Document:

Exhibit 10.6

 

Execution Copy

 

VOTING AND SUPPORT AGREEMENT

 

This VOTING AND SUPPORT AGREEMENT
(this “Agreement”) is entered into as of March 18, 2022, by and among Independence Contract Drilling, Inc.,
a Delaware corporation (the “Company”), and the stockholders of the Company set forth on the signature page hereto
(such individuals, each a “Stockholder”, and collectively, the “Stockholders”). The Company and
the Stockholders are sometimes referred to herein as a “Party” and collectively as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, as of the date hereof
or following the consummation of the transactions contemplated by the Subscription Agreement (as defined below), each of the Stockholders
 “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) and is entitled
to dispose of (or to direct the disposition of) and to vote (or to direct the voting of) shares of common stock, par value $0.01 per share
(the “Common Stock”) of the Company (such shares of Common Stock, together with any other shares of Common Stock the
voting power over which is acquired by such Stockholder during the period from the date hereof through the earlier of (x) the date
on which this Agreement terminates in accordance with Section 6.1 hereof and (y) the date one year following the date hereof
(such period, the “Voting Period”), including any and all Common Stock acquired by such Stockholder during the Voting
Period, whether pursuant to the exercise, exchange or conversion of, or other transaction involving, any and all warrants, options, rights
or other securities (“Common Stock Equivalents”), or dividend, distribution or otherwise, are collectively referred
to herein as the “Subject Shares”);

 

WHEREAS, concurrently with
the execution of this Agreement, (i) the Company and the Noteholders have entered into a Subscription Agreement (as the same may
be amended from time to time, the “Subscription Agreement”), pursuant to which, upon the terms and subject to the conditions
set forth therein, the Company will issue convertible Notes (the “Notes”) pursuant to an Indenture (the “Indenture”)
dated the date hereof between the Company and U.S. Bank Trust Company, National Association and (ii) certain fee letters, pursuant
to which the Company shall issue to MSD and Glendon an aggregate of 2,268,000 shares of Common Stock as a structuring fee in connection
therewith (such transaction, together with the other transactions contemplated by the Subscription Agreement, the “Transactions”);
and

 

WHEREAS, as a condition to
the willingness of the Company to enter into the Subscription Agreement and the Transactions, and as an inducement and in consideration
therefor, the Stockholders are executing this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual premises, representations, warranties, covenants and agreements contained herein, the Parties, intending
to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1 Capitalized
Terms. For purposes of this Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed to
them in the Subscription Agreement.

 

Section 1.2 Certain
Defined Terms. As used herein:

 

“Glendon”
means Glendon Capital Management L.P. together with the Glendon Subscriber.

 

“Glendon Subscriber”
means, Glendon Opportunities Fund II, L.P.

 

“Investor Rights
Agreements” means, collectively, that certain Investor Rights Agreement dated as of the date hereof, by and between Glendon
Capital Management L.P. and the Company and that certain Investor Rights Agreement dated as of the date hereof, by and between MSD Partners,
L.P. and the Company.

 

“MSD”
means, MSD Partners, L.P. together with the MSD Subscribers.

 

     

     

    

 

“MSD Subscribers”
means, collectively MSD PCOF Partners LXXIII, LLC, MSD Private Credit Opportunity (Non-ECI) Fund, LLC, and MSD Credit Opportunity Master
Fund, L.P.

 

“Noteholders”
means collectively the Glendon Subscriber and the MSD Subscribers.

 

ARTICLE II

VOTING AGREEMENT

 

Section 2.1 Agreement
to Vote the Subject Shares. Each Stockholder hereby unconditionally and irrevocably agrees, severally but not jointly, with the Company
(but not with any of the other Stockholders) that, during the Voting Period, at each duly called meeting of the stockholders of the Company
(and any adjournment or postponement thereof), and in any action by written consent of the stockholders of the Company requested by the
Company Board or undertaken as contemplated by the Transactions, such Stockholder shall, if a meeting is held, appear at the meeting,
in person or by proxy, or otherwise cause its Subject Shares to be counted as present thereat for purposes of establishing a quorum, and
it shall vote or consent (or cause to be voted or consented), in person or by proxy, all of its Subject Shares (a) in favor of an
amendment of the Company’s certificate of incorporation to increase the number of authorized shares of Company Common stock from
50,000,000 shares to 250,000,000 shares (the “Charter Amendment Proposal”), (b) in favor of the issuance of the
shares of Company Common Stock pursuant to the Indenture (i) a Conversion Rate of 221.72949 shares of the Common Stock per $1,000
principal amount of the Notes, as adjusted pursuant to Section 5.05(e) of the Indenture, (ii) the issuance by the Company
of Additional Notes, if and when issued by the Company, (iii) the conversion of all Notes (including PIK Notes) without any limitation
of the Pre-Approval Conversion Ratio (as defined in the Indenture) and (iv) the issuance of shares of Common Stock upon conversion
of Notes in connection with a Qualified Merger Conversion to the extent the number of Shares issuable upon such conversion would exceed
the number of shares of Common Stock issuable at the otherwise then-current Conversion Rate (together, the “Share Issuance”,
such proposal, the “Share Issuance Proposal”)), (c) in favor of an additional 4,300,000 shares of common stock
to be issued pursuant to an incentive compensation plan (or amendment to the Company’s 2019 Long-Term Incentive Plan) to be approved
by the Company’s board of directors together with other customary incentive plan terms subject to approval by the Company’s
stockholders (the “Incentive Plan Proposal”), (d) in favor of any proposal to adjourn or postpone such meeting
of the stockholders of the Company to a later date if there are not sufficient votes to approve the Charter Amendment Proposal, the Share
Issuance Proposal and the Incentive Plan Proposal, (e) against any action, proposal, transaction or agreement that would be reasonably
likely to result in a breach in any respect of any representation, warranty, covenant, obligation or agreement of the Company contained
in the Subscription Agreement, the Indenture or the Investor Rights Agreements, (f) in favor of the proposals, including Charter
Amendment Proposal, the Share Issuance Proposal and the Incentive Plan Proposal, set forth in the Company’s proxy statement to be
filed by the Company with the SEC relating to the Transactions (including any proxy supplement thereto, the “Proxy Statement”),
and (g) against any proposal in opposition to approval of the Charter Amendment Proposal, the Share Issuance Proposal and
the Incentive Plan Proposal or inconsistent with the Subscription Agreement, the Investor Rights Agreements and Indenture in each case,
regardless of the terms thereof. Each of the Stockholders agrees not to, and shall cause its Affiliates not to, enter into any agreement,
commitment or arrangement with any person, the effect of which would be inconsistent with or in violation of the provisions and agreements
contained in this Article II.

 

Section 2.2 No
Obligation as Director or Officer. Nothing in this Agreement shall be construed to impose any obligation or limitation on votes or
actions taken by any director, officer, employee, agent or other representative (collectively, “Representatives”) of
any Stockholder or by any Stockholder that is a natural person, in each case, in his or her capacity as a director or officer of the Company.

 

     

     

    

 

ARTICLE III

COVENANTS

 

Section 3.1 Generally.

 

(a) Each
of the Stockholders agrees that during the period beginning on the date hereof and ending on the date six (6) months following the
date hereof, it shall not, and shall cause its Affiliates not to, without the Company’s prior written consent (which consent may
be withheld at the Company’s sole discretion) directly or indirectly, and either voluntarily or involuntarily, (i) offer for
sale, sell (including short sales), transfer, tender, pledge, hypothecate, encumber, assign or otherwise dispose of (including by gift
or by operation or law or otherwise) (collectively, a “Transfer”), or enter into any contract, option, swap, derivative,
hedging or other agreement or arrangement or understanding (including any profit-sharing arrangement) that transfers the Stockholder’s
voting rights with respect to, or consent to, a Transfer of, any or all of the Subject Shares or any interest therein; (ii) grant
any proxies or powers of attorney with respect to any or all of the Subject Shares; (iii) permit to exist any Lien of any nature
whatsoever with respect to any or all of the Subject Shares; or (iv) take any action that would have the effect of preventing, impeding,
interfering with or adversely affecting such Stockholder’s ability to promptly perform any of its obligations under this Agreement;
provided that a Stockholder may Transfer Subject Shares to a transferee that signs a joinder to this Agreement.

