Document:

Exhibit 10.1

 

SECURITIES
PURCHASE AND REGISTRATION RIGHTS AGREEMENT

 

THIS SECURITIES PURCHASE
AND REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 13, 2018, by and among Cryoport,
Inc., a Nevada corporation with headquarters located at 17305 Daimler Street, Irvine, CA 92614 (the “Company”),
and each investor identified on the signature pages hereto (each, an “Investor” and collectively, the “Investors”).

 

RECITALS

 

A.           The
Company and each Investor are executing and delivering this Agreement in reliance upon the exemption from registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation
D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act.

 

B.           Each
Investor, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in
this Agreement, that aggregate number of shares of the common stock, $0.001 par value, of the Company (the “Common Stock”),
set forth across from such Investor’s name under the heading “Number of Shares Purchased” on the Schedule of
Investors (which aggregate amount for all Investors together shall collectively be referred to herein as the “Common Shares”).

 

C.           In
addition, each Investor, severally and not jointly, wishes to purchase, and the Company wishes to issue to each Investor, upon
the terms and conditions stated in this Agreement, one or more floating rate convertible notes of the Company in substantially
the form attached hereto as Exhibit B (collectively, the “Notes” and each, individually, a “Note”)
in the aggregate principal amount set forth across from such Investor’s name under the heading “Principal Amount of
Note” on the Schedule of Investors, which Notes shall be convertible on the terms stated therein into shares of Common Stock
of the Company (that shares of Common Stock issuable pursuant to the terms of the Notes, including, without limitation, upon conversion
or otherwise, collectively, the “Note Shares”). The Common Shares, the Notes and the Note Shares are collectively
referred to herein as the “Securities.”

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the Company and the Investors, intending to be legally bound hereby, agree as follows:

 

Article
I

DEFINITIONS

 

1.1          Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:

 

“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 144 under the Securities Act.

 

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

 

“Allowable Grace
Period” has the meaning set forth in Section 4.7(c)(xv).

 

    	 	 	 

     

    

 

“Applicable Date”
means the earlier of (x) the first date on which the resale by the Investors of all the Registrable Securities required to be filed
on the initial Registration Statement is declared effective by the SEC (and each prospectus contained therein is available for
use on such date) or (y) the first date on which all of the Registrable Securities are eligible to be resold by the Investors pursuant
to Rule 144 (or, if a Current Public Information Failure has occurred and is continuing, such later date after which the Company
has cured such Current Public Information Failure).

 

“BHCA”
has the meaning set forth in Section 3.1(jj).

 

“Business Day”
means any day other than Saturday, Sunday, any day which shall be 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.

 

“Buy-In”
has the meaning set forth in Section 4.1(e).

 

“Buy-In Price”
has the meaning set forth in Section 4.1(e).

 

“Claims”
has the meaning set forth in Section 6.1(a).

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing Date”
means the first (1st) Trading Day after the date on which this Agreement has been executed and delivered by all parties
hereto, unless on such date the conditions set forth in Sections 2.2, 5.1 and 5.2 (other than those to be
satisfied at the Closing) shall not have been satisfied or waived in writing, in which case the Closing Date shall be on the first
(1st) Trading Day after the date on which the last to be satisfied or waived of the conditions set forth in Sections
2.2, 5.1 and 5.2 (other than those to be satisfied at the Closing) shall have been satisfied or waived.

 

“Common Shares”
has the meaning set forth in the Recitals.

 

“Common Stock”
has the meaning set forth in the Recitals.

 

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

 

“Company Counsel”
means Snell & Wilmer L.L.P.

 

“Current Public
Information Failure” has the meaning set forth in Section 4.7(b).

 

“Effectiveness
Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 4.7(a),
the earlier of (A) the 90th calendar day after the Closing Date (or, if subject to a review by the SEC, the 120th
calendar day after the Closing Date) (subject to any Permitted Initial Registration Extension pursuant to Section 4.7(c)(xix))
and (B) the 5th Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by
the SEC that such Registration Statement will not be reviewed or will not be subject to further review and (ii) with respect to
any additional Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier
of (A) the 90th calendar day following the date on which the Company was required to file such additional Registration
Statement (or, if subject to a review by the SEC, the 120th calendar day following the date on which the Company was
required to file such additional Registration Statement) and (B) the 5th Business Day after the date the Company is
notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will
not be subject to further review.

 

    	 	2	 

     

    

 

“Effectiveness
Failure” has the meaning set forth in Section 4.7(b).

 

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

 

“Federal Reserve”
has the meaning set forth in Section 3.1(jj).

 

“Filing Deadline”
means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 4.7(a), the 45th
calendar day after the Closing Date (subject to any Permitted Initial Registration Extension pursuant to Section 4.7(c)(xix))
and (ii) with respect to any additional Registration Statements that may be required to be filed by the Company pursuant to this
Agreement, the date on which the Company was required to file such additional Registration Statement pursuant to the terms of this
Agreement.

 

“Filing Failure”
has the meaning set forth in Section 4.7(b).

 

“FINRA”
has the meaning set forth in Section 3.2(c).

 

“GAAP”
means United States generally accepted accounting principles applied on a consistent basis during the periods involved.

 

“Grace Period”
has the meaning set forth in Section 4.7(c)(xv).

 

“Indebtedness”
means, with respect to any Person, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken
or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course
of business), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments,
(D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired
with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event
of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement
which, in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, and (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security
interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by such Person,
even though such Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness.

 

“Indemnified Damages”
has the meaning set forth in Section 6.1(a).

 

“Indemnified Party”
has the meaning set forth in Section 6.1(b).

 

“Indemnified Person”
has the meaning set forth in Section 6.1(a).

 

“Initial Registration
Statement” has the meaning set forth in Section 4.7(c)(xix).

 

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

 

“Legend Removal
Date” has the meaning set forth in Section 4.1(d).

 

    	 	3	 

     

    

 

“Lien”
means any lien, charge, claim, security interest, pledge, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Maintenance Failure”
has the meaning set forth in Section 4.7(b).

 

“Material Adverse
Effect” means any condition, circumstance, or situation that may result in, or reasonably be expected to result in (i)
a material adverse effect on the legality, validity or enforceability of this Agreement or any of the Transaction Documents, (ii)
a material adverse effect on the results of operations, assets, business, condition (financial or otherwise) or prospects of the
Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s authority or ability
to perform its obligations hereunder or under any of the Transaction Documents in any material respect on a timely basis.

 

“Material Contract”
means any contract of the Company that has been filed or was required to have been filed as an exhibit to the SEC Reports pursuant
to Item 601(b)(10) of Regulation S-K.

 

“Money Laundering
Laws” has the meaning set forth in Section 3.1(kk).

 

“Note Shares”
has the meaning set forth in the Recitals.

 

“Notes”
has the meaning set forth in the Recitals.

 

“OFAC”
has the meaning set forth in Section 3.1(hh).

 

“Permits”
has the meaning set forth in Section 3.1(s).

 

“Permitted Initial
Registration Extension” has the meaning set forth in Section 4.7(c)(xix).

 

“Permitted Initial
Registration Extension Notice” has the meaning set forth in Section 4.7(c)(xix).

 

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

 

“Press Release”
has the meaning set forth in Section 4.3.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, a partial proceeding, such as a deposition),
whether commenced or threatened in writing.

 

“Registrable Securities”
means (i) the Common Shares, (ii) the Note Shares, and (iii) any shares of capital stock issued or issuable with respect to the
Common Shares, the Note Shares and the Notes, including, without limitation, (1) as a result of any stock split, dividend, distribution,
recapitalization or similar transaction and (2) shares of capital stock of a Successor Entity (as defined in the Notes) into which
the shares of Common Stock are converted or exchanged, in each case, without regard to any limitations on conversion of the Notes.

 

“Registration
Delay Payments” has the meaning set forth in Section 4.7(b).

 

“Registration
Period” has the meaning set forth in Section 4.7(c)(i).

 

    	 	4	 

     

    

 

“Registration
Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering
Registrable Securities, including, in each case, the prospectus, amendments and supplements to such registration statement or prospectus,
including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such registration statement.

 

“Regulation D”
has the meaning set forth in the Recitals.

 

“Required Approvals”
has the meaning set forth in Section 3.1(p).

 

“Required Registration
Amount” means the sum of (i) the total number of Common Shares and (ii) 120% of the maximum number of Note Shares issuable
upon conversion of the Notes (assuming for purposes hereof that any such conversion shall not take into account any limitations
on the conversion of the Notes set forth in the Notes).

 

“Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Schedule of Investors”
means the list of Investors attached hereto as Annex A.

 

“SEC”
has the meaning set forth in the Recitals.

 

“SEC Reports”
has the meaning set forth in Section 3.1(g).

 

“Securities Act”
has the meaning set forth in the Recitals.

 

“Short Sales”
has the meaning set forth in Section 3.2(k).

 

“Specified Acquisition”
has the meaning set forth in Section 3.1(qq).

 

“Subsidiary”
means any Person in which the Company, directly or indirectly, (i) owns more than 50% of the outstanding capital stock or any equity
or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of
such Person.

 

“Total Purchase
Price” means, with respect to any Investor, the aggregate price paid by such Investor for Common Shares and Notes as
set forth across from such Investor’s name under the heading “Aggregate Purchase Price” on the Schedule of Investors.

 

“Trading Day”
means (i) a day on which the Common Stock is traded on a Trading Market (other than the OTCBB), or (ii) if the Common Stock is
not listed or quoted on a Trading Market (other than the OTCBB), a day on which the Common Stock is traded in the over-the-counter
market, as reported by the OTCBB, or (iii) if the Common Stock is not listed or quoted on any Trading Market, a day on which the
Common Stock is quoted in the over-the-counter market as reported by the OTC Markets Group Inc. (or any similar organization or
agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or the OTCBB on which the Common Stock is listed or quoted for trading on the date in question.

 

    	 	5	 

     

    

 

“Transaction Documents”
means this Agreement, including the schedules, annexes and exhibits attached hereto, the Notes, and the Transfer Agent Instructions
and each of the other agreements or instruments entered into or executed by the parties hereto in connection with the transactions
contemplated by this Agreement.

 

“Transfer Agent”
means Continental Stock Transfer & Trust Company, or any successor transfer agent for the Company.

 

“Transfer Agent
Instructions” means the transfer agent instructions, substantially in the form of Exhibit A, executed by the Company
and delivered to the Transfer Agent.

 

“Violations”
has the meaning set forth in Section 6.1(a).

 

Article
II

PURCHASE
AND SALE

 

2.1          Closing.
Subject to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue and sell to each Investor,
and each Investor shall, severally and not jointly, purchase from the Company, (i) such number of Common Shares set forth across
from such Investor’s name under the heading “Number of Shares Purchased” on the Schedule of Investors, at a purchase
price equal to $10.00 per Common Share and (ii) Notes in the principal amount set forth across from such Investor’s name
under the heading “Principal Amount of Note” on the Schedule of Investors, at a purchase price equal to the principal
face amount thereof. The date and time of the Closing shall be 10:00 a.m., New York City Time, on the Closing Date. The Closing
shall take place at the offices of the Company Counsel, or at such other location as the parties determine. Closing may take place
by delivery of the items to be delivered at Closing by facsimile or other electronic transmission.

 

2.2          Closing
Deliverables.

 

(a)          At
the Closing, the Company shall:

 

(i)          deliver
or cause to be delivered to each Investor a copy of the Company’s irrevocable instructions to the Transfer Agent instructing
the Transfer Agent to deliver one or more stock certificates, inclusive of such restrictive and other legends as set forth in Section
4.1(b) hereof, evidencing such number of Common Shares set forth across from such Investor’s name under the heading “Number
of Shares Purchased” on the Schedule of Investors, registered in the name of such Investor;

 

(ii)         deliver
or cause to be delivered to each Investor a duly executed Note in the principal amount set forth across from such Investor’s
name under the heading “Principal Amount of Note” on the Schedule of Investors; and

 

(iii)        pay
to Petrichor Opportunities Fund I LP a commitment fee (the “Commitment Fee”) equal to one percent (1%) of the
aggregate Total Purchase Price with respect to all the Investors, in U.S. dollars and in immediately available funds, payable to
Petrichor Opportunities Fund I LP by wire transfer to the account designated in writing to the Company by Petrichor Opportunities
Fund I LP for such purpose.

 

    	 	6	 

     

    

 

(b)          At
the Closing, each Investor shall deliver or cause to be delivered to the Company the following:

 

(i)          the
aggregate purchase price for the Common Shares and Notes purchased by such Investor hereunder, as set forth across from such Investor’s
name under the heading “Aggregate Purchase Price” on the Schedule of Investors, in U.S. dollars and in immediately
available funds, by wire transfer to an account designated in writing to such Investor by the Company for such purpose; and

 

(ii)         a
completed and executed Investor Signature Page to this Agreement.

 

Article
III

REPRESENTATIONS
AND WARRANTIES

 

3.1          Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investors as follows:

 

(a)          Subsidiaries.
The Company owns, directly or indirectly, all of the capital stock or comparable equity interests of each Subsidiary free and clear
of any Lien (other than restrictions on transfer arising under applicable securities laws), and all issued and outstanding shares
of capital stock or comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable and free
of preemptive and similar rights. The Company does not own an equity or other ownership interest in any Person other than the Subsidiaries.

 

(b)          Organization
and Qualification. The Company and each Subsidiary is an entity duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite power and legal authority
to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary
is in violation of any of the provisions of its certificate or articles of incorporation, bylaws or other organizational or charter
documents, as applicable. The Company and each Subsidiary is duly qualified to do business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

(c)          Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by each of the Transaction Documents to which it is a party, to issue the Securities in accordance with the terms hereof and thereof,
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery by the Company of each of the Transaction
Documents to which it is a party and the consummation by it of the transactions contemplated hereby and thereby, including the
issuance of the Securities and the reservation for issuance and issuance of the Note Shares, have been duly authorized by all necessary
action on the part of the Company, and (other than the filing with the SEC of one or more Registration Statements in accordance
with Section 4.7, the filing with the SEC of a Form D and any other filings as may be required by state securities agencies)
no further consent, filing, authorization or action is required from or with any United States federal or state regulatory authority
or governmental body or any Trading Market by the Company. Each of the Transaction Documents to which it is a party has been (or
upon delivery will be) duly executed by the Company and is, or when delivered in accordance with the terms hereof, will constitute,
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

    	 	7	 

     

    

 

(d)          No
Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party, the
issuance and sale of the Securities, the reservation for issuance and issuance of the Note Shares, and the consummation by the
Company of the transactions contemplated hereby and thereby do not, and will not, (i) conflict with or violate any provision of
the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, as applicable, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary,
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement (including any Material Contract), credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound, or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or any Subsidiary is subject
or by which any property or asset of the Company or any Subsidiary is bound or affected, except, in the case of clauses (ii) and
(iii) above, to the extent that such conflict, default, termination, amendment, acceleration, cancellation right or violation would
not have or reasonably be expected to result in a Material Adverse Effect. The Company is not in violation of the listing requirements
of the Trading Market and has no knowledge of any facts that would reasonably lead to delisting or suspension of the Common Stock
in the foreseeable future. The issuance of the Company of the Securities shall not have the effect of delisting or suspending the
Company Stock from the Trading Market.

