Document:

Exhibit
10.37

 

WARRANT
NUMBER

A - «Warrant_Certificate»

 

Warrant
Shares: «Number»

 

CLEARDAY,
INC.

 

AMENDED
AND RESTATED WARRANT

 

TO
PURCHASE SHARES OF COMMON STOCK

 

EXPLANATORY
NOTE:

 

This
Warrant represents the warrant to purchase the common stock, par value $0.01 per share, of Allied Integral United, Inc., a Delaware corporation
(“AIU”), that was issued to the initial holder of this Warrant in the offering by (i) AIU Alternative Care, Inc., a Delaware
corporation and a subsidiary of AIU (“Clearday Care”), of its 10.25%% Series I Cumulative Convertible Preferred Stock, par
value $0.01 per share (the “Clearday Care Preferred”); and (ii) Clearday Alternative Care OZ Fund LP, a Delaware limited
partnership that is a subsidiary of Clearday Care (“Clearday OZ Fund”), of its units of the limited partnership interests
(“Clearday OZ LP Interests”) AS AMENDED TO REFLECT the merger (“Merger”) and the related transactions under the
Agreement and Plan of Merger (“Merger Agreement”) among Superconductor Technologies Inc., a Delaware corporation (“Superconductor”)
AIU Special Merger Company, Inc., a wholly owned subsidiary of Superconductor (“Merger Sub”), and AIU.

 

Accordingly,
this Warrant now represents and evidenced the shares of Common Stock, par value $0.001 per share of Superconductor, which has changed
its name to Clearday, Inc., after given effect to all of the adjustments to the initial warrant in connection with the Merger, a fundamental
transaction under this Warrant.

 

THIS
WARRANT HAS NOT BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

THE
SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE REGISTRATION STATEMENT ON FORM S-4 (REGISTRATION
NO. 333-256138)

 

    	 

     

    

 

THIS
WARRANT HAS A TERM OF TEN (10) YEARS AFTER THE INITIAL CLOSING DATE OF THE OFFERING OR NOVEMBER 15, 2029

 

THIS
CERTIFIES THAT, for value received, «SUBSCRIBER»

 

(together
with its successors and assigns, the “Holder”), commencing «Issue__Effective_Date» (the “Date
of Issue”) is entitled to purchase, subject to the conditions set forth below, at any time and from time to time, in whole
or in part, during the Exercise Period (as defined in Section 1.3), that number of fully paid and non-assessable shares (the “Shares”)
of common stock, par value $0.001 per share (“Common Stock”), of CLEARDAY, Inc., a Delaware corporation
formerly known as Superconductor Technologies Inc. (the “Company”), that is not more than the Warrant Share
Number (as defined in Section 1.1), subject to the further provisions of this warrant to purchase newly issued shares of Common
Stock (the “Warrant”), at the Warrant Exercise Price (as defined in Section 1.2), subject to the further
provisions of this Warrant.

 

1.
EXERCISE OF WARRANT

 

The
terms and conditions upon which this Warrant may be exercised, and the shares of Common Stock covered hereby which may be purchased hereunder,
are as follows:

 

1.1.
Warrant.

 

(a)
The Company hereby issues to the Holder this Warrant.

 

(b)
The number of Shares that the Holder is entitled to purchase under the terms and conditions of this Warrant (the “Warrant
Share Number”) is equal to «Number», subject to adjustment as provided in Section 4 of this Warrant.

 

(c)
For the purposes of this Agreement, the following terms shall have the respective meanings ascribed thereto in this Section 1.1(c):

 

(i)
“Affiliate” shall have the meaning ascribed to such term under the Securities Act and the regulations promulgated
thereunder.

 

(ii)
“Business Day” shall mean any date that the banks and the securities markets are in New York, New York open
for business for the conduct of business in the regular course on such date.

 

(iii)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(iv)
“IPO” shall mean the offering of Common Stock by the Company that is described in the Registration Statement.

 

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(v)
“Person” shall mean any individual, trust or entity or governmental authority or agency.

 

(vi)
“VWAP” shall mean the volume weighted average price per share of common stock calculated on the basis of the
closing price and the trading volume of the Common Stock on the applicable securities exchange (defined as the New York Stock Exchange,
the American Stock Exchange or any of tier or market of Nasdaq) or market and, is such securities exchange does not report the trading
price or volume, then the VWAP will be determined at the last 20 day VWAP or the price that is determined by an independent valuation
firm as of the end of the fiscal year.

