connection between such Agent or Lender and
the jurisdiction imposing such Tax (other than connections arising from such Agent or Lender having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document); and (viii) in the case of a
Lender, U.S. federal withholding Taxes, if any and not otherwise included in clauses (i) through (vii), imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect
on the date on which such Lender acquires such interest in the Loan or Commitment or changes its lending office (items in clauses
(i) through (viii), “Excluded Taxes”, and all Taxes other than Excluded Taxes, “Indemnified Taxes”).
If any withholding or deduction from any payment to be made by Borrower hereunder is required in respect of any Taxes pursuant to any
applicable law, rule or regulation, then Borrower shall: (w) make such withholding or deduction; (x) pay directly to the
relevant Governmental Authority the full amount required to be so withheld or deducted; (y) as promptly as practicable forward
to Agent the original or a certified copy of an official receipt or other documentation reasonably satisfactory to Agent evidencing such
payment to such Governmental Authority; and (z) if the withholding or deduction is with respect to Indemnified Taxes, pay to Agent
for the account of Lenders such additional amount or amounts as is necessary to ensure that the net amount actually received by each
Lender will equal the full amount such Lender would have received had no such withholding or deduction of Indemnified Taxes been required.
To the extent that any amounts shall ever be paid by Borrower in respect of Indemnified Taxes, such amounts shall, for greater certainty,
be considered to have accrued and to have been paid by Borrower as interest on the Loans.

 

    	- 24 -

     

    

 

(b)
Borrower shall indemnify Agent and each Lender for any Indemnified Taxes paid by Agent or such Lender, as applicable, on or with respect
to any payment by or on account of any obligation of Borrower hereunder, and any additions to Tax, penalties and interest paid by Agent
or such Lender with respect to such Indemnified Taxes; provided that Borrower shall not have any obligation to indemnify any party
hereunder for any Indemnified Taxes or additions to Tax, penalties or interest with respect thereto that result from or are attributable
to such party’s own fraud, gross negligence or willful misconduct. Payment under this Section 3.1(b) shall be made within
thirty (30) days after the date Agent or the Lender, as applicable, makes written demand therefor; provided, however, that
if such written demand is made more than one-hundred eighty (180) days after the earlier of (i) the date on which Agent or the Lender,
as applicable, pays such Indemnified Taxes or additions to Tax, penalties or interest with respect thereto and (ii) the date on which
the applicable Governmental Authority makes written demand on Agent or such Lender, as applicable, for payment of such Indemnified Taxes
or additions to Tax, penalties or interest with respect thereto, then Borrower shall not be obligated to indemnify Agent or such Lender
for such Indemnified Taxes or additions to Tax, penalties or interest with respect thereto.

 

(c)
Each Foreign Lender that is a party hereto on the Closing Date or becomes an assignee of an interest under this Agreement under Section
10.8.1 after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) shall deliver
to Borrower and Agent on or prior to the date on which such Foreign Lender becomes a party to this Agreement:

 

(i)
Two duly completed and executed originals of IRS Form W-8BEN (or IRS Form W-8BENE) claiming exemption from withholding of Taxes under
an income tax treaty to which the United States of America is a party;

 

(ii)
two duly completed and executed originals of IRS Form W-8ECI;

 

(iii)
a certificate in form and substance reasonably satisfactory to Agent and Borrower claiming entitlement to the portfolio interest exemption
under Section 881(c) of the IRC and certifying that such Foreign Lender is not (w) a conduit entity participating in a conduit financing
arrangement as defined in Treasury Regulation 1.881-3, (x) a “bank” within the meaning of Section 881(c)(3)(A) of
the IRC, (y) a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the IRC, or (z)
a “controlled foreign corporation” described in Sections 881(c)(3)(C) and 864(d)(4) of the IRC, together with two duly completed
and executed originals of IRS Form W-8BEN (or IRS Form W-8BENE); or

 

(iv)
if the Foreign Lender is not the beneficial owner of amounts paid to it hereunder, two duly completed and executed originals of IRS Form
W-8IMY, each accompanied by a duly completed and executed IRS Form W-8ECI, IRS Form W-8BEN (or IRS Form W-8BENE), IRS Form W-9 or a portfolio
interest certificate described in clause (iii) above from each beneficial owner of such amounts claiming entitlement to exemption
from withholding or backup withholding of Taxes.

 

Each
Foreign Lender shall (to the extent legally entitled to do so) provide updated forms to Borrower and Agent on or prior to the date any
prior form previously provided under this clause (c) becomes obsolete or expires, after the occurrence of an event requiring a
change in the most recent form or certification previously delivered by it pursuant to this clause (c) or from time to time if
requested by Borrower or Agent. Each U.S. Lender shall deliver to Agent and Borrower on or prior to the date on which such Lender becomes
a party to this Agreement (and from time to time thereafter upon the request of Borrower or Agent) properly completed and executed originals
of IRS Form W-9 certifying that such Lender is exempt from backup withholding. Notwithstanding anything to the contrary contained in
this Agreement, Borrower shall not be required to pay additional amounts to or indemnify any Lender pursuant to this Section 3.1
with respect to any Taxes required to be deducted or withheld (or any additions to Tax, penalties or interest with respect thereto) (A)
on the basis of the information, certificates or statements of exemption provided by a Lender pursuant to this clause (c), or
(B) if such Lender shall fail to comply with the certification requirements of this clause (c). For the avoidance of doubt, all
references to IRS Forms in this clause (c) shall include, in each case, any successor form.

 

    	- 25 -

     

    

 

(d)
Without limiting the foregoing, each Lender shall timely comply with any certification, documentation, information or other reporting
necessary to establish an exemption from withholding under FATCA and shall provide any documentation reasonably requested by Borrower
or Agent sufficient for Borrower and Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such applicable reporting requirements.

 

(e)
If Agent or a Lender determines that it is entitled to or has received a refund or credit of any Taxes for which it has been indemnified
by Borrower (or another Loan Party) or with respect to which Borrower (or another Loan Party) shall have paid additional amounts pursuant
to this Section 3.1, it shall promptly notify Borrower of such refund or credit, and promptly make an appropriate claim to the
relevant Governmental Authority for such refund or credit (if it has not previously done so). If Agent or a Lender receives a refund
or credit (whether or not pursuant to such claim) of such Taxes, it shall promptly pay over such refund or credit to Borrower (but only
to the extent of indemnity payments made, or additional amounts paid, by Loan Parties under this Section 3.1 with respect to the
Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket and documented third-party expenses of the Agent or
such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund or
credit); provided that Borrower, upon the request of Agent or such Lender, agrees to repay to Agent or such Lender the amount
paid over to Borrower in the event Agent or such Lender is required to repay such refund to such Governmental Authority. This Section
3.1(e) shall not be construed to require Agent or any Lender to make available its Tax returns (or any other information relating
to its Taxes which it deems confidential) to Borrower or any other Person or to alter its internal practices or procedures with respect
to the administration of Taxes.

 

(f)
Notwithstanding anything set forth in Section 2.8.2 to the contrary, upon the election in writing by Agent or any Lender to seek
indemnification from Borrower or any other Loan party pursuant to this Section 3.1, Borrower may prepay the Term Loan and all
related Obligations in full (but not in part) without the requirement to pay any additional premiums, make-whole payments or other similar
amounts that would otherwise be due and owing pursuant to Section 2.8.2 within sixty (60) calendar days of its payment in full
of such requested indemnity amounts to Agent or such requesting Lender.

 

(g)
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed
documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed
by Applicable Law or reasonably requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 3.1(c)
and (d)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

    	- 26 -

     

    

 

3.2
Increased Cost.

 

(a)
If, after the Closing Date, the adoption of, or any change in, any applicable law, rule, directive or regulation, or any change in the
interpretation or administration of any applicable law, rule, directive or regulation by any Governmental Authority, central bank or
comparable agency charged with the interpretation or administration thereof (provided that notwithstanding anything herein to
the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder
or issued in connection therewith shall be considered a change in applicable law, regardless of the date enacted, adopted or issued),
or compliance by any Lender with any request or directive (whether or not having the force of law) issued after the Closing Date of any
such authority, central bank or comparable agency: (i) shall impose, modify or deem applicable any reserve (including any reserve imposed
by the FRB), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by any
Lender; or (ii) shall impose on any Lender any other condition affecting its ability to make loans based on the LIBOR Rate or its obligation
to make loans based on the LIBOR Rate; and the result of anything described in clauses (i) and (ii) above is to increase
the cost to (or to impose a cost on) such Lender of making or maintaining any loan based on the LIBOR Rate, or to reduce the amount of
any sum received or receivable by such Lender under this Agreement or under its Note with respect thereto, then upon demand by such Lender
(which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in
reasonable detail, a copy of which shall be furnished to Agent), and without duplication of other payment obligations of Borrower hereunder
(including pursuant to Section 3.1), Borrower shall pay directly to such Lender such additional amount as will compensate such
Lender for such increased cost or such reduction, so long as such amounts have accrued on or after the day which is one-hundred eighty
(180) days prior to the date on which such Lender first made demand therefor; provided that if the event giving rise to such costs
or reductions has retroactive effect, such one-hundred eighty (180) day period shall be extended to include the period of retroactive
effect. For the avoidance of doubt, this clause (a) will not apply to any such increased costs or reductions resulting from Taxes,
as to which Section 3.1 shall govern.

 

(b)
If any Lender shall reasonably determine that any change after the Closing Date in, or the adoption or phase-in after the Closing Date
of, any applicable law, rule, directive or regulation regarding capital adequacy, or any change after the Closing Date in the interpretation
or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or the compliance by any Lender or any Person controlling such Lender with any request or directive issued after the Closing
Date regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency (provided
that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith shall be considered a change in applicable law, regardless
of the date enacted, adopted or issued), has or would have the effect of reducing the rate of return on such Lender’s or such controlling
Person’s capital as a consequence of such Lender’s obligations hereunder to a level below that which such Lender or such
controlling Person could have achieved but for such change, adoption, phase-in or compliance (taking into consideration such Lender’s
or such controlling Person’s policies with respect to capital adequacy) by an amount deemed by such Lender or such controlling
Person to be material, then from time to time, within five (5) Business Days of demand by such Lender (which demand shall be accompanied
by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which
shall be furnished to Agent), Borrower shall pay to such Lender such additional amount as will compensate such Lender or such controlling
Person for such reduction, so long as such amounts have accrued on or after the day which is one-hundred eighty (180) days prior to the
date on which such Lender first made demand therefor; provided that if the event giving rise to such costs or reductions has retroactive
effect, such one-hundred eighty (180) day period shall be extended to include the period of retroactive effect.

 

    	- 27 -

     

    

 

(c)
Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans, becomes
aware of the occurrence of an event or the existence of a condition that would entitle such Lender to receive payments under this Section
3.2, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions,
use reasonable efforts to (i) make, issue, fund or maintain its Loans through another office of such Lender, or (ii) take such other
measures as such Lender may deem reasonable, if as a result thereof the additional amounts which would otherwise be required to be paid
to such Lender pursuant to this Section 3.2 would be materially reduced and if, as determined by such Lender in its sole discretion,
the making, issuing, funding or maintaining of such Loans through such other office or in accordance with such other measures, as the
case may be, would not otherwise adversely affect such Loans or the interests of such Lender; provided that such Lender will not
be obligated to utilize such other office pursuant to this clause (c) unless Borrower agrees to pay all incremental expenses incurred
by such Lender as a result of utilizing such other office as described above. A certificate as to the amount of any such expenses payable
by Borrower pursuant to this clause (c) (setting forth in reasonable detail the basis for requesting such amount) submitted by
such Lender to Borrower (with a copy to Agent) shall be conclusive absent manifest error.

 

(d)
Notwithstanding anything set forth in Section 2.8.2 to the contrary, upon the election in writing by Agent or any Lender to seek
indemnification from Borrower or any other Loan party pursuant to this Section 3.2, Borrower may prepay the Term Loan and all
related Obligations in full (but not in part) without the requirement to pay any additional premiums, make-whole payments or other similar
amounts that would otherwise be due and owing pursuant to Section 2.8.2 within sixty (60) calendar days of its payment in full
of such requested indemnity amounts to Agent or such requesting Lender.

 

3.3
[Reserved].

 

3.4
Manner of Funding; Alternate Funding Offices.

 

Notwithstanding
any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of
its Loans in any manner it may determine at its sole discretion. Each Lender may, if it so elects, fulfill its commitment to make the
Term Loan by causing any branch or Affiliate of such Lender to make such Loan; provided that in such event for the purposes of
this Agreement (other than Section 3.1) such Loan shall be deemed to have been made by such Lender and the obligation of Borrower
to repay such Loan shall nevertheless be to such Lender and shall be deemed held by it, to the extent of such Loan, for the account of
such branch or Affiliate.

 

3.5
Conclusiveness of Statements; Survival.

 

Determinations
and statements of any Lender pursuant to Section 3.1, 3.2, 3.3 or 3.4 shall be conclusive absent demonstrable
error. Lenders may use reasonable averaging and attribution methods in determining compensation under Sections 3.1 or 3.2,
and the provisions of such Sections shall survive repayment of the Loans, cancellation of the Notes and termination of this Agreement.

 

    	- 28 -

     

    

 

Section
4 Conditions Precedent.

 

The
obligation of each Lender to make its Loan hereunder is subject to the following conditions precedent, each of which shall be reasonably
satisfactory in all respects to Agent.

 

4.1
Prior Debt.

 

Subject
to Section 6.13, the Prior Debt, if any, has been (or concurrently with the initial borrowing will be) paid in full and/or converted
to Equity Interests in the Borrower and all related Liens, if any, have been (or concurrently with the initial borrowing will be) released.

 

4.2
General.

 

Borrower
shall have delivered the following documents in form and substance acceptable to Agent in its sole discretion (and, as applicable, duly
executed and dated the Closing Date or an earlier date satisfactory to Agent):

 

(a)
Loan Documents. The Loan Documents to which any Loan Party is a party, each duly executed by a Responsible Officer of each Loan
Party and the other parties thereto (except Agent and the Lenders), and each other Person (except Agent and the Lenders) shall have delivered
to Agent and Lenders the Loan Documents to which it is a party, each duly executed and delivered by such Person and the other parties
thereto (except Agent and the Lenders).

 

(b)
Financing Statements. Properly completed Uniform Commercial Code financing statements and other filings and documents required
by law or the Loan Documents to provide Agent, for the benefit of Lenders, perfected first priority Liens in the Collateral.

 

(c)
Lien Searches. Copies of Uniform Commercial Code, foreign, state and county search reports listing all effective financing statements
filed and other Liens of record against any Loan Party, with copies of any financing statements and applicable searches of the records
of the U.S. Patent and Trademark Office and the U.S. Copyright Office performed with respect to each Loan Party, all in each jurisdiction
reasonably determined by Agent.

 

(d)
[Reserved].

 

(e)
Payoff; Release. Subject to Section 6.13, payoff letters with respect to the repayment in full of all Prior Debt, termination
of all agreements relating thereto and the release of all Liens granted in connection therewith, with Uniform Commercial Code or other
appropriate termination statements and documents effective to evidence the foregoing or authorization to file the same.

 

(f)
Authorization Documents. For each Loan Party, such Person’s (i) charter (or similar formation document), certified by the
appropriate Governmental Authority, (ii) good standing certificates in its jurisdiction of incorporation (or formation) and in each other
jurisdiction reasonably requested by Agent, (iii) bylaws (or similar governing document), (iv) resolutions of its board of directors
(or similar governing body) approving and authorizing such Person’s execution, delivery and performance of the Loan Documents to
which it is party and the transactions contemplated thereby, and (v) signature and incumbency certificates of its officers executing
any of the Loan Documents, all certified by its secretary or an assistant secretary (or similar officer) as being in full force and effect
without modification, in form and substance reasonably satisfactory to Agent.

 

(g)
[Reserved].

 

(h)
Opinions of Counsel. Opinions of counsel for each Loan Party in form and substance acceptable to Agent regarding certain closing
matters, and Borrower hereby requests such counsel to deliver such opinions and authorizes Agent and Lenders to rely thereon.

 

    	- 29 -

     

    

 

(i)
[Reserved].

 

(j)
[Reserved].

 

(k)
Financials. The financial statements, projections and pro forma balance sheet described in Section 5.4.

 

(l)
Consents. Evidence that all necessary consents, permits and approvals (governmental or otherwise) required for the execution,
delivery and performance by each Loan Party of the Loan Documents have been duly obtained and are in full force and effect.

 

4.3
Fees.

 

The
Lenders and Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented (including
Legal Costs), required to be paid under the Loan Documents on or before the Closing Date. All such amounts will be paid with proceeds
of the initial advance of the Term Loan and any previous expense deposits made with Agent on or before the Closing Date and will be reflected
in the funding instructions given by Borrower to Agent on or before the Closing Date.