 

(b) In the
event of a stock dividend or distribution, or any change in the Common Stock or Common Stock Equivalents by reason of any stock dividend
or distribution, split, split-up, recapitalization, combination, conversion, exchange of shares or the like, the term “Subject Shares”
shall be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions and any securities into
which or for which any or all of the Subject Shares or Common Stock Equivalents may be or have been changed or exchanged or which are
received in such transaction. Each of the Stockholders agrees, while this Agreement is in effect, to notify the Company promptly in writing
(including by e-mail) of the number of any additional shares of Common Stock acquired by such Stockholder, if any, after the date hereof.

 

(c) Each
of the Stockholders agrees, while this Agreement is in effect, not to take or agree or commit to take any action that would make any representation
and warranty of such Stockholder contained in this Agreement inaccurate in any material respect.

 

(d)  Each
of the Stockholder hereby agrees not to commence or join in, and to take commercially reasonable efforts to opt out of, any class in any
class action with respect to any claim (i) challenging the validity of, or seeking to enjoin the operation of, any provision of this
Agreement, the Subscription Agreement or the Investor Rights Agreements or (ii) alleging a breach of any fiduciary duty of the Company
or the Company Board or its members in connection with this Agreement, the Subscription Agreement, Investor Rights Agreements or
the transactions contemplated hereby or thereby.

 

Section 3.2 Standstill
Obligations of the Stockholders. Each of the Stockholders covenants and agrees with the Company that:

 

(a) During
the period beginning on the date hereof and ending on the date six (6) months following the date hereof, none of the Stockholders
shall, nor shall any Stockholder act in concert with any person to make, or in any manner participate in, directly or indirectly, a “solicitation”
of “proxies” or consents (as such terms are used in the proxy solicitation rules of the SEC) or powers of attorney or
similar rights to vote, or seek to advise or influence any person with respect to the voting of, any shares of Common Stock in connection
with any vote or other action with respect to a business combination transaction, other than to recommend that stockholders of the Company
vote in favor of approval of the Charter Amendment Proposal, the Share Issuance Proposal and the Incentive Plan Proposal (and any actions
required in furtherance thereof and otherwise as expressly provided by Article II of this Agreement).

 

(b) During
the Voting Period, none of the Stockholders shall, nor shall any Stockholder act in concert with any person to, deposit any of the Subject
Shares in a voting trust or subject any of the Subject Shares to any arrangement or agreement with any person with respect to the voting
of the Subject Shares, except as provided by Article II of this Agreement.

 

Section 3.3 Stop
Transfers. Each of the Stockholders agrees with, and covenants to, the Company that during the period beginning on the date hereof
and ending on the date six (6) months following the date hereof, such Stockholder shall not request that the Company register the
transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any Subject Shares during the term of this
Agreement without the prior written consent of the Company and authorizes the Company and its counsel to notify the Company’s transfer
agent that there is a stop transfer order with respect to all of the Subject Shares (and that this Agreement places limits on the voting
and transfer of the Subject Shares); provided that the Company shall consent to any transfer that complies with Section 3.1.

 

     

     

    

 

Section 3.4 Duration.
The covenants set forth in this Article III shall terminate if no vote is achieved within a year of the date hereof, or as of such
earlier date as specified above.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF STOCKHOLDERS

 

Each of the Stockholders hereby represents and
warrants, severally but not jointly, to the Company as follows:

 

Section 4.1 Binding
Agreement. Such Stockholder (a) if a natural person, is of legal age to execute this Agreement and is legally competent to do
so and (b) if not a natural person, (i) is a corporation, limited liability company or partnership duly organized and validly
existing under the laws of the jurisdiction of its organization and (ii) has all necessary power and authority to execute and deliver
this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby by such Stockholder has been duly authorized by all necessary corporate, limited
liability, partnership or other action on the part of such Stockholder, as applicable. This Agreement, assuming due authorization, execution
and delivery hereof by the Company, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder
in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other similar laws of general applicability relating to or affecting creditor’s rights, and to general equitable
principles).

 

Section 4.2 [RESERVED].

 

Section 4.3 No Conflicts.

 

(a) No filing
with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other person is necessary
for the execution, delivery or performance of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions
contemplated hereby. If such Stockholder is a natural person, no consent of such Stockholder’s spouse is necessary under any “community
property” or other laws in order for such Stockholder to enter into and perform its obligations under this Agreement.

 

(b) None
of the execution, delivery or performance of this Agreement by such Stockholder, the consummation by such Stockholder of the transactions
contemplated hereby or compliance by such Stockholder with any of the provisions hereof shall (i) conflict with or result in any
breach of the organizational documents of such Stockholder, as applicable, (ii) result in, or give rise to, a violation or breach
of or a default under any of the terms of any material contract, understanding, agreement or other instrument or obligation to which such
Stockholder is a party or by which such Stockholder or any of such Stockholder’s Subject Shares or assets may be bound, or (iii) violate
any applicable order, writ, injunction, decree, law, statute, rule or regulation of any Governmental Authority, except for any of
the foregoing in clauses (i) through (iii) as would not reasonably be expected to impair such Stockholder’s ability to
perform its obligations under this Agreement in any material respect.

 

Section 4.4 Reliance
by the Company. Such Stockholder understands and acknowledges that the Company is entering into the Subscription Agreement and the
Indenture, and issuing the Notes, in reliance upon the execution and delivery of this Agreement by the Stockholders.

 

Section 4.5 No
Inconsistent Agreements. Such Stockholder hereby covenants and agrees that, except for this Agreement, such Stockholder (a) has
not entered into, nor will enter into at any time while this Agreement remains in effect, any voting agreement or voting trust with respect
to such Stockholder’s Subject Shares inconsistent with such Stockholder’s obligations pursuant to this Agreement, (b) has
not granted, nor will grant at any time while this Agreement remains in effect, a proxy, a consent or power of attorney with respect to
such Stockholder’s Subject Shares and (c) has not entered into any agreement or knowingly taken any action (nor will enter
into any agreement or knowingly take any action) that would make any representation or warranty of such Stockholder contained herein untrue
or incorrect in any material respect or have the effect of preventing such Stockholder from performing any of its material obligations
under this Agreement.

 

     

     

    

 

Section 4.6. Stockholder
Has Adequate Information. Such Stockholder is a sophisticated stockholder and has adequate information concerning the business and
financial condition of the Company to make an informed decision regarding the transactions contemplated by the Subscription Agreement
and has independently and without reliance upon the Company and based on such information as such Stockholder has deemed appropriate,
made its own analysis and decision to enter into this Agreement. Such Stockholder acknowledges that the Company has not made and does
not make any representation or warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby represents
and warrants to the Stockholders as follows:

 

Section 5.1 Binding
Agreement. The Company is a corporation duly organized and validly existing under the laws of the State of Delaware. The Company has
all necessary power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby by the Company have been duly authorized by
all necessary actions on the part of the Company. This Agreement, assuming due authorization, execution and delivery hereof by the Stockholders,
constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms (except
as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws
of general applicability relating to or affecting creditor’s rights, and to general equitable principles).

 

Section 5.2 No Conflicts.

 

(a) No filing
with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other person is necessary
for the execution of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby.

