Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (as amended, supplemented, restated and/or modified from time to time, this “Agreement”)
is entered into as of September 20, 2020 among Boxlight Corporation, a Nevada corporation (the “Company”),
and Lind Global Asset Management, LLC, a Delaware limited liability company (the “Investor”).

 

BACKGROUND

 

A.       The
board of directors (the “Board of Directors”) of the Company has authorized the issuance to the Investor of
the Note (as defined below) and the Closing Shares (as defined below).

 

B       The
Investor desires to purchase the Note and the Closing Shares on the terms and conditions set forth in this Agreement.

 

C.       Concurrently
with the execution of this Agreement, the Company and the Investor will enter into a Third Amended and Restated Security Agreement,
substantially in the form attached hereto as Exhibit A (the “Security Agreement”), pursuant to which
the Company will grant a second priority security interest in substantially all of its assets to secure the Company’s obligations
hereunder.

 

NOW
THEREFORE, in consideration of the foregoing recitals and the covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.       DEFINITIONS.
As used in this Agreement, the following terms shall have the following meanings specified or indicated below, and such meanings
shall be equally applicable to the singular and plural forms of such defined terms:

 

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

 

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

 

“Acquisition”
means the acquisition by the Company or any direct or indirect Subsidiary of the Company of a majority of the Equity Interests
or substantially all of the assets and business of any Person, whether by direct purchase of Equity Interests, asset purchase,
merger, consolidation or like combination, including, without limitation, a Material Acquisition.

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common
control with, the Person specified.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Blue
Sky Application” has the meaning set forth in Section 9.3(a).

 

“Board
of Directors” has the meaning set forth in the recitals.

 

    	 

    	 

    

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed
in New York City.

 

“Capital
Stock” means the Common Stock, Class B Common Stock, the Preferred Stock of the Company and any other classes of capital
stock of the Company.

 

“Change
of Control” means, with respect to the Company:

 

		(a)	a
                                         change in the composition of the Board of Directors of the Company at a single shareholder
                                         meeting where a majority of the individuals that were directors of the Company immediately
                                         prior to the start of such shareholder meeting are no longer directors at the conclusion
                                         of such meeting;

 

		(b)	a
                                         change in composition of the Board of Directors of the Company prior to the termination
                                         of this Agreement where a majority of the individuals that were directors as of the date
                                         of this Agreement cease to be directors of the Company prior to the termination of this
                                         Agreement;

 

		(c)	any
                                         two of the individuals who are the Chief Executive Officer, Chief Financial Officer or
                                         Chief Operating Officer as of the date of this Agreement cease to hold such position
                                         at any time prior to the termination of this Agreement;

 

		(d)	other
                                         than a shareholder that holds such a position at the date of this Agreement, if a Person
                                         comes to have beneficial ownership, control or direction over more than forty percent
                                         (40%) of the voting rights attached to any class of voting securities of the Company;
                                         or

 

		(e)	the
                                         sale or other disposition by the Company or any of its Subsidiaries in a single transaction,
                                         or in a series of transactions, of all or substantially all of their respective assets.

 

“Class
B Common Stock” has the meaning set forth in Section 3.4(a).

 

“Closing”
has the meaning set forth in Section 2.2.

 

“Closing
Date” has the meaning set forth in Section 2.2.

 

“Closing
Shares” has the meaning set forth in Section 2.1.

 

“Code”
has the meaning set forth in Section 2.1.

 

“Commitment
Fee” means an amount equal to Four Hundred Thousand Dollars ($400,000.00).

 

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

 

“Company”
has the meaning set forth in the preamble.

 

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“Conversion
Shares” means the shares of Common Stock issuable upon the full or any partial conversion of the Note.

 

“Effectiveness
Period” means the period of time that will terminate upon the first date on which all Investor Shares are either covered
by the Registration Statement or may be sold without restriction or have been sold by the Investor, including volume or manner-of-sale
restrictions, pursuant to Rule 144.

 

“Equity
Interests” means and includes capital stock, membership interests and other similar equity securities, and shall also
include warrants or options to purchase capital stock, membership interests or other equity interests.

 

“Event”
means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.

 

“Event
of Default” has the meaning set forth in Section 7.1.

 

“Exempted
Securities” means (a) shares of Common Stock, convertible Preferred Stock, or rights, warrants or options to purchase
Common Stock issued in connection with any Acquisition (including a Material Acquisition) approved by the Investor, (b) equity
securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock, (c) shares of
Common Stock, convertible preferred stock or rights, warrants or options to purchase Common Stock issued to employees or directors
of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement or arrangement approved
by the Board of Directors (“Equity Plans”), or (d) shares of Common Stock actually issued upon the exercise
of options or shares of Common Stock actually issued upon the conversion or exchange of any securities convertible into Common
Stock, in each case provided that such issuance is pursuant to the terms of the applicable option or convertible security.

 

“Funding
Amount” means an amount equal to Twenty Million Dollars ($20,000,000).

 

“HSR
Act” has the meaning set forth in Section 5.16.

 

“Indebtedness”
means, as to any Person at any particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with generally accepted accounting principles: (a) all obligations of such Person for borrowed money
and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; (b) all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments: (c) net obligations of such Person under any swap or derivatives
contract; (d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such
trade account payable was created; (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether
or not such indebtedness shall have been assumed by such Person or is limited in recourse; (f) capital lease or synthetic lease
obligations; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect
of any equity interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater
of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and (h) all guarantees of such
Person in respect of any of the foregoing.

 

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“Investor”
has the meaning set forth in the preamble.

 

“Investor
Group” shall mean the Investor plus any other Person with which the Investor is considered to be part of a group under
Section 13 of the 1934 Act or with which the Investor otherwise files reports under Sections 13 and/or 16 of the 1934 Act.

 

“Investor
Party” has the meaning set forth in Section 5.12(a).

 

“Investor
Shares” means the Conversion Shares, the Closing Shares and any other shares issued or issuable to the Investor pursuant
to this Agreement or the Note.

 

“IP
Rights” has the meaning set forth in Section 3.10.

 

“July
2020 Prospectus” has the meaning set forth in Section 3.29.

 

“July
2020 Registration Statement” has the meaning set forth in Section 3.29.

 

“Law”
means any law, rule, regulation, order, judgment or decree, including, without limitation, any federal and state securities laws.

 

“Lien”
means any mortgage, charge, pledge, hypothecation, security interest, assignment by way of security, lien (statutory or otherwise),
encumbrance, conditional sale agreement, capital lease, financing lease, deposit arrangement, title retention agreement, and any
other agreement, trust or arrangement that in substance secures payment or performance of an obligation.

 

“Losses”
has the meaning set forth in Section 5.12(a).

 

“Material
Acquisition” means any Acquisition in which the payment of all or a portion of the purchase price or consideration to
any one or more Persons shall cause the cash reserves of the Company to fall below $20,000,000.

 

“Material
Adverse Effect” means any material adverse effect on (i) the businesses, properties, assets, prospects, operations,
results of operations or financial condition of the Company, or the Company and the Subsidiaries, taken as a whole, or (ii) the
ability of the Company to consummate the transactions contemplated by this Agreement or to perform its obligations hereunder or
under the Note taken as a whole; provided, however, that none of the following shall be deemed either alone or in combination
to constitute, and none of the following shall be taken into account in determining whether there has been or would be, a Material
Adverse Effect: (a) any adverse effect resulting from or arising out of general economic conditions; (b) any adverse effect resulting
from or arising out of general conditions in the industries in which the Company and the Subsidiaries operate; (c) any adverse
effect resulting from any changes to applicable Law; (d) any adverse effect resulting from or arising out of any natural disaster
or any acts of terrorism, sabotage, military action or war or any escalation or worsening thereof; or (e) any adverse effect resulting
from or arising out of the COVID-19 pandemic; provided, further, that any event, occurrence, fact, condition or
change referred to in clauses (a) through (d) immediately above shall be taken into account in determining whether a Material
Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition
or change has a disproportionate effect on the Company and/or the Subsidiaries compared to other participants in the industries
in which the Company and the Subsidiaries operate.

 

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“Maximum
Percentage” means 4.99%; provided, that if at any time after the date hereof the Investor Group beneficially
owns in excess of 4.99% of any class of Equity Interests in the Company that is registered under the 1934 Act (excluding any Equity
Interests deemed beneficially owned by virtue of the Note and the Closing Shares), then the Maximum Percentage shall automatically
increase to 9.99% so long as the Investor Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the
avoidance of doubt, automatically decrease to 4.99% upon the Investor Group ceasing to own in excess of 4.99% of such class of
Equity Interests).

 

“Money
Laundering Laws” has the meaning set forth in Section 3.26.

 

“New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights,
options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible
or exchangeable into or exercisable for such equity securities.

 

“Note”
has the meaning set forth in Section 2.1.

 

“OFAC”
has the meaning set forth in Section 3.24.

 

“Permitted
Indebtedness” means, collectively, (a) all Indebtedness listed on Schedule 3.22 to this Agreement; (b) Indebtedness
existing on the date hereof and owing to Sallyport under the Sallyport Agreement, provided the aggregate principal amount thereof
does not exceed $6,000,000 at any time; (c) without duplication of clause (b) hereof, any Refinancing Indebtedness; provided,
the aggregate principal amount thereof (together with any commitments thereunder) does not exceed the outstanding principal amount
of the Indebtedness owing to Sallyport (together with any commitments thereunder) at the time of such refinancing; (d) Indebtedness
owed to Lind Global Macro Fund LP (“Lind Macro”), (e) Indebtedness, including purchase money Indebtedness, then binding
on, or incurred in connection with the Acquisition of, any Person who is the subject of such Acquisition so long as such Indebtedness
was not incurred in contemplation of such Acquisition, and (f) redeemable Preferred Stock issued in connection with any Acquisition
approved by the Investor; provided that the aggregate amount of such Indebtedness permitted to be incurred under clauses (b),
(c), and (e) above does not exceed $20,000,000 at any time. 

 

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

 

“Preferred
Stock” means, collectively, the Class A Preferred Stock, Class B Preferred Stock and Class C Preferred Stock.

 

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“Preferred
A Stock” has the meaning set forth in Section 3.4(a).

 

“Preferred
B Stock” has the meaning set forth in Section 3.4(a).

 

“Preferred
C Stock” has the meaning set forth in Section 3.4(a).

 

“Prepayment
Rights” shall have the meaning set forth in Section 2.5.

 

“Principal
Amount” has the meaning set forth in Section 2.1.

 

“Proceedings”
has the meaning set forth in Section 3.6.

 

“Prohibited
Transaction” means a transaction with a third party or third parties in which the Company issues or sells (or arranges
or agrees to issue or sell):

 

(a)       any
debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable
for, or include the right to receive shares of the Company’s Capital Stock:

 

(i)       at
a conversion, repayment, exercise or exchange rate or other price that is based on, and/or varies with, the trading
prices of, or quotations for, shares of Common Stock; or

 

(ii)       at
a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after
the initial issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other
than warrants that may be repriced by the Company); or

 

(b)       any
securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right to
receive additional securities based upon future transactions of the Company on terms more favorable than those granted to such
investor in such first transaction or series of related transactions;

 

and
are deemed to include transactions generally referred to as at-the-market transactions (ATMs) or equity lines of credit and stand-by
equity distribution agreements, and convertible securities and loans having a similar effect. Notwithstanding the foregoing, and
for the avoidance of doubt, rights issuances, shareholder purchase plans, Equity Plans, convertible securities, or issuances of
Equity Interests, based on the trading price of the Common Stock on the Trading Market but each at a fixed price per share, shall
not be deemed to be a Prohibited Transaction.

 

“Prospectus”
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the Investor Shares covered by such Registration Statement and by all other amendments
and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus,
and any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“Refinancing
Indebtedness” means any Indebtedness incurred by the Company from a Refinancing Lender which refinances the Indebtedness
owing to Sallyport under the Sallyport Agreement provided (a) such Indebtedness is on substantially the same terms as the
Indebtedness owing Sallyport under the Sallyport Agreement (i.e. a factoring facility); (b) the principal amount of such Indebtedness
does not exceed the principal amount of Indebtedness owing to Sallyport under the Sallyport Agreement at the time of such refinancing;
(c) any Liens to secure such Indebtedness does not extend to any asset which was not otherwise subject to a Lien in favor of Sallyport
under the Sallyport Agreement; and (d) the Refinancing Lender has entered into an Intercreditor Agreement on substantially the
same terms as contained in the Sallyport Intercreditor Agreement.

 

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“Refinancing
Lender” means any commercial lender which refinances the Indebtedness owing to Sallyport under the Sallyport Agreement.

 

“register,”
“registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness
of such Registration Statement or document.

 

“Registration
Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of
the Investor Shares pursuant to the provisions of this Agreement, including the Prospectus and amendments and supplements to such
Registration Statement, and including post-effective amendments, all exhibits and all material incorporated by reference in such
Registration Statement.

 

“Reverse
Split” has the meaning set forth in Section 5.21.

 

“Sallyport”
means Sallyport Commercial Finance, LLC.

 

“Sallyport
Agreement” means that certain Account Sale and Purchase Agreement dated as of September 5, 2017 between Sallyport and
the Company.

 

“Sallyport
Intercreditor Agreement” means that certain Third Amended and Restated Intercreditor Agreement dated as of the date
hereof by and among the Company, the Investor, Lind Global Macro Fund, LP and Sallyport, as the same may be amended, restated
and/or modified from time to time.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“SEC
Documents” has the meaning set forth in Section 3.5(a).

 

“Securities”
means the Note and the Investor Shares.

 

“Securities
Termination Event” means either of the following has occurred:

 

(a)       trading
in securities generally in the United States has been suspended or limited for a consecutive period of greater than three (3)
Business Days; or

 

(b)       a
banking moratorium has been declared by the United States or the New York State authorities and is continuing for a consecutive
period of greater than three (3) Business Days.

 

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“Security
Agreement” has the meaning set forth in the recitals.

 

“Stockholder
Approval” shall mean the approval of the holders of a majority of the outstanding shares of Company’s voting Common
Stock: (a) if and to the extent legally required, to amend the Company’s Articles of Incorporation to increase the number
of authorized shares of Common Stock by at least the number of shares of Common Stock equal to the number of Investor Shares issuable
hereunder, (b) in connection with the Company’s ability to comply with Rule 5635(d) promulgated by Nasdaq, to ratify and
approve all of the transactions contemplated by the Transaction Documents, including the issuance of all of Investor Shares issued
and potentially issuable to the Investor thereunder, all as may be required by the applicable rules and regulations of the Trading
Market (or any successor entity).

