Document:

EX-10.2

  Exhibit 10.2

  EMPLOYMENT AGREEMENT

  This EMPLOYMENT AGREEMENT (this “Agreement”) is made, entered into by and between Renovacor, Inc., a Delaware corporation (the “Company”), and Joe Carroll (the “Executive”), dated June 17, 2022 (the “Effective Date”).  

  WHEREAS, the Executive possesses certain experience and expertise that qualifies him to provide the direction and leadership required by the Company;

  WHEREAS, the Company desires to employ the Executive as a senior executive of the Company and the Executive wishes to accept such employment;

  WHEREAS, the Executive and the Company entered into an Offer Letter dated May 11, 2021 regarding the Executive’s initial employment with the Company (the “Offer Letter”) and concurrently with the execution of the Offer Letter, the Executive executed the Company’s standard Proprietary Information and Inventions Agreement (the “Inventions Agreement”); and

  WHEREAS, upon becoming effective, this Agreement supersedes and replaces the Offer Letter in its entirety, but the Inventions Agreement remains in effect in accordance with its terms.

  NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Company and the Executive agree as follows:

  1.Position and Duties.

  (a)Effective as of the date of the Effective Date, the Executive will remain employed by the Company, on a full-time basis, assuming the position of Senior Vice President and Chief Accounting Officer, and will report to the Company’s Chief Financial Officer, subject to the specific direction of the Company’s Board of Directors (the “Board”).  

  (b)The Executive agrees to perform the duties of his position and such other duties as may reasonably be assigned to the Executive from time to time.  The Executive also agrees that, while employed by the Company, he will devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business interests of the Company and its Affiliates and to the discharge of his duties and responsibilities for them, provided that nothing in this subsection (b) shall prevent the Executive from engaging in additional activities in connection with personal investments and community affairs, including, without limitation, serving on civic or charitable boards, so long as such activities do not, individually or in the aggregate, violate Section 3 of this Agreement, or materially interfere with the Executive’s duties under this Agreement.

  (c)The Executive agrees that, while employed by the Company, he will comply with all Company policies, practices and procedures and all codes of ethics or business conduct applicable to his position, as in effect from time to time.

  (d)The Executive currently resides in Pennsylvania and will perform his duties hereunder remotely. The Executive will travel at the expense of the Company to Boston and other business locations reasonably determined necessary or advisable by the Executive and the Board.

   

  

   

  2.Compensation and Benefits.  During the Executive’s employment hereunder, as compensation for all services performed by the Executive for the Company and its Affiliates, the Company will provide the Executive the following compensation and benefits:

  (a)Base Salary.  The Company will pay the Executive a base salary at the rate of $325,000 per year, payable in accordance with the regular payroll practices of the Company and subject to increase from time to time by the Board in its sole discretion (as may be increased, from time to time, the “Base Salary”).

  (b)Bonuses; Additional Compensation. 

  (i)General; Target Annual Bonus. The Executive will be eligible to receive bonuses and awards of equity and non-equity compensation and to participate in annual and long-term compensation plans of the Company in accordance with any plan or decision that the Board may in its sole discretion determine from time to time consistent with the executive compensation program established by the Board for the Company’s senior executives.  Unless the Board determines otherwise (which discretion shall not reduce the target bonus percentage of Base Salary), the Executive’s target annual cash bonus shall equal 35% of Base Salary. The actual amount of the annual cash bonus earned will be determined by the Board based on performance against goals as established by the Board in its discretion, which may include Company and/or individual financial, strategic, and other goals and milestones.  The annual cash bonus, to the extent earned, will be paid at the time determined under the annual cash program established for the year, generally expected to be no later than the 15th day of the third month after the end of the applicable fiscal year.

  (ii)Sign-on Option Award.  The Board has approved for the Executive the grant of a stock option award under the Company’s 2021 Omnibus Incentive Plan (the “Equity Plan”) with an underlying number of shares equal to 29,000.  The grant date of the option will be the Effective Date.  The option will have an exercise price equal to fair market value per share on the grant date and will vest over four years based on the standard terms of the Company’s option awards.  The sign-on option, and any other equity awards to the Executive, will be subject to the terms of the Equity Plan and applicable award agreement thereunder, which will include other standard terms and conditions not inconsistent with the foregoing, and which, in all events, will govern and control the award.

  (c)Participation in Employee Benefit Plans.  The Executive will be eligible, consistent with applicable tax rules, to participate in all employee benefit plans from time to time in effect for employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided to the Executive under this Agreement (e.g., a severance pay plan).  The Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other restrictions or limitations imposed by law.  The Company may at any time amend or terminate any employee benefit plan at any time.

  (d)Vacations.  In addition to holidays observed by the Company, the Executive will be entitled to four (4) weeks of vacation leave in accordance with the applicable policies of 

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  the Company and its Affiliates as in effect from time to time.  Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.   

  (e)Business Expenses.  The Company will pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities for the Company, subject to Company travel policies approved by the Board, including any maximum annual limit and other restrictions on such expenses and such reasonable substantiation and documentation as may be specified by the Company from time to time.  The Executive’s right to payment or reimbursement hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit. 

  (f)Withholding/Taxes.  All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company to the extent required by applicable law.  The Executive shall be solely responsible for any and all taxes that may result from any payment or benefit provided to Executive under this Agreement.

  3.Confidential Information and Restricted Activities.

  (a)Confidential Information.  During the course of the Executive’s employment with the Company and its Affiliates, the Executive has learned and will continue to learn of Confidential Information, and has developed and will continue to develop Confidential Information on behalf of the Company and its Affiliates.  The Executive agrees that he will not use or disclose to any Person (except as required by applicable law or for the proper performance of his regular duties and responsibilities for the Company) any Confidential Information obtained by the Executive incident to his employment or any other association with the Company or any of its Affiliates.  The Executive agrees that this restriction will continue to apply after his employment terminates, regardless of the reason for such termination.  For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or in any other way affects the Executive’s communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to such governmental agency or entity and (ii) the Executive will not be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (y) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding; provided, however, that notwithstanding this immunity from liability, the Executive may be held liable if he unlawfully accesses trade secrets by unauthorized means.

  (b)Restricted Activities.  The Executive agrees that the following restrictions on his activities during and after his employment are necessary to protect the goodwill, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates:

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  (i)While the Executive is employed by the Company and during the one-year period following termination of the Executive’s employment for any reason (collectively, the “Restricted Period”), the Executive will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, engage in, or undertake any planning to engage in, the business of establishing, marketing, managing and/or operating any business engaged in developing, marketing, selling or otherwise distributing any BAG-3 technology (the “Business”) anywhere in the world.

  (ii)During the Restricted Period, the Executive will not, directly or indirectly, solicit for hiring or engagement, hire, or engage any employee or independent contractor of the Company or any of its Affiliates, or seek to persuade any such employee or independent contractor to discontinue or modify his, his or its relationship with the Company or any of its Affiliates, provided that (a) the Executive shall not be restricted from making a general solicitation for employees or independent contractors that is not directed at any such person and (b) nothing in this Section 3(b)(ii) will prohibit the solicitation or hiring of any individual who is no longer employed by the Company or its Affiliates at the time of such solicitation or hiring and has not been so employed during the six (6)-month period prior to such solicitation or hiring.

  (iii)During the Restricted Period, the Executive will not, directly or indirectly, in any way intentionally interfere with the relationship between the Company or any of its Affiliates and any customer, distributor, vendor or business partner, or prospective customer, distributor, vendor or business partner, of the Company or any of its Affiliates, provided that soliciting or engaging in business with the Company’s or any of its Affiliates’ customers, distributors, vendors or business partners in connection with business permitted during the Restricted Period under Section 3(b)(i) shall not be deemed to violate this Section 3(b)(iii) solely by reason thereof. This Section 3(b)(iii) shall in no way limit the provisions of Section 3(b)(i).

