Document:

Exhibit 10.1

 

AMENDMENT
NO. 2 TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDMENT NO. 2 TO
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of December 22, 2020, relating to the
Sixth Amended and Restated Credit Agreement, dated as of October 31, 2019, as amended by that certain Amendment No. 1 to Sixth
Amended and Restated Credit Agreement, dated April 23, 2020 (together, and as otherwise amended, restated, modified, or supplemented
prior to the date hereof, the “Existing Credit Agreement”), by and among RHP HOTEL PROPERTIES, LP, a Delaware
limited partnership (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY
PROPERTIES, INC., a Delaware corporation (the “Parent”), the GUARANTORS from time to time party thereto (as
defined in the Existing Credit Agreement) (collectively, the “Guarantors”), the PLEDGORS from time to time party
to the Pledge Agreement (as defined in the Existing Credit Agreement) (collectively, the “Pledgors”), the LENDERS
from time to time party thereto (collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent (in such capacity, collectively with its successors and assigns, the “Administrative Agent”).

 

RECITALS

 

WHEREAS, the Parent
and its Subsidiaries have notified Administrative Agent and the Lenders that such entities are experiencing and anticipate that
such entities will continue to experience material adverse changes in their financial position and prospects as a direct result
of the ongoing COVID-19 pandemic and, as such, the Borrower, the Parent, and the other Loan Parties have requested, and the Administrative
Agent and the Required Lenders (as defined below) have agreed, to modify certain provisions of the Existing Credit Agreement; and

 

WHEREAS, pursuant to
Section 11.01 of the Existing Credit Agreement, the Parent, the Borrower, the other Loan Parties, the Pledgors, the
Administrative Agent and the Lenders party hereto (representing the Required Lenders required pursuant to Section 11.01
of the Existing Credit Agreement) (collectively, the “Required Lenders”), agree to amend the Existing Credit
Agreement on the terms set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
1.          
Defined Terms. Each capitalized term used but not otherwise defined herein shall have the meaning given to such term in
the Existing Credit Agreement. The rules of interpretation set forth in Section 1.02 of the Existing Credit Agreement are
hereby incorporated by reference herein, mutatis mutandis. Each reference to “hereof”, “hereunder”,
“herein” and “hereby” and each other similar reference and each reference to “this Agreement”
and each other similar reference contained in the Existing Credit Agreement shall, after this Agreement becomes effective, refer
to the Existing Credit Agreement as amended hereby. For clarity, unless otherwise expressly limited to the Restricted Period and/or
Temporary Waiver Period (as each term is defined below), as applicable, each amendment set forth herein shall apply for the entire
term of the Facilities.

 

SECTION
2.          Financial
Statement Extension. The parties hereby agree that the applicable time periods for delivery of financial statements and other
related information required pursuant to Sections 7.01 and 7.02(a), (c), (d), (e), (h),
(j) and 7.02(b)(ii) of the Credit Agreement shall be automatically extended if and to the extent the Securities
and Exchange Commission grants an extension of 10-K or 10-Q reporting for such period. Except as set forth herein, the foregoing
extension shall in no way waive, amend, extend or otherwise modify each Loan Party’s obligation to continue to deliver all
financial statements as and when required under the Loan Documents.

 

     

     

    

 

SECTION
3.          Amendments
to the Credit Agreement. The Existing Credit Agreement is, effective as of the Amendment No. 2 Effective Date (as defined below),
hereby amended as follows (the Existing Credit Agreement, as so amended, the “Second Amended Credit Agreement”):

 

(a)           
Section 1.01 of the Existing Credit Agreement is hereby amended by adding the following definitions, in each
case, in the appropriate alphabetical order, as follows:

 

“Amendment
No. 2” means that certain Amendment No. 2 to Sixth Amended and Restated Credit Agreement, dated as of December 22, 2020,
by and between the Borrower, the Parent, the Guarantors, the Pledgors, the Administrative Agent, and certain Lenders party thereto.

 

“Amendment
No. 2 Effective Date” means December 22, 2020.

 

“New
Notes” has the meaning given to such term in the definition of “Senior Notes Indenture.”

 

“Original
2023 Indenture” has the meaning given to such term in the definition of “Senior Notes Indenture.”

 

“Post-Waiver
Period Appraisal” has the meaning given to such term in Section 7.12.

 

“Restricted
Period” means the period commencing as of the Amendment No. 1 Effective Date and ending on the earlier of (a) in the
event the Temporary Waiver Period terminates under clause (i) of the definition thereof, the date on which Borrower delivers
to Administrative Agent a Compliance Certificate evidencing, to the Administrative Agent’s reasonable satisfaction, the Borrower’s
compliance with the financial covenants contained in Section 8.11 (for the avoidance of doubt, without giving effect
to the waiver of such financial covenants in place during the Temporary Waiver Period) and (b) in the event the Temporary Waiver
Period terminates under clause (ii) of the definition thereof, the date of such Temporary Waiver Period termination.

 

“Senior
Notes” has the meaning given to such term in the definition of “Senior Notes Indenture.”

 

(b)          
The definition of “Applicable Margin” in Section 1.01 of the Existing Credit Agreement is
hereby amended and restated as follows:

 

“Applicable
Margin” means,

 

(a)       During
the period commencing on the Amendment No. 1 Effective Date and concluding on March 31, 2021, in the case of Closing Date Term
Loans, Revolving Loans and Letters of Credit Fees, the percentages per annum set forth below:

 

	Applicable Margin for 

Closing Date Term Loans

 that are Eurodollar Rate

 Loans (Amendment No. 1

 Effective Date through 

March 31, 2021)	Applicable Margin for

 Revolving Loans or Letter 

of Credit Fees that are

 Eurodollar Rate Loans 

(Amendment No.1 Effective 

Date through March 31, 

2021)	Applicable Margin for

 Closing Date Term Loans 

that are Base Rate Loans

 (Amendment No. 1 

Effective Date through 

March 31, 2021)	Applicable Margin for 

Revolving Loans or

 Letter of Credit Fees that

 are Base Rate Loans

 (Amendment No. 1

 Effective Date through

 March 31, 2021)
	1.90%	1.95%	0.90%	0.95%

 

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(b)       For
the period commencing on April 1, 2021 and continuing until such time as a Pricing Tier is effective pursuant to clause (c)
below, in the case of Closing Date Term Loans, Revolving Loans and Letters of Credit Fees, the percentages per annum set forth
below:

 

	Applicable Margin for 

Closing Date Term Loans

 that are Eurodollar Rate

 Loans (April 1, 2021

 through the expiration of

 the Restricted Period)	Applicable Margin for

 Revolving Loans or Letter

 of Credit Fees that are

 Eurodollar Rate Loans

 (April 1, 2021 through the 

expiration of the Restricted 

Period)	Applicable Margin for 

Closing Date Term Loans

 that are Base Rate Loans 

(April 1, 2021 through the 

expiration of the Restricted 

Period)	Applicable Margin for

 Revolving Loans or Letter

 of Credit Fees that are Base 

Rate Loans (April 1, 2021

 through the expiration of 

the Restricted Period)
	2.25%	2.25%	1.25%	1.25%

 

(c)       Following
the first (1st) Business Day immediately following the expiration of the Restricted Period, in the case of Closing Date
Term Loans, Revolving Loans and Letters of Credit Fees, subject to the conditions below, the percentages per annum set forth below,
based upon the Consolidated Funded Indebtedness to Total Asset Value Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent:

 

