Document:

BACKSTOP
COMMITMENT AGREEMENT

 

THIS
BACKSTOP COMMITMENT AGREEMENT (this “Agreement”), dated as of December [  ], 2017, is by and between
Reed’s, Inc., a Delaware corporation (the “Company”) and Raptor/Harbor Reeds SPV LLC, a Delaware limited liability
company (the “Backstop Investor”).

 

RECITALS

 

WHEREAS,
the Company has agreed to commence a Rights Offering (defined below) of up to $14 million to its stockholders of record as of
December 1, 2017;

 

WHEREAS,
the Backstop Investor desires to backstop the Rights Offering on a standby basis to facilitate the transaction;

 

WHEREAS,
the Company obtained shareholder approval for the private offering to the Backstop Investor contemplated herein at the Company’s
2017 Annual Meeting of Stockholders on September 29, 2017 in accordance with NYSE American Company Guide Section 713; and

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements
of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder, the Company desires to
sell, and the Backstop Investor desires to purchase, securities of the Company as more fully described in this Agreement. Capitalized
terms used but not defined herein shall have the meaning set forth in the Registration Statement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Backstop Investor and the Company agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. The following terms shall be defined as set forth herein:

 

“2016
PIPE Participants” means three Persons that were each subscribers of $500,000 or more of securities in the Company’s
financing transaction pursuant to that certain Securities Purchase Agreement dated May 26, 2016 that have a right to participate
in this transaction.

 

“Backstop
Commitment” means $6 million of Units purchased upon the same terms as set forth in the Prospectus, reduced (i) to the extent
aggregate gross proceeds to Company from the exercise of Rights by Rights Holders (other than the Backstop Investor) exceeds $8
million and (ii) to the extent of the Backstop Investor’s participation in the Rights Offering as a Rights Holder.

 

“Backstop
Purchase Price” is defined in Section 2.2(b).

 

“Backstop
Shares” means shares of Common Stock underlying the Backstop Units.

 

“Backstop
Units” means that number of Units purchased pursuant to the Backstop Commitment or such additional Units as may be purchased
by the Backstop Investor pursuant to Section 2.2(e) of this Agreement.

 

    	 	 	 

     

    

 

“Backstop
Warrant” means the warrant to purchase Backstop Warrant Shares included among the Backstop Units.

 

“Backstop
Warrant Shares” means shares of Common Stock underlying the Backstop Warrant.

 

“Contracts”
means any contract, arrangement, note, bond, commitment, purchase order, sales order, franchise, guarantee, indemnity, indenture,
instrument, lease, license or other agreement, understanding, instrument or obligation, whether written or oral, all amendments,
supplements and modifications of or for any of the foregoing and all rights and interests arising thereunder or in connection
therewith.

 

“Commitment
Warrant” is defined in Section 2.3(a).

 

“Commitment
Warrant Shares” means shares of Common Stock underlying Commitment Warrants.

 

“Common
Stock” means common stock of the Company, $0.0001 par value.

 

“Dealer-Manager”
means Maxim Group LLC, the dealer-manager of the Rights Offering.

 

“Encumbrance”
means any security interest, pledge, mortgage, lien, claim, option, charge or encumbrance.

 

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

 

“Governmental
Authority” means any federal, national, supranational, foreign, state, provincial, local, county, municipal or other government,
any governmental, regulatory or administrative authority, agency, department, bureau, board, commission or official or any quasi-governmental
or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority, or any court,
tribunal, judicial or arbitral body.

 

“Material
Adverse Effect” means any of the following: (i) any event, state of facts, circumstance, development, change, effect or
occurrence that has a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) the existence
of any Order that prohibits or renders unachievable the consummation of the Rights Offering or the transactions contemplated by
this Agreement, (iii) any event, state of facts, circumstance, development, change, effect or occurrence that has a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company, taken as
a whole, or (iv) any event, state of facts, circumstance, development, change, effect or occurrence that has a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement;
provided, however, that (a) changes in the trading price of the Common Stock shall not, in and of itself, constitute
a Material Adverse Effect, and (b) notice of delisting of the Company’s Common Stock by the NYSE shall not, in and of itself,
constitute a Material Adverse Effect, provided the decision is subject to appeal and the Company shall have received subscriptions
from Rights Holders other than the Backstop Investor exercising Rights in the Rights Offering of a minimum of $4.5 million.

 

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“Order”
means any order, writ, judgment, injunction, decree, rule, ruling, directive, stipulation, determination or award made, issued
or entered by or with any Governmental Authority, whether preliminary, interlocutory or final.