 

“Subordinated
Creditors” means any creditor of the Company and its Subsidiaries listed on Schedule 3.22 holding unsecured Indebtedness.

 

“Subsidiaries”
and “Subsidiary” have the meaning set forth in Section 3.4(b).

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means whichever of the New York Stock Exchange, NYSE: Amex Exchange, or the Nasdaq Stock Market (including the
Nasdaq Capital Market), on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transaction
Documents” means this Agreement, the Note, the Security Agreement and any other documents or agreements executed or
delivered in connection with the transactions contemplated hereunder.

 

“VWAP”
means, as of any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of one share of Common Stock trading in the ordinary
course of business on the applicable Trading Price for such date (or the nearest preceding date) on such Trading Market as reported
by Bloomberg Financial L.P.; (b) if the Common Stock is not then listed on a Trading Market and if the Common Stock is traded
in the over-the-counter market, as reported by the OTC Bulletin Board, the volume weighted average price of one share of Common
Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, as reported by Bloomberg Financial L.P.; (c) if
the Common Stock is not then listed or quoted on the OTC Bulletin Board and if prices for the Common Stock is then reported in
the “Pink Sheets” published by the Pink OTC Markets Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price of one share of Common Stock so reported, as reported by Bloomberg Financial L.P.;
or (d) in all other cases, the fair market value of one share of Common Stock as determined by an independent appraiser selected
in good faith by the Holder and reasonably acceptable to the Company (in each case rounded to four decimal places).

 

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2.       PURCHASE
AND SALE OF THE NOTE AND CLOSING SHARES.

 

2.1       Purchase
and Sale of the Note and Closing Shares. Subject to the terms and conditions set forth herein, at the Closing, the Company
shall issue and sell to the Investor, and the Investor shall purchase from the Company, (a) a convertible promissory note, in
the form attached hereto as Exhibit B (the “Note”), in the principal amount of Twenty Two Million Dollars
($22,000,000.00) (the “Principal Amount”) and (b) [●]1 shares of Common Stock (the “Closing
Shares”), in exchange for the Funding Amount. The Investor and the Company agree that for U.S. federal income tax purposes
and applicable state, local and non-U.S. tax purposes, the Funding Amount shall be allocable between the Note and the Closing
Shares based on the relative fair market values thereof. Neither the Investor nor the Company shall take any contrary position
on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes, unless otherwise required
pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any analogous provision of applicable state, local or non-U.S. Law.

 

2.2       Closing.
The closing hereunder, including payment for and delivery of the Note and the Closing Shares, shall take place remotely via the
exchange of documents and signatures, no later than two (2) Business Days following the execution and delivery of this Agreement,
subject to satisfaction or waiver of the conditions set forth in Section 6, or at such other time and place as the Company
and the Investor agree upon, orally or in writing (the “Closing,” and the date of the Closing being the “Closing
Date”).

 

2.3       Commitment
Fee. At the Closing, the Company shall pay to the Investor the Commitment Fee, in United States dollars and in immediately
available funds. The Commitment Fee shall be paid by being offset against the Funding Amount payable by the Investor at Closing.

 

2.4       Prepayment
Right.As set forth in the Note, in its sole discretion and upon giving the prior written notice set forth in the Note,
the Company will have the right to pre-pay the entire then outstanding principal amount of the Note and all interest accrued thereon
at any time with no penalty or premium of any kind (“Prepayment Right”); provided, that in the event
that the Company elects to exercise its Prepayment Right, the Investor will have the option to convert up to twenty-five percent
(25%) of the then outstanding principal amount of the Note and all interest accrued thereon, at a price per share equal to the
lesser of the Cash Repayment Price and the Conversion Price (as each such terms is defined in the Note); provided further, however,
that that in the event of a Change of Control, the Company shall pay to the Investor a premium of five percent (5%) of the outstanding
principal amount of the Note.

 

2.5       Second
Rank Obligation. As an inducement for the Investor to enter into this Agreement and to purchase the Note, all obligations
of the Company pursuant to this Agreement and the Note shall be secured by a first priority security interest in and lien up all
of the assets of the Company pursuant to the Security Agreement, provided, that, (a) so long as the Sallyport Intercreditor Agreement
(or another Intercreditor Agreement (as such term is defined in the Security Agreement) with the Refinancing Lender, if applicable)
is in full force and effect or (b) the Company grants a Permitted Lien (as such term is defined in the Security Agreement) pursuant
to clause (d) of the definition thereof, a second priority security interest (or such other ranking as may be approved in writing
by the Investor).

 

 

1
NTD: The Company will issue $500,000 in bonus shares to the Investor, calculated based on the 20-day VWAP prior to
closing.

 

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3.       REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Investor and covenants with the Investor that,
except as is set forth in the Disclosure Letter being delivered to the Investor as of the date hereof and as of the Closing Date,
the following representations and warranties are true and correct:

 

3.1       Organization
and Qualification. The Company is a corporation duly organized and validly existing in good standing under the Laws of the
State of Nevada and has the requisite corporate power and authority to own its properties and to carry on its business as now
being conducted. The Company is duly qualified to do business and is in good standing in every jurisdiction in which the ownership
of its property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the
failure to be so qualified or be in good standing would not have a Material Adverse Effect.

 

3.2       Authorization;
Enforcement; Compliance with Other Instruments. The Company has the requisite corporate power and authority to execute the
Transaction Documents, to issue and sell the Note pursuant hereto, and to perform its obligations under the Transaction Documents,
including issuing the Investor Shares on the terms set forth in this Agreement. The execution and delivery of the Transaction
Documents by the Company and the issuance and sale of the Note and the issuance of the Closing Shares pursuant hereto, including
without limitation the reservation of the Conversion Shares for future insuance, have been duly and validly authorized by the
Company’s Board of Directors and no further consent or authorization is required by the Company, its Board of Directors,
its stockholders or any other Person in connection therewith. The Transaction Documents have been duly and validly executed and
delivered by the Company and constitute valid and binding obligations of the Company, enforceable against the Company in accordance
with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar Laws relating to, or affecting generally, the enforcement of creditors’
rights and remedies.

 

3.3       No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of
the Note and the issuance of the Closing Shares hereunder will not (a) conflict with or result in a violation of the Company’s
Articles of Incorporation or Bylaws, (b) conflict with, or constitute a material default (or an event which, with notice or lapse
of time or both, would become a material default) under, or give to others any right of termination, amendment, acceleration or
cancellation of, any material agreement to which the Company or any of the Subsidiaries is a party, or (c) subject to the making
of the filings referred to in Section 5, and, violate in any material respect any Law or any rule or regulation of the
Nasdaq Stock Market applicable to the Company or any of the Subsidiaries or by which any of their properties or assets are bound
or affected. Assuming the accuracy of the Investor’s representations in Section 4 and subject to the making of the
filings referred to in Section 5, (i) no approval or authorization will be required from any governmental authority or
agency, regulatory or self-regulatory agency or other third party (including the Nasdaq Stock Market) in connection with the issuance
of the Note, the Closing Shares and the other transactions contemplated by this Agreement (including the issuance of the Conversion
Shares upon conversion of the Note), other than the Stockholder Approval, and (ii) the issuance of the Note, the Closing Shares,
and the issuance of the Conversion Shares upon the conversion of the Note will be exempt from the registration and qualification
requirements under the 1933 Act and all applicable state securities Laws.

 

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3.4       Capitalization
and Subsidiaries2.

 

(a)       The
authorized Capital Stock of the Company consists of: (i) 150,000,000 shares of Common Stock; (ii) 50,000,000 shares of Class B
non-voting Common Stock (the “Class B Common Stock”), (iii) 250,000 shares of non-voting Series A preferred
stock, par value $0.0001 per share (the “Preferred A Stock”) (iv) 1,548,000 shares of non-voting, convertible
and redeemable Series B Preferred Stock, par value $0.0001 per share (the “Preferred B Stock”) and (v) 1,290,000
shares of non-voting, convertible and redeemable Series C Preferred Stock, par value $0.0001 per share (the “Preferred
C Stock”), and (vi) 46,912,000 shares to be designated by the Company’s Board of Directors. As of the close of
business on September 18, 2020: (A) 50,302,240 shares of Common Stock were issued and outstanding (not including shares held in
treasury); (B) no shares of Class B Common Stock were issued and outstanding (not including shares held in treasury); (C) no shares
of Common Stock or Class B Common Stock were issued and held by the Company in its treasury; and (D) 167,972 shares of Preferred
Stock were issued and outstanding or held by the Company in its treasury; and since September 18, 2020 and through the date of
this Agreement, no additional shares of Common Stock or Preferred Stock have been issued. As of the date of this Agreement, (x)
an aggregate of 4,837,552 shares of Common stock are issuable upon exercise of options granted under the Company’s 2014
Stock Incentive Plan of which 1,884,562 shares were exercisable as of June 30, 2020 and 747,011 additional shares were reserved
for future issuance thereunder; (y) 167,972 shares of Common Stock are issuable to the holders of Series A Preferred Stock which
automatically converted into Common Stock as of November 30, 2018; (z) 365,000 shares of Common Stock are reserved for issuance
upon exercise of outstanding warrants with exercise prices ranging from $0.43 to $7.70 per share; and (aa) 0 shares of Common
Stock are to be returned by securities counsel to the Company for cancellation. The Closing Shares, when issued pursuant to Section
2.1 of this Agreement, respectively, will be been validly issued, fully paid non-assessable and free from all taxes, liens and
charges with respect to the issuance thereof. The Company has duly reserved up to 18,000,000 shares of Common Stock for issuance
upon conversion of the Note (which assumes Repayment Shares are used to pay all principal installments and accrued interest under
the Note). The Conversion Shares, when issued upon conversion of the Note in accordance with its terms, if and when issued pursuant
to Section 2.4 of this Agreement, will be validly issued, fully paid and non-assessable and free from all taxes, liens and charges
with respect to the issuance thereof. No shares of the Company’s Capital Stock are subject to preemptive rights or any other
similar rights or any liens or encumbrances suffered or permitted by the Company. The Company’s Articles of Incorporation,
as amended, and Bylaws on file on the SEC’s EDGAR website are true and correct copies of the Company’s Articles of
Incorporation and Bylaws as in effect as of the date hereof. The Company is not in violation of any provision of its Articles
of Incorporation or Bylaws.

 

(b)       Schedule
3.4(b) lists each direct and indirect subsidiary of the Company (each, a “Subsidiary” and collectively,
the “Subsidiaries”) and indicates for each Subsidiary (i) the authorized capital stock or other Equity Interests
of such Subsidiary as of the date hereof, (ii) the number and kind of shares or other ownership interests of such Subsidiary that
are issued and outstanding as of the date hereof, and (iii) the owner of such shares or other ownership interests. To the extent
the Company forms or otherwise acquires any direct or indirect subsidiary after the date hereof, the Company shall immediately
upate Schedule 3.4(b) to include the information as to such new Subsidiary (and such new entity shall constitute a Subsidiary
hereunder immediately upon its formation of acquisition, as the case may be). Except as set forth on Schedule 3.4(b), no
Subsidiary has any outstanding stock options, warrants or other instruments pursuant to which such Subsidiary may at any time
or under any circumstances be obligated to issue any shares of its capital stock or other Equity Interests. Each Subsidiary is
duly organized and validly existing in good standing under the Laws of its jurisdiction of formation and has all requisite power
and authority to own its properties and to carry on its business as now being conducted.

 

 

2
NTD: Company to update capitalization.

 

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(c)       Except
as set forth on Schedule 3.4(c), neither the Company nor any Subsidiary is bound by any agreement or arrangement pursuant
to which it is obligated to register the sale of any securities under the 1933 Act. There are no outstanding securities of the
Company or any of the Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem or purchase any security
of the Company or any Subsidiary. There are no outstanding securities or instruments containing anti-dilution or similar provisions
that will be triggered by the issuance of the Note or the Investor Shares. Neither the Company nor any Subsidiary has any stock
appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.

 

3.5       SEC
Documents; Financial Statements.

 

(a)       As
of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by
it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and
all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein being
hereinafter referred to as the “SEC Documents”). As of their respective filing dates, the SEC Documents complied
in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(b)       As
of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such
financial statements have been prepared in accordance with generally accepted accounting principles, and audited by a firm that
is a member a member of the Public Companies Accounting Oversight Board consistently applied, during the periods involved (except
as may be otherwise indicated in such financial statements or the notes thereto, or, in the case of unaudited interim statements,
to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects
the consolidated financial position of the Company as of the dates thereof and the consolidated results of its operations and
consolidated cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
No other written information provided by or on behalf of the Company to the Investor in connection with the Investor’s purchase
of the Note or the issuance of the Closing Shares which is not included in the SEC Documents contains any untrue statement of
a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstance
under which they are or were made, not misleading.

 

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(c)       The
Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) reasonable controls to safeguard assets are in place and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

3.6       Litigation
and Regulatory Proceedings. Except as disclosed in SEC Documents, there are no material actions, causes of action, suits,
claims, proceedings, inquiries or investigations (collectively, “Proceedings”) before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of Company
or any of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Common Stock or any other
class of issued and outstanding shares of the Company’s Capital Stock, or any of the Company’s or the Subsidiaries’
officers or directors in their capacities as such and, to the knowledge of the executive officers of the Company, there is no
reason to believe that there is any basis for any such Proceeding.

 

3.7       No
Undisclosed Events, Liabilities or Developments. No event, development or circumstance has occurred or exists, or to the knowledge
of the executive officers of the Company is reasonably anticipated to occur or exist that (a) would reasonably be anticipated
to have a Material Adverse Effect or (b) would be required to be disclosed by the Company under applicable securities Laws on
a registration statement filed with the SEC relating to an issuance and sale by the Company of its Common Stock and which has
not been publicly announced.

 

3.8       Compliance
with Law. The Company and each of the Subsidiaries have conducted and are conducting their respective businesses in compliance
in all material respects with all applicable Laws and are in compliance in all material respects with the rules and regulations
of the Nasdaq Stock Market. Except as set forth on Schedule 3.8, the Company is not aware of any facts which could reasonably
be anticipated to lead to a delisting of the Common Stock by the Nasdaq Stock Market in the future.