 

4.4
Representations, Warranties, Defaults.

 

As
of the Closing Date, after giving effect to the making of the Loans, (a) all representations and warranties of Borrower set forth in
any Loan Document shall be true and correct in all material respects as if made on and as of the Closing Date (except for representations
and warranties that specifically refer to an earlier date, which shall be true and correct in all respects as of such earlier date) and
(b) no Default or Event of Default shall exist. The acceptance of the Term Loan by Borrower shall be deemed to be a certification by
Borrower that the conditions set forth in this Section 4.5 have been satisfied.

 

Section
5 Representations and Warranties.

 

To
induce Agent and Lenders to enter into this Agreement and to induce Lenders to make the Loan hereunder, Borrower represents and warrants
to Agent and Lenders, as of the Closing Date, that:

 

5.1
Organization.

 

Each
Loan Party is duly incorporated, validly existing and (if applicable) in good standing under the laws of its state or country of jurisdiction
as set forth on Schedule 5.1, and is duly qualified to carry on its business in each jurisdiction set forth on Schedule 5.1,
which are all of the jurisdictions in which failure to so qualify would reasonably be likely to have or result in a Material Adverse
Effect. Each Loan Party has the power to own its assets and carry on its business as it is being conducted.

 

5.2
Authorization; No Conflict.

 

Each
Loan Party is duly authorized to execute and deliver each Loan Document to which it is a party, to borrow or guaranty monies thereunder,
as applicable, and to perform its Obligations under each Loan Document to which it is a party. The execution, delivery and performance
by each Loan Party of this Agreement and the other Loan Documents to which it is a party, as applicable, and the transactions contemplated
therein, do not and will not (a) require any consent or approval of any Governmental Authority (other than any consent or approval which
has been obtained and is in full force and effect), (b) conflict in any material respect with (i) any provision of applicable law (including
any applicable Health Care Law), (ii) the charter, by-laws or other organizational documents of such Loan Party or (iii) (except as it
relates to the documents governing the Prior Debt, each of which will be terminated and/or paid on the Closing Date, subject to Section
6.13) any Material Contract, or any judgment, order or decree, which is binding upon any Loan Party or any of its properties or (c)
require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than Liens in favor of Agent created
pursuant to the Collateral Documents).

 

    	- 30 -

     

    

 

5.3
Validity; Binding Nature.

 

Each
of this Agreement and each other Loan Document to which any Loan Party is a party, as applicable, is the legal, valid and binding obligation
of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to bankruptcy, insolvency and similar laws
affecting the enforceability of creditors’ rights generally and to general principles of equity and concepts of reasonableness.

 

5.4
Financial Condition.

 

(a)
The audited financial statements of Borrower for the Fiscal Year 2020 and the unaudited financial statements of Borrower for the Fiscal
Quarter ended September 2021, copies of each of which have been delivered pursuant hereto, were prepared in accordance with GAAP and
present fairly in all material respects the consolidated financial condition of Borrower as at such dates and the results of its operations
for the periods then ended.

 

(b)
The consolidated financial projections (including an operating budget and a cash flow budget) of Borrower delivered to Agent and Lenders
on or prior to the Closing Date (i) were prepared by Borrower in good faith and (ii) were prepared in accordance with assumptions for
which Borrower believes it has a reasonable basis, and the accompanying consolidated and consolidating pro forma unaudited balance sheet
of Borrower as at the Closing Date, adjusted to give effect to the financings contemplated hereby as if such transactions had occurred
on such date, is consistent in all material respects with such projections (it being understood that the projections are not a guaranty
of future performance and that actual results during the period covered by the projections may materially differ from the projected results
therein).

 

5.5
No Material Adverse Effect.

 

Since
December 31, 2020, there has been no material adverse change in the financial condition, operations, assets, business or properties of
Loan Parties.

 

5.6
Litigation.

 

No
litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to Borrower’s
knowledge, threatened against any Loan Party that would reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect. As of the Closing Date, other than any liability incidental to such litigation or proceedings, no Loan Party has any
material Contingent Obligations not disclosed in the financial statements specified in Section 5.4(a).

 

    	- 31 -

     

    

 

5.7
Ownership of Properties; Liens.

 

Borrower
and each other Loan Party owns, or leases or licenses, as applicable, all of its material properties and assets, tangible and intangible,
of any nature whatsoever that it purports to own, or lease, as applicable (including Intellectual Property), free and clear of all Liens
and charges and claims (including infringement claims with respect to Intellectual Property), except Permitted Liens and as set forth
on Schedule 5.7.

 

5.8
Capitalization.

 

All
issued and outstanding Equity Interests of Loan Parties are duly authorized, validly issued, fully paid, non-assessable, and such securities
were issued in compliance in all material respects with all applicable state and federal laws concerning the issuance of securities.
Schedule 5.8 sets forth the authorized Equity Interests of each Loan Party (other than Borrower) as of the Closing Date as well
as all Persons owning more than ten percent (10%) of the outstanding Equity Interests in each such Loan Party as of the Closing Date.

 

5.9
Pension Plans.

 

No
Loan Party has, nor to Borrower’s knowledge has any Loan Party ever had, a Pension Plan.

 

5.10
Investment Company Act.

 

No
Loan Party is an “investment company”, within the meaning of the Investment Company Act of 1940.

 

5.11
No Default.

 

No
Event of Default or Default exists or would result from the incurrence by Borrower of any Debt hereunder or under any other Loan Document
or as a result of any Loan Party entering into the Loan Documents to which it is a party.

 

5.12
Margin Stock.

 

No
Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing
or carrying Margin Stock.

 

5.13
Taxes.

 

Each
Loan Party has filed, or caused to be filed, all income and other material federal, state and foreign tax returns and reports required
by law to have been filed by it and has paid all federal and material state and foreign income taxes and governmental charges thereby
shown to be owing, except any such taxes or charges (a) that are not delinquent or (b) that are being diligently contested in good faith
by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books.

 

    	- 32 -

     

    

 

5.14
Solvency.

 

On
the Closing Date, and immediately prior to and after giving effect to the borrowing hereunder and the use of the proceeds hereof, Borrower
is, and will be, Solvent.

 

5.15
Environmental Matters.

 

The
on-going operations of Loan Parties comply in all respects with all applicable Environmental Laws, except for non-compliance which could
not (if enforced in accordance with applicable law) reasonably be expected to result in a Material Adverse Effect. Each Loan Party has
obtained, and maintained in good standing, all licenses, permits, authorizations and registrations required under any Environmental Law
and necessary for its respective ordinary course operations, and each Loan Party is in compliance with all material terms and conditions
thereof, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. No Loan Party nor
any of their respective properties or operations is subject to any outstanding written order from or agreement with any federal, state,
or local Governmental Authority, nor subject to any judicial or docketed administrative proceeding, respecting any Environmental Law,
Environmental Claim or Hazardous Substance. There are no Hazardous Substances or other conditions or circumstances existing with respect
to any property, or arising from operations prior to the Closing Date, of any Loan Party that would reasonably be expected to result
in a Material Adverse Effect. No Loan Party has underground storage tanks.

 

5.16
Insurance.

 

Loan
Parties and their respective properties are insured with financially sound and reputable insurance companies which are not Affiliates
of any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in
similar businesses and owning similar properties in localities where such Loan Parties operate, as applicable. A true and complete listing
of such insurance as of the Closing Date is set forth on Schedule 5.16.

 

5.17
Information.

 

All
written information heretofore or contemporaneously herewith furnished in writing by Borrower to Agent or any Lender for purposes of
or in connection with this Agreement and the transactions contemplated hereby, taken as a whole, is, and all written information hereafter
furnished by or on behalf of Borrower to Agent or any Lender pursuant hereto or in connection herewith, taken as a whole, will be true
and accurate in all material respects on the date as of which such information, taken as a whole, is dated or certified, and none of
such information is or will be incomplete by omitting to state any material fact necessary to make such information not misleading in
any material respect in light of the circumstances under which made (it being recognized by Agent and Lenders that any projections and
forecasts provided by Borrower are based on good faith estimates and assumptions believed by Borrower to be reasonable as of the date
of the applicable projections or assumptions and that actual results during the period or periods covered by any such projections and
forecasts may differ from projected or forecasted results).

 

5.18
Intellectual Property; Products and Services.

 

(a)
Schedule 5.18(a) (as updated from time to time in accordance with Section 6.1.2 hereof) accurately and completely lists
all of Loan Parties’ Registered Intellectual Property. Each Loan Party owns and possesses or has a license or other right to use
all Intellectual Property as is necessary for the conduct of the business of such Loan Party, without any infringement upon the intellectual
property rights of others, except as otherwise set forth on Schedule 5.18(a) hereto.

 

    	- 33 -

     

    

 

(b)
Schedule 5.18(b) (as updated from time to time in accordance with Section 6.1.2 hereof) accurately and completely lists
all material Products and Services and all Required Permits in relation thereto.

 

(c)
With respect to any Product or Service being tested, manufactured, marketed, sold, and/or delivered by Loan Parties, the applicable Loan
Party has received (or the applicable, authorized third parties have received), and such Product or Service is the subject of, all Required
Permits needed in connection with the testing, manufacture, marketing, sale, and/or delivery of such Product or Service by or on behalf
of Loan Parties as currently conducted. No Loan Party has received any notice from any applicable Governmental Authority, specifically
including the FDA and/or CMS, that such Governmental Authority is conducting an investigation or review (other than a normal routine
scheduled inspection) of any Loan Party’s (x) manufacturing facilities, laboratory facilities, the processes for such Product,
or any related sales or marketing activities and/or the Required Permits related to such Product, and (y) laboratory facilities,
the processes for such Services, or any related sales or marketing activities and/or the Required Permits related to such Services. There
are no material deficiencies or violations of applicable laws in relation to the manufacturing, processes, sales, marketing, or delivery
of such Product or Services and/or the Required Permits related to such Product or Services, no Required Permit has been revoked or withdrawn,
nor, to the best of Borrower’s knowledge, has any such Governmental Authority issued any order or recommendation stating that the
development, testing, manufacturing, sales and/or marketing of such Product or Services by or on behalf of Loan Parties should cease
or be withdrawn from the marketplace, as applicable.

 

(d)
Except as set forth on Schedule 5.18(b), (A) there have been no adverse clinical trial results in respect of any Product since
the date on which the applicable Loan Party acquired rights to such Product, and (B) there have been no product recalls or voluntary
product withdrawals from any market in respect of any Product since the date on which the applicable Loan Party acquired rights to such
Product.

 

(e)
No Loan Party has experienced any significant failures in its manufacturing of any Product which caused any reduction in Products sold.

 

5.19
Restrictive Provisions.

 

No
Loan Party is a party to any agreement or contract or subject to any restriction contained in its operative documents which would reasonably
be expected to have a Material Adverse Effect.

 

5.20
Labor Matters.

 

No
Loan Party is subject to any labor or collective bargaining agreement. There are no existing or threatened strikes, lockouts or other
labor disputes involving any Loan Party that singly or in the aggregate would reasonably be expected to have a Material Adverse Effect.
Hours worked by and payment made to employees of each Loan Party are not in violation in any material respect of the Fair Labor Standards
Act or any other applicable law, rule, directive or regulation dealing with such matters. Each Loan Party has fully and timely made any
and all social benefits and pension contributions and payments required to be made by such Loan Party according to any applicable law
or agreement.

 

    	- 34 -

     

    

 

5.21
Material Contracts.

 

Except
for the agreements set forth as exhibits or incorporated by reference into Borrower’s Annual Report on Form 10-K for the Fiscal
Year ended March 31, 2021, the Borrower’s Quarterly Reports on Form 10-Q for the Fiscal Quarters ended June 30, 2021 and September
30, 2021 or the Borrower’s Current Reports on Form 8-K, as filed with the Securities and Exchange Commission (collectively, the
“Prior SEC Filings”), and those agreements not included on the Prior SEC Filings but included herein on Schedule
5.21 (collectively, the “Material Contracts”), as of the Closing Date there are no (i) employment agreements covering
the management of any Loan Party, (ii) collective bargaining agreements or other labor agreements covering any employees of any Loan
Party, (iii) agreements for managerial, consulting or similar services to which any Loan Party is a party or by which it is bound, (iv)
agreements regarding any Loan Party, its assets or operations or any investment therein to which such Loan Party and any of its equity
holders are a party, (v) patent licenses, trademark licenses, copyright licenses or other lease or license agreements to which any Loan
Party is a party, either as lessor or lessee, or as licensor or licensee (other than widely-available software subject to “shrink-wrap”
or “click-through” software licenses), (vi) distribution, marketing or supply agreements to which any Loan Party is a party,
(vii) customer agreements to which any Loan Party is a party (in each case with respect to any agreement of the type described in the
preceding clauses (i), (iii), (iv), (v), (vi) and (vii) requiring payments in the aggregate
of more than $750,000 in any year), (viii) partnership agreements pursuant to which any Loan Party is a partner, limited liability company
agreements pursuant to which any Loan Party is a member or manager, or joint venture agreements to which any Loan Party is a party (in
each case other than the applicable Loan Parties’ organizational documents), (ix) real estate leases, or (x) any other agreements
or instruments to which any Loan Party is a party, in each case the breach, nonperformance or cancellation of which, would reasonably
be expected to have a Material Adverse Effect. Schedule 5.21 sets forth, with respect to each real estate lease agreement to which any
Loan Party is a party as of the Closing Date, the address of the subject property. The consummation of the transactions contemplated
by the Loan Documents will not give rise to a right of termination in favor of any party to any Material Contract (other than a Loan
Party) which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

5.22
Compliance with Laws; Health Care Laws.

 

(a)
Laws Generally. Each Loan Party is in compliance with, and is conducting and has conducted its business and operations in material
compliance with the requirements of all applicable laws, rules, regulations, directives, decrees, orders, judgments, licenses and permits
except where the failure to be in compliance would not reasonably be expected to have a Material Adverse Effect.

 

(b)
Health Care Laws. Without limiting the generality of clause (a) above:

 

(i)
No Loan Party is in violation of any applicable Health Care Laws, except for any such violation which would not reasonably be expected
(either individually and taken as a whole with any other violations) to have a Material Adverse Effect.

 

(ii)
Each Loan Party (either directly or through one or more authorized third parties) has (i) all licenses, consents, certificates, permits,
authorizations, approvals, franchises, registrations, qualifications and other rights from, and has made all applicable declarations
and filings with, all applicable Governmental Authorities and self-regulatory authorities (each, an “Authorization”)
necessary to engage in the business conducted by it, except for such Authorizations with respect to which the failure to obtain would
not reasonably be expected to have a Material Adverse Effect, and (ii) no knowledge that any Governmental Authority is considering limiting,
suspending or revoking any such Authorization, except where the limitation, suspension or revocation of such Authorization would not
reasonably be expected to have a Material Adverse Effect. All such Authorizations are valid and in full force and effect and such Loan
Party is in material compliance with the terms and conditions of all such Authorizations and with the rules, guidance documents, directives
and regulations of the applicable regulatory authorities having jurisdiction with respect to such Authorizations, except where failure
to be in such compliance or for an Authorization to be valid and in full force and effect could not reasonably be expected to have a
Material Adverse Effect.

 

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(iii)
Each Loan Party has received and maintains accreditation in good standing and without limitation or impairment by all applicable accrediting
organizations, to the extent required by applicable law or regulation (including any foreign law or equivalent directive or regulation),
except where the failure to be so accredited and in good standing without limitation would not reasonably be expected to have a Material
Adverse Effect.

 

(iv)
Except where any of the following would not reasonably be expected to have a Material Adverse Effect, no Loan Party has been, or has
been threatened to be, (i) excluded from U.S. health care programs pursuant to 42 U.S.C. §1320(a)7 or any related regulations, (ii)
“suspended” or “debarred” from selling products to the U.S. government or its agencies pursuant to the Federal
Acquisition Regulation, relating to debarment and suspension applicable to federal government agencies generally (48 C.F.R. Subpart 9.4),
or other applicable laws, directives or regulations, or (iii) made a party to any other action by any Governmental Authority that may
prohibit it from selling products to any governmental or other purchaser pursuant to any federal, state, local or foreign laws, directives
or regulations.