 

1.2.
The Warrant Exercise Price. The exercise price for the Warrant (the “Warrant Exercise Price”) shall
be equal, per share, subject to adjustment as provided in Section 4: 50% of the following, as applicable:

 

(a)
if the Common Stock is offered in an IPO, then the gross price offered and sold to purchasers in such offering;

 

(b)
if Company files a Form 10 registration statement, then the closing price of the Common Stock on the first day that such registration
statement is effective;

 

(c)
if the Company merges with or into a Person (or effects a transaction that provides an effect that is substantially similar to a merger
that is described in Section 4.2 or Section 4.3 of this Warrant) that is, on the closing date of such merger or such other transaction,
a company that is subject to the reporting obligations of the Exchange Act (a, “Public Company”), then the
VWAP of the public company common stock for the 20 trading days prior to such closing date, adjusted as appropriate and certified by
the Company, for the number of shares of such common stock issued by such other Person in exchange for one share of Common Stock.

 

The
Company hereby certifies that such price as adjusted as appropriate for the reverse merger under the Merger Agreement is $10.00 per share.

 

(d)
The initial exercise price per Warrant is $5.00.

 

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1.3.
Method of Exercise.

 

(a)
The Holder of this Warrant may exercise, in whole or in part, the purchase rights evidenced by this Warrant during the period commencing
on the Date of Issue of this Warrant and ending on the date that is ten (10) years after the Initial Closing, or November 15, 2029, unless
extended by the Company in its sole discretion (the “Exercise Period”). Such exercise shall be effected by:

 

 

(i)
the surrender of the Warrant, together with a duly executed copy of the form of subscription attached hereto (a “Notice of
Exercise”), to the Secretary of the Company at its principal offices;

 

(ii)
the payment to the Company, by certified check or bank draft payable to its order, of an amount equal to the aggregate Warrant Exercise
Price for the number of Shares for which the purchase rights hereunder are being exercised; and

 

(iii)
the delivery to the Company, if necessary, to assure compliance with federal and state securities laws, of an instrument executed by
the Holder certifying that the Shares are being acquired for the sole account of the Holder and not with a view to any resale or distribution.

 

(b)
Conditions to Exercise of the Warrant.

 

(i)
Notwithstanding the provisions of any provision of this Warrant, including Section 1.3, the exercise of this Warrant is contingent
upon the Company’s satisfaction that the issuance of the Shares for which this Warrant is being exercised is exempt from the requirements
of the Securities Act and all applicable state securities laws or the Shares are duly registered under the Securities Act. The Holder
of this Warrant agrees to execute any and all documents deemed necessary by the Company to effect the exercise of this Warrant.

 

(ii)
Notwithstanding anything to the contrary contained herein, the number of Shares that may be acquired by the Holder upon any exercise
of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or
other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any other Persons
whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act (the “Beneficial Ownership”, does not exceed 4.99% of the total number of issued and outstanding shares
of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise) (the “Maximum Percentage”).
For the avoidance of doubt, except as otherwise provided herein in connection with a transaction described in Section 4.3 (a “Fundamental
Transaction”), this Warrant may not be exercised in whole or in part if the Holder’s Beneficial Ownership (as calculated
herein) exceeds the Maximum Percentage prior to such exercise. For such purposes, Beneficial Ownership shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict the number
of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration
that such Holder may receive in the event of a Fundamental Transaction of this Warrant or under any other provision of Section 4.
This restriction may not be waived except by the Holder providing a notice to the Company as provided herein. For any reason at any time,
upon the written or oral request of the Holder, the Company shall promptly confirm in writing (which may be by electronic mail) to the
Holder the number of shares of Common Stock then outstanding. To the extent that the limitation contained in this Section 1.3(b)(ii)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder together
with any Affiliates) and of which a portion of this Warrant is exercisable shall be in the sole discretion of a Holder, and the submission
of a Notice of Exercise shall be deemed to be each Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by such Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case
subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination
other than its obligation in this Section 1.3(b)(ii) above to, upon the Holder’s request, confirm in writing to the Holder
the number of shares of Common Stock then outstanding. Notwithstanding any provision of this Section 1.3(b)(ii) to the contrary,
the limitations on the exercise of this Warrant under this Section 1.3(b)(ii) shall not be applicable from and after the date
that is 61 days after the date that the Holder provides written notice to the Company that the Holder elects to have Beneficial Ownership
of the Company’s Common Stock in excess of the Maximum Percentage, in which case such Holder shall have the right to exercise this
Warrant without the limitations of this Section 1.3(b)(ii); provided, that the limitations of this Section 1.3(b)(ii)
shall again be applicable to any assignee of this Warrant until 61 days after such assignee provides such notice to the Company.