  (c)Subject to applicable law, while the Executive is employed by the Company and thereafter, the Executive agrees that he will not disparage the Company or any of its Affiliates, and the Company agrees that it shall direct its Chief Executive Officer and members of the Board to not disparage the Executive to any third parties.

  (d)In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed on the Executive under this Section 3.  The Executive agrees without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that the Company would not have entered into this Agreement without the covenants set forth in this Section 3.  The Executive further agrees that, were the Executive to breach any of the covenants contained in this Section 3, the damage to the Company and its Affiliates would be irreparable.  The Executive therefore agrees that the Company, in addition and not in the alternative to any other remedies available to it, shall be entitled to seek preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any such covenants, without having to post bond, together with an award of its reasonable attorneys’ fees incurred in enforcing its rights hereunder should a court of competent jurisdiction determine that the Executive has, in fact, breached his obligations hereunder and thus deems the Company the prevailing party in any such action.  The Executive 

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  further agrees that the Restricted Period, as applicable, shall be tolled, and shall not run, during the period of any breach by the Executive of any of the covenants contained in this Section 3.  The Executive and the Company further agree that, in the event that any provision of this Section 3 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.  It is also agreed that each of the Company’s Affiliates shall have the right to enforce all of the Executive’s obligations to that Affiliate under this Agreement, including without limitation pursuant to this Section 3.  No claimed breach of this Agreement or other violation of law attributed to the Company or any of its Affiliates, or change in the nature or scope of the Executive’s employment or other relationship with the Company or any of its Affiliates, shall operate to excuse the Executive from the performance of his obligations under this Section 3.

  4.Termination of Employment.  The Executive’s employment under this Agreement shall continue until terminated pursuant to this Section 4.

  (a)By the Company For Cause.  The Company may terminate the Executive’s employment for Cause upon notice to the Executive setting forth in reasonable detail the nature of the Cause.  For purposes of this Agreement, “Cause” shall mean the occurrence of any of the following, as determined by the Board in its reasonable judgment: (i) the Executive’s material failure to perform (other than by reason of disability), or substantial negligence in the performance of, the Executive’s duties and responsibilities to the Company or any of its Affiliates; (ii) the Executive’s material breach of this Agreement or any other agreement between the Executive and the Company or any of its Affiliates; (iii) the Executive’s commission of, or plea of nolo contendere to, a felony or other crime involving moral turpitude; or (iv) other conduct by the Executive that is or could reasonably be expected to be materially harmful to the business interests or reputation of the Company or any of its Affiliates.  Notwithstanding the foregoing, the Company shall provide the Executive with a notice of termination with respect to any termination for Cause under Section 4(a)(i), (ii) and (iv), and, if the conduct giving rise to a termination for Cause is reasonably capable of cure, such notice shall provide a cure period of thirty (30) calendar days for the Executive to cure any defect or failure, provided, however, that the Company shall not be obligated to provide offer the Executive the opportunity to cure conduct giving rise to a termination for Cause on more than one occasion.

  (b)By the Company Without Cause. The Company may terminate the Executive’s employment at any time other than for Cause upon notice to the Executive.

  (c)By the Executive Without Good Reason.  The Executive may terminate his employment at any time upon thirty (30) days’ notice to the Company.  The Board may elect to waive such notice period or any portion thereof.

  (d)Termination by the Executive With Good Reason.  The Executive may resign from employment under this Agreement for Good Reason.  For purposes of this Agreement, “Good Reason” means the occurrence of any of the following events (without Executive’s consent) that occurs during a Protected Period;

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  (i)a material adverse change in Executive’s functions, duties or responsibilities with the Company which change would cause Executive’s position to become one of materially lesser responsibility, importance, or scope;

  (ii)a material reduction in the Executive’s ability to work remotely;

  (iii)a material diminution in the Executive’s compensation or benefits without the express written consent of the Executive, other than an across-the-board reduction in compensation levels that applies to all senior executives generally; or

  (iv)a material breach of this Agreement by the Company.

  Notwithstanding the foregoing, no such event shall constitute “Good Reason” unless (a) Executive shall have given written notice of such events to the Company within 60 days after the initial occurrence thereof, (b) the Company shall have failed to cure the condition constituting Good Reason within 30 days following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (c) Executive terminates employment within 30 days after expiration of such cure period.  For the avoidance of doubt, the Executive shall not have the right to resign for Good Reason for any event listed above that occurs outside of a Protected Period.

  (e)Death and Disability.  The Executive’s employment hereunder shall automatically terminate in the event of the Executive’s death during employment.  Subject to applicable state and federal law, the Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding the provision of any reasonable accommodation) for a non-consecutive one hundred eighty (180) days during any period of three hundred sixty-five (365) consecutive days.  If any question shall arise as to whether the Executive is disabled to the extent that he is unable to perform substantially all of his duties and responsibilities for the Company and its Affiliates, the Executive shall, at the Company’s request, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive’s guardian, if any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue.  If such a question arises and the Executive fails to submit to the requested medical examination, the Board’s good faith determination of the issue shall be binding on the Executive solely for purposes of this Agreement.

  5.Other Matters Related to Termination.

  (a)Final Compensation.  In the event of termination of the Executive’s employment with the Company, howsoever occurring, the Company shall pay the Executive (i) the Base Salary for the final payroll period of his employment, through the date his employment terminates, including any accrued but unused vacation time, and (ii) reimbursement, in accordance with Section 2(e) hereof, for business expenses incurred by the Executive but not yet paid to the Executive as of the date his employment terminates, provided that the Executive submits all expenses and supporting documentation required within thirty (30) days of the date his 

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  employment terminates, and provided further that such expenses are reimbursable under Company policies then in effect (all of the foregoing, “Final Compensation”).  Except as otherwise provided in Section 5(a)(ii), Final Compensation will be paid to the Executive within thirty (30) days following the date of termination or such earlier time as may be required by law. In addition, in case of termination of employment for any reason other than by action of the Company for Cause or by action of the Executive without Good Reason, Final Compensation shall include the amount of any earned bonus from the previous calendar year that has not been paid, which will be paid to the Executive within thirty (30) days following the date of termination.  Vesting of outstanding equity awards or other long-term incentives in connection with the Executive’s termination of employment shall be governed by the terms of the applicable incentive plan and award agreements.

  (b)Severance Payments Outside of a Protected Period.  In the event of any termination of the Executive’s employment pursuant to Section 4(b) above other than during a Protected Period, the Company will pay the Executive, in addition to Final Compensation, the following amounts: (i) the Base Salary for a period of nine (9) months following the date of termination (the “Severance Payments”); (ii) a cash bonus for the year of termination equal to the target bonus for the year, prorated based on the number of days in the year through the termination date (the “Pro-Rated Bonus”); and (iii) a cash lump-sum payment equal to nine (9) times the amount of one month of COBRA premiums based on the terms of Company’s group health plan and the Executive’s coverage under such plan as of the termination date (regardless of any COBRA election actually made by the Executive or the actual COBRA coverage period under the Company’s group health plan) (the “COBRA Payment”).

  (c)Severance Payments During a Protected Period.  In the event of any termination of the Executive’s employment pursuant to Section 4(b) or 4(d) above during a Protected Period, the Company will pay the Executive the amounts provided by Section 5(b), except that the Severance Payments shall be payable in a single cash payment as provided in Section 5(d).