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, joint venture, trust, Governmental
Authority, first nation, aboriginal or native group or band, unincorporated organization or other entity, as well as any syndicate
or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

 

“Prospectus”
means prospectus included in Registration Statement.

 

“Registrable
Securities” means Backstop Shares, Backstop Warrant Shares and Commitment Warrant Shares.

 

“Registration
Statement” means the registration statement on Form S-1, (File No. 333-221059) filed with the SEC October 23, 2017, as amended
November 21, 2017, December 1, 2017 and December 4, 2017, and as may be further amended from time to time.

 

“Rights
Holder” means shareholder of record of the Company on December 1, 2017 that has been granted subscription rights pursuant
to a basic subscription right and an over-subscription privilege to purchase Units in the Company’s Rights Offering.

 

“Rights
Offering” means the Company’s public offering of subscription rights to its Rights Holders as described in the Prospectus.

 

“SEC
Reports” means the Company’s (i) annual report on Form 10-K for the fiscal year ended December 31, 2016, (ii) quarterly
reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017 and September 30, 2017 and (iii) and all other reports,
schedules, forms, statements and other documents filed on or after January 1, 2017 and before the date of this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Subscription
Agent” means Continental Stock Transfer & Trust Company, the subscription agent for the Rights Offering.

 

“Subscription
Price” means the price per Unit in the Rights Offering.

 

“Units”
means units offered in the Rights Offering.

 

“Warrant
Exercise Agreement” means warrant exercise agreement by and between the Company and Backstop Investor dated July 13, 3017.

 

ARTICLE
II

 

RIGHTS
OFFERING; BACKSTOP COMMITMENT; COMMITMENT WARRANT

 

Section
2.1 Rights Offering.

 

The
Company shall commence the Rights Offering on or before December 5, 2017 (as such date may be extended by the Company and Dealer-Manager)
and the Rights Offering shall remain open until no later than 5:00 p.m., Eastern time on December 15, 2017 (as such date may be
extended by the Company and Dealer-Manager)(the “Expiration Date”). The Rights Offering shall be conducted and consummated
on the terms, subject to the conditions and in accordance with the Prospectus.

 

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Section
2.2. Backstop Commitment.

 

(a)
On the terms and subject to the conditions contained herein, and in reliance on the representations and warranties set forth in
this Agreement, the Backstop Investor hereby agrees to purchase, and the Company hereby agrees to sell and issue to the Backstop
Investor, at the Backstop Purchase Price therefor, the Backstop Units.

 

(b)
No later than (1) Business Day following the Expiration Date, the Company shall give, or cause to be given, to the Backstop Investor,
by e-mail or by electronic facsimile transmission, a written notification (the “Backstop Notice”) setting forth the
total amount of Units subscribed for in the Rights Offering by Rights Holders, the number of then unsubscribed Units, and the
purchase price for the Backstop Investor pursuant to the terms of this Agreement (“Backstop Purchase Price”).

 

(c)
The Backstop Investor will remit, via wire transfer of immediately available funds, the Backstop Purchase Price, directly to the
account maintained by the Subscription Agent, for purposes of accepting subscriptions in the Rights Offering at JP Morgan Chase,
4 Metrotech Center, Brooklyn NY 11245, SWIFT CHASUS333, ABA# 021000021, Credit: Continental Stock Transfer & Trust Company
as subscription agent for Reed’s Inc. Rights Offer, Account # 475-471873, for further credit to Reed’s Inc., and name
of the Backstop Investor, no later than 5:00 p.m. EST on the third (3rd) Business Day following receipt of the Backstop
Notice.

 

(d)
The Company shall cause its transfer agent to credit the aggregate number of Backstop Shares and Backstop Warrants to which the
Backstop Investor is entitled to the Backstop Investor’s or its designee’s account in book entry form and deliver
to the Backstop Investor such certificates, documents or instruments required to be delivered by it to the Backstop Investor pursuant
to this Agreement.

 

(e)
Investment of any amount greater than $6 million will be made in the Backstop Investor’s sole discretion, subject to limitations
of NYSE American Company Guide Section 713 and shareholder approval obtained at the Company’s 2017 Annual Meeting of Stockholders
on September 29, 2017.

 

Section
2.3. Commitment Warrant.

 

(a)
In consideration for the Backstop Commitment, and contingent upon closing the Rights Offering (but regardless of whether all or
any portion of the Backstop Commitment is funded), the Company will issue to the Backstop Investor the right to purchase a minimum
of 750,000 shares of Common Stock (the “Commitment Warrant”). The Commitment Warrant will have an exercise price equal
to $1.50 , will have a term of five (5) years and will not be exercisable for a period of 180 days of the date of this Agreement.
The Commitment Warrant will otherwise be substantially in the form of warrants issued by the Company to the Backstop Investor
pursuant to the Warrant Exercise Agreement. The form of Commitment Warrant is attached hereto as Exhibit A and incorporated herein
by this reference.