 

(b) None
of the execution and delivery of this Agreement by the Company, the consummation by the Company of the transactions contemplated hereby
or compliance by the Company with any of the provisions hereof shall (i) conflict with or result in any breach of the organizational
documents of the Company, (ii) result in, or give rise to, a violation or breach of or a default under any of the terms of any material
contract, understanding, agreement or other instrument or obligation to which the Company is a party or by which the Company or any of
its assets may be bound, or (iii) violate any applicable order, writ, injunction, decree, law, statute, rule or regulation of
any Governmental Authority, except for any of the foregoing as would not reasonably be expected to impair the Company’s ability
to perform its obligations under this Agreement in any material respect.

 

ARTICLE VI

TERMINATION

 

Section 6.1 Termination.
This Agreement shall automatically terminate, without any further action by the Parties, and none of the Parties shall have any rights
or obligations hereunder, and this Agreement shall become null and void and have no effect upon the earliest to occur of: (a) as
to each Stockholder, the mutual written consent of the Company and such Stockholder, (b) the date on which requisite stockholder
approval has been given to each of the Charter Amendment Proposal, the Share Issuance Proposal and the Incentive Plan Proposal, (c) the
date of termination of the Subscription Agreement in accordance with its terms or (d) as to each Stockholder, the date such Stockholder
no longer owns any Subject Shares. The termination of this Agreement shall not prevent any Party from seeking any remedies (at law or
in equity) against another Party or relieve such Party from liability for such Party’s breach of any terms of this Agreement. Notwithstanding
anything to the contrary herein, the provisions of Article VII shall survive the termination of this Agreement.

 

     

     

    

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.1 Further
Assurances. From time to time, at the other Party’s request and without further consideration, each Party shall execute and
deliver such additional documents and take all such further action as may be reasonably necessary or desirable to consummate the transactions
contemplated by this Agreement, the Subscription Agreement and the Indenture.

 

Section 7.2 Fees
and Expenses. Each of the Parties shall be responsible for its own fees and expenses (including, without limitation, the fees and
expenses of investment bankers, accountants and counsel) in connection with the entering into of this Agreement and the consummation of
the transactions contemplated hereby (except as otherwise expressly agreed).

 

Section 7.3 No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership or
incidence of ownership of or with respect to any Subject Shares.

 

Section 7.4 Amendments,
Waivers, etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified, except upon the execution
and delivery of a written agreement executed by each of the Parties. The failure of any Party to exercise any right, power or remedy provided
under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other Party with
its obligations hereunder, and any custom or practice of the Parties at variance with the terms hereof shall not constitute a waiver by
such Party of its right to exercise any such or other right, power or remedy or to demand such compliance.

 

Section 7.5 Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by a nationally recognized overnight courier, or by email to the respective
Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

	 	(a)	If to the Company:

 

Independence Contract Drilling, Inc.

20475 State Highway 249, Suite 300

Houston, Texas 77070

Attention: J. Anthony Gallegos, Jr.

Email: agallegos@icdrilling.com

 

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

 

Sidley Austin LLP

1000 Louisiana, Suite 5900

Houston, TX 77002

Attention: David C. Buck

Email: dbuck@sidley.com

 

	 	(b)	If to the Stockholders:

 

to:

 

c/o MSD Partners, L.P.

1 Vanderbilt Avenue, 26th Floor

New York, NY 10017

Attn: Marcello Liguori

Email: mliguori@msdpartners.com

 

and to:

 

c/o Glendon Capital Management L.P.

 

Attention: General Counsel

2425 Olympic Blvd., Suite 500E

Santa Monica, CA 90404

Email: hmaghakian@glendoncap.com

 

     

     

    

 

with copies (which shall not constitute notice) to:

 

Milbank LLP

Attention: Casey Fleck

2029 Century Park East, 33rd Floor

Los Angeles, CA 90067-3019

Email: cfleck@milbank.com

 

William Monroe

c/o Higier Allen & Lautin LLP

Attention: Alexander M. Szeto, Esq.

2711 N. Haskell Avenue | Suite 2400

Dallas, Texas 75204

Email:
wm@lunaep.com;

aszeto@higierallen.com

 

Other Stockholders:

 

At the Company’s address to the attention of such Stockholder,
or the email or physical address on file with the Company for such officer or director of the Company.

 

Section 7.6 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

Section 7.7 Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are fulfilled to the fullest extent possible.

 

Section 7.8 Entire
Agreement; Assignment. This Agreement (together with the Subscription Agreement, the Investor Rights Agreements and the Indenture,
to the extent referred to herein, and the schedules hereto) constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with respect
to the subject matter hereof. This Agreement shall not be assigned by operation of law or otherwise without the prior written consent
of the other Party.

 

Section 7.9 Certificates.
Promptly following the date of this Agreement, each Stockholder shall advise the Company’s transfer agent in writing that such Stockholder’s
Subject Shares are subject to the restrictions set forth herein and, in connection therewith, provide the Company’s transfer agent
in writing with such information as is reasonable to ensure compliance with such restrictions.

 

     

     

    

 

Section 7.10 Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by
reason of this Agreement.

 

Section 7.11 Interpretation.
When reference is made in this Agreement to a Section or Schedule, such reference shall be to a Section or Schedule of this
Agreement unless otherwise indicated. The Schedules attached to this Agreement constitute a part of this Agreement and are incorporated
herein for all purposes. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,”
 “hereby” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word “or” shall not be exclusive. Whenever used in this
Agreement, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting
or causing any instrument to be drafted.

 

Section 7.12 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal Laws of the State of Delaware (without reference
to its choice of Law rules).

 

Section 7.13 Specific
Performance; Jurisdiction. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall
be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction,
then in the applicable Delaware state court) or, if under applicable law exclusive jurisdiction over such matter is vested in the federal
courts, any court of the United States located in the State of Delaware (or any court in which appeal from such courts may be taken),
this being in addition to any other remedy to which such Party is entitled at law or in equity. In addition, each of the Parties (a) consents
to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware or any court of the United States located
in the State of Delaware (or any court in which appeal from such courts may be taken) in the event any dispute arises out of this Agreement
or any of the transactions contemplated by this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court, (c) agrees that it will not bring any action relating to this Agreement
or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware or, if
under applicable law exclusive jurisdiction over such matter is vested in the federal courts, any court of the United States located in
the State of Delaware (or any court in which appeal from such courts may be taken) and (d) consents to service being made through
the notice procedures set forth in Section 7.5. Each of the Stockholders and the Company hereby agrees that service of any process,
summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 7.5 shall be effective service
of process for any proceeding in connection with this Agreement or the transactions contemplated hereby.

 

Section 7.14 Counterparts.
This Agreement may be executed in counterparts (including by facsimile, e-mail or pdf or other electronic document transmission), each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

Section 7.15 Separate
Agreement; No Partnership, Agency or Joint Venture. This Agreement is intended to reflect the separate, several and not joint, agreement
between each Stockholder and the Company and does not reflect any agreement between any Stockholder and any other Stockholder. This Agreement
is intended to create a contractual relationship between each of the Stockholders, on the one hand, and the Company, on the other hand,
and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between or among
the Parties. Without limiting the generality of the foregoing sentence, each of the Stockholders (a) is entering into this Agreement
solely on its own behalf and shall not have any obligation to perform on behalf of any other holder of Common Stock or any liability
(regardless of the legal theory advanced) for any breach of this Agreement by any other holder of Common Stock and (b) by entering
into this Agreement does not intend to form a “group” for purposes of Rule 13d-5(b)(1) of the Exchange Act or any
other similar provision of applicable law. Each of the Stockholders has acted independently regarding its decision to enter into this
Agreement and regarding its investment in the Company.