  (d)Conditions To And Timing Of Severance Payments.  Any obligation of the Company to provide the Executive the Severance Payments and the COBRA Payment is conditioned on his signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general release of claims and other customary terms (including standard carve-outs from the release, such as for vested benefits and indemnification claims) in the form provided to the Executive by the Company at the time that the Executive’s employment terminates (the “Separation Agreement”).  The Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date the Executive’s employment terminates.  Any Severance Payments to which the Executive is entitled under Section 5(b) will be payable in the form of salary continuation in accordance with the normal payroll practices of the Company.  The first installment of the Severance Payments will be made on the Company’s next regular payday following the expiration of sixty (60) calendar days from the date that the Executive’s employment terminates, but will be retroactive to the day following such date of termination.  The Pro-Rated Bonus, the COBRA Payment, and any Severance Payments to which the Executive is entitled under Section 5(c) will be made in a single cash payment on the Company’s next regular payday following the expiration of sixty (60) calendar days from the date that the Executive’s employment terminates (and in no event later than March 15 of the year following the year in which the termination of employment occurs).  

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  (e)Benefits Termination.  Except for any right the Executive may have under the federal law known as “COBRA” or other applicable law to continue participation in the Company’s group health and dental plans at his cost, the Executive’s participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of his employment, without regard to any payment to the Executive following termination of his employment, and the Executive shall not be eligible to earn vacation or other paid time off following the termination of his employment.

  (f)Return of Property.  Upon any termination of the Executive’s employment hereunder, the Executive shall immediately either destroy or deliver to the Company at the direction of the Company (i) all physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized and electronic information (in hard copy, in e-mails, or on removable or other drives or media), that refers, relates or otherwise pertains to the Company or any Affiliate (or business dealings thereof) that are in the Executive’s possession, subject to the Executive’s control or held by the Executive for others; and (ii) all property or equipment that the Executive has been issued by the Company or any Affiliate during the course of his employment or property or equipment thereof that the Executive otherwise possesses, including any computers, cellular phones, PDAs, pagers and other devices.  The Executive acknowledges that he is not authorized to retain or use any physical, computerized, electronic or other types of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials, and is not authorized to retain any other property or equipment of the Company or any Affiliate.  The Executive further agrees that the Executive will immediately forward to the Company (and thereafter use reasonable efforts to destroy any hard copy and electronic copies thereof) any business information relating to the Company or any Affiliate that has been or is inadvertently directed to the Executive following the Executive’s last day of employment.

  (g)Mitigation Not Required. The Executive shall not be required to mitigate the amount of any payment or benefit which is to be paid or provided by the Company pursuant to this Section 5. Any remuneration received by the Executive from a third party following termination of employment shall not apply to reduce the Company’s obligations to make payments or provide benefits hereunder.

  (h)D&O Insurance, and Indemnification. Through at least the sixth anniversary of the Executive’s termination date, the Company shall maintain coverage for the Executive as a named insured on all directors’ and officers’ insurance maintained by the Company for the benefit of its directors and officers on at least the same basis as all other covered individuals and provide the Executive with at least the same corporate indemnification as it provides to other senior executives. For the avoidance of doubt, nothing in this Agreement shall supersede any rights that the Executive may have to indemnification under the Company’s charter or bylaws.

  (i)Survival.  Provisions of this Agreement shall survive any termination of employment if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation certain of the Executive’s obligations under Section 3 of this Agreement.  The obligation of the Company to make payments to the Executive under Section 5(b), and the Executive’s right to retain the same, are expressly conditioned upon his continued full performance of his obligations under Section 3 of this 

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  Agreement.  Upon termination by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to each other hereunder shall cease, except as otherwise expressly provided in this Agreement.

  6.Timing of Payments and Section 409A.

  (a)Notwithstanding anything to the contrary in this Agreement, if at the time the Executive’s employment terminates, the Executive is a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)-month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Code.

  (b)For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i).

  (c)Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

  (d)Executive acknowledges and agrees that the Company does not guarantee the tax treatment or tax consequences associated with any payment arising under this Agreement, including but not limited to consequences related to Section 409A of the Code.  In no event shall the Company or any of its Affiliates have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A of the Code.

  7.Adjustments to Payments.

  (a)Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to the Executive or for the Executive’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (the “Payments”) would be subject to the excise tax imposed by Section 4999 (or any successor provisions) of the Code, or any interest or penalty is incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, is hereinafter collectively referred to as the “Excise Tax”), then the Payments shall be reduced (but not below zero) if and to the extent that such reduction would result in the Executive retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes and the imposition of the Excise Tax), than if the Executive received all of the Payments.  

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  The Company shall reduce or eliminate the Payments, by first reducing or eliminating the portion of the Payments which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the determination.

  (b)All determinations required to be made under this Section, including whether and when an adjustment to any Payments is required and, if applicable, which Payments are to be so adjusted, shall be made by an independent accounting firm selected by the Company from among the four (4) largest accounting firms in the United States or any nationally recognized financial planning and benefits consulting company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and to the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company.  In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the “change in control of the Company” (within the meaning of Sections 280G and 4999 of the Code) to which the Payments relate, Employer shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).  All fees and expenses of the Accounting Firm shall be borne solely by the Company.  If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion that failure to report the Excise Tax on the Executive’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

  8.Definitions.  For purposes of this Agreement, the following definitions apply:

  “Affiliates” means the Company and all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise. 

  “Change in Control” means a “Change in Control” as defined under the Company’s 2021 Omnibus Incentive Plan as in effect from time to time. 

  “Confidential Information” means any and all information of the Company and its Affiliates that is not generally available to the public. Confidential Information also includes any information received by the Company or any of its Affiliates from any Person with any understanding, express or implied, that it will not be disclosed.  Confidential Information does not include information that enters the public domain, other than through the Executive’s breach of his obligations under this Agreement or any other agreement between the Executive and the Company or any of its Affiliates.

   “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or organization, other than the Company or any of its Affiliates.

  “Protected Period” means the period beginning on the date of a Change in Control and ending on the second anniversary of that date.

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  9.Prior Employment or Engagements. The Executive represents and warrants to the Company that the Executive is under no contractual obligation to refrain from working for a competitor of any prior employer or other party.  Nonetheless, during any prior employment or consulting engagement, the Executive may have had access to trade secrets or proprietary information of another party that may continue to be of value to such other party.  That information remains the property of such other party.  Consequently, the Executive shall not disclose any other party’s trade secrets or proprietary information to anyone within the Company, or use those trade secrets or proprietary information in the course of performing services on behalf of the Company.

  10.Severability.  If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

  11.Assignment.  Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement without the Executive’s consent to one of its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all or substantially all of its properties or assets.  This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns.

  12.Notices.  Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, to the attention of the Board of Directors, or to such other address as any Party may specify by notice to the other actually received.

  13.Entire Agreement.  This Agreement and the Inventions Agreement are the sole agreements between Executive and the Company with respect to Executive's employment with the Company and the services to be performed hereunder and supersede all prior agreements and understandings with respect to such employment and services, whether oral or written, including the Offer Letter.  All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Executive.  

  14.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by the Company, with approval of the Board.

  15.Headings.  The headings and captions in this Agreement are for convenience only, and in no way define or describe the scope or content of any provision of this Agreement.

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

  17.Governing Law; WAIVER OF JURY TRIAL.  This Agreement shall be construed and enforced under and be governed in all respects by the laws of the Commonwealth of Pennsylvania, without regard to the conflict of laws principles thereof.  The Company and the Executive hereby consent and submit to the personal jurisdiction and venue of any state or federal court located in the city or county where the Company maintains its principle executive offices within the Commonwealth of Pennsylvania for resolution of any and all claims, causes of action or disputes arising out of or related to this Agreement.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, THE PARTIES HERETO HEREBY WAIVE AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT TO ANY CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF.  THE EXECUTIVE ACKNOWLEDGES THAT he HAS BEEN INFORMED BY THE COMPANY THAT THIS SECTION 18 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THE COMPANY IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT.  ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 18 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.  EXECUTIVE VOLUNTARILY MAKES THIS WAIVER WITH A FULL UNDERSTANDING OF ITS EFFECT AND ACKNOWLEDGES THAT he REMAINS ABLE TO FULLY VINDICATE ANY AND ALL RIGHTS.