 

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(b)
In the event the Backstop Investor determines, in its sole discretion, to fund more than $6 million pursuant to this Agreement,
as determined by the Backstop Investor in its sole discretion, the Company will increase the Commitment Warrant Shares by that
number of shares equal to 12.5% of funding amount in excess of $6 million.

 

Section
2.4 Board of Directors. The Company will use its best efforts to appoint up to two individuals designated by the Backstop
Investor to serve on the Company’s Board of Directors, subject to NYSE American rules and regulations promptly after the
Expiration Date.

 

Section
2.5 Registration Rights. On or prior to 45 days following the Expiration Date, the Company shall prepare and file with
the Commission a registration statement covering the resale of all of Registrable Securities for an offering to be made on a continuous
basis pursuant to Rule 415; provided, however, that the Backstop Investor shall not be required to be named as an
“underwriter” without the Backstop Investor’s express prior written consent. The Company shall use commercially
reasonable efforts to cause a registration statement filed under this Agreement to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later than 90 days following the Effective Date, and
shall use commercially reasonable efforts to keep such registration statement continuously effective under the Securities Act
until the date that all Registrable Securities covered by such registration statement (i) have been sold, thereunder or pursuant
to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 (assuming cashless exercise)
and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144,
as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Transfer Agent and the Backstop Investor (the “Effectiveness Period”). Violations by the Company of this Section 2.5
shall result in payment by the Company to the Backstop Investor, as liquidated damages and not as a penalty, equal to 2.0% of
the number of Commitment Warrant Shares for each month of delay in the violation this Section 2.5. The parties agree that the
maximum aggregate liquidated damages payable to a Backstop Investor under this Agreement shall be 10% of the Commitment Warrant
Shares. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a
month prior to the cure of a violation.

 

Section
2.6 Filing of Form 8-K. On or before 9:00 a.m., Eastern time, on the first (1st) business day following the execution of
this Agreement by the Company and the Backstop Investor, the Company shall file a Current Report on Form 8-K, including the form
of this Agreement (the “8-K Filing”), with the Securities and Exchange Commission (“Commission”) in the
form required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”). From and after the 8-K Filing,
the Company represents and warrants to the Backstop Investor that (a) it shall have publicly disclosed all material, non-public
information previously delivered to the Backstop Investor by the Company, or any of their respective officers, directors, employees
or agents and (ii) the SEC Reports did not, when filed, and do not contain any untrue statement of a material fact or omit to
state any material fact necessary to prevent the statements contained therein from being misleading.

 

Section
2.7 Conditions to Backstop Investor’s Obligations. The obligations of the Backstop Investor hereunder are subject
to the following conditions being met:

 

(a)
the Rights Offering shall have been made on terms substantially as stated in Amendment No. 3 to the Registration Statement,
filed with the SEC on December 4, 2017 and the Registration Statement shall remain in full force and effect;

 

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(b)
the representations and warranties of the Company set forth in Article III of this Agreement shall have been true and correct
when made, shall remain true and correct as of Closing except to the extent made as of a specific date and the Company shall deliver
a certificate of an officer of the Company certifying as to the foregoing;

 

(c)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Expiration Date shall have
been performed, and the Company shall deliver a certificate of an officer of the Company certifying as to the foregoing;

 

(d)
the delivery of a Secretary’s Certificate certifying as to the Board of Directors resolutions approving the transactions
contemplated hereby;

 

(e)
there shall have been no Material Adverse Effect since the date hereof;

 

(f)
the Company shall have received subscriptions from Rights Holders (other than the Backstop Investor) exercising Rights in the
Rights Offering of a minimum of $4.5 million;

 

(g)
the Expiration Date of the Rights Offering shall have occurred on or prior to December 28, 2017;

 

(h)
from the date hereof to the Expiration Date, trading in the Company’s common stock shall not have been suspended by the
Commission (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the Expiration Date), and, at any time prior to the Expiration Date, trading in securities generally as reported by Bloomberg
Financial Markets shall not have been suspended or limited, or minimum prices shall not have been established on securities whose
trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the
United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of the Backstop Investor, makes it impracticable or inadvisable to consummate
the transactions hereunder; and

 

(i)
delivery of legal opinion typical for such transactions of Company’s U.S. securities counsel in form and substance reasonably
acceptable to Backstop Investor’s counsel.