 

(e)          Valid
Issuance. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens (other than restrictions on transfer
arising under applicable securities laws) and will not be subject to preemptive or similar rights of stockholders. Upon issuance
or conversion in accordance with the Notes, the Conversion Shares, when issued, will be validly issued, fully paid and nonassessable,
free and clear of all Liens (other than restrictions on transfer arising under applicable securities laws) and will not be subject
to preemptive or similar rights of stockholders, with the holders being entitled to all rights accorded to a holder of Common Stock.

 

(f)           Capitalization.
The aggregate number of shares and type of all authorized, issued and outstanding classes of capital stock, options and other securities
of the Company and of each Subsidiary (whether or not presently convertible into or exercisable or exchangeable for shares of capital
stock of the Company or any Subsidiary, as applicable) is set forth in Schedule 3.1(f) hereto. All outstanding shares of
capital stock of the Company and of each Subsidiary are duly authorized, validly issued, fully paid and nonassessable and have
been issued in compliance in all material respects with all applicable securities laws, and none of such outstanding shares was
issued in violation of any preemptive rights or similar rights to subscribe for or purchase any capital stock of the Company or
such Subsidiary. As of the Closing, the Company shall have reserved from its duly authorized capital stock not less than the maximum
number of Note Shares issuable upon conversion of the Notes based on the initial Conversion Price (as defined in the Notes) of
$13.11.

 

    	 	8	 

     

    

 

(g)          SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding
the date hereof (the “SEC Reports”). As of their respective dates (or, if amended or superseded by a filing
prior to the Closing Date, then on the date of such filing), the SEC Reports filed by the Company complied in all material respects
with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder, and none of the SEC
Reports, when filed (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing) by the
Company, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or, if amended or
superseded by a filing prior to the Closing Date, then on the date of such filing). Such financial statements have been prepared
in accordance with GAAP, except as may be otherwise specified in such financial statements or the notes thereto and except that
unaudited financial statements may not contain all footnotes required by GAAP or may be condensed or summary statements, and fairly
present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of and
for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, year-end audit adjustments. All Material Contracts to which the Company or any Subsidiary is a party or
to which the property or assets of the Company or any Subsidiary are subject are included as part of or identified in the SEC Reports.

 

(h)          Absence
of Litigation. Except as disclosed in the SEC Reports, there is no action, suit, claim, or Proceeding pending, or, to the Company’s
knowledge, threatened, before or by any court, public board, government agency, self-regulatory organization or body that adversely
affect or challenge the legality, validity or enforceability of any of the Transaction Documents or that would, individually or
in the aggregate, have or be reasonably likely to result in a Material Adverse Effect.

 

(i)           Compliance.
Except as would not, individually or in the aggregate, have or be reasonably likely to result in a Material Adverse Effect, (i)
neither the Company nor any Subsidiary is in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company
or any Subsidiary received written notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement (including any Material Contract) or instrument to which it is a party or by which
it or any of its properties is bound (whether or not such default or violation has been waived), (ii) neither the Company nor any
Subsidiary is in violation of any order of any court, arbitrator or governmental body to which the Company or any Subsidiary is
subject or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) neither the Company nor
any Subsidiary is in violation of any law, statute, rule or regulation of any governmental authority to which the Company or any
Subsidiary is subject or by which any property or asset of the Company or any Subsidiary is bound or affected.

 

(j)           Title
to Assets. Neither the Company nor any Subsidiary owns real property. The Company and each Subsidiary has good and marketable
title in all personal property owned by them that is material to the business of the Company and each Subsidiary, in each case
free and clear of all Liens, except for Liens that do not, individually or in the aggregate, have or are reasonably likely to result
in a Material Adverse Effect or which do not materially affect the value and do not materially interfere with the use of such property
by the Company. Any real property and facilities held under lease by the Company or any Subsidiary is held by it under valid, subsisting
and enforceable leases of which the Company and each Subsidiary is in compliance in all material respects.

 

    	 	9	 

     

    

 

(k)          Intellectual
Property. The Company and its subsidiaries own or possess adequate rights or licenses to use all trademarks, trade names, service
marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental
authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted. Except for matters
described in the SEC Documents, or matters which would not be reasonably likely to have a Material Adverse Effect, the Company
and its Subsidiaries do not have any knowledge of any violation or infringement by the Company or its Subsidiaries of trademark,
trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations,
trade secret or other similar rights of others, and, to the knowledge of the Company, there is no claim, action or Proceeding being
made or brought against, or to the Company’s knowledge, being threatened against, the Company or its subsidiaries regarding
trademark, trade name, patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations,
trade secret or other violation or infringement; and the Company and its subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing. The Company and its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)           Insurance.
The Company and each Subsidiary is insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses and locations in which the Company and each Subsidiary is engaged.
Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

 

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

 

(n)          Sarbanes-Oxley
Act; Disclosure Controls. The Company is in compliance in all material respects with applicable requirements of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”) and applicable rules and regulations promulgated by the SEC thereunder,
except where such noncompliance would not have, individually or in the aggregate, a Material Adverse Effect. The Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act).

 

(o)          Indebtedness.
Except as disclosed in the SEC Reports, neither the Company nor any Subsidiary has any outstanding Indebtedness.

 

    	 	10	 

     

    

 

(p)          Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents (including the issuance
of the Securities), other than (i) filings required by applicable state securities laws, (ii) the filing of a Notice of Sale of
Securities on Form D with the SEC under Regulation D of the Securities Act, (iii) the filing of any requisite notices and/or application(s)
to any Trading Market for the issuance and sale of the Common Shares and the Note Shares and the listing of the Common Shares and
Note Shares for trading or quotation, as the case may be, thereon in the time and manner required thereby, (iv) the filing of one
or more Registration Statements in accordance with Section 4.7, and (v) those that have been made or obtained prior to the
date of this Agreement (collectively, the “Required Approvals”).

 

(q)          Material
Changes; Undisclosed Events, Liabilities or Developments. Since December 31, 2017, there has been no event, occurrence or development
that has had or that would reasonably be expected to result in a Material Adverse Effect. Since December 31, 2017, except as specifically
disclosed in an SEC Report filed subsequent to such date and prior to the date hereof: (i) the Company has not incurred any liabilities
(contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP
or disclosed in filings made with the SEC, (ii) the Company has not altered its method of accounting, (iii) the Company has not
declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock and (iv) the Company has not issued any equity securities to any
officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the SEC any request for confidential treatment of information. Except for the transactions contemplated by the Transaction Documents,
including the issuance of the Securities, no event, liability, fact, circumstance, occurrence or development has occurred or exists
with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition,
that would be required to be disclosed by the Company on a Current Report on Form 8-K at the time this representation is made or
deemed made that has not been publicly disclosed at least one Trading Day prior to the date that this representation is made.

 

(r)          Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement with the Company, or any restrictive covenant in favor of any
third party.

 

(s)          Consents
and Permits. Except as disclosed in the SEC Reports, each of the Company and its Subsidiaries has made all filings, applications
and submissions required by, possesses and is operating in compliance with, all approvals, licenses, certificates, certifications,
clearances, consents, grants, exemptions, marks, notifications, orders, permits and other authorizations issued by, the appropriate
federal, state or foreign regulatory authorities necessary for the ownership or lease of its respective properties or to conduct
its businesses as described in the SEC Reports (collectively, “Permits”), except for such Permits for which
the failure to possess, obtain or make would not have a Material Adverse Effect; the Company and its Subsidiaries are in compliance
with the terms and conditions of all such Permits, except where the failure to be in compliance would not have a Material Adverse
Effect; all of the Permits are valid and in full force and effect, except where any invalidity, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received
any written notice relating to the limitation, revocation, cancellation, suspension, modification or non-renewal of any such Permit
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse
Effect, or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary
course.

 

    	 	11	 

     

    

 

(t)          Regulatory
Filings. Except as disclosed in the SEC Reports, neither the Company nor any of its Subsidiaries has failed to file with the
applicable regulatory authorities any required filing, declaration, listing, registration, report or submission, except for such
failures that, individually or in the aggregate, would not have a Material Adverse Effect.

 

(u)          Environmental
Laws. Except as set forth in the SEC Reports, the Company and its Subsidiaries (i) are in compliance with any and all applicable
federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and
safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental
Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses as described in the SEC Reports; and (iii) have not received
notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such
failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or
in the aggregate, have a Material Adverse Effect.

 

(v)         Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or
any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from providing for the borrowing of money from or lending of money to, or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of $100,000 other than for: (i) payment of salary or consulting fees for services rendered; (ii) reimbursement for expenses
incurred on behalf of the Company; and (iii) other employee benefits, including, without limitation, award agreements under any
incentive compensation plan of the Company.

 

(w)         Certain
Fees. Other than as set forth on Schedule 3.1(w), no brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Investors shall have
no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated
in this Section 3.1(w) that may be due in connection with the transactions contemplated by the Transaction Documents. The
Company shall pay, and hold each Investor harmless against, any liability, loss or expense (including, without limitation, attorney’s
fees and out-of-pocket expenses) arising in connection with any such fees or claims.

 

    	 	12	 

     

    

 

(x)          Private
Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3.2 and
their compliance with their agreements contained in this Agreement, no registration under the Securities Act is required for the
offer and sale of the Securities by the Company to the Investors pursuant to the terms of this Agreement. The issuance and sale
of the Securities hereunder does not contravene the rules and regulations of the Trading Market, which, for the avoidance of doubt,
as of the date hereof, is the NASDAQ Capital Market.

 

(y)          Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Common Shares, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

 

(z)          Registration
Rights. Other than (i) as disclosed in the SEC Reports and (ii) as set forth in this Agreement, no Person has any right to
cause the Company to effect the registration under the Securities Act of any securities of the Company or any Subsidiaries.

 

(aa)        Disclosure.
The Company understands and confirms that the Investors will rely on the foregoing representation in effecting transactions in
securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Investors regarding the Company
and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Schedules to this Agreement,
is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company
acknowledges and agrees that no Investor makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

(bb)        No
Integrated Offering. Assuming the accuracy of the Investors’ representations and warranties set forth in in Section
3.2 and their compliance with their agreements contained in this Agreement, neither the Company, nor any of its Affiliates,
nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior
offerings by the Company for purposes of the Securities Act which would require the registration of any such securities under the
Securities Act.

 

(cc)        Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Common Shares and the Notes hereunder: (i) the fair saleable value of the Company’s
assets as a going concern exceeds the amount that will be required to be paid on or in respect of the Company’s existing
debts and other liabilities (including known contingent liabilities) as they mature and (ii) the Company’s assets do not
constitute unreasonably small capital to carry on its business as now conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company. The Company does not intend to incur debts beyond
its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect
of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization
or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date.

 

(dd)        Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of
all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or
of any Subsidiary know of no basis for any such claim.

 

    	 	13	 

     

    

 

(ee)        No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered, and may offer, the Securities for sale only
to the Investors and other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(ff)         Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the Company’s knowledge, any agent or other person
acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment
to foreign or domestic government officials or employees, (iii) failed to disclose fully any contribution made by the Company or
any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv)
violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

 

(gg)        Accountants.
KMJ Corbin & Company LLP (the “Accountant”), whose report on the consolidated financial statements of the
Company is filed with the SEC as part of the Company’s most recent Annual Report on Form 10-K filed with the SEC, is and,
during the periods covered by their report, was an independent registered public accounting firm within the meaning of the Securities
Act and the Public Company Accounting Oversight Board (United States). To the Company’s knowledge, the Accountant is not
in violation of the auditor independence requirements of the Sarbanes-Oxley Act with respect to the Company.

 

(hh)        Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly
use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any joint venture
partner or other person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan or any other country sanctioned
by OFAC or for the purpose of financing the activities of any person currently subject to any U.S. sanctions.

 

(ii)          U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investors’
request.

 

(jj)          Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent or more of the outstanding shares of any class of voting securities or twenty-five percent or more
of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company
nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity
that is subject to the BHCA and to regulation by the Federal Reserve.

 

    	 	14	 

     

    

 

(kk)        Money
Laundering. The operations of the Company and its Subsidiaries are and, to the Company’s knowledge, have been conducted
at all times in material compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder
(collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is
pending or, to the Company’s knowledge, threatened.

 

(ll)          Disqualification
Events. None of the Company or any Subsidiary, any of their respective predecessors, any director, executive officer, other
officer of the Company or any Subsidiary participating in the offering contemplated hereby, any beneficial owner (as that term
is defined in Rule 13d-3 under the Exchange Act) of 20% or more of the Company’s outstanding voting equity securities, calculated
on the basis of voting power, any “promoter” (as that term is defined in Rule 405 under the Securities Act) connected
with the Company or any of the Subsidiaries in any capacity at the time of the Closing, any placement agent or dealer participating
in the offering of the Common Shares or the Notes, any of such agents’ or dealer’s directors, executive officers, other
officers participating in the offering of the Common Shares or the Notes (each, a “Covered Person” and, together,
“Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”). The Company has exercised reasonable care to
determine (i) the identity of each person that is a Covered Person; and (ii) whether any Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e). The Company is not
for any other reason disqualified from reliance upon Rule 506 of Regulation D under the Securities Act for purposes of the offer
and sale of the Securities. The Company will notify the Investors prior to the Closing Date of the existence of any Disqualification
Event with respect to any Covered Person.

