Document:

Exhibit 4.1

 

Original
Issue Date: April __, 2019 (exchanged for Series F-2 Warrants)

 

$700,000

 

12%
DEBENTURE

Due
November 1, 2020

 

THIS
12% DEBENTURE is one of a series of duly authorized and validly issued 12% Debentures of Helios and Matheson Analytics Inc., a
Delaware corporation (the “Company”), having its principal place of business at Empire State Building 350 5th
Ave., Suite 7520 New York, NY 10118, designated as its 12% Debenture due on November 1, 2020 (this debenture, the “Debenture”
and, collectively with the other debentures of such series, the “Debentures”).

 

FOR
VALUE RECEIVED, the Company promises to pay to ________________________ or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the principal sum of $700,000, plus interest and other amounts owing hereunder,
on November 1, 2020 (the “Maturity Date”) or such earlier date as this Debenture is required or permitted to
be repaid as provided hereunder. This Debenture is subject to the following additional provisions:

 

Section 1.
Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms
not otherwise defined herein shall have the meanings set forth in the Exchange Agreement and (b) the following terms shall have
the following meanings:

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in
Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the
Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof
any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered,
(d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial
part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant
Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof
calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts, (g) the Company
or any Significant Subsidiary thereof admits in writing that it is generally unable to pay its debts as they become due, (h) the
Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or
acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

     

     

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise)
of in excess of 50% of the voting securities of the Company, (b) the Company merges into or consolidates with any other Person,
or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the
Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor
entity of such transaction, (c) the Company sells or transfers all or substantially all of its assets to another Person and the
stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring
entity immediately after the transaction, or (d) the execution by the Company of an agreement to which the Company is a party
or by which it is bound, providing for any of the events set forth in clauses (a) through (c) above. Notwithstanding the foregoing,
a “Change of Control Transaction”: shall not include any of the following transactions: (i) any merger of the Company
or any of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization,
recapitalization or reclassification of the shares of Common Stock in which holders of securities with the Company’s voting
power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization
or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders
of securities with the voting power of the surviving entity (or entities with the authority or voting power to elect the members
of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization,
recapitalization or reclassification, (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction
of incorporation of the Company or any of its Subsidiaries, or (iv) any acquisition by the Company (whether by merger, stock purchase
or otherwise) of any Person (each, a “Permitted Acquisition”) in which (A) holders of securities with a majority of
the Company’s voting power immediately prior to such Permitted Acquisition continue after such Permitted Acquisition to
hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of securities with a majority
the voting power of the surviving entity (or entities with the authority or voting power to elect a majority of the members of
the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such Permitted Acquisition
and (B) the members of such board of directors immediately following such Permitted Acquisition (including any subsequent changes
to such board of directors required to be made pursuant to the terms of such Permitted Acquisition) include at least a majority
of the board of directors of the Company immediately prior to such Permitted Acquisition.

 

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“Debenture
Register” shall have the meaning set forth in Section 2(c).

 

“Event
of Default” shall have the meaning set forth in Section 5(a).

 

“Exchange
Agreement” means the Exchange Agreement, dated as of April __, 2019 between the Company and the original Holder of the
Debenture, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Late
Fees” shall have the meaning set forth in Section 2(d).

 

“Mandatory
Default Amount” means 120% of the outstanding principal amount of this Debenture, plus all other amounts, costs, expenses
and liquidated damages due in respect of this Debenture.

 

“Optional
Redemption Amount” means the sum of (a) 100% of the then outstanding principal amount of the Debenture, (b) accrued
but unpaid interest under the Debenture, if any, and (c) all liquidated damages and other amounts due in respect of the Debenture.

 

“New
York Courts” shall have the meaning set forth in Section 6(d).

 

“Original
Issue Date” means the date of the first issuance of the Debentures, regardless of any transfers of any Debenture and
regardless of the number of instruments which may be issued to evidence such Debentures.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Stockholder
Approval” means such approval as may be required to increase the authorized share capital of the Company or to effect
a reverse stock split of the Company’s Common Stock to allow for the reservation in full of all of the Underlying Shares
issuable pursuant to the Transaction Documents (ignoring for such purposes any exercise under the Warrants or conversion limitations
under the Certificate of Designations).