 

Section 7.16 Publication.
Each Stockholder hereby permits the Company to publish and disclose, including in any document or schedule filed with the SEC and in the
press releases announcing the transactions contemplated by the Subscription Agreement, and any other disclosures or filings required by
applicable Law (the “Announcement Release”), the Agreement, such Stockholder’s identity and ownership of the
Subject Shares and the nature of such Stockholder’s commitments, arrangements and understandings under this Agreement, in each case,
to the extent the Company determines that such information is required to be disclosed by applicable Law (or in the case of the Announcement
Release, to the extent the information contained therein is consistent with other disclosures being made by the Company).

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

 

IN WITNESS WHEREOF, the Company
and the Stockholders have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	INDEPENDENCE CONTRACT DRILLING, INC.
	 	 	 
	 	By:	/s/ Philip A. Choyce
	 	Name:	Philip A. Choyce
	 	Title:	Executive Vice President, Chief Financial Officer,
Treasurer and Secretary

 

[Signature Page to
Voting and Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
Company and the Stockholders have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	/s/ William Monroe
	 	William Monroe

 

[Signature Page to
Voting and Support Agreement]

 

     

     

    

 

	MSD PARTNERS, L.P., on behalf of its affiliated funds          	 
	 	 
	 	 
	By:	 /s/ Marcello Liguori	 
	Name: Marcello Liguori	 
	Title: Managing Director	 

 

	MSD PCOF PARTNERS LXXIII, LLC          	 
	 	 
	 	 
	By:	 /s/ Marcello Liguori	 
	Name: Marcello Liguori	 
	Title: Managing Director	 

 

	MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC          	 
	 	 
	 	 
	By:	 /s/ Marcello Liguori	 
	Name: Marcello Liguori	 
	Title: Managing Director	 

 

	MSD CREDIT OPPORTUNITY MASTER FUND, L.P.          	 
	 	 
	 	 
	By:	 /s/ Marcello Liguori	 
	Name: Marcello Liguori	 
	Title: Managing Director	 

 

[Signature
Page to Voting and Support Agreement]

 

     

     

    

 

	GLENDON CAPITAL MANAGEMENT L.P         	 
	 	 
	 	 
	By:	 /s/
    Haig M. Maghakian	 
	Name:
    Haig M. Maghakian	 
	Title: Authorized Person	 

 

[Signature
Page to Voting and Support Agreement]

 

     

     

    

 

	 	/s/ J. Anthony Gallegos, Jr.
	 	J. Anthony Gallegos, Jr.
	 	 
	 	/s/ Matthew D. Fitzgerald
	 	Matthew D. Fitzgerald
	 	 
	 	/s/ Daniel F. McNease
	 	Daniel F. McNease
	 	 
	 	/s/ James G. Minmier
	 	James G. Minmier
	 	 
	 	/s/ Stacy D. Nieuwoudt
	 	Stacy D. Nieuwoudt
	 	 
	 	/s/ Phillip A. Choyce
	 	Phillip A. Choyce
	 	 
	 	/s/ Katherine Kokenes
	 	Katherine Kokenes

 

[Signature
Page to Voting and Support Agreement]Exhibit 10.7

 

Independence Contract Drilling, Inc.

20475 State Highway 249, Suite 300

Houston, TX 77070

 

Fee Letter

 

MSD PARTNERS, L.P.

GLENDON CAPITAL MANAGEMENT L.P.

 

Ladies and Gentlemen:

 

As a fee payable to MSD Partners,
L.P. and Glendon Capital Management L.P. (the “Investors”) in connection with the structuring of the issuance of the
Floating Rate Convertible Senior Secured PIK Toggle Notes due 2026 by Independence Contract Drilling, Inc. (the “Company”),
pursuant to a Convertible Notes Subscription Agreement, dated as of March 18, 2022, by and among the Company and each subscriber
named therein (the “Subscription Agreement”), for good and valid consideration the receipt of which is hereby acknowledged,
the Company has agreed to cause an aggregate of 2,268,000 shares of Common Stock (the “Structuring Fee Shares”), to
be issued and registered in the names and amounts set forth on Schedule I hereto, in book entry form, on the registrar of the Transfer
Agent. Capitalized terms not defined herein have the meanings assigned to such terms in the Subscription Agreement.

 

1.          Company
Representations and Warranties. The Company represents and warrants to each Investor, as of the date of this Fee Letter and as of
the Closing, that:

 

(a)          As
of the Closing Date, the Structuring Fee Shares issued to such Investor have been duly authorized, validly issued, fully paid and non-assessable,
free and clear of any liens or other restrictions (other than those arising under the Voting Agreement and applicable securities laws),
and will not have been issued in violation of any preemptive or similar rights created under the Company’s Governing Documents,
by any contract to which the Company is a party or by which it is bound, or under the laws of its jurisdiction of incorporation.

 

(b)          Assuming
the accuracy of the representations and warranties of the Investor, the Company is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization (including NYSE, as applicable) or other person in connection with the execution, delivery and
performance of this Fee Letter and the Indenture, the issuance and sale of the Structuring Fee Shares and the compliance by the Company
and the Guarantors with all of the provisions of the Indenture and the consummation of the transactions contemplated herein and therein,
other than (i) filings required by applicable state securities laws, (ii) the filing of the Registration Statement pursuant
to Section 3 below, (iii) those required by the SEC or NYSE (as applicable), including with respect to soliciting and
obtaining stockholder approval, (iv) if applicable, requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, and (v) the failure of which to obtain would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

 

     

     

    

 

(c)          Due
Authorization; No Conflict.

 

(i)          The
execution, delivery, and performance by the Company of this Fee Letter has been duly authorized by all necessary action on the part of
the Company and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with its respective
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance,
fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and general principles
of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought.

 

(ii)          The
execution, delivery, and performance by the Company of this Fee Letter do not and will not (1) violate any material provision of
federal, state, or local law or regulation applicable to the Company or its Subsidiaries, the Governing Documents of the Company or its
Subsidiaries, or any order, judgment, or decree of any court or other governmental authority binding on the Company or its Subsidiaries,
(2) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material
Contract of the Company or its Subsidiaries, (3) result in or require the creation or imposition of any Lien of any nature whatsoever
upon any assets of the Company, other than Permitted Liens, or (4) require any approval of any holder of Equity Interests of the
Company or any approval or consent of any Person under any material agreement of the Company, other than consents or approvals that have
been obtained and that are still in force and effect.

 

2.           Investor
Representations and Warranties. Each Investor represents and warrants to the Company, severally and not jointly, that:

 

(a)          Such
Investor (i) is an institutional “accredited investor” (as defined in Rule 501(a) under the Securities Act
of 1933, as amended (the “Securities Act”)), and (ii) is not acquiring the Structuring Fee Shares with a view
to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act.

 

(b)          Such
Investor understands that the Structuring Fee Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Structuring Fee Shares have not been registered under the Securities Act. Investor understands that
the Structuring Fee Shares may not be offered, resold, transferred, pledged or otherwise disposed of by such Investor absent an effective
registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, or (ii) pursuant to an applicable
exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable
securities laws of the states and other jurisdictions of the United States, and that any book-entry position or certificates representing
such shares shall contain a legend to such effect. As a result of these transfer restrictions, Investor may not be able to readily
resell the Structuring Fee Shares and may be required to bear the financial risk of an investment in the Structuring Fee Shares for an
indefinite period of time. Investor acknowledges and agrees that the Structuring Fee Shares will not be eligible for offer, resale, transfer,
pledge or disposition pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”) until at least
six months from the date hereof or such longer date as may be required if the Company does not satisfy the current public information
requirements under Rule 144(c) and (ii) additional conditions to any such transaction may apply under Rule 144 and
other applicable securities laws to the extent that Investor is at such time, or has been at any time in the immediately preceding three
months, an “affiliate” of the Company within the meaning of Rule 144. Investor understands that it has been advised to
consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Structuring Fee Shares.