	Pricing Tier	Consolidated Funded

 Indebtedness to Total 

Asset Value Ratio	Applicable Margin 

for Revolving 

Loans or Letter of

 Credit Fees that 

are Eurodollar 

Rate Loans	Applicable Margin

 for Closing Date 

Term Loans that 

are Eurodollar 

Rate Loans	Applicable Margin

 for Revolving

 Loans or Letter of

 Credit Fees that

 are Base Rate

 Loans	Applicable Margin

 for Closing Date 

Term Loans that

 are Base Rate 

Loans
	I	< 30.0%	1.40%	1.35%	0.40%	0.35%
	II	> 30.0% and < 35.0%	1.45%	1.40%	0.45%	0.40%
	III	> 35.0% and < 40.0%	1.50%	1.45%	0.50%	0.45%
	IV	> 40.0% and < 45.0%	1.55%	1.50%	0.55%	0.50%
	V	> 45.0% and < 50.0%	1.65%	1.60%	0.65%	0.60%
	VI	> 50.0% and < 55.0%	1.80%	1.75%	0.80%	0.75%
	VII	> 55.0% 	1.95%	1.90%	0.95%	0.90%

 

Except as set
forth above, any increase or decrease in the Applicable Margin for the Revolving Loans, Closing Date Term Loans or Letter of Credit
Fees resulting from a change in the Consolidated Funded Indebtedness to Total Asset Value Ratio shall become effective as of the
first (1st) Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant
to Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in
accordance with such Section, then Pricing Tier VII shall apply as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered and shall continue to apply until the first Business Day immediately following
the date a Compliance Certificate is delivered in accordance with Section 7.02(b), whereupon the Applicable Margin
shall be adjusted based upon the calculation of the Consolidated Funded Indebtedness to Total Asset Value Ratio contained in such
Compliance Certificate. Notwithstanding anything in this definition to the contrary, the determination of the Applicable Margin
for any period shall be subject to the provisions of Section 2.10(b).

 

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(c)       in
the case of Tranche B Term Loans, (i) the Applicable Margin for Tranche B Term Loans that are Eurodollar Rate Loans shall be two
percent (2.00%), and (ii) the Applicable Margin for Tranche B Term Loans that are Base Rate Loans shall be one percent (1.00%).

 

(c)          
The definition of “Appraised Value” in Section 1.01 of the Existing Credit Agreement is hereby
amended by adding the following sentence to the end of such definition:

 

“Notwithstanding
the foregoing, (x) during the Temporary Waiver Period and until such time as Administrative Agent has approved the applicable Post-Waiver
Period Appraisal for such Borrowing Base Property, “Appraised Value” shall mean and refer to the “as stabilized”
value for such Borrowing Base Property and (y) from and after Administrative Agent’s approval of the Post-Waiver Period Appraisal
for such Borrowing Base Property, “Appraised Value” shall mean and refer to either the “as-is” value or
“as stabilized” value for such Borrowing Base Property, as Administrative Agent may elect in its sole and absolute
discretion.”

 

(d)         
The definition of “Temporary Waiver Period” in Section 1.01 of the Existing Credit Agreement
is hereby amended and restated as follows:

 

“Temporary
Waiver Period” means the period of time beginning on the Amendment No. 1 Effective Date and ending on the earlier
of (i) April 1, 2022 and (ii) the date on which the Borrower delivers a written notice to the Administrative Agent electing to
terminate the Temporary Waiver Period, together with a Compliance Certificate evidencing, to the Administrative Agent’s reasonable
satisfaction, the Borrower’s compliance with the financial covenants contained in Section 8.11 in effect from
and after the Temporary Waiver Period.

 

(e)          
Section 2.05(b)(x) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(x)       Notwithstanding
anything to the contrary herein, during the Restricted Period the Borrower shall deposit or cause to be deposited with the Administrative
Agent one hundred present (100%) of all Net Cash Proceeds, other than Net Cash Proceeds received in connection with:

 

(i)          an
Involuntary Disposition, to the extent such Net Cash Proceeds are used for restoration of the applicable Property, which in the
case of a Borrowing Base Property, shall continue to be governed by the terms of the Loan Documents (including, Section 2.05(b)(iv));

 

(ii)        Dispositions
(but specifically excluding Dispositions of (1) Borrowing Base Properties and (2) other hotel real property assets, including,
without limitation, the Gaylord Rockies Resort & Convention Center) which result in Net Cash Proceeds, in the aggregate, of
no more than Three Hundred Million Dollars ($300,000,000), and

 

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(iii)        Indebtedness
incurred under Section 8.03(a) (provided that the Borrower complies with Section 5 of Amendment
No. 2), Section 8.03(b), Section 8.03(c), Section 8.03(e), and Section 8.03(g));

 

and the Administrative
Agent shall apply such Net Cash Proceeds to the outstanding principal amount of the Loans pro rata based on the then outstanding
principal amount of each Facility. Notwithstanding the foregoing, if any Net Cash Proceeds are received pursuant to an Excluded
Stimulus Transaction, at the Borrower’s election, the Borrower may use such Net Cash Proceeds for any use permitted by such
Excluded Stimulus Transaction, instead of delivering to the Administrative Agent as provided above.”

 

(f)           
With respect to the independent certified public accountant report and opinion delivered in connection with the annual audited
consolidated financial statements delivered when and as required by Clause (a) of Section 7.01 for the calendar
year ending on December 31, 2020 only, such report and/or opinion may, subject to Administrative Agent’s reasonable review
and approval, contain such qualifications and exceptions relating to the ongoing COVID-19 pandemic and any matters reasonably related
thereto.

 

(g)          
Section 7.12 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

“7.12       Additional/Updated
Appraisals.

 

Acknowledge
and agree that the Administrative Agent shall have the right, in its discretion, to obtain, at the expense of the Borrower, a new
or updated appraisal with respect to each Borrowing Base Property as follows:

 

(i)        one
(1) new or updated appraisal for each Borrowing Base Property during the Temporary Waiver Period;

 

(ii)       one
(1) new appraisal for each Borrowing Base Property following the conclusion of the Temporary Waiver Period (each such approval
so obtained under this clause (ii), a “Post-Waiver Period Appraisal”); and

 

(iii)     one
(1) once every eighteen (18) months during the term of this Agreement (it being understood and agreed by Administrative Agent and
Lenders that any appraisal obtained during the Temporary Waiver Period and/or any Post-Waiver Period Appraisal obtained hereunder
shall count toward the limitation set forth in this clause (iii) with respect to the applicable Borrowing Base Property),

 

in each case,
for use in determining such Borrowing Base Property’s Appraised Value. In addition to the foregoing, the Loan Parties hereby
acknowledge and agree that the Administrative Agent shall, (a) upon the occurrence of any Substantial Casualty or Substantial Condemnation,
have the right to obtain a new appraisal with respect to the Borrowing Base Property which is the subject thereof both upon the
delivery of the plans and specifications related to the rebuilding, reconstruction and restoration of such Property and upon the
completion of such rebuilding, reconstruction and restoration; provided, that the appraisal obtained in connection with the delivery
of the applicable plans and specifications related to such rebuilding, reconstruction and restoration shall be performed on as
“as-completed” basis and (b) in connection with the Disposition of a Borrowing Base Property or the removal of a Borrowing
Base Property, have the right to obtain new appraisals with respect to the remaining Borrowing Base Properties. To the extent the
Administrative Agent incurs any costs or expenses related to any new appraisal provided for in this Section 7.12, the
Borrower and/or other Loan Parties shall reimburse the Administrative Agent upon demand in the amount of such costs or expenses.
Each appraisal obtained pursuant to this Section 7.12 shall be in form and substance and from an appraiser acceptable
to the Administrative Agent.”