   

  [Signature page immediately follows.]

   

   

  12

  

   

  IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.

  				
	THE EXECUTIVE:
	 
	RENOVACOR, INC.

	 
	 
	 
	 

	/s/ Joe Carroll
	 
	By:
	/s/ Magdalene Cook, M.D.

	Joe Carroll
	 
	 
	Name: Magdalene Cook, M.D.

	 
	 
	 
	Title: Chief Executive Officer

   

  13Exhibit 10.1

 

AMENDMENT NO. 1

TO

SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT
(this “Amendment”) is made and entered into effective June 23, 2022 between Mullen Automotive Inc., a Delaware
corporation (the “Company”), and the Buyers listed on the signatures pages hereto (collectively, the “Buyers”
and each, a “Buyer”).Capitalized terms not defined herein shall have the same meaning as set forth in the Securities
Purchase Agreement (as defined below).

 

RECITALS:

 

A.          The
Company and the Buyers entered into the Securities Purchase Agreement dated as of June 7, 2022 (the “Securities Purchase
Agreement”), pursuant to which, upon the terms and subject to the conditions contained therein, the Buyers shall purchase, solely
upon the Company’s request, on the Purchase Date the Commitment Amount of shares of the Company’s Series D Preferred
Stock, par value $0.001 per share (the “Series D Preferred Stock”), and Warrants.

 

B.          The
Company and the Buyers desire to amend and restate the form of Certificate of Designation of the Series D Preferred Stock, attached
to the Securities Purchase Agreement as Exhibit C.

 

NOW, THEREFORE, for due and adequate consideration,
the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

1.          Exhibit C
to the Securities Purchase Agreement shall be amended and restated as set forth in the attached Exhibit C to this Amendment.

 

2.          Except
as modified by this Amendment, all other terms and conditions in the Securities Purchase Agreement shall remain in full force and effect
and this Amendment shall be governed by all provisions thereof.

 

3.          This
Amendment may be executed in separate counterparts, all of which taken together shall constitute a single instrument.

 

4.          This
Amendment shall be governed, construed and interpreted in accordance with the laws of the State of New York.

 

[Remainder of Page Intentionally Left Blank]

 

    1 

     

    

 

IN
WITNESS WHEREOF, Buyers and the Company has caused its signature page to this Amendment No. 1 to Securities Purchase
Agreement to the be duly executed as of the date first written above.

 

	 	COMPANY:
	 	MULLEN AUTOMOTIVE INC.
	 	 	 
	 	By:	/s/ David Michery
	 	Name:	David Michery
	 	Title:	CEO

 

[Signature page to Amendment No. 1 to
Securities Purchase Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, Buyers and the Company has caused its signature page to this Amendment No. 1 to Securities Purchase
Agreement to the be duly executed as of the date first written above.

 

	 	BUYER:
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Amendment No. 1 to
Securities Purchase Agreement]

 

     

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF DESIGNATION

 

Attached

 

     

     

    

 

MULLEN
AUTOMOTIVE inc.

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF

SERIES
D CONVERTIBLE PREFERRED STOCK

 

PURSUANT
TO SECTION 151 OF THE

delaware
GENERAL CORPORATION LAW

 

The undersigned, David Michery,
hereby certifies that:

 

1.          He
is the Chief Executive Officer and Secretary of Mullen Automotive Inc., a Delaware corporation (the "Corporation").

 

2.          The
Corporation is authorized to issue [500,000,000] shares of preferred stock of which [1,925] shares of Series A preferred stock and
[6,153,000] shares of Series C preferred stock are currently outstanding. No shares of Series B preferred stock are outstanding.

 

3.          The
following resolutions were duly adopted by the board of directors of the Corporation (the "Board of Directors") as required
by Section 151(g) of the Delaware General Corporation Law:

 

WHEREAS, the certificate of
incorporation of the Corporation provides for a class of its authorized stock known as preferred stock, consisting of [500,000,000] shares,
$0.001 par value per share (the “Preferred Stock”), issuable from time to time in one or more series;

 

WHEREAS, the Board of Directors
is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation
preferences of any wholly unissued series of preferred stock and the number of shares constituting any series and the designation thereof,
of any of them; and

 

WHEREAS, it is the desire
of the Board of Directors, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating
to a new series of the preferred stock, which shall consist of up to [●] shares of the preferred stock which the Corporation has
the authority to issue.

 

NOW, THEREFORE, BE IT RESOLVED,
that the Board of Directors does hereby provide for the issuance of a new series of preferred stock for cash or exchange of other securities,
rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such series of
preferred stock as follows:

 

TERMS OF PREFERRED STOCK

 

Section 1.
Designation, Amount and Par Value. The series of preferred stock shall be designated as Series D Convertible Preferred
Stock (the "Series D Preferred Stock") and the number of shares so designated shall consist of [●] shares,
having a par value of $0.001 per share, which shall not be subject to increase without the written consent of all of the holders of the
Series D Preferred Stock (each, a "Holder" and collectively, the "Holders").

 

    C-1 

     

    

 

Section 2.
Definitions. For the purposes hereof, the following terms shall have the following meanings:

 

"Affiliate" means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 of the Securities Act.

 

"Beneficial Ownership Limitation"
shall have the meaning set forth in Section 6(d).

 

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

 

"Certificate of Incorporation"
means the Second Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of
Delaware on November 5, 2021, as the same may thereafter be amended from time to time.

 

"Closing" means the closing
of the purchase and sale of the Securities pursuant to Section 2.1 of the Purchase Agreement.

 

"Commission" means the
United States Securities and Exchange Commission.

 

"Common Stock" means
the Corporation's common stock, par value $0.001 per share, and stock of any other class of securities into which such securities may
hereafter be reclassified or changed.

 

"Exchange Act" means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

"GAAP" means United States
generally accepted accounting principles.

 

"Holder" shall have the
meaning given such term in Section 1.

 

"Liquidation" shall have
the meaning set forth in Section 5.

 

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

 

    C-2 

     

    

 

“Purchase Agreement”
means the Securities Purchase Agreement dated as of June 7, 2022 between this Corporation and certain investors.

 

“Purchase Notice Date”
means the Trading Day on which a holder of Series D Preferred Stock receives a purchase notice pursuant to the terms of the Purchase
Agreement.

 

"Securities" means the
Series D Preferred Stock and the Underlying Shares.

 

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

 

"Series D Conversion Price"
shall have the meaning set forth in Section 6(a).

 

"Series D Original Issue
Price" shall have the meaning set forth in Section 4(a).

 

"Trading Day" means,
as applicable, (x) with respect to all price determinations relating to the Common Stock, any day on which the Common Stock is traded
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.

 

"Trading Market" means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE
American the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any
successors to any of the foregoing).

 

"Transfer Agent" means
Continental Stock Transfer, the current transfer agent of the Corporation, with a mailing address of 1 State Street, 30th Floor, New York,
NY 10004-1561, email cstmail@continentalstock.com, and any successor transfer agent of the Corporation.

 

"Underlying Shares" means
the shares of Common Stock issued and issuable upon conversion of the Series D Preferred Stock.

 

    C-3 

     

    

 

Section 3.
Dividends.