 

(v)
No Loan Party has received any written notice from the FDA, CMS, or any other Governmental Authority with respect to, nor to Borrower’s
best knowledge is there, any actual or threatened investigation, inquiry, or administrative or judicial action, hearing, or enforcement
proceeding by the FDA, CMS, or any other Governmental Authority against any Loan Party regarding any violation of applicable law, except
for such investigations, inquiries, or administrative or judicial actions, hearings, or enforcement proceedings which, individually and
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

5.23
Existing Indebtedness; Investments, Guarantees and Certain Contracts.

 

Except
as otherwise permitted pursuant to Section 7.1, no Loan Party (a) has any outstanding Debt, except Debt under the Loan Documents,
or (b) owns or holds any equity or long-term debt investments in, or has any outstanding advances to or any outstanding guarantees for
the obligations of, or any outstanding borrowings from, any other Person.

 

5.24
Affiliated Agreements.

 

Except
for the agreements set forth as exhibits or incorporated by reference into as set forth in the Prior SEC Filings and those agreements
not included on the Prior SEC Filings but included herein on Schedule 7.7 and employment agreements entered into with employees,
managers, officers and directors from time to time in the ordinary course of business, (i) there are no existing or proposed agreements,
arrangements, understandings or transactions between any Loan Party, on the one hand, and such Loan Party’s members, managers,
managing members, investors, officers, directors, stockholders, other equity holders, employees, or Affiliates or any members of their
respective families, on the other hand, and (ii) to Borrower’s knowledge, no manager, officer or director of any Loan Party is
directly or indirectly, indebted to or has any direct or indirect ownership or voting interest in any Person with which any Loan Party
has a business relationship or which competes with any Loan Party (except that any such Persons may own equity interests in (but not
exceeding five percent (5%) of the outstanding equity interests of) any publicly traded company that may compete with Loan Parties)).

 

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5.25
Names; Locations of Offices, Records and Collateral; Deposit Accounts.

 

No
Loan Party has conducted business under or used any name (whether corporate, partnership or assumed) other than such names set forth
on Schedule 5.25A. Each Loan Party is the sole owner(s) of all of its respective names listed on Schedule 5.25A, and any
and all business conducted and invoices issued in such names are such Loan Party’s sales, business and invoices. Each Loan Party
maintains, and since its formation has maintained, respective places of business only at the locations set forth on Schedule 5.25B,
and all books and records of Loan Parties relating to or evidencing the Collateral are located in and at such locations (other than (i)
Deposit Accounts, (ii) Collateral in the possession of Agent, for the benefit of Agent and Lenders, and (iii) other locations disclosed
to Agent from time to time in writing). Schedule 7.14 lists all of Loan Parties’ Deposit Accounts as of the Closing Date.
All of the tangible Collateral is located exclusively within the United States.

 

5.26
Non-Subordination.

 

The
payment and performance of the Obligations by Loan Parties are not subordinated in any way to any other obligations of such Loan Parties
or to the rights of any other Person.

 

5.27
Broker’s or Finder’s Commissions.

 

Except
as set forth in Schedule 5.27, no broker’s, finder’s or placement fee or commission will be payable to any broker
or agent engaged by any Loan Party or any of its officers, directors or agents with respect to the Loan or the transactions contemplated
by this Agreement except for fees payable to Agent and Lenders. Borrower agrees to indemnify Agent and each Lender and hold each harmless
from and against any claim, demand or liability for broker’s, finder’s or placement fees or similar commissions, whether
or not payable by Borrower, alleged to have been incurred in connection with such transactions, other than any broker’s or finder’s
fees payable to Persons engaged by Agent and/or Lenders.

 

5.28
Anti-Terrorism; OFAC.

 

(a)
No Loan Party nor any Person controlling or controlled by a Loan Party, nor, to Borrower’s knowledge, any Person having a beneficial
interest in a Loan Party, nor any Person for whom a Loan Party is acting as agent or nominee in connection with this transaction (1)
is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of
September 23, 2001, Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
(66 Fed. Reg. 49079 (2001)), (2) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise
associated with any such Person in any manner that violates of Section 2 of such executive order, or (3) is a Person on the list of Specially
Designated Nationals and Blocked Persons or is in violation of the limitations or prohibitions under any other OFAC regulation or executive
order.

 

(b)
No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act
of 1977, as amended.

 

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5.29
Security Interest.

 

Each
Loan Party has full right and power to grant to Agent, for the benefit of itself and the other Lenders, a perfected, first priority (subject
to Permitted Liens) security interest and Lien on the Collateral pursuant to this Agreement and the other Loan Documents, as applicable,
subject to the following sentence. Upon the execution and delivery of this Agreement and the other Loan Documents, and upon the filing
of the necessary financing statements and/or appropriate filings and/or delivery of the necessary certificates evidencing any equity
interest, control and/or possession, as applicable, without any further action, Agent will have a good, valid and first priority (subject
to Permitted Liens) perfected Lien and security interest in the Collateral, for the benefit of Lenders. Borrower is not party to any
agreement, document or instrument that conflicts with this Section 5.29.

 

5.30
Survival.

 

Borrower
hereby makes the representations and warranties contained herein with the knowledge and intention that Agent and Lenders are relying
and will rely thereon. All such representations and warranties will survive the execution and delivery of this Agreement, the closing
and the making of the Loan.

 

Section
6 Affirmative Covenants.

 

Until
all Obligations have been Paid in Full, Borrower agrees that, unless at any time Agent shall otherwise expressly consent in writing,
it will:

 

6.1
Information.

 

Furnish
to Agent (which shall furnish to each Lender):

 

6.1.1
Annual Report.

 

Promptly
when available and in any event no later than five (5) days after the filing with the U.S. Securities and Exchange Commission of the
Annual Report on Form 10-K of Borrower after the close of each Fiscal Year of the Borrower, commencing with the Fiscal Year ending March
31, 2021 (or, if not required to be filed with the U.S. Securities and Exchange Commission, in any event within ninety (90) days after
the close of each Fiscal Year (unless Borrower files a Notice of Late Filing (12b-25 Notice) in which case such report shall be due within
one hundred five (105)) days of the end of the relevant Fiscal Year): (a) a copy of the annual audited report of Borrower and its Subsidiaries
for such Fiscal Year, including therein (i) a consolidated and consolidating balance sheet and statement of earnings and cash flows of
Borrower and its Subsidiaries as at the end of and for such Fiscal Year, certified without qualification (except for qualifications relating
to changes in accounting principles or practices reflecting changes in GAAP and required or approved by Borrower’s independent
certified public accountants) by independent auditors of recognized standing selected by Borrower and reasonably acceptable to Agent,
and (ii) a comparison with the previous Fiscal Year; and (b) upon Agent’s reasonable request, a consolidated balance sheet of Borrower
and its Subsidiaries as of the end of such Fiscal Year and consolidated statements of earnings and cash flows for Borrower and its Subsidiaries
for such Fiscal Year, together with a comparison of actual results for such Fiscal Year with the budget for such Fiscal Year, each certified
by the chief financial officer or another executive officer of Borrower; provided, that, for long as Borrower’s Equity
Interests are listed on the NASDAQ exchange, Borrower’s prompt filing of such annual report described in this Section 6.1
with the U.S. Securities and Exchange Commission shall satisfy Borrower’s obligations under this Section 6.1.1.

 

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6.1.2
Interim Reports.

 

(a)
Promptly when available and in any event, with respect to each of the first three Fiscal Quarters of each Fiscal Year of Borrower, commencing
with the Fiscal Quarter ending June 30, 2022, within five (5) days after the filing with the U.S. Securities and Exchange Commission
of Quarterly Report on Form 10-Q for such Fiscal Quarter (or, if not required to be filed with the U.S. Securities and Exchange Commission,
in any event within forty-five (45) days after the end of such Fiscal Quarter (unless Borrower files a Notice of Late Filing (12b-25
Notice) in which case such report shall be due within fifty (50) days of the end of the relevant Fiscal Quarter)), unaudited consolidated
balance sheets of Loan Parties as of the end of such Fiscal Quarter, together with consolidated statements of earnings and cash flows
for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal
Quarter, together with a comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such
period of the current Fiscal Year (which may be in preliminary form), certified by the chief financial officer or other executive officer
of Borrower; provided, that, for long as Borrower’s Equity Interests are listed on the NASDAQ exchange, Borrower’s
prompt filing of such annual report described in this Section 6.1.2(a) with the U.S. Securities and Exchange Commission shall
satisfy Borrower’s obligations under this Section 6.1.2(a).

 

6.1.3
Quarterly Review Meeting.

 

Borrower
and any other Loan Parties as requested by Agent shall be available via teleconference as and when reasonably requested by Agent at a
mutually agreed time with reasonable advance prior notice for a review meeting regarding the status of Borrower, the Collateral and performance
of the same.

 

6.1.4
Revenue-Based Payment Amount Reconciliation.

 

Upon
Agent’s request Borrower shall furnish to Agent, a report, in form acceptable to Agent, reconciling the Net Sales, Royalties, and
all other revenue reported by Borrower to Agent during any reporting period to the Aggregate Revenue reported by Borrower hereunder for
such period and the amount of Revenue-Based Payment Amounts applied by Borrower in connection with such period(s).

 

6.1.5
Compliance Certificate.

 

Contemporaneously
with the furnishing of a copy of each annual audit report pursuant to Section 6.1.1 and each set of quarterly statements pursuant
to Section 6.1.2 (including, for the avoidance of doubt the quarterly statements delivered for the Fiscal Quarter ending December
31st of each year), a duly completed Compliance Certificate, with appropriate insertions, dated the date of delivery and corresponding
to such annual report or such quarterly statements, and signed by the chief financial officer (or other executive officer) of Borrower,
containing computations, if applicable, showing compliance with Section 7.13 and a statement to the effect that such officer has
not become aware of any Event of Default or Default that exists or, if there is any such event, describing it and the steps, if any,
being taken to cure it.

 

6.1.6
Reports to Governmental Authorities, Board of Directors and Shareholders.

 

Upon
the request of Agent, copies of (a) all regular, periodic or special reports of each Loan Party filed with the U.S. Securities and Exchange
Commission or any Governmental Authority succeeding to any or all of the functions of said Commission , and (b) all registration statements
(or such equivalent documents) of each Loan Party filed with the U.S. Securities and Exchange Commission or any Governmental Authority
succeeding to any or all of the functions of said Commission. In addition to the forgoing, Borrower shall promptly provide copies to
Agent of all proxy statements or other communications made to the holders of Borrower’s Equity Interests generally; provided
that for so long as Borrower’s Equity Interests are listed on the NASDAQ exchange, Borrower’s prompt filing of any such
information described in this Section 6.1.6 with the U.S. Securities and Exchange Commission shall satisfy Borrower’s obligations
under this Section 6.1.6.

 

    	- 39 -

     

    

 

6.1.7
Notice of Default; Litigation.

 

Promptly
upon becoming aware of any of the following, written notice describing the same and summarizing the steps being taken by Borrower or
the applicable Loan Party affected thereby with respect thereto:

 

(a)
the occurrence of an Event of Default;

 

(b)
any litigation, arbitration or governmental investigation or proceeding not previously disclosed by Borrower to Lenders which has been
instituted or, to the knowledge of Borrower, is threatened in writing against Borrower or any other Loan Party or to which any of the
properties of any thereof is subject, which in each case would reasonably be expected to have a Material Adverse Effect;

 

(c)
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the institution of any
steps by Borrower or any other Loan Party to terminate any Pension Plan, or the failure of Borrower or any other Loan Party to make a
required contribution to any Pension Plan (if such failure is sufficient to give rise to a Lien under Section 303(k) of ERISA) or to
any Multiemployer Pension Plan, or the taking by Borrower or any member of the Controlled Group of any action with respect to a Pension
Plan which could result in the requirement that Borrower or any other Loan Party furnish a bond or other security to the PBGC or such
Pension Plan, or the occurrence of any event with respect to any Pension Plan or Multiemployer Pension Plan which could result in the
incurrence by Borrower or any other Loan Party of any material liability, fine or penalty (including any claim or demand for withdrawal
liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase in the contingent liability of Borrower
or any other Loan Party with respect to any post-retirement welfare plan benefit, or any notice that any Multiemployer Pension Plan is
in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of an excise
Tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the IRC, that any such plan is or
may be terminated, or that any such plan is or may become insolvent;

 

(d)
any cancellation or material adverse change in any insurance maintained by Borrower or any other Loan Party;

 

(e)
any other event (including (i) any violation of any law, including any Environmental Law, or the assertion of any Environmental Claim
or (ii) the enactment or effectiveness of any law, rule or regulation) which would reasonably be expected to have a Material Adverse
Effect; or

 

    	- 40 -

     

    

 

(f)
to the extent that it would reasonably be expected to result in a Material Adverse Effect (i) any suspension, revocation, cancellation
or withdrawal of an Authorization required for Borrower or any other Loan Party, is threatened or there is any basis for believing that
such Authorization will not be renewable upon expiration or will be suspended, revoked, cancelled or withdrawn, (ii) Borrower or any
other Loan Party enters into any consent decree or order pursuant to any Health Care Law and Regulation, or becomes a party to any judgment,
decree or judicial or administrative order pursuant to any Health Care Law, (iii) receipt of any written notice or other written communication
from the FDA, CMS, or any other applicable Governmental Authority alleging non-compliance with CLIA or any other applicable Health Care
Law, (iv) the occurrence of any violation of any applicable Health Care Law by Borrower or any of the other Loan Parties in the development
or provision of Services, and record keeping and reporting to the FDA or CMS that would reasonably be expected to require or lead to
an investigation, corrective action or enforcement, regulatory or administrative action, (v) the occurrence of any civil or criminal
proceedings relating to Borrower or any of the other Loan Parties or any of their respective employees, which involve a matter within
or related to the FDA’s or CMS’ jurisdiction, (vi) any officer, employee or agent of Borrower or any of the other Loan Parties
is convicted of any crime or has engaged in any conduct for which debarment is mandated or permitted by 21 U.S.C. § 335a, or (vii)
any officer, employee or agent of Borrower or any of the other Loan Parties has been convicted of any crime or engaged in any conduct
for which such Person could be excluded from participating in any federal, provincial, state or local health care programs under Section
1128 of the Social Security Act or any similar law or regulation.

 

6.1.8
Management Report.

 

Promptly
upon receipt thereof as Agent reasonably requests, copies of all material detailed financial and management reports submitted to Borrower
or any other Loan Party by independent auditors in connection with each annual or interim audit made by such auditors of the books of
Borrower or any other Loan Party.

 

6.1.9
Projections.

 

As
soon as practicable, and in any event not later than thirty (30) days after the commencement of each Fiscal Year, financial projections
on a quarterly basis of revenues and EBITDA for Loan Parties for such Fiscal Year prepared in a manner consistent with the projections
delivered by Borrower to Agent prior to the Closing Date or otherwise in a manner reasonably satisfactory to Agent, accompanied by a
certificate of a chief financial officer (or other executive officer) of Borrower on behalf of Borrower to the effect that (a) such projections
were prepared by them in good faith, (b) Borrower believes that it has a reasonable basis for the assumptions contained in such projections
and, (c) such projections have been prepared in accordance with such assumptions.

 

6.1.10
Updated Schedules to Guarantee and Collateral Agreement.

 

Contemporaneously
with the furnishing of each annual audit report pursuant to Section 6.1.1, updated versions of the Schedules to the Guarantee
and Collateral Agreement showing information as of the date of such audit report (it being agreed and understood that this requirement
shall be in addition to the notice and delivery requirements set forth in the Guarantee and Collateral Agreement).

 

6.1.11
Other Information.

 

Promptly,
from time to time as Agent reasonably requests, Borrower shall deliver or shall cause to be delivered to Agent:

 

(a)
copies of any reports, statements or written materials (other than routine communications (electronic or otherwise) between Borrower
or its Affiliates and such entities that are not material in nature) in relation to any Material Contract;

 

(b)
such other information concerning Borrower and any other Loan Party as Agent may reasonably request;

 

    	- 41 -

     

    

 

(c)
copies of all material communication as well as other material documents received by Loan Parties or any of their Subsidiaries from the
FDA, CMS, DEA, or any other Governmental Authority; and

 

(d)
copies of (x) any notices or other communications relating to any breach, default, or event of default with respect to any Subordinated
Debt and (y) any other modifications or amendments entered into in relation to any Subordinated Debt.

 

6.2
Books; Records; Inspections.

 

Keep,
and cause each other Loan Party to keep, its books and records in accordance with sound business practices sufficient to allow the preparation
of financial statements in accordance with GAAP; permit, and cause each other Loan Party to permit (at any reasonable time and with reasonable
notice), Agent or any representative thereof to, no more often than once on an annual basis prior to the occurrence of an Event of Default,
inspect the properties and operations of Borrower or any other Loan Party; and permit, and cause each other Loan Party to permit, at
any reasonable time and with reasonable notice (or at any time without notice if an Event of Default exists), Agent (accompanied by any
Lender) or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its
independent auditors (and Borrower hereby authorizes such independent auditors to discuss such financial matters with any Lender or Agent
or any representative thereof), and to examine (and photocopy extracts from) any of its books or other records; and permit, and cause
each other Loan Party to permit, (at any reasonable time and with reasonable notice) Agent and its representatives to inspect the Collateral
and other tangible assets of Borrower or Loan Party, to perform appraisals of the equipment of Borrower or Loan Party, and to inspect,
audit, check and make copies of and extracts from the books, records, computer data, computer programs, journals, orders, receipts, correspondence
and other data relating to any Collateral.