 

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(h)          
Clause (e) of Section 8.03 of the Existing Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“(e)       Indebtedness
in the form of the issuance by a Loan Party of New Notes, provided that (i) the total of all Indebtedness under this clause
(e) for all such New Notes so issued shall not exceed the aggregate principal amount of $600,000,000; (ii) each New Note so
issued shall have a maturity date expiring not earlier than six (6) months following the Closing Date Term Loan Maturity Date;”

 

(i)           
Section 8.11(a), (c) and (d) are hereby amended and restated in their entirety to read as follows:

 

“(a)         Consolidated
Funded Indebtedness to Total Asset Value Ratio. Permit the Consolidated Funded Indebtedness to Total Asset Value Ratio,
(i) as of the end of the calendar quarter in which the Temporary Waiver Period expires, to be greater than seventy percent
(70%), or (ii) as of the end of any calendar quarter thereafter, to be greater than sixty-five percent (65.0%).

 

(c)           Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio, (i) as of the end of the calendar quarter
in which the Temporary Waiver Period expires, to be less than 1.00 to 1.00, or (ii) as of the end of any calendar quarter thereafter,
to be less than 1.50 to 1.0.

 

(d)           Implied
Debt Service Coverage Ratio. Permit the Implied Debt Service Coverage Ratio, (i) as of the end of the calendar quarter in which
the Temporary Waiver Period expires, to be less than 1.10 to 1.00, or (ii) as of the end of any calendar quarter thereafter, to
be less than 1.60 to 1.00.”

 

(j)           
The following provisions added to the end of Section 8.11 pursuant to Amendment No. 1 are hereby amended and
restated in their entirety as follows:

 

“Notwithstanding
the foregoing, during the Temporary Waiver Period Borrower shall have no obligation to satisfy any of (i) the Consolidated Funded
Indebtedness to Total Asset Value Ratio, (ii) the Consolidated Fixed Charge Coverage Ratio or (iii) the Implied Debt Service Coverage
Ratio financial covenants, as set forth in clause (a), (c) and (d) above, provided, Borrower shall
continue to deliver to the Administrative Agent duly completed Compliance Certificates, for informational purposes only, as and
when required under Section 7.02(b)(i) certifying as to the Borrower’s calculations of the financial tests set
forth in this Section 8.11, notwithstanding that such covenants are not required to be satisfied during the Temporary
Waiver Period.

 

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Subject to the last paragraph of
this Section below, following the expiration of the Temporary Waiver Period, each financial covenant contained in this Section 8.11
shall be in full force and effect, except that the testing period for the covenants set forth in Section 8.11(c) and
(d) (including the related defined terms) shall be modified as follows: (A) for the first calendar quarter-end immediately
following the expiration of the Temporary Waiver Period, the trailing quarter, annualized; (B) for the second calendar quarter-end
after the expiration of the Temporary Waiver Period, the trailing two quarters, annualized; (C) for the third calendar quarter-end
after the expiration of the Temporary Waiver Period, the trailing three quarters, annualized; and (D) thereafter, the trailing
twelve months, provided however, that with respect to the foregoing clauses (A), (B), and (C), Borrower shall include in
the Compliance Certificates delivered pursuant to Section 7.02(b)(i) for such periods, for informational purposes only,
Borrower’s calculations of the financial tests set forth in this Section 8.11(c) and (d) based on a trailing
twelve month period.”

 

(k)           
Section 8.22 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

“8.22.     Restricted
Period. Notwithstanding anything to the contrary contained herein, so long as the Restricted Period is continuing:

 

(a)       Incur
any additional Indebtedness, other than (i) any unsecured Indebtedness incurred in connection an Excluded Stimulus Transaction,
(ii) [intentionally omitted], and (iii) as permitted by Section 8.03(a)) (provided that the Borrower complies
with Section 5 of Amendment No. 2), (c) (but only to the extent all of the parties to any such intercompany
Indebtedness and Guarantees are Consolidated Parties), (e) and (g);

 

(b)       Acquire
any hotel properties or make new Investments, other than (i) Investments in Subsidiaries and other Loan Parties, (ii) [intentionally
omitted], (iii) Investments in existing Unconsolidated Affiliates that are required to be made pursuant to such entities’
organizational documents and are made in accordance with Section 8.02(f), and (iv) as permitted by Section 8.02(a),
(c), and (e);

 

(c)       Make
any Restricted Payments including, without limitation, cash dividends on its Capital Stock, provided that (i) the Borrower
shall be permitted to make Restricted Payments in cash to the Parent to permit the Parent to make Restricted Payments in cash to
the holders of its Capital Stock following the end of its fiscal year to the extent necessary to maintain its status as a REIT,
(ii) the Parent shall be permitted to make Restricted Payments of not more than $0.01 per share in cash to the holders of its Capital
Stock following the end of each fiscal quarter; (iii) Subsidiaries of the Borrower shall be permitted to make Restricted Payments
in connection with the purchase of the minority interests in any existing Subsidiary not to exceed, in the aggregate, $200,000,000,
and (iv) the Loan Parties and their Subsidiaries shall be permitted to make other Restricted Payments as permitted by Section 8.06(a)
and (b);

 

(d)       Make
any capital expenditures at the Properties except for: (i) the currently ongoing expansion project at the Gaylord Palms approved
by the Administrative Agent prior to the Amendment No. 2 Effective Date not to exceed $80,000,000 in the aggregate; (ii) capital
expenditures incurred in connection with emergency repairs,  life safety repairs or ordinary course maintenance repairs; and
(iii) discretionary capital expenditures not to exceed Seventy-Five Million Dollars ($75,000,000) in the aggregate (inclusive of
all discretionary capital expenditure costs incurred for the period commencing on April 23, 2020 through and including the Amendment
No. 2 Effective Date) (provided, that Borrower shall be permitted to use any FF&E reserve maintained under, and to the
extent permitted by, the Management Agreements for the capital expenditures described in, and subject to the limitations set forth
in, the foregoing clauses (ii) and (iii), provided, further, that any use of an FF&E reserve in
accordance with the applicable Management Agreement (and for the purposes expressly set forth in the applicable Management Agreement
in effect as of the date hereof) shall not count against such $75,000,000 limitation for discretionary capital expenditures));
and

 

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(e)       Take
any action that would be prohibited during a Default or Event of Default (other than (x) a Credit Extension or a Request for Credit
Extension, including requesting a Eurodollar Loan or converting or continuing a Eurodollar Loan of any Interest Period otherwise
permitted hereunder, (y) requesting use of insurance and condemnation proceeds as provided in Section 7.07 and (z)
in connection with the issuance of the New Notes), including, without limitation (i) certain mergers, liquidations and Guarantor
releases which would otherwise be permitted, and (ii) certain transfers which would otherwise be permitted (including, without
limitation, any Disposition).”

 

(l)           
The Existing Credit Agreement is hereby amended by adding the following as new Section 8.23:

 

“8.23       New
Note Proceeds. Notwithstanding anything to the contrary set forth in this Agreement, including, without limitation, Section 2.05(b)(v)
or Section 2.05(b)(x) hereof, with respect to each New Note issued by a Loan Party (as and to the extent permitted
under Section 8.03(e) above), Borrower shall apply proceeds so received in connection therewith to retire, in full
(whether through redemption, one or more tender offers, open market purchases or a combination thereof), the Senior Notes issued
in connection with the Original 2023 Indenture. Following the retirement in full of the Senior Notes issued in connection with
the Original 2023 Indenture, Borrower shall, (i) first, apply such New Note proceeds as a principal payment of the outstanding
balance of the Revolving Loans (which amounts may be reborrowed in accordance with the terms of this Agreement) until such time
as the outstanding principal balance of the Revolving Loans equals $0.00, and (ii) thereafter, retain or apply any New Note
proceeds not applied as a principal payment of the Revolving Loans for Permitted Uses (as defined in Amendment No. 2).”

 

SECTION
4.         Minimum
Liquidity. Notwithstanding anything to the contrary contained herein or in any other Loan Document, during the Restricted
Period, Borrower shall continue to maintain unrestricted cash liquidity of not less than One Hundred Million Dollars ($100,000,000),
such liquidity to be comprised of unrestricted cash and Cash Equivalents acceptable to Administrative Agent, plus undrawn availability
under this Agreement (to the extent available to be drawn at the date of determination in accordance with this Agreement). Borrower
shall include calculations of its unrestricted cash liquidity in each Compliance Certificate delivered pursuant to Section 7.02(b)
of the Credit Agreement.