 

Section
2. Interest.

 

a) Payment
of Interest in Cash. Commencing on July 1, 2019, interest on the then outstanding principal amount of this Debenture shall
begin to accrue interest at the rate of 12% per annum, payable on the Maturity Date in cash.

 

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b) Interest
Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and
shall accrue daily commencing on July 1, 2019, until payment in full of the outstanding principal, together with all accrued and
unpaid interest and other amounts which may become due hereunder, has been made. Interest hereunder will be paid to the Person
in whose name this Debenture is registered on the records of the Company regarding registration and transfers of this Debenture
(the “Debenture Register”).

 

c) Late
Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue
daily from the date such interest is due hereunder through and including the date of actual payment in full.

 

d) Prepayment.
Except as otherwise set forth in this Debenture, the Company may not prepay any portion of the principal amount of this Debenture
without the prior written consent of the Holder.

 

Section
4. Optional Redemption

 

		a)	Redemption.
                                         Following the date that Stockholder Approval is obtained and deemed effective (the “Optional
                                         Redemption Event”), the Company may, at its option, redeem this Debenture and
                                         all other then outstanding Debentures in cash in an amount equal to the Optional Redemption
                                         Amount, or at the Company’s option, pursuant to Section 3(a)(9) of the Securities
                                         Act, through the exchange of this Debenture for a Series F-2 Warrant exercisable into
                                         such number of shares of Preferred Stock (as defined in the Purchase Agreement) equal
                                         to the Optional Redemption Amount divided by $34.8606 (the “Optional Redemption”). In the event that the Company
                                         elects to exchange this Debenture for a Series F-2 Warrant, the parties acknowledge and
                                         agree that in accordance with Section 3(a)(9) of the Securities Act, the Series F-2 Warrant
                                         shall take on the registered characteristics of this Debenture.

 

		b)	Optional
                                         Redemption Notices. With respect to the Optional Redemption Event, the Company shall
                                         deliver a written notice by confirmed facsimile, email and overnight courier (with next
                                         day delivery specified) to all, but not less than all, of the holders of Debentures (the
                                         “Optional Redemption Notice” and the date such notice is delivered
                                         to all such holders is referred to as the “Optional Redemption Notice Date”)
                                         (a) stating the date on which the applicable Optional Redemption shall occur (the “Optional
                                         Redemption Date”), which date shall be two (2) Trading Days immediately following
                                         such Optional Redemption Event, (b) stating whether the Company will redeem this Debenture
                                         in cash or exchange the Debenture for a Series F-2 Warrant and (c) contain a certification
                                         from the Chief Executive Officer of the Company that the Company has simultaneously taken
                                         the same action with respect to all of the Debentures (including that all Debentures
                                         are being redeemed or exchanged in the same manner).

 

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		c)	Payment
                                         of Optional Redemption. The Company shall deliver the applicable Optional Redemption
                                         to the Holder in cash by wire transfer of immediately available funds, if the Company
                                         elects to redeem the Debentures in cash, or through the delivery of a Series F-2 Warrant
                                         to the Holder to the address provided to the Company by the Holder on the Optional Redemption
                                         Date.

 

Section
5. Events of Default.

 

a) “Event
of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether
such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

i. any
default in the payment of the principal amount of any Debenture or other amounts owing to a Holder on any Debenture, as and when
the same shall become due and payable;

 

ii. the
Company shall fail to observe or perform in any material respect any other covenant or agreement contained in the Debentures or
in any Transaction Document, which failure is not cured, if possible to cure, within the earlier to occur of (A) 5 Business Days
after notice of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Business Days after the Company
has become or should have become aware of such failure;

 

iii. any
representation or warranty made in this Debenture or the Exchange Agreement, any written statement pursuant hereto or thereto
or any other report, financial statement or certificate made or delivered to the Holder or any other Holder pursuant hereto or
the Exchange Agreement shall be untrue or incorrect in any material respect as of the date when made or deemed made;