 

(mm)      Acknowledgment
Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that each Investor is acting solely
in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
hereby and thereby and that no Investor is (i) an officer or director of the Company or any of its Subsidiaries, (ii) an “affiliate”
(as defined in Rule 144) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial owner”
of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Exchange Act). The Company further
acknowledges that no Investor is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any
similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice
given by an Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions
contemplated hereby and thereby is merely incidental to such Investor’s purchase of the Securities. The Company further represents
to each Investor that the Company’s and each Subsidiary’s decision to enter into the Transaction Documents to which
it is a party has been based solely on the independent evaluation by the Company, each Subsidiary and their respective representatives.

 

    	 	15	 

     

    

 

(nn)       Acknowledgement
Regarding Investors’ Trading Activity. It is understood and acknowledged by the Company that, except as otherwise specifically
set forth in any written agreement between the Company and the applicable Investor, (i) following the public disclosure of the
transactions contemplated by the Transaction Documents, in accordance with the terms thereof, none of the Investors have been asked
by the Company or any of its Subsidiaries to agree, nor has any Investor agreed with the Company or any of its Subsidiaries, to
refrain from effecting any transactions in or with respect to (including, without limitation, purchasing or selling, long and/or
short) any securities of the Company, or “derivative” securities based on securities issued by the Company or to hold
any of the Securities for any specified term; (ii) each Investor shall not be deemed to have any affiliation with or control over
any arm’s length counterparty in any “derivative” transaction; and (iv) each Investor may rely on the Company’s
obligation to timely deliver shares of Common Stock upon conversion, exercise or exchange, as applicable, of the Securities as
and when required pursuant to the Transaction Documents for purposes of effecting trading in the Common Stock of the Company. The
Company further understands and acknowledges that, except as otherwise specifically set forth in any written agreement between
the Company and the applicable Investor, following the public disclosure of the transactions contemplated by the Transaction Documents
pursuant to the Press Release (as defined below) one or more Investors may engage in hedging and/or trading activities (including,
without limitation, the location and/or reservation of borrowable shares of Common Stock) at various times during the period that
the Securities are outstanding, including, without limitation, during the periods that the value and/or number of the Note Shares
deliverable with respect to the Securities are being determined and such hedging and/or trading activities (including, without
limitation, the location and/or reservation of borrowable shares of Common Stock), if any, can reduce the value of the existing
stockholders’ equity interest in the Company both at and after the time the hedging and/or trading activities are being conducted.
The Company acknowledges that, except as otherwise specifically set forth in any written agreement between the Company and the
applicable Investor, such aforementioned hedging and/or trading activities do not constitute a breach of this Agreement, the Notes
or any other Transaction Document or any of the documents executed in connection herewith or therewith.

 

(oo)        Manipulation
of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities,
(ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, (iii) paid or agreed
to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries
in connection with the transactions contemplated by the Transaction Documents, or (iv) paid or agreed to pay any Person for research
services with respect to any securities of the Company or any of its Subsidiaries.

 

(pp)        Ranking
of Notes. Except as set forth in Schedule 3.1(pp), no Indebtedness of the Company, at the Closing, will be senior to,
or pari passu with, the Notes in right of payment, whether with respect to payment or redemptions, interest, damages, upon
liquidation or dissolution or otherwise.

 

(qq)        Acquisitions.
Except with respect to those Acquisitions (as defined below) that have specifically been disclosed in writing by the Company to
each Investor prior to the date hereof (each, a “Specified Acquisition”), neither the Company nor any of its
Subsidiaries is currently actively pursuing any acquisition of all or substantially all of the assets or capital stock of any Person
or of all or substantially all of the assets of any operating division of any Person (each, an “Acquisition”).
With respect to each Specified Acquisition, the Company has, prior to the date hereof, disclosed to each Investor (i) to the extent
in the possession of the Company or any of its Subsidiaries, the annual and quarterly financial statements of the applicable target
company in respect of such Specified Acquisition and (ii) the Company’s current expectation of the aggregate consideration
that may be payable by the Company and its Subsidiaries in connection with such Specified Acquisition (including, without limitation,
all cash or equity consideration, all Indebtedness or other liabilities incurred or assumed and the maximum amount of any earn-out
or comparable payment obligation in connection therewith).

 

    	 	16	 

     

    

 

3.2          Representations
and Warranties of the Investors. Each Investor hereby, as to itself only and for no other Investor, represents and warrants
to the Company as follows:

 

(a)          Organization;
Authority. Such Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite corporate, limited liability company, partnership or other power and authority to enter
into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder
and thereunder. The purchase by such Investor of the Common Shares and Notes hereunder and the consummation of the transactions
contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership or other action on
the part of such Investor. This Agreement and the Transaction Documents to which such Investor is a party or has or will execute
have been duly executed and delivered by such Investor and constitute the valid and binding obligations of such Investor, enforceable
against it in accordance with their terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)          No
Public Sale or Distribution. Such Investor is acquiring the Common Shares and the Notes for its own account and not with a
view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under
the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws, and such Investor does not have a present arrangement to effect any distribution of the Securities to or through any person
or entity; provided, however, by making the representations herein, such Investor does not agree, or make any representation or
warranty, to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities
at any time in accordance with or pursuant to a registration statement or an exemption from registration under the Securities Act.

 

(c)          Investor
Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. Such Investor
is not a registered broker dealer registered under Section 15(a) of the Exchange Act, or a member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or an entity engaged in the business of being a broker dealer.

 

(d)          Experience
of Such Investor; Risk of Loss. Such Investor has such knowledge, sophistication and experience in business and financial matters
so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the
merits and risks of such investment. Such Investor understands that it must bear the economic risk of its investment in the Securities
indefinitely, and is able to bear such risk and is able to afford a complete loss of such investment.

 

(e)          Access
to Information. Such Investor acknowledges that it has been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities that have been requested by such Investor.
Such Investor has been afforded the opportunity to ask questions of the Company and receive answers from representatives of the
Company concerning the Company and the terms and conditions of the offering of the Common Shares and the Notes and the merits and
risks of investing in the Common Shares and the Notes. Neither such inquiries nor any other due diligence investigations conducted
by such Investor or its advisors, if any, or its representatives shall modify, amend or affect such Investor’s right to rely
on the Company’s representations and warranties contained herein or in any other Transaction Document.

 

(f)           No
Governmental Review. Such Investor understands that no U.S. federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

    	 	17	 

     

    

 

(g)          Reliance
on Exemptions. Such Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying upon the truth and
accuracy of, and such Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of such Investor set forth herein and in the other Transaction Documents in order to determine the availability of such exemptions
and the eligibility of such Investor to acquire the Securities.

 

(h)          Residency.
Such Investor is a resident of that jurisdiction specified below its address on the Schedule of Investors.

 

(i)           Transfer
or Resale. Such Investor understands that: (i) the Securities have not been and are not being registered under the Securities
Act, any U.S. state securities laws or the laws of any foreign country or other jurisdiction, and may not be offered for sale,
sold, assigned or transferred other than pursuant to Section 4.1; and (ii) except as set forth in Section 4.7, neither the
Company nor any other Person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder.

 

(j)           Legends.
Such Investor understands that each of the certificates representing the Securities, except as set forth below, shall bear any
legend as required by the “blue sky” laws of any state and a restrictive legend as set forth in Section 4.1(b),
which shall only be removed as set forth in Section 4.1(d).

 

(k)          Certain
Trading Activities. Such Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any
understanding with such Investor, engaged in any transactions in the securities of the Company (including, without limitation,
any Short Sales (as defined below) involving the Company’s securities) prior to the execution of this Agreement by such Investor.
“Short Sales” means all “short sales” as defined in Rule 200 promulgated under Regulation SHO under
the Exchange Act.

 

Article
IV

OTHER
AGREEMENTS OF THE PARTIES

 

4.1          Transfer
Restrictions.

 

(a)          The
Investors covenant that the Securities will be disposed of only pursuant to an effective registration statement under, and in compliance
with the requirements of, the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act, and in compliance with applicable state securities laws. In connection with any
transfer of Securities other (i) than pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule
144 (provided that the Investor provides the Company with reasonable assurances (in the form of a seller representation letter)
that the Securities may be sold pursuant to such rule) or Rule 144A (as promulgated under the Securities Act), or (iv) in connection
with a bona fide pledge as contemplated in Section 4.1(c), the Company may require the transferor to provide to the Company an
opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the
Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act.
Notwithstanding the foregoing, the Company hereby consents to and agrees to register on the books of the Company and with its Transfer
Agent, without any such legal opinion, except to the extent that the transfer agent requests such legal opinion, any transfer of
Securities by an Investor to an Affiliate of such Investor, provided that such transfer does not involve a “sale” within
the meaning of Section 2(a)(3) of the Securities Act and provided that such Affiliate does not request any removal of any existing
legends on any certificate evidencing such Securities.

 

    	 	18	 

     

    

 

(b)          The
Investors agree to the imprinting, until no longer required by this Section 4.1(b), of the following legend on any certificate
evidencing any of the Securities:

 

THESE SECURITIES [for
Notes, insert: AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF] HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
LAWS OR BLUE SKY LAWS.

 

(c)          The
Company acknowledges and agrees that an Investor may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement
and, if required under the terms of such arrangement, such Investor may transfer pledged or secured Securities to the pledgees
or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel
of the pledgee, secured party or pledgor shall be required in connection therewith; provided, that an opinion of
legal counsel to the Company may be required by the Transfer Agent in connection with any such transfer. Further, no notice shall
be required of such pledge. At the appropriate Investor’s expense, the Company will execute and deliver such reasonable documentation
as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of such Securities,
including, (i) the opinion of legal counsel to the Company, if required by the Transfer Agent, as described above and (ii) if the
Securities are subject to registration pursuant to this Agreement, the preparation and filing of any required prospectus supplement
under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list
of selling stockholders.

 

(d)          Certificates
evidencing the Securities shall not be required to contain such legend or any other legend (i) following any sale of such Securities
pursuant to an effective registration statement under the Securities Act, (ii) pursuant to Rule 144 if the holder provides the
Company with a legal opinion (and the documents upon which the legal opinion is based) reasonably acceptable to the Company to
the effect that the Securities can be sold under Rule 144 or (iii) if the holder provides the Company with a legal opinion (and
the documents upon which the legal opinion is based) reasonably acceptable to the Company to the effect that the legend is not
required under applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements
issued by the staff of the SEC (the “Staff”)). The Company will no later than three (3) Trading Days following
the delivery by an Investor to the Company or the Transfer Agent (if delivery is made to the Transfer Agent a copy shall be contemporaneously
delivered to the Company) of (x) a legended certificate representing the applicable Securities and any necessary instruments of
transfer and (y) evidence reasonably satisfactory to the Company and its counsel of the occurrence of any of (i) through (iii)
above (including any applicable investor and broker representation letters and the delivery of any legal opinion referred to therein,
as applicable), deliver or cause to be delivered to such Investor (or a transferee of such Investor, as applicable) a certificate
or book-entry (including shares transferred via DWAC or similar methodology by DTC) representing such Securities that is free from
all restrictive and other legends (the date on which (x) and (y) are delivered being referred to herein as the “Legend
Removal Date”). The Company may not make any notation on its records or give instructions to the Transfer Agent that
expand the restrictions on transfer set forth in this Section 4.1(d).

 

    	 	19	 

     

    

 

(e)          If
the Company shall fail for any reason or for no reason to issue to an Investor within three Trading Days after the Legend Removal
Date a certificate or book-entry (including shares transferred via DWAC or similar methodology by DTC) that is free from all restrictive
and other legends, and if on or after such Trading Day such Investor purchases (in an open market transaction or other arm’s
length transaction) Securities to deliver in satisfaction of a sale by such Investor of such Securities that such Investor anticipated
receiving without legend from the Company (a “Buy-In”), then the Company shall, within three Business Days after
the written request of such Investor and in such Investor’s discretion, either (i) pay cash to such Investor in an amount
equal to such Investor’s total purchase price (including brokerage commissions, if any) for the shares of Securities so purchased
(the “Buy-In Price”), at which point the Company’s obligation to deliver such un-legended Securities shall
terminate, or (ii) promptly honor its obligation to deliver to such Investor such unrestricted Securities as provided above and
pay cash to such Investor in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
Securities multiplied by (B) the closing price of the Securities on the applicable Trading Market on the Legend Removal Date. If
an Investor effects a Buy-In in accordance with this Section 4.1(e), and the Company thereafter pays to such Investor, within
the applicable three Business Day period, the amount specified in the immediately preceding clauses (i) or (ii) (as elected by
such Investor’s), then such payment shall be such Investor’s sole and exclusive remedy for the Company’s failure
to issue to an Investor within three Trading Days after the Legend Removal Date a certificate or book-entry (including shares transferred
via DWAC or similar methodology by DTC) that is free from all restrictive and other legends.

 

4.2          Use
of Proceeds. The Company intends to use the net proceeds from the sale of the Common Shares and the Notes to fund future potential
acquisitions, for general corporate purposes and to pay the fees and expenses incurred in connection with the transactions contemplated
by this Agreement. The Company shall not use such proceeds in violation of FCPA or OFAC regulations.

 

4.3          Securities
Laws Disclosure; Publicity. The Company shall, on or before 9:30 a.m., New York time, on the first (1st) Business
Day after the date of this Agreement, issue a press release (the “Press Release”), the contents of which shall
be subject to prior review and written approval of the Investors, disclosing all the material terms of the transactions contemplated
by the Transaction Documents. For the avoidance of doubt, the Specified Acquisitions are not “transactions contemplated by
the Transaction Documents” for purposes of this Agreement. On or before 9:30 a.m., New York time, on the first (1st)
Business Day after the date of this Agreement, the Company shall file a Current Report on Form 8-K describing all the material
terms of the transactions contemplated by the Transaction Documents in the form required by the Exchange Act and attaching all
the material Transaction Documents (including, without limitation, this Agreement (and all schedules to this Agreement) and the
form of Notes. Without the prior written consent of an Investor, which consent shall not be unreasonably withheld, conditioned
or delayed, the Company shall not publicly disclose the name of such Investor, or include the name of such Investor in any filing
with the SEC or any regulatory agency or Trading Market; provided, however, that without such Investor’s consent, the Company
may publicly disclose the name of such Investor, or include the name of such Investor in any filing with the SEC or any regulatory
agency or Trading Market (a) as required by federal securities law or (b) to the extent such disclosure is required by law (other
than federal securities law) or Trading Market regulations, in which case the Company shall provide the Investors with prior notice
of such disclosure permitted under this clause (b); provided, however, that, notwithstanding the foregoing proviso, at least five
(5) Business Days prior to the Company’s filing with the SEC of its first Quarterly Report on Form 10-Q or Annual Report
on Form 10-K following the Closing Date, the Company shall deliver to each Investor a draft of such Quarterly Report on Form 10-Q
or such Annual Report on Form 10-K and shall reasonably cooperate with each such Investor in respect of any reasonable comments
thereto proposed by such Investor.