 

SECTION
5.          Use
of Revolving Loan Proceeds; Permitted Uses. Notwithstanding anything to the contrary contained herein or in any other Loan
Document, during the Restricted Period, Borrower and each other Loan Party agree that any proceeds of the Revolving Loans made
during the Restricted Period shall be used exclusively for the purposes of (i) paying operating expenses incurred by the Parent
and its Subsidiaries (and only to the extent cash flow from the operations of the Parent and its Subsidiaries is insufficient to
pay the same); (ii) capital expenditures, Investments and Restricted Payments expressly permitted pursuant to the Loan Documents
(including, without limitation, Section 8.22 of the Credit Agreement); (iii) scheduled interest payments on Indebtedness
held by the Parent or its Subsidiaries (which, for clarity, shall not include any principal amortization payments, principal prepayments
or other payment of principal, except in connection with the amortization of the Tranche B Term Loans currently required under
the Existing Credit Agreement) (and only to the extent cash flow from the operations of the Parent and its Subsidiaries is insufficient
to pay the same); and (iv) repayments of the outstanding principal balance of the Revolving Credit Facility (clauses (i)
through (iv) above shall hereafter collectively be referred to as “Permitted Uses”).

 

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SECTION
6.               Cessation
of Operations.

 

(a)               
Borrowing Base Properties. Notwithstanding anything in the Existing Credit Agreement or any other Loan Document to
the contrary (including, without limitation, that certain Limited Waiver Letter (Temporary Closure), dated as of March 27, 2020,
executed by and among Borrower, Parent and Administrative Agent (the “Initial Waiver Letter”)), Administrative
Agent and the Required Lenders hereby consent to the Borrower’s ceasing operations of each Borrowing Base Property (other
than the Gaylord National, which Borrowing Base Property is addressed in clause (b) below) commencing on the Amendment No.
2 Effective Date and continuing through the Temporary Waiver Period (the “BBP Cessation Period”); provided,
however, that in no event shall the cessation of operations for any individual Borrowing Base Property exceed ninety (90)
days in the aggregate during such BPP Cessation Period.

 

(b)               
Gaylord National. Notwithstanding anything in the Existing Credit Agreement or any other Loan Document to the contrary
(including, without limitation, that certain Limited Waiver Continuation Letter (Temporary Closure), dated as of September 24,
2020, executed by and among Borrower, Parent and Administrative Agent (the “September Continuation Letter”)),
Administrative Agent and the Required Lenders hereby consent and agree to further extend the cessation period granted pursuant
to the terms of the September Continuation Letter) from January 31, 2021 to July 1, 2021 (or such later date that may be agreed
to in writing by Administrative Agent, not to be later than October 1, 2021) (such extended period, the “Second Extended
Gaylord National Cessation Period”).

 

(c)               
Additional Terms Concerning Operational Waivers. In connection with the matters described in clauses (a) and
(b) above, Administrative Agent and Required Lenders hereby waive any Event of Default that would have occurred (including,
without limitation, under Section 9.01(l) of the Existing Credit Agreement) in the absence of such consent pursuant
to the terms of the Loan Documents solely to the extent resulting from the Loan Parties’ failure to continuously operate
the Borrowing Base Properties (other than the Gaylord National) during the BPP Cessation Period or the Gaylord National during
Second Extended Gaylord National Cessation Period, as applicable, it being acknowledged and agreed by the parties hereto that nothing
in this Section 6(c) shall constitute a waiver of (i) any Event of Default occurring as a result of the Loan Parties’
failure to continuously operate (after giving effect to the provisions of clauses (a) and (b) above) any Borrowing
Base Property, (ii) any other non-monetary obligations of the Borrower set forth in the Loan Documents except to the extent otherwise
expressly set forth herein, or (iii) any monetary obligations of the Borrower set forth in the Loan Documents.

 

SECTION
7.          Conditions
to the Close. This Agreement shall become effective as of the first date (the “Amendment No. 2 Effective Date”)
when each of the following conditions shall have been satisfied or waived in writing by the Administrative Agent:

 

(a)               
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained
in Article VI of the Existing Credit Agreement or any other Loan Document, or which are contained in any document furnished
at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except that any representation
and warranty that is qualified by materiality shall be true and correct in all respects) on and as of the Amendment No. 2 Effective
Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct as of such earlier date, and except that for purposes of this Agreement, the representations and warranties
contained in subsections (a) and (b) of Section 6.05 of the Existing Credit Agreement shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01.

 

    Page 9

     

    

 

(b)               
No Default. Neither a Default nor Event of Default shall exist, or would result from, the effectiveness of this Agreement.

 

(c)               
This Agreement. The Administrative Agent shall have received executed counterparts hereof that, when taken together,
bear the signatures of the Borrower, the Parent, the other Loan Parties, the Required Lenders and the Administrative Agent.

 

(d)               
Officer’s Certificates. The Administrative Agent shall have received a certificate or certificates executed
by a Responsible Officer of the Borrower as of the Amendment No. 2 Effective Date, in form and substance satisfactory to the Administrative
Agent, stating that (A) the conditions specified herein have been satisfied, (B) each Loan Party is in compliance with all existing
financial obligations, (C) all material governmental, shareholder and third party consents and approvals, if any, with respect
to this Agreement and any other instruments or documents executed and delivered in connection with this Agreement and the transactions
contemplated thereby have been obtained (and attaching copies thereof), and (D) that no action, suit, investigation or proceeding
is pending or threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Loan
Party or any transaction contemplated by the Loan Documents executed and delivered in connection with this Agreement, if such action,
suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect.

 

(e)               
Opinions. The Administrative Agent shall have received an opinion of legal counsel to the Borrower, in form and content
satisfactory to the Administrative Agent to the effect that: (i) each of the Borrower, the Parent, the other Loan Parties and the
Pledgors is duly formed, validly existing and in good standing and has all requisite power and authority to enter into this Agreement;
(ii) this Agreement has been duly authorized, executed and delivered; (iii) the transactions described in this Agreement will not
constitute a default or breach under the terms of any material agreement or instrument listed by the Parent as an exhibit to its
annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2019; and (iv) such
other matters, incident to the transactions contemplated hereby, as the Administrative Agent may reasonably request.

 

(f)                
Fees and Expenses. The Borrower shall have paid all fees required in connection with the closing of the Existing
Credit Agreement and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in
documenting or implementing same.

 

(g)               
[Intentionally Omitted] .

 

(h)               
Attorney Costs. The Borrower shall have paid all reasonable fees, charges and disbursements of counsel of the Administrative
Agent to the extent invoiced prior to or on the Amendment No. 2 Effective Date, plus such additional amounts of such fees,
charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be
incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts
between the Borrower and the Administrative Agent).

 

    Page 10

     

    

 

(i)                
Collateral. The Administrative Agent shall have received satisfactory evidence that the Administrative Agent, on
behalf of the Lenders, shall continue to have, as applicable, a valid and perfected first priority (subject to certain exceptions
to be set forth in the Loan Documents) lien and security interest in the Collateral, which evidence may require delivery of endorsements
to the Title Policies, if reasonably required by Administrative Agent, provided, however, that Administrative Agent
agrees that such endorsements to the Title Policies (to the extent reasonably required by Administrative Agent), may be delivered
within thirty (30) days following the Amendment No. 2 Effective Date.

 

(j)                
Other Deliverables. The Borrower shall have provided to the Administrative Agent, and the Administrative Agent shall
have approved, all other materials, documents and submissions requested by the Administrative Agent in connection with the transactions
contemplated by this Agreement.