 

iv. the
Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

v. the
Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced,
or any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement (collectively, “Indebtedness”)
that, in each case, (a) involves an obligation greater than $500,000, whether such Indebtedness now exists or shall hereafter
be created, and (b) results in such Indebtedness becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable;

 

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vi. the
Company shall be a party to any Change of Control Transaction or shall agree to sell or dispose of all or in excess of 50% of
its assets in one transaction or a series of related transactions (whether or not such sale would constitute a Change of Control
Transaction) other than the transfer by the Company to a wholly-owned subsidiary of the Company (“Spinco”) of all
of the Company’s ownership interests in MoviePass Inc., MoviePass Films, LLC, MoviePass Ventures LLC and MoviefoneTM related assets and the subsequent distribution of shares of Spinco to the stockholders of the Company and holders of convertible
notes, warrants or other outstanding equity or equity-linked instruments of the Company to the extent required by such instruments;
or

 

vii. any
monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their
respective property or other assets for more than $500,000, and such judgment, writ or similar final process shall remain unvacated,
unbonded or unstayed for a period of 45 calendar days.

 

b) Remedies
Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, plus accrued but
unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing 5 days after the
occurrence of any Event of Default, the interest rate on this Debenture shall accrue at an interest rate equal to the lesser of
18% per annum or the maximum rate permitted under applicable law. Upon the payment in full of the Mandatory Default Amount, the
Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with such acceleration described
herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind,
and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder
and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any
time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any, as
the Holder receives full payment pursuant to this Section 5(b). No such rescission or annulment shall affect any subsequent Event
of Default or impair any right consequent thereon.

 

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Section
6. Miscellaneous.

 

a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered
personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the
Company, at the address set forth above, or such other facsimile number, email address, or address as the Company may specify
for such purposes by notice to the Holder delivered in accordance with this Section 6(a).  Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment,
or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or
address of the Holder appearing on the books of the Company, or if no such facsimile number or email attachment or address appears
on the books of the Company, at the principal place of business of such Holder, as set forth in the Exchange Agreement. 
Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the
email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date, (ii) the next
Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Business Day
or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is
required to be given.

 

b) Absolute
Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, liquidated damages, on this Debenture at the time, place,
and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation of the Company. This Debenture
ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein.

 

c) Lost
or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for a lost,
stolen or destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed,
but only upon receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof, reasonably
satisfactory to the Company.

 

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d) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Debenture shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective
Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting
in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Debenture and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Debenture or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any
provisions of this Debenture, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action
or proceeding.

 

e) Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Debenture shall not operate as or be construed to
be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the
Company or the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered
a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this
Debenture on any other occasion. Any waiver by the Company or the Holder must be in writing.

 

f) Severability.
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect,
and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons
and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable
law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of
interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at
any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury
law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on
this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants
or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits
or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been
enacted.

 

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g) Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Debenture shall
be cumulative and in addition to all other remedies available under this Debenture and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of
this Debenture.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like
(and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein,
be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition
to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall provide all information and
documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with
the terms and conditions of this Debenture.

 

h) Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

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i) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Debenture and shall not be deemed to
limit or affect any of the provisions hereof.

 

Section
7. Disclosure. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Debenture, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries, the Company shall within two (2) Business Days after such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes
that a notice contains material, non-public information relating to the Company or its Subsidiaries, the Company so shall indicate
to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries.

 

*********************

 

(Signature
Page Follows)

 

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IN
WITNESS WHEREOF, the Company has caused this Debenture to be duly executed by a duly authorized officer as of the date first above
indicated.

 

	 	HELIOS AND MATHESON ANALYTICS INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	e-mail for delivery of Notices: rdamon@hmny.com

 

 

11Exhibit 10.1

 

SECURITIES EXCHANGE
AGREEMENT

 

THIS SECURITIES EXCHANGE
AGREEMENT (the “Agreement”), dated as of April 30, 2019, is entered into by and between Helios and Matheson
Analytics Inc., a Delaware corporation (the “Company”), and the party identified as “Holder” on
the signature page hereto (the “Holder”).