 

3.9       Employee
Relations. Neither the Company nor any Subsidiary is involved in any union labor dispute nor, to the knowledge of the Company,
is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective bargaining agreement. No executive
officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company’s
employ or otherwise terminate such officer’s employment with the Company.

 

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3.10       Intellectual
Property Rights. The Company and each Subsidiary owns or possesses adequate rights or licenses to use all trademarks, trade
names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights (collectively, “IP Rights”)
necessary to conduct their respective businesses as now conducted. None of the material IP Rights of the Company or any of the
Subsidiaries are expected to expire or terminate within three (3) years from the date of this Agreement. Neither the Company nor
any Subsidiary is infringing, misappropriating or otherwise violating any IP Rights of any other Person. No claim has been asserted,
and no Proceeding is pending, against the Company or any Subsidiary alleging that the Company or any Subsidiary is infringing,
misappropriating or otherwise violating the IP Rights of any other Person, and, to the Company’s knowledge, no such claim
or Proceeding is threatened, and the Company is not aware of any facts or circumstances which might give rise to any such claim
or Proceeding. The Company and the Subsidiaries have taken commercially reasonable security measures to protect the secrecy, confidentiality
and value of all of their material IP Rights.

 

3.11       Environmental
Laws. Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company and the
Subsidiaries (a) are in compliance with any and all applicable Laws relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold all permits, licenses
or other approvals required of them under all such Laws to conduct their respective businesses and (c) are in compliance with
all terms and conditions of any such permit, license or approval.

 

3.12       Title
to Assets. The Company and the Subsidiaries have good and marketable title to all personal property owned by them which is
material to their respective businesses, in each case free and clear of all liens, encumbrances and defects except those set forth
on Schedule 3.12. Any real property and facilities held under lease by the Company or any Subsidiary are held under valid,
subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed
to be made of such property and buildings by the Company and the Subsidiaries.

 

3.13       Insurance.
The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses in which
the Company and the Subsidiaries are engaged. Neither the Company nor any of the Subsidiaries has been refused any insurance coverage
sought or applied for, and the Company has no reason to believe that it will not be able to renew all existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers.

 

3.14       Regulatory
Permits. The Company and the Subsidiaries have in full force and effect all certificates, approvals, authorizations and permits
from all regulatory authorities and agencies necessary to own, lease or operate their respective properties and assets and conduct
their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the
revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals,
authorizations or permits with respect to which the failure to hold would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

    	14

    	 

    

 

3.15       No
Materially Adverse Contracts, Etc. Except as set forth on Schedule 3.15, neither the Company nor any of the Subsidiaries is
(a) subject to any charter, corporate or other legal restriction, or any judgment, decree or order which in the judgment of the
Company’s officers has or is expected in the future to have a Material Adverse Effect or (b) a party to any contract or
agreement which in the judgment of the Company’s management has or would reasonably be anticipated to have a Material Adverse
Effect.

 

3.16       Taxes.
The Company and the Subsidiaries each has made or filed, or caused to be made or filed, all United States federal, and applicable
state, local and non-U.S. tax returns, reports and declarations required by any jurisdiction to which it is subject and has paid
all taxes and other governmental assessments and charges that are material in amount, required to be paid by it, regardless of
whether such amounts are shown or determined to be due on such returns, reports and declarations, except those being contested
in good faith by appropriate proceedings and for which it has set aside on its books provision reasonably adequate for the payment
of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes
in any material amount claimed to be due by the taxing authority of any jurisdiction, and, to the knowledge of the Company, there
is no basis for any such claim.

 

3.17       Solvency.
After giving effect to the receipt by the Company of the proceeds from the transactions contemplated by this Agreement (a) the
Company’s fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect of the
Company’s existing debts and other liabilities (including known contingent liabilities) as they mature; and (b) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after
taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its debt when
such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they
mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge
of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy
or reorganization Laws of any jurisdiction.

 

3.18       Investment
Company. The Company is not, and is not an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

3.19       Certain
Transactions. Other than as disclosed in the SEC Documents, there are no contracts, transactions, arrangements or understandings
between the Company or any of its Subsidiaries, on the one hand, and any director, officer or employee of thereof on the other
hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC in the Company’s
Form 10-K or proxy statement pertaining to an annual meeting of stockholders.

 

3.20       No
General Solicitation. Neither the Company, nor any of its Affiliates, nor any person acting on its behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale
of the Note pursuant to this Agreement.

 

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3.21       Acknowledgment
Regarding the Investor’s Purchase of the Note and the Issuance of the Closing Shares. The Company’s Board of Directors
has approved the execution of the Transaction Documents and the issuance and sale of the Note and the issuance of the Closing
Shares, based on its own independent evaluation and determination that the terms of the Transaction Documents are reasonable and
fair to the Company and in the best interests of the Company and its stockholders. The Company is entering into this Agreement
and the Security Agreement and is issuing and selling the Note and issuing the Closing Shares voluntarily and without economic
duress. The Company has had independent legal counsel of its own choosing review the Transaction Documents and advise the Company
with respect thereto. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s
length purchaser with respect to the Note and the issuance of the Closing Shares and the transactions contemplated hereby and
that neither the Investor nor any person affiliated with the Investor is acting as a financial advisor to, or a fiduciary of,
the Company (or in any similar capacity) with respect to execution of the Transaction Documents or the issuance of the Note and
the Closing Shares or any other transaction contemplated hereby.

 

3.22       Indebtedness.
Schedule 3.22 to this Agreement sets forth all Indebtedness of the Company and each Subsidiary as at June 30, 2020, other than
Indebtedness to Sallyport or Lind Macro.

 

3.23       No
Brokers’, Finders’ or Other Advisory Fees or Commissions. No brokers, finders or other similar advisory fees or
commissions will be payable by the Company or any Subsidiary or by any of their respective agents with respect to the issuance
of the Note or any of the other transactions contemplated by this Agreement.

 

3.24       OFAC.
None of the Company nor any of the Subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee,
affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to any United States
sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”);
and the Company will not directly or indirectly use any proceeds received from the Investor, or lend, contribute or otherwise
make available such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or other person or entity,
to finance any investments in, or make any payments to, any country or person currently subject to any of the sanctions of the
United States administered by OFAC.

 

3.25       No
Foreign Corrupt Practices. None of the Company or any of the Subsidiaries has, directly or indirectly: (a) made or authorized
any contribution, payment or gift of funds or property to any official, employee or agent of any governmental authority of any
jurisdiction except as otherwise permitted under applicable Law; or (b) made any contribution to any candidate for public office,
in either case, where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited
under the Foreign Corrupt Practices Act or the rules and regulations promulgated thereunder or under any other legislation of
any relevant jurisdiction covering a similar subject matter applicable to the Company or its Subsidiaries and their respective
operations and the Company has instituted and maintained policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance with such legislation.

 

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3.26       Anti-Money
Laundering. The operations of each of the Company and the Subsidiaries are and have been conducted at all times in compliance
with all applicable anti-money laundering Laws, regulations, rules and guidelines in its jurisdiction of incorporation and in
each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental authority involving the Company or its
Subsidiaries with respect to any of the Money Laundering Laws is, to the best knowledge of the Company, pending, threatened or
contemplated.

 

3.27       Disclosure.
The Company confirms that neither it, nor to its knowledge, any other Person acting on its behalf has provided the Investor or
its agents or counsel with any information that the Company believes constitutes material, non-public information, other than
with respect to the Proposed Acquisition (as defined in the Note). The Company understands and confirms that the Investor will
rely on the foregoing representations and covenants in effecting transactions in securities of the Company. All disclosure provided
to the Investor regarding the Company, its business and the transactions contemplated hereby, furnished by or on behalf of the
Company (including the Company’s representations and warranties set forth in this Agreement) are true and correct in all
material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

3.28        No
Other Representations. Except for the representations and warranties set forth in this Agreement and in other Transaction
Documents, the Company makes no other representations or warranties to the Investor and makes no predictions or forecasts of future
revenues or earnings.

 

3.29       Registration.
The Company has prepared and filed a Registration Statement in conformity with the requirements of the Securities Act, which
became effective on July 17, 2020, including a Prospectus (the “July 2020 Prospectus”), and such amendments
and supplements thereto as may have been required to the date of this Agreement (the “July 2020 Registration Statement”).
The July 2020 Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness
of the July 2020 Registration Statement or suspending or preventing the use of the July 2020 Prospectus has been issued by the
SEC and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the SEC. At
the time the July 2020 Registration Statement and any amendments thereto became effective, at the date of this Agreement and at
the Closing Date, the July 2020 Registration Statement and any amendments thereto conformed and will conform in all material respects
to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the July
2020 Prospectus and any amendments or supplements thereto, at time the July 2020 Prospectus or any amendment or supplement thereto
was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. To the extent that the
July 2020 Registration Statement is not available for the sales of the Investor Shares as contemplated by this Agreement, the
Company shall file a new Registration Statement with respect to any additional shares of Common Stock necessary to complete such
sales of the Investor Shares and shall cause such Registration Statement to become effective as promptly as practicable. After
the effectiveness of any such Registration Statement, all references to “July 2020 Registration Statement” included
in this Agreement shall be deemed to include such new Registration Statement.

 

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4.       REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR. The Investor represents and warrants to the Company as follows:

 

4.1       Organization
and Qualification. The Investor is a limited liability company, duly organized and validly existing in good standing under
the Laws of the State of Delaware.

 

4.2       Authorization;
Enforcement; Compliance with Other Instruments. The Investor has the requisite power and authority to enter into this Agreement
and the Security Agreement and to perform its obligations under the Transaction Documents. The execution and delivery by the Investor
of the Transaction Documents to which it is a party have been duly and validly authorized by the Investor’s governing body
and no further consent or authorization is required. The Transaction Documents to which it is a party have been duly and validly
executed and delivered by the Investor and constitute valid and binding obligations of the Investor, enforceable against the Investor
in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar Laws relating to, or affecting generally, the enforcement of creditors’
rights and remedies.

 

4.3       No
Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by the Investor and
the purchase of the Note by the Investor and the issuance of the Closing Shares to the Investor will not (a) conflict with or
result in a violation of the Investor’s organizational documents, (b) conflict with, or constitute a material default (or
an event which, with notice or lapse of time or both, would become a material default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or
instrument to which the Investor is a party, or (c) violate any Law applicable to the Investor or by which any of the Investor’s
properties or assets are bound or affected. No approval or authorization will be required from any governmental authority or agency,
regulatory or self-regulatory agency or other third party in connection with the purchase of the Note and the Closing Shares and
the other transactions contemplated by this Agreement.

 

4.4       Investment
Intent; Accredited Investor. The Investor is purchasing the Note and the Closing Shares for its own account, for investment
purposes, and not with a view towards distribution. The Investor is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D of the 1933 Act. The Investor has, by reason of its business and financial experience, such knowledge,
sophistication and experience in financial and business matters and in making investment decisions of this type that it is capable
of (a) evaluating the merits and risks of an investment in the Note and the Investor Shares and making an informed investment
decision, (b) protecting its own interests and (c) bearing the economic risk of such investment for an indefinite period of time.

 

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4.5       Opportunity
to Discuss. The Investor has received all materials relating to the business, finance and operations of the Company and the
Subsidiaries as it has requested and has had an opportunity to discuss the business, management and financial affairs of the Company
and the Subsidiaries with the Company’s management. In making its investment decision, the Investor has relied solely on
its own due diligence performed on the Company by its own representatives.

 

4.6       No
Other Representations.Except for the representations and warranties set forth in this Agreement and in other Transaction
Documents, the Investor makes no other representations or warranties to the Company.

 

5.       OTHER
AGREEMENTS OF THE PARTIES.

 

5.1       Furnishing
of Information. As long as the Investor owns the Securities, the Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the 1934 Act. As long as the Investor owns Securities, if the Company is not required to file reports pursuant to
such Laws, it will prepare and furnish to the Investor and make publicly available in accordance with Rule 144(c) such information
as is required for the Investor to sell the Investor Shares under Rule 144. The Company further covenants that it will take such
further action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such
Person to sell such Investor Shares without registration under the 1933 Act within the limitation of the exemptions provided by
Rule 144 or other applicable exemptions.

 

5.2       Integration.
The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be
integrated with the offer or sale of the Securities in a manner that would require the registration under the 1933 Act of the
sale of the Securities to the Investor, or that will be integrated with the offer or sale of the Securities for purposes of the
rules and regulations of any Trading Market that would require, under the rules of the Trading Market, stockholder approval.

 

5.3       Notification
of Certain Events. The Company shall give prompt written notice to the Investor of (a) the occurrence or non-occurrence of
any Event, the occurrence or non-occurrence of which would render any representation or warranty of the Company contained in this
Agreement or any other Transaction Document, if made on or immediately following the date of such Event, untrue or inaccurate
in any material respect, (b) the occurrence of any Event that, individually or in combination with any other Events, has had or
could reasonably be expected to have a Material Adverse Effect, (c) any failure of the Company to comply with or satisfy any covenant
or agreement to be complied with or satisfied by it hereunder or any Event that would otherwise result in the nonfulfillment of
any of the conditions to the Investor’s obligations hereunder, (d) any notice or other communication from any Person alleging
that the consent of such Person is or may be required in connection with the consummation of the transactions contemplated by
this Agreement or any other Transaction Document, or (e) any Proceeding pending or, to the Company’s knowledge, threatened
against a party relating to the transactions contemplated by this Agreement or any other Transaction Document; provided, that
if such information constitutes material non-public information, the Company shall, prior to providing such information to the
Investor, request Investor’s prior written consent to disclosing such information to the Investor prior to providing it.

 

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5.4       Available
Stock. The Company shall at all times keep authorized and reserved and available for issuance, free of preemptive rights,
such number of shares of Common Stock as are issuable upon conversion of the Note at any time. If the Company determines at any
time that it does not have a sufficient number of authorized shares of Common Stock to reserve and keep available for issuance
as described in this Section 5.5, the Company shall use all commercially reasonable efforts to increase the number of authorized
shares of Common Stock by seeking stockholder approval for the authorization of such additional shares.

 

5.5       Use
of Proceeds. The Company will use the proceeds from the sale of the Note and the Closing Shares for the purpose of consumating
one or more Acquisitions.