 

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(iii)
THIS WARRANT MAY NOT BE EXERCISED UNTIL THE FOLLOWING DATE: the date that the Company (or the Person with whom the Company merges) is
a Public Company.

 

1.4.
Issuance of Shares. In the event the purchase rights evidenced by this Warrant are exercised in whole or in part, one or more
certificates for the purchased Shares shall be issued as soon as practicable thereafter to the Holder.

 

1.5.
Partial Exercise. If this Warrant shall have been exercised only in part, then the Company shall, at the time of delivery of the
certificate or certificates for the Shares purchased upon such exercise, also deliver to the Holder a new Warrant evidencing the remaining
outstanding unexercised balance of Shares purchasable hereunder.

 

1.6.
Cancellation. Notwithstanding anything in this Warrant to the contrary, this Warrant shall be cancelled, and shall not be exercisable,
if it is not exercised before the expiration of the Exercise Period.

 

2.
TRANSFER RESTRICTIONS

 

2.1.
Transfer. This Warrant and the Shares issuable upon exercise hereof are “restricted securities” as such term is defined
by the rules and regulations promulgated under the Securities Act. This Warrant and the Shares issuable upon exercise hereof may only
be disposed of in compliance with state and federal securities laws. In connection with any transfer of this Warrant or the Shares issuable
upon exercise hereof, other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a
Holder, the Company may require the transferor to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that
such transfer does not require registration of the transferred Warrant or Shares under the Securities Act. As a condition of transfer,
any such transferee shall agree in writing to be bound by the terms of this Warrant and the Agreement and shall have the rights and obligations
of a Holder under this Warrant and the Agreement.

 

2.2.
Legend.

 

(a)
Unless a registration statement regarding the Shares is effective, such as the Registration Statement on Form S-4 (Registration No. .
333-256138), the Holder agrees to the imprinting of a legend on any of the Shares issuable upon exercise hereof in the following form:

 

THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE CORPORATION. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER
OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES
ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(b)
Notwithstanding the foregoing, certificates evidencing this Warrant or the Shares issuable upon exercise hereof shall not contain any
legend (including the legend set forth above), (i) while a registration statement covering the resale of such security is effective under
the Securities Act, (ii) following any sale of this Warrant or such Shares issuable upon exercise hereof pursuant to Rule 144, (iii)
if this Warrant or such Shares issuable upon exercise hereof are eligible for sale under Rule 144, without the requirement for the Company
to be in compliance with the current public information required under Rule 144 as to this Warrant or such Shares issuable upon exercise
hereof and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the
Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission).

 

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2.3.
Sale. The Holder agrees that the Holder will sell this Warrant or any Shares issuable upon exercise hereof only pursuant to either:
(i) the registration requirements of the Securities Act, including any applicable prospectus delivery requirements; or (ii) an exemption
therefrom, and that if this Warrant or any Shares issuable upon exercise hereof are sold pursuant to any such effective registration
statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the
restrictive legend from certificates representing the Shares or this Warrant is predicated upon the Company’s reliance upon this
understanding.

 

3.
Fractional Shares

 

Notwithstanding
that the number of Shares purchasable upon the exercise of this Warrant may have been adjusted pursuant to the terms hereof, the Company
shall nonetheless not be required to issue fractions of Shares upon exercise of this Warrant or to distribute certificates that evidence
fractional shares, provided that in lieu of any fraction shares, the Company shall make a cash payment to the Holder in an amount equal
to the fair market value (as determined by the Board of Directors of the Company in its reasonable good faith) of such fractional share.

 

4.
ANTIDILUTION PROVISIONS

 

4.1.
Stock Splits and Combinations. If the Company shall at any time subdivide or combine its outstanding shares of Common Stock, this
Warrant shall, after that subdivision or combination, evidence the right to purchase the number of shares of Common Stock that would
have been issuable as a result of that change with respect to the shares of Common Stock which were purchasable under this Warrant immediately
before that subdivision or combination. If the Company shall at any time subdivide the outstanding shares of Common Stock, the Warrant
Exercise Price then in effect immediately before that subdivision shall be proportionately decreased, and, if the Company shall at any
time combine the outstanding shares of Common Stock, the Warrant Exercise Price then in effect immediately before that combination shall
be proportionately increased. Any adjustment under this section shall become effective at the close of business on the date the subdivision
or combination becomes effective.