 

(a)          From
and after the date of issuance of any share of the Series D Preferred Stock, a cumulative dividend shall accrue, whether or not
declared by the board of directors of this Corporation and whether or not there are funds legally available for the payment of dividends,
on a daily basis in arrears at the rate of 15.0% per annum on the sum of the Series D Original Issue Price (as defined below) plus
all unpaid accrued and accumulated dividends thereon. All accrued dividends on any share of the Series D Preferred Stock shall be
paid in cash only when, as and if declared by the Board out of funds legally available therefor or upon a liquidation or redemption of
the Series D Preferred Stock in accordance with the provisions of this Certificate of Designation; provided, that
to the extent not paid on the fifth (5th) calendar day after the last day of each month (each such date, a "Series D Dividend
Payment Date"), all accrued dividends on any share of the Series D Preferred Stock shall accumulate and compound on the
applicable Series D Dividend Payment Date whether or not declared by the board of directors of this Corporation and shall remain
accumulated, compounding dividends until paid pursuant hereto or converted pursuant to this Certificate of Designation. All accrued and
accumulated dividends on the shares of the Series D Preferred Stock as accrued pursuant to this Section 3(a) shall be
prior and in preference to any dividend on any other series of Preferred Stock or the Common Stock and shall be fully declared and paid
before any dividends are declared and paid, or any other distributions or redemptions are made, on any other series of Preferred Stock
or the Common Stock, other than to declare or pay any dividend or distribution payable on the Common Stock in shares of Common Stock.
This Corporation may elect to pay dividends for any month with a paid-in-kind election ("PIK") if (i) the issuance
of the shares of Common Stock issuable further to the PIK has been registered pursuant to the Securities Act and such registration remains
effective, (ii) this Corporation is then in compliance with all listing requirements of the Nasdaq Capital Market and (iii) the
average daily trading dollar volume of this Corporation’s Common Stock for ten (10) trading days in any period of twenty (20)
consecutive trading days on the Nasdaq Capital Market is greater than Twenty Seven Million Five Hundred Thousand Dollars ($27,500,000).

 

(b)          Any
dividends or distributions, other than dividends or distributions accruing or paid on shares of the Series D Preferred Stock pursuant
to Section 3(a), shall be distributed among all holders of Common Stock and Preferred Stock in proportion to the number of shares
of Common Stock that would be held by each such holder if all shares of preferred stock were converted to Common Stock at the then effective
conversion rate without regard to any limitations on the conversion of the Preferred Stock contained in the Certificate of Incorporation.

 

Section 4. Liquidation
Preference.

 

(a)          In
the event of any Liquidation Event (as defined below), either voluntary or involuntary, the holders of Series D Preferred Stock
shall be entitled to receive, prior and in preference to any distribution of the proceeds of such Liquidation Event (the "Proceeds")
to the holders of the other series of Preferred Stock or the Common Stock by reason of their ownership thereof, an amount per share equal
to the Series D Original Price (as defined below), plus declared but unpaid dividends on such share. If, upon the occurrence of
such event, the Proceeds thus distributed among the holders of the Series D Preferred Stock shall be insufficient to permit the
payment to such holders of the full aforesaid preferential amounts, then the entire Proceeds legally available for distribution shall
be distributed ratably among the holders of the Series D Preferred Stock in proportion to the full preferential amount that each
such holder is otherwise entitled to receive under this subsection (a). For purposes of this Certificate of Designation, "Series D
Original Issue Price" shall mean for each share of the Series D Preferred Stock the lower of (i) $1.27 or (ii) the
closing price of the Common Stock on the Trading Market on the Trading Day immediately preceding the Purchase Notice Date (in each case,
as adjusted for any stock splits, stock dividends, combinations, recapitalizations or the like with respect to the Series D Preferred
Stock).

 

    C-4 

     

    

 

Upon the completion
of the distribution required by this subsection (a), and the completion of the distribution required by Article III(B)2(a) and
Article III(B)2(b) and the first and second sentences of Article III(B)2(c) of the Certificate of Incorporation, any
remaining Proceeds available for distribution to stockholders shall be distributed among the holders of Common Stock pro rata, based on
the number of shares of Common Stock held by each (assuming full conversion of all Preferred Stock).

 

(b)          Notwithstanding
the above, for purposes of determining the amount each holder of shares of Series D Preferred Stock is entitled to receive with respect
to a Liquidation Event, each such holder of shares of such Series D Preferred Stock shall be deemed to have converted (regardless
of whether such holder actually converted) such holder's shares of Common Stock immediately prior to the Liquidation Event (without regard
to any limitations on the conversion of the Series D Preferred Stock contained in the Certificate of Incorporation or this Certificate
of Designation) if, as a result of an actual conversion, such holder would receive, in the aggregate, an amount greater than the amount
that would be distributed to such holder if such holder did not convert such series of Series D Preferred Stock into shares of Common
Stock. If any such holder shall be deemed to have converted shares of Series D Preferred Stock into Common Stock pursuant to this
paragraph, then such holder shall not be entitled to receive any distribution that would otherwise be made to holders of Series D
Preferred Stock that have not converted (or have not been deemed to have converted) into shares of Common Stock.

 

(c)          (i) For
purposes of this Section 4, a "Liquidation Event" shall include (A) the closing of the sale, transfer or other
disposition of all or substantially all of this Corporation's assets, (B) the consummation of the merger or consolidation of this
Corporation with or into another entity (except a merger or consolidation in which the holders of capital stock of this Corporation immediately
prior to such merger or consolidation continue to hold at least 50% of the voting power of the capital stock of this Corporation or the
surviving or acquiring entity), (C) the closing of the transfer (whether by merger, consolidation or otherwise), in one transaction
or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of this Corporation's Securities),
of this Corporation's Securities if, after such closing, such person or group of affiliated persons would hold 50% or more of the outstanding
voting stock of this Corporation or (D) a liquidation, dissolution or winding up of this Corporation; provided, however,
that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the state of this Corporation's incorporation
or to create a holding company that will be owned in substantially the same proportions by the persons who held this Corporation's Securities
immediately prior to such transaction. Notwithstanding the prior sentence, the sale of shares of Series D Preferred Stock in a financing
transaction shall not be deemed a "Liquidation Event." The treatment of any particular transaction or series of related transactions
as a Liquidation Event may be waived by the vote or written consent of the holders of a majority of each outstanding class or series of
Preferred Stock.

 

    C-5 

     

    

 

(ii) In any
Liquidation Event, if the consideration received by this Corporation is other than cash, its value will be deemed its fair market value
as determined in good faith by the Board of Directors of this Corporation. Any securities shall be valued as follows:

 

(A)          Securities
not subject to investment letter or other similar restrictions on free marketability covered by (B) below:

 

(1)          If
traded on a securities exchange or through the Nasdaq, the value shall be deemed to be the average of the closing prices of the securities
on such exchange or system over the twenty (20) trading day period ending three (3) trading days prior to the closing;

 

(2)          If
actively traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable)
over the twenty (20) trading day period ending three (3) trading days prior to the closing; and

 

(3)          If
there is no active public market, the value shall be the fair market value thereof, as mutually determined by the Board of Directors of
this Corporation and the holders of at least a majority of the voting power of outstanding Series D Preferred Stock.

 

(B)          The
method of valuation of securities subject to investment letter or other restrictions on free marketability (other than restrictions arising
solely by virtue of a stockholder's status as an affiliate or former affiliate) shall be to make an appropriate discount from the market
value determined as above in (A) (1), (2) or (3) to reflect the approximate fair market value thereof, as mutually determined
by this Corporation and the holders of at least a majority of the voting power of outstanding Series D Preferred Stock.

 

(C)          The
foregoing methods for valuing non-cash consideration to be distributed in connection with a Liquidation Event may be superseded by any
determination of such value set forth in the definitive agreements governing such Liquidation Event.