 

    	 	20	 

     

    

 

4.4          Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Investor is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Investor could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents.

 

4.5          Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
the Company covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Investor or its agents
or counsel with any information that the Company believes constitutes material non-public information from and after the filing
of the Press Release, unless prior thereto such Investor shall have entered into a written agreement with the Company regarding
the confidentiality and use of such information. The Company understands and confirms that each Investor shall be relying on the
foregoing covenant in effecting transactions in securities of the Company.

 

4.6          Form
D and Blue Sky. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D. The
Company, on or before the Closing Date, shall take such action as the Company shall reasonably determine is necessary in order
to obtain an exemption for or to qualify the Securities for sale to the Investors at the Closing pursuant to this Agreement under
applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification).
The Company shall make all filings and reports relating to the offer and sale of the Securities required under applicable securities
or “blue sky” laws of the states of the United States following the Closing Date and shall provide copies to any Investor
who so requests.

 

4.7          Resale
Registration.

 

(a)          Mandatory
Registration. The Company shall prepare and, as soon as reasonably practicable, but in no event later than the Filing Deadline,
file with the SEC, an initial Registration Statement on Form S-3 or such other form under the Securities Act as is then available
to the Company, providing for the resale from time to time by the Investors of at least the number of Registrable Securities equal
to the Required Registration Amount as of the date such Registration Statement is initially filed with the SEC. Notwithstanding
anything to the contrary contained herein, the Filing Deadline with respect to any Registration Statement shall be automatically
extended by a number of days necessary to address any comments to such Registration Statement by any Investor’s counsel,
which comments have required that the Company not file such Registration Statement as set forth in clause (B) of Section 4.7(c)(iii).
Such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this Agreement,
shall contain (except as otherwise directed by the Investors) the “Selling Stockholders” and “Plan of Distribution”
sections in substantially the form attached hereto as Annex B. The Company agrees to use its reasonable best efforts to
cause the initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this
Agreement, to be declared effective by the SEC as soon as practicable following such filing, but in no event later than the applicable
Effectiveness Deadline for such Registration Statement. The Company shall promptly, and in any event within three (3) Trading Days,
notify the Investors of the effectiveness of a Registration Statement.

 

    	 	21	 

     

    

 

(b)          Effect
of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration Statement covering
the resale of all of the Registrable Securities required to be covered thereby (after giving effect to any reduction pursuant to
Section 4.7(g)) and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the
Filing Deadline for such Registration Statement (a “Filing Failure”) or (B) not declared effective by the SEC
on or before the Effectiveness Deadline for such Registration Statement (an “Effectiveness Failure”) (it being
understood that if on or prior to the fifth Business Day immediately following the effective date for such Registration Statement
the Company shall not have filed a “final” prospectus for such Registration Statement with the SEC under Rule 424(b)
(to the extent such a prospectus is either technically required by such rule or is otherwise required under applicable securities
laws in order to permit the resale by the Investors of the Registrable Securities covered thereby), the Company shall be deemed
to not have satisfied this clause (i)(B) and such event shall be deemed to be an Effectiveness Failure), (ii) other than during
an Allowable Grace Period, on any day after the effective date of a Registration Statement during the Registration Period (as defined
below) for such Registration Statement sales of all of the Registrable Securities required to be included on such Registration
Statement cannot be made pursuant to such Registration Statement (including, without limitation, because of a failure to keep such
Registration Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such
Registration Statement, a suspension or delisting of the shares of Common Stock on the applicable Trading Market, or a failure
to register a sufficient number of shares of Common Stock or by reason of a stop order) or the prospectus contained therein is
not available for use for any reason (a “Maintenance Failure”), or (iii) other than during an Allowable Grace
Period, if a Registration Statement is not effective for any reason or the prospectus contained therein is not available for use
for any reason, and either (x) the Company fails for any reason to satisfy the requirements of Rule 144(c)(1), including, without
limitation, the failure to satisfy the current public information requirement under Rule 144(c) or (y) the Company has ever been
an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Company shall fail to satisfy any condition
set forth in Rule 144(i)(2) (a “Current Public Information Failure”) as a result of which any of the Investors
are unable to sell Registrable Securities without restriction under Rule 144 (including, without limitation, volume restrictions)
(a “Current Public Information Failure”), then, as partial relief (other than equity remedies) for the damages
to any holder by reason of any such delay in, or reduction of, its ability to sell Registrable Securities (which remedy shall not
be exclusive of any other remedies available in equity), the Company shall pay to each holder of Registrable Securities relating
to such Registration Statement an amount in cash equal to three quarters of one percent (0.75%) of the Total Purchase Price paid
by such Investor for the Securities purchased by such Investor pursuant to this Agreement on (1) the date of such Filing Failure,
Effectiveness Failure, Maintenance Failure or Current Public Information Failure, as applicable, and (2) on every thirty (30) day
anniversary of (I) a Filing Failure until such Filing Failure is cured; (II) an Effectiveness Failure until such Effectiveness
Failure is cured; (III) a Maintenance Failure until such Maintenance Failure is cured; and (IV) a Current Public Information Failure
until the earlier of (i) the date such Current Public Information Failure is cured and (ii) such time that such public information
is no longer required pursuant to Rule 144 (in each case, pro-rated for periods totaling less than thirty (30) days). The payments
to which a holder of Registrable Securities shall be entitled pursuant to this Section 4.7(b) are referred to herein as
“Registration Delay Payments.” Following the initial Registration Delay Payment for any particular event or
failure (which shall be paid on the date of such event or failure, as set forth above), without limiting the foregoing, if an event
or failure giving rise to the Registration Delay Payments is cured prior to any monthly anniversary of such event or failure, then
such Registration Delay Payment shall be made on the third (3rd) Business Day after such cure (pro-rated for the number
of days elapsed between the date on which the most recent Registration Delay Payment was required to have been paid in accordance
with this Section 4.7(b) and the date of cure). In the event the Company fails to make Registration Delay Payments in a
timely manner in accordance with the foregoing, such Registration Delay Payments shall bear interest at the rate of 1.0% per month
(prorated for partial months) until paid in full. Notwithstanding the foregoing, no Registration Delay Payments shall be owed to
an Investor (other than with respect to a Maintenance Failure resulting from a suspension or delisting of (or a failure to timely
list) the shares of Common Stock on the applicable Trading Market) with respect to any period during which all of such Investor’s
Registrable Securities may be sold by such Investor without restriction under Rule 144 (including, without limitation, volume restrictions)
and without the need for current public information required by Rule 144(c)(1)). For the avoidance of doubt, no more than one Registration
Delay Payment shall be payable by the Company at any given time, notwithstanding that more than one failure giving rise to a Registration
Delay Payment shall have occurred and is continuing (e.g., an Effectiveness Failure and a Current Public Information Failure continuing
simultaneously); provided, that, Registration Delay Payments shall continue in accordance with this Section 4.7(b)
until all failures giving rise to such payments are cured. Notwithstanding the foregoing, in the event an Investor assigns its
rights under this Agreement, with respect to the assignee of such rights, no Registration Delay Payment shall be payable specifically
with respect to the Registrable Securities assigned to such assignee for any event occurring from the date of such transfer until
(i) in the event that such assignee is either (x) an Affiliate of an Investor or (y) a limited partner of an Investor or an Affiliate
of any such limited partner, in each case where the Company is notified of such assignment at least five (5) days prior to the
date that the Company files the Initial Registration Statement with the SEC, the date that such assignee has satisfied its obligations
under Section 4.7(d), or (ii) in all other cases, the later of (A) thirty (30) days after the date of such transfer or (B)
the date that such assignee has satisfied its obligations under Section 4.7(d).

 

    	 	22	 

     

    

 

(c)          Related
Obligations. The Company shall use its reasonable best efforts to effect the registration of all the Registrable Securities
in accordance with the intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(i)          The
Company shall promptly prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities (but
in no event later than the applicable Filing Deadline) and use its reasonable best efforts to cause such Registration Statement
to become effective as soon as practicable after such filing (but in no event later than the applicable Effectiveness Deadline).
Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the prospectus contained
therein available for use) pursuant to Rule 415 for resales by the Investors on a delayed or continuous basis at then-prevailing
market prices (and not fixed prices) at all times until the earlier of (A) the date as of which all of the Investors may sell all
of the Registrable Securities required to be covered by such Registration Statement (disregarding any reduction pursuant to Section 4.7(g))
without restriction pursuant to Rule 144 (including, without limitation, volume restrictions) and without the need for current
public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (B) the date on which the Investors shall have
sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”).
Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that, when filed and at all times
while effective, each Registration Statement (1) shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the
circumstances in which they were made) not misleading and (2) will disclose (whether directly or through incorporation by reference
to other SEC filings to the extent permitted) all material information regarding the Company and its securities. The Company shall
submit to the SEC, within five (5) days after the Staff advises the Company (orally or in writing, whichever is earlier) that the
Staff either will not review a particular Registration Statement or has no further comments on such Registration Statement (as
the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and date not later than
forty-eight (48) hours after the submission of such request.

 

    	 	23	 

     

    

 

(ii)         Subject
to Section 4.7(c)(xv), the Company shall prepare and file with the SEC such amendments (including, without limitation, post-effective
amendments) and supplements to each Registration Statement and the prospectus used in connection with each such Registration Statement,
which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep each such
Registration Statement effective at all times during the Registration Period for such Registration Statement, and, during such
period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company
required to be covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement
or the completion of the applicable Registration Period; provided, however, by 5:30 p.m. (New York time) on or prior to the fifth
(5th) Business Day immediately following the effective date of each Registration Statement, the Company shall file with
the SEC in accordance with Rule 424(b) under the Securities Act the final prospectus to be used in connection with sales pursuant
to such Registration Statement (whether or not such a prospectus is technically required by such rule). In the case of amendments
and supplements to any Registration Statement which are required to be filed pursuant to this Agreement (including, without limitation,
pursuant to this Section 4.7(c)(ii)) by reason of the Company filing a report on Form 10-Q or Form 10-K or any analogous
report under the Exchange Act, the Company shall, if permitted under the applicable rules and regulations of the SEC, have incorporated
such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the
SEC on or prior to the third (3rd) Trading Day following the date on which the Exchange Act report is filed with the
SEC which created the requirement for the Company to amend or supplement such Registration Statement.

 

(iii)        The
Company shall (A) permit legal counsel for each Investor to review and comment upon (i) each Registration Statement that includes
the name, or otherwise identifies, any Investor as a “Selling Stockholder” with respect to securities registered for
sale pursuant to such Registration Statement at least five (5) days prior to its filing with the SEC and (ii) all amendments and
supplements to each Registration Statement that includes the name, or otherwise identifies, any Investor as a “Selling Stockholder”
with respect to securities registered for sale pursuant to such Registration Statement (including, without limitation, the prospectus
contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any
similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration
Statement or amendment or supplement thereto, in each, referred to in clause (A) above, in a form to which any legal counsel for
any Investor reasonably objects in a timely manner. The Company shall reasonably cooperate with legal counsel for each other Investor
in performing the Company’s obligations pursuant to this Section 4.7(c)(iii).

 

(iv)        The
Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement, without
charge, (i) copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to such Registration
Statement, provided that such correspondence shall not contain any material, non-public information regarding the Company or any
of its Subsidiaries, (ii) upon request, after the same is prepared and filed with the SEC, a reasonable number of copies of such
Registration Statement and any amendment(s) and supplement(s) thereto, including, if so requested, the financial statements and
schedules filed therewith, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (iii)
upon request, upon the effectiveness of such Registration Statement, two (2) copies of the prospectus included in such Registration
Statement and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request from
time to time), and (iv) such other documents, including, without limitation, copies of any preliminary or final prospectus, as
such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned
by such Investor.

 

    	 	24	 

     

    

 

(v)         The
Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by Investors of the Registrable Securities covered by any Registration Statement under such other securities
or “blue sky” laws of jurisdictions in the United States as shall be reasonably appropriate for the distribution of
the Registrable Securities covered by such Registration Statement, (ii) prepare and file in those jurisdictions, such amendments
(including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be necessary
to maintain the effectiveness thereof during the applicable Registration Period, (iii) take such other actions as may be necessary
to maintain such registrations and qualifications in effect at all times during the applicable Registration Period, and (iv) take
all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 4.7(c)(v), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The
Company shall promptly notify each Investor who holds Registrable Securities of the receipt by the Company of any notification
with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities
or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening
of any proceeding for such purpose.

 

(vi)        The
Company shall notify each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of
such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 4.7(c)(xv),
promptly prepare a supplement or amendment to such Registration Statement and such prospectus contained therein to correct such
untrue statement or omission and, upon request by any Investor, deliver two (2) copies of such supplement or amendment to such
Investor (or such other number of copies as such Investor may reasonably request). The Company shall also promptly notify each
Investor in writing when a prospectus or any prospectus supplement or post-effective amendment relating to a Registration Statement
has been filed, when a Registration Statement or any post-effective amendment thereto has become effective (notification of such
effectiveness shall be delivered to each Investor by facsimile or e-mail on the same day of such effectiveness or by overnight
mail), and when the Company receives written notice from the SEC that a Registration Statement or any post-effective amendment
thereto will be reviewed by the SEC. The Company shall respond as promptly as practicable to any comments received from the SEC
with respect to each Registration Statement or any amendment thereto. If the Company receives SEC comments which challenge the
right of an Investor to have its Registrable Securities included in a Registration Statement without being deemed an underwriter
thereunder, the Company shall, in discussions with and responses to the SEC, use its reasonable best efforts and time to cause
as many Registrable Securities as possible to be included in such Registration Statement without characterizing any Investor as
an underwriter and in such regard use its reasonable best efforts to cause the SEC to permit the affected Investors or their respective
counsel to reasonably participate in SEC conversations on such issue together with Company Counsel, and timely convey relevant
information concerning such issue with the affected Investors or their respective counsel. In no event may the Company name any
Investor as an underwriter without such Investor’s prior written consent.