 

SECTION
8.          
Reaffirmation. By signing this Agreement, each Loan Party hereby confirms that this Agreement shall not effect a
novation of any of the obligations of the Loan Parties under the Existing Credit Agreement, which obligations continue in full
force and effect as set forth in the Second Amended Credit Agreement, and each Loan Party and each Pledgor acknowledges and confirms
that the obligations of the Loan Parties under the Existing Credit Agreement as modified or supplemented hereby and the Loan Parties
and the Pledgors under the other Loan Documents (i) are entitled to the benefits of the guarantees, pledge of and/or grant of the
security interests set forth or created in the Collateral Documents and the other Loan Documents, (ii) constitute “Obligations”
and “Secured Obligations” or other similar term for purposes of the Second Amended Credit Agreement, the Collateral
Documents and all other Loan Documents, (iii) notwithstanding the effectiveness of the terms hereof, the Collateral Documents
and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all
respects. Each Loan Party and each Pledgor hereby ratifies and confirms that all Liens granted, conveyed, or assigned to the Administrative
Agent by such Person pursuant to any Loan Document to which it is a party remain in full force and effect, are not released or
reduced, and continue to secure full payment and performance of the Obligations as increased hereby.

 

SECTION
9.          
Applicable Law; Jurisdiction; Venue.

 

(a)               
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK.

 

(b)               
SUBMISSION TO JURISDICTION. THE BORROWER, EACH PLEDGOR AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT
OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE JOINT LEAD ARRANGERS MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER, ANY
PLEDGOR OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    Page 11

     

    

 

(c)               
WAIVER OF VENUE. THE BORROWER, EACH PLEDGOR AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (ii)
OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)               
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION
10.       Credit Agreement Governs.
Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of
or otherwise affect the rights and remedies of any Lender or the Administrative Agent under the Existing Credit Agreement or any
other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent
to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Second Amended Credit Agreement or any other Loan Document in similar or different circumstances.

 

SECTION 8. Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and
the same instrument. Delivery of any executed counterpart of a signature page of this Agreement by facsimile or electronic transmission
shall be as effective as delivery of a manually executed counterpart hereof.

 

    Page 12

     

    

 

SECTION
11.      Severability. If
any provision or obligation under this Agreement shall be determined by a court of competent jurisdiction to be invalid, illegal
or unenforceable, that provision shall be deemed severed from this Agreement and the validity, legality and enforceability of the
remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never
been a part of this Agreement.

 

SECTION
12.      Electronic Signatures.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken
together shall constitute one agreement.  The words “execution,” signed,” “signature,” and words
of like import in this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic
format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures
(including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without
limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.  Each party hereto hereby waives
any defenses to the enforcement of the terms of this Agreement based on the form of its signature, and hereby agrees that such
electronically transmitted or signed signatures shall be conclusive proof, admissible in judicial proceedings, of such party’s
execution of this Agreement. Even though the parties agree that electronic signatures are legally enforceable and intended to be
effective for all purposes, the signing parties agree if requested by the Administrative Agent in its sole discretion to promptly
deliver to the Administrative Agent the requested original document bearing an original manual signature, to the extent required
or advisable to be delivered in connection with any program made available to the Administrative Agent or any of its affiliates
by the Federal Reserve, U.S. Treasury Department or any other federal or state regulatory body.

 

[Signatures Appear
on Following Page]

 

    Page 13

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	“BORROWER AND PLEDGOR”	 
	 	 
	RHP HOTEL PROPERTIES, LP,	 
	a Delaware limited partnership	 
	 	 
	By: 	RHP Partner, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 	 
	 	By:	/s/ Mark Fioravanti	 
	 	Name:	Mark Fioravanti	 
	 	Title:	Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to Sixth Amended and Restated
Credit Agreement

 

     

     

    

 

	“GUARANTORS
    AND PLEDGORS”	 	 
	 	 	 
	RYMAN
    HOSPITALITY PROPERTIES, INC.,	 	RHP
    PARTNER, LLC,
	a
    Delaware corporation	 	a
    Delaware limited liability company
	 	 	 
	By:	/s/
    Mark Fioravanti	 	By: 	/s/
    Mark Fioravanti_
	Name: 	Mark Fioravanti	 	Name: 	Mark Fioravanti
	Title: 	President and Chief Financial Officer	 	Title: 	Vice President 
	 	 	 	 	 
	RHP PROPERTY GP, LP,	 	RHP PROPERTY GT, LP,
	a Florida limited partnership	 	a Delaware limited partnership
	 	 	 	 	 
	By:	Opryland Hospitality, LLC,	 	By:	Opryland Hospitality, LLC,
	 	a Tennessee limited liability company its general partner	 	 	a Tennessee limited liability
company its general partner
	 	 	 	 	 
	 	By:	/s/ Mark Fioravanti	 	 	By:	/s/ Mark Fioravanti
	 	Name:	Mark Fioravanti	 	 	Name:	Mark Fioravanti
	 	Title:	Vice President	 	 	Title:	Vice President
	 	 	 	 	 
	RHP HOTELS, LLC,	 	RHP PROPERTY GT, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By:	/s/ Mark Fioravanti	 	By:	/s/ Mark Fioravanti
	Name:	Mark Fioravanti	 	Name:	Mark Fioravanti 
	Title:	Vice President	 	Title:	Vice President 
	 	 	 	 	 
	OPRYLAND HOSPITALITY, LLC	 	RHP PROPERTY NH, LLC
	a Tennessee limited liability company	 	a Maryland limited liability company
	 	 	 	 	 
	By:	/s/
    Mark Fioravanti	 	By:	/s/
    Mark Fioravanti
	Name:	Mark Fioravanti	 	Name:	Mark Fioravanti
	Title:	Vice President	 	Title:	Vice President
	 	 	 	 	 
	 	 	 	 	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to
Sixth Amended and Restated Credit Agreement 

 

     

     

    

 

 

 

 

	“ADMINISTRATIVE AGENT AND LENDERS”	 
	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,	 
	in its capacity as Lender and as Administrative Agent	 
	 	 	 
	By:	/s/ Anand. J. Jobanputra	 
	Name:	Anand. J. Jobanputra	 
	Title:	Senior Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment to Sixth
Amended and Restated Credit Agreement

 

    

     

    

 

	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Darrell L. Gustafson	 
	Name:	Darrell L. Gustafson	 
	Title:	Managing Director	 
	 	 	 
	By:	/s/ Murray Mackinnon	 
	Name:	Murray Mackinnon	 
	Title:	Director	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to Sixth
Amended and Restated Credit Agreement

 

    

     

    

 

	BANK OF AMERICA, N.A.,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Roger Davis	 
	Name:	Roger Davis	 
	Title:	Senior Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to Sixth
Amended and Restated Credit Agreement

 

    

     

    

 

	JP MORGAN CHASE BANK, N.A.,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Jeffrey Miller	 
	Name:	Jeffrey Miller	 
	Title:	Executive Director	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to Sixth
Amended and Restated Credit Agreement

 

    

     

    

 

	U.S. BANK NATIONAL ASSOCIATION,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Lori Y. Jensen	 
	Name:	Lori Y. Jensen	 
	Title:	Senior Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to Sixth
Amended and Restated Credit Agreement

 

    

     

    

 

	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Steven Jonassen	 
	Name:	Steven Jonassen	 
	Title:	Managing Director	 
	 	 	 
	By:	/s/ Adam Jenner	 
	Name:	Adam Jenner	 
	Title:	Director	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2
to Sixth Amended and Restated Credit Agreement

 

    

     

    

 

	THE BANK OF NOVA SCOTIA,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Ajit Goswami	 
	Name:	Ajit Goswami	 
	Title:	Managing Director & Industry Head	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2
to Sixth Amended and Restated Credit Agreement

 

    

     

    

 