 

    C-6 

     

    

 

(iii) In the
event the requirements of this Section 4 are not complied with, this Corporation shall forthwith either:

 

(A)          cause
such closing to be postponed until such time as the requirements of this Section 4 have been complied with; or

 

(B)          cancel
such transaction, in which event the rights, preferences and privileges of the holders of the Series D Preferred Stock shall revert
to and be the same as such rights, preferences and privileges existing immediately prior to the date of the first notice referred to
in subsection 4(e)(iv) hereof.

 

(iv)          This
Corporation shall give each holder of record of Series D Preferred Stock written notice of such impending transaction not later than
twenty (20) days prior to the stockholders' meeting called to approve such transaction, or twenty (20) days prior to the closing of such
transaction, whichever is earlier, and shall also notify such holders in writing of the final approval of such transaction. The first
of such notices shall describe the material terms and conditions of the impending transaction and the provisions of this Section 4,
and this Corporation shall thereafter give such holders prompt notice of any changes. The transaction shall in no event take place sooner
than twenty (20) days after this Corporation has given the first notice provided for herein or sooner than ten (10) days after this
Corporation has given notice of any changes provided for herein; provided, however, that such periods may
be shortened upon the written consent of the holders of Series D Preferred Stock that (i) are entitled to such notice rights
or similar notice rights and (ii) represent at least a majority of the voting power of all then outstanding shares of Series D
Preferred Stock. The holders of the outstanding Series D Preferred Stock can waive the notice requirements described in this subsection
(iv) upon the affirmative vote or written consent of the holders of at least a majority of the shares of Series D Preferred
Stock then outstanding.

 

Section 5.
Redemption. Subject to the conditions and other provisions of this Section 5, this Corporation shall have the right
to elect to redeem, out of funds legally available therefore, all (but not less than all) of the then outstanding shares of the Series D
Preferred Stock in accordance with the following conditions:

 

(a)          at
any time for a price per share equal to the Series D Original Issue Price, plus all unpaid accrued and accumulated dividends on such
share (whether or not declared) (the "Series D Redemption Price"), provided: (A) the Series D
Preferred Stock has been issued and outstanding for a period of at least one (1) year, (B) the issuance of the shares of Common
Stock underlying the Series D Preferred Stock has been registered pursuant to the Securities Act and such registration remains effective,
and (C) the trading price for this Corporation's Common Stock is less than the Series D Conversion Price for twenty (20) trading
days in any period of thirty (30) consecutive trading days on the Nasdaq Capital Markets; or

 

    C-7 

     

    

 

(b)          in
accordance with the following schedule; provided the issuance of shares of Common Stock underlying the Series D Preferred
Stock has been registered pursuant to the Securities Act and such registration remains effective:

 

	Year 1	No Redemption
	Year 2	Redemption at 120% of the Series D Redemption Price
	Year 3	Redemption at 115% of the Series D Redemption Price
	Year 4	Redemption at 110% of the Series D Redemption Price
	Year 5	Redemption at 105% of the Series D Redemption Price
	Year 6 and thereafter	Redemption at 100% of the Series D Redemption Price

 

Any such redemption
shall occur not less than fifteen (15) days following receipt by the holders of the Series D Preferred Stock of a written election
notice (the "Series D Election Notice") from this Corporation stating this Corporation's intent to exercise this
election and the date upon which such redemption shall take effect (the "Series D Redemption Date"). Upon receipt
of a Series D Election Notice, all holders of the Series D Preferred Stock shall be deemed to have consented to have all of
their shares of the Series D Preferred Stock redeemed pursuant to this Section 5; provided, that notwithstanding
anything to the contrary contained herein, each holder of shares of Series D Preferred Stock shall have the right to elect prior
to the Series D Redemption Date to give effect to the conversion rights contained in Section 6 instead of giving effect to
the provisions contained in this Section 5 with respect to the shares of Series D Preferred Stock held by such holder.

 

Section 6.
Conversion. The holders of the Series D Preferred Stock shall have conversion rights as follows (the "Conversion
Rights"):

 

(a)          Right
to Convert. Each share of Series D Preferred Stock shall be convertible, at the option of the holder thereof, at any time after
the date of issuance of such share, at the office of this Corporation or any transfer agent for such stock, into such number of fully
paid and nonassessable shares of Common Stock as is determined by dividing the Series D Original Issue Price (plus all unpaid accrued
and accumulated dividends thereon, as applicable, whether or not declared), by the Series D Conversion Price (the "Conversion
Rate"), determined as hereafter provided, in effect on the date the certificate is surrendered for conversion. The initial "Series D
Conversion Price" shall be the Series D Original Issue Price; provided, however, that the Series D
Conversion Price shall be subject to adjustment as set forth in this Section 6. Each share of Series D Preferred Stock shall
be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of this Corporation
or any transfer agent for such stock, into one (1) fully paid and nonassessable share of Common Stock (as adjusted for any stock
splits, stock dividends, combinations, recapitalizations or the like with respect to the Common Stock).

 

(b)          Automatic
Conversion. Each share of Series D Preferred Stock shall automatically be converted into shares of Common Stock at the applicable
Conversion Rate at the time in effect immediately upon (A) the issuance of shares of Common Stock underlying the Series D Preferred
Stock being registered pursuant to the Securities Act and such registration remaining effective, (B) the trading price for this Corporation's
Common Stock being more than two times the Series D Conversion Price for twenty (20) trading days in any period of thirty (30) consecutive
trading days on the Nasdaq Capital Market, and (C) the average daily trading dollar volume of this Corporation's Common Stock during
such twenty (20) trading days is equal to or greater than Twenty Seven Million Five Hundred Thousand Dollars ($27,500,000).

 

    C-8 

     

    

 

(c)          Mechanics
of Conversion. Before any holder of Series D Preferred Stock shall be entitled to voluntarily convert the same into shares of
Common Stock, he or she shall surrender the certificate or certificates therefor, duly endorsed, at the office of this Corporation or
of any transfer agent for the Series D Preferred Stock, and shall give written notice to this Corporation at its principal corporate
office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares
of Common Stock are to be issued. This Corporation shall, as soon as practicable thereafter, issue and deliver at such office to such
holder of Series D Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of
shares of Common Stock to which such holder shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately
prior to the close of business on the date of such surrender of the shares of Series D Preferred Stock to be converted, and the
person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the
record holder or holders of such shares of Common Stock as of such date. If the conversion is in connection with an underwritten offering
of securities registered pursuant to the Securities Act the conversion may, at the option of any holder tendering Series D Preferred
Stock for conversion, be conditioned upon the closing with the underwriters of the sale of securities pursuant to such offering, in which
event the persons entitled to receive the Common Stock upon conversion of the Series D Preferred Stock shall not be deemed to have
converted such Series D Preferred Stock until immediately prior to the closing of such sale of securities. If the conversion is
in connection with Automatic Conversion provisions of subsection 6(b)(ii) above, such conversion shall be deemed to have been made
on the conversion date described in the stockholder consent approving such conversion, and the persons entitled to receive shares of
Common Stock issuable upon such conversion shall be treated for all purposes as the record holders of such shares of Common Stock as
of such date.