 

5.6       Repayment
of Note. Except for Permitted Indebtedness, if the Company incurs any debt consented to by the Investor, including the issuance
of any subordinated debt or convertible debt (other than the Note) or any preferred stock, unless otherwise agreed in writing
by the Investor or unless such debt is issued to a seller as partial consideration paid to such seller in connection with an Acquisition,
the Company will immediately utilize the proceeds of such issuance to repay the Note, if outstanding, unless waived by the Investor;
provided, that the party providing such debt enters into an intercreditor agreement with the Company and the Investor on
terms reasonably satisfactory to the Investor.

 

5.7       Intercreditor
Agreement. In the event that the Company or any Subsidiary incurs Permitted Indebtedness, other than Preferred Stock, to a
seller as partial consideration paid to such seller in connection with an Acquisition, unless otherwise waived in writing by the
Investor, as a condition to consummation of such Acquisition, the holder of such Permitted Indebtedness shall enter into an intercreditor
agreement with the Company and the Investor on terms reasonably satisfactory to the Investor.

 

5.8       Prohibited
Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until the earlier of (a)
thirty (30) days after such time as the Note has been repaid in full and/or has been converted into Conversion Shares and (b)
the date on which the Investor ceases to hold any shares of Common Stock or have the right to acquire any shares of Common Stock.

 

5.9       Prohibition
on Purchase Order Financing and Sale of Future Receipts. The Company hereby covenants and agrees not to (a) utilize its purchase
order financing option pursuant to that certain Account Sale and Purchase Agreement, dated as of May 5, 2017, between the Company
and Sallyport Commercial Finance LLC, or any similar facility entered into by the Company or (b) make any sales of future receipts
to Radium 2 Capital Inc. or any other affiliate of C6 Capital, in each case subsequent to the date hereof, without the prior written
consent of the Investor.

 

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5.10       No
Restrictions on Transfer. Subject to restrictions on transfer imposed by applicable securities Laws, the Investor Shares shall
be freely transferrable.

 

5.11       Securities
Laws Disclosure; Publicity. The Company shall, by 9:00 a.m. (New York City time) on the Trading Day immediately following
the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and shall, within
four (4) Trading Days following the date hereof, file a Current Report on Form 8-K disclosing the material terms of the transactions
contemplated hereby and including this Agreement as an exhibit thereto; provided, that the Company may not issue such press release
or file such Form 8-K without the Investor’s prior written consent. The Company shall not issue any press release nor otherwise
make any such public statement regarding the Investor or the Transaction Documents without the prior written consent of the Investor,
except if such disclosure is required by Law, in which case the Company shall (a) ensure that such disclosure is restricted and
limited in content and scope to the maximum extent permitted by Law to meet the relevant disclosure requirement and (b) provide
a copy of the proposed disclosure to the Investor for review prior to release and the Company shall incorporate the Investor’s
reasonable comments. Following the execution of this Agreement, the Investor and its Affiliates and/or advisors may place announcements
on their respective corporate websites and in financial and other newspapers and publications (including, without limitation,
customary “tombstone” advertisements) describing the Investor’s relationship with the Company under this Agreement
and including the name and corporate logo of the Company. Notwithstanding anything herein to the contrary, to comply with United
States Treasury Regulations Section 1.6011-4(b)(3)(i), each of the Company and the Investor, and each employee, representative
or other agent of the Company or the Investor, may disclose to any and all persons, without limitation of any kind, the U.S. federal
and state income tax treatment, and the U.S. federal and state income tax structure, of the transactions contemplated hereby and
all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment
and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to
such recipient.

 

5.12       Indemnification
of the Investor.

 

(a)       The
Company will indemnify and hold the Investor, its Affiliates and their respective directors, officers, managers, shareholders,
members, partners, employees and agents and permitted successors and assigns (each, an “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 and defense (collectively,
“Losses”) that any such Investor Party may suffer or incur as a result of or relating to:

 

(i)       any
breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Document;

 

(ii)       any
misrepresentation made by the Company in any Transaction Document or in any SEC Document;

 

    	21

    	 

    

 

(iii)       any
omission to state any material fact necessary in order to make the statements made in any SEC Document, in light of the circumstances
under which they were made, not misleading;

 

(iv)       any
Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon, or resulting
from the execution, delivery, performance or enforcement of any of the Transaction Documents or the consummation of the transactions
contemplated thereby, and whether or not the Investor is party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise,
or if such Proceeding is based upon, or results from, any of the items set forth in clauses (i) through (iii) above.

 

(b)       In
addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and other
expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith,
as such expenses are incurred.

 

(c)       The
provisions of this Section 5.12 shall survive the termination or expiration of this Agreement.

 

5.13       Non-Public
Information. The Company covenants and agrees that neither it nor any other Person acting on its behalf will provide the Investor
or its agents or counsel with any information that the Company believes constitutes material, non-public information. To the extent
the Company provides the Investor with material, non-public information, the Company shall publicly disclose such information
within forty eight (48) hours of providing the information to the Investor; provided, however, in the event that such material
non-public information is provided to Investor pursuant to Section 10, the Company shall publicly disclose such information
within twenty (20) Business Days of providing the information to the Investor. The Company understands and confirms that the Investor
shall be relying on the foregoing representation in effecting transactions in securities of the Company.

 

5.14       Stockholder
Approval. The Company shall hold a special meeting of stockholders (which may also be at the annual meeting of stockholders)
on or before the 180th calendar day following the date hereof for the purpose of obtaining the Stockholder Approval, with the
recommendation of the Board of Directors that such proposal be approved, and the Company shall solicit proxies from its stockholders
in connection therewith in the same manner as all other management proposals in such proxy statement and all management-appointed
proxyholders shall vote their proxies in favor of such proposal. If the Company does not obtain Stockholder Approval at the first
meeting, the Company shall call a meeting every four months thereafter to seek Stockholder Approval until the date the Stockholder
Approval is obtained. Prior to any such stockholder meeting, the Company shall timely file a proxy statement pursuant to Section
14(a) of the 1934 Act in compliance in all material respects with the provisions of the Company’s Bylaws and all applicable
Law.

 

5.15       Listing
of Securities. The Company shall: (a) in the time and manner required by each Trading Market on which the Common Stock is
listed, prepare and file with such Trading Market an additional shares listing application covering the Investor Shares, (b) take
all steps necessary to cause such shares to be approved for listing on each Trading Market on which the Common Stock is listed
as soon as possible thereafter, (c) provide to the Investor evidence of such listing, and (d) maintain the listing of such shares
on each such Trading Market.

 

    	22

    	 

    

 

5.16       Antitrust
Notification. If the Investor determines, in the exercise of its reasonable business judgment and upon the advice of counsel,
that the issuance of the Note or the Investor Shares pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”), the Company shall file as soon as practicable
after the date on which the Company receives notice from the Investor of the applicability of the HSR Act and a request to so
file with the United States Federal Trade Commission and the United States Department of Justice the notification and report form
required to be filed by it pursuant to the HSR Act in connection with such issuance.

 

5.17       Change
of Prime Broker, Custodian. The Investor has informed the Company of the names of its prime broker and its share custodian.
The Investor shall notify the Company of any change in its prime broker or share custodian within three (3) Business Days of such
change having taken effect.

 

5.18       Share
Transfer Agent. The Company has informed the Investor of the name of its share transfer agent and represents and warrants
that the transfer agent participates in the Depository Trust Company Fast Automated Securities Transfer program. The Company shall
not change its share transfer agent without the prior written consent of the Investor.

 

5.19       Tax
Treatment. The Investor and the Company agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S.
income tax purposes, the Note is not intended to be, and shall not be, treated as indebtedness. Neither the Investor nor the Company
shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of
taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Code, or any analogous
provision of applicable state, local or non-U.S. Law.

 

5.20       Set-Off.

 

(a)       The
Investor may set off any of its obligations to the Company (whether or not due for payment), against any of the Company’s
obligations to the Investor (whether or not due for payment) under this Agreement and/or any other Transaction Document.

 

(b)       The
Investor may do anything necessary to effect any set-off undertaken in accordance with this Section 5.20 (including varying
the date for payment of any amount payable by the Investor to the Company).

 

5.21       Reverse
Stock Split. If at any time the last closing trade price for the Common Stock on the Trading Market as reported by the Trading
Market is less than $1.00 for 10 consecutive Trading Days, the Company shall as soon as is reasonably practicable thereafter call
a meeting of the stockholders of the Company for purposes of approving a reverse stock split of the shares of Common Stock such
that the trade price of the Common Stock will be at least $2.00 (a “Reverse Split”) and, subject to receipt
of stockholder approval, shall use its best efforts to promptly effect a Reverse Split.

 

    	23

    	 

    

 

 

5.22       Covenants
in Note. The Company shall comply with all of the covenants and agreements contained in the Note as if such covenants and
agreements were set forth herein.

 

6.       CLOSING
CONDITIONS

 

6.1       Conditions
Precedent to the Obligations of the Investor. The obligation of the Investor to fund the Note and acquire the Closing Shares
at the Closing is subject to the satisfaction or waiver by the Investor, at or before such Closing, of each of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material
respects as of the date when made and as of such Closing as though made on and as of such date;

 

(b)       Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to such Closing;

 

(c)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents;

 

(d)       No
Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the SEC or any
Trading Market (except for any suspensions of trading of not more than one day on which the Trading Market is open solely to permit
dissemination of material information regarding the Company) at any time since the date of execution of this Agreement, and the
Common Stock shall have been at all times since such date listed for trading on a Trading Market; and

 

(e)       Limitation
on Beneficial Ownership. The issuance of the Note and the Closing Shares shall not cause the Investor Group to become, directly
or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act and the rules and regulations
promulgated thereunder) of a number of Equity Interests of a class that is registered under the 1934 Act which exceeds the Maximum
Percentage of the Equity Interests of such class that are outstanding at such time.

 

6.2       Conditions
Precedent to the Obligations of the Company. The obligation of the Company to issue the Note and other Securities at the Closing
is subject to the satisfaction or waiver by the Company, at or before such Closing, of each of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties of the Investor contained herein shall be true and correct in all material
respects as of the date when made and as of such Closing Date as though made on and as of such date;

 

(b)       Performance.
The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing;
and

 

    	24

    	 

    

 

(c)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents.

 

7.       EVENTS
OF DEFAULT

 

7.1       Events
of Default. The occurrence of any of the following events shall be an “Event of Default” under this Agreement:

 

(a)       an
Event of Default under the Note;

 

(b)       any
of the representations or warranties made by the Company or any of its agents, officers, directors, employees or representatives
in any Transaction Document or public filing being inaccurate, false or misleading in any material respect, as of the date as
of which it is made or deemed to be made, or any certificate or financial or other written statements furnished by or on behalf
of the Company to the Investor or any of its representatives, is inaccurate, false or misleading, in any material respect, as
of the date as of which it is made or deemed to be made, or on any Closing Date; or

 

(c)       a
failure by the Company to comply with any of its covenants or agreements set forth in this Agreement.

 

7.2       Investor
Right to Investigate an Event of Default. If in the Investor’s reasonable opinion, an Event of Default has occurred,
or is or may be continuing:

 

(a)       the
Investor may notify the Company that is wishes to investigate such purported Event of Default;

 

(b)       the
Company shall cooperate with the Investor in such investigation;

 

(c)       the
Company shall comply with all reasonable requests made by the Investor to the Company in connection with any investigation by
the Investor and shall (i) provide all information requested by the Investor in relation to the Event of Default to the Investor;
provided that the Investor agrees that any materially price sensitive information and/or non-public information will be subject
to confidentiality, and (ii) provide all such requested information within three (3) Business Days of such request; and

 

(d)       the
Company shall pay all reasonable costs incurred by the Investor in connection with any such investigation.

 

7.3       Remedies
Upon an Event of Default

 

(a)       If
an Event of Default occurs pursuant to Section 7.1(a), the Investor shall have such remedies as is set forth in the Note.

 

    	25

    	 

    

 

(b)       If
an Event of Default occurs pursuant to Section 7.1(b) or Section 7.1(c) and is not remedied within (i) two (2) Business
Days for an Event of Default occurring by the Company’s failure to comply with Sections 5.1(c) and 7.1(c)
or Section 3.2 of the Note, or (ii) ten (10) Business Days from receipt of notice of an Event of Default for all other
Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section
2.1(i), 2.1(j) or 2.1(k) of the Note, the Investor may declare, by notice to the Company, effective immediately,
all outstanding obligations by the Company under the Transaction Documents to be immediately due and payable in immediately available
funds and the Investor shall have no obligation to consummate any Closing under this Agreement or to accept the conversion of
any Note into Conversion Shares.

 

(c)       If
any Event of Default occurs and is not remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s
failure to comply with Sections 5.1(c) and 7.1(c) or Section 3.2 of the Note, or (ii) ten (10) Business Days
from receipt of notice of an Event of Default for all other Events of Default, provided, however, that there shall
be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k) of the Note, the
Investor may, by written notice to the Company, terminate this Agreement effective as of the date set forth in the Investor’s
notice.

 

8.       TERMINATION

 

8.1       Events
of Termination. This Agreement:

 

(a)       may
be terminated:

 

(i)       by
the Investor on the occurrence or existence of a Securities Termination Event or a Change of Control;

 

(ii)       by
the mutual written consent of the Company and the Investor, at any time;

 

(iii)       by
either Party, by written notice to the other Party, effective immediately, if the Closing has not occurred within two (2) Business
Days of the date of this Agreement or such later date as the Company and the Investor agree in writing, provided that the right
to terminate this Agreement under this Section 8.1(a)(iii) is not available to any party that is in material breach of
or material default under this Agreement or whose failure to fulfill any obligation under this Agreement has been the principal
cause of, or has resulted in the failure of the Closing to occur; or

 

(iv)       by
the Investor, in accordance with Section 7.3(c).

 

8.2       Automatic
Termination. This Agreement will automatically terminate, without further action by the parties, at the time after the Closing
that the Principal Amount outstanding under the Note and any accrued but unpaid interest is reduced to zero (0), whether as a
result of Conversion or repayment by the Company in accordance with the terms of this Agreement and the Note.

 

    	26

    	 

    

 

8.3       Effect
of Termination.

 

(a)       Subject
to Section 8.3(b), each party’s right of termination under Section 8.1 is in addition to any other rights
it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies.