	CAPITAL ONE, N.A.,	 
	in its capacity as Lender	 
	 	 	 
	By:	/s/ Jessica W. Phillips	 
	Name:	Jessica W. Phillips	 
	Title:	Authorized Signatory	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2
to Sixth Amended and Restated Credit Agreement

 

    

     

    

 

MIDFIRST BANK,

a federally chartered savings association,

in its capacity as Lender

 

	By:	/s/ Todd Wright	 
	Name:	Todd Wright	 
	Title:	Senior Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to
Sixth Amended and Restated Credit Agreement

 

    

     

    

 

RAYMOND JAMES BANK, N.A.,

in its capacity as Lender

 

	By:	/s/ Matt Stein	 
	Name:	Matt Stein	 
	Title:	Senior Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page to Amendment No. 2 to
Sixth Amended and Restated Credit Agreement

 

    

     

    

 

TD BANK, N.A.,

in its capacity as Lender

 

	By:	/s/ Sean C. Dunne	 
	Name:	Sean C. Dunne	 
	Title:	Vice President	 

 

[Signatures Continue on Following
Page]

 

Signature Page
to Amendment No. 2 to Sixth Amended and Restated Credit Agreement

 

    

     

    

 

SUMITOMO MITSUI BANKING CORPORATION,

in its capacity as Lender

 

	By:	/s/ Michael Maguire	 
	Name:	Michael Maguire	 
	Title:	Managing Director	 

 

Signature Page to Amendment No.
2 to Sixth Amended and Restated Credit AgreementExhibit 4.1

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

THE NUMBER OF SHARES OF COMMON STOCK
ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 1(a) OF THIS
WARRANT.

 

Cyclacel Pharmaceuticals, Inc. 

 

Warrant To Purchase Common Stock

 

Warrant No.:

Date of Issuance: December 22, 2020 (“Issuance
Date”)

Initial Exercise Date: December 22, 2021
(“Initial Exercise Date”)

 

Cyclacel Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Acorn Bioventures, L.P., the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants
to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or
times on or after the Initial Exercise Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
669,854 (subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below)(the
“Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 17. This Warrant is the Warrant issued pursuant to (i) Section 1 of that certain Securities Purchase
Agreement, dated as of December 18, 2020 (the “Subscription Date”), by and between the Company and the signatories
thereunder, as amended from time to time (the “Securities Purchase Agreement”).

 

     

     

    

 

		1.	EXERCISE OF WARRANT.

 

(a)               Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Initial Exercise Date, in whole or
in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1)
Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount
equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which
this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of immediately
available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a
Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original of this Warrant
in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the
Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all
of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this Warrant after
delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day following the
date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile or electronic mail an
acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit B,
to the Holder and the Company’s transfer agent (the “Transfer Agent”), which confirmation shall
constitute an instruction to the Transfer Agent to process such Exercise Notice in accordance with the terms herein. On or
before the second (2nd) Trading Day following the date on which the Company has received such Exercise Notice (or such
earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade
of such Warrant Shares initiated on the applicable Exercise Date), the Company shall (i) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the
request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to
such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at
Custodian system, or (ii) upon the request of the Holder, issue and deliver (via reputable overnight courier) to the address
as specified in the Exercise Notice, a certificate, registered in the name of the Holder or its designee, for the number of
shares of Common Stock to which the Holder shall be entitled pursuant to such exercise. Upon delivery of an Exercise Notice,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect
to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC
account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is
submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by
this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise and upon
surrender of this Warrant to the Company by the Holder, then, at the request of the Holder, the Company shall as soon as
practicable and in no event later than three (3) Business Days after any exercise and at its own expense, issue and deliver
to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase the
number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of
this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.
The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without
limitation, fees and expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant
Shares upon exercise of this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is
validly made pursuant to a Cashless Exercise, the Company’s failure to deliver Warrant Shares to the Holder on or prior
to the later of (A) two (2) Trading Days after receipt of the applicable Exercise Notice (or such earlier date as required
pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade of such Warrant Shares
initiated on the applicable Exercise Date) and (B) one (1) Trading Day after the Company’s receipt of the Aggregate
Exercise Price (or valid notice of a Cashless Exercise) (such later date, the “Share Delivery Deadline”)
shall not be deemed to be a breach of this Warrant. From the Issuance Date through and including the Expiration Date, the
Company shall maintain a transfer agent that participates in the DTC’s Fast Automated Securities Transfer Program.

 

(b)               
Exercise Price. For purposes of this Warrant, “Exercise Price” means $4.13.

 

     

     

    

 

(c)               Company’s
Failure to Timely Deliver Securities. If on or prior to the Share Delivery Deadline the Transfer Agent is not
participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver to the
Holder (or its designee) a certificate and register such shares of Common Stock on the Company’s share register or, if
the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, the Transfer Agent shall fail to
credit the balance account of the Holder or the Holder’s designee with DTC for the number of shares of Common Stock to
which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s obligation
pursuant to clause (ii) below, and if on or after such Share Delivery Deadline the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion of
the number of shares of Common Stock issuable upon such exercise that the Holder is entitled to receive from the Company (a
“Buy-In”), then, in addition to all other remedies available to the Holder, the Company shall, within
three (3) Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect,
or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so
issue and deliver such certificate (and to issue such shares of Common Stock) or credit the balance account of such Holder or
such Holder’s designee, as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon
the Holder’s exercise hereunder (as the case may be) (and to issue such Warrant Shares) shall terminate, or (ii)
promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such Warrant
Shares or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number
of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay
cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
Warrant Shares multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period
commencing on the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this
clause (ii) (the “Buy-In Payment Amount”). Nothing shall limit the Holder’s right to pursue any
other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing
shares of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of this Warrant as
required pursuant to the terms hereof.

 

(d)               
Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below),
the Holder may, in its sole discretion, exercise this Warrant in whole or in part by means of a “cashless exercise”
(a “Cashless Exercise”) in which the Holder shall be entitled to receive a number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (C)] by (A), where:

 

A = as applicable: (i) the VWAP on
the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both
executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or
(z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the
Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading
hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the
close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the
date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is
both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such
Trading Day.

 

B = the Exercise Price then in effect for
the applicable Warrant Shares at the time of such exercise.

 

C = the number of Warrant Shares that would
be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
exercise rather than a Cashless Exercise.

 

If the Warrant Shares are issued in a Cashless
Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, the Warrant Shares take on
the characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on
the Subscription Date, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired
by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally
issued pursuant to the Securities Purchase Agreement. The Company agrees not to take any position contrary to this Section 1(d).

 

(e)              
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the number of Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number
of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 13.

 

     

     

    

 

(f)                Limitations
on Exercises. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the
right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise
shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder
together with the other Attribution Parties collectively would beneficially own in excess of 9.99% (the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the
other Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution
Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (A)
exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other
Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Company (including, without limitation, any convertible notes or convertible preferred stock or Warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation
contained in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance
with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding shares of Common Stock the Holder
may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent
public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting
forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the
Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is
less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares
of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s
beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify
the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by
which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the
Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any
time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in
writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported
Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise
of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate,
more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of
the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate
beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void
and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon
as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to
the Holder the exercise price paid by the Holder for the Excess Shares. For purposes of clarity, the shares of Common Stock
issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior
inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of
this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent
necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a
successor holder of this Warrant.

 

     

     

    

 

(g)              
Reservation of Shares.