 

WHEREAS, pursuant
to that certain Securities Purchase Agreement, dated as of March 25, 2019, between the Company and the Holder and the other purchasers
signatory thereto (the “Purchase Agreement”) and the Registration Statement (as defined in the Purchase Agreement),
the Holder purchased Series F-2 Warrants (the “Warrants”) to purchase up to 20,080 shares of Preferred Stock
of the Company, having an exercise price of $100 per share and an expiration date of five (5) years following the initial exercise
date as set forth therein; and

 

WHEREAS, pursuant
to the terms herein, the Company and the Holder have agreed to exchange the Warrants for a debenture of the Company to be issued
to the Holder in the form of Exhibit A hereto (the “Debenture”), having an initial principal amount
of $700,000.00.

 

WHEREAS, defined terms
not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and if not defined therein, then in the
Debenture.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Company and the Holder
hereby agrees as follows:

 

1. Exchange.
On the Closing Date (as defined below), subject to the terms and conditions of this Agreement, the Holder shall, and the Company
shall, pursuant to Section 3(a)(9) and/or Section 4(a)(2) of the Securities Act, exchange the Warrants for the Debenture. Subject
to the conditions set forth herein, the exchange of the Warrants for the Debenture shall take place on April 30, 2019, or at such
other time and place as the Company and the Holder mutually agree (the “Closing” and the “Closing
Date”). At the Closing, the following transactions shall occur (such transactions, an “Exchange”):

 

1.1 On the Closing Date,
in exchange for the Warrants, the Company shall deliver the Debenture to the Holder or its designee in accordance with the Holder’s
delivery instructions set forth on the Holder’s signature page hereto. Upon delivery of the Debenture to the Holder in accordance
with this Section 1.1, all of the Holder’s rights under the Warrants shall be extinguished. The Holder shall tender to the
Company the Warrants within three Trading Days of the Closing Date.

 

1.2 On the Closing Date,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Debenture, and the Warrants shall
be deemed for all corporate purposes to have been cancelled, irrespective of the date such Debenture is delivered to the Holder
in accordance herewith.

 

     

     

    

  

2. Closing Conditions.

 

2.1 Conditions to
Holder’s Obligations. The obligation of the Holder to consummate the Exchange is subject to the fulfillment, to the
Holder’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a) Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b) Issuance
of Securities. At the Closing, the Company shall issue the Debenture, registered in the name of the Holder.

 

(c) No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(d) Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Holder, and the Holder shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request.

 

(e) Consents.
The Company shall have obtained all required consents and approvals required to effect the transaction hereunder.

 

2.2 Conditions to
the Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment, to
the Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a) Representations
and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b) No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(c) Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such counterpart
originals or certified or other copies of such documents as the Company may reasonably request.

 

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3. Representations
and Warranties of the Company. The Company hereby represents and warrants to Holder that:

 

3.1 Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on its business or properties.

 

3.2 Authorization.
All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement and the performance of all obligations of the Company hereunder, and the authorization (or reservation
for issuance of), the Exchange, and the issuance of the Debenture have been taken on or prior to the date hereof.

 

3.3 Valid Issuance
of the Securities. The Debenture, when issued and delivered in accordance with the terms of this Agreement, for the consideration
expressed herein, will be duly and validly issued, fully paid and non-assessable.

 

3.4 Offering.
The offer and issuance of the Debenture as contemplated by this Agreement are exempt from the registration requirements of the
Securities Act. Neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause
the loss of such exemptions.

 

3.5 Compliance with
Laws. To the Company’s knowledge, the Company has not violated any law or any governmental regulation or requirement
which violation has had or would reasonably be expected to have a material adverse effect on its business and the Company has
not received written notice of any such violation.

 

3.6 Consents; Waivers.
No consent, waiver, approval or authority of any nature, or other formal action, by any Person, not already obtained, is required
in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions
provided for herein and therein.

 

3.7 Absence of Litigation.
There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory
organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company, the Securities
or any of the Company’s officers or directors in their capacities as such that would reasonably be expected to have a Material
Adverse Effect on the Company or its Subsidiaries and that would be required to be disclosed under Item 103 of Regulation S-K
under the Securities Act and which has not been publicly announced, except as disclosed in the SEC Reports or in Schedule 3.1(j)
of the Purchase Agreement.