 

4.2.
Reclassification, Exchange and Substitution. If the Common Stock issuable upon exercise of this Warrant shall be changed into
the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification,
or otherwise (other than a subdivision or combination of shares provided for above), the Holder of this Warrant shall, on its exercise,
be entitled to purchase for the same aggregate consideration, in lieu of the Common Stock that the Holder would have been entitled to
purchase but for such change, a number of shares of such other class or classes of stock equivalent to the number of shares of Common
Stock that would have been subject to purchase by the Holder on exercise of this Warrant immediately before that change.

 

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4.3.
Reorganizations, Mergers, Consolidations or Sale of Assets.

 

(a)
If at any time there shall be a capital reorganization of the Company’s Common Stock (other than a combination, reclassification,
exchange, or subdivision of shares provided for elsewhere above) or merger or consolidation of the Company with or into another entity,
or the sale of the Company’s properties and assets as, or substantially as, an entirety to any other person or entity, then, as
a part of such reorganization, merger, consolidation or sale, lawful provision shall be made so that the Holder of this Warrant shall
thereafter be entitled to receive upon exercise of this Warrant, during the period specified in this Warrant and upon payment of the
Warrant Exercise Price then in effect, the number of shares of Common Stock or other securities or property of the Company, or of the
Successor Entity resulting from such merger or consolidation, to which a holder of the Common Stock deliverable upon exercise of this
Warrant would have been entitled in such capital reorganization, merger, or consolidation or sale if this Warrant had been exercised
immediately before that capital reorganization, merger, consolidation, or sale, as further adjusted by the provisions of this Section
4 of this Warrant with respect to such shares of Common Stock or other securities of the applicable Successor Entity. In any such case,
appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the Holder of this Warrant after the reorganization, merger, consolidation,
or sale to the end that the provisions of this Warrant (including adjustment of the Warrant Exercise Price then in effect and number
of Shares purchasable upon exercise of this Warrant) shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of this Warrant. The Company shall, within thirty (30) days
after making such adjustment, give written notice (by first class mail, postage prepaid) to the Holder of this Warrant at the address
of the Holder shown on the Company’s books. That notice shall set forth, in reasonable detail, the event requiring the adjustment
and the method by which the adjustment was calculated, and specify the Warrant Exercise Price then in effect after the adjustment and
the increased or decreased number of Shares or the other shares or property purchasable upon exercise of this Warrant. When appropriate,
that notice may be given in advance and include as part of the notice required under other provisions of this Warrant.

 

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(b)
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 4 pursuant to written agreements in form and substance approved in good faith by the
Company prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the
shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and
the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to,
and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

The
amendments that amend and restate this Warrant reflect the amendments required as of the closing of the Merger under this Section 4.3.

 

4.4.
Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the case
may be. For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

5.
Reservation of Stock Issuable Upon Exercise.

 

The
Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose
of effecting the exercise of this Warrant such number of its shares of Common Stock as shall from time to time be sufficient to effect
the exercise of this Warrant and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient
to effect the exercise of this Warrant, in addition to such other remedies as shall be available to the Holder of this Warrant, the Company
will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized
but un-issued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

 

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6.
RIGHTS PRIOR TO EXERCISE OF WARRANT

 

6.1.
This Warrant does not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the right
to receive dividends or other distributions, to exercise any preemptive rights, to vote, or to consent or to receive notice as a stockholder
of the Company. If, however, at any time prior to the termination of this Warrant and prior to its exercise, any of the following events
shall occur:

 

(a)
the Company shall declare any dividend payable in any securities upon its shares of Common Stock or make any distribution (other than
a regular cash dividend) to the Holders of its shares of Common Stock; or

 

(b)
the Company shall offer to the holders of its shares of Common Stock any additional Warrant of Common Stock or securities convertible
into or exchangeable for shares of Common Stock or any right to subscribe for or purchase any thereof; or

 

(c)
a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation, merger, sale, transfer or lease
of all or substantially all of its property, assets and business as an entirety that provided in Section 4) shall be proposed and action
by the Company with respect thereto has been approved by the Company’s Board of Directors;

 

then
in any one or more of said events the Company shall give notice in writing of such event to the Holder at the last address of the Holder
as it shall appear on the Company’s records at least twenty (20) days prior to the date fixed as a record date or the date of closing
the transfer books for the determination of the stockholders entitled to such dividends, distribution, or subscription rights, or for
the determination of stockholders entitled to vote on such proposed dissolution, liquidation or winding up. Such notice shall specify
such record date or the date of closing the transfer books, as the case may be. Failure to publish, mail or receive such notice or any
defect therein or in the publication or mailing thereof shall not affect the validity of any action taken in connection with such dividend,
distribution or subscription rights, or such proposed dissolution, liquidation or winding up. Each person in whose name any certificate
for shares of Common Stock is to be issued shall for all purposes be deemed to have become the holder of record of such shares on the
date on which this instrument was surrendered and payment of the Warrant Exercise Price was made, irrespective of the date of delivery
of such stock certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next
succeeding date on which the stock transfer books are open.