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES

 

Section
3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Backstop Investor that:

 

(a)
Authorization; Enforcement; Validity. The Company has all necessary corporate power and authority to enter into this Agreement
and to carry out its obligations hereunder (including, without limitation the issuance of the Rights Shares, Rights Warrants and
the Commitment Warrants) in accordance with the terms hereof. The execution and delivery by the Company of this Agreement, the
performance by the Company of its obligations hereunder (including, without limitation, the issuance of the Rights Shares, Rights
Warrants and the Commitment Warrants), have been duly authorized by all requisite action on the part of the Company, and no other
action on the part of the Company is necessary to authorize the execution and delivery by the Company of this Agreement or the
consummation of the transactions contemplated by this Agreement. This Agreement has been duly executed and delivered by the Company,
and this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating
to creditors’ rights generally and subject to general principles of equity.

 

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(b)
No Conflicts. Assuming that all consents, approvals, authorizations and other actions described in Section 3.1(c) have
been obtained, the execution, delivery and performance by the Company of this Agreement and the consummation of the transactions
contemplated hereby (including, without limitation, the issuance of the Backstop Shares, Backstop Warrant and the Commitment Warrant)
do not and will not: (i) violate, conflict with or result in the breach of the certificate of incorporation, bylaws, or similar
formation or organizational documents of the Company; (ii) conflict with or violate any Law or Order applicable to the Company,
any of its Subsidiaries or any of their respective assets or properties; (iii) violate, conflict with, result in any breach of,
constitute a default under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension,
revocation or cancellation of, any note, bond, mortgage or indenture, Contract, agreement, lease, sublease, license, permit, franchise
or other instrument or arrangement to which the Company is a party or to which any of their respective assets or properties are
subject, or result in the creation of any Encumbrance on any of their respective assets or properties, except, in the case of
clauses (ii) and (iii), for any such conflict, violation, breach or default that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

(c)
Consents and Approvals. The Company has received all consents, waivers, authorizations or orders of, has given any notices
to, or made all filings or registrations with, any court or other federal, state, local or other governmental authority, agency
or other Person (collectively, “Consents”), to own, lease and operate its properties and conduct its business as it
is now being conducted, and each such Consent is valid and in full force and effect. Neither the Company nor any of its Affiliates
has received any notice of any investigation or proceedings which, if decided adversely to the Company, could reasonably be expected
to result in the revocation of, or the imposition of a materially burdensome restriction on, any Consent. No Consent contains
a materially burdensome restriction not disclosed in the SEC Reports (in the Form 10-K for the year ended December 31, 2016 and
thereafter). Other than 2016 PIPE Participants’ right of participation, the Company is not required to obtain any Consents
in connection with the execution, delivery and performance by the Company of this Agreement, other than: (i) the filings required
pursuant to this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the issuance, sale and
listing of the securities of the Company trading thereon in the time and manner required thereby, (iii) the filing of Form D with
the Commission and (iv) such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”). The 2016 PIPE Participants have been provided with required written notices pursuant to Section 4.11 of the
Securities Purchase Agreement dated May 16, 2016 by and between such Participants and the Company in satisfaction of all requirements
of such section and each Participant has declined to participate as a backstop investor for the Rights Offering.

 

(d)
DGCL Section 203. The Board of Directors of the Company has taken all necessary action to approve the transactions contemplated
hereunder so as to make Section 203 of the Delaware General Corporation Law not apply to the Backstop Investor.

 

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(e)
Issuance of the Securities; Registration. The Backstop Shares are duly authorized and, when issued and paid for hereunder,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, other than restrictions on transfer
provided for hereunder. The Backstop Warrant Shares and Commitment Warrant Shares, when issued in accordance with the Backstop
Warrant and Commitment Warrant, respectively, will be validly issued, fully paid and nonassessable, free and clear of all Liens
imposed by the Company, other than restrictions on transfer provided for hereunder. The Company has reserved from its duly authorized
capital stock the maximum number of shares of Common Stock issuable upon (i) exercise of the Backstop Warrant and Commitment Warrant,
(ii) conversion or exchange of all other outstanding securities convertible or exchangeable for any shares of Common Stock and
(iii) exercise of all outstanding options, warrants or rights to subscribe for or purchase Common Stock or securities convertible
into or exchangeable for Common Stock.

 

(f)
SEC Reports; Financial Statements. The Company’s SEC Reports comply in all material respects with the requirements
of the Exchange Act and do not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. Except for the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, the Company
has filed all SEC Reports on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company
has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. All material agreements
to which the Company is a party or to which the property or assets of the Company are subject are included as part of or identified
in the SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations
of the Commission.