 

(b)       If
the Investor terminates this Agreement under Section 8.1(a)(i):

 

(i)       the
Investor may declare, by notice to the Company, all outstanding obligations by the Company under the Transaction Documents to
be due and payable (including, without limitation, the immediate repayment of any Principal Amount outstanding under the Note
plus accrued but unpaid interest) without presentment, demand, protest or any other notice of any kind, all of which are expressly
waived by the Company, anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding;
and

 

(ii)       the
Company must within five (5) Business Days of such notice being received, pay to the Investor in immediately available funds the
outstanding Principal Amount for the Note plus all accrued interest thereon (if any), unless the Investor terminates this Agreement
as a result of an Event of Default and provided that (A) subsequent to the termination under Section 8.1(a)(i), the Investor
is not prohibited by Law or otherwise from exercising its conversion rights pursuant to this Agreement or the Note, (B) the Investor
actually exercises its conversion rights under this Agreement or the Note, and (C) the Company otherwise complies in all respects
with its obligation to issue Conversion Shares in accordance with the Note (which obligation will survive termination).

 

(c)       Upon
termination of this Agreement, the Investor will not be required to fund any further amount after the date of termination of the
Agreement, provided that termination will not affect any undischarged obligation under this Agreement, and any obligation of the
Company to pay or repay any amounts owing to the Investor hereunder and which have not been repaid at the time of termination.

 

(d)       Nothing
in this Agreement will be deemed to release any party from any liability for any breach by such party of the terms and provisions
of this Agreement or to impair the right of any party to compel specific performance by any other Party of its obligations under
this Agreement.

 

(e)       Notwithstanding
anything herein to the contrary, the Company’s covenant under Section 5.8 of this Agreement shall survive the termination
of this Agreement in accordance with its terms.

 

9.       RIGHTS
TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions
of this Section 9 and applicable securities Laws, if at any time prior to the second anniversary of the Closing, the Company
proposes to offer or sell any New Securities, the Company shall first offer the Investor the opportunity to purchase up to ten
percent (10%) of such New Securities. The Investor shall be entitled to apportion the right of first offer hereby granted to it
in such proportions as it deems appropriate among itself and its Affiliates.

 

9.1       The
Company shall give notice (the “Offer Notice”) to the Investor, stating (a) its bona fide intention to offer
such New Securities, (b) the number of such New Securities to be offered, and (c) the price and terms, if any, upon which it proposes
to offer such New Securities.

 

    	27

    	 

    

 

9.2       By
notification to the Company within ten (10) days after the Offer Notice is given, or within five (5) days if the Company intends
to close the sale of such New Securities prior to such ten (10) day period, the Investor may elect to purchase or otherwise acquire,
at the price and on the terms specified in the Offer Notice, up to ten percent (10%) of such New Securities. The closing of any
sale pursuant to this Section 10 shall occur within the later of ninety (90) days of the date that the Offer Notice is
given and the date of initial sale of New Securities pursuant to Section 10.3.

 

9.3       The
Company may, during the ninety (90) day period following the expiration of the period provided in Section 9.2, offer and
sell the remaining portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable
to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the
New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the
right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to
the Investors in accordance with this Section 9.

 

9.4       The
right of first offer in this Section 9 shall not be applicable to Exempted Securities, any New Securities registered for
sale under the 1933 Act, or the securities identified in Schedule 5.7.

 

10.       GENERAL
PROVISIONS

 

10.1       Fees
and Expenses. Prior to the date of this Agreement, the Company has paid Morgan, Lewis & Bockius LLP $20,000. At the Closing,
the Company shall reimburse the Investor up to an additional $20,000 of due diligence costs and reasonable fees and disbursements
of Morgan, Lewis & Bockius LLP in connection with the preparation of the Transaction Documents it being understood that Morgan,
Lewis & Bockius LLP has not rendered any legal advice to the Company in connection with the transactions contemplated hereby
and that the Company has relied for such matters on the advice of its own counsel. Except as specified above, each party shall
pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by
such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. The Company
shall pay all stamp and other taxes and duties levied in connection with the sale of the Note and Closing Shares.

 

    	28

    	 

    

 

10.2       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 email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this
Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New
York time) on such date, (c) the Business 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 follows:

 

If
to the Company:

 

Boxlight
Corporation

1045 Progress Circle

Lawrenceville, GA 30043

Telephone: (404) 891-1122

Email: michael.pope@boxlight.com

Attention: Michael Pope, Chief Executive Officer

 

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

 

Michelman
& Robinson, LLP

10880
Wilshire Blvd., 19th floor

Los
Angeles, CA 90024

(424)-365-6024

Email:
sweiss@mrllp.com

Attention:
Stephen A. Weiss, Esq.

 

If
to the Investor:

 

Lind
Global Asset Management, LLC

c/o The Lind Partners LLC

444 Madison Avenue, Floor 41

New York, NY 10022

Telephone: (646) 395-3931

Email: jeaston@thelindpartners.com and

notice@thelindpartners.com

Attention:
Jeff Easton

 

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

 

Morgan,
Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

Telephone: (617) 951-8211

Email: bryan.keighery@morganlewis.com

Attention: Bryan S. Keighery

 

or
such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

10.3       Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected or
impaired thereby.

 

    	29

    	 

    

 

 

10.4       Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without reference
to principles of conflict of Laws or choice of Laws.

 

10.5       Jurisdiction
and Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York.
The Company and the Investor irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and
hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing
party in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses
relating to such action or proceeding.

 

10.6       WAIVER
OF RIGHT TO JURY TRIAL. THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER TRANSACTION
DOCUMENTS.

 

10.7       Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Securities.

 

10.8       Entire
Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

10.9       Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and
the Investor. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed
to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

10.10       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. This Agreement shall be construed
as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

    	30

    	 

    

 

10.11       Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the Company and the
Investor and their respective successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Investor. The Investor may assign any or all of its rights under this Agreement to any
Person to whom the Investor assigns or transfers any Securities, provided such transferee agrees in writing to be bound, with
respect to the transferred Securities, by the provisions hereof that apply to the “Investor” and such transferee is
an accredited investor.

 

10.12       No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

10.13       Further
Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

10.14       Counterparts.
This Agreement may be executed in two identical counterparts, both of which 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. Signature pages delivered
by facsimile or e-mail shall have the same force and effect as an original signature.

 

10.15       Specific
Performance. The Company acknowledges that monetary damages alone would not be adequate compensation to the Investor for a
breach by the Company of this Agreement and the Investor may seek an injunction or an order for specific performance from a court
of competent jurisdiction if (a) the Company fails to comply or threatens not to comply with this Agreement or (b) the Investor
has reason to believe that the Company will not comply with this Agreement.

 

[Signature
Page Follows]

 

    	31

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Securities Purchase Agreement as of the date first set forth above.

 

	COMPANY:	 	INVESTOR:
	 	 	 
	BOXLIGHT
    CORPORATION 	 	Lind
    GLOBAL Asset management, llc
	 	 	 
	By:	/s/
    Michael Pope	 	By:	/s/
    Jeff Easton
	Name:	Michael
    Pope	 	Name:	Jeff
                                         Easton

	Title:	Chief
    Executive Officer	 	Title:	Authorized
    Signatory

 

[Signature
Page of Securities Purchase Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF THIRD AMENDED AND RESTATED SECURITY AGREEMENT

 

[See
attached]

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF NOTE

 

[See
attached]Exhibit 10.2

 

NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE 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 COMPANY. THIS NOTE AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH
SECURITIES.

 

BOXLIGHT
CORPORATION

 

Form
of Secured

Convertible Promissory

Note due September 21, 2022

 

	Note
    No.	$22,000,000.00
	Dated:
    September 21, 2020 (the “Issuance Date”)	 

 

For
value received, BOXLIGHT CORPORATION, a Nevada corporation (the “Maker” or the “Company”),
hereby promises to pay to the order of Lind Global Asset Management, LLC, a Delaware limited liability company (together with
its successors and representatives, the “Holder”), in accordance with the terms hereinafter provided, the principal
amount of TWENTY TWO MILLION DOLLARS ($22,000,000.00) (the “Principal Amount”).

 

All
payments under or pursuant to this Secured Convertible Promissory Note (this “Note”) shall be made in United
States Dollars in immediately available funds to the Holder at the address of the Holder set forth in the Purchase Agreement (as
hereinafter defined) or at such other place as the Holder may designate from time to time in writing to the Maker or by wire transfer
of funds to the Holder’s account, instructions for which are attached hereto as Exhibit A. The outstanding principal
balance of this Note plus all accrued interest thereon (if any) shall be due and payable on September 21, 2022 (the “Maturity
Date”) or at such earlier time as provided herein.

 

ARTICLE
1

 

1.1       Purchase
Agreement. This Note has been executed and delivered pursuant to the Securities Purchase Agreement, dated as of September
21, 2020 (as the same may be amended from time to time, the “Purchase Agreement”), by and between the Maker
and the Holder. Capitalized terms used and not otherwise defined herein shall have the meanings set forth for such terms in the
Purchase Agreement. In addition, each Holder of the Note acknowledges receipt of the Purchase Agreement and specifically agrees
that the Company shall not be required to issue any “Investor Shares” (as defined in the Purchase Agreement), including
Conversion Shares issuable upon conversion of this Note (the “Conversion Shares”) Closing Shares or Repayment
Shares, if such issuance would cause the Company to be required to obtain the approval of the stockholders of the Company pursuant
to the rules and regulations of The Nasdaq Stock Market; provided, that the Company shall, at the request of the Holder of this
Note, promptly call a meeting of the stockholders of the Company for the purpose of obtaining such approval.

 

    	 

     

    

 

1.2       Interest.
Except as set forth in Section 2.2, this Note shall not bear interest; provided, however, that if the closing price of
the Company’s Common Stock on the applicable Trading Market is below the Conversion Price on any given Trading Day, interest
will accrue for that Trading Day based upon an annual interest rate equal to four percent (4%); provided that weekend days will
accrue interest based upon the Closing Price of the last Trading Day, all of which shall be payable as set forth in Section
1.3(a) below.

 

1.3       Payment
of Principal and Interest.

 

(a)       Interest
Payments.      Commencing on the day that is the two (2) month anniversary of the Issuance Date, and then on each
successive one (1) month anniversary thereof (unless this Note is accelerated, converted or redeemed, as the case may be),
until all amounts owing hereunder have been paid, as more particularly set forth in Schedule 1 attached hereto (each, an
“Interest Payment Date”), the Maker shall pay to the Holder all interest that has accrued and remains unpaid on
the outstanding Principal Amount of this Note, in accordance with the terms hereof. On the Interest Payment Dates, such
monthly payments shall, at the Maker’s option, be made in cash or Repayment Shares; provided that the number of
Repayment Shares shall be determined by dividing the accrued interest being paid in shares of Common Stock by the Repayment
Share Price (as defined below); provided, however, that no interest may be paid in Repayment Shares unless such (1) such
Repayment Shares may be immediately resold under Rule 144 without restriction on the number of shares to be sold or manner of
sale, or (2) registered for resale under the 1933 Act.

 

(b)      Principal
Installment Payments.      Subject to any mandatory prepayment required pursuant to Section 1.3(c)(ii) below, commencing on
the day that is the two (2) month anniversary of the Issuance Date, the Maker shall pay to the Holder the outstanding
Principal Amount hereunder in monthly installments, on such date and each one (1) month anniversary thereof, as more
particularly set forth in Schedule 1 attached hereto (each, a “Payment Date”), of One Million
Dollars ($1,000,000) (the “Monthly Payments”), until the Principal Amount has been paid in full prior to
or on the Maturity Date or, if earlier, upon acceleration, conversion or redemption of this Note in accordance with the terms
herein. The Monthly Payments shall, at the Maker’s option, be made in (i) cash, (ii) Repayment Shares, or (iii) a
combination of cash and Repayment Shares; provided that the Maker shall provide the Holder with advance written notice twenty
(20) Business Days prior to any Payment Date of its intention to satisfy all or any portion of its Monthly Payment in
Repayment Shares, and if the Maker fails to provide any such notice in such timeframe, the Monthly Payment for that Payment
Date shall be made in cash; provided further that the number of Repayment Shares shall be determined by dividing the
Principal Amount plus accrued interest (if any) being paid in shares of Common Stock at the Repayment Share Price; provided,
however, that no portion of the Principal Amount may be paid in Repayment Shares unless (A) such Repayment Shares may be
immediately resold under Rule 144 without restriction on the number of shares to be sold or manner of sale, or (B) registered
for resale under the 1933 Act. The Monthly Payments may be increased at the Maker’s sole discretion if made in cash, or
upon mutual consent of the Maker and the Holder if made by the issuance of the Repayment Shares.

 

    	2

     

    

 

(c)      Prepayment.

 

(i)
       Optional Prepayment. At any time after the Issuance Date, the Maker may repay
all (but not less than all) of the Outstanding Principal Amount plus all accrued interest thereon (if any), upon at least ten
(10) days written notice of the Holder (the “Prepayment Notice”). If the Maker elects to prepay this Note pursuant
to the provisions of this Section 1.3(c), the Holder shall have the right, upon written notice to the Maker (a “Prepayment
Conversion Notice”) within five (5) Business Days of the Holder’s receipt of a Prepayment Notice, to convert up
to twenty-five percent (25%) of the Outstanding Principal Amount plus accrued interest thereon (if any) on the Issuance Date (the
“Maximum Amount”) at the lesser of (i) the Conversion Price and (ii) the Cash Repayment Price (as defined below),
in accordance with the provisions of Article 3, specifying the Principal Amount plus accrued interest (if any) (up to the Maximum
Amount) that the Holder will convert. Upon delivery of a Prepayment Notice, the Maker irrevocably and unconditionally agrees to,
within five (5) Business Days of receiving a Prepayment Conversion Notice, and if no Prepayment Conversion Notice is received,
within ten (10) Business Days of delivery of a Prepayment Notice: (i) repay the Outstanding Principal Amount plus all accrued
interest thereon (if any) minus the Principal Amount set forth in the Prepayment Conversion Notice and (ii) issue the applicable
Conversion Shares to the Holder in accordance with Article 3. The foregoing notwithstanding, the Maker may not deliver a Prepayment
Notice with respect to any Outstanding Principal Amount that is subject to a Conversion Notice delivered by the Holder in accordance
with Article 3.