 

    	 	25	 

     

    

 

(vii)       The
Company shall (i) use reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of
each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss
of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension as soon as reasonably practicable and (ii) notify each
Investor who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual notice
of the initiation or threat of any proceeding for such purpose.

 

(viii)      The
Company shall hold in confidence and not make any disclosure of confidential information concerning an Investor provided to the
Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure
of such information is necessary to avoid or correct a misstatement or omission in a Registration Statement or is otherwise required
to be disclosed in a Registration Statement pursuant to the Securities Act, (iii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction
Document. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor
and allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

(ix)         Without
limiting any obligation of the Company under this Agreement, the Company shall use its reasonable best efforts either to (i) cause
all of the Registrable Securities covered by each Registration Statement to be listed on each securities exchange on which securities
of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange, or (ii) secure designation and quotation of all of the Registrable Securities on the
applicable Trading Market. In addition, the Company shall cooperate with each Investor and any broker or dealer through which any
such Investor proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as requested
by such Investor and at such Investor’s expense. Other than with respect to the immediately preceding sentence, the Company
shall pay all fees and expenses in connection with satisfying its obligations under this Section 4.7(c)(ix).

 

(x)          The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (subject to applicable securities laws, not bearing any restrictive legend)
representing the Registrable Securities to be offered pursuant to any Registration Statement and enable such certificates to be
in such denominations or amounts (as the case may be) as the Investors may reasonably request from time to time and registered
in such names as the Investors may request.

 

    	 	26	 

     

    

 

(xi)         The
Company shall use its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

(xii)        The
Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after
the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions
of Rule 158 under the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s
fiscal quarter next following the effective date of each Registration Statement.

 

(xiii)       The
Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC in connection
with any registration hereunder.

 

(xiv)      Within
two (2) Business Days after the date on which a Registration Statement which covers Registrable Securities is declared effective
by the SEC, the Company shall deliver, or shall cause legal counsel for the Company to deliver, to the Transfer Agent (with copies
to the Investors whose Registrable Securities are included in such Registration Statement upon request by any such Investor) written
confirmation that such Registration Statement has been declared effective by the SEC.

 

(xv)       Notwithstanding
anything to the contrary herein, at any time after the date on which a particular Registration Statement is declared effective
by the SEC, the Company may suspend the use of any prospectus for sales of Registrable Securities under such Registration Statement
or delay the disclosure of any material, non-public information or pending development concerning the Company or any of its Subsidiaries
for a specified period if the disclosure of such information or development during such period would be materially detrimental,
in the good faith opinion of the Company’s board of directors or any named executive officer of the Company, to the Company
(a “Grace Period”), provided that the Company shall promptly notify the Investors in writing of the (i) existence
of material, non-public information or pending development giving rise to a Grace Period (provided that in each such notice the
Company shall not disclose the content of such material, non-public information or pending development to any of the Investors)
and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends, provided further that (I) in
the event that (x) such Grace Period relates to material non-public information or pending development relating to or involving
a business combination with respect to which the Company is required to disclose a third party’s financial statements in
a Current Report on Form 8-K or in any Registration Statement pursuant to Rule 3-05 of Regulation S-X of the Securities Act (such
financial statements of such third party that are so required to be disclosed are herein referred to as the “Required
Financial Statements”), (y) the Required Financial Statements that are so required to be disclosed includes audited financial
statements in respect of one or more periods (the “Required Audited Statements”), and (z) the applicable third
party does not then have the Required Audited Statements in its possession (a Grace Period satisfying each of the conditions in
the foregoing clauses (x), (y) and (z), a “Financial Statement Grace Period”), such Financial Statement Grace
Period shall not exceed seventy five (75) consecutive days, (II) in the event that such Grace Period is not a Financial Statement
Grace Period, such Grace Period shall not exceed thirty (30) consecutive days, (III) during any three hundred sixty five (365)
day period, (x) to the extent that a Financial Statement Grace Period shall occur during such sixty five (365) day period, all
Grace Periods (including all Financial Statement Grace Periods and all other Grace Periods) occurring during such period shall
not exceed an aggregate of ninety (90) days, or (y) to the extent that a Financial Statement Grace Period shall not occur during
such sixty five (365) day period, all Grace Periods occurring during such period shall not exceed an aggregate of forty-five (45)
days, (III) the first day of any Grace Period must be at least five (5) Trading Days after the last day of any prior Grace Period,
(IV) no Grace Period may exist during the forty-five (45) Trading Day period immediately following the effective date of such Registration
Statement (provided that such forty-five (45) Trading Day period shall be extended by the number of Trading Days during such period
and any extension thereof contemplated by this proviso during which such Registration Statement is not effective or the prospectus
contained therein is not available for use), and (V) no Grace Period may be declared on the basis of any transaction, contemplated
transaction, development or pending development, or any information related to any of the foregoing, to the extent such transaction,
contemplated transaction, development or pending development, or any information related to any of the foregoing, was the basis
of any Permitted Initial Registration Extension (each Grace Period satisfying each of the conditions in the foregoing clauses (I),
(II), (III), (IV) and (V), an “Allowable Grace Period”). For purposes of determining the length of a Grace Period
above, such Grace Period shall begin on and include the date the Company delivers to the Investors the notice referred to in clause
(i) above and shall end on and include the earlier of (x) the date stated in the notice referred to in clause (ii) above as the
end of such Grace Period or (y) to the extent considered appropriate by the Company in its sole discretion, such earlier date as
to which the Company may advise the Investors in writing after the Company’s provision of the notices described above. The
provisions of Section 4.7(c)(vi) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration
of each Grace Period, the Company shall again be bound by the first sentence of Section 4.7(c)(vi) with respect to the information
giving rise thereto unless such material, non-public information is no longer applicable.

 

    	 	27	 

     

    

 

(xvi)      If
any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter and
such Investor consents to so being named an underwriter, at the request of any Investor, the Company shall furnish to such Investor,
on the date of the effectiveness of such Registration Statement and thereafter from time to time on such dates as an Investor may
reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such
Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the
Investors.

 

(xvii)     If
any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter and
such Investor consents to so being named an underwriter, upon the written request of such Investor, the Company shall make available
for inspection, upon reasonable notice and during normal business hours, by (i) such Investor, (ii) legal counsel for such Investor
and (iii) one (1) firm of accountants or other agents retained by such Investor (collectively, the “Inspectors”),
all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be deemed reasonably necessary by each Inspector to enable such Investor to exercise its due diligence responsibly, and
cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request;
provided, however, each Inspector shall agree in writing to hold in strict confidence and not to make any disclosure (except to
such Investor) or use of any Record or other information which the Company’s board of directors determines in good faith
to be confidential, and of which determination the Inspectors are so notified, unless (1) the disclosure of such Records is necessary
to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act,
(2) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body
of competent jurisdiction, or (3) the information in such Records has been made generally available to the public other than by
disclosure in violation of this Agreement or any other Transaction Document. Such Investor agrees that it shall, upon learning
that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement
between the Company and such Investor, if any) shall be deemed to limit any Investor’s ability to sell Registrable Securities
in a manner which is otherwise consistent with applicable laws and regulations. For the avoidance of doubt, any material non-public
information received by an Inspector and/or an Investor in connection with exercising its inspection right under this Section
4.7(c)(xvii) shall not constitute a violation of any provision of the other Transaction Documents.

 

    	 	28	 

     

    

 

(xviii)    The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of its Registrable
Securities pursuant to each Registration Statement.

 

(xix)       Notwithstanding
anything to the contrary contained in this Agreement, if the Company’s board of directors determines in good faith that the
Company’s filing of the initial Registration Statement required to be filed pursuant to Section 4.7(a) (the “Initial
Registration Statement”) or the Company’s request to the SEC to have the Initial Registration Statement declared
effective would (i) materially interfere with a Specified Acquisition, or (ii) require premature disclosure of material information
regarding a Specified Acquisition that the Company has a bona fide business purpose for preserving as confidential, then, upon
delivery by the Company of written notice of such determination to each of the Investors (a “Permitted Initial Registration
Extension Notice”), the Company may extend (a “Permitted Initial Registration Extension”) the Filing
Deadline (as contemplated by clause (i) of the definition thereof) and the Effectiveness Deadline (as contemplated by clause (i)
of the definition thereof), in each case solely with respect to the Initial Registration Statement, by a period of not more than
(x) if the Company files a Current Report on Form 8-K announcing the completion of a Specified Acquisition prior to the 45th
calendar day after the Closing Date, a period of time equal to the number of days that the seventy fifth (75th) calendar
day after the date the Company files such Form 8-K exceeds the 45th calendar day after the Closing Date, and (y) if
the Company does not file a Current Report on Form 8-K announcing the completion of a Specified Acquisition prior to the 45th
calendar day after the Closing Date, fifteen (15) days; provided, that, for the avoidance of doubt, (A) any Permitted Initial Registration
Extension under this Section 4.7(c)(xix) shall relate solely to the Filing Deadline and/or Effectiveness Deadline in respect
of the Initial Registration Statement only (and not to any Registration Statement other than the Initial Registration Statement),
(B) the Company shall be permitted to effect no more than one (1) Permitted Initial Registration Extension in the aggregate pursuant
to this Section 4.7(c)(xix), (C) the Permitted Initial Registration Extension shall in no event be longer than the period
permitted by clause (x) or (y) above, as applicable, (D) to the extent the Company effects a Permitted Initial Registration Extension
under this Section 4.7(c)(xix), neither the applicable Specified Acquisition to which such Permitted Initial Registration
Extension nor any information in respect thereof shall form the basis for any Allowable Grace Period, and (E) notwithstanding anything
to the contrary set forth in this Section 4.7(c)(xix), the Effectiveness Deadline (as contemplated by clause (i) of the
definition thereof) in respect of the Initial Registration Statement shall in no event be extended to a date later than the 150th
day following the Closing Date. The Company shall specify in any Permitted Initial Registration Extension Notice delivered pursuant
to this Section 4.7(c)(xix) the length (which shall not be in excess of the length permitted by this Section 4.7(c)(xix))
of the Permitted Initial Registration Extension.

 

(d)          Obligations
of the Investors. Each Investor shall furnish to the Company such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as the Company shall reasonably request and as shall be required
in connection with the registration of the Registrable Securities, and shall execute such documents in connection with such registration
as the Company may reasonably request. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees
to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration
Statement, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s
Registrable Securities from such Registration Statement.

 

    	 	29	 

     

    

 

(e)          Expenses
of Registration. All expenses incurred in connection with any Registration Statement, excluding underwriters’ discounts
and commissions, but including without limitation all registration, filing and qualification fees, word processing, duplicating,
printers’ and accounting fees, stock exchange fees, messenger and delivery expenses, all fees and expenses of complying with
state securities or blue sky laws and the fees and disbursements of counsel for the Company shall be paid by the Company; provided,
however, in the event the Company is required to file an amendment or supplement to any Registration Statement to identify an assignee
of Registrable Securities as a “Selling Stockholder” in such Registration Statement, then, except with respect to the
first transfer by the Investor of Registrable Securities to an assignee that is (or the first series of substantially concurrent
transfers of Registrable Securities by the Investors to assignees that are) either (x) an Affiliate of an Investor or (y) a limited
partner of an Investor or an Affiliate of any such limited partner, such assignee shall pay any such expenses incurred in connection
therewith.

 

(f)           Sufficient
Number of Shares Registered. Subject to Section 4.7(g), in the event the number of shares available under any Registration
Statement during the applicable Registration Period is insufficient to cover all of the Registrable Securities required to be covered
by such Registration Statement or an Investor’s allocated portion of the Registrable Securities pursuant to Section 4.7(h),
the Company shall amend such Registration Statement (if permissible), or file with the SEC a new Registration Statement (on the
short form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the Trading
Day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as practicable,
but in any event not later than fifteen (15) days after the necessity therefor arises (but taking account of any Staff position
with respect to the date on which the Staff will permit such amendment to such Registration Statement and/or such new Registration
Statement (as the case may be) to be filed with the SEC). The Company shall use reasonable best efforts to cause such amendment
to such Registration Statement and/or such new Registration Statement (as the case may be) to become effective as soon as practicable
following the filing thereof with the SEC. Subject to Section 4.7(g), for purposes of the foregoing provision, the number
of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities”
if at any time the number of shares of Common Stock available for resale under the applicable Registration Statement is less than
the product determined by multiplying (i) the Required Registration Amount as of such time by (ii) 0.95. The calculation set forth
in the foregoing sentence shall be made without regard to any limitations on conversion, amortization and/or redemption of the
Notes (and such calculation shall assume that (A) the Notes are then convertible in full into shares of Common Stock at the then
prevailing Conversion Rate (as defined in the Notes) and (B) the initial outstanding principal amount of the Notes remains outstanding
through the scheduled Maturity Date (as defined in the Notes) and no redemptions of the Notes occur prior to the scheduled Maturity
Date (except to the extent redemptions of the Notes have actually occurred on or prior to such date).

 

    	 	30	 

     

    

 

(g)          Offering.
Notwithstanding anything to the contrary contained in this Agreement, in the event the Staff or the SEC seeks to characterize any
offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities by, or
on behalf of, the Company, or in any other manner, such that the Staff or the SEC do not permit such Registration Statement to
become effective and used for resales in a manner that does not constitute such an offering and that permits the continuous resale
at the market by the Investors participating therein (or as otherwise may be acceptable to each Investor) without being named therein
as an “underwriter,” then the Company shall reduce the number of shares to be included in such Registration Statement
by all Investors until such time as the Staff and the SEC shall so permit such Registration Statement to become effective as aforesaid.
In making such reduction, the Company shall reduce the number of shares to be included by all Investors on a pro rata basis (based
upon the number of Registrable Securities otherwise required to be included for each Investor) unless the inclusion of shares by
a particular Investor or a particular set of Investors are resulting in the Staff or the SEC’s “by or on behalf of
the Company” offering position, in which event the shares held by such Investor or set of Investors shall be the only shares
subject to reduction (and if by a set of Investors on a pro rata basis by such Investors or on such other basis as would result
in the exclusion of the least number of shares by all such Investors); provided, that, with respect to such pro rata portion allocated
to any Investor, such Investor may elect the allocation of such pro rata portion among the Registrable Securities of such Investor.
In addition, in the event that the Staff or the SEC requires any Investor seeking to sell securities under a Registration Statement
filed pursuant to this Agreement to be specifically identified as an “underwriter” in order to permit such Registration
Statement to become effective, and such Investor does not consent to being so named as an underwriter in such Registration Statement,
then, in each such case, the Company shall reduce the total number of Registrable Securities to be registered on behalf of such
Investor, until such time as the Staff or the SEC does not require such identification or until such Investor accepts such identification
and the manner thereof. In the event of any reduction in Registrable Securities pursuant to this paragraph, an affected Investor
shall have the right to require, upon delivery of a written request to the Company signed by such Investor, the Company to file
a registration statement within forty-five (45) days of such request (subject to any restrictions imposed by Rule 415 or required
by the Staff or the SEC) for resale by such Investor in a manner acceptable to such Investor, and the Company shall following such
request cause to be and keep effective such Registration Statement in the same manner as otherwise contemplated in this Agreement
for Registration Statements hereunder, in each case until such time as: (i) all Registrable Securities held by such Investor have
been registered and sold pursuant to an effective Registration Statement in a manner acceptable to such Investor or (ii) all Registrable
Securities may be resold by such Investor without restriction (including, without limitation, volume limitations) pursuant to Rule
144 (taking account of any Staff position with respect to “affiliate” status) and without the need for current public
information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (iii) such Investor agrees to be named as an underwriter
in any such Registration Statement in a manner acceptable to such Investor as to all Registrable Securities held by such Investor
and that have not theretofore been included in a Registration Statement under this Agreement.