 

(d)          Limitations
on Conversion. Notwithstanding anything to the contrary contained in this Certificate of Designation, the Series D Preferred
Stock shall not be convertible by a holder to the extent (but only to the extent) that the holder or any of its Affiliates would beneficially
own in excess of 9.99% (the "Maximum Percentage") of the Common Stock. To the extent the above limitation applies, the
determination of whether the holder's Series D Preferred Stock shall be convertible (vis-a-vis other convertible securities owned
by the holder or any of its Affiliates) and of which such securities shall be convertible (as among all such securities owned by the
holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Corporation for
conversion. No prior inability to convert the Series D Preferred Stock pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility. For the purposes of this paragraph,
beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage
ownership) shall be determined in accordance with Section 13(d) of the Securities Exchange Act and the rules and regulations
promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the
terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply to any successor holder of the
Series D Preferred Stock. The holders of Common Stock shall be third party beneficiaries of this paragraph and the Corporation may
not amend or waive this paragraph without the consent of holders of a majority of its Common Stock. For any reason at any time, upon
the written or oral request of the holder, the Corporation shall within one (1) Business Day confirm orally and in writing to the
holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion of convertible securities into
Common Stock, including, without limitation, pursuant to this Certificate of Designation or securities issued pursuant to this Certificate
of Designation. By written notice to the Corporation, any holder may increase or decrease the Maximum Percentage to any other percentage
not in excess of 9.99% specified in such notice; provided that (i) any such increase will not be effective until the
61st day after such notice is delivered to the Corporation, and (ii) any such increase or decrease will apply only to such holder
sending such notice and not to any other holder.

 

    C-9 

     

    

 

(e)          Conversion
Price Adjustments of Series D Preferred Stock for Certain Dilutive Issuances, Splits and Combinations. The Series D Conversion
Price shall be subject to adjustment from time to time as follows:

 

(i)     (A)     If
this Corporation shall issue, on or after the date upon which this Certificate of Designation is accepted for filing by the Secretary
of State of the State of Delaware (the "Filing Date"), any Additional Stock (as defined below) without consideration
or for a consideration per share less than the Series D Conversion Price in effect immediately prior to the issuance of such Additional
Stock, the Series D Conversion Price in effect immediately prior to each such issuance shall forthwith (except as otherwise provided
in this clause (i)) be adjusted to a price determined by multiplying the Series D Conversion Price by a fraction, the numerator of
which shall be (1) the number of shares of Common Stock Outstanding immediately prior to such issuance plus (2) the number
of shares of Common Stock that the aggregate consideration received by this Corporation for such issuance would purchase at the then-existing
Series D Conversion Price; and the denominator of which shall be the number of shares of Common Stock Outstanding immediately prior
to such issuance plus the number of shares of such Additional Stock. For purposes of this subsection 6(e)(i)(A), the term "Common
Stock Outstanding" shall mean and include the following: (1) outstanding Common Stock, (2) Common Stock issuable upon
conversion of outstanding preferred stock (without regard to any limitations on the conversion of the preferred stock contained in this
Certificate of Designation), (3) Common Stock issuable upon exercise of outstanding stock options, and (4) Common Stock issuable
upon exercise (and, in the case of warrants to purchase preferred stock, conversion) of outstanding warrants. Shares described in (1) through
(4) above shall be included whether vested or unvested, whether contingent or non-contingent and whether exercisable or not yet exercisable.

 

    C-10 

     

    

 

(B)          No
adjustment of the Series D Conversion Price shall be made in an amount less than one cent per share, provided that
any adjustments that are not required to be made by reason of this sentence shall be carried forward and shall be either taken into account
in any subsequent adjustment made prior to three (3) years from the date of the event giving rise to the adjustment being carried
forward, or shall be made at the end of three (3) years from the date of the event giving rise to the adjustment being carried forward.
Except to the limited extent provided for in subsections (E)(3) and (E)(4), no adjustment of such Conversion Price pursuant to subsection
6(e)(i) shall have the effect of increasing the Conversion Price above the Conversion Price in effect immediately prior to such
adjustment.

 

(C)          In
the case of the issuance of Common Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting
any reasonable discounts, commissions or other expenses allowed, paid or incurred by this Corporation for any underwriting or otherwise
in connection with the issuance and sale thereof.

 

(D)          In
the case of the issuance of the Common Stock for a consideration in whole or in part other than cash, the consideration other than cash
shall be deemed to be the fair value thereof as determined in good faith by the Board of Directors, irrespective of any accounting treatment.

 

(E)          In
the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible into or
exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following
provisions shall apply for all purposes of this subsection 6(e)(i) and subsection 6(e)(ii):

 

(1)          The
aggregate maximum number of shares of Common Stock deliverable upon exercise (assuming the satisfaction of any conditions to exercisability,
including without limitation, the passage of time, but without taking into account potential antidilution adjustments) of such options
to purchase or rights to subscribe for Common Stock shall be deemed to have been issued at the time such options or rights were issued
and for a consideration equal to the consideration (determined in the manner provided in subsections 6(e)(i)(C) and (e)(i)(D)), if
any, received by this Corporation upon the issuance of such options or rights plus the minimum exercise price provided in such options
or rights (without taking into account potential antidilution adjustments) for the Common Stock covered thereby.

 

    C-11 

     

    

 

(2)          The
aggregate maximum number of shares of Common Stock deliverable upon conversion of, or in exchange for (assuming the satisfaction of any
conditions to convertibility or exchangeability, including, without limitation, the passage of time, but without taking into account
potential antidilution adjustments), any such convertible or exchangeable securities or upon the exercise of options to purchase or rights
to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof, shall be deemed to have been
issued at the time such securities were issued or such options or rights were issued and for a consideration equal to the consideration,
if any, received by this Corporation for any such securities and related options or rights (excluding any cash received on account of
accrued interest or accrued dividends), plus the minimum additional consideration, if any, to be received by this Corporation (without
taking into account potential antidilution adjustments) upon the conversion or exchange of such securities or the exercise of any related
options or rights (the consideration in each case to be determined in the manner provided in subsections 6(e)(i)(C) and (e)(i)(D)).

 

(3)          In
the event of any change in the number of shares of Common Stock deliverable or in the consideration payable to this Corporation upon exercise
of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities, including, but not limited
to, a change resulting from the antidilution provisions thereof; the Series D Conversion Price to the extent in any way affected
by or computed using such options, rights or securities, shall be recomputed to reflect such change, but no further adjustment shall be
made for the actual issuance of Common Stock or any payment of such consideration upon the exercise of any such options or rights or the
conversion or exchange of such securities.

 

(4)          Upon
the expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any options
or rights related to such convertible or exchangeable securities, the Series D Conversion Price to the extent in any way affected
by or computed using such options, rights or securities or options or rights related to such securities, shall be recomputed to reflect
the issuance of only the number of shares of Common Stock (and convertible or exchangeable securities that remain in effect) actually
issued upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the exercise of the options
or rights related to such securities.

 

(5)          The
number of shares of Common Stock deemed issued and the consideration deemed paid therefor pursuant to subsections 6(e)(i)(E)(1) and
(2) shall be appropriately adjusted to reflect any change, termination or expiration of the type described in either subsection 6(e)(i)(E)(3) or
(4).

 

    C-12 

     

    

 

(ii)          "Additional
Stock" shall mean any shares of Common Stock issued (or deemed to have been issued pursuant to subsection 6(e)(i)(E)) by this
Corporation on or after the Filing Date other than:

 

(A)          Common
Stock issued pursuant to a transaction described in subsection 4(e) hereof;

 

(B)          Common
Stock issued to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their
services pursuant to plans or agreements approved by this Corporation's Board of Directors, provided, however,
that the total number of shares exempt pursuant to this sub-section shall not exceed 10% of the Corporation's total number of shares
of Common Stock issued and outstanding on a fully diluted basis at such time of issuance;

 

(C)          Common
Stock issued pursuant to a Qualified Public Offering;

 

(D)          Common
Stock issued pursuant to the conversion or exercise of convertible or exercisable securities outstanding on the Filing Date;

 

(E)          Common
Stock issued in connection with a bona fide business acquisition of or by this Corporation, whether by merger, consolidation, sale of
assets, sale or exchange of stock or otherwise;

 

(F)          Common
Stock issued or deemed issued pursuant to subsection 6(e)(i)(E) as a result of a decrease in the Conversion Price of any series of
preferred stock resulting from the operation of this subsection 6(e);

 

(G)          Common
Stock issued or deemed issued in connection with bank debt, equipment leases or similar credit facilities, provided such issuances are
for other than primarily equity financing purposes and approved by the Board of Directors; or

 

(H)          Common
Stock issued upon conversion of the Series D Preferred Stock.