 

(g)
Compliance. The Company: (i) is not in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company), nor has the Company received notice of
a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived), (ii) is not in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority
or (iii) is not and has not been in violation of any statute, rule, ordinance or regulation of any governmental authority, including
without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, health, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably
be expected to result, individually or in the aggregate, in a Material Adverse Effect.

 

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(h)
Private Placement. Assuming the accuracy of the Backstop Investor’s representations and warranties set forth in Section
3.2, no registration under the Securities Act is required for the offer and sale of the Units and Commitment Warrant by the Company
to the Backstop Investor as contemplated hereby.

 

(i)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the transactions
contemplated hereby, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment
company” subject to registration under the Investment Company Act of 1940, as amended.

 

(j)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company shall use its best efforts to maintain its compliance with the NYSE American listing
standards and pursuant to its plan of compliance submitted to the NYSE American on July 20, 2016. If the Company does not receive
gross proceeds of $10.5 million from the combined exercise of subscription Rights by Rights Holders and the Backstop Commitment
by December 22, 2017, the Company expects to be delisted from the NYSE American. The Common Stock is currently eligible for electronic
transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment
of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic
transfer.

 

(k)
No Integrated Offering. Assuming the accuracy of the Backstop Investor’s representations and warranties set forth
in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would
cause the offering of the Commitment Warrants to be integrated with prior offerings by the Company for purposes of (i) any applicable
law or regulation including the Securities Act which would require the registration of any such securities under the Securities
Act or any applicable law or regulation, or (ii) any applicable shareholder approval provisions of any Trading Market on which
any of the securities of the Company are listed or designated.

 

(l)
No Disqualification Events. With respect to the Backstop Shares, the Backstop Warrant Shares and the Commitment Warrant
Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors,
any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder,
any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting
power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity
at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject
to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care
to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent
applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Backstop Investor a copy of any disclosures
provided thereunder.

 

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(m)
The Company and the Board of Directors of the Company have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision under the Company’s certificate of incorporation, as amended (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Backstop Investor as a result of the Backstop
Investor and the Company fulfilling their obligations or exercising their rights hereunder.

 

Section
3.2 Representations and Warranties of the Backstop Investor. The Backstop Investor hereby makes the representations and
warranties set forth below to the Company that as of the date of its execution of this Agreement:

 

(a)
Due Authorization. The Backstop Investor represents and warrants that (i) the execution and delivery of this Agreement
by it and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on
its behalf and (ii) this Agreement has been duly executed and delivered by the Backstop Investor and constitutes the valid and
binding obligation of the Backstop Investor, enforceable against it in accordance with its terms.

 

(b)
No Conflicts. The execution, delivery and performance of this Agreement by the Backstop Investor and the consummation by
the Backstop Investor of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision
of the Backstop Investor’s organizational or charter documents, or (ii) conflict with or result in a violation of any agreement,
law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority which would
interfere with the ability of the Backstop Investor to perform its obligations under this Agreement.

 

(c)
Access to Information. The Backstop Investor acknowledges that it has had the opportunity to review this Agreement and
the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions of the exercise of the Backstop Warrant and the
Commitment Warrant and the merits and risks of investing in the Backstop Warrant Shares and the Commitment Warrant Shares; (ii)
access to information about the Company and its financial condition, results of operations, business, properties, management and
prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the investment; provided, however, that such review, opportunity and access shall not alter, diminish
or impair the Backstop Investor’s rights hereunder or under any other agreement, instrument or indenture.

 

(d)
Backstop Investor Status. At the time such Backstop Investor was offered the Backstop Warrant and the Commitment Warrant,
it was, and as of the date hereof it is, and on each date on which it exercises any the Backstop Warrant or the Commitment Warrant,
it will represent and warrant that it is: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under
the Securities Act.

 

    	 	 	10

     

    

 

ARTICLE
IV

TERMINATION

 

Section
4.1 Termination.

 

(a)
Termination by the Backstop Investor. The Agreement may be terminated at any time by the Backstop Investor upon the failure
of any of the conditions set forth in Section 2.7.

 

(b)
Termination by the Company. The Agreement may be terminated at any time by the Company if the Backstop Investor takes any
action that would be a breach of this Agreement, and if such breach is not cured within five (5) Business Days after receipt of
written notice from the Company to Backstop Investor.

 

(c)
Mutual Termination. This Agreement may be terminated by the mutual written consent of the Company and the Backstop Investor.