 

3.8 Validity; Enforcement;
No Conflicts. This Agreement and each Transaction Document to which the Company is a party have been duly and validly authorized,
executed and delivered on behalf of the Company and shall constitute the legal, valid and binding obligations of the Company enforceable
against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution, delivery and performance
by the Company of this Agreement and each Transaction Document to which the Company is a party and the consummation by the Company
of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the
Company or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which the Company is a party or by which it is bound, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities or “blue sky” laws) applicable to the Company, except
in the case of clause (ii) above, for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of the Company to perform its obligations hereunder.

 

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3.9 Disclosure.
The Company confirms that neither the Company nor any other Person acting on its behalf has provided the Holder or its agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information.
The Company understands and confirms that the Holder will rely on the foregoing representations in effecting transactions in the
securities of the Company.

 

3.10 No Commission
Paid. Neither the Company nor any of its Affiliates nor any person acting on behalf of or for the benefit of any of the foregoing,
has paid or given, or agreed to pay or give, directly or indirectly, any commission or other remuneration (within the meaning
of Section 3(a)(9) of the Securities Act and the rules and regulations of the Commission promulgated thereunder) for soliciting
the Exchange.

 

3.11 Characteristics.
The Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities Act, the Debenture issued in exchange
for the registered Warrants take on the registered characteristics of the Warrants. The Company agrees not to take any position
contrary to this Section 3.12.

 

4. Representations
and Warranties of the Holder. The Holder hereby represents, warrants and covenants that:

 

4.1 Authorization.
The Holder has full power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this Agreement,
the performance of its obligations hereunder and the consummation of the transactions contemplated hereby.

 

4.2 Ownership of
the Warrants. The Holder owns and holds, beneficially and of record, the entire right, title, and interest in and to the Warrants
hereunder free and clear of all rights and Liens. The Holder has full power and authority to transfer and dispose of the Warrants
to the Company free and clear of any right or Lien.

 

4.3 Holder Status.
The Holder is an “accredited investor” as such term is defined in Rule 501(a) under the Securities Act.

  

4.4 Understandings
or Arrangements. The Holder is acquiring the Debentures
hereunder as principal for its own account and has no direct or indirect arrangement or understandings with any other persons
to distribute or regarding the distribution of such Debentures. The Holder is acquiring the Debentures hereunder in the ordinary
course of its business. 

 

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5. Additional Covenants.

 

5.1 Disclosure.
The Company shall, on or before 9:30 a.m., New York City time, on the first business day after the date of this Agreement, file
with the Securities and Exchange Commission a Current Report on Form 8-K (the “8-K Filing”) disclosing all
material terms of the transactions contemplated hereby. From and after the filing of the 8-K Filing, the Holder shall not be in
possession of any material, nonpublic information received from the Company or any of its respective officers, directors, employees
or agents that is not disclosed in the 8-K Filing. The Company shall not, and shall cause its officers, directors, employees and
agents, not to, provide the Holder with any material, nonpublic information regarding the Company from and after the filing of
the 8-K Filing without the express written consent of the Holder. The Company shall not disclose the name of the Holder in any
filing, announcement, release or otherwise, unless such disclosure is required by law or regulation. In addition, effective upon
the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under
any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their respective officers, directors,
affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

 

5.2 Most Favored
Nations. The Company covenants and agrees that it has not entered into an exchange agreement with any other holder of Warrants
(each, an “Other Holder”) for any material amendments, modifications or exchanges to the terms of such Warrants
(or settlement or exchange of such Warrants for other material consideration) (each a “More Favorable Agreement”),
that is more favorable to such Other Holder than those of the Holder pursuant to this Agreement. If the Company enters into a
More Favorable Agreement with terms that are materially different from this Agreement (“material” shall be in the
reasonable determination of the Holder), then (i) the Company shall provide written notice thereof to the Holder promptly following
the occurrence thereof and (ii) the terms and conditions of this Agreement that shall be, without any further action by the Holder
or the Company, automatically and retroactively to the date hereof, amended and modified in an economically and legally equivalent
manner such that the Holder shall receive the benefit of such more favorable material terms and/or conditions (as the case may
be) set forth in such More Favorable Agreement, provided that upon written notice to the Company within five business days of
such Company’s written notice, the Holder may elect not to accept the benefit of any such amended or modified material term
or condition, in which event the material term or condition contained in this Agreement shall continue to apply to the Holder
as it was in effect immediately prior to such amendment or modification as if such amendment or modification never occurred with
respect to the Holder. The provisions of this paragraph shall apply similarly and equally to each More Favorable Agreement and
shall be effective whether or not the Holder holds the Debentures at such time. The Company will notify the Holder any time it
enters into any agreement with any Other Holder relating to the Warrants and, at the request of the Holder, provide the Holder
with such agreement for its review.