 

     

     

    

 

Each book entry for the Structuring Fee Shares, when issued, shall
contain a notation, and each certificate (if any) evidencing the such shares shall be stamped or otherwise imprinted with a legend, in
substantially the following form;

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (I) A REGISTRATION STATEMENT FOR THESE SECURITIES
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS IN EFFECT OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

3.           Registration
of Shares. The Company agrees and acknowledges that it will be bound by the registration rights provisions set forth in Annex
A hereto (the “Registration Rights Annex”) with respect to the Structuring Fee Shares, the 327,643 shares of Common
Stock currently owned by MSD CREDIT OPPORTUNITY MASTER FUND, L.P. and the 77,574 shares of Common Stock currently owned by MSD ENERGY
INVESTMENTS, L.P. (the “Existing MSD Shares”). For the avoidance of doubt, each Investor may assign its rights under
the Registration Rights Annex to any one or more of its affiliates to which it transfers Structuring Fee Shares or Existing MSD Shares.

 

4.           Miscellaneous.

 

(a)          All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other
communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic
mail, on the date of transmission to such recipient (with no mail undeliverable or other rejection notice), or (iii) one (1) Business
Day after being sent to the recipient by reputable overnight courier service (charges prepaid) and, in each case, addressed to the intended
recipient at its address or electronic mail address, as applicable, specified on the signature page hereof or to such electronic
mail address or address as subsequently modified by written notice given in accordance with this clause.

 

(b)          Each
Investor acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations and warranties of
such Investor contained in Section 4 of this Fee Letter. Prior to the Closing, each Investor agrees to promptly notify the Company
if it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of such Investor set forth
herein are no longer accurate in all material respects. Each Investor acknowledges and agrees that each purchase by such Investor of Convertible
Notes from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties
herein (as modified by any such notice) by such Investor as of the time of such purchase. The Company acknowledges that each Investor
will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Fee Letter. Prior to the
Closing, Company agrees to promptly notify the Investor if it becomes aware that any of the acknowledgments, understandings, agreements,
representations and warranties of any Investor set forth herein are no longer accurate in all material respects.

 

     

     

    

 

(c)          Each
of the Company and Investor is irrevocably authorized to produce this Fee Letter or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(d)           The
parties agree that this Fee Letter and any dispute, claim or controversy arising out of or relating to this letter (whether arising in
contract, tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the law of the State of New York
without regard to conflicts of law rules that would result in the application of a different governing law. All disputes, legal actions,
suits and proceedings arising out of or relating to this Fee Letter must be brought exclusively in the United States District Court for
the Southern District of New York or the Supreme Court of the State of New York, in each case located in the Borough of Manhattan (collectively
the “Designated Courts”). Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No
legal action, suit or proceeding with respect to this Fee Letter may be brought in any other forum. Each party hereby irrevocably waives
all claims of immunity from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit,
action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding
brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that
delivery of any process, summons, notice or document to a party hereof in compliance with Section 4(a) of this Fee Letter shall
be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties
have submitted to jurisdiction as set forth above.

 

(e)          This
Fee Letter may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of, or related
to this Fee Letter, or the negotiation, execution or performance of this Fee Letter, may only be brought against the entities that are
expressly named as parties or third party beneficiaries hereto and then only with respect to the specific obligations set forth herein
with respect to such party or third party beneficiary. No past, present or future director, officer, employee, incorporator, manager,
member, partner, stockholder, affiliate, agent, attorney or other representative of any party hereto or of any affiliate of any party
hereto, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities of any party hereto
under this Fee Letter or for any claim, action, suit or other legal proceeding based on, in respect of or by reason of the transactions
contemplated hereby.

 

(f)          This
Fee Letter may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different
parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed
and delivered shall be construed together and shall constitute one and the same agreement.

 

     

     

    

 

(g)          This
Fee Letter may not be amended, changed, supplemented, waived or otherwise modified, except upon the execution and delivery of a written
agreement executed by each of the parties. The failure of any party to exercise any right, power or remedy provided under this Fee Letter
or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party with its obligations hereunder,
and any custom or practice of the parties at variance with the terms hereof shall not constitute a waiver by such party of its right to
exercise any such or other right, power or remedy or to demand such compliance.

 

(h)          Each
of the parties hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or in connection
with this Fee Letter.

 

(i)          This Fee Letter constitutes the full and
entire understanding and agreement among the parties, and supersedes any prior agreement or understanding among the parties, with regard
to the subject matter hereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein.

 

     

     

    

 

			Very truly yours,
	 	 	 
	 	 	MSD Partners, L.P.
	 	 	 
	 	 	By:	 /s/ Marcello Liguori
	 	 	 	Name: Marcello Liguori
	 	 	 	Title: Managing Director

 

[Signature
Page to Fee Letter]

 

     

     

    

 

			Very truly yours,
	 	 	 
	 	 	Glendon Capital Management L.P.
	 	 	 
	 	 	By:	 /s/ Haig M. Maghakian
	 	 	 	Name: Haig M. Maghakian
	 	 	 	Title: Authorized Person

 

[Signature Page to Fee Letter]

 

     

     

    

 

Very truly yours,

 

Independence Contract Drilling, Inc.

 

		By:	/s/ Philip A. Choyce	
	 	Name: Philip A. Choyce	 
	 	Title:   Executive Vice President, Chief Financial Officer, Treasurer
and Secretary	 

 

 

 

[Signature
Page to Fee Letter]

 

     

     

    

 

Schedule I

 

	Investor	 	Number of Structuring Fee Shares	 
	MSD PCOF Partners LXXIII, LLC	 	 	1,002,229	 
	MSD Private Credit Opportunity (NON-ECI) Fund, LLC	 	 	329,654	 
	MSD Credit Opportunity Master Fund, L.P.	 	 	369,117	 
	Glendon Capital Management L.P.	 	 	567,000	 
	Total	 	 	2,268,000	 

 

     

     

    

 

Annex A

Registration Rights

(see attached)

 

     

     

    

 

 

Registration Rights Annex

 

This Registration Rights Annex, together with
the Registration Rights Annexes attached to the Indenture and the Warrant Agreement shall be collectively referred to as the “Registration
Rights Annexes”. It is agreed and acknowledged that the same Registration Statement will be filed in satisfaction of the Company’s
obligations under each of the Registration Rights Annexes. Section references used in this Registration Rights Annex shall refer
to this Registration Rights Annex unless otherwise expressly stated.

 