 

7.
SUCCESSORS AND ASSIGNS

 

The
terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the Holder hereof and their
respective successors and permitted assigns. Any Successor Entity shall provide an appropriate supplement to this Warrant to evidence
its assumption of the obligations under this Warrant as provided in Section 4.3(b). This Warrant being issued by the Company

 

8.
LOSS OR MUTILATION

 

8.1.
Upon receipt by the Company of satisfactory evidence of the ownership of and the loss, theft, destruction, or mutilation of any Warrant,
and (i) in the case of loss, theft, or destruction, upon receipt by the Company of indemnity satisfactory to it, or (ii) in the case
of mutilation, upon receipt of such Warrant and upon surrender and cancellation of such Warrant, the Company shall execute and deliver
in lieu thereof a new Warrant representing the right to purchase an equal number of shares of Common Stock. The Company may charge a
fee or any such replacement and a fee for any such indemnification, which it expects to be the amount typically charged by its Stock
Record Agent with respect to any indemnity and charged to replace a lost certificate for Common Stock.

 

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8.2.
The Holder also acknowledges that each of the Shares issuable upon the due exercise hereof will be subject to any transfer restrictions
in the Company’s Certificate of Incorporation, including a right of first refusal to the Company, and the certificate or certificates
evidencing the Shares will bear a legend to this effect.

 

9.
TERMINATION DATE

 

This
Warrant shall terminate upon the sooner of (a) TEN (10) YEARS from the Date of the Initial Closing, or until November 15, 2029; or (b)
the exercise of all or any portion of this Warrant pursuant to the terms of Section 1 hereof;

 

10.
GOVERNING LAW

 

This
Warrant and any dispute, disagreement or issue of construction or interpretation arising hereunder whether relating to its execution,
its validity, the obligations provided herein or performance shall be governed or interpreted according to the internal laws of the State
of Delaware without regard to conflicts of law.

 

11.
HEADINGS

 

The
headings and captions used in this Warrant are used only for convenience and are not to be considered in construing or interpreting this
Warrant. All references in this Warrant to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits
attached hereto, all of which exhibits are incorporated herein by this reference.

 

12.
NOTICES.

 

All
notices or other communications given or made hereunder shall be in writing and shall be mailed by certified mail, delivered by professional
courier or hand, or transmitted via email or facsimile, to such party’s address as set forth in the Warrant Register, or such other
address as the Holder or the Company shall notify the other in writing as above provided. Any notice sent in accordance with this section
shall be effective on the date three days after the date of mailing or, if delivered by hand or professional courier, or transmitted
via email or facsimile with delivery receipt (or acknowledgement or confirmation which may be by electronic means), on the date of delivery,
provided, however, that notices to the Company will be effective upon receipt.

 

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13.
SEVERABILITY.

 

If
one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision(s) shall be excluded from this
Warrant and the balance of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance
with its terms.

 

14.
Registration and Transfer of Warrants, etc.

 

14.1.
Warrant Register; Ownership of Warrants. Each Warrant issued by the Company shall be numbered and shall be registered in a warrant
register (the “Warrant Register”) as it is issued and transferred, which Warrant Register shall be maintained
by the Company at its principal office or, at the Company’s election and expense, by a Warrant Agent or the Company’s transfer
agent. The Company shall be entitled to treat the registered Holder of any Warrant on the Warrant Register as the owner in fact thereof
and the Holder for all purposes and shall not be bound to recognize any equitable or other claim to or interest in such Warrant on the
part of any other Person, and shall not be affected by any notice to the contrary, except that, if and when any Warrant is properly assigned
in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes. Subject
to Section 10, a Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued.

 

15.
certain other provisions

 

15.1.
Any reference to an action or event to occur on a specified date that is not a Business Day shall be a reference to the immediately following
Business Day.

 

15.2.
Any calculations of the number of Shares to be issued upon the exercise of this Warrant, in whole or in part, shall be made by the Company
and, absent manifest error, such calculation shall be conclusive and binding.

 

15.3.
The terms and conditions of this Warrant shall not be amended, modified or supplemented other than in accordance with a written amendment
signed by the Holder and the Company that specifically provides for such amendment, modification or supplement.