 

    C-13 

     

    

 

(iii)          In
the event this Corporation should at any time or from time to time after the Filing Date fix a record date for the effectuation of a
split or subdivision of the outstanding shares of Common Stock without a corresponding split or subdivision of the Series D Preferred
Stock or the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares
of Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional
shares of Common Stock (hereinafter referred to as "Common Stock Equivalents") without payment of any consideration
by such holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common Stock
issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split or subdivision
if no record date is fixed), the Conversion Price of the Series D Preferred Stock shall be appropriately decreased so that the number
of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase of the
aggregate of shares of Common Stock outstanding and those issuable with respect to such Common Stock Equivalents with the number of shares
issuable with respect to Common Stock Equivalents determined from time to time in the manner provided for deemed issuances in subsection
6(e)(i)(E).

 

(iv)          If
the number of shares of Common Stock outstanding at any time after the Filing Date is decreased by a combination of the outstanding shares
of Common Stock, without a corresponding decrease of the Series D Preferred Stock then, following the record date of such combination,
the Series D Conversion Price shall be appropriately increased so that the number of shares of Common Stock issuable on conversion
of each share of such series shall be decreased in proportion to such decrease in outstanding shares.

 

(f)          Other
Distributions. In the event this Corporation shall declare a distribution payable in securities of other persons, evidences of indebtedness
issued by this Corporation or other persons, assets (excluding cash dividends) or options or rights not referred to in subsection 6(e)(iii),
then, in each such case for the purpose of this subsection 6(f), the holders of the Series D Preferred Stock shall be entitled to
a proportionate share of any such distribution as though they were the holders of the number of shares of Common Stock of this Corporation
into which their shares of Series D Preferred Stock are convertible as of the record date fixed for the determination of the holders
of Common Stock of this Corporation entitled to receive such distribution without regard to any limitations on the conversion of the Series D
Preferred Stock contained in this Certificate of Designation.

 

(g)          Recapitalizations.
If at any time or from time to time there shall be a recapitalization of the Common Stock (other than a subdivision, combination or merger
or sale of assets transaction provided for elsewhere in this Section 6) the holders of the Series D Preferred Stock shall thereafter
be entitled to receive upon conversion of the Series D Preferred Stock the number of shares of stock or other securities or property
of this Corporation or otherwise, to which a holder of Common Stock deliverable upon conversion would have been entitled on such recapitalization.
In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 6 with respect to the
rights of the holders of the Series D Preferred Stock after the recapitalization to the end that the provisions of this Section 6
(including adjustment of the Series D Conversion Price then in effect and the number of shares purchasable upon conversion of the
Series D Preferred Stock) shall be applicable after that event as nearly equivalent as may be practicable.

 

    C-14 

     

    

 

(h)          No
Fractional Shares and Certificate as to Adjustments.

 

(i)          No
fractional shares shall be issued upon the conversion of any share or shares of the Series D Preferred Stock and the aggregate number
of shares of Common Stock to be issued to particular stockholders, shall either, at the Corporation's option, be rounded (A) up to
the nest whole share or (b) down to the nearest whole share and the Corporation shall pay in cash the fair value of any fractional
shares as of the time when entitled to receive such fractions are determined, provided, however, that the
Corporation may not round down if the nearest whole share is less than one (1).

 

(ii)          Upon
the occurrence of each adjustment or readjustment of the Series D Conversion Price pursuant to this Section 6, this Corporation,
at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to
each holder of Series D Preferred Stock a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. This Corporation shall furnish or cause to be furnished to such holder a like certificate
setting forth (A) such adjustment and readjustment, (B) the Series D Conversion Price at the time in effect, and (C) the
number of shares of Common Stock and the amount, if any, of other property that at the time would be received upon the conversion of
a share of Series D Preferred Stock.

 

(i)          Notices
of Record Date. In the event of any taking by this Corporation of a record of the holders of any class of securities for the purpose
of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, this Corporation
shall mail to each holder of Series D Preferred Stock, at least ten (10) days prior to the date specified therein, a notice
specifying the date on which any such record is to be taken for the purpose of such dividend, distribution, and the amount and character
of such dividend or distribution.

 

(j)          Reservation
of Stock Issuable Upon Conversion. This Corporation shall at all times reserve and keep available out of its authorized but unissued
shares of Common Stock, solely for the purpose of effecting the conversion of the shares of the Series D Preferred Stock, such number
of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Series D
Preferred Stock (without regard to any limitations on the conversion of the Series D Preferred Stock contained in this Certificate
of Designation); and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the
conversion of all then outstanding shares of the Series D Preferred Stock, in addition to such other remedies as shall be available
to the holders of such Series D Preferred Stock, this Corporation will take such corporate action as may, in the opinion of its counsel,
be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes,
including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment of the
Certificate of Incorporation.

 

    C-15 

     

    

 

(k)          Notices.
Any notice required by the provisions of this Section 6 to be given to the holders of shares of Series D Preferred Stock shall
be deemed given if deposited in the United States mail, postage prepaid, and addressed to each holder of record at such holder's address
appearing on the books of this Corporation.

 

(l)          Waiver
of Adjustment to Conversion Price. Notwithstanding anything herein to the contrary, any downward adjustment of the Series D Conversion
Price may be waived, either prospectively or retroactively or in a particular instance, by the consent or vote of all holders of the outstanding
shares of Series D Preferred Stock (with regard to the Series D Conversion Price). Any such waiver shall bind all future holders
of shares of Series D Preferred Stock.

 

7.
Voting Rights. Except as provided by law, the holder of each share of Series D Preferred Stock shall have no voting
rights except as set forth below in Section 8. To the extent the holder of a share of Series D Preferred Stock is entitled
to vote on a matter pursuant to Section 8, then the holder of each share of Series D Preferred Stock shall have the right to
one vote for each share, and shall be entitled to notice of such stockholders’ meeting in accordance with the bylaws of this Corporation,
and shall be entitled to vote upon such matters and in such manner as may be provided by law.

 

8.
Protective Provisions.

 

(a)          This
Corporation shall not consummate a Liquidation Event without first obtaining the approval (by vote or written consent, as provided by
law) of the holders of each of a majority of the then outstanding shares of Series D Preferred Stock, voting separately;

 

(b)          This
Corporation shall not, without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority
of the then outstanding shares of Series D Preferred Stock, voting separately:

 

(i)          authorize
or issue, or obligate itself to issue, any equity security (including any other security convertible into or exercisable for any such
equity security) having a preference over or parity with the Series D Preferred Stock with respect to dividends, liquidation, redemption
or voting;

 

(ii)        amend
the Certificate of Incorporation or the Corporation's bylaws to adversely affect the rights, preferences and privileges of the Series D
Preferred Stock;

 

(iii)       enter
into, or consummate the merger or consolidation of this Corporation with or into another entity, or

 

(iv)       voluntarily
dissolve, liquidate or wind up the affairs of the Corporation or voluntarily petition for bankruptcy or assignment for the benefit of
creditors.

 

9.
Status of Converted Stock. In the event any shares of Series D Preferred Stock shall be converted pursuant to Section 6
hereof, the shares so converted shall be cancelled and shall not be issuable by this Corporation. The Certificate of Incorporation of
this Corporation shall be appropriately amended to effect the corresponding reduction in this Corporation's authorized capital stock.

 

    C-16

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