 

(h)          Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase
in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of
Registrable Securities held by each Investor at the time such Registration Statement covering such initial number of Registrable
Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any
of such Investor’s Registrable Securities, each transferee or assignee (as the case may be) that becomes an Investor shall
be allocated a pro rata portion of the then-remaining number of Registrable Securities included in such Registration Statement
for such transferor or assignee (as the case may be). Any shares of Common Stock included in a Registration Statement and which
remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors which
are covered by such Registration Statement.

 

(i)           No
Inclusion of Other Securities. The Company shall in no event include any securities other than Registrable Securities on any
Registration Statement filed in accordance herewith without the prior written consent of the Investors. The Company shall not enter
into any agreement providing any registration rights to any of its security holders to the extent such agreement requires, or would
otherwise result in, any registration statement of the Company in respect of any securities of the Company (other than the Registrable
Securities) becoming effective on or prior to the Applicable Date.

 

    	 	31	 

     

    

 

4.8          Furnishing
of Information. In order to enable the Investors to sell the Securities under Rule 144 of the Securities Act, for a period
of two years from the Closing, the Company shall use its commercially reasonable efforts to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act. During such two year period, if the Company is not required to file reports pursuant to such laws,
it will prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) such information as is
required for the Investors to sell the Common Shares and Note Shares under Rule 144.

 

Article
V

CONDITIONS

 

5.1          Conditions
Precedent to the Obligations of the Investors. The obligation of each Investor to purchase the Common Shares and Notes at the
Closing is subject to the satisfaction, unless waived in writing by such Investor, at or before the Closing, of each of the following
conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though made on and as of the Closing Date (except for those representations
and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specified
date).

 

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

 

(c)          Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities (including all Required Approvals), all of which shall be and remain so long as necessary in full force and effect.

 

(d)          No
Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the SEC or any
Trading Market at any time since the date of execution of this Agreement and, at any time prior to the Closing Date, trading in
securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been
established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have
been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or
escalation of hostilities or other national or international calamity which, in each case, makes it impracticable to purchase the
Securities at the Closing.

 

(e)          Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company
or any Subsidiary or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be expected
to result in, a Material Adverse Effect.

 

    	 	32	 

     

    

 

(f)           Transaction
Documents. The Company shall have executed each of the Transaction Documents to which it is a party and delivered the same
to the Investors.

 

(g)          No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits
or seeks to prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(h)          Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(i)           Legal
Opinion. Company Counsel shall have delivered to the Investors a legal opinion of Company Counsel, addressed to the Investors,
in form and substance reasonable satisfactory to the Investors.

 

(j)           Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Common Shares and the Notes (including all Required Approvals), all of which shall be and remain so long as necessary in
full force and effect.

 

(k)          Officer’s
Certificate. The Company shall have delivered to the Investors a certificate executed by a duly authorized officer of the Company
certifying the fulfillment of the conditions specified in Sections 5.1(a) and 5.1(b).

 

(l)           Secretary’s
Certificate. The Company shall have delivered to the Investors a certificate executed by the secretary of the Company, dated
as of the Closing Date, as to (i) the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated
hereby, (ii) the articles of incorporation of the Company, as in effect on the Closing Date, (iii) the bylaws of the Company, as
in effect on the Closing Date, (iv) the good standing of the Company not more than five (5) days prior to the Closing Date, and
(v) the authority and incumbency of the officers of the Company executing the Transaction Documents.

 

(m)         Commitment
Fee. The Company shall have paid and delivered the Commitment Fee to Petrichor Opportunities Fund I LP.

 

(n)          General.
The Company and its Subsidiaries shall have delivered to such Investor such other documents, instruments or certificates relating
to the transactions contemplated by this Agreement as such Investor or its counsel may reasonably request

 

5.2          Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Securities at the Closing is subject
to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Investors contained herein shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though made on and as of the Closing Date (except for those representations
and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specified
date).

 

    	 	33	 

     

    

 

(b)          Deliverables.
The Investors shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.
The Investors shall have delivered to the Company those items required by Section 2.2(b).

 

Article
VI

INDEMNIFICATION

 

6.1          Indemnification.

 

(a)          To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor and each
of its directors, officers, shareholders, members, partners, employees, agents, and representatives and each Person, if any, who
controls such Investor within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs (including, without limitation, court
costs, reasonable attorneys’ fees and costs of defense and investigation), amounts paid in settlement or expenses, joint
or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit,
inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or
other regulatory agency, body or the SEC, whether pending or threatened in writing (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any breach of the representations, warranties, covenants or agreements made
by the Company in this Agreement or in the other Transaction Documents, (ii) any untrue statement or alleged untrue statement of
a material fact in any Registration Statement or any post-effective amendment thereto or in any filing made in connection with
the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable
Securities are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained
in any final prospectus relating to any Registration Statement (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to
make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, or
(iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without
limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities
pursuant to any Registration Statement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).
Subject to Section 6.1(c), the Company shall reimburse the Indemnified Persons for any legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6.1(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing
to the Company by such Indemnified Person expressly for use in connection with the preparation of, or inclusion in, any Registration
Statement or any such amendment thereof or supplement thereto and (ii) shall not be available to a particular Investor to the extent
such Claim is based on a failure of such Investor to deliver or to cause to be delivered the prospectus made available by the Company
(to the extent applicable), including, without limitation, a corrected prospectus, if such prospectus or corrected prospectus was
made available by the Company; and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of any of the Registrable Securities by any of the Investors.

 

    	 	34	 

     

    

 

(b)          In
connection with any Registration Statement, each Investor agrees to severally and not jointly indemnify, hold harmless and defend,
to the same extent and in the same manner as is set forth in Section 6.1(a), the Company, each of its directors, officers,
shareholders, members, partners, employees, agents, and representatives and each Person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Party”), against any Claim or Indemnified
Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim
or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that
such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly
for use in connection with the preparation of, or inclusion in, (x) a Registration Statement or any such amendment thereof or supplement
thereto or (y) any final prospectus relating to any Registration Statement (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC); and, subject to Section 6.1(c) and the below provisos in this Section
6.1(b), such Investor will reimburse an Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained
in this Section 6.1(b) and the agreement with respect to contribution contained in Section 6.2 shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which
consent shall not be unreasonably withheld or delayed, provided, further, that such Investor shall be liable under this Section
6.1(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result
of the applicable sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of any
of the Registrable Securities by any of the Investors.

 

(c)          Promptly
after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6.1 of notice of the
commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim,
such Indemnified Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6.1, deliver to the applicable indemnifying party a written notice of the commencement
thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory
to the indemnifying party and the Indemnified Person or the Indemnified Party (as the case may be); provided, however,
an Indemnified Person or Indemnified Party (as the case may be) shall have the right to retain its own counsel with the fees and
expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such
fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel
reasonably satisfactory to such Indemnified Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named
parties to any such Claim (including, without limitation, any impleaded parties) include both such Indemnified Person or Indemnified
Party (as the case may be) and the indemnifying party, and such Indemnified Person or such Indemnified Party (as the case may be)
shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified
Person or such Indemnified Party and the indemnifying party (in which case, if such Indemnified Person or such Indemnified Party
(as the case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the
indemnifying party, then the indemnifying party shall not have the right to assume the defense thereof and such counsel shall be
at the expense of the Indemnifying Party), provided further that in the case of clause (iii) above the indemnifying party shall
not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnified Person
or Indemnified Party (as the case may be). The Indemnified Party or Indemnified Person (as the case may be) shall reasonably cooperate
with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person
(as the case may be) which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with
respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its
prior written consent; provided, however, the indemnifying party shall not unreasonably withhold, delay or condition
its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person (as
the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the case
may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission
as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall
be subrogated to all rights of the Indemnified Party or Indemnified Person (as the case may be) with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party
of any liability to the Indemnified Person or Indemnified Party (as the case may be) under this Section 6.1, except to the
extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.

 

    	 	35	 

     

    

 

(d)          No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such
sale of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e)          the
indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the
Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities to which the indemnifying
party may be subject pursuant to the law.

 

6.2          Contribution.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6.1 to the fullest
extent permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker
would not have been liable for indemnification under the fault standards set forth in Section 6.1; (ii) no Person involved
in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of
Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable
Securities shall be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable
Securities pursuant to a Registration Statement. Notwithstanding the provisions of this Section 6.2, no Investor shall be
required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such
Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that such
Investor has otherwise been required to pay, or would otherwise be required to pay under Section 6.1(b), by reason of such
untrue or alleged untrue statement or omission or alleged omission.

 

    	 	36	 

     

    

 

Article
VII

MISCELLANEOUS

 

7.1          Termination.
This Agreement may be terminated by the Company or Investors having the right to acquire a majority of the Common Shares hereunder,
by written notice to the other parties, if the Closing has not been consummated by December 20, 2018; provided that no such termination
will affect the right of any party to sue for any breach by the other party (or parties).

 

7.2          Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, the Company shall pay or otherwise
reimburse the Investors for all fees and expenses incurred by or on behalf of the Investors in connection with the preparation,
negotiation, execution and delivery of this Agreement and the other Transaction Documents and the matters contemplated herein and
therein, including, without limitation, the fees and expenses of counsel to the Investors; provided, that, the aggregate maximum
amount of fees and expenses that the Company shall be required to reimburse the Investors in connection with the preparation, negotiation,
execution and delivery of this Agreement and the other Transaction Documents entered into in connection with the Closing shall
not exceed $150,000 unless otherwise mutually agreed upon between the Company and Petrichor Opportunities Fund I LP. In the event
any legal action or other proceeding is brought by one party against the other party to enforce any provision of the Transaction
Documents or in which the subject matter of such legal action or other proceeding arises under, or is with respect to, the provisions
of the Transaction Documents, the prevailing party in any such legal action or other proceeding is entitled to recover from the
other party all fees and expenses associated with defending or prosecuting such legal action or other proceeding, any appeal therefrom,
and any ancillary or related proceedings, including, without limitation, attorneys’ fees and costs.

 

7.3          Entire
Agreement; Further Assurances. The Transaction Documents, together with the Exhibits, Annexes and Schedules thereto, contain
the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules. At or after the Closing, and without further consideration, the Company and the Investors will execute and deliver to
the Investors such further documents as may be reasonably requested in order to give practical effect to the intention of the parties
under the Transaction Documents.

 

7.4          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
provided by email and by deposit with a nationally recognized courier service and shall be deemed given and effective on the earliest
of (a) the Trading Date such notice or communication is delivered by such nationally recognized courier service to the party to
whom such notice is required to be given, if such notice or communication is delivered at the address specified in this Section
7.4 prior to 6:30 p.m. (New York City time) on a Trading Day, or (b) the next Trading Day after the date of delivery, if such
notice or communication is delivered by such nationally recognized courier service to the party to whom such notice is required
to be given at the address specified in this Section 7.4 on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day. The addresses and email addresses for such notices and communications are those set forth on
the signature pages hereof, or such other address as may be designated in writing hereafter, in the same manner, by any such Person.

 

7.5          Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Company and the Investors holding or having the right to acquire a majority of the Common Shares and the Note Shares (voting
together as a single class) at the time of such amendment or, in the case of a waiver, by the party against whom enforcement of
any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

    	 	37	 

     

    

 

7.6          Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

7.7          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Investors; provided, however this Agreement shall be assigned to any corporation or association into which the
Company may be merged or converted or with which it may be consolidated, or any corporation, association or other similar entity
resulting from any merger, conversion or consolidation to which the Company shall be a party without the execution or filing of
any paper with any party hereto or any further act on the part of any of the parties to this Agreement except where an instrument
of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. Any Investor
may assign its rights under this Agreement to any Person to whom such Investor assigns or transfers any Securities, provided (i)
such transferor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished
to the Company after such assignment, (ii) the Company is furnished with written notice of the name and address of such transferee
or assignee, (iii) following such transfer or assignment, the further disposition of such securities by the transferee or assignee
is restricted under the Securities Act and applicable state securities laws, (iv) such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions hereof that apply to the “Investors” and (v) such transfer
shall have been made in accordance with the applicable requirements of this Agreement and with all laws applicable thereto.

 

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

 

7.9          Governing
Law; Venue; Waiver of Jury Trial. This agreement shall be governed by and construed in accordance with the laws of the State
of New York. The Company and Investors hereby irrevocably submit to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute brought by the Company or any Investor
hereunder, in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the
enforcement of any of the Transaction Documents), and hereby irrevocably waive, and agree not to assert in any suit, action or
proceeding brought by the Company or any Investor, any claim that it is not personally subject to the jurisdiction of any such
court, or that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Company and Investors hereby
waive all rights to a trial by jury.

 

    	 	38	 

     

    

  

7.10        Survival.
Unless this Agreement is terminated under Section 7.1, the representations and warranties, agreements and covenants contained
herein shall survive indefinitely.

 

7.11        Execution.
This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the same agreement.
In the event that any signature is delivered by facsimile transmission or email attachment, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such facsimile or email-attached signature page were an original thereof.