 

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5.3 Amendment of
Purchase Agreement; Waivers.

 

(a) Amendments.
The Holder and the Company hereby agree that the Purchase Agreement shall be amended to remove the requirement that the Company
obtain the Shareholder Approval, including without limitation, as follows:

 

(i) The definition
of Shareholder Approval in Section 1.1 of the Purchase Agreement is hereby deleted.

 

(ii) Section
3.1(e) of the Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“(e)
Filings, Consents and Approvals. 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 or
other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than:
(i) the filings required pursuant to Section 4.3 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement
and (iii) such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).”

 

(iii) Section
4.11 of the Purchase Agreement is hereby deleted.

 

(iv) Section
4.15 of the Purchase Agreement is hereby deleted in its entirety.

 

(b) Effect;
Waiver. Upon execution hereof and consent to the foregoing amendment by all other Purchasers (as defined in the Purchase Agreement),
each reference to the Purchase Agreement shall be to the Purchase Agreement as amended hereby. Regardless and independent of such
amendments going into effect, the Holder, in its capacity as Purchaser under the Purchase Agreement, hereby waives the requirement
that the Company obtain the Shareholder Approval, consistent with the amendments set forth in Section 5.3(a) hereof.

 

5.4 Definitions.
The Debenture shall for all such purposes be deemed “Securities” as used under the Purchase Agreement, to the extent
applicable, as if the Debenture were issued pursuant to such agreement.

 

5.5 Blue Sky.
The Company shall make all filings and reports relating to the Exchange required under applicable securities or “Blue Sky”
laws of the states of the United States following the date hereof, if any.

  

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6. Miscellaneous.

 

6.1 Successors and
Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and
be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

6.2 Governing Law;
Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state or federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

6.3 Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered pursuant to the terms of the Purchase Agreement.

 

6.4 Amendments and
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Holder.

 

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

 

6.6 Entire Agreement.
This Agreement represents the entire agreement and understanding between the parties concerning the Exchange and the other matters
described herein and therein and supersede and replaces any and all prior agreements and understandings solely with respect to
the subject matter hereof and thereof.

 

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6.7 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

6.8 Survival.
The representations, warranties and covenants of the Company and the Holder contained herein shall survive the Closing and delivery
of the Debenture.

 

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

 

6.10 Independent
Obligation. The obligations of the Holder under this Agreement are several and not joint with the obligations of any
Other Holder under any other agreement, and the Holder shall not be responsible in any way for the performance of the
obligations of any Other Holder under any such other agreement. Nothing contained herein, and no action taken by the Holder
pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Holder and the Other Holders are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by this Agreement and the Company
acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations
or the transactions contemplated by this Agreement or any other agreement. The Company and the Holder confirm that the Holder
has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel
and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Agreement, and it shall not be necessary for any Other Holder to be joined as an additional
party in any proceeding for such purpose.

 

[signatures
on following pages]

 

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IN WITNESS WHEREOF,
this Securities Exchange Agreement is executed as of the date first set forth above.

 

	HELIOS AND MATHESON ANALYTICS INC. 	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[signature page of Holder to follow]

 

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SIGNATURE PAGE OF HOLDER TO

SECURITIES EXCHANGE AGREEMENT

BETWEEN HELIOS AND MATHESON ANALYTICS INC.
AND

THE HOLDER THEREUNDER

 

Name of Holder: ___________________________________

 

By: ______________________________________________

 

Name: ____________________________________________

 

Title: _____________________________________________

 

Delivery Instructions:

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