 

6.3
Conduct of Business; Maintenance of Property; Insurance.

 

(a)
Borrower shall, and shall cause each other Loan Party to, (i) conduct its business substantially in accordance with its current business
practices, (ii) engage principally in the same or similar lines of business substantially as heretofore conducted and lines of business
ancillary thereto, (iii) collect the Royalties in the ordinary course of business, (iv) maintain all of its Collateral used or useful
in its business in good repair, working order and condition (normal wear and tear excepted and except as may be disposed of in the ordinary
course of business and in accordance with the terms of the Loan Documents), (v) from time to time to make all necessary repairs, renewals
and replacements to the Collateral; (vi) maintain and keep in full force and effect all material Permits and qualifications to do business
and good standing in its jurisdiction of formation and each other jurisdiction in which the ownership or lease of property or the nature
of its business makes such Permits or qualification necessary and in which failure to maintain such Permits or qualification could reasonably
be expected to be, have or result in a Material Adverse Effect; (vii) remain in good standing and maintain operations in all jurisdictions
in which it is currently located, except where the failure to remain in good standing or maintain operations would not reasonably be
expected to be, have or result in a Material Adverse Effect, and (viii) maintain, comply with and keep in full force and effect all Intellectual
Property and Permits necessary to conduct its business, except in each case where the failure to maintain, comply with or keep in full
force and effect could not reasonably be expected to be, have or result in a Material Adverse Effect.

 

    	- 42 -

     

    

 

(b)
Borrower shall maintain, and cause each other Loan Party to maintain, with responsible insurance companies, such insurance coverage as
shall be required by all laws, governmental regulations and court decrees and orders applicable to it and such other insurance, to such
extent and against such hazards and liabilities, as is customarily maintained by Persons operating in the same geographical region as
Borrower that are (A) subject to CLIA and other applicable Health Care Laws, or (B) otherwise delivering to customers products or services
similar to the Services (in each case, as determined by Agent in its reasonable discretion); provided that in any event, such
insurance shall, unless the Agent otherwise agrees, insure against all risks and liabilities of the type insured against as of the Closing
Date and shall have insured amounts no less than, and deductibles no higher than, those amounts provided for as of the Closing Date.
Upon request of Agent or any Lender, Borrower shall furnish to Agent or such Lender a certificate setting forth in reasonable detail
the nature and extent of all insurance maintained by Borrower and each other Loan Party. Borrower shall cause each issuer of an insurance
policy to provide Agent with an endorsement (x) showing Agent as a lender’s loss payee with respect to each policy of property
or casualty insurance and naming Agent as an additional insured with respect to each policy of liability insurance promptly upon request
by Agent, (y) providing that the insurance carrier will endeavor to give at least thirty (30) days’ prior written notice
to Borrower and Agent (or ten (10) days’ prior written notice if the Agent consents to such shorter notice) before the termination
or cancellation of the policy prior to the expiration thereof and (z) reasonably acceptable in all other respects to Agent.

 

(c)
Unless Borrower provides Agent with evidence of the continuing insurance coverage required by this Agreement, Agent (upon not less than
ten (10) Business Days’ prior written notice to Borrower) may purchase insurance at Borrower’s expense to protect Agent’s
and Lenders’ interests in the Collateral. This insurance shall protect Borrower’s and each other Loan Party’s interests.
The coverage that Agent purchases shall pay any claim that is made against Borrower or any other Loan Party in connection with the Collateral.
Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower has obtained the
insurance coverage required by this Agreement. If Agent purchases insurance for the Collateral, as set forth above, Borrower will be
responsible for the reasonable costs of that insurance, including interest and any other charges that may be imposed with the placement
of the insurance, until the effective date of the cancellation or expiration of the insurance, and such costs of the insurance may be
added to the principal amount of the Loans owing hereunder.

 

6.4
Compliance with Laws; Payment of Taxes and Liabilities.

 

(a)
Comply, and cause each other Loan Party to comply, in all material respects with all applicable laws, rules, regulations, decrees, orders,
judgments, licenses and permits, except where failure to comply would not reasonably be expected to have a Material Adverse Effect; (b)
without limiting clause (a) above, ensure, and cause each other Loan Party to ensure, that no person who Controls a Loan Party
is (i) listed on the Specially Designated Nationals and Blocked Person List maintained by OFAC, and/or any other similar lists maintained
by OFAC pursuant to any authorizing statute, Executive Order or regulation or (ii) a Person designated under Section 1(b), (c) or (d)
or Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders; (c) without
limiting clause (a) above, comply and cause each other Loan Party to comply, with all applicable Bank Secrecy Act and anti-money
laundering laws and regulations, (d) file, or cause to be filed, all federal and material state and foreign Tax returns and reports required
by law to be filed by any Loan Party, and (e) pay, and cause each other Loan Party to pay, prior to delinquency, all federal and material
state and foreign Taxes and other material governmental charges against it or any of its property, as well as material claims of any
kind which, if unpaid, could become a Lien (other than a Permitted Lien) on any of its property; provided that the foregoing shall
not require Borrower or any other Loan Party to pay any such tax, charge or claim so long as it shall contest the validity thereof in
good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect thereto in accordance with GAAP.
For purposes of this Section 6.4, “Control” shall mean, when used with respect to any Person, (x) the direct
or indirect beneficial ownership of fifty-one percent (51%) or more of the outstanding Equity Interests of such Person or (y)
the power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

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6.5
Maintenance of Existence.

 

Maintain
and preserve, and (subject to Section 7.4) cause each other Loan Party to maintain and preserve, (a) its existence and good standing
in the jurisdiction of its organization and (b) its qualification to do business and good standing in each jurisdiction where the nature
of its business makes such qualification necessary, other than any such jurisdiction where the failure to be qualified or in good standing
would not reasonably be expected to have a Material Adverse Effect.

 

6.6
Employee Benefit Plans.

 

Except
to the extent that failure to do so would not be reasonably expected to result in (a) a Material Adverse Effect or (b) liability in excess
of $100,000 of any Loan Party, maintain, and cause each other Loan Party to maintain, each Pension Plan (if any) in substantial compliance
with all applicable requirements of law and regulations.

 

6.7
Environmental Matters.

 

Except
to the extent the failure to do so would not be reasonably expected to result in a Material Adverse Effect, if any release or disposal
of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of Borrower or any other Loan Party,
cause, or direct the applicable Loan Party to cause, the prompt containment and removal of such Hazardous Substances and the remediation
of such real property or other assets as is necessary to comply in all material respects with all Environmental Laws and to preserve
the value of such real property or other assets. Without limiting the generality of the foregoing, except to the extent the failure to
do so would not be reasonably expected to result in a Material Adverse Effect, Borrower shall, and shall cause each other Loan Party
to, comply with each valid federal or state judicial or administrative order requiring the performance at any real property by Borrower
or any other Loan Party of activities in response to the release or threatened release of a Hazardous Substance.

 

6.8
Further Assurances.

 

Take,
and cause each other Loan Party to take, such actions as are necessary or as Agent or the Required Lenders may reasonably request from
time to time to ensure that the Obligations of Borrower and each other Loan Party under the Loan Documents are secured by a perfected
Lien in favor of Agent (subject only to the Permitted Liens) on substantially all of the assets of Borrower and each Subsidiary of Borrower
(as well as all equity interests of each Subsidiary of Borrower) and guaranteed by all of the Subsidiaries of Borrower (including, promptly
upon the acquisition or creation thereof, any Subsidiary of Borrower acquired or created after the Closing Date), in each case including
(a) the execution and delivery of guaranties, security agreements, pledge agreements, mortgages, deeds of trust, financing statements
and other documents, and the filing or recording of any of the foregoing; (b) the delivery of certificated securities (if any) and other
Collateral with respect to which perfection is obtained by possession but excluding (i) the requirement for the Loan Parties to execute
and deliver leasehold mortgages, and (ii) any other Excluded Collateral as defined in the Guarantee and Collateral Agreement; and (c)
at the reasonable request of Agent, using commercially reasonable efforts to obtain and deliver executed Collateral Access Agreements
in relation to any foreign and domestic location where a material portion of the Collateral is held or otherwise stored from time to
time.

 

    	- 44 -

     

    

 

6.9
Compliance with Health Care Laws.

 

(a)
Without limiting or qualifying Section 6.4 or any other provision of this Agreement, Borrower will comply, and will cause each
other Loan Party to comply, in all material respects with all applicable Health Care Laws relating to the operation of such Person’s
business, except where failure to comply would not reasonably be expected to have a Material Adverse Effect.

 

(b)
Borrower will, and will cause each other Loan Party to:

 

(i)
Keep in full force and effect all Authorizations required to operate such Person’s business under applicable Health Care Laws and
maintain any other qualifications necessary to conduct, arrange for, administer, provide services in connection with or receive payment
for all applicable Services, except to the extent such failure to keep in full force and effect or maintain would not reasonably be expected
to have a Material Adverse Effect.

 

(ii)
Promptly furnish or cause to be furnished to the Agent, with respect to matters that would reasonably be expected to have a Material
Adverse Effect, (w) copies of all material reports of investigational/inspectional observations issued to and received by the Loan Parties
or any of their Subsidiaries, and issued by any Governmental Authority relating to such Person’s business, (x) copies of all material
establishment investigation/inspection reports (including, but not limited to, FDA Form 483’s) issued to and received by Loan Parties
or any of their Subsidiaries and issued by any Governmental Authority, (y) copies of all material warnings and material untitled letters
as well as other material documents received by Loan Parties or any of their Subsidiaries from the FDA, CMS, DEA, or any other Governmental
Authority relating to or arising out of the conduct applicable to the business of the Loan Parties or any of their Subsidiaries that
asserts past or ongoing lack of compliance with any Health Care Law or any other applicable foreign, federal, state or local law, directive
or regulation of similar import and (z) notice of any material investigation or material audit or similar proceeding by the FDA, DEA,
CMS, or any other Governmental Authority.

 

(iii)
Promptly furnish or cause to be furnished to the Agent, with respect to matters that would reasonably be expected to have a Material
Adverse Effect, (in such form as may be reasonably required by Agent) copies of all non-privileged, reports, correspondence, pleadings
and other communications relating to any matter that could lead to the loss, revocation or suspension (or threatened loss, revocation
or suspension) of any material Authorization or of any material qualification of any Loan Party or Subsidiary; provided that any
internal reports to a Person’s compliance “hot line” which are promptly investigated and determined to be without merit
need not be reported.

 

(iv)
Promptly furnish or cause to be furnished to the Agent notice of all material fines or penalties imposed by any Governmental Authority
under any Health Care Law against any Loan Party or any of its Subsidiaries.

 

(v)
Promptly furnish or cause to be furnished to the Agent notice of all material allegations by any Governmental Authority (or any agent
thereof) of fraudulent activities of any Loan Party or any of its Subsidiaries in relation to the provision of clinical research or related
services.

 

    	- 45 -

     

    

 

Notwithstanding
anything to the contrary in any Loan Document, no Loan Party or any of its Subsidiaries shall be required to furnish to Agent or any
Lender patient-related or other information, the disclosure of which to Agent or such Lender is prohibited by any applicable law.

 

6.10
Cure of Violations.

 

If
there shall occur any breach of Section 6.9, Borrower shall take such commercially reasonable action as is necessary to validly
challenge or otherwise appropriately respond to such fact, event or circumstance within any timeframe required by applicable Health Care
Laws, and shall thereafter diligently pursue the same.

 

6.11
Corporate Compliance Program.

 

Maintain,
and will cause each other Loan Party to maintain on its behalf, a corporate compliance program reasonably acceptable to Agent to attempt
to ensure continuing compliance in all material respects with all applicable Health Care Laws. Until the Obligations have been Paid in
Full, Borrower will modify such corporate compliance program from time to time (and cause the other Loan Parties and their Subsidiaries
to modify their respective corporate compliance programs) as may be reasonable to attempt to ensure continuing compliance in all material
respects with all applicable Health Care Laws. Borrower will permit Agent and/or any of its outside consultants to review such corporate
compliance programs from time to time upon reasonable notice and during normal business hours of Borrower.

 

6.12
Payment of Debt.

 

Except
as otherwise prescribed in the Loan Documents, Borrower shall pay, discharge or otherwise satisfy when due and payable (subject to applicable
grace periods and, in the case of trade payables, to ordinary course of payment practices) all of its material obligations and liabilities,
except when the amount or validity thereof is being contested in good faith by appropriate proceedings and appropriate reserves shall
have been made in accordance with GAAP consistently applied.

 

6.13
Post-Closing Obligations.

 

(a)
Borrower shall, on or before the date that is thirty (30) days following the Closing Date (or such later date as agreed by Agent in its
reasonable discretion), provide Agent with certificates or other evidence of insurance in effect as required by Section 6.3(b),
with endorsements naming Agent as lenders’ loss payee and/or additional insured, in each case in form and substance acceptable
to Agent in its reasonable discretion.

 

(b)
Borrower shall, on or before the date that is sixty (60) days following the Closing Date (or such later date as agreed by Agent in its
reasonable discretion), either (i) deliver to Agent a subordination agreement executed by the Small Business Administration in favor
of Agent and otherwise in form and substance reasonably acceptable to Agent or (ii) prepay the Debt under the SBA Note in full.

 

(c)
Borrower shall (i) with respect to the Dunlap Note, the Gomes Note, the Steinberg Note and the Suwyn Note, on or before the respective
maturity date (as in effect on the Closing Date and without giving effect to any amendment thereto unless otherwise agreed to by Agent)
set forth in such note and (ii) with respect to each Platinum Note, on or before December 31, 2022 (or such later date as agreed to by
Agent in its reasonable discretion), after giving effect to all conversion collars set forth in each such Platinum Note, in each case,
cause the holder of each such note to either (A) convert all outstanding principal balance thereunder into Equity Interests of Borrower,
(B) agree to extend the maturity date of such note to allow for the full conversion of all outstanding principal balance thereunder into
Equity Interests of Borrower, or (C) prepay the Debt under each such note in full with the issuance of additional Equity Interests by
Borrower and/or Subordinated Debt incurred by Borrower; provided, however that up to $50,000, in the aggregate, of such
Debt may be repaid via the proceeds of internally generated cash flow.

 

    	- 46 -

     

    

 

Section
7 Negative Covenants.

 

Until
all Obligations have been Paid in Full, Borrower agrees that, unless at any time Agent shall otherwise expressly consent in writing,
in its sole discretion, it will:

 

7.1
Debt.

 

Not,
and not permit any other Loan Party to, create, incur, assume or suffer to exist any Debt, except:

 

(a)
Obligations under this Agreement and the other Loan Documents;

 

(b)
Subordinated Debt;

 

(c)
Debt secured by Liens permitted by Section 7.2(b), Section 7.2(d) or Section 7.2(n) and extensions, renewals and
re-financings thereof; provided that the aggregate amount of all such Debt permitted under Section 7.2(d) at any time outstanding
shall not exceed $100,000;

 

(d)
Debt with respect to any Hedging Obligations incurred for bona fide hedging purposes and not for speculation;

 

(e)
Debt (i) arising from customary agreements for indemnification related to sales of goods, licensing of intellectual property or adjustment
of purchase price or similar obligations in any case incurred in connection with the acquisition or disposition of any business, assets
or Subsidiary of Borrower otherwise permitted hereunder, (ii) representing deferred compensation to employees of any Loan Party incurred
in the ordinary course of business, or (iii) representing trade payables incurred with suppliers in the ordinary course of business and
customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary
course of business;

 

(f)
Debt with respect to cash management obligations and other Debt in respect of automatic clearing house arrangements, netting services,
overdraft protection and similar arrangements, in each case incurred in the ordinary course of business;

 

(g)
Debt incurred in connection with surety bonds, performance bonds or letters of credit for worker’s compensation, unemployment compensation
and other types of social security and otherwise in the ordinary course of business or referred to in Section 7.2(e);

 

(h)
unsecured Debt (which for further clarity shall exclude accounts payable and other current liabilities incurred by Loan Parties in the
ordinary course of business), in addition to the Debt listed above, in an aggregate outstanding amount not at any time exceeding $100,000;

 

(i)
unsecured Debt among the Loan Parties;

 

    	- 47 -

     

    

 

(j)
Debt under any Approved AR Loan Facility; provided that the aggregate amount at any time outstanding in relation to such Approved
AR Loan Facility shall not exceed $1,500,000 without the written consent of Agent;

 

(k)
Debt incurred pursuant to any governmental financing program upon terms and conditions acceptable to Agent in its commercially-reasonable
discretion;

 

(l)
Debt listed on Schedule 7.1 hereto in the respective unpaid principal amounts outstanding as set forth on such Schedule.