 

16.
Cooperation in the Registration of Shares.

 

The
Company shall have the right, but not the obligation, to register the Shares in a Registration Statement and cause such Registration
Statement to be effective under the Securities Act, and shall have the right and obligation to so register the Shares under the Registration
Rights Agreement. In any such registration by the Company, the Holder shall cooperate with the Company and provide the Company with all
information reasonably requested from time to time by the Company.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	11

     

    

 

In
Witness Whereof, the parties have executed this
Warrant as of the date first written above.

 

	 	COMPANY

 

	 	Allied
    Integral United, Inc.

 

	 	By:
    	
	 	Name:
	James
    Walesa
	 	Title:
	Chief
    Executive Officer

 

INITIAL
HOLDER

 

«SUBSCRIBER»

 

	By:		 
	 	 	 
	Name:	 	 
		[Print
    Name] 	 
	 	 	 
	Title:	 	 
	 	[if
    applicable]	 

 

Additional
Signatory, if applicable

 

	By:		 
	 	 	 
	Name:	 	 
		[Print
    Name] 	 
	 	 	 
	Title:	 	 
	 	[if
    applicable]	 

 

    	 

     

    

NOTICE
OF WARRANT EXERCISE

 

To:
Allied Integral United, Inc.

8800
Village Drive

2nd
Floor

San
Antonio, TX 78217

 

Ladies and Gentlemen:

 

The
undersigned, , hereby elects to purchase, pursuant to the provisions of the foregoing Warrant held by the undersigned, shares of the
common stock (“Common Stock”) of Allied Integral United, Inc. (or the applicable Successor Entity as provided
in such Warrant the “Corporation”)

 

Payment
of the purchase price of an aggregate amount of $__________ which is the number of shares of Common Stock set forth above multiplied
by the exercise price of $________ per Share required under such Warrant accompanies this notice.

 

The
undersigned hereby represents and warrants to the Corporation on the date of this Exercise Notice, that:

 

1.
the undersigned is acquiring such Common Stock for the account of the undersigned and not for resale or with a view to distribution of
such Common Stock or any part hereof;

 

2.
the undersigned is fully aware of the transfer restrictions affecting restricted securities under the pertinent securities laws;

 

3.
the undersigned understands that the shares of Common Stock purchased hereby are restricted securities and that the certificate or certificates
evidencing the same will bear a legend to that effect unless such shares of Common Stock are covered by an effective registration statement;

 

4.
the undersigned is the beneficial and record owner of such Warrant and that the exercise and payment of the aggregate exercise price
set forth above has

 

a.
    if the holder of such Warrant is not an individual, been duly authorized as appropriate and the undersign that has signed this Exercise
Notice is duly authorized to execute and delivery this Exercise Notice on behalf of the holder of such Warrant; or

 

b.
    if the holder of such Warrant is an individual, such individual has full capacity to sign this Exercise Notice;

 

5.
the payment of the aggregate exercise price of such Warrant under this Exercise Notice has been paid in full with funds that are not
subject to any restriction or refund;

 

6.
such Warrant and the shares of Common Stock issued upon the exercise set forth in this Exercise Notice are free and clear of all liens,
encumbrances or adverse interests and that the delivery of the shares of Common Stock purchased hereby may be issued to the undersigned
as the holder of such Warrant at the address of such holder set forth in the register of the Warrants, and without any restriction noted
on the stock record of the Corporation.

 

    	 

     

    

 

NOTICE
OF WARRANT EXERCISE

Page 2

 

If
the number of shares of Common Stock purchased hereby is less than the number of shares of Common Stock covered by the Warrant, the undersigned
requests that a new Warrant of like tenor representing the number of shares of Common Stock not so purchased be issued and delivered
as follows:

 

	ISSUE
    TO:		 
	 	  (NAME
    OF HOLDER)	 
	 		 
	 	(ADDRESS,
    INCLUDING ZIP CODE)	 
	 		 
	 	(SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER)

 

DELIVER
TO:

 

	 		 
	 	(NAME)	 
	 	 	 
	 	(ADDRESS,
    INCLUDING ZIP CODE)	 

 

DATED:
__________, ____.

 

	Signature:
    		 
	Name:		 
	Title:		 
	Address:Document

Exhibit 10.1
Execution Version

THIRD AMENDMENT TO
MANAGEMENT AGREEMENT

This THIRD AMENDMENT TO MANAGEMENT AGREEMENT (this “Amendment”) is made as of November 22, 2021 by and between AG Mortgage Investment Trust, Inc. a Maryland corporation (the “Company”) and AG REIT Management, LLC, a Delaware limited liability company (the “Manager” and together with the Company, the “Parties”).