(a)          The
Company agrees that, within thirty (30) business days following the Issue Date (such deadline, the “Filing Deadline”),
the Company will submit to or file with the SEC a registration statement for a shelf registration on Form S-1 or Form S-3 (if
the Company is then eligible to use a Form S-3 shelf registration) (the “Registration Statement”), in each case,
registering the resale of the Structuring Fee Shares and Existing MSD Shares which are eligible for registration (determined as of two
business days prior to such submission or filing) (the “Registrable Shares”) and the Company shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later
than the 180th calendar day following the Issue Date of the Notes (such date, the “Effectiveness Deadline”); provided,
however, that the Company’s obligations to include any Registrable Shares in the Registration Statement are contingent upon
the relevant eligible holder of Registrable Shares (or the Notes or Pre-Funded Warrants relating thereto) (the “Holder”)
furnishing in writing to the Company such information regarding such Holder, the securities of the Company held by such Holder and the
intended method of disposition of the Registrable Shares as shall be reasonably requested by the Company to effect the registration of
the Registrable Shares at least five (5) business days in advance of the expected filing date of the Registration Statement, and
such Holder shall execute such documents in connection with such registration as the Company may reasonably request that are customary
of a selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the effectiveness
or use of the Registration Statement, if applicable, during any customary blackout or similar period or as permitted hereunder; provided
that no Holder shall in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject
to any contractual restriction on the ability to transfer the Registrable Shares. Notwithstanding the foregoing, if the SEC prevents the
Company from including any or all of the shares proposed to be registered under a Registration Statement due to limitations on the use
of Rule 415 under the Securities Act for the resale of the shares of Common Stock pursuant to this Registration Rights Annex by the
applicable stockholders or otherwise, such Registration Statement shall register for resale such number of shares of Common Stock which
is equal to the maximum number of shares of Common Stock as is permitted to be registered by the SEC; provided that, if such Registration
Statement is on a Form S-3, and the full number of Registrable Shares to be included on such Registration Statement could be included
on a Form S-1, the Company shall file a Form S-1 instead. In the event of such a reduction, the number of shares of Common Stock
to be registered for each selling stockholder named in such Registration Statement shall be reduced pro rata among all such selling stockholders.
In the event the Company amends the Registration Statement in accordance with the foregoing, the Company will use its commercially reasonable
efforts to file with the SEC, as promptly as allowed by the SEC, one or more registration statements to register the resale of those Registrable
Shares that were not registered on the initial Registration Statement, as so amended. For as long as (i) any Notes or (ii) any
Registrable Shares remain outstanding, the Company will use commercially reasonable efforts to file all reports for so long as the condition
in Rule 144(c)(1) is required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the
undersigned to resell the Registrable Shares pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the
Securities Act becomes available to the Holder). Any failure by the Company to file the Registration Statement by the Filing Deadline
or to effect such Registration Statement by the Effectiveness Deadline shall not otherwise relieve the Company of its obligations to file
or effect the Registration Statement as set forth above in this Registration Rights Annex.

 

    

     

    

 

(b)          Shelf
Takedown and Piggyback Registration

 

(i)          At
any time and from time to time when an effective shelf registration of the Company is on file with the SEC, a Holder (in such case, a
 “Demanding Holder”) may request to sell all or any portion of its Registrable Shares in a firm commitment underwritten
offering (an “Underwritten Offering”) that is registered pursuant to the such shelf registration (each, an “Underwritten
Shelf Takedown”); provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if the Registrable
Shares being sold in such Underwritten Shelf Takedown (together with any other “Registrable Securities” being sold in an “Underwritten
Shelf Takedown” under the other Registration Rights Annexes) have an aggregate value of at least $20,000,000 (the “Minimum
Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company, which
shall specify the approximate number of Registrable Shares proposed to be sold in the Underwritten Shelf Takedown. The Underwriters for
such offering (which shall consist of one or more reputable nationally recognized investment banks) shall be selected by the Company,
subject to approval by holders of the majority of the Registrable Shares being sold in such Underwritten Shelf Takedown (which shall not
be unreasonably withheld, conditioned or delayed). Demanding Holders may not demand more than one (1) Underwritten Shelf Takedown
pursuant to this section during any 90-day period (the “Takedown Limit”). Notwithstanding anything to the contrary
in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a
Form S-3, that is then available for such offering.

 

(ii)          If
the Company or any Holder proposes to conduct a registered offering of, or if the Company proposes to file a Registration Statement under
the Securities Act with respect to the Registration of, equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and
by the stockholders of the Company including, without limitation, an Underwritten Shelf Takedown pursuant to Section (b)(i)),
in each case solely for cash and other than a Registration Statement (or any registered offering with respect thereto) (i) filed
in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form S-4 (or
similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii) for
an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan, (v) a
block trade, or (vii) sales under any “at-the-market” equity distribution program, then the Company shall give written
notice of such proposed offering to all of the Holders of Registrable Shares as soon as practicable but not less than ten (10) days
(or, with respect to any overnight or bought offering, three (3) days) before the anticipated filing date of such Registration Statement
or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus
supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
in such offering, and (B) offer to all of the Holders of Registrable Shares the opportunity to include in such registered offering
such number of Registrable Shares as such Holders may request in writing within five (5) days after receipt of such written notice
(such registered offering, a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Shares
to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing
Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Shares requested by the Holders pursuant to this
Section (b)(ii) to be included therein on the same terms and conditions as any similar securities of the Company included
in such registered offering and to permit the sale or other disposition of such Registrable Shares in accordance with the intended method(s) of
distribution thereof. The inclusion of any Holder’s Registrable Shares in a Piggyback Registration shall be subject to such Holder
agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering.
For the avoidance of doubt, no exercise of such rights shall be counted against the Takedown Limit.

 

 (iii)     If the managing Underwriter
or Underwriters in an Underwritten Shelf Takedown or Piggyback Registration in their reasonable opinion advise the Company, the Demanding
Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten Shelf Takedown or Piggyback
Registration (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable Shares
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or
other equity securities that the Company desires to sell and all other shares of Common Stock or other equity securities, if any, that
have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights
held by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the marketability of such offering (including the proposed offering price, the timing, the distribution
method, and the probability of success of such offering) (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, before including
any shares of Common Stock or other equity securities proposed to be sold by Company or by other holders of Common Stock or other equity
securities, the Registrable Shares of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number
of Registrable Shares Demanding Holder and Requesting Holder (if any), together with their respective Affiliates, holds (inclusive, without
duplication, of any “Registrable Shares” under each of the Registration Rights Annexes and treating any Notes or Pre-Funded
Warrants on an as converted or as exercised basis, without respect to any conversion or exercise blocker contained therein) that can
be sold without exceeding the Maximum Number of Securities; provided that, if the Underwritten Offering is initiated by the Company,
the shares of Common Stock sold by the Company shall be sold before the sale of shares of Common Stock held by any holder of Registrable
Shares. For purposes of the preceding sentence, each of the terms Registrable Shares, Demanding Holder and Registrable Holder shall be
interpreted to include the “Registrable Shares”, “Demanding Holder” and “Registrable Holder”, respectively,
under all of the Registration Rights Annexes.

 

    

     

    

 

(iv)          Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten Shelf
Takedown or Piggyback Registration, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have
the right to withdraw from such Underwritten Shelf Takedown or Piggyback Registration for any or no reason whatsoever upon written notification
(a “Withdrawal Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw
from such Underwritten Shelf Takedown or Piggyback Registration; provided that a Demanding Holder, as applicable, may elect to
have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable
Shares proposed to be sold in the Underwritten Shelf Takedown or Piggyback Registration by the Company, the Holders or any of their respective
transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf
Takedown by the withdrawing Demanding Holder for purposes of Section (b)(i), unless either (i) such Demanding Holder
has not previously withdrawn any Underwritten Shelf Takedown or (ii) such Demanding Holder reimburses the Company for all Registration
Expenses with respect to such Underwritten Shelf Takedown (or, if there is more than one Demanding Holder, a pro rata portion of such
Registration Expenses based on the respective number of Registrable Shares that each Demanding Holder has requested be included in such
Underwritten Shelf Takedown); provided that, if the Company or Holder, as applicable, elects to continue an Underwritten Shelf
Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown shall instead count as an Underwritten
Shelf Takedown demanded by the Company or such Holder, as applicable, for purposes of Section (b)(i). Following the receipt
of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate
in such Underwritten Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with an Underwritten Shelf Takedown prior to its withdrawal under this Section (b)(iv),
other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of the second sentence of this
Section (b)(iv).