 

(ii)
       Acquisitions. The Maker acknowledges that it has entered into the Purchase Agreement
with a view toward using the net proceeds of the Loan to make one or more Acquisitions. The Holder shall have the right to approve
in advance any Material Acquisition (as that term is defined in the Purchase Agreement); provided that the Holder hereby consents
to the Proposed Acquisition. Notwithstanding the foregoing, in the event that the Maker or any of its Subsidiaries shall not consummate
a Material Acquisition within six (6) months from the Issuance Date, any one or more subsequent Acquisitions to be made by the
Maker or any of its Subsidiaries shall either (A) be approved in advance by the Holder (which approval may be denied in the sole
discretion of the Holder) or (B) the cash reserves of the Maker, after giving effect to all such Acquisitions, shall not fall
below $20,000,000. In the event that prior to the Maturity Date, either condition set forth in clause (A) and (B) above is not
satisfied, , the Holder may request a repayment of all or any portion of the Outstanding Principal Amount owing hereunder, plus
all accrued interest thereon, within thirty (30) Business Days of receipt of such notice, then the Maker shall, within ten (10)
days of receiving such request from the Holder, repay the amount of the Outstanding Principal Amount (together with all accrued
interest thereon) that the Holder requests to be repaid.

 

(iii)       Mandatory
Prepayment. In the event that (A) prior to the six (6) month anniversary of the Issuance Date, the Maker has not closed a
Material Acquisition or (B) prior to the Maturity Date, the cash reserves of the Maker fall below $20,000,000, the Holder may
demand a repayment of all or any portion of the Outstanding Principal Amount owing hereunder, plus all accrued interest thereon.
Following such demand from the Holder, the Maker shall, within ten (10) days of receiving such request from the Holder, repay
the amount of the Outstanding Principal Amount (together with all accrued interest thereon) that the Holder requests to be repaid.

 

    	3

     

    

 

(d)      Delisting
from a Trading Market.      If at any time the Common Stock ceases to be listed on a Trading Market, (i) the Holder may deliver
a demand for payment to the Company and, if such a demand is delivered, the Company shall, within ten (10) Business Days following
receipt of the demand for payment from the Holder, pay all of the Outstanding Principal Amount plus accrued interest thereon (if
any) or (ii) the Holder may, at its election, after the six month anniversary of the Issuance Date or earlier if a Registration
Statement covering the Conversion Shares has been declared effective, upon notice to the Company in accordance with Section
5.1, convert all or a portion of the Outstanding Principal Amount plus any accrued interest and the Conversion Price shall
be adjusted to the lower of (A) the then-current Conversion Price and (A) eighty percent (80%) of the average of the three (3)
lowest daily VWAPs during the twenty (20) Trading Days (as defined below) prior to delivery by the Holder of its notice of conversion
pursuant to this Section 1.3(d).

 

1.4       Payment
on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may
be due on the next succeeding Business Day.

 

1.5       Transfer.
This Note may be transferred or sold, subject to the provisions of Section 5.9 of this Note, or pledged, hypothecated or
otherwise granted as security by the Holder.

 

1.6       Replacement.
Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or destruction
of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of such
Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.7       Use
of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

    	4

     

    

 

1.8       Other
Debt; Status of Note and Security Interest. The Maker shall not, and shall not permit any of its Subsidiaries to incur, Indebtedness
other (a) than Permitted Indebtedness and (b) Indebtedness owing from the Maker in favor of Lind Global Macro Fund, LP (“Lind
Global Macro”) (the “Macro Debt”). So long as the Indebtedness under the Sallyport Agreement or any Refinancing
Indebtedness (as such term is defined in the Security Agreement), as the case may be, continues to constitute Permitted Indebtedness,
the security interest of the Holder and the obligations of the Maker under this Note relating thereto shall be junior and expressly
made subject and subordinate to the security interest held by Sallyport Commercial Finance, LLC (“Sallyport”) or such
Refinancing Lender (as such term is defined in the Security Agreement), as the case may be, pursuant to that certain Account Sale
and Purchase Agreement dated as of May 5, 2017 by and between Sallyport and the Maker (the “Sallyport Agreement”)
or such other agreement as evidences the Refinancing Indebtedness (the “Refinancing Agreement”), as the case may be.
The payment obligations of the Maker hereunder shall be pari passu in respect of all payment obligations owing to Sallyport under
the Sallyport Agreement or the Refinancing Lender under the Refinancing, as the case may be, owing to Lind Global Macro with respect
to the Macro Debt and owing to any other holder of Permitted Indebtedness and shall be senior to all equity of the Company, including
Preferred Stock. On the date hereof, Sallyport, Lind Global Macro, the Maker and the Holder are entering into the Sallyport Intercreditor
Agreement (as defined in Section 5.1 hereof). In addition, in the event that the Maker or any Subsidiary shall enter into any
Permitted Indebtedness prior to the Maturity Date, the Maker, such Subsidiary, the Holder and the holder of the Permitted Indebtedness
shall execute and deliver an intercreditor agreement among such parties, in form and substance acceptable to the Holder and such
lender evidencing the priority of each party’s security interest (if any) (the “Other Lender Intercreditor Agreement”
and, collectively with the Sallyport Intercreditor Agreement (as defined below), the “Intercreditor Agreements” and
each, an “Intercreditor Agreement”), with all related legal and documentation costs to be paid by the Maker. Upon
any Liquidation Event (as hereinafter defined), the Holder will be entitled to receive, before any distribution or payment is
made upon, or set apart with respect to, any Indebtedness of the Maker, any Subsidiary or any class of capital stock of the Maker
or such Subsidiary, (other than to Sallyport or holder of Permitted Indebtedness (if applicable)pursuant to the express terms
of the applicable Intercreditor Agreement), an amount equal to the Outstanding Principal Amount plus all accrued interest thereon
(if any). For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for
bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors,
or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker or any Subsidiary thereof. Notwithstanding
the foregoing, the security interest granted in favor of Sallyport under the Sallyport Intercreditor Agreement shall be terminated
immediately prior to or in connection with the Maker entering into a working capital facility with a holder of Permitted Indebtedness.

 

1.9       Secured
Note. The full amount of this Note is secured by the Collateral (as defined in the Security Agreement) identified and described
as security therefor in the Third Amended and Restated Security Agreement dated as of September 21, 2020 (the “Security
Agreement”) by and between the Maker and the Lind Global Macro Fund, LP, as agent for the Holder.

 

1.10       Tax
Treatment. The Maker and the Holder agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S.
income tax purposes, this Note is not intended to be, and shall not be, treated as indebtedness. Neither the Maker nor the Holder
shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of
Taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue
Code of 1986, as amended (the “Code”), or any analogous provision of applicable state, local or non-U.S. law.

 

    	5

     

    

 

ARTICLE
2

 

2.1       Events
of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events defined
in the Purchase Agreement, and any of the additional events described below:

 

(a)       any
default in the payment of (i) the Principal Amount or accrued interest (if any) hereunder when due; or (ii) liquidated damages
in respect of this Note as and when the same shall become due and payable (whether on a Payment Date, the Maturity Date or by
acceleration or otherwise);

 

(b)       the
Maker shall fail to observe or perform any other covenant, condition or agreement contained in this Note or any Transaction Document;

 

(c)       the
Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including
for any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion
of this Note into shares of Common Stock;

 

(d)       the
Maker shall fail to (i) timely deliver the shares of Common Stock as and when required in Section 3.2; or (ii) make the
payment of any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e)       default
shall be made in the performance or observance of any material covenant, condition or agreement contained in the Purchase Agreement
or any other Transaction Document that is not covered by any other provisions of this Section 2.1;

 

(f)       at
any time the Maker shall fail to have a sufficient number of shares of Common Stock authorized, reserved and available for issuance
to satisfy the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion)
of this Note or to satisfy the mandatory issuance of Make Whole Shares, if any, pursuant to the Purchase Agreement;

 

(g)       any
representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note or any
other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as of which
made;

 

(h)       unless
otherwise approved in writing in advance by the Holder, the Maker shall, or shall announce an intention to pursue or consummate
a Change of Control, or a Change of Control shall be consummated, or the Maker shall negotiate, propose or enter into any agreement,
understanding or arrangement with respect to any Change of Control;

 

    	6

     

    

 

(i)       the
Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest on any
Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of $250,000;
(B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the
effect of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries
of such Indebtedness to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;
or (C) default under any Permitted Indebtedness.

 

(j)       the
Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment
for the benefit of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter
in effect) or under the comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage
of any bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights
generally; (v) acquiesce in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code
(as now or hereafter in effect) or under the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of
bankruptcy or winding down of its operations or issue a press release regarding same; or (vii) take any action under the laws
of any jurisdiction (foreign or domestic) analogous to any of the foregoing;

 

(k)       a
proceeding or case shall be commenced in respect of the Maker or any of its Subsidiaries, without its application or consent,
in any court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or
composition or readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it
or of all or any substantial part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries;
or (iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described
in clause (i), (ii) or (iii) shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any
order for relief shall be entered in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or
under the comparable laws of any jurisdiction (foreign or domestic) against the Maker or any of its Subsidiaries or action under
the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing shall be taken with respect to the Maker
or any of its Subsidiaries and shall continue undismissed, or unstayed and in effect for a period of forty-five (45) days;

 

(l)       the
failure of the Maker to instruct its transfer agent to remove any legends from shares of Common Stock and issue such unlegended
certificates to the Holder within three (3) Trading Days of the Holder’s request so long as the Holder has provided reasonable
assurances to the Maker that such shares of Common Stock can be sold pursuant to Rule 144 or any other applicable exemption;

 

    	7

     

    

 

(m)       the
Maker’s shares of Common Stock are no longer publicly traded or cease to be listed on the Trading Market or, after the six
month anniversary of the Issuance Date, any Investor Shares may not be immediately resold under Rule 144 without restriction on
the number of shares to be sold or manner of sale, unless such Investor Shares have been registered for resale under the 1933
Act and may be sold without restriction;

 

(n)       the
Maker consummates a “going private” transaction and as a result the Common Stock is no longer registered under Sections
12(b) or 12(g) of the 1934 Act;

 

(o)       there
shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer agent
for the Common Stock restricting the trading of such Common Stock;

 

(p)       the
Depositary Trust Company places any restrictions on transactions in the Common Stock or the Common Stock is no longer tradeable
through the Depositary Trust Company Fast Automated Securities Transfer program; or

 

(q)       the
occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole.

 

For
the avoidance of doubt, any default pursuant to clause (i) above shall not be subject to any cure periods pursuant to the instrument
governing such Indebtedness or this Note.

 

2.2       Remedies
Upon an Event of Default.

 

(a)       Upon
the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Sections 5.1(c) and 7.1(c) of the Purchase Agreement or Section
3.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there
shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker
shall pay interest on the Outstanding Principal Amount hereunder at an interest rate per annum at all times equal to twelve percent
(12%) per annum (the “Default Interest Rate”). Accrued and unpaid interest (including interest on past due
interest) shall be due and payable upon demand.

 

(b)       Upon
the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within one (1) Business Day
of the occurrence of such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event
or factual situation giving rise to the Event of Default and specifying the relevant subsection or subsections of Section 2.1
hereof under which such Event of Default has occurred.

 

    	8

     

    

 

(c)       If
an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Sections 5.1(c) and 7.1(c) of the Purchase Agreement or
Section 3.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however,
that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or2.1(k),
the Holder may at any time at its option declare the entire unpaid principal balance of this Note plus all accrued interest thereon
(if any) due and payable, and thereupon, the same shall be accelerated and so due and payable, without presentment, demand, protest,
or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker; provided, however, that
(x) upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion, may: (a) demand
the redemption of this Note pursuant to Section 3.5(a) hereof; (b) from time-to-time demand that all or a portion of the
Outstanding Principal Amount plus all accrued interest thereon (if any) be converted into shares of Common Stock at the lower
of (i) the then-current Conversion Price and (ii) eighty-percent (80%) of the average of the three (3) lowest daily VWAPs during
the twenty (20) Trading Days prior to the delivery by the Holder of the applicable notice of conversion; or (c) exercise or otherwise
enforce any one or more of the Holder’s rights, powers, privileges, remedies and interests under this Note, the Purchase
Agreement, the other Transaction Documents or applicable law and (y) upon the occurrence of an Event of Default described in clauses
(k) or (l) above, all amounts owing under this Note shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Maker. No course of delay on the part of the Holder shall operate
as a waiver thereof or otherwise prejudice the rights of the Holder. No remedy conferred hereby shall be exclusive of any other
remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.

 

ARTICLE
3

 

3.1       Conversion.

 

(a)       Voluntary
Conversion. At any time and from time to time, subject to Section 3.3, this Note shall be convertible (in whole or
in part), at the option of the Holder, into such number of fully paid and non-assessable shares of Common Stock as is determined
by dividing (x) that portion of the Outstanding Principal Amount plus any accrued interest thereon that the Holder elects to convert
by (y) the Conversion Price then in effect on the date on which the Holder delivers a notice of conversion, in substantially the
form attached hereto as Exhibit B (the “Conversion Notice”), in accordance with Section 5.1 to
the Maker. The Holder shall deliver this Note to the Maker at the address designated in the Purchase Agreement at such time that
this Note is fully converted. With respect to partial conversions of this Note, the Maker shall keep written records of the amount
of this Note converted as of the date of such conversion (each, a “Conversion Date”).

 

(b)       Mandatory
Conversion. Subject to Section 3.3, at the Maker’s sole option and upon notice by the Maker to the Holder stating
the portion of the Outstanding Principal Amount to be converted, for which a calculation of the Conversion Price, as adjusted,
and the number of Conversion Shares will be provided by the Holder to the Maker, (i) up to fifty percent (50%) of the Outstanding
Principal Amount shall be automatically converted if the daily VWAP is greater than $8.00 for thirty (30) consecutive Trading
Days or (ii) one hundred percent (100%) of the Outstanding Principal Amount shall be automatically converted if the daily VWAP
is greater than $10.00 for thirty (30) consecutive Trading Days.

 

    	9

     

    

 

(c)       Conversion
Price. The “Conversion Price” means $3.50, and shall be subject to adjustment as provided herein; provided,
that if at any time the Maker’s Market Capitalization (including for this purpose all shares of preferred stock on an as-converted
to Common Stock basis) is below $50,000,000, the “Conversion Price” as of any given day during that time shall be
equal to the Repayment Share Price at that time.