 

7.2
Liens.

 

Not,
and not permit any other Loan Party to, create or permit to exist any Lien on any of its real or personal properties, assets or rights
of whatsoever nature (whether now owned or hereafter acquired), except:

 

(a)
Liens for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or being diligently contested
in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves in accordance with GAAP and with
respect to which no execution or other enforcement has occurred;

 

(b)
Liens arising in the ordinary course of business (including without limitation (i) Liens of carriers, warehousemen, mechanics, landlords
and materialmen and other similar Liens imposed by law and (ii) Liens incurred in connection with worker’s compensation, unemployment
compensation and other types of social security or in connection with surety bonds, bids, tenders, performance bonds, trade contracts
not for borrowed money, licenses, statutory obligations and similar obligations) for sums not overdue or being diligently contested in
good faith by appropriate proceedings and not involving any deposits or advances or borrowed money or the deferred purchase price of
property or services and, in each case, for which it maintains adequate reserves in accordance with GAAP and with respect to which no
execution or other enforcement of which is effectively stayed;

 

(c)
Liens securing an Approved AR Loan Facility;

 

(d)
(i) Liens arising in connection with Capital Leases (and attaching only to the property being leased), (ii) Liens on any property securing
debt incurred for the purpose of financing all or any part of the cost of acquiring or improving such property; provided that
any such Lien attaches to such property within ninety (90) days of the acquisition or improvement thereof and attaches solely to the
property so acquired or improved, and (iii) the replacement, extension or renewal of a Lien permitted by one of the foregoing clauses
(i) or (ii) in the same property subject thereto arising out of the extension, renewal or replacement of the Debt secured
thereby (without increase in the amount thereof);

 

(e)
Liens relating to litigation bonds and attachments, appeal bonds, judgments and other similar Liens arising in connection with any judgment
or award that is not an Event of Default hereunder;

 

(f)
easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material
respect with the ordinary conduct of the business of Borrower or any other Loan Party;

 

(g)
Liens arising under the Loan Documents;

 

    	- 48 -

     

    

 

(h)
any interest or title of a licensor, sublicensor, lessor or sublessor under any license, lease, sublicense or sublease agreement entered
into in the normal course of business, only to the extent limited to the item licensed or leased;

 

(i)
(i) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and
(ii) customary set off rights of deposit banks with respect to deposit accounts maintained at such deposit banks or which are contained
in standard agreements for the opening of an account with a bank;

 

(j)
Liens arising from precautionary filings of financing statements under the Uniform Commercial Code or similar legislation of any applicable
jurisdiction in respect of operating leases permitted hereunder and entered into by a Loan Party in the ordinary course of business;

 

(k)
Liens attaching to cash earnest money deposits in connection with any letter of intent or purchase agreement permitted hereunder or indemnification
other post-closing escrows or holdbacks;

 

(l)
Liens incurred with respect to Hedging Obligations incurred for bona fide hedging purposes and not for speculation;

 

(m)
Liens to secure obligations of a Loan Party to another Loan Party; and

 

(n)
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course
of business.

 

7.3
Dividends; Redemption of Equity Interests.

 

Not
(a) declare, pay or make any dividend or distribution on any Equity Interests or other securities or ownership interests, other than
(i) cash dividends paid on Equity Interests issued prior to the Closing Date so long as (A) such cash payments are required pursuant
to the documentation governing such Equity Interest, (B) so long as no Event of Default has occurred and is continuing or would otherwise
be caused thereby and (C) Borrower maintains an average Market Capitalization equal to or greater than $100,000,000 immediately prior
to the date of each such dividend, and (ii) dividends or distributions declared, paid or made to a Loan Party or in the form of Equity
Interests, (b) apply any of its funds, property or assets to the acquisition, redemption or other retirement of any Equity Interests
or other securities or interests or of any options to purchase or acquire any of the foregoing, (c) otherwise make any payments, dividends
or distributions to any member, manager, managing member, stockholder, director or other equity owner in such Person’s capacity
as such other than in compliance with Section 7.7 hereof, or (d) make any payment of any management, service or related or similar
fee to any Affiliate or holder of Equity Interests of Borrower other than in compliance with Section 7.7 hereof.

 

7.4
Mergers; Consolidations; Asset Sales.

 

(a)
Not be a party to any amalgamation or any other form of Division, merger or consolidation, unless consented to by Agent (such consent
not to be unreasonably withheld, conditioned or delayed), nor permit any other Loan Party to be a party to any Division, amalgamation
or any other form of merger or consolidation, unless agreed to by Agent in its reasonable discretion.

 

    	- 49 -

     

    

 

(b)
Not, and not permit any other Loan Party to, sell, transfer, dispose of, convey, lease or license any of its real or personal property
assets or Equity Interests, except for (i) sales of Inventory in the ordinary course of business for at least fair market value, (ii)
transfers, destruction or other disposition of obsolete or worn-out assets in the ordinary course of business and (iii) any other sales
and dispositions of assets (excluding (A) any Equity Interests of Borrower or any Subsidiary or (B) sales of Inventory described in clause
(i) above) for at least fair market value (as determined by the Board) so long as the net book value of all assets sold or otherwise
disposed of in any Fiscal Year does not exceed $750,000 with respect to sales and dispositions made pursuant to this clause (iii), (iv)
sales and dispositions to Loan Parties, (v) leases, licenses, subleases and sublicenses entered into in the ordinary course of business,
(vi) sales and exchanges of Cash Equivalent Investments to the extent otherwise permitted hereunder, (vii) Liens expressly permitted
under Section 7.2 and transactions expressly permitted by clause (a) or Section 7.10, (viii) sales or issuances of Equity Interests by
Borrower, (ix) issuances of Equity Interests by any Loan Party to any other Loan Party, (x) dispositions in the ordinary course of business
consisting of the abandonment of intellectual property rights which, in the reasonable good faith determination of Borrower, are not
material to the conduct of the business of the Loan Parties, (xi) a cancellation of any intercompany Debt among the Loan Parties, (xii)
a disposition which constitutes an insured event or pursuant to a condemnation, expropriation, “eminent domain” or similar
proceeding, (xiii) sales and dispositions among Subsidiaries of Borrower, (xiv) exchanges of existing equipment for new equipment that
is substantially similar to the equipment being exchanged and that has a value equal to or greater than the equipment being exchanged
and (xv) other sales and dispositions of assets consented to by Agent (such consent not to be unreasonably withheld, conditioned or delayed).

 

(c)
Notwithstanding any provision in this Agreement or any other Loan Documents to the contrary, the prior consent of Agent shall not be
required in connection with the licensing or sublicensing of Intellectual Property pursuant to collaborations, licenses or other strategic
transactions with third parties executed (i) in the ordinary course of a Loan Party’s business, (ii) on an arms-length basis and
(iii) prior to the occurrence of an Event of Default.

 

7.5
Modification of Organizational Documents.

 

Not
permit the charter, by-laws or other organizational documents of Borrower or any other Loan Party to be amended or modified in any way
which could reasonably be expected to materially and adversely affect the interests of Agent or any Lender. An amendment to Borrower’s
certificate of incorporation to increase Borrower’s authorized capital stock shall not be deemed to adversely affect the interests
of Agent or any Lender.

 

7.6
Use of Proceeds.

 

Use
the proceeds of the Loans solely to refinance the Prior Debt, if any, and otherwise for working capital, for fees and expenses related
to the negotiation, execution, delivery and closing of this Agreement and the other Loan Documents and the transactions contemplated
hereby and thereby and for other general business purposes of Borrower and its Subsidiaries, and not use any proceeds of any Loan or
permit any proceeds of any Loan to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate,
of “purchasing or carrying” any Margin Stock.

 

7.7
Transactions with Affiliates.

 

Not,
and not permit any other Loan Party to, enter into, or cause, suffer or permit to exist any transaction, arrangement or contract with
any of its other Affiliates, which is on terms which are less favorable than are obtainable from any Person which is not one of its Affiliates,
other than (i) reasonable compensation and indemnities to, benefits for, reimbursement of expenses of, and employment arrangements with,
officers, employees and directors in the ordinary course of business, (ii) transactions among Loan Parties and (iii) transactions pursuant
to agreements in existence on the Closing Date and set forth on Schedule 7.7.

 

    	- 50 -

     

    

 

7.8
Inconsistent Agreements.

 

Not,
and not permit any other Loan Party to, enter into any agreement containing any provision which would (a) be violated or breached by
any borrowing by Borrower hereunder or by the performance by Borrower or any other Loan Party of any of its Obligations hereunder or
under any other Loan Document, (b) prohibit Borrower or any other Loan Party from granting to Agent and Lenders a Lien on any of its
assets or (c) create or permit to exist or become effective any encumbrance or restriction on the ability of any other Loan Party to
(i) pay dividends or make other distributions to Borrower or any other Loan Party, or pay any Debt owed to Borrower or any other Loan
Party, (ii) make loans or advances to Borrower or any other Loan Party or (iii) transfer any of its assets or properties to Borrower
or any other Loan Party, other than, in the cases of clauses (b) and (c), (A) restrictions or conditions imposed by any
agreement relating to purchase money Debt, Capital Leases and other secured Debt or to leases and licenses permitted by this Agreement
if such restrictions or conditions apply only to the property or assets securing such Debt or the property leased or licensed, (B) customary
provisions in leases and other contracts restricting the assignment thereof, (C) restrictions and conditions imposed by law, (D) those
arising under any Loan Document or any loan documents governing any Subordinated Debt or Approved AR Loan Facility, and (E) customary
provisions in contracts for the disposition of any assets; provided that the restrictions in any such contract shall apply only
to the assets or Subsidiary that is to be disposed of and such disposition is permitted hereunder.

 

7.9
Business Activities.

 

Not,
and not permit any other Loan Party to, engage in any line of business other than the businesses engaged in on the Closing Date and businesses
reasonably related thereto or extensions thereof. Not, and not permit any other Loan Party to, issue any Equity Interest other than (a)
Equity Interests of Borrower that do not require any cash dividends or other cash distributions to be made prior to the Obligations being
Paid in Full, (b) any issuance by a Subsidiary to Borrower or another Subsidiary in accordance with Section 7.4 or Section
7.10, or (c) any issuance of directors’ qualifying shares as required by applicable law.

 

7.10
Investments.

 

Not,
and not permit any other Loan Party to, make or permit to exist any Investment in any other Person, except the following:

 

(a)
The creation of any Wholly-Owned Subsidiary and contributions by Borrower to the capital of any Wholly-Owned Subsidiary of Borrower,
so long as the recipient of any such contribution has guaranteed the Obligations and such guaranty is secured by a pledge of all of its
equity interests and substantially all of its real and personal property, in each case in accordance with Section 6.8;

 

(b)
Cash Equivalent Investments;

 

(c)
bank deposits in the ordinary course of business;

 

(d)
any purchase or other acquisition by Borrower or any Wholly-Owned Subsidiary of Borrower of the assets or equity interests of any Subsidiary
of Borrower;

 

    	- 51 -

     

    

 

(e)
transactions among Loan Parties permitted by Section 7.4;

 

(f)
Hedging Obligations permitted under Section 7.1(d);

 

(g)
lease, utility and other similar deposits made in the ordinary course of business and trade credit extended in the ordinary course of
business;

 

(h)
Investments consisting of the non-cash portion of the consideration received in respect of Dispositions permitted hereunder;

 

(i)
Investments permitted by Borrower or any Loan Party as a result of the receipt of insurance and/or condemnation or expropriation proceeds
in accordance with the Loan Documents; and

 

(j)
Investments (i) received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution
of claims or disputes or (ii) in securities of customers and suppliers received in connection with the bankruptcy or reorganization of,
or settlement of delinquent accounts and bona fide disputes with, customers and suppliers, and, in each case, extensions, modifications
and renewals thereof.

 

7.11
Restriction of Amendments to Certain Documents.

 

Not,
nor permit any Loan Party to, amend or otherwise modify in any material manner, or waive any material rights under, any provisions of
any of (i) any loan documents governing any Subordinated Debt or Approved AR Loan Facility (except that the terms of any document governing
any Subordinated Debt or Approved AR Loan Facility may be amended, modified or otherwise waived to the extent permitted under the applicable
subordination agreement or intercreditor agreement that Agent is a party to in connection therewith), or (ii) any Material Contracts
(or any replacements thereof) following the occurrence and continuance of an Event of Default; in either case without the written approval
of Agent.

 

7.12
Fiscal Year.

 

Not
change its Fiscal Year.

 

7.13
Financial Covenants

 

7.13.1
Minimum Consolidated Unencumbered Liquid Assets.

 

Not
permit the Consolidated Unencumbered Liquid Assets, at any time, to be less than the greater of (a) $1,000,000 or (b) the Operating Burn
for the prior Fiscal Quarter (such greater amount at each applicable time, the “Minimum Threshold”); provided,
however, in the event that Consolidated Unencumbered Liquid Assets shall be less than the Minimum Threshold at any time, such
occurrence shall not be deemed a breach of this Section 7.13.1 so long as (i) within five (5) Business Days of such occurrence,
Consolidated Unencumbered Liquid Assets shall be greater than the Minimum Threshold and (ii) Consolidated Unencumbered Liquid Assets
shall not have been less than the Minimum Threshold at any time on more than two (2) occasions in any trailing ninety (90) day period;
provided, further, that in the event that Consolidated Unencumbered Liquid Assets shall be less than the Minimum Threshold either (x)
for any period in excess of five (5) Business Days or (y) on more than two (2) occasions in any trailing ninety (90) day period, such
occurrence shall not constitute an Event of Default if, within five (5) Business Days thereafter, Borrower shall have received net cash
proceeds of a capital contribution or issuance of Equity Interests in an amount not less than the greatest amount by which Consolidated
Unencumbered Liquid Assets was less than the Minimum Threshold at any time during the trailing ninety (90) day period.

 

    	- 52 -

     

    

 

7.13.2
Minimum Aggregate Revenue.

 

Not
permit the Aggregate Revenue for the applicable period of measure ending on the last Business Day of any Fiscal Quarter set forth in
the table below (designated by “Q” in the table below) to be less than the applicable amount set forth in the table below
for such period of measure; provided that, Borrower shall be deemed to be in compliance with this Section 7.13.2 as it
relates to any period of measure if, as of the last Business Day of such period of measure, Borrower maintains (i) an average Market
Capitalization equal to or greater than $150,000,000 and (ii) Consolidated Unencumbered Liquid Assets equal to or greater than the aggregate
Operating Burn for the two (2) Fiscal Quarters ending on such date of determination.

 

	Minimum Aggregate Revenue as of the end of:	 
	Three (3) month period ending Q4 2021	 	$	2,000,000	 
	Six (6) month period ending Q1 2022	 	$	4,100,000	 
	Nine (9) month period ending Q2 2022	 	$	7,000,000	 
	Twelve (12) month period ending Q3 2022	 	$	10,000,000	 
	Twelve (12) month period ending Q4 2022	 	$	12,500,000	 
	Twelve (12) month period ending Q1 2023	 	$	15,000,000	 
	Twelve (12) month period ending Q2 2023	 	$	18,000,000	 
	Twelve (12) month period ending Q3 2023 and each Fiscal Quarter thereafter	 	$	20,000,000	 

 

    	- 53 -

     

    

 

7.13.3
Minimum EBITDA.

 

Not
permit the EBITDA of the Loan Parties (on a consolidated basis) for the applicable period of measure ending on the last Business Day
of any Fiscal Quarter set forth in the table below (designated by “Q” in the table below) to be less than the applicable
amount set forth in the table below for such period; provided that, Borrower shall be deemed to be in compliance with this Section
7.13.3 as it relates to any period of measure if, as of the last Business Day of such period of measure, Borrower maintains an average
Market Capitalization equal to or greater than $100,000,000.