 

		i.	Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall
at all times keep reserved for issuance under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum
number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock
under the Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”);
provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g)(i) be reduced other
than proportionally in connection with any exercise or redemption of Warrants or such other event covered by Section 2(a)below. The Required Reserve
Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the
holders of the Warrants based on number of shares of Common Stock issuable upon exercise of Warrants held by each holder on the
Closing Date (without regard to any limitations on exercise) or increase in the number of reserved shares, as the case may be (the
“Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s
Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares
of Common Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders
of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants then held by such holders
(without regard to any limitations on exercise).
	 	 	 
		ii.	Insufficient Authorized Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation
thereof, at any time while any of the Warrants remain outstanding, the Company does not have a sufficient number of authorized
and unreserved shares of Common Stock to satisfy its obligation to reserve the Required Reserve Amount (an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized
shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all the Warrants
then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence
of an Authorized Share Failure, but in no event later than seventy-five (75) days after the occurrence of such Authorized Share
Failure (such 75th day, the “Outside Date”), the Company shall hold a meeting of its stockholders
for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company
shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval
of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that
they approve such proposal. On or after the Outside Date, in the event that the Company is prohibited from issuing shares of Common
Stock upon an exercise of this Warrant due to the continued failure by the Company to have sufficient shares of Common Stock available
out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorization
Failure Shares”), in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in
exchange for the cancellation of such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal
to the sum of (i) the product of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the
Common Stock on any Trading Day during the period commencing on the Outside Date and ending on the date of such issuance and payment
under this Section 1(f); and (ii) to the extent, on or after the Outside Date, the Holder purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of Authorization Failure Shares, any Buy-In
Payment Amount, brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection therewith.
Nothing contained in this Section 1(g)(ii) shall limit any obligations of the Company under any provision of the Securities Purchase
Agreement.

 

	2.	ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES

 

The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

     

     

    

 

(a)                 Stock
Dividends and Splits. Without limiting any provision of Section 2(b), Section 3 or Section 4, if the Company,
at any time on or after the date of the Securities Purchase Agreement, (i) pays a stock dividend on one or more classes of
its then outstanding shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more
classes of its then outstanding shares of Common Stock into a larger number of shares or (iii) combines (by combination,
reverse stock split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller number of
shares, then in each such case (a) the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event and (b) the number of Warrant Shares that may be purchased
upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate
Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price
in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein). Any
adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the
determination of shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii)
or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If
any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated
hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.

 

(b)               
Other Events. In the event that the Company (or any Subsidiary (as defined in the Securities Purchase Agreement))
shall take any action to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect
the Holder from dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights
or other rights with equity features), then the Company’s board of directors shall in good faith determine and implement
an appropriate adjustment in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of
the Holder, provided that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price or decrease the number
of Warrant Shares as otherwise determined pursuant to this Section 2, provided further that if the Holder does not accept such
adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board of directors
and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to make such appropriate
adjustments, whose determination shall be final and binding absent manifest error and whose fees and expenses shall be borne by
the Company.

 

(c)                
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale
of Common Stock.

 

(d)               
Intentionally omitted.

 

(e)                
Par Value. Notwithstanding anything to the contrary in this Warrant, in no event shall the Exercise Price be reduced
below the par value of the Company’s Common Stock.

 

		3.	RIGHTS UPON DISTRIBUTION OF ASSETS.

 

In addition to any adjustments pursuant
to Section 2 above, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant,
including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
participation in such Distribution (provided, however, that to the extent that the Holder’s right to participate in any
such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Distribution to the extent of the Maximum Percentage (and shall not be entitled to
beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to the extent
of any such excess) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time
or times,if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such
initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no
such limitation).

 

     

     

    

 

		4.	PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)                
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock, Warrants, securities or other property pro rata
to the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the grant, issuance or sale of such
Purchase Rights (provided, however, that to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not
be entitled to participate in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial
ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to the extent of any such
excess) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times,
if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage,
at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase
Right or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(b)                Fundamental
Transactions. In connection with any Fundamental Transaction, the Company shall cause the Successor Entity to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction, including, if requested by the Holder, agreements to
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a
corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but
taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for
the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor
Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after
the consummation of the applicable Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be
receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such
shares of capital stock (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have
been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised
immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this
Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting
Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this
Section 4(b), to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in
substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which
holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for
shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure
that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation
of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or
other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above,
which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other
purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable
Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without
regard to any limitations on the exercise of this Warrant). Provision made pursuant to the preceding sentence shall be in a
form and substance reasonably satisfactory to the Holder.

 

     

     

    

 

(c)                
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without
regard to any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit
of the Maximum Percentage, applied however with respect to shares of capital stock registered under the 1934 Act and thereafter
receivable upon exercise of this Warrant (or any such other warrant)).

 

		5.	NONCIRCUMVENTION.

 

The Company hereby covenants and agrees
that the Company will not, by amendment of its Certificate of Incorporation (as defined in the Securities Purchase Agreement),
Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets, consolidation, merger,
scheme of arrangement, dissolution, issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant
and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the
Company (a) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the
Exercise Price then in effect, and (b) shall take all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant.

 

		6.	WARRANT HOLDER NOT DEEMED A STOCKHOLDER.

 

Except as otherwise specifically provided
herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be
deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to
confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the
Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

		7.	REISSUANCE OF WARRANTS.

 

(a)                 Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new
Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares
not being transferred.

 

     

     

    

 

(b)               
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)                
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
no warrants for fractional shares of Common Stock shall be given.

 

(d)               
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common
Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then
underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as
the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

		8.	NOTICES.

 

Whenever notice is required to be given
under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section 9(f) of the Securities
Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant
(other than the issuance of shares of Common Stock upon exercise in accordance with the terms hereof), including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will
give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares,
setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least ten Trading Days prior
to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares
of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect
to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to
the public prior to or in conjunction with such notice being provided to the Holder, and (iii) at least ten (10) Trading Days prior
to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice
with the SEC (as defined in the Securities Purchase Agreement) pursuant to a Current Report on Form 8-K. If the Company or any
of its Subsidiaries provides material non-public information to the Holder that is not simultaneously filed in a Current Report
on Form 8-K and the Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees
that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers,
directors, employees, Affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis of, such
material non-public information. It is expressly understood and agreed that the time of execution specified by the Holder in each
Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

     

     

    

 

		9.	AMENDMENT AND WAIVER.

 

Except as otherwise provided herein, the
provisions of this Warrant (other than Section 1(f)) may be amended and the Company may take any action herein prohibited,
or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.
No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

		10.	SEVERABILITY.

 

If any provision of this Warrant is prohibited
by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise
be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant
so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as
to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not
substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits
that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the
prohibited, invalid or unenforceable provision(s).

 

		11.	GOVERNING LAW.

 

This Warrant shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this
Warrant 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. The Company 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 the Company at the address
set forth in Section 9(f) of the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and 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. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained
herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in
any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

		12.	CONSTRUCTION; HEADINGS.

 

This Warrant shall be deemed to be jointly
drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings of this
Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. Terms used
in this Warrant but defined in the other Transaction Documents shall have the meanings ascribed to such terms on the Closing Date
(as defined in the Securities Purchase Agreement) in such other Transaction Documents unless otherwise consented to in writing
by the Holder.

 

     

     

    

 

		13.	DISPUTE RESOLUTION

 

(a)                
Submission to Dispute Resolution.

 

		i.	In the case of a dispute relating to the Exercise Price, the Closing Sale Price, or fair market
value or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including, without limitation, a dispute
relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute
to the other party via facsimile (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances
giving rise to such dispute or (B) if by the Holder, at any time after the Holder learned of the circumstances giving rise to such
dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise Price, such Closing
Sale Price or such fair market value or such arithmetic calculation of the number of Warrant Shares (as the case may be), at any
time after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be) of such
dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option, select an independent, reputable
investment bank to resolve such dispute.
	 	 	 
		ii.	The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial
dispute submission so delivered in accordance with the first sentence of this Section 13 and (B) written documentation supporting
its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day
immediately following the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”)
(the documents referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required
Dispute Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver
all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the
Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation
or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither
the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment
bank in connection with such dispute (other than the Required Dispute Documentation).
	 	 	 
		iii.	The Company and the Holder shall cause such investment bank to determine the resolution of such
dispute and notify the Company and the Holder of such resolution no later than ten (10) Business Days immediately following the
Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment
bank’s resolution of such dispute shall be final and binding upon all parties absent manifest error.