 

(d)       Credit
towards Repayment. The face value of any portion of this Note that is converted pursuant to Sections 3.1(a) and 3.1(b) shall be credited towards future Monthly Repayments pursuant to Section 1.3(b). For example, if $3,000,000 of the Outstanding
Principal Amount is converted, the Maker shall not be obligated to make the Monthly Repayments for the subsequent three months.

 

3.2       Delivery
of Investor Shares. As soon as practicable after the occurrence of any event requiring the issuance of Investor Shares in
accordance with this Note, including the Conversion Shares, Repayment Shares, and Closing Shares, as applicable, and in any event
on the same Trading Day if notice of the occurrence of such event has been delivered prior to 12:00 p.m. Eastern Time, or prior
to 12:00 p.m. Eastern Time on the following Trading Day if such notice is delivered after such time (such date, the “Share
Delivery Date”), the Maker shall, at its expense, cause to be issued in the name of and delivered to the Holder, or
as the Holder may direct, a certificate or certificates evidencing the number of fully paid and nonassessable shares of Common
Stock to which the Holder shall be entitled, including any shares, in such denominations as may be requested by the Holder, which
certificate or certificates shall be free of restrictive and trading legends. In lieu of delivering physical certificates for
the shares of Common Stock issuable upon the occurrence of any event requiring the issuance of Investor Shares in accordance with
this Note, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program or a similar program, upon request of the Holder, the Company shall cause its transfer
agent to electronically transmit such shares of Common Stock so issuable to the Holder (or its designee), by crediting the account
of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided
that the same time periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee).

 

3.3       Ownership
Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing
Equity Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause
the Holder Group (as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of
Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class
that is registered under the 1934 Act which exceeds the Maximum Percentage (as defined below) of the Equity Interests of such
class that are outstanding at such time. Any purported delivery of Equity Interests in connection with the conversion of this
Note prior to the termination of this restriction in accordance herewith shall be void and have no effect to the extent (but only
to the extent) that such delivery would result in the Holder Group becoming the beneficial owner of more than the Maximum Percentage
of the Equity Interests of a class that is registered under the 1934 Act that is outstanding at such time. If any delivery of
Equity Interests owed to the Holder following conversion of this Note is not made, in whole or in part, as a result of this limitation,
the Company’s obligation to make such delivery shall not be extinguished and the Company shall deliver such Equity Interests
as promptly as practicable after the Holder gives notice to the Company that such delivery would not result in such limitation
being triggered or upon termination of the restriction in accordance with the terms hereof. To the extent limitations contained
in this Section 3.3 apply, the determination of whether this Note is convertible and of which portion of this Note is convertible
shall be the sole responsibility and in the sole determination of the Holder, and the submission of a notice of conversion shall
be deemed to constitute the Holder’s determination that the issuance of the full number of Conversion Shares requested in
the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify or confirm the accuracy
of such determination. For purposes of this Section 3.3, (i) the term “Maximum Percentage” shall mean
4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class
of Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase
to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of
doubt, automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests);
and (ii) the term “Holder Group” shall mean the Holder plus any other Person with which the Holder is considered
to be part of a group under Section 13 of the 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or
16 of the 1934 Act. In determining the number of Equity Interests of a particular class outstanding at any point in time, the
Holder may rely on the number of outstanding Equity Interests of such class as reflected in (x) the Company’s most recent
Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”),
as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company or its transfer
agent to the Holder setting forth the number of Equity Interests of such class then outstanding. For any reason at any time, upon
written or oral request of the Holder, the Company shall, within one (1) Business Day of such request, confirm orally and in writing
to the Holder the number of Equity Interests of any class then outstanding. The provisions of this Section 3.3 shall be
construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership limitation herein contained.

 

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3.4       Adjustment
of Conversion Price.

 

(a)       Until
the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as
follows (but shall not be increased, other than pursuant to Section 3.4(a)(i) hereof):

 

(i)       Adjustments
for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) effect a split of the outstanding Common Stock, the applicable Conversion Price in effect immediately
prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date), combine the outstanding shares of Common Stock, the applicable Conversion
Price in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section
3.4(a)(i) shall be effective at the close of business on the date the stock split or combination occurs.

 

(ii)       Adjustments
for Certain Dividends and Distributions. Other than dividends payable on preferred stock issued in connection with a Material
Acquisition or other Acquisition approved by the Holder, if the Maker shall at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common
Stock entitled to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the applicable
Conversion Price in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event
such record date shall have been fixed, as of the close of business on such record date, by multiplying the applicable Conversion
Price then in effect by a fraction:

 

(1)       the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date; and

 

(2)       the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time
of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of
such dividend or distribution.

 

(iii)       Adjustment
for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in other than shares of Common Stock, then, and in each event, an appropriate
revision to the applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price
or otherwise) so that the Holder of this Note shall receive upon conversions thereof, in addition to the number of shares of Common
Stock receivable thereon, the number of securities of the Maker or other issuer (as applicable) or other property that it would
have received had this Note been converted into Common Stock in full (without regard to any conversion limitations herein) on
the date of such event and had thereafter, during the period from the date of such event to and including the Conversion Date,
retained such securities (together with any distributions payable thereon during such period) or assets, giving application to
all adjustments called for during such period under this Section 3.4(a)(iii) with respect to the rights of the holders
of this Note; provided, however, that if such record date shall have been fixed and such dividend is not fully paid or
if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph
as of the time of actual payment of such dividends or distributions.

 

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(iv)       Adjustments
for Reclassification, Exchange or Substitution. If the Common Stock at any time or from time to time after the Closing Date
(but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities
of any class or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than
by way of a stock split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii)
hereof, or a reorganization, merger, consolidation, or sale of assets provided for in Section 3.4(a)(v) hereof), then,
and in each event, an appropriate revision to the Conversion Price shall be made and provisions shall be made (by adjustments
of the Conversion Price or otherwise) so that the Holder shall have the right thereafter to convert this Note into the kind and
amount of shares of stock or other securities or other property receivable upon reclassification, exchange, substitution or other
change, by holders of the number of shares of Common Stock into which such Note might have been converted immediately prior to
such reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein.

 

(v)       Adjustments
for Issuance of Additional Shares of Common Stock. In the event the Maker shall at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date) issue or sell any additional shares of Common Stock (“Additional
Shares of Common Stock”), other than (A) as provided in this Note (including the foregoing subsections (i) through (iv)
of this Section 3.4(a)), pursuant to any Equity Plan (including pursuant to Common Stock Equivalents granted or issued
under any Equity Plan), (B) pursuant to Common Stock Equivalents granted or issued prior to the Closing Date, or (C) Exempted
Securities, in any case, at an effective price per share that is less than the Conversion Price then in effect or
without consideration, then the Conversion Price upon each such issuance shall be reduced to a price equal to the consideration
per share paid for such Additional Shares of Common Stock. For purposes of clarification, the amount of consideration received
for such Additional Shares of Common Stock shall not include the value of any additional securities or other rights received in
connection with such issuance of Additional Shares of Common Stock (i.e. warrants, rights of first refusal or other similar rights).

 

(vi)       Issuance,
Amendment or Adjustment of Common Stock Equivalents. Except for Exempted Securities, if (x) the Maker, at any time after the
Closing Date (but whether before or after the Issuance Date), shall issue any securities convertible into or exercisable or exchangeable
for, directly or indirectly, Common Stock (“Convertible Securities”), or any rights or warrants or options
to purchase any such Common Stock or Convertible Securities, other than Common Stock Equivalents granted or issued under any Equity
Plan (collectively with the Convertible Securities, the “Common Stock Equivalents”) and the price per share
for which shares of Common Stock may be issuable pursuant to any such Common Stock Equivalent shall be less than
the applicable Conversion Price then in effect, or (y) the price per share for which shares of Common Stock may be issuable under
any Common Stock Equivalents is amended or adjusted, pursuant to the terms of such Common Stock Equivalents or otherwise, and
such price as so amended or adjusted shall be less than the applicable Conversion Price in effect at the time of such amendment
or adjustment, then, in each such case (x) or (y), the applicable Conversion Price upon each such issuance or amendment or adjustment
shall be adjusted as provided in subsection (vi) of this Section 3.4(a) as if the maximum number of shares of Common Stock
issuable upon conversion, exercise or exchange of such Common Stock Equivalents had been issued on the date of such issuance or
amendment or adjustment.

 

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(vii)       Consideration
for Stock. In case any shares of Common Stock or any Common Stock Equivalents shall be issued or sold:

 

(1)       in
connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger
in which the previously outstanding shares of Common Stock of the Maker shall be changed to or exchanged for the stock or other
securities of another corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined
reasonably and in good faith by the Board of Directors of the Maker and approved by the Holder, of such portion of the assets
and business of the nonsurviving corporation as such Board of Directors may determine to be attributable to such shares of Common
Stock, Convertible Securities, rights or warrants or options, as the case may be; or

 

(2)       in
the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding shares of Common Stock of the Maker shall be changed into or exchanged for the stock or other securities of another
corporation or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or
other securities or other property of any corporation, the Maker shall be deemed to have issued shares of its Common Stock, at
a price per share equal to the valuation of the Maker’s Common Stock based on the actual exchange ratio on which the transaction
was predicated, as applicable, and the fair market value on the date of such transaction of all such stock or securities or other
property of the other corporation. If any such calculation results in adjustment of the applicable Conversion Price, or the number
of shares of Common Stock issuable upon conversion of the Note, the determination of the applicable Conversion Price or the number
of shares of Common Stock issuable upon conversion of the Note immediately prior to such merger, consolidation or sale, shall
be made after giving effect to such adjustment of the number of shares of Common Stock issuable upon conversion of the Note. In
the event Common Stock is issued with other shares or securities or other assets of the Maker for consideration which covers both,
the consideration computed as provided in this Section 3.4(a)(vii) shall be allocated among such securities and assets
as determined in good faith by the Board of Directors of the Maker, and approved by the Holder.

 

(b)       Record
Date. In case the Maker shall take record of the holders of its Common Stock for the purpose of entitling them to subscribe
for or purchase Common Stock or Convertible Securities, then the date of the issue or sale of the shares of Common Stock shall
be deemed to be such record date.

 

(c)       No
Impairment. The Maker shall not, by amendment of its Articles of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by the Maker, but will at all times in
good faith assist in the carrying out of all the provisions of this Section 3.4 and in the taking of all such action as
may be necessary or appropriate in order to protect the conversion rights of the Holder against impairment. In the event the Holder
shall elect to convert this Note as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or
anyone associated or affiliated with the Holder has been engaged in any violation of law, violation of an agreement to which the
Holder is a party or for any reason whatsoever, unless, an injunction from a court, or notice, restraining and or adjoining conversion
of this Note shall have issued and the Maker posts a surety bond for the benefit of the Holder in an amount equal to one hundred
fifty percent (150%) of the Principal Amount of the Note plus any accrued interest the Holder has elected to convert, which bond
shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable
to the Holder (as liquidated damages) in the event it obtains judgment.

 

    	13

     

    

 

(d)       Certificates
as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Price or number of shares of Common
Stock issuable upon conversion of this Note pursuant to this Section 3.4, the Maker at its expense shall promptly compute
such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such
adjustment and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall,
upon written request of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth
such adjustments and readjustments, the applicable Conversion Price in effect at the time, and the number of shares of Common
Stock and the amount, if any, of other securities or property which at the time would be received upon the conversion of this
Note. Notwithstanding the foregoing, the Maker shall not be obligated to deliver a certificate unless such certificate would reflect
an increase or decrease of at least one percent (1%) of such adjusted amount.

 

(e)       Issue
Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be
payable in respect of any issue or delivery of shares of Common Stock on conversion of this Note pursuant thereto; provided,
however, that the Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder
in connection with any such conversion.

 

(f)       Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of any fractional shares
to which the Holder would otherwise be entitled, the Maker shall pay cash equal such fractional shares multiplied by the Conversion
Price then in effect.

 

(g)       Reservation
of Common Stock. The Maker shall at all while this Note shall be outstanding, reserve and keep available out of its authorized
but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to effect the conversion
of this Note (disregarding for this purpose any and all limitations of any kind on such conversion). The Maker shall, from time
to time, increase the authorized number of shares of Common Stock or take other effective action if at any time the unissued number
of authorized shares shall not be sufficient to satisfy the Maker’s obligations under this Section 3.4(g).

 

(h)       Regulatory
Compliance. If any shares of Common Stock to be reserved for the purpose of conversion of this Note require registration or
listing with or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law
or regulation or otherwise before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole
cost and expense, in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may
be.

 

(i)       Effect
of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Conversion
Price or any other right of the Holder of this Note would have been adjusted or modified by operation of any provision of this
Note had this Note been issued on the Closing Date, such adjustment or modification shall be deemed to apply to this Note as of
the Issuance Date as if this Note had been issued on the Closing Date.

 

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3.5       Prepayment
Following an Event of Default.

 

(a)       Prepayment
Upon an Event of Default. Notwithstanding anything to the contrary contained herein, following the occurrence of an Event
of Default, the Holder shall have the right, at the Holder’s option to require the Maker to prepay all or a portion of this
Note in cash at a price equal to the sum of one hundred five percent (105%) of the Outstanding Principal Amount plus all accrued
interest thereon (if any) (the “Cash Repayment Price”).

 

(b)       Mechanics
of Prepayment at Option of Holder in Connection with a Change of Control. No sooner than fifteen (15) days prior to entry
into an agreement for a Change of Control nor later than ten (10) days prior to the consummation of a Change of Control, but not
prior to the public announcement of such Change of Control, the Maker shall deliver written notice (“Notice of Change
of Control”) to the Holder. At any time after receipt of a Notice of Change of Control (or, in the event a Notice of
Change of Control is not delivered at least ten (10) days prior to a Change of Control, at any time within ten (10) days prior
to a Change of Control), the Holder may require the Maker to prepay, effective immediately prior to the consummation of such Change
of Control, an amount equal to 105% of the Outstanding Principal Amount plus all accrued interest thereon (if any), by delivering
written notice thereof (“Notice of Prepayment at Option of Holder Upon Change of Control”) to the Maker, which
Notice of Prepayment at Option of Holder Upon Change of Control shall indicate the Principal Amount of the Note and any accrued
interest thereon that the Holder is electing to have prepaid, at the Cash Repayment Price.