 

7.12        Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

7.13        Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several
and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of
the obligations of any other Investor under any Transaction Documents. The decision of each Investor to purchase Securities pursuant
to this Agreement has been made by such Investor independently of any other Investor and independently of any information, materials,
statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition
(financial or otherwise) or prospects of the Company which may have been made or given by any other Investor or by any agent or
employee of any other Investor, and no Investor or any of its agents or employees shall have any liability to any other Investor
(or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein
or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.
Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment
hereunder and that no other Investor will be acting as agent of such Investor in connection with monitoring its investment hereunder.
Each Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising
out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined
as an additional party in any Proceeding for such purpose.

 

7.14        Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

7.15        Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, then the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities,
but without any requirement to post a bond (unless required by the Transfer Agent, in which case the cost of such bond shall be
paid by the Company).

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	39	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed or caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	CRYOPORT, INC.

 

	 	By:	/s/ Robert Stefanovich

	 	Name:	Robert Stefanovich
	 	Title:	Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	
        Cryoport, Inc.

        17305 Daimler Street

        Irvine, CA 92614

        Email: rstefanovich@cryoport.com 

	 	 
	 	With a copy, which shall not constitute notice, to:
	 	 
	 	
        Anthony Ippolito, Esq.

        Snell & Wilmer L.L.P.

        600 Anton Boulevard., Suite 1400

        Costa Mesa, California 92626

 

COMPANY
SIGNATURE PAGE

 

    	 	 	 

     

    

 

Investor Signature Page

 

IN WITNESS WHEREOF, by
its execution and delivery of this signature page, the undersigned Investor hereby joins in and agrees to be bound by the terms
and conditions of that certain Securities Purchase and Registration Rights Agreement dated as of December 13, 2018 (the “Purchase
Agreement”), by and among Cryoport, Inc., a Nevada corporation, and the Investors (as defined therein), as to the number
of shares of Common Stock and Notes set forth across from such Investor’s name on the Schedule of Investors, and authorizes
this signature page to be attached to the Purchase Agreement or counterparts thereof.

 

	 	
        Name of Investor:

         

        PETRICHOR OPPORTUNITIES FUND I LP

        By PETRICHOR OPPORTUNITIES FUND I GP LLC

 

	 	By:	/s/ Tadd Wessel

	 	Name:  Tadd Wessel
	 	Title:  Managing Member

 

	 	Address:	
        85 Third Avenue

        Suite 2403

        New York, NY 10022

 

	 	Email Address: twessel@petrichorcap.com

 

Delivery Instructions (if different than above):

 

	c/o:	 	 

	Address:	 	 

	 	 	 

	Telephone No.:	 	 

	Facsimile No. :	 	 

	Other Special Instructions:	 	 

 

Exhibits:

 

		A	Company Transfer Agent Instructions

 

    	 	 	 

     

    

  

ANNEX
a

 

SCHEDULE
OF INVESTORS

 

	Name and Address of Investor	 	Number of
 Shares
 Purchased	 	 	Principal
 Amount of
 Note	 	 	Aggregate
 Purchase Price	 
	Petrichor Opportunities Fund I LP 
885 Third Avenue 
Suite 2403 
New York, NY 10022	 	 	1,000,000	 	 	$	15,000,000	 	 	$	25,000,000	 
	TOTAL:	 	 	1,000,000	 	 	$	15,000,000	 	 	$	25,000,000	 

 

    	 	 	 

     

    

 

Exhibit A

 

COMPANY
TRANSFER AGENT INSTRUCTIONS

 

[COMPANY TRANSFER AGENT]

[ADDRESS]

		Attention:	[_________], Account Representative

 

Ladies and Gentlemen:

 

Reference is made to that
certain Securities Purchase and Registration Rights Agreement, dated as of December 13, 2018 (the “Agreement”),
by and among Cryoport, Inc., a Nevada corporation (the “Company”), and the investors named on the Schedule of
Investors attached thereto (collectively, the “Holders”), pursuant to which the Company is issuing to the Holders
shares (the “Common Shares”) of the Company’s common stock, par value $0.001 per share (“Common
Stock”).

 

In connection with the
consummation of the transactions contemplated by the Agreement, this letter shall serve as our irrevocable authorization and direction
to you to issue an aggregate of _______ shares of Common Stock in the names and denominations set forth on Exhibit I attached
hereto. The certificates should bear the legend set forth on Exhibit II attached hereto and “stop transfer”
instructions should be placed against their subsequent transfer. Kindly deliver the certificates to the respective delivery addresses
set forth on Exhibit I via hand delivery or overnight courier. We confirm that these shares will be validly issued, fully
paid and non-assessable upon issuance.

 

Please be advised that
the Holders are relying upon this letter as an inducement to enter into the Agreement and, accordingly, each Holder is a third
party beneficiary to these instructions.

 

Please execute this letter
in the space indicated to acknowledge your agreement to act in accordance with these instructions. Should you have any questions
concerning this matter, please contact Robert Stefanovich, at RStefanovich@cryoport.com.

 

	 	Very truly yours,
	 	 
	 	CRYOPORT, INC.

 

	 	By:	 

	 	Name:
	 	Title:

 

    	 	 	 

     

    

 

	THE FOREGOING INSTRUCTIONS ARE
	ACKNOWLEDGED AND AGREED TO
	this ___ day of [_________], 2018

 

	[●]
	 

 

	By:	 	 

	 	Name:	 	 

	 	Title:	 	 

 

Enclosures

 

    	 	 	 

     

    

  

Exhibit
I

 

	Name and Address of Stockholder	 	Number of
 Shares
 Purchased

	 
	 	 	 	 	 
	 	 	 		 
	 	 	 	 	 
	 	 	 	 	 
	TOTAL:	 	 	 	 

 

    	 	 	 

     

    

  

EXHIBIT
II

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE
WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

    	 	 	 

     

    

 

ANNEX B

 

“SELLING STOCKHOLDERS” / “PLAN
OF DISTRIBUTION”

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the shares and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares covered hereby on the NASDAQ Capital Market or any other stock exchange, market
or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices.
A Selling Stockholder may use any one or more of the following methods when selling shares:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer
solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities
as agent but may position and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer
for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable
exchange;

 

		·	privately negotiated transactions;

 

		·	in transactions through broker-dealers that agree with the Selling
Stockholders to sell a specified number of such securities at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell shares under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if
available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated.

 

In connection with the
sale of the shares or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the shares in the course of hedging the positions they assume.
The Selling Stockholders may also sell shares short and deliver these shares to close out their short positions, or loan or pledge
the shares to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

    	 	B-1	 

     

    

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities
Act.

 

The Selling Stockholders
may be deemed to be statutory underwriters under the Securities Act. In addition, any broker-dealers who act in connection with
the sale of the shares hereunder may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities
Act, and any commissions received by them and profit on any resale of the shares as principal may be deemed to be underwriting
discounts and commissions under the Securities Act. Because Selling Stockholders may be deemed to be “underwriters”
within the meaning of the Securities Act, they may be subject to the prospectus delivery requirements of the Securities Act including
Rule 172 thereunder.

 

The selling stockholders
have acknowledged that they understand their obligations to comply with the provisions of the Securities Exchange Act of 1934,
as amended, and the rules thereunder relating to stock manipulation, particularly Regulation M.

 

We agreed to keep this
prospectus effective with respect to shares of common stock offered by a Selling Stockholder hereunder until the earlier of such
Selling Stockholder’s sale of such shares pursuant to this prospectus or until such shares may be sold without restrictions
or other limitations pursuant to Rule 144 (or any successor provision) under the Securities Act (including, without limitation,
volume restrictions) and without the need for current public information required by Rule 144(c)(1).

 

We will make copies of
this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to
each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

There can be no assurance
that the Selling Stockholders will sell any or all of the shares of common stock registered pursuant to the registration statement
of which this prospectus forms a part.

 

We are not aware of any
plans, arrangements or understandings between the Selling Stockholders and any underwriter, broker-dealer or agent regarding the
sale of shares of common stock by the selling stockholders.

 

We will pay all expenses
incident to the filing of this registration statement, estimated to be $[●]. These expenses include accounting and legal
fees in connection with the preparation of the registration statement of which this prospectus forms a part, legal and other fees
in connection with the qualification of the sale of the shares under the laws of certain states (if any), registration and filing
fees and other expenses.

 

    	 	B-2EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”),
entered into on the 11th day of December, 2018, by and between Akorn, Inc., a corporation incorporated under the laws
of Louisiana (the “Company”), and Jonathan Kafer (“Executive Officer”).

 

EMPLOYMENT

 

Subject to the terms and conditions of
this Agreement, the Company will employ Executive Officer as Executive Vice President and Chief Commercial Officer reporting
to the Chief Executive Officer of the Company, and having the responsibilities, duties and authority commensurate with the position
of Chief Commercial Officer. The principal location at which Executive Officer will perform such services will be the Company’s
facility located at Lake Forest, IL.

 

		1.	TERM OF AGREEMENT.

 

This Agreement shall commence as the date
hereof (the “Effective Date”) and shall continue in effect until the first anniversary of the Effective Date; provided,
that commencing on the first anniversary of the Effective Date and on each subsequent anniversary thereof, the term of this Agreement
shall automatically be extended for one (1) year and remain in effect until and unless earlier terminated by the Company or
the Executive pursuant to the terms set forth herein.

 

		2.	DEFINITIONS.

 

2.1. Accrued Compensation. “Accrued
Compensation” shall mean an amount which shall include all amounts earned or accrued through the Termination Date (as hereinafter
defined) but not paid as of the Termination Date, including, without limitation, (i) base salary, (ii) reimbursement
for reasonable and necessary expenses incurred by Executive Officer on behalf of the Company during the period ending on the Termination
Date, and (iii) vacation pay.

 

2.2. Base Amount. “Base Amount”
shall mean the amount of Executive Officer’s annual base salary at the greater of the rate in effect immediately prior to
the Change in Control (if applicable) or the rate in effect on the Termination Date, and shall include all amounts of Executive
Officer’s base salary that are deferred under the qualified and non-qualified employee benefit plans of the Company or any
other agreement or arrangement.

 

2.3. Bonus Amount. “Bonus Amount”
shall mean an amount equal to the total eligible bonus amount under the Company’s annual bonus incentive plan most recently
approved by the Company or the Company’s Board of Directors or Committee thereof.  

 

2.4. Cause. A termination of employment
is for “Cause” if Executive Officer has been convicted of or enters a plea of nolo contendere with regard to any felony
or crime involving fraud, dishonesty or moral turpitude or the termination is evidenced by a resolution adopted in good faith by
the Board to the effect that Executive Officer (i) continually failed substantially to perform Executive Officer’s reasonably
assigned duties with the Company (other than a failure resulting from Executive Officer’s incapacity due to physical or mental
illness or, following a Change in Control, from Executive Officer’s assignment of duties that would constitute Good Reason
(as hereinafter defined)), which failure continued for a period of at least ten (10) days after a written notice of demand
for substantial performance has been delivered to Executive Officer specifying the manner in which Executive Officer has failed
substantially to perform, (ii) engaged in conduct which is demonstrably and materially injurious to the Company, or breached
the express terms of this Agreement.

 

     

     

    

  

2.5. Change in Control. “Change in
Control” shall mean any of the following:

 

(a) An acquisition
(other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any Person
(as the term “person” is used for purposes of Section 13 or 14 of the Securities Exchange Act of 1934, as amended
(the “1934 Act”)) immediately after which such Person has Beneficial Ownership (as the term “beneficial ownership”
is defined under Rule 13d-3 promulgated under the 1934 Act) of forty percent (40%) or more of the combined voting power of the
Company’s then outstanding Voting Securities;

 

(b) The individuals
who, as of the date hereof, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at
least a majority of the Board; provided, that if the appointment, election or nomination for election by the Company’s shareholders
of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes
of this Agreement, be considered a member of the Incumbent Board; and provided, further, that no individual shall be considered
a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election
Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any
agreement intended to avoid or settle any Election Contest or Proxy Contest;

 

(c) The consummation
of a merger, consolidation or reorganization involving the Company, unless the shareholders of the Company immediately before such
merger, consolidation or reorganization own, directly or indirectly, immediately following such merger, consolidation or reorganization,
at least sixty percent (60%) of the combined voting power of the outstanding voting securities of the corporation resulting from
such merger, consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as
their ownership of the Voting Securities immediately before such merger, consolidation or reorganization; and

 

(d) The consummation
of an agreement for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other
than a transfer to a Subsidiary).

 

(e) Notwithstanding
the foregoing, no “Change in Control” shall be deemed to have occurred if there is consummated any transaction or series
of integrated transactions immediately following which the record holders of the Voting Securities of the Company immediately prior
to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which
owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 

2.6. Company. The “Company”
shall mean Akorn, Inc. and shall include its “Successors and Assigns” (as hereinafter defined).

 

     

     

    

  

2.7. Disability. “Disability”
shall mean a physical or mental infirmity which impairs Executive Officer’s ability to substantially perform Executive Officer’s
duties with the Company for a period of one hundred eighty (180) consecutive days; provided, that Executive Officer has not
returned to Executive Officer’s full-time employment prior to the Termination Date as stated in the Notice of Termination
(as hereinafter defined).

 

2.8. Good Reason. “Good Reason”
shall mean the occurrence of any of the events or conditions described in subsections (a) through (e) below, and further
Executive Officer’s right to terminate Executive Officer’s employment pursuant for Good Reason shall not be affected
by Executive Officer’s incapacity due to physical or mental illness. Executive Officer must determine whether to invoke the
right to terminate employment pursuant to any condition for Good Cause within ninety (90) days of the initial existence of
such condition and the Company shall be given a period of thirty (30) days from its receipt of such notice during which it
may remedy such condition.

     

(a) a change in
Executive Officer’s status or responsibilities which represents a material and adverse change from Executive Officer’s
status or responsibilities, or the assignment to Executive Officer of any duties or responsibilities which are materially inconsistent
with Executive Officer’s status or responsibilities (in either case without sole regard to any change in title or the Company’s
status as a public or private entity);

 

(b) a
reduction in Executive Officer’s base salary to a level below that in effect at any time previously (except to the extent
such reduction is not due to a Change in Control and is part of a comprehensive reduction in salary applicable to employees of
the Company generally so long as the reduction applicable to Executive Officer is comparable to the reduction applied to other
senior executives of the Company);

     

(c) the Company’s
requiring Executive Officer to be based at any place outside a 50-mile radius from Executive Officer’s job location or residence
without Executive Officer’s written consent, except for travel that is reasonably necessary in connection with the Company’s
business;

            

(d) the insolvency
or the filing (by any party, including the Company) of a petition for bankruptcy of the Company, which petition is not dismissed
within sixty (60) days;

     

(e) the failure
of the Company to obtain an agreement, satisfactory to Executive Officer, from any Successors and Assigns (as hereinafter defined)
to assume and agree to perform this Agreement, as contemplated in Section 13 hereof.