 

	Minimum EBITDA as of the end of:	 
	Three (3) month period ending Q4 2021	 	 	-($3,500,000)	 
	Six (6) month period ending Q1 2022	 	 	-($7,000,000)	 
	Nine (9) month period ending Q2 2022	 	 	-($10,200,000)	 
	Twelve (12) month period ending Q3 2022	 	 	-($12,900,000)	 
	Twelve (12) month period ending Q4 2022	 	 	-($12,500,000)	 
	Twelve (12) month period ending Q1 2023	 	 	-($12,000,000)	 
	Twelve (12) month period ending Q2 2023	 	 	-($10,500,000)	 
	Twelve (12) month period ending Q3 2023 and each Fiscal Quarter thereafter	 	 	-($9,500,000)	 

 

7.14
Deposit Accounts.

 

Not,
and not permit any other Loan Party, to maintain or establish any new Deposit Accounts other than (a) Exempt Accounts and (b) the Deposit
Accounts set forth on Schedule 7.14 (which Deposit Accounts constitute all of the Deposit Accounts, securities accounts or other
similar accounts maintained by the Loan Parties as of the Closing Date) without prior written notice to Agent. Upon the request of Agent
at any time following the occurrence of a Material Adverse Effect, Default or Event of Default, Borrower or such other applicable Loan
Party shall promptly enter into an Account Control Agreement, in form and substance reasonably satisfactory to Agent, in relation to
the Deposit Account(s) selected by Agent.

 

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7.15
Subsidiaries.

 

Not,
and not permit any other Loan Party to, in each case without the prior written consent of Agent in its commercially reasonable discretion,
establish or acquire any Subsidiary unless (i) no Default or Event of Default has occurred and is continuing or would result therefrom,
(ii) such Subsidiary shall have assumed and joined each Loan Document as a Loan Party pursuant to documentation acceptable to Agent in
its sole discretion and (iii) all other Loan Parties shall have reaffirmed all Obligations as well as all representations and warranties
under the Loan Documents (except to the extent such representations and warranties specifically relate to a prior date only). Notwithstanding
the forgoing, in the event that Agent and Borrower agree, in their mutual and reasonable discretion, that being a party to the Loan Documents,
granting of Liens thereunder and the related transactions contemplated therein in relation to any Subsidiary that is organized outside
of the United States (a “Inactive Foreign Subsidiary”) may cause such Inactive Foreign Subsidiary to suffer
a material, negative tax consequence (or any other under burden in light of the operations and/or assets of such Inactive Foreign Subsidiary)
to Loan Parties, then Agent and Borrower shall work together in good faith, as may be necessary to limit the obligations hereunder and
under any other Loan Documents.

 

7.16
Regulatory Matters.

 

To
the extent that any of the following would reasonably be expected to result in a Material Adverse Effect, not, and not permit any other
Loan Party to, (i) make, and use commercially reasonable efforts to not permit any officer, employee or agent of any Loan Party to make,
any untrue statement of material fact or fraudulent statement to the FDA or any Governmental Authority; fail to disclose a material fact
required to be disclosed to the FDA or any Governmental Authority; or commit a material act, make a material statement, or fail to make
a statement in breach of CLIA or that could otherwise reasonably be expected to provide the basis for CMS or any Governmental Authority
to undertake action against such Loan Party, (ii) commence any clinical studies in the United States or sponsor the conduct of any clinical
research in the United States, (iii) introduce into commercial distribution any FDA Products which are, upon their shipment, adulterated
or misbranded in violation of 21 U.S.C. § 331, (iv) make, and use commercially reasonable efforts to not permit any officer, employee
or agent of any Loan Party to make, any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental
Authority; fail to disclose a material fact required to be disclosed to the FDA or any other Governmental Authority; or commit a material
act, make a material statement, or fail to make a statement in breach of the FD&C Act or that could otherwise reasonably be expected
to provide the basis for the FDA or any other Governmental Authority to invoke its policy respecting “Fraud, Untrue Statements
of Material Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991), or (v) otherwise
incur any material liability (whether actual or contingent) for failure to comply with Health Care Laws.

 

7.17
Name; Permits; Dissolution; Insurance Policies; Disposition of Collateral; Taxes; Trade Names.

 

Borrower
shall not, nor shall it permit any Loan Party to, (a) change its jurisdiction of organization or change its corporate name without ten
(10) calendar days prior written notice to Agent, (b) amend, alter, suspend, terminate or make provisional in any material way, any Permit,
the suspension, amendment, alteration or termination of which would reasonably be expected to be, have or result in a Material Adverse
Effect without the prior written consent of Agent, which consent shall not be unreasonably withheld, (c) wind up, liquidate or dissolve
(voluntarily or involuntarily) or commence or suffer any proceedings seeking or that would result in any of the foregoing, (d) amend,
modify, restate or change any insurance policy in a manner adverse to Agent or Lenders or otherwise allow its aggregate products liability
insurance coverage to be less than an amount that is commercially reasonable and consistent with customary industry practices, (e) change
its federal tax employer identification number or similar tax identification number under the relevant jurisdiction or establish new
or additional trade names without providing not less than ten (10) days advance written notice to Agent, or (f) revoke, alter or amend
any Tax Information Authorization (on IRS Form 8821 or otherwise) or other similar authorization mandated by the relevant Governmental
Authority given to any Lender.

 

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7.18
[Reserved].

 

Section
8 Events of Default; Remedies.

 

8.1
Events of Default.

 

Each
of the following shall constitute an Event of Default under this Agreement:

 

8.1.1
Non-Payment of Credit.

 

(a)
Default in the payment when due of all outstanding Obligations on the Termination Date; (b) default in the payment of any Revenue-Based
Payment Amount on or before the applicable Payment Date; or (c) without duplication of clause (b) hereof, default, and continuance thereof
for five (5) Business Days, in the payment when due of any interest, fee, or other amount payable by any Loan Party hereunder or under
any other Loan Document.

 

8.1.2
Default Under Other Debt.

 

Any
“Event of Default” (or such similar defined term) shall occur under the terms applicable to any Debt of any Loan Party (excluding
the Obligations) in an aggregate principal amount (for all such Debt so affected and including undrawn committed or available amounts
and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $750,000.

 

8.1.3
Bankruptcy; Insolvency.

 

(a)
Any Loan Party shall (i) be unable to pay its debts generally as they become due, (ii) file a petition under any insolvency statute,
(iii) make a general assignment for the benefit of its creditors, (iv) commence a proceeding for the appointment of a receiver, trustee,
liquidator or conservator of itself or of the whole or any substantial part of its property or shall otherwise be dissolved or liquidated,
or (v) make an application or commence a proceeding seeking reorganization or liquidation or similar relief under any Debtor Relief Law
or any other applicable law; or

 

(b)
(i) a court of competent jurisdiction shall (A) enter an order, judgment or decree appointing a custodian, receiver, trustee, liquidator
or conservator of any Loan Party or the whole or any substantial part of any of Loan Party’s properties, which shall continue unstayed
and in effect for a period of sixty (60) calendar days, (B) approve a petition or claim filed against any Loan Party seeking reorganization,
liquidation, appointment of a receiver, interim receiver, liquidator, conservator, trustee or special manager or similar relief under
the any Debtor Relief Law or any other applicable law, which is not dismissed within sixty (60) calendar days or, (C) under the provisions
of any Debtor Relief Law or other applicable law or statute, assume custody or control of any Loan Party or of the whole or any substantial
part of any of Loan Party’s properties, which is not irrevocably relinquished within sixty (60) calendar days, or (ii) there is
commenced against any Loan Party any proceeding or petition seeking reorganization, liquidation or similar relief under any Debtor Relief
Law or any other applicable law or statute, which (A) is not unconditionally dismissed within sixty (60) calendar days after the date
of commencement, or (B) is with respect to which Borrower takes any action to indicate its approval of or consent.

 

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8.1.4
Non-Compliance with Loan Documents.

 

(a)
(i) Any failure by Borrower to comply with or to perform any covenant set forth in Section 7 (other than Section 7.13.2
or Section 7.13.3); or (ii) failure by any Loan Party to comply with or to perform any other provision of this Agreement or any
other Loan Document applicable to it (and not constituting an Event of Default under any other provision of this Section 8) and
continuance of such failure described in this clause (b) for thirty (30) days after the earlier of any Loan Party becoming aware
of such failure or notice thereof to Borrower from Agent or any Lender.

 

(b)
Any failure by Borrower to comply with the covenant set forth in Section 7.13.2 or Section 7.13.3; provided, that,
so long as (i) no other Event of Default has otherwise occurred and is continuing as of such date of determination of Borrower’s
compliance with Section 7.13.2 or Section 7.13.3, as applicable, upon receipt by Agent of the interim reports to be delivered
to Agent pursuant to Section 6.1.2 hereof (each a “Testing Date”), (ii) Borrower shall have notified Agent
in writing of its intent to exercise its right to cure such failure pursuant to this Section 8.1.4(b) (each such exercise an “Equity
Cure”) on or before the Business Day that is five (5) Business Days following such Testing Date, and (iii) on or before the
Business Day that is ten (10) Business Days following such notification, Agent shall have received evidence acceptable to Agent of the
issuance of (1) additional Equity Interests of Borrower or (2) Subordinated Debt, in either case resulting in aggregate net cash proceeds
to Borrower of an amount greater than or equal to one-hundred twenty percent (120%) of the Dollar amount by which the Aggregate Revenue
or EBITDA, as applicable, of the Loan Parties for the applicable period ending on the last Business Day of the applicable Fiscal Quarter
being reported on such Testing Date is less than the required Aggregate Revenue or EBITDA, as applicable, for such period pursuant to
Section 7.13.2 or Section 7.13.3, as applicable; then no Default or Event of Default shall be deemed to occur hereunder
as a result of such failure to comply with Section 7.13.2 or Section 7.13.3, as applicable. Notwithstanding the foregoing,
Borrower shall only have the right to exercise such Equity Cure solely as it relates to (A) three (but not more than three) violations
of Section 7.13.2 and/or Section 7.13.3, in the aggregate, as it relates to any period of measure during the term of this
Agreement and (B) in no more than two (2) consecutive Fiscal Quarters.

 

8.1.5
Representations; Warranties.

 

Any
representation or warranty made by any Loan Party herein or any other Loan Document is false or misleading in any material respect when
made, or any schedule, certificate, financial statement, report, notice or other writing furnished by any Loan Party to Agent or any
Lender in connection herewith is false or misleading in any material respect on the date as of which the facts therein set forth are
stated or certified; provided, however, that if any such false or misleading representation or warranty is capable of being
cured, then such Loan Party shall have thirty (30) days after the earlier of any Loan Party becoming aware of such failure or notice
thereof to Borrower from Agent or any Lender Agent to cure such cure the same.

 

8.1.6
Pension Plans.

 

(a)
Any Person terminates a Pension Plan if as a result of such termination any Loan Party would reasonably be expected to incur a Material
Adverse Effect; (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien upon Borrower or
any other Loan Party under Section 303(k) of ERISA securing obligations in an amount that would reasonably be expected to result in a
Material Adverse Effect; or (c) there shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal
liability (without un-accrued interest) to Multiemployer Pension Plans as a result of such withdrawal (including any outstanding withdrawal
liability that Borrower or any other Loan Party or any member of the Controlled Group have incurred on the date of such withdrawal) is
an amount that would reasonably be expected to result in a Material Adverse Effect.

 

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8.1.7
Judgments.

 

Final
judgments which exceed an aggregate of $750,000 (to the extent not adequately covered by insurance as to which the insurance company
has not disclaimed liability (provided that customary “reservation of rights” letters shall not be deemed to be disclaimers
of liability)) shall be rendered against any Loan Party and shall not have been paid, discharged or vacated or had execution thereof
stayed pending appeal within thirty (30) calendar days after entry or filing of such judgments.

 

8.1.8
Invalidity of Loan Documents or Liens.

 

(a)
Any Loan Document shall cease to be in full force and effect otherwise in accordance with its express terms that results in a material
diminution of the rights and remedies afforded to Agent and/or Lenders or any other secured parties thereunder; (b) any Loan Party (or
any Person by, through or on behalf of any Loan Party) shall contest in any manner the validity, binding nature or enforceability of
any Loan Document; or (c) any Lien created pursuant to any Loan Document ceases to constitute a valid first priority perfected Lien (subject
to Permitted Liens) on any material portion of the Collateral in accordance with the terms thereof, or Agent ceases to have a valid perfected
first priority security interest (subject to Permitted Liens) in any material portion of the Collateral pledged to Agent, for the benefit
of Agent and Lenders, pursuant to the Collateral Documents.

 

8.1.9
Invalidity of Subordination Provisions.

 

Any
subordination provision in any document or instrument governing any Subordinated Debt or any Approved AR Loan Facility and any subordination
provision in any intercreditor agreement or subordination agreement in relation thereto shall cease to be in full force and effect, or
any Loan Party shall contest in any manner the validity, binding nature or enforceability of any such provision.

 

8.1.10
Change of Control.

 

A
Change of Control shall occur that does not result in the payment in full of all Obligations hereunder in accordance with Section
2.8.2.

 

8.1.11
Certificate Withdrawals, Adverse Test or Audit Results, and Other Matters.

 

(a)
The institution of any proceeding by FDA, CMS, or any other Governmental Authority to order the withdrawal of any Product or Product
category or Service or Service category from the market or to enjoin Borrower or any of its Affiliates from manufacturing, marketing,
selling, distributing, or otherwise providing any Product or Product category or Service or Service category that would reasonably be
expected to have a Material Adverse Effect, (b) the institution of any action or proceeding by DEA, FDA, CMS, or any other Governmental
Authority to revoke, suspend, reject, withdraw, limit, or restrict any Required Permit held by Borrower or any of its Affiliates or any
of their representatives, which, in each case, would reasonably be expected to have a Material Adverse Effect, (c) the commencement of
any enforcement action against Borrower or any of its Affiliates by DEA, FDA, CMS, or any other Governmental Authority that would reasonably
be expected to have a Material Adverse Effect, (d) the recall of any Products or Service from the market, the voluntary withdrawal of
any Products or Service from the market, or actions to discontinue the sale of any Products or Service that would reasonably be expected
to have a Material Adverse Effect, (e) the occurrence of adverse test, audit, or inspection results in connection with a Product or Service
which would reasonably be expected to have a Material Adverse Effect, or (f) the occurrence of any event described in clauses (a)
through (e) above that would otherwise cause Borrower to be excluded from participating in any federal, provincial, state
or local health care programs under Section 1128 of the Social Security Act or any similar law or regulation.

 

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8.2
Remedies.

 

(a)
If any Event of Default described in Section 8.1.3 shall occur, the Loan and all other Obligations shall become immediately due
and payable without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing,
Agent may, and upon the written request of Required Lenders shall, declare (upon written notice to Borrower) all or any part of the Loans
and other Obligations to be due and payable, whereupon the Loans and other Obligations (including without limitation the Exit Fee and
any amounts due pursuant to Section 2.8.2 hereof, payable with respect thereto) shall become immediately due and payable (in whole
or in part, as applicable), all without presentment, demand, protest or notice of any kind. Agent shall use commercially reasonable efforts
to promptly advise Borrower of any such declaration, but failure to do so shall not impair the effect of such declaration.

 

(b)
In addition to the acceleration provisions set forth in Section 8.2(a) above, upon the occurrence and continuation of an Event
of Default, Agent may (or shall at the request of Required Lenders) exercise any and all rights, options and remedies provided for in
any Loan Document, under the Uniform Commercial Code, any other applicable foreign or domestic laws or otherwise at law or in equity,
including, without limitation, the right to (i) apply any property of Borrower held by Agent to reduce the Obligations, (ii) foreclose
the Liens created under the Loan Documents, (iii) realize upon, take possession of and/or sell any Collateral or securities pledged,
with or without judicial process, (iv) exercise all rights and powers with respect to the Collateral as Borrower might exercise, (v)
collect and send notices regarding the Collateral, with or without judicial process, (vi) by its own means or with judicial assistance,
enter any premises at which Collateral and/or pledged securities are located, or render any of the foregoing unusable or dispose of the
Collateral and/or pledged securities on such premises without any liability for rent, storage, utilities, or other sums, and Borrower
shall not resist or interfere with such action, (vii) at Borrower’s expense, require that all or any part of the Collateral be
assembled and made available to Agent, for the benefit of Lenders, or Required Lenders at any place reasonably designated by Required
Lenders in their sole discretion and/or relinquish or abandon any Collateral or securities pledged or any Lien thereon. Notwithstanding
anything set forth herein or in any Account Control Agreement, Agent shall give Borrower not less than five (5) Business Days’
notice prior to exercise sole dominion over any Deposit Account pursuant to any such Account Control Agreement.

 

(c)
The enumeration of any rights and remedies in any Loan Document is not intended to be exhaustive, and all rights and remedies of Agent
and Lenders described in any Loan Document are cumulative and are not alternative to or exclusive of any other rights or remedies which
Agent and Lenders otherwise may have. The partial or complete exercise of any right or remedy shall not preclude any other further exercise
of such or any other right or remedy.