 

(d)
Automatic Termination. This Agreement will automatically terminate upon failure of the Company to receive subscriptions
from Rights Holders (other than the Backstop Investor exercising Rights in the Rights Offering) of a minimum of $4.5 million or
other termination or abandonment of the Rights Offering.

 

ARTICLE
V

MISCELLANEOUS

 

Section
5.1 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the sale of the Backstop Units and
Commitment Warrants in a manner that would require the registration under the Securities Act of the sale of the Backstop Units
and Commitment Warrants or that would be integrated with the offer or sale of the Backstop Units and Commitment Warrants for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such
other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

Section
5.2 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated hereunder
and information and disclosures included in the Company’s SEC Reports, the Company covenants and agrees that neither it,
nor any other Person acting on its behalf will provide the Backstop Investor or its agents or counsel with any information that
constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Backstop
Investor shall have consented to the receipt of such information, which consent shall constitute the Backstop Investor’s
agreement to keep such information confidential. The Company understands and confirms that the Backstop Investor shall be relying
on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any
material, non-public information to the Backstop Investor without the Backstop Investor’s consent, the Company hereby covenants
and agrees that the Backstop Investor shall not have any duty of confidentiality to the Company, or any of its officers, directors,
agents, employees or Affiliates, or a duty to the Company or any of its officers, directors, agents, employees or Affiliates not
to trade on the basis of, such material, non-public information, provided that the Backstop Investor shall remain subject to applicable
law. To the extent that any notice provided pursuant to this Agreement constitutes, or contains, material, non-public information
regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. The Company understands and confirms that the Backstop Investor shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

    	 	 	11

     

    

 

Section
5.3 Indemnification of Backstop Investor. Subject to the provisions of this Section 5.3, the Company will indemnify and
hold Backstop Investor and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title),
each Person who controls the Backstop Investor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons
(each, a “Backstop Investor Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies,
damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’
fees and costs of investigation that any such Backstop Investor Party may suffer or incur as a result of or relating to (a) any
breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or (b) any action
instituted against the Backstop Investor Parties in any capacity, or any of them or their respective Affiliates, by any stockholder
of the Company who is not an Affiliate of such Backstop Investor Parties, with respect to any of the transactions contemplated
hereunder (unless such action is based upon a breach of such Backstop Investor Party’s representations, warranties or covenants
hereunder or any agreements or understandings such Backstop Investor Parties may have with any such stockholder or any violations
by such Backstop Investor Parties of state or federal securities laws or any other conduct by such Backstop Investor Parties which
constitutes fraud or gross negligence). If any action shall be brought against any Backstop Investor Party in respect of which
indemnity may be sought pursuant to this Agreement, such Backstop Investor Party shall promptly notify the Company in writing,
and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
Backstop Investor Party. Any Backstop Investor Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Backstop Investor Party except
to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has
failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the
reasonable opinion of such separate counsel, a material conflict on any material issue between the position of the Company and
the position of such Backstop Investor Party, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel. The Company will not be liable to any Backstop Investor Party under this Agreement
(y) for any settlement by a Backstop Investor Party effected without the Company’s prior written consent, which shall not
be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable
to any Backstop Investor Party’s breach of any of the representations, warranties, covenants or agreements made by such
Backstop Investor Party in this Agreement. The indemnification required by this Section 5.3 shall be made by periodic payments
of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
agreements contained herein shall be in addition to any cause of action or similar right of any Backstop Investor Party against
the Company or others and any liabilities the Company may be subject to pursuant to law.

 

    	 	 	12

     

    

 

Section
5.4 Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue the Backstop Warrant Shares and the Commitment Warrant Shares pursuant to any exercise of the Backstop Warrant
or the Commitment Warrant, as applicable. If at any time the number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the exercise of the Backstop Warrant and the Commitment Warrant, the Company shall take such corporate
act as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such
number as shall be sufficient for such purposes.

 

Section
5.5 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Backstop Committment as required
under Regulation D and to provide a copy thereof, promptly upon request of the Backstop Investor. The Company shall take such
action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Backstop
Units and Commitment Warrants for, sale to the Backstop Investor at the Expiration Date under applicable securities or “Blue
Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Backstop
Investor.