 

(b)                Miscellaneous.
The Company expressly acknowledges and agrees that (i) this Section 13 constitutes an agreement to arbitrate between the
Company and the Holder (and constitutes an arbitration agreement) under the rules then in effect under § 7501, et seq.
of the New York Civil Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an
order to compel arbitration pursuant to CPLR § 7503(a) in order to compel compliance with this Section 13, (ii) a
dispute relating to the Exercise Price includes, without limitation, disputes as to (A) whether an issuance or sale or deemed
issuance or sale of Common Stock occurred under Section 2(b), (B) the consideration per share at which an issuance or deemed
issuance of Common Stock occurred, and (C) whether an agreement, instrument, security or the like constitutes and Option or
Convertible Security, (iii) the terms of this Warrant and each other applicable Transaction Document shall serve as the basis
for the selected investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is
hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are
required to be made by such investment bank in connection with its resolution of such dispute (including, without limitation,
determining (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 2(b), (B) the
consideration per share at which an issuance or deemed issuance of Common Stock occurred, and (C) whether an agreement,
instrument, security or the like constitutes and Option or Convertible Security and in resolving such dispute such investment
bank shall apply such findings, determinations and the like to the terms of this Warrant and any other applicable Transaction
Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to submit any dispute
described in this Section 13 to any state or federal court sitting in The City of New York, Borough of Manhattan in lieu of
utilizing the procedures set forth in this Section 13 and (v) nothing in this Section 13 shall limit the Holder from
obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters
described in this Section 13).

 

    

     

    

 

		14.	REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.

 

The remedies provided in this Warrant shall
be cumulative and in addition to all other remedies available under this Warrant and 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 right
of the Holder to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Warrant.
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, exercises 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 of this Warrant shall be entitled, in addition to
all other available remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other equitable
relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting
a bond or other security. 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 Warrant (including, without
limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon
the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect
thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

		15.	PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS.

 

If (a) this Warrant is placed in the hands
of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes
action to collect amounts due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy,
reorganization, receivership of the company or other proceedings affecting company creditors’ rights and involving a claim
under this Warrant, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in
connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’
fees and disbursements.

 

		16.	TRANSFER.

 

Subject to applicable laws, this Warrant
may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

		17.	CERTAIN DEFINITIONS.

 

For purposes of this Warrant, the following
terms shall have the following meanings:

 

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

 

		(b)	“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder.

 

		(c)	“Affiliate” means, with respect to any Person, any other Person that
                                                                directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for
                                                                purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

    

     

    

 

		(d)	“Attribution Parties” means, collectively, the following Persons and entities:
(i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance
Date, directly or indirectly managed or advised by the Holder’s investment manager or any of its Affiliates or principals,
(ii) any direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to
be acting as a Group together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of
the Company’s Common Stock would or could be aggregated with the Holder’s and the other Attribution Parties for purposes
of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other
Attribution Parties to the Maximum Percentage.

 

		(e)	“Bid Price” means, for any security as of the particular time of determination,
the bid price for such security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal
Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination,
or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security
by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the
Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid
Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and
the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during such period.

 

		(f)	“Bloomberg” means Bloomberg, L.P.

 

		(g)	“Business Day” means any day other than Saturday, Sunday or other day on which
commercial banks in The City of New York are authorized or required by law to remain closed.

 

		(h)	“Closing Sale Price” means, for any security as of any date, the last closing
trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate
on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to
4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or
trading market for such security, the last trade price of such security on the principal securities exchange or trading market
where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such
security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no
last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security
as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable
to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in
Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during such period.

 

    

     

    

 

		(i)	“Common Stock” means (i) the Company’s shares of common stock, $0.001
par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting
from a reclassification of such common stock.

 

		(j)	“Convertible Securities” means any stock or other security (other than Options)
that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or
which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

 

		(k)	“Eligible Market” means the New York Stock Exchange, the NYSE American, The
Nasdaq Global Select Market, The Nasdaq Global Market or the Principal Market.

 

		(l)	“Expiration Date” means the date that is five and one half (5 1⁄2) years
following the Initial Exercise Date or, if such date falls on a day other than a Trading Day or on which trading does not take
place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

		(m)	“Fundamental Transaction” means (A) that the Company shall, directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or
into (whether or not the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or
otherwise dispose of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries”
(as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities
to make, or allow the Company to be subject to or have its Common Stock be subject to or party to one or more Subject Entities
making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares
of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject
Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer
were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners
(as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock
or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate,
acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number
of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under
the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common
Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more
related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment,
conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination,
reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise
in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held
by all such Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by all such Subject
Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory
short form merger or other transaction requiring other shareholders of the Company to surrender their shares of Common Stock without
approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in
a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

    

     

    

  

		(n)	“Group” means a “group” as that term is used in Section 13(d) of
the 1934 Act and as defined in Rule 13d-5 thereunder.

 

		(o)	“Options” means any rights, warrants or options to subscribe for or purchase
shares of Common Stock or Convertible Securities.

 

		(p)	“Parent Entity” of a Person means an entity that, directly or indirectly, controls
the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there
is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of
the date of consummation of the Fundamental Transaction.

 

		(q)	“Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency
thereof.

 

		(r)	“Principal Market” means the The Nasdaq Capital Market.

 

		(s)	“SEC” means the United States Securities and Exchange Commission or the successor
thereto.

 

		(t)	“Subject Entity” means any Person, Persons or Group or any Affiliate or associate
of any such Person, Persons or Group.

 

		(u)	“Successor Entity” means the Person (or, if so elected by the Holder, the Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the
Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

		(v)	“Trading Day” means, as applicable, (x) with respect to all price or trading
volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if
the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities
market on which the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the
Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such
day is otherwise designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price
determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for
trading of securities.

 

		(w)	“VWAP” means, for any security as of any date, the dollar volume-weighted average
price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security,
then on the principal securities exchange or securities market on which such security is then traded) during the period beginning
at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP”
function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security
in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m.,
New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price
is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing
ask price of any of the market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such
security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such
security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction
during such period.

 

[signature page follows]

 

    

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

	 	CYCLACEL PHARMACEUTICALS, INC. 
	 	 
	 	 
	 	By:	                     
	 	Name: 
	 	Title:

 

    

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS WARRANT TO 

PURCHASE COMMON STOCK

 

CYCLACEL PHARMACEUTICALS, INC.

 

The undersigned holder
hereby elects to exercise the Warrant to Purchase Common Stock No. _______ (the “Warrant”) of Cyclacel
Pharmaceuticals, Inc., a Delaware corporation (the “Company”) as specified below. Capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1. Form of
Exercise Price. The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

        a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

        a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

 

In the event that the
Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
hereby represents and warrants that this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date set
forth below.

 

2. Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3. Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ shares of Common
Stock in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

        Check
here if requesting delivery as a certificate to the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 

        

 Check here if requesting delivery
by Deposit/Withdrawal at Custodian as follows:

 

	DTC Participant:	 
	DTC Number:	 
	Account Number:	 

 

	Date:	 
	Name of Registered Holder:	 
	 	 
	By:                                    	 
	Name:	 
	Title:	 
	 	 
	Tax ID:                                                             	 
	Facsimile:                                                         	 
	E-mail Address:                                               	 

 

    

     

    

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares of Common Stock
in accordance with the Transfer Agent Instructions dated _________, 202_, from the Company and acknowledged and agreed to by _______________.

 

	 	CYCLACEL PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By:	                    
	 	Name:
	 	Title:

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