 

(d)
Notwithstanding any provision of any Loan Document, Agent, in its commercially-reasonable discretion shall have the right, but not any
obligation, at any time that Loan Parties fail to do so, subject to any applicable cure periods permitted by or otherwise set forth in
the Loan Documents, and from time to time, upon fifteen (15) Business Days’ prior written notice, to: (i) discharge (at Borrower’s
expense) taxes or Liens affecting any of the Collateral that have not been paid in violation of any Loan Document or that jeopardize
Agent’s Lien priority in the Collateral; or (ii) make any other payment (at Borrower’s expense) for the administration, servicing,
maintenance, preservation or protection of the Collateral (each such advance or payment set forth in clauses (i) and (ii) herein, a “Protective
Advance”). Agent shall be reimbursed for all Protective Advances pursuant to Section 2.9.1(c) and/or Section 2.10,
as applicable, and any Protective Advances shall bear interest at a the Default Rate from the date such Protective Advance is paid by
Agent until it is repaid; provided, that, unless and until Agent has declared an Event of Default in writing, Agent shall
not incur more than $25,000 during any calendar year pursuant this Section 8.2(d) without the prior approval of Borrower. No Protective
Advance by Agent shall be construed as a waiver by Agent, or any Lender of any Default, Event of Default or any of the rights or remedies
of Agent or any Lender under any Loan Document.

 

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Section
9 Agent.

 

9.1
Appointment; Authorization.

 

Each
Lender hereby irrevocably appoints, designates and authorizes Agent to take such action on its behalf under the provisions of this Agreement
and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this
Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to
the contrary contained elsewhere in this Agreement or in any other Loan Document, Agent shall not have any duty or responsibility except
those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document
or otherwise exist against Agent.

 

9.2
Delegation of Duties.

 

Agent
may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and
shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence
or misconduct of any agent or attorney-in-fact that it selects with reasonable care.

 

9.3
Limited Liability.

 

None
of Agent or any of its Affiliates, directors, officers, employees or agents shall (a) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except
to the extent resulting from its own gross negligence or willful misconduct as determined by a court of competent jurisdiction), or (b)
be responsible in any manner to any Lender for any recital, statement, representation or warranty made by any Loan Party or Affiliate
of any Loan Party, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other
Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document
(or the creation, perfection or priority of any Lien or security interest therein), or for any failure of any Loan Party or any other
party to any Loan Document to perform its Obligations hereunder or thereunder. Agent shall not be under any obligation to any Lender
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Loan Document, or to inspect the properties, books or records of any Loan Party or Affiliate of any Loan Party.

 

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9.4
Reliance.

 

Agent
shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, telegram, facsimile, telex or telephone message, statement or other document believed by it to be genuine and correct and to
have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to
any Loan Party), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of Required
Lenders (or all Lenders if expressly required hereunder) as it deems appropriate and, if it so requests, confirmation from Lenders of
their obligation to indemnify Agent against any and all liability and expense which may be incurred by it by reason of taking or continuing
to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or
any other Loan Document in accordance with a request or consent of Required Lenders (or all Lenders if expressly required hereunder)
and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender.

 

9.5
Notice of Default.

 

Agent
shall not be deemed to have knowledge or notice of the occurrence of any Event of Default or Default except with respect to defaults
in the payment of principal, interest and fees required to be paid to Agent for the account of Lenders, unless Agent shall have received
written notice from a Lender or Borrower referring to this Agreement, describing such Event of Default or Default and stating that such
notice is a “notice of default”. Agent will notify Lenders of its receipt of any such notice or any such default in the payment
of principal, interest and fees required to be paid to Agent for the account of Lenders. Agent shall take such action with respect to
such Event of Default or Default as may be requested by Required Lenders in accordance with Section 8.2; provided that
unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Event of Default or Default as it shall deem advisable or in the best interest of Lenders.

 

9.6
Credit Decision.

 

Each
Lender acknowledges that Agent has not made any representation or warranty to it, and that no act by Agent hereafter taken, including
any review of the affairs of Borrower and the other Loan Parties, shall be deemed to constitute any representation or warranty by Agent
to any Lender. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property,
financial and other condition and creditworthiness of Borrower, and made its own decision to enter into this Agreement and to extend
credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon Agent and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary
to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan
Parties. Except for notices, reports and other documents expressly herein required to be furnished to Lenders by Agent, Agent shall not
have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations,
property, financial or other condition or creditworthiness of any Loan Party which may come into the possession of Agent.

 

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9.7
Indemnification.

 

Whether
or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand Agent and its Affiliates, directors,
officers, employees and agents (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower
to do so), based on such Lender’s Pro Rata Term Loan Share, from and against any and all actions, causes of action, suits, losses,
liabilities, damages and out-of-pocket expenses, including Legal Costs, except to the extent any thereof result from the applicable Person’s
own gross negligence or willful misconduct, as determined by a court of competent jurisdiction. Without limitation of the foregoing,
each Lender shall reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Legal Costs) incurred
by Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any
other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses
by or on behalf of Borrower. The undertaking in this Section 9.7 shall survive repayment of the Loans, cancellation of the Notes,
any foreclosure under, or modification, release or discharge of, any or all of the Collateral Documents, termination of this Agreement
and the resignation or replacement of Agent.

 

9.8
Agent Individually.

 

SWK
and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and
generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any Loan Party and any Affiliate
of any Loan Party as though SWK were not Agent hereunder and without notice to or consent of any Lender. Each Lender acknowledges that,
pursuant to such activities, SWK or its Affiliates may receive information regarding Loan Parties or their Affiliates (including information
that may be subject to confidentiality obligations in favor of any such Loan Party or such Affiliate) and acknowledge that Agent shall
be under no obligation to provide such information to them. With respect to their Loans (if any), SWK and its Affiliates shall have the
same rights and powers under this Agreement as any other Lender and may exercise the same as though SWK were not Agent, and the terms
“Lender” and “Lenders” include SWK and its Affiliates, to the extent applicable, in their individual capacities.

 

9.9
Successor Agent.

 

Agent
may resign as Agent at any time upon 30 days’ prior notice to Lenders and Borrower (unless during the existence of an Event of
Default such notice is waived by Required Lenders). If Agent resigns under this Agreement, Required Lenders shall, with (so long as no
Event of Default exists) the consent of Borrower (which shall not be unreasonably withheld or delayed), appoint from among Lenders a
successor agent for Lenders. If no successor agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint,
on behalf of, and after consulting with Lenders and (so long as no Event of Default exists) Borrower, a successor agent. Upon the acceptance
of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring
Agent and the term “Agent” shall mean such successor agent, and the retiring Agent’s appointment, powers and duties
as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent becomes effective, the provisions of this
Section 9 and Sections 10.4 and 10.5 shall continue to inure to its benefit as to any actions taken or omitted to
be taken by it while it was Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is
thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless
thereupon become effective and Lenders shall perform all of the duties of Agent hereunder until such time, if any, as Required Lenders
appoint a successor agent as provided for above; provided that in the case of any collateral security held by Agent for the benefit
of Lenders under any of the Loan Documents, the retiring Agent shall continue so to hold such collateral security until such time as
a successor Agent is appointed and the provisions of this Section 9 and Sections 10.4 and 10.5 shall continue to
inure to its benefit so long as retiring Agent shall continue to so hold such collateral security. Upon the acceptance of a successor’s
appointment as Agent hereunder, the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the
other Loan Documents in respect of the Collateral.

 

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9.10
Collateral and Guarantee Matters.

 

Lenders
irrevocably authorize Agent, at its option and in its discretion, (a) to release any Lien granted to or held by Agent under any Collateral
Document (i) when all Obligations have been Paid in Full; (ii) constituting property sold or to be sold or disposed of as part of or
in connection with any sale or other disposition permitted hereunder (including by consent, waiver or amendment and it being agreed and
understood that Agent may conclusively rely without further inquiry on a certificate of an officer of Borrower as to the sale or other
disposition of property being made in compliance with this Agreement); or (iii) subject to Section 10.1, if approved, authorized
or ratified in writing by Required Lenders; (b) notwithstanding Section 10.1(a)(ii) hereof to release any party from its guaranty
under the Guarantee and Collateral Agreement (i) when all Obligations have been Paid in Full or (ii) if such party was sold or is to
be sold or disposed of as part of or in connection with any disposition permitted hereunder (including by consent, waiver or amendment
and it being agreed and understood that Agent may conclusively rely without further inquiry on a certificate of an officer of Borrower
as to the sale or other disposition being made in compliance with this Agreement); or (c) to subordinate its interest in any Collateral
to any holder of a Lien on such Collateral which is permitted by Section 7.2(d) (it being understood that Agent may conclusively
rely on a certificate from Borrower in determining whether the Debt secured by any such Lien is permitted by Section 7.1). Upon
request by Agent at any time, Lenders will confirm in writing Agent’s authority to release, or subordinate its interest in, particular
types or items of Collateral pursuant to this Section 9.10.

 

Agent
shall release any Lien granted to or held by Agent under any Collateral Document (i) when all Obligations have been Paid in Full, (ii)
in respect of property sold or to be sold or disposed of as part of or in connection with any sale or other disposition permitted hereunder
(it being agreed and understood that Agent may conclusively rely without further inquiry on a certificate of an officer of Borrower as
to the sale or other disposition of property being made in compliance with this Agreement) or (iii) subject to Section 10.1, if
directed to do so in writing by Required Lenders.

 

In
furtherance of the foregoing, Agent agrees to execute and deliver to Borrower, at Borrower’s expense, such termination and release
documentation as Borrower may reasonably request to evidence a Lien release that occurs pursuant to terms of this Section 9.10.

 

9.11
Intercreditor and Subordination Agreements.

 

Each
Lender hereby irrevocably appoints, designates and authorizes Agent to enter into one or more intercreditor agreements and/or subordination
agreements in relation to any other Debt of Borrower entered into in accordance with this Agreement or as otherwise approved by Required
Lenders, on its behalf and to take such action on its behalf under the provisions of any such agreement (subject to the last sentence
of this Section 9.11). Each Lender further agrees to be bound by the terms and conditions of any such intercreditor agreement
and subordination agreement. Each Lender hereby authorizes Agent to issue blockages notices in connection with any such Debt of Borrower
and such intercreditor agreement and subordination agreement, or any replacement intercreditor agreement and/or subordination agreement,
in its discretion or, at the direction of Required Lenders.

 

9.12
Actions in Concert.

 

For
the sake of clarity, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its
rights arising out of this Agreement, the Notes or any other Loan Document (including exercising any rights of set-off) without first
obtaining the prior written consent of Agent and Required Lenders, it being the intent of Lenders that any such action to protect or
enforce rights under this Agreement, the Notes and the other Loan Documents shall be taken in concert and at the direction or with the
consent of Agent or Required Lenders.

 

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Section
10 Miscellaneous.

 

10.1
Waiver; Amendments.

 

(a)
Except as otherwise expressly provided in this Agreement, no amendment, modification or waiver of, or consent with respect to, any provision
of this Agreement or any of the other Loan Documents shall in any event be effective unless the same shall be in writing and signed by
Borrower (with respect to Loan Documents to which Borrower is a party), by Lenders having aggregate Pro Rata Term Loan Shares of not
less than the aggregate Pro Rata Term Loan Shares expressly designated herein with respect thereto or, in the absence of such express
designation herein, by Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that:

 

(i)
no such amendment, modification, waiver or consent shall, unless in writing and signed by all of the Lenders directly affected thereby,
in addition to Required Lenders and Borrower, do any of the following: (A) increase any of the Commitments (provided that only
the Lenders participating in any such increase of the Commitments shall be considered directly affected by such increase), (B) extend
the date scheduled for payment of any principal of (except as otherwise expressly set forth below in clause (C)), or interest
on, the Loans or any fees or other amounts payable hereunder or under the other Loan Documents, or (C) reduce the principal amount of
any Loan, the amount or rate of interest thereon, or any fees or other amounts payable hereunder or under the other Loan Documents; and

 

(ii)
no such amendment, modification, waiver or consent shall, unless in writing and signed by all of the Lenders in addition to Borrower
(with respect to Loan Documents to which Borrower is a party), do any of the following: (A) release any material guaranty under the Guarantee
and Collateral Agreement or release all or substantially all of the Collateral granted under the Collateral Documents, except as otherwise
specifically provided in this Agreement or the other Loan Documents, (B) change the definition of Required Lenders, (C) change any provision
of this Section 10.1, (D) amend the provisions of Section 2.10.2 or Section 2.10.4, or (E) reduce the aggregate
Pro Rata Term Loan Shares required to effect any amendment, modification, waiver or consent under the Loan Documents.

 

(b)
No amendment, modification, waiver or consent shall, unless in writing and signed by Agent, in addition to Borrower and Required Lenders
(or all Lenders directly affected thereby or all of the Lenders, as the case may be, in accordance with the provisions above), affect
the rights, privileges, duties or obligations of Agent (including without limitation under the provisions of Section 9), under
this Agreement or any other Loan Document.

 

(c)
No delay on the part of Agent or any Lender in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall
any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise
of any other right, power or remedy.

 

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10.2
Notices.

 

All
notices hereunder shall be in writing (including via electronic mail) and shall be sent to the applicable party at its address shown
on Annex II or at such other address as such party may, by written notice received by the other parties, have designated as its
address for such purpose. Notices sent by electronic mail transmission shall be deemed to have been given when sent if sent during regular
business hours on a Business Day, otherwise, such deemed delivery will be effective as of the next Business Day; notices sent by mail
shall be deemed to have been given five (5) Business Days after the date when sent by registered or certified mail, first class postage
prepaid; and notices sent by hand delivery or overnight courier service shall be deemed to have been given when received. Borrower, Agent
and Lenders each hereby acknowledge that, from time to time, Agent, Lenders and Borrower may deliver information and notices using electronic
mail.

 

10.3
Computations.

 

Unless
otherwise specifically provided herein, any accounting term used in this Agreement shall have the meaning customarily given such term
in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied. The
explicit qualification of terms or computations by the phrase “in accordance with GAAP” shall in no way be construed to limit
the foregoing. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall
be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under
Statement of Financial Accounting Standards 159 (Codification of Accounting Standards 825-10) to value any Debt or other liabilities
of any Loan Party or any Subsidiary at “fair value”, as defined therein.

 

10.4
Costs; Expenses.

 

Borrower
agrees to pay on demand the reasonable, out-of-pocket costs and expenses of (a) Agent (including Legal Costs) in connection with (i)
the preparation, execution, syndication and delivery (including perfection and protection of Collateral) of this Agreement, the other
Loan Documents and all other documents provided for herein or delivered or to be delivered hereunder or in connection herewith, (ii)
the administration of the Loans and the Loan Documents, and (iii) any proposed or actual amendment, supplement or waiver to any Loan
Document, and (b) Agent and Lenders (including Legal Costs) in connection with the collection of the Obligations and enforcement of this
Agreement, the other Loan Documents or any such other documents. In addition, Borrower agrees to pay and to save Agent and Lenders harmless
from all liability for, any fees of Borrower’s auditors in connection with any reasonable exercise by Agent and Lenders of their
rights pursuant to and to the extent provided in Section 6.2. All Obligations provided for in this Section 10.4 shall survive
repayment of the Loans, cancellation of the Notes, and termination of this Agreement.

 

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10.5
Indemnification by Borrower.

 

In
consideration of the execution and delivery of this Agreement by Agent and Lenders and the agreement to extend the Commitments provided
hereunder, Borrower hereby agrees to indemnify, exonerate and hold Agent, each Lender and each of the officers, directors, employees,
Affiliates and agents of Agent and each Lender (each a “Lender Party”) free and harmless from and against any and
all actions, causes of action, suits, losses, liabilities, damages and expenses, including Legal Costs (collectively, the “Indemnified
Liabilities”), incurred by Lender Parties or any of them as a result of, or arising out of, or relating to any Loan Party or
any of their respective officers, directors or agents, including, without limitation, (a) any tender offer, merger, purchase of equity
interests, purchase of assets or other similar transaction financed or proposed to be financed in whole or in part, directly or indirectly,
with the proceeds of any of the Loans, (b) the use, handling, release, emission, discharge, transportation, storage, treatment or disposal
of any Hazardous Substance at any property owned or leased by Borrower or any other Loan Party, (c) any violation of any applicable Environmental
Laws with respect to conditions at any property owned or leased by any Loan Party or the operations conducted thereon, (d) the investigation,
cleanup or remediation of offsite locations at which any Loan Party or their respective predecessors are alleged to have directly or
indirectly disposed of Hazardous Substances, (e) the execution, delivery, performance or enforcement of this Agreement or any other Loan
Document by any Lender Party, except to the extent any such Indemnified Liabilities result solely from the applicable Lender Party’s
own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction in a non-appealable judgment, or
(f) such Person’s general operation of its business including all product liability out of or in connection with such Person’s
or any of its Affiliates or licensees manufacture use or sale of a Product or the provision of a Service. If and to the extent that the
foregoing undertaking may be unenforceable for any reason, Borrower hereby agrees to make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. All Obligations provided for in this Section
10.5 shall survive repayment of the Loans, cancellation of the Notes, any foreclosure under, or any modification, release or discharge
of, any or all of the Collateral Documents and termination of this Agreement. Notwithstanding the foregoing, this Section 10.5
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

10.6
Marshaling; Payments Set Aside.

 

Neither
Agent nor any Lender shall be under any obligation to marshal any assets in favor of Borrower or any other Person or against or in payment
of any or all of the Obligations. To the extent that Borrower makes a payment or payments to Agent or any Lender, or Agent or any Lender
enforces its Liens or exercises its rights of set-off, and such payment or payments or the proceeds of such enforcement or set-off or
any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to
any settlement entered into by Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party in connection
with any bankruptcy, insolvency or similar proceeding, or otherwise, then (a) to the fullest extent permitted by applicable law, to the
extent of such recovery, the obligation hereunder or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred and (b) each Lender severally
agrees to pay to Agent upon demand its ratable share of the total amount so recovered from or repaid by Agent to the extent paid to such
Lender.