WHEREAS, the Parties entered into that certain Management Agreement, dated as of June 29, 2011, as amended by the first amendment thereto, dated as of April 6, 2020, and the second amendment thereto, dated as of September 24, 2020 (as amended, the “Management Agreement”), pursuant to which, among other things, the Company is obligated to pay the Manager a Base Management Fee and reimburse the Manager for certain expenses.

WHEREAS, the Parties wish to amend the Management Agreement through this Amendment in order to include an incentive fee. 

WHEREAS, capitalized terms used in this Amendment and not otherwise defined shall have the meanings ascribed to them in the Management Agreement.

NOW, THEREFORE, in consideration of the recitals and mutual covenants and agreements contained herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereto hereby covenant and agree as follows:

The Company and the Manager wish to amend the Management Agreement pursuant to Section 17(d) thereof through this Amendment with effect on and after the date hereof (the “Effective Date”).

1. Amendments to the Management Agreement. The Parties agree, from and after the Effective Date, that:

(a)Section 1. Definitions.
i.Above the definition for “Advisers Act,” the following definition is hereby added:
“Adjusted Net Income” means, for any period, the Company’s consolidated net income (loss) available to common stockholders over such period calculated in accordance with GAAP, excluding (i) the Incentive Fee, (ii) non-cash equity compensation expenses, (iii) one-time events pursuant to changes in GAAP, and (iv) after discussion between the Manager and the Independent Directors and approval by a majority of the Independent Directors, certain non-recurring or extraordinary events or non-cash charges. For purposes hereof, the Adjusted Net Income for the period from the date of this Amendment through the end of the  month ending November 30, 2021 shall be deemed to be equal to the Adjusted Net Income for the month ended November 2021 multiplied by a fraction the 
1

numerator of which shall be the number of days in such month from and including the date of this Amendment through the last day of such month, and the denominator of which shall be the number of days in such month.  For the avoidance of doubt, Adjusted Net Income may be a positive or negative number.
ii.Above the definition for “Effective Termination Date,” the following definition is hereby added:
“Cumulative Hurdle Amount” means, as of the end of the fiscal year ending December 31, 2021, eight percent (8%) of the Equity Hurdle Base as of December 31, 2021, and as of the end of each subsequent fiscal year, the sum of (i)  eight percent (8%) of the Equity Hurdle Base as of the end of such fiscal year plus (ii) beginning with the fiscal year ending December 31, 2022, the Cumulative Hurdle Amount as of the end of the prior fiscal year.  
iii.Above the definition for “Excess Funds,” the following definition is hereby added:
“Equity Hurdle Base” means, as of the end of any fiscal year, the sum of (i) the Company's adjusted book value (calculated in the manner described in the Company’s public filings) as of October 31, 2021 (ii) the aggregate amount of net proceeds to the Company from the public offering of Common Shares consummated on the date of this Amendment, (iii) the aggregate gross proceeds of all offerings and private placements of Common Shares by the Company (without any deduction for underwriting or similar discounts or fees or other costs and expenses incurred in connection with such offering or placement) that occurs subsequent to the date of this Amendment and prior to the beginning of such fiscal year, and (iv) the aggregate gross proceeds of each offering and private placement of Common Shares by the Company (without any deduction for underwriting or similar discounts or fees or other costs and expenses incurred in connection with such offering or placement) that occurs during such fiscal year multiplied by a fraction the numerator of which shall be the number of days in such fiscal year from and including the date of the closing of such issuance through the last day of such fiscal year, and the denominator of which shall be the total number of days in such fiscal year.  The determination of the Equity Hurdle Base shall be appropriately adjusted to take into account any declaration or payment of a dividend in Common Shares, recapitalization, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange or other similar corporate transaction or event.
iv.Above the definition for “Indemnified Party,” the following definition is hereby added:
2

“Incentive Fee” has the meaning set forth in Section 7(e) hereof.