 

(c)       Payment
of Cash Repayment Price. Upon the Maker’s receipt of a Notice(s) of Prepayment at Option of Holder Upon Event of Default
or a Notice(s) of Prepayment at Option of Holder Upon Change of Control from the Holder, the Maker shall deliver the Cash Repayment
Price to the holder within five (5) Business Days after the Maker’s receipt of a Notice of Prepayment at Option of Holder
Upon Event of Default and, in the case of a prepayment pursuant to Section 3.5(b) hereof, the Maker shall deliver the applicable
Cash Repayment Price immediately prior to the consummation of the Change of Control; provided that the Holder’s original
Note shall have been so delivered to the Maker.

 

3.6       Inability
to Fully Convert.

 

(a)       Holder’s
Option if Maker Cannot Issue Shares. If for any reason the Maker is required to issue Investor Shares under this Note, and
the Maker cannot issue shares of Common Stock registered pursuant to an effective registration statement with the SEC for any
reason, including, without limitation, because the Maker (x) does not have a sufficient number of shares of Common Stock authorized
and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer
quotation system or other self-regulatory organization with jurisdiction over the Maker or any of its securities from issuing
all of the Common Stock which is to be issued to the Holder pursuant to this Note, then the Maker shall issue as many shares of
Common Stock as it is able to issue and, with respect to the unconverted portion of this Note or with respect to any shares of
Common Stock not timely issued in accordance with this Note, the Holder, solely at Holder’s option, can elect to:

 

(i)       require
the Maker to prepay the value of any such Investor Shares for which the Maker is unable to issue Common Stock or for which shares
of Common Stock were not timely issued (the “Mandatory Prepayment”) at a price equal to the number of shares
of Common Stock that the Maker is unable to issue multiplied by the VWAP on the date of conversion; or

 

    	15

     

    

 

(ii)       defer
issuance of the applicable Investor Shares until such time as the Maker can legally issue such shares; provided, that if the Holder
elects to defer the issuance of any such Investor Shares, it may exercise its rights under either clause (i) above at any time
prior to the issuance of such Investor Shares upon two (2) Business Days notice to the Maker.

 

(b)       Mechanics
of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, at any time the Maker cannot meet its
obligation to issue any Investor Shares under this Note as described in Section 3.6(a) above, a notice of the Maker’s
failure to issue any such Investor Shares (the “Inability to Issue Shares Notice”). Such Inability to Issue
Shares Notice shall indicate (i) the reason why the Maker is unable to issue Investor Shares as required under the Note; and (ii)
the number of Investor Shares which cannot be issued. The Holder shall notify the Maker of its election pursuant to Section
3.6(a) above by delivering written notice to the Maker (“Notice in Response to Inability to Issue Shares”).

 

(c)       Payment
of Cash Repayment Price. If the Holder shall elect to have its Note prepaid pursuant to Section 3.6(a)(i) above, the
Maker shall pay the Cash Repayment Price to the Holder within five (5) Business Days of the Maker’s receipt of the Holder’s
Notice in Response to Inability Issue Shares; provided that prior to the Maker’s receipt of the Holder’s Notice in
Response to Inability to Issue Shares the Maker has not delivered a notice to the Holder stating, to the satisfaction of the Holder,
that the event or condition resulting in the Mandatory Prepayment has been cured and all Investor Shares issuable to the Holder
can and will be delivered to the Holder in accordance with the terms of this Note. If the Maker shall fail to pay the applicable
Cash Repayment Price to the Holder on the date that is one (1) Business Day following the Maker’s receipt of the Holder’s
Notice in Response to Inability to Issue Shares, in addition to any remedy the Holder may have under this Note and the Purchase
Agreement, such unpaid amount shall bear interest at the rate of two percent (2%) per month (prorated for partial months) until
paid in full.

 

(d)       No
Rights as Stockholder. Nothing contained in this Note shall be construed as conferring upon the Holder, prior to the conversion
of this Note, the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect of any
meeting of stockholders for the election of directors of the Maker or of any other matter, or any other rights as a stockholder
of the Maker.

 

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ARTICLE
4

 

4.1       Covenants.
For so long as any Note is outstanding, without the prior written consent of the Holder:

 

(a)       Compliance
with Transaction Documents. The Maker shall, and shall cause its Subsidiaries to, comply with its obligations under this Note
and the other Transaction Documents.

 

(b)       Payment
of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be paid
and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income,
profits, property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect; provided, however , that any such
tax, assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate
proceedings and if the Maker or such Subsidiaries shall have set aside on its books adequate reserves with respect thereto, and
provided, further, that the Maker and such Subsidiaries will pay all such taxes, assessments, charges or levies forthwith upon
the commencement of proceedings to foreclose any lien which may have attached as security therefor.

 

(c)       Corporate
Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate existence,
rights and franchises and all licenses and other rights to use property owned or possessed by it and reasonably deemed to be necessary
to the conduct of its business.

 

(d)       Investment
Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required to be registered
under, the Investment Company Act of 1940, as amended.

 

(e)       Sale
of Collateral; Liens. From the date hereof until the full release of the security interest in the Collateral, (i) the Maker
shall not, and shall not permit any Subsidiary to, sell, lease, transfer or otherwise dispose of any of the Collateral, or attempt
or contract to do so, other than sales of inventory in the ordinary course of business consistent with past practices; and (ii)
the Maker shall not, and shall not permit any Subsidiary to, directly or indirectly, create, permit or suffer to exist, and shall
defend the Collateral against and take such other action as is necessary to remove, any lien, security interest or other encumbrance
on the Collateral (except for the pledge, assignment and security interest created under the Security Agreement and Permitted
Liens (as defined in the Security Agreement)).

 

(f)       Prohibited
Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30) days
after such time as this Note has been converted into Conversion Shares or repaid in full.

 

(g)       Indebtedness.
The Maker shall not, and shall not permit any Subsidiary, to incur any Indebtedness other than Permitted Indebtedness and the
Macro Debt.

 

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(h)       New
Subsidiaries. If the Maker or any Subsidiary forms or otherwise acquires any Subsidiary after the date hereof (any such Subsidiary
so formed or acquired being hereinafter referred to as a “New Subsidiary”), the Maker shall, and shall cause each
applicable Subsidiary to, cause such New Subsidiary, within thirty (30) days of such formation or acquisition, as the case may
be, enter into a guaranty in form and substance acceptable to the Holder pursuant to which New Subsidiary guarantees all of the
Maker’s obligations to Holder hereunder and under the Purchase Agreement, and such security documents as the Holder shall
request in order to grant to the Holder a perfected first priority security interest in such New Subsidiary’s assets to
secure such New Subsidiary’s obligations under its guaranty; provided, however, to the extent the New Subsidiary has been
acquired in a Material Acquisition and such New Subsidiary has existing Indebtedness (and which has not been incurred in contemplation
of such Material Acquisition) which would prohibit such New Subsidiary from providing a guaranty or lien on its assets, as the
case may be, such New Subsidiary shall not be required to comply with those provisions of this 4.1(h) which would cause it to
be in default under such other Indebtedness.

 

(i)       Repayment
of This Note. If the Company issues any debt consented to by the Investor, including any subordinated debt or convertible
debt (other than this Note), or any preferred stock, unless otherwise agreed in writing by the Holder, the Company will immediately
utilize the proceeds of such issuance to repay this Note; provided, however, that this Section 4.1(i) shall not apply to
the transactions identified on Schedule 5.7 of the Purchase Agreement, any other Material Acquisition or any Permitted Indebtedness
or the Macro Debt.

 

4.2       Set-Off.
This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

ARTICLE
5

 

5.1Intercreditor
Agreement.Anything herein to the contrary notwithstanding, the liens and security interests securing the obligations evidenced
by this Note, the exercise of any right or remedy with respect thereto, and certain of the rights of the holder hereof are subject
to the provisions of the Third Amended and Restated Intercreditor Agreement dated as of September 21, 2020 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Sallyport Intercreditor Agreement”), by and between
SALLYPORT COMMERCIAL FINANCE, LLC, as First Lien Creditor, LIND GLOBAL MACRO FUND, L.P., as Second Lien Creditor
and LIND GLOBAL ASSET MANAGEMENT, LLC. In the event of any conflict between the terms of the Sallyport Intercreditor Agreement
and this Note the terms of the Sallyport Intercreditor Agreement shall govern and control.

 

5.2       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 email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this
Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New
York time) on such date, (c) the Business 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 addresses for notice shall be
as set forth in the Purchase Agreement.

 

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5.3       Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without reference
to principles of conflict of laws or choice of laws. This Note shall not be interpreted or construed with any presumption against
the party causing this Note to be drafted.

 

5.4       Headings.
Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute
a part of this Note for any other purpose.

 

5.5       Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree
of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for
any failure by the Maker to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments,
conversion and the like (and the computation thereof) shall be the amounts to be received by the holder thereof and shall not,
except as expressly provided herein, be subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges
that a breach by it of its obligations hereunder will cause irreparable and material harm to the Holder and that the remedy at
law for any such breach would be inadequate. Therefore, the Maker agrees that, in the event of any such breach or threatened breach,
the Holder shall be entitled, in addition to all other available rights and remedies, at law or in equity, to equitable relief,
including but not limited to an injunction restraining any such breach or threatened breach, without the necessity of showing
economic loss and without any bond or other security being required.

 

5.6       Enforcement
Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation, reasonable
attorneys’ fees and expenses.

 

5.7       Binding
Effect. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns of each
such party, whether or not such successors or assigns are permitted by the terms herein.

 

5.8       Amendments;
Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and the Holder.
No waiver of any default with respect to any provision, condition or requirement of this Note shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such
right.

 

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5.9       Compliance
with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s
own account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise
dispose of this Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall
be stamped or imprinted with a legend in substantially the following form:

 

“NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE 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 COMPANY.”

 

5.10       Jurisdiction;
Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York.
The Company and the Holder irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby
waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in
any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating
to such action or proceeding.

 

5.11       Parties
in Interest. This Note shall be binding upon, inure to the benefit of and be enforceable by the Maker, the Holder and their
respective successors and permitted assigns.

 

5.12       Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

5.13       Maker
Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all or any
part of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other
demands’ and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby
consent to any number of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may
be made without notice to any such persons and without affecting their liability herein and do further consent to the release
of any person liable hereon, all without affecting the liability of the other persons, firms or Maker liable for the payment of
this Note, AND DO HEREBY WAIVE TRIAL BY JURY.

 

    	20

     

    

 

(a)       No
delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall
operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights
on any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

(b)       THE
MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY
APPLICABLE LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS
OR ASSIGNS MAY DESIRE TO USE.

 

5.14       Definitions.
Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the purposes hereof,
the following terms shall have the following meanings:

 

(a)       “Acquisition
Event” means that the Maker has become aware that the Proposed Acquisition will not, or it is reasonably likely that
it will not, be consummated or will not be consummated on substantially the terms set forth in that certain letter of intent dated
August 24, 2020 from the Maker to the proposed seller, a copy of which has been provided from the Maker to the Holder.

 

(b)       “Indebtedness”
means, with respect to any Person: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances,
current swap agreements, interest rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease
obligations that exceed $150,000 in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or
encumbrance on any asset of such Person, irrespective of whether such obligation or liability is assumed; (e) all obligations
for the deferred purchase price of assets, together with trade debt and other accounts payable that exceed $150,000 in the aggregate
in any fiscal year; (f) all synthetic leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly
guaranteed, endorsed, co-made, discounted or sold with recourse) any of the foregoing obligations of any other person; (h) trade
debt; and (i) endorsements for collection or deposit.

 

(c)       “Market
Capitalization” means, as of any date of determination, the product of (a) the number of issued and outstanding shares
of Common Stock as of such date (exclusive of any shares of common stock issuable upon the exercise of options or warrants or
conversion of any convertible securities), multiplied by (b) the closing price of the Common Stock on the Trading Market on the
day of determination.

 

    	21

     

    

 

(d)       “Outstanding
Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving effect to any conversions
or prepayments pursuant to the terms hereof.

 

(e)       
“Proposed Acquisition” means [                                                                 ].

 

(f)       “Repayment
Shares” means shares of Common Stock issued to the Holder by the Maker as payment for accrued interest and/or the Principal
Amount, pursuant to Sections 1.3(a) and 1.3(b) of this Note.

 

(g)       “Repayment
Share Price” means ninety percent (90%) of the average of the five (5) lowest daily VWAPs during the twenty (20) Trading
Days prior to the issuance of the Repayment Shares.

 

(h)       “Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

(i)       “VWAP”
means, as of any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of one share of Common Stock trading in the ordinary
course of business on the applicable Trading Price for such date (or the nearest preceding date) on such Trading Market as reported
by Bloomberg Financial L.P.; (b) if the Common Stock is not then listed on a Trading Market and if the Common Stock is traded
in the over-the-counter market, as reported by the OTC Bulletin Board, the volume weighted average price of one share of Common
Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, as reported by Bloomberg Financial L.P.; (c) if
the Common Stock is not then listed or quoted on the OTC Bulletin Board and if prices for the Common Stock is then reported in
the “Pink Sheets” published by the Pink OTC Markets Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price of one share of Common Stock so reported, as reported by Bloomberg Financial L.P.;
or (d) in all other cases, the fair market value of one share of Common Stock as determined by an independent appraiser selected
in good faith by the Holder and reasonably acceptable to the Company (in each case rounded to four decimal places).

 

[Signature
Pages Follow]

 

    	22

     

    

 

IN
WITNESS WHEREOF, the Maker has caused this Note to be duly executed by its duly authorized officer as of the date first above
indicated.

 

	 	BOXLIGHT
    CORPORATION
	 	 	 
	 	By:	 
	 	Name:
    	Michael
    Pope
	 	Title:
    	Chief
    Executive Officer

 

    	 

     

    

 

SCHEDULE
1 

 

INTEREST
PAYMENT DATES AND PAYMENT DATES

 

    	 

     

    

 

EXHIBIT
A 

 

WIRE
INSTRUCTIONS

 

	Name
    of Bank: 	
	 	
	 	
	Routing
    #:	
	For
    credit to:	Lind
    Global Asset Management, LLC 
	Account
    #:	

 

    	25

     

    

 

EXHIBIT
B

 

FORM
OF CONVERSION NOTICE

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ ________________ of the principal amount [and $_____ of accrued interest] of
the above Note No. ___ into shares of Common Stock of Boxlight Corporation (the “Maker”) according to the conditions
hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number
of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on the Conversion Date:

 

	 	[HOLDER]
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 	                             
	 	Address:

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