 

Section
5.6 Exercise of Warrants. The form Notice of Exercise included in the Commitment Warrant sets forth the totality of the
procedures required of the Backstop Investor in order to exercise the Commitment Warrant. Without limiting the preceding sentence,
no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise form be required in order to exercise the Commitment Warrant. No additional legal opinion, other information
or instructions shall be required of the Backstop Investor to exercise their Commitment Warrant. The Company shall honor exercises
of the Commitment Warrant in accordance with the terms, conditions and time periods set forth in the Commitment Warrant

 

Section
5.7 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or e-mail at the facsimile number or e-mail address set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile or e-mail at the facsimile number or e-mail address set forth on the signature
pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c)
the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or
(d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to this Agreement
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

Section
5.8 Survival. All warranties and representations (as of the date such warranties and representations were made) made herein
or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been
relied upon by the parties hereto and shall survive the issuance of the Backstop Units and Commitment Warrant. This Agreement
shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided however
that the Company may not assign this Agreement or the obligations and rights of the Company hereunder without the prior written
consent of the Backstop Investor.

 

    	 	 	13

     

    

 

Section
5.9 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

Section
5.10 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

Section
5.11 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the State of Delaware for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

Section
5.12 Entire Agreement. This Agreement and the Commitment Warrant represents the entire understanding and agreement between
the parties hereto with respect to the subject matter hereof.

 

Section
5.13 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

Section
5.14 Fees and Expenses. The Company shall pay the reasonable legal fees and expenses of Backstop Investor in connection
with the transactions contemplated hereby not to exceed $50,000 in the aggregate.

 

Section
5.15 Brokerage Fees. Maxim Group LLC will receive a commission equal to 2% of the Backstop Purchase Price and 2% of the
gross proceeds attributable to Backstop Investor’s participation in the Rights Offering as a Rights Holder. No other brokerage
or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The
Backstop Investor shall have no obligation with respect to any fees or with respect to any claims (other than such fees or commissions
owed by Backstop Investor pursuant to agreements entered into by the Backstop Investor, which fees or commission shall be the
sole responsibility of Backstop Investor) made by or on behalf of other Persons for fees of a type contemplated in this Section
5.15 that may be due in connection with the transactions contemplated by this Agreement due to an arrangement or agreement made
by the Company.

 

[Signature
Pages Follow]

 

    	 	 	14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	REED’S
    INC.,
	a
    Delaware corporation	 
	 	 
	 	 	 
	By:
    	Valentin
    Stalowir	 
	Its:
    	Chief
    Executive Officer	 
	 	 	 
	RAPTOR/
    HARBOR REED’S SPV, LLC,
	a
    Delaware limited liability company
	 
	 	 	 
	By:	Daniel
    J. Doherty III	 
	Its:	Authorized
    Signatory	 

 

    	 	 	15Exhibit 4.1

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE dated as of December 4, 2017 (this “Supplemental Indenture”), between Accuray Incorporated (the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

 

WHEREAS, the Issuer is the issuer under the Indenture, dated as of August 7, 2017 (the “Original Indenture” and together with this Supplemental Indenture, the “Indenture”), pursuant to which the Issuer issued, and the Trustee authenticated and delivered the Issuer’s 3.75% Convertible Senior Notes due 2022 (the “Securities”);

 

WHEREAS, pursuant to Section 9.01 of the Original Indenture, without notice to or the consent of any Holder, the Issuer and the Trustee may amend or supplement the Original Indenture to cure any ambiguity, defect, omission or inconsistency in the Original Indenture in a manner that does not, individually or in the aggregate with all other changes, adversely affect the rights of any Holder in any material respect; and

 

WHEREAS, the Issuer requests that the Trustee execute and deliver this Supplemental Indenture to cure such a defect in Section 10.15 of the Original Indenture and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms, and the execution and delivery of this Supplemental Indenture have been duly authorized by the Issuer in all respects.

 

NOW, THEREFORE, the Issuer and the Trustee do hereby supplement and amend the Original Indenture as follows:

 

ARTICLE 1
 DEFINITIONS

 

Section 1.01.                          Definitions.  Capitalized terms that are defined in the preamble or the recitals hereto shall have such meanings throughout this Supplemental Indenture.  Capitalized terms used but not defined in this Supplemental Indenture have the meanings assigned thereto in the Original Indenture. The meanings assigned to all defined terms used in this Supplemental Indenture shall be equally applicable to both the singular and plural forms of such defined terms.