(b)Section 2. Appointment and Duties of the Manager.
i.Section 2(f) is hereby amended by deleting clause (2) and replacing it with the following: 
(2) shall not result in an increased Base Management Fee, Incentive Fee or expenses payable hereunder and
(c)Section 7. Compensation.
i.Section 7(a) is hereby deleted and replaced with the following paragraph:
(a)    For the services rendered under this Agreement, the Company shall pay to the Manager the Base Management Fee and the Incentive Fee.  Notwithstanding the foregoing or any other provision contained in this Agreement, in the event that any of the services provided hereunder by the Manager are rendered to or for the benefit of any Subsidiary, then a portion of the Base Management Fee and/or the Incentive Fee shall be payable by such Subsidiary.
ii.Section 7(e) is hereby deleted and replaced with the following paragraph:
(e)    After each fiscal year of the Company beginning with the fiscal year ending December 31, 2023, the Company shall pay the Manager annual incentive compensation (“Incentive Fee”) with respect to such fiscal year in an amount equal to the product of (A) 0.15 and (B) the dollar amount by which (1)  the Adjusted Net Income of the Company for the period beginning from the date of this Amendment through the last day of the applicable fiscal year, exceeds (2)  the Cumulative Hurdle Amount as of the end of such fiscal year.  
iii.Below Section 7(e), the following paragraphs are hereby added:
(f)    The Manager shall compute the Incentive Fee, if any, with respect to each fiscal year beginning with the fiscal year ending December 31, 2023 within 30 days after the end of such fiscal year. A copy of the computations made by the Manager to calculate the Incentive Fee with respect to such fiscal year shall thereafter, for informational purposes only, promptly be delivered to the Board of Directors and, upon such delivery and acceptance thereof by the Board of Directors, payment of the Incentive Fee with respect to such fiscal year shown therein shall be due and payable no later than the date which is five (5) Business Days after the date of delivery to, and acceptance by, the Board of Directors of such computations.  
(g)    The Incentive Fee shall be payable to the Manager in cash; provided that, by written notice from the Board of Directors to the Manager delivered no earlier than 45 days, and no later than 10 days, prior to the end of a fiscal year, the Incentive Fee with respect to such fiscal year may be paid in Common 
3

Shares or a combination of cash and Common Shares as determined solely by a majority of the Board of Directors (including a majority of the Independent Directors), as set forth in the applicable written notice; provided further, any Incentive Fee payable in Common Shares is subject to the following: (1) the ownership of such shares by the Manager does not violate the limit on ownership of Common Shares set forth in the Company’s charter, after giving effect to any waiver from such limit that the Board of Directors may grant to the Manager in the future and (2) the Company’s issuance of such shares to the Manager complies with all applicable securities exchange rules and securities laws (including, without limitation, prohibitions on transfers and insider trading).  Notwithstanding such restriction and subject to compliance with all applicable securities laws (including, without limitation, prohibitions on insider trading), the Manager shall have the right to allocate any Common Shares received hereunder in its sole and absolute discretion to its officers, employees and other individuals who provide services to it at any time. The number of Common Shares payable as Incentive Fee shall be equal to the dollar amount of the portion of the Incentive Fee payable in Common Shares (as set forth in any applicable notice) divided by the average of the closing prices of the Common Shares on the NYSE over the five (5) Business Days prior to the date on which the Incentive Fee is paid.  The Manager will promptly provide documentation and information as reasonably requested by the Board of Directors in connection with any determination regarding the form of payment of the Incentive Fee.
(h)    Notwithstanding anything contained herein to the contrary, the Manager hereby waives any right to receive any Incentive Fee payable in respect of the 2021 and 2022 fiscal years.  
(d)Section 11. Term; Termination.
i.Section 11(a) is hereby deleted and replaced with the following paragraph: 
(a)    Initial Term.  Unless terminated in accordance with the terms hereof, this Agreement shall be in effect until June 30, 2023 (the “Initial Term”).
(e)Section 17. Miscellaneous.
i.Section 17(a) is amended to delete the following address:
with a copy to:              McDermott Will & Emery LLP
340 Madison Avenue
New York, New York 10173
Attention: Stephen Older
Fax: (212) 547-5444
and add the following addresses in its place:
4

                          with a copy to:    Jenny B. Neslin, Esq., General Counsel and Secretary    
                  AG Mortgage Investment Trust, Inc.
245 Park Avenue, 26th Floor
New York, NY 10167

with a copy to:          Robert K. Smith, Esq.
                   Hunton Andrew Kurth LLP
                  2200 Pennsylvania Ave NW 
                  Washington, DC 20037
Tel: (202) 955-1500
2. Full Force and Effect. Except as specifically amended by this Amendment, the Management Agreement shall remain in full force and effect. 

3. No Further Amendment. This Amendment, which may be executed in multiple counterparts, constitutes the entire agreement of the Parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions.

4. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

[Signature page follows]
5

    IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first written above.

AG MORTGAGE INVESTMENT TRUST, INC.

By:    /s/ Jenny B. Neslin                                    
Name: Jenny B. Neslin
Title: General Counsel & Secretary

AG REIT MANAGEMENT, LLC
By: Angelo, Gordon & Co., L.P., its sole member

By:     /s/ Christopher Moore                                     
Name: Christopher Moore
Title: Authorized Signatory

[Signature Page to Third Amendment to Management Agreement]

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