 

(v)           With respect to any Underwritten Offering by the Company
or by a Demanding Holder in an Underwritten Shelf Takedown pursuant to Section (b), (i) the Company agrees not to effect (other
than pursuant to such registration or pursuant to a Special Registration) any public sale or distribution, or to file any Registration
Statement (other than such registration or a Special Registration) covering any of its equity securities, or any securities convertible
into or exchangeable or exercisable for such securities, during the sixty (60) days following the date of execution of the underwriting
agreement with respect to such Underwritten Offering or Underwritten Shelf Takedown (or such longer period not to exceed ninety (90)
days as may be requested by the managing underwriter and as shall be applicable to Holders participating in such Underwritten Offering
or Underwritten Shelf Takedown) and (ii) the Company agrees to cause each of its directors and senior executive officers to execute
and deliver customary lock-up agreements not to exceed the lock-up period as requested from the Company and the Holders participating
in such offering. Notwithstanding anything else to the contrary in this Registration Rights Annex, with respect to any Underwritten Offering
by the Company in which any Holders participate in accordance with Section (b)(ii) or any Underwritten Shelf Takedown initiated
by a Demanding Holder in which any Holders participate in accordance with Section (b)(i), each participating Holder agrees to execute
and deliver customary lock-up agreements in such form and for such time period up to ninety (90) days as may be requested by the managing
underwriter; provided that such Holder shall not be required to execute and deliver any lock-up agreement different in form or substance
as any lock-up executed by the Company’s directors and senior executive officers. “Special Registration” means the
registration of (A) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8
(or successor form) or (B) shares of equity securities and/or options or other rights in respect thereof to be offered to directors,
members of management, employees, consultants, customers, lenders or vendors of the Company or its subsidiaries or in connection with
dividend reinvestment plans. The foregoing requirements may be waived in writing by a consent of the Company and Holders of a majority
of the Registrable Securities (including all Registrable Securities under the Registration Rights Annexes).

 

    

     

    

 

(c)          At
its expense the Company shall:

 

(i)          except
for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws
which the Company determines to obtain, continuously effective with respect to the Holders, and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of (a) the date
all Registrable Shares may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale
restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company to be in compliance
with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) and (b) there
are no longer outstanding (x) any Notes, (y) any Pre-Funded Warrants or (z) any Registrable Shares (the period of time
during which the Company is required hereunder to keep a Registration Statement effective is referred to herein as the “Registration
Period”);

 

(ii)          during
the Registration Period, notify the Trustee (which notice shall be forwarded to the Holders), as expeditiously as practicable:

 

(1)          when
a Registration Statement or any amendment thereto has been filed with the SEC;

 

(2)          after
it shall receive notice or obtain knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of any
Registration Statement or the initiation of any proceedings for such purpose;

 

(3)          of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(4)          subject
to the provisions in this Registration Rights Annex, of the occurrence of any event that requires the making of any changes in any Registration
Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under
which they were made) not misleading.

 

Notwithstanding anything to the contrary set forth
herein, the Company shall not, when so advising the Trustee and Holders of such events, provide the Trustee or any Holder with any material,
nonpublic information regarding the Company, other than to the extent that providing notice to Trustee and Holders of the occurrence of
the events listed in (1) through (4) above constitutes material, nonpublic information regarding the Company;

 

(iii)          during
the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of
any Registration Statement as soon as reasonably practicable;

 

(iv)          during
the Registration Period, upon the occurrence of any event contemplated in Section (c)(ii)(4) above, except for
such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration
Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment
to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered
to purchasers of the Registrable Shares included therein, such prospectus will not include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

    

     

    

 

(v)          during
the Registration Period, use its commercially reasonable efforts to cause all Registrable Shares to be listed on each securities exchange
or market, if any, on which the shares of Common Stock issued by the Company have been listed;

 

(vi)          during
the Registration Period, use its commercially reasonable efforts to allow any Holder of 10% or more of the principal amount of outstanding
Notes to review disclosure regarding such Holder in the Registration Statement; and

 

(vii)         during
the Registration Period, otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested
by the Required Holders, consistent with the terms of this Registration Rights Annex, in connection with the registration of the Registrable
Shares;

 

(viii)        with
respect to an Underwritten Offering pursuant to Section (b)(i), use its commercially reasonable efforts to make available
at reasonable times and for reasonable periods senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in such Underwritten Offering;

 

(ix)          to
the extent not previously included in the registration, within 10 Business Days of any increase to the Conversion Rate (including upon
the Company’s receipt of the Shareholder Approval) or any payment of PIK Interest, the Company shall file a post-effective amendment
to the Registration Statement to increase the number of shares of Common Stock under such Registration Statement to equal the then-current
number of Registrable Shares;

 

(x)           as
permitted by law, file a prospectus supplement or post-effective amendment to the applicable Registration Statement to name any additional
selling stockholders (x) promptly upon request of any Holder of $25,000,000 aggregate principal amount of Notes or an equivalent
amount of Registrable Shares or (y) if a post-effective amendment is required and the requesting Holder holds less than $25,000,000
aggregate principal amount of Notes or an equivalent amount of Registrable Shares, once within 90 days following such request (or concurrent
with the filing of any other request); provided that, in each case, that the Company’s obligations to add any Holder as a
selling stockholder is contingent upon such Holder furnishing in writing to the Company such information regarding such Holder, the securities
of the Company held by such Holder and the intended method of disposition of the Registrable Shares as shall be reasonably requested by
the Company to effect the registration of the Registrable Shares at least five (5) business days in advance of the expected filing
date of the post-effective amendment or prospectus supplement, as the case may be, and such Holder shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including
providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement, if applicable,
during any customary blackout or similar period or as permitted hereunder;

 

    

     

    

 

(d)          Notwithstanding anything to the
contrary in Registration Rights Annex, the Company shall be entitled to delay the filing or effectiveness of, or suspend the use of,
the Registration Statement if it determines that in order for the Registration Statement not to contain a material misstatement or omission,
(i) an amendment thereto would be needed to include information that would at that time not otherwise be required in a current,
quarterly, or annual report under the Exchange Act, (ii) the negotiation or consummation of a transaction by the Company or its
subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Company’s board of directors reasonably
believes would require additional disclosure by the Company in the Registration Statement of material information that the Company has
a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected,
in the reasonable determination of the Company’s board of directors to cause the Registration Statement to fail to comply with
applicable disclosure requirements, or (iii) in the good faith judgment of the majority of the members of the Company’s board
of directors, such filing or effectiveness or use of such Registration Statement, would be seriously detrimental to the Company and the
majority of the members of the Company’s board of directors concludes as a result that it is essential to defer such filing (each
such circumstance, a “Suspension Event”); provided, however, that the Company may not delay or suspend
the Registration Statement for more than ninety (90) consecutive calendar days, or more than one hundred and twenty (120) total calendar
days in each case during any twelve-month period. Upon receipt of any written notice from the Company of the happening of any Suspension
Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement
or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein (in light of the circumstances under which they were made, in the case of the prospectus)
not misleading, each Holder agrees that (i) it will immediately discontinue offers and sales of the Registrable Shares under the
Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Trustee and each Holder
receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or
omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified
by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included
in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, any Holder
will deliver to the Company or, in Holder’s sole discretion destroy, all copies of the prospectus covering the Registrable Shares
in Holder’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus
covering the Registrable Shares shall not apply (A) to the extent any Holder is required to retain a copy of such prospectus (1) in
order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (2) in accordance with a bona
fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic
data back-up.

 

(e)          Indemnification.

 

(i)          The
Company agrees to indemnify, to the extent permitted by law, each Holder (to the extent a seller under the Registration Statement), its
directors and officers and each person who controls such Holder (within the meaning of the Securities Act or the Exchange Act), to the
extent permitted by law, against all losses, claims, damages, liabilities and reasonable and documented out of pocket expenses (including
reasonable and documented outside attorneys’ fees of one law firm (and one firm of local counsel)) caused by any untrue or alleged
untrue statement of material fact contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”)
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances under
which they were made) not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished
in writing to the Company by or on behalf of any Holder expressly for use therein.