 

10.7
Non-liability of Lenders.

 

The
relationship between Borrower on the one hand and Lenders and Agent on the other hand shall be solely that of borrower and lender. Neither
Agent nor any Lender shall have any fiduciary responsibility to Borrower. Neither Agent nor any Lender undertakes any responsibility
to Borrower to review or inform Borrower of any matter in connection with any phase of Borrower’s business or operations. To the
fullest extent permitted under applicable law, execution of this Agreement by Borrower constitutes a full, complete and irrevocable release
of any and all claims which Borrower may have at law or in equity in respect of all prior discussions and understandings, oral or written,
relating to the subject matter of this Agreement and the other Loan Documents. Neither Agent nor any Lender shall have any liability
with respect to, and Borrower hereby, to the fullest extent permitted under applicable law, waives, releases and agrees not to sue for,
any special, indirect, punitive or consequential damages or liabilities. Borrower nor any of its Subsidiaries shall have any liability
with respect to any special, indirect, punitive or consequential damages or liabilities.

 

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10.8
Assignments.

 

10.8.1
Assignments.

 

(a)
Any Lender may at any time assign to one or more Persons (other than a Loan Party and their respective Affiliates) (any such Person,
an “Assignee”) all or any portion of such Lender’s Loans and Commitments, with the prior written consent of
(x) Agent, and (y) so long as no Event of Default has occurred and is continuing, Borrower (which consents shall not be unreasonably
withheld or delayed; provided that Borrower’s consent to any Restricted Transferee shall be in Borrower’s sole and absolute
discretion), provided, however, that no such consent(s) shall be required:

 

(i)
from Borrower for an assignment by a Lender to another Lender, an Affiliate of a Lender, an Approved Fund of a Lender, or any
other financial institution that invests in commercial loans in the ordinary course of its business, but such Lender will give written
notice to Borrower of any such assignment;

 

(ii)
from Agent for an assignment by a Lender to an Affiliate of a Lender or an Approved Fund of a Lender;

 

(iii)
from Borrower or Agent for an assignment by SWK, as a Lender, to any Person for which SWK Advisors LLC acts as an investment advisor
(or any similar type of representation or agency) pursuant to a written agreement, but SWK will give written notice to Borrower of any
such assignment;

 

(iv)
from Borrower or Agent for an assignment by a Lender of its Loans and its Note as collateral security to a Federal Reserve Bank
or, as applicable, to such Lender’s trustee for the benefit of its investors (but no such assignment shall release any Lender from
any of its obligations hereunder); or

 

(v)
from Borrower, Agent or any Lender for (A) the assignment of SWK’s Loans and Commitments to a Permitted Assignee (as defined
below) or (B) a collateral assignment by SWK of, and the grant by SWK of a security interest in, all of SWK’s right, title and
interest in, to and under each of the Loan Documents, including, without limitation, all of SWK’s rights and interests in, to and
under this Agreement, the Obligations and the Collateral (collectively, the “Assigned Rights”), to a Permitted Assignee,
provided that no such collateral assignment shall release SWK from any of its obligations under any of the Loan Documents. In
connection with any enforcement of or foreclosure upon its security interests in any of the Assigned Rights, a Permitted Assignee, upon
notice to Borrower, SWK and the other Lenders, shall be entitled to substitute itself, or its designee, for SWK as a Lender under this
Agreement. For purposes hereof, the term “Permitted Assignee” shall mean any lender to or funding source (in each
case other than a Restricted Transferee) of SWK or its Affiliate, together with its successors, assigns or designees (including, without
limitation, any purchaser or other assignee of the Assigned Rights from such Person). Effective immediately upon the replacement of SWK
as a Lender under this Agreement by a Permitted Assignee in accordance with this clause (v), SWK shall automatically be deemed
to have resigned as Agent pursuant to Section 9.9 of this Agreement (without the need for Agent giving advance written notice
of such resignation as required pursuant to such Section 9.9), and Required Lenders shall appoint a successor Agent in accordance
with Section 9.9 of this Agreement.

 

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Notwithstanding
anything set forth in this Agreement to the contrary, Agent shall give Borrower at least thirty (30) days’ prior written notice
of any proposed transfer to a Restricted Transferee whether or not an Event of Default has occurred and is continuing.

 

(b)
From and after the date on which the conditions described above have been met, (i) such Assignee shall be deemed automatically to have
become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment
Agreement, shall have the rights and obligations of a Lender hereunder and (ii) the assigning Lender, to the extent that rights and obligations
hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification
rights) and obligations hereunder. Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective
Assignment Agreement, Borrower shall execute and deliver to Agent for delivery to the Assignee (and, as applicable, the assigning Lender)
a Note in the principal amount of the Assignee’s Pro Rata Term Loan Share (and, as applicable, a Note in the principal amount of
the Pro Rata Term Loan Share retained by the assigning Lender). Each such Note shall be dated the effective date of such assignment.
Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to Borrower any prior Note held by it.

 

(c)
Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its offices in the United States a copy of each
Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender, and the Commitments
of, and principal amount of the Loans owing to, such Lender pursuant to the terms hereof. The entries in such register shall be, in the
absence of manifest error, conclusive, and Borrower, Agent and Lenders may treat each Person whose name is recorded therein pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such register shall
be available for inspection by Borrower and any Lender, at any reasonable time upon reasonable prior notice to Agent.

 

(d)
Notwithstanding the foregoing provisions of this Section 10.8.1 or any other provision of this Agreement, any Lender may at any
time assign all or any portion of its Loans and its Note (i) as collateral security to a Federal Reserve Bank or, as applicable, to such
Lender’s trustee for the benefit of its investors (but no such assignment shall release any Lender from any of its obligations
hereunder) and (ii) to (w) an Affiliate of such Lender which is at least fifty percent (50%) owned (directly or indirectly) by
such Lender or by its direct or indirect parent company, (x) its direct or indirect parent company, (y) to one or more
other Lenders or (z) to an Approved Fund.

 

10.9
Participations.

 

Any
Lender may at any time sell to one or more Persons participating interests in its Loans, Commitments or other interests hereunder (any
such Person, a “Participant”). In the event of a sale by a Lender of a participating interest to a Participant, (a)
such Lender’s obligations hereunder shall remain unchanged for all purposes, (b) Borrower and Agent shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts payable by
Borrower shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender. No Participant
shall have any direct or indirect voting rights hereunder except with respect to any event described in Section 10.1 expressly
requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to incorporate the requirements
of the preceding sentence into each participation agreement which such Lender enters into with any Participant. Borrower agrees, to the
fullest extent permitted by applicable law, that if amounts outstanding under this Agreement are due and payable (as a result of acceleration
or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing
under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this
Agreement; provided that such right of set-off shall be subject to the obligation of each Participant to share with Lenders, and
Lenders agree to share with each Participant, as provided in Section 2.10.4. Borrower also agrees that each Participant shall
be entitled to the benefits of Section 3 as if it were a Lender (provided that a Participant shall not be entitled to such
benefits unless such Participant agrees, for the benefit of Borrower, to comply with the documentation requirements of Sections 3.1(c)
and (d) as if it were a Lender and complies with such requirements, and provided, further, that no Participant
shall receive any greater compensation pursuant to Section 3 than would have been paid to the participating Lender if no participation
had been sold). Any such Lender transferring a participation shall, as an agent for Borrower, maintain in the United States a register
to record the names, address, and interest, principal and other amounts owing to, each Participant. The entries in such register shall
be, in the absence of manifest error, conclusive, and Borrower, Agent and the Lenders may treat each Person whose name is recorded therein
pursuant to the terms hereof as a Participant hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such
participation register shall be available for inspection by the Agent or Borrower, at any reasonable time upon reasonable prior written
notice from Agent or Borrower.

 

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10.10
Confidentiality.

 

Borrower,
Agent and each Lender agree to use commercially reasonable efforts (equivalent to the efforts Borrower, Agent or such Lender applies
to maintain the confidentiality of its own confidential information) to maintain as confidential all information (including, without
limitation, any information provided by Borrower pursuant to Sections 6.1, 6.2 and 6.9) provided to them by any
other party hereto and/or any other Loan Party, as applicable, except that Agent and each Lender may disclose such information (a) to
Persons employed or engaged by Agent or such Lender or any of their Affiliates (including collateral managers of Lenders) in evaluating,
approving, structuring or administering the Loans and the Commitments (provided that such Persons have been informed of the covenants
contained in this Section 10.10); (b) to any assignee, funding source of Agent or any Lender, or participant or potential assignee
or participant that has agreed to comply with the covenants contained in this Section 10.10 (and any such assignee or participant
or potential assignee or participant may disclose such information to Persons employed or engaged by them as described in clause (a)
above); (c) as required or requested by any federal or state regulatory authority or examiner, or any insurance industry association,
or as reasonably believed by Agent or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process;
(d) as, on the advice of Agent’s or such Lender’s counsel, is required by law; (e) in connection with the exercise of any
right or remedy under the Loan Documents or in connection with any litigation to which Agent or such Lender is a party; (f) to any nationally
recognized rating agency or investor of a Lender that requires access to information about a Lender’s investment portfolio in connection
with ratings issued or investment decisions with respect to such Lender; (g) that ceases to be confidential through no fault of Agent
or any Lender; (h) to a Person that is an investor or prospective investor in a Securitization that agrees that its access to information
regarding Borrower and the Loans and Commitments is solely for purposes of evaluating an investment in such Securitization and who agrees
to treat such information as confidential; or (i) to a Person that is a trustee, collateral manager, servicer, noteholder or secured
party in a Securitization in connection with the administration, servicing and reporting on the assets serving as collateral for such
Securitization. For purposes of this Section, “Securitization” means a public or private offering by a Lender or any
of its Affiliates or their respective successors and assigns, of securities which represent an interest in, or which are collateralized,
in whole or in part, by the Loans or the Commitments. In each case described in clauses (c), (d) and (e) (as such
disclosure in clause (e) pertains to litigation only), where the Agent or Lender, as applicable, is compelled to disclose a Loan
Party’s confidential information, promptly after such disclosure the Agent or such Lender, as applicable, shall notify Borrower
of such disclosure provided, however, that neither the Agent nor any Lender shall be required to notify Borrower of any
such disclosure (i) to any federal or state banking regulatory authority conducting an examination of the Agent or such Lender, or (ii)
to the extent that it is legally prohibited from so notifying Borrower. Notwithstanding the foregoing, Agent reserves the right to provide
to industry trade organizations information necessary and customary for inclusion in league table measurements.

 

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10.11
Captions.

 

Captions
used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

 

10.12
Nature of Remedies.

 

All
Obligations of Borrower and rights of Agent and Lenders expressed herein or in any other Loan Document shall be in addition to and not
in limitation of those provided by applicable law. No failure to exercise and no delay in exercising, on the part of Agent or any Lender,
any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

10.13
Counterparts; Electronic Signatures.

 

This
Agreement and the other Loan Documents may be executed in counterparts with the same effect as if all parties had executed the same document.
All counterparts shall be construed together and shall constitute a single agreement. Further, the parties hereto consent and agree that
this Agreement and the other Loan Documents may be signed and/or transmitted by e-mail of any .pdf file, .jpeg file, or any other electronic
or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce
Act or the New York Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe Sign,
DocuSign, or any other similar platform identified by the parties hereto and reasonably available at no undue burden or expense to the
Agent), except to the extent the Agent requires otherwise. Any such electronic signatures shall be valid, effective and legally binding
as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder. No party hereto shall raise the use of e-mail or other electronic transmission to deliver a signature or the fact that any
signature or agreement or amendment was transmitted or communicated through the use of e-mail or other electronic transmission as a defense
to the formation or enforceability of a contract and each such party forever waives any such defense.

 

10.14
Severability.

 

The
illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any
way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required
hereunder.

 

10.15
Entire Agreement.

 

This
Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto and supersedes
all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof
and thereof.

 

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10.16
Successors; Assigns.

 

This
Agreement shall be binding upon Borrower, Lenders and Agent and their respective successors and assigns, and shall inure to the benefit
of Borrower, Lenders and Agent and the successors and assigns of Lenders and Agent. No other Person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents.
Borrower may not assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of Agent
and each Lender.

 

10.17
Governing Law.

 

THIS
AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

10.18
Forum Selection; Consent to Jurisdiction.

 

ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT
AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S
OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY
SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS
BY REGISTERED MAIL, U.S. FIRST CLASS POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH PARTY HEREBY
EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

10.19
Waiver of Jury Trial.

 

EACH
OF BORROWER, AGENT AND EACH LENDER, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM
ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED
BEFORE A COURT AND NOT BEFORE A JURY.

 

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10.20
Patriot Act.

 

Each
Lender that is subject to the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), and Agent (for itself and not on behalf of any Lender), hereby notifies each Loan Party that, pursuant to the requirements
of the Patriot Act, such Lender and Agent are required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender or Agent, as applicable,
to identify each Loan Party in accordance with the Patriot Act.

 

10.21
Independent Nature of Relationship.

 

Nothing
herein contained shall constitute any Loan Party and SWK as a partnership, an association, a joint venture or any other kind of entity
or legal form or constitute any party the agent of the other. No party shall hold itself out contrary to the terms of this Section
10.21 and no party shall become liable by any representation, act or omission of the other contrary to the provisions hereof. No
Loan Party, Lender, nor SWK has any fiduciary or other special relationship with the other party hereto or any of its Affiliates. The
Loan Parties and SWK agree that SWK is not involved in or responsible for the manufacture, marketing or sale of any Product or the provision
of any Service.

 

10.22
Approved AR Loan Facility.

 

Agent
and Lenders acknowledge that Borrower may in the future seek a revolving loan facility to be secured by a first lien security interest
in Borrower’s Inventory and accounts receivable generated by product sales in the normal course of business; provided that
(a) any such loan facility will be (i)(x) in a maximum principal amount of $1,500,000, (y) subject to an advance rate of
no greater than seventy percent (70.0%) in respect of such accounts receivable and Inventory, in each case unless otherwise agreed to
in writing by Agent in its sole discretion, and (ii) subject to an intercreditor agreement acceptable to Agent in its commercially-reasonable
discretion, and (b) the material terms and conditions of such revolving loan facility shall be acceptable to Agent in its commercially-reasonable
discretion (such revolving loan facility, together with any replacement revolving loan facility as approved by Agent that is subject
to an Intercreditor Agreement, collectively an “Approved AR Loan Facility”). So long as no Default or Event of Default
has occurred and is continuing, Agent and Borrower agree to work together in good faith, and at Borrower’s sole cost and expense,
to negotiate and enter into such amendments to this Agreement and such other Loan Documents as may be necessary to permit such Debt owing
under any Approved AR Loan Facility, to release and/or subordinate such Liens as may be necessary to effectuate any such Approved AR
Loan Facility, and to enter into such third party documents as may be reasonably requested by Borrower and/or the revolving loan lender
under any such Approved AR Loan Facility.

 

[Remainder
of page intentionally blank; signature pages follow.]

 

    	- 72 -

     

    

 

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

 

	 	borrower:
	 	 
	 	BIOTRICITY
    INC.,
	 	a
    Nevada corporation
	 	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

	 	 	AGENT
    AND LENDER:
	 	 	 
	 	 	SWK
    FUNDING LLC, a Delaware limited liability company, as Agent and a Lender
	 	 	 
	 	 	By:
    SWK Holdings Corporation, a Delaware corporation, its sole Manager
	 	 	 	 
	 	 	By:
    	 
	 	 	Name:	Winston
    Black
	 	 	Title:	Chief
    Executive Officer

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