 

ARTICLE 2
 AMENDMENTS

 

Section 2.01.                          Amendments.  The table in Section 10.15 of the Original Indenture is hereby replaced with the table set forth below:

 

 

	
 
    	
 
    	
Applicable Price
    	
 
    
	
Effective Date
    	
 
    	
$4.40
    	
 
    	
$5.00
    	
 
    	
$5.72
    	
 
    	
$6.50
    	
 
    	
$7.50
    	
 
    	
$10.00
    	
 
    	
$12.50
    	
 
    	
$15.00
    	
 
    	
$17.50
    	
 
    	
$20.00
    	
 
    	
$25.00
    	
 
    
	
August 7, 2017
    	
 
    	
52.4475
    	
 
    	
40.8860
    	
 
    	
31.5087
    	
 
    	
24.7031
    	
 
    	
18.9493
    	
 
    	
11.3750
    	
 
    	
7.7040
    	
 
    	
5.5127
    	
 
    	
4.0320
    	
 
    	
2.9515
    	
 
    	
1.4608
    	
 
    
	
July 15, 2018
    	
 
    	
52.4475
    	
 
    	
38.4560
    	
 
    	
28.7920
    	
 
    	
22.0031
    	
 
    	
16.4813
    	
 
    	
9.6420
    	
 
    	
6.5224
    	
 
    	
4.7020
    	
 
    	
3.4794
    	
 
    	
2.5875
    	
 
    	
1.3556
    	
 
    
	
July 15, 2019
    	
 
    	
52.4475
    	
 
    	
35.7680
    	
 
    	
25.6101
    	
 
    	
18.7862
    	
 
    	
13.5493
    	
 
    	
7.6360
    	
 
    	
5.1664
    	
 
    	
3.7613
    	
 
    	
2.8183
    	
 
    	
2.1270
    	
 
    	
1.1704
    	
 
    
	
July 15, 2020
    	
 
    	
52.4475
    	
 
    	
32.6600
    	
 
    	
21.6276
    	
 
    	
14.7246
    	
 
    	
9.9307
    	
 
    	
5.3170
    	
 
    	
3.6304
    	
 
    	
2.6807
    	
 
    	
2.0354
    	
 
    	
1.5585
    	
 
    	
0.8944
    	
 
    
	
July 15, 2021
    	
 
    	
52.4475
    	
 
    	
28.7260
    	
 
    	
15.9528
    	
 
    	
9.0708
    	
 
    	
5.2947
    	
 
    	
2.7150
    	
 
    	
1.9128
    	
 
    	
1.4380
    	
 
    	
1.1057
    	
 
    	
0.8570
    	
 
    	
0.5096
    	
 
    
	
July 15, 2022
    	
 
    	
52.4475
    	
 
    	
25.1740
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    	
0.0000
    	
 
    

 

ARTICLE 3
 MISCELLANEOUS

 

Section 3.01.                          Date and Time of Effectiveness.  This Supplemental Indenture shall become a legally effective and binding instrument at and as of the date hereof.

 

Section 3.02.                          Supplemental Indenture Incorporated Into Indenture.  The terms and conditions of this Supplemental Indenture shall be deemed to be part of the Indenture for all purposes relating to the Securities. The Original Indenture is hereby incorporated by reference herein and the Original Indenture, as supplemented by this Supplemental Indenture, is in all respects adopted, ratified and confirmed.

 

Section 3.03.                          Outstanding Securities Deemed Conformed.  As of the date hereof, the provisions of the outstanding Securities shall be deemed to be conformed, without the necessity for any reissuance or exchange of such outstanding Security or any other action on the part of the holders of outstanding Securities, the Issuer or the Trustee, so as to reflect this Supplemental Indenture.

 

Section 3.04.                          Separability.  In case any provision in this Supplemental Indenture, or in the Indenture, shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

 

Section 3.05.                          Benefits of Supplemental Indenture.  Nothing in this Supplemental Indenture, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and the holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture or the Indenture.

 

Section 3.06.                          Successors.  All agreements of the Issuer and the Trustee in this Supplemental Indenture and in the Original Indenture, as applicable, shall bind their respective successors.

 

Section 3.07.                          New York Law to Govern.  This Supplemental Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State (without regard to the conflicts of laws provisions thereof).

 

2

 

Section 3.08.                          Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 3.09.                          Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 3.10.                          Trustee.  The Trustee accepts the amendments of the Original Indenture effected by this Supplemental Indenture, but on the terms and conditions set forth in the Original Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.  Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuer, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Issuer by action or otherwise, (iii) the due execution hereof by the Issuer or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters.

 

3

 

IN WITNESS WHEREOF, each of the parties has caused this Supplemental Indenture to be duly executed, all as of the first date written above.

 

	
 
    	
ACCURAY INCORPORATED
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin Waters
    
	
 
    	
 
    	
Name:
    	
Kevin   Waters
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer
    
						

 

 

	
 
    	
THE   BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Valere Boyd
    
	
 
    	
 
    	
Name:
    	
Valere   Boyd
    
	
 
    	
 
    	
Title:
    	
Vice   President

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