 

    

     

    

 

(ii)          In connection with any Registration
Statement in which any Holder is participating, such Holder shall furnish (or cause to be furnished) to the Company in writing such information
and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the
extent permitted by law, shall indemnify the Company, its directors and officers and each person or entity who controls the Company (within
the meaning of the Securities Act or the Exchange Act) against any losses, claims, damages, liabilities and expense alleged untrue statement
of material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading, but
only to the extent that such untrue statement or omission is contained (or not contained in, in the case of an omission) in any information
or affidavit so furnished in writing by on behalf of such Holder expressly for use therein; provided, however, that the liability of
such Holder shall be several and not joint with any other Holder and shall be in proportion to and limited to the net proceeds received
by such Holder from the sale of Registrable Shares giving rise to such indemnification obligation.

 

(iii)          Any
person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not
to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall,
without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled
in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party or which does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

(iv)          The
indemnification provided for under this Registration Rights Annex shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall
survive the transfer of securities.

 

    

     

    

 

(v)          If
the indemnification provided under Section (d) from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations; provided, however, that the liability of the
Holder shall be limited to the net proceeds received by any Holder from the sale of Registrable Shares giving rise to such indemnification
obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied
by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections
(d)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section (d)(v) from
any person or entity who was not guilty of such fraudulent misrepresentation.

 

(f)          Registration Defaults.
If any of the following events shall occur (each, a “Registration Default”), then the Company will pay, as liquidated
damages and not a penalty, additional interest (“Additional Interest”) on the Notes and liquidated damages (“Liquidated
Damages”) on any Registrable Shares then outstanding as follows:

 

(i)          if
the Registration Statement has not been filed with the Commission and become effective on or before the Effectiveness Deadline, then (x) Additional
Interest will accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first 90 days beginning
on, and including, the 1st day after the Effectiveness Deadline, and 0.50% per annum thereafter and (y) Liquidated Damages will accrue
on the Fair Market Value of any then outstanding Registrable Securities according to the Liquidated Damages Schedule beginning on, and
including, the 1st day after the Effectiveness Deadline;

 

(ii)          if
the Registration Statement has become effective but ceases to be effective or usable for the offer and sale of the full number (including
as a result of an increase in the Conversion Rate or payment of PIK Interest) of Registrable Shares (other than in connection with (i) a
Suspension Event; or (ii) as a result filing a post-effective amendment solely to add additional selling securityholders) at any
time during the Registration Period and the Company does not cure the lapse of effectiveness or usability within ten (10) Business
Days (or, if a Suspension Event is then in effect, within ten (10) Business Days after the expiration of such Suspension Event) (or,
in the case of filing a post-effective amendment solely to add additional selling securityholders, within ten (10) Business Days
after the expiration of the ten (10) day period referred to in Section 2(c), subject to the proviso therein), then (x) Additional
Interest will accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first ninety (90)
days beginning on, and including, the day following such tenth (10th) Business Day and 0.50% per annum thereafter and (y) and (y) Liquidated
Damages will accrue on the Fair Market Value of any then outstanding Registrable Securities according to the Liquidated Damages Schedule
beginning on, and including, the day following such tenth (10th) Business Day;

 

    

     

    

 

(iii)          if
the Company, through its omission, fails to name as a selling securityholder any Holder that had complied timely with its obligations
hereunder in a manner to entitle such Holder to be so named in (i) the Registration Statement at the time it first became effective;
or (ii) any Prospectus at the time it is filed with the Commission (or, if later, the effective date of the Registration Statement),
then (x) Additional Interest will accrue on the aggregate outstanding principal amount of the Notes held by such Holder at a rate
of 0.25% per annum for the first ninety (90) days beginning on, and including, the day following the effective date of such Registration
Statement or the filing of such Prospectus, as applicable, and 0.50% per annum thereafter and (y) Liquidated Damages will accrue
on the Fair Market Value of any then outstanding Registrable Securities according to the Liquidated Damages Schedule beginning on, and
including the day following the effective date of such Registration Statement or the filing of such Prospectus, as applicable; and

 

(iv)          if
the aggregate duration of Suspension Events in any period exceeds the number of days permitted in respect thereof, then, commencing on
the day the aggregate duration of Suspension Events in such period exceeds the number of days permitted in respect of such period, (x) Additional
Interest will accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first ninety (90)
days beginning on, and including, such date, and 0.50% per annum thereafter and (y) Liquidated Damages will accrue on the Fair Market
Value of any then outstanding Registrable Securities according to the Liquidated Damages Schedule beginning on, and including;

 

provided,
however, that (1) upon the filing and effectiveness of the Registration Statement (in the case of paragraph (i) above), (2) upon
such time as the applicable Registration Statement becomes effective and usable for resales (in the case of paragraph (ii) above),
(3) upon such time as such Holder is permitted to sell its Registrable Shares pursuant to any Registration Statement and Prospectus
in accordance with applicable law (in the case of paragraph (iii) above), (4) upon the termination of the applicable Suspension
Event (in the case of paragraph (iv) above), or (5) in any case, upon the expiration of the Registration Period, Additional
Interest and Liquidated Damages will cease to accrue on account of the applicable Registration Default (it being understood that nothing
in this sentence will prevent Additional Interest from accruing as a result of any other Registration Default during the Registration
Period).

 

As used herein:

 

“Fair Market Value”
means, with respect to any date, the volume-weighted average price of the Common Stock on the Principal Trading Market during the ten
(10) trading days immediately prior to the date on which the Shelf Registration Statement should have been effective.

 

“Liquidated Damages Schedule”
means, with respect to any date, 0.25% of the aggregate Fair Market Value of the Registrable Shares held by such Holder for the first
60-day period immediately following such date, with such rate increasing to .50% of the Fair Market Value of the Registrable Shares, per
30-day period, accruing daily, for each subsequent 60-day period, up to a maximum of 1.00% of the Fair Market Value of the Registrable
Shares per 30-day period or pro rata for any portion thereof following such date.

 

    

     

    

 

“Principal Trading Market”
means the Trading Market on which the Common Stock is primarily listed on and quoted for trading.

 

“Trading Market” means whichever of the New York
Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin
Board on which the Common Stock is listed or quoted for trading on the date in question.

 

Any Additional Interest on the Notes due
pursuant to this Section (f) will be payable in cash and on the same dates as the stated interest payable on the Notes.
If any Note ceases to be outstanding during any period for which Additional Interest is accruing, the Company will prorate the Additional
Interest payable with respect to such Note.

 

Any Liquidated Damages due pursuant to
this Section (f) shall be paid by the Company within ten (10) Business Days of the end of the relevant 60-day period.

 

For the avoidance of doubt, no Registration
Default or other default under or failure to comply with any provision of this Registration Rights Annex will result in a default or Event
of Default under the Indenture, nor will a Holder be able to recover damages other than the Additional Interest. Such payments of Additional
Interest and/or Liquidated Damages shall constitute the Holders’ exclusive monetary remedy for such Registration Default unless
the circumstances above are a result of a willful breach by the Company, but shall not affect the right of the Holders to seek injunctive
relief.

 

		(g)	Furnishing Information.

 

(i)          No
Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale of Registrable Shares without the
prior written consent of the Company.

 

(ii)          It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Section (b) that the
selling Holders shall furnish to the Company such information regarding themselves, the Registrable Shares held by them and the intended
method of disposition of such securities as shall be reasonably required to effect the registered offering of their Registrable Shares.

 

		(h)	Survival; Third-Party Beneficiaries.

 

(i)          Any
holder of Registrable Securities shall be an intended third-party beneficiary of the provisions of this Registration Rights Annex and
shall have the right to enforce the provisions of this Registration Rights Annex.

 

(ii)          The
Company’s obligations under this Registration Rights Annex shall survive the termination of the Fee Letter, and remain in full force
and effect until such time as no Notes or Registrable Shares remain outstanding.

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