 

2.9. Notice of Termination. “Notice
of Termination” shall mean a written notice of termination of Executive Officer’s employment which indicates the general
basis for termination of Executive Officer’s employment.

 

     

     

    

 

 

 

2.10. Pro-Rata Bonus. “Pro-Rata Bonus”
shall mean an amount equal to the Bonus Amount multiplied by a fraction the numerator of which is the number of days in the fiscal
year through the Termination Date and the denominator of which is 365.

 

2.11. Successors and Assigns. “Successors
and Assigns” shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company
(including this Agreement), whether by operation of law or otherwise.

 

2.12. Termination Date. “Termination
Date” shall mean (i) in the case of Executive Officer’s death, Executive Officer’s date of death, (ii) in
the case of Good Reason, the last day of Executive Officer’s employment, and (iii) in all other cases, the date specified
in the Notice of Termination; provided, that in the case of Disability, Executive Officer shall not have returned to the full-time
performance of Executive Officer’s duties during such period of at least thirty (30) days.

 

		3.	EXECUTIVE OFFICER OBLIGATIONS.

 

During the term of this Agreement, and
excluding any periods of vacation and leave due to sickness or Disability to which Executive Officer is entitled, Executive Officer
agrees to devote his full time and attention spent on business matters to the business and affairs of the Company and, to the extent
necessary to discharge the responsibilities assigned to Executive Officer by the Company, to use Executive Officer’s reasonable
best efforts to perform faithfully and efficiently such responsibilities; provided, that it shall not be a violation of this Agreement
for Executive Officer to, without limitation, (i) serve on corporate, civic or charitable boards or committees, (ii) deliver
lectures or fulfill speaking engagements, (iii) manage personal investments and (iv) perform such other activities as the
Company’s Chief Executive Officer may approve, so long as such activities do not interfere materially with the performance
of Executive Officer’s responsibilities as an employee of the Company. It is expressly understood and agreed that to the
extent that any such activities have been conducted by Executive Officer prior to the date of a Change in Control, the continued
conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to such date shall not
thereafter be deemed to interfere with the performance of Executive Officer’s responsibilities to the Company.

 

		4.	TERMINATION OF EMPLOYMENT NOT IN CONNECTION WITH A
CHANGE IN CONTROL.

 

4.1. Termination Benefits. The Executive
Officer shall be entitled to the following compensation and benefits if, during the term of this Agreement, Executive Officer’s
employment with the Company shall be terminated, subject to Change in Control provisions contained in Section 5 below:

 

(a) If Executive
Officer’s employment with the Company shall be terminated (i) by the Company for Cause, (ii) due to Executive Officer’s
Disability or death, (iii) due to Executive Officer’s retirement pursuant to the Company’s policies applying to
executive officers generally, or (iv) by Executive Officer other than for Good Reason, the Company shall pay to Executive
Officer the Accrued Compensation;

 

     

     

    

 

(b) If Executive
Officer’s employment with the Company shall be terminated by the Company without Cause, or by the Executive Officer for Good
Reason, Executive Officer shall be entitled to the following:

 

(i) the Company
shall pay Executive Officer all Accrued Compensation and a Pro-Rata Bonus;

 

(ii) the Company
shall pay Executive Officer as severance pay and in lieu of any further compensation for periods subsequent to the Termination
Date, an amount in cash equal to one (1) times the sum of (A) the Base Amount and (B) the Bonus Amount;

 

(iii) until the
first (1st) anniversary of the Termination Date, Executive Officer shall have such rights with respect to benefits provided by
the Company, including without limitation car allowance, life insurance, disability, medical, dental and hospitalization benefits
as were provided to Executive Officer as of the Effective Date or, if greater, at any time within ninety (90) days preceding
the Termination Date.

 

(c) The amounts
provided for in Sections 4.1(a) and 4.1(b)(i), and (ii) shall be paid in a single lump sum cash payment within thirty
(30) days, or as soon as administratively practicable, after the Termination Date (but in no event later than March 15
of the following calendar year), and shall be subject to all applicable tax and other withholdings.

 

(d) The Executive
Officer shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise and, no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive
Officer in any subsequent employment.

 

4.2. Cooperation. Notwithstanding anything
to the contrary contained in this Agreement, payment of the amounts specified in Section 4.1(b)(ii) hereof is conditional
upon Executive Officer reasonably cooperating with the Company in connection with all matters relating to Executive Officer’s
employment with the Company and assisting the Company as reasonably requested in transitioning Executive Officer’s responsibilities
to Executive Officer’s replacement; provided that Executive Officer shall not be required to perform any duties or take any
action that would constitute Good Reason.

 

		5.	TERMINATION OF EMPLOYMENT FOLLOWING A CHANGE IN CONTROL.

 

5.1. Termination Benefits. If, during the
term of this Agreement, Executive Officer’s employment with the Company shall be terminated within the period of ninety (90) days
prior to the Company entering into a definitive agreement that results in a Change of Control and twelve (12) months following
the Change in Control, Executive Officer shall be entitled to the following compensation and benefits:

 

(a) If Executive
Officer’s employment with the Company shall be terminated (i) by the Company for Cause, (ii) due to Executive Officer’s
Disability or death, (iii) due to Executive Officer’s retirement pursuant to the Company’s policies applying to
executive officers generally, or (iv) by Executive Officer other than for Good Reason, the Company shall pay to Executive
Officer the Accrued Compensation;

 

     

     

    

  

(b) If Executive
Officer’s employment with the Company shall be terminated by the Company without Cause, or by the Executive Officer for Good
Reason, Executive Officer shall be entitled to the following:

 

(i) the Company
shall pay Executive Officer all Accrued Compensation and a Pro-Rata Bonus;

 

(ii) the Company
shall pay Executive Officer as severance pay and in lieu of any further compensation for periods subsequent to the Termination
Date, an amount in cash equal to two (2) times the sum of (A) the Base Amount and (B) the Bonus Amount;

 

(iii) until the
second (2nd) anniversary of the Termination Date, Executive Officer shall have such rights with respect to benefits provided by
the Company, including without limitation car allowance, life insurance, disability, medical, dental and hospitalization benefits
as were provided to Executive Officer as of the Effective Date or, if greater, at any time within ninety (90) days preceding
the date of the Change in Control; and

 

(iv) the restrictions
on any outstanding incentive awards (including restricted stock and granted performance shares or units) granted to Executive Officer
under the Company’s stock option and other stock incentive plans or under any other incentive plan or arrangement shall lapse
and such incentive award shall become 100% vested, all stock options and stock appreciation rights granted to Executive Officer
shall become immediately exercisable and shall become 100% vested and all performance units granted to Executive Officer shall
become 100% vested.

 

(v) Notwithstanding
the foregoing, in the event that any payment or benefit received or to be received by Executive Officer in connection with Executive
Officer’s separation with the Company (collectively, the “Severance Parachute Payments”) would (i) constitute
a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
or any similar or successor provision to 280G and (ii) but for this Section 5, be subject to the excise tax imposed by
Section 4999 of the Code or any similar or successor provision to Section 4999 (the “Excise Tax”), then such
Severance Parachute Payments shall be reduced to the largest amount which would result in no portion of the Severance Parachute
Payments being subject to the Excise Tax. In the event any reduction of benefits is required pursuant to this Agreement, Executive
Officer shall be allowed to choose which benefits hereunder are reduced (e.g., reduction first from the Severance Payment, then
from the vesting acceleration). Any determination as to whether a reduction is required under this Agreement and as to the amount
of such reduction shall be made in writing by the independent public accountants appointed for this purpose by the Company (the
“Accountants”) prior to, or immediately following, the Change of Control, whose determinations shall be conclusive
and binding upon Executive Officer and the Company for all purposes. If the Internal Revenue Service (the “IRS”) determines
that these Parachute Payments are subject to the Excise Tax, then the Company or any related corporation, as their exclusive remedy,
shall seek to enforce the provisions of this Section hereof. Such enforcement of this Section shall be the only remedy, under any
and all applicable state and federal laws or otherwise, for Executive Officer’s failure to reduce the Severance Parachute
Payments so that no portion thereof is subject to the Excise Tax. The Company or related corporation shall reduce the Severance
Parachute Payments in accordance with this Section only upon written notice by the Accountants indicating the amount of such reduction,
if any. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated
by this Agreement.

 

     

     

    

  

(c) The amounts
provided for in Sections 5.1(a) and 5.1(b)(i) and (ii) shall be paid in a single lump sum cash payment within thirty
(30) days, or as soon as administratively practicable, after the Termination Date (but in no event later than March 15
of the following calendar year), and shall be subject to all applicable tax and other withholdings.

 

(d) The Executive
Officer shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise and, no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive
Officer in any subsequent employment.

 

5.2. Cooperation. Notwithstanding anything
to the contrary contained in this Agreement, payment of the amounts specified in Section 5.1(b)(ii) hereof is conditional
upon Executive Officer reasonably cooperating with the Company in connection with all matters relating to Executive Officer’s
employment with the Company and assisting the Company as reasonably requested in transitioning Executive Officer’s responsibilities
to Executive Officer’s replacement; provided that Executive Officer shall not be required to perform any duties or take any
action that would constitute Good Reason.

 

		6.	OTHER BENEFIT POLICIES.

 

The severance pay and benefits provided
for in Sections 4 or 5 shall be in lieu of any other severance or termination pay to which Executive Officer may be entitled
under any Company severance or termination plan, program, practice or arrangement. Notwithstanding the foregoing, nothing in this
Agreement shall prevent or limit Executive Officer’s continuing or future participation in any benefit, bonus, incentive
or other plan or program provided by the Company (except for any severance or termination policies, plans, programs or practices)
and for which Executive Officer may qualify, nor shall anything herein limit or reduce such rights as Executive Officer may have
under any other agreements with the Company (except for any severance or termination agreement). Amounts which are vested benefits
or which Executive Officer is otherwise entitled to receive under any plan or program of the Company shall be payable in accordance
with such plan or program, except as explicitly modified by this Agreement. The Company may condition the payment to Executive
Officer of severance benefits upon Executive Officer’s delivery of a reasonable form of release in favor of the Company containing
customary terms and conditions for the release of employment related claims and including mutual non-disparagement provisions.
Regardless of whether the Company conditions such severance benefits on a release as described above, payment of such severance
benefits shall be made in accordance with Sections 4.1(c) or 5.1(c), as applicable. Nothing in this Agreement shall alter Executive
Officer’s status as an “at will” employee of the Company.

 

		7.	NOTICE OF TERMINATION.

 

Any purported termination of Executive
Officer’s employment by the Company shall be communicated by Notice of Termination to Executive Officer.

 

     

     

    

  

		8.	CONFIDENTIAL INFORMATION.

 

8.1. Confidence. Executive Officer shall
hold in confidence for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company
and its businesses, which shall have been obtained by Executive Officer in the course of Executive Officer’s employment by
the Company and which shall not be public knowledge (other than by acts by Executive Officer in violation of this Agreement) (“Confidential
Information”). Whether before or after termination of the Executive Officer’s employment with the Company, Executive
Officer shall not, without the prior written consent of the Company, communicate, use or divulge any Confidential Information,
other than to the Company and to those persons or entities designated by the Company or as otherwise is reasonably necessary for
Executive Officer to carry out his or her responsibilities as an executive of the Company. Confidential Information shall not include
information which is required to be disclosed pursuant to law, provided Executive Officer uses reasonable efforts to give the Company
reasonable notice of such required disclosure.

 

8.2. Remedies. Executive Officer agrees
that any breach or threatened breach by Executive Officer of this Section 8 will entitle the Company to defer or withhold any amounts
otherwise payable to Executive Officer under this Agreement.

 

		9.	COVENANT NOT TO COMPETE.

 

9.1. Non-Competition. Executive Officer
agrees that from the Effective Date hereof until the sooner to occur of (i) the end of the twelfth month following the Termination
Date or (ii) the end of the twelfth month following the Change in Control (if applicable), Executive Officer will not directly
engage in any business activity that is or may reasonably be found to be in competition with the business of the Company and its
subsidiaries as such business may exist at any time from the Effective Date through the Termination Date without prior notice and
consent of the Company which will not be unreasonably withheld by the Company; provided, that nothing in this Agreement shall be
deemed to prohibit Executive Officer from owning not more than five percent (5%) of any class of publicly traded securities of
a competitor.

 

9.2. Non-Solicitation. Executive Officer
agrees that from the Effective Date hereof to the sooner to occur of (i) the end of the twelfth month following the Termination
Date or (ii) the end of the twelfth month following the Change in Control (if applicable), Executive Officer will not:

 

(a) Solicit, raid,
entice or induce any employee of the Company to be employed by any competitor of the Company (except to the extent that such employee
has first responded to a general advertisement or general employment search by Executive Officer’s place of employment at
the time);

 

(b) Solicit business
for any competitor from, or transact such business for any competitor with, any person, firm or corporation which was, at any time
during the last twenty four months of Executive Officer’s employment hereunder, a customer of the Company and with whom Executive
Officer had meaningful interaction with respect to the business of the Company; or

 

     

     

    

 

(c) Assist a competitor
in taking such action.

 

9.3 Property of the Company. All ideas,
discoveries, creations, manuscripts and properties, innovations, improvements, know-how, inventions, designs, developments, apparatus,
techniques, methods, and formulae (collectively the “Inventions”) which may be used in the business of the Company,
whether patentable, copyrightable or not, which Executive Officer may conceive, reduce to practice or develop while Executive Officer
is employed hereunder, alone or in conjunction with another or others, and whether at the request or upon the suggestion of the
Company or otherwise, will be the sole and exclusive property of the Company, and that Executive Officer will not publish any of
the Inventions without the prior written consent of the Company. Executive Officer hereby assign to the Company all of his right,
title and interest in and to all of the foregoing.

 

9.4. Remedies. Executive Officer agrees
that any breach or threatened breach by Executive Officer of any provision of this Section 9 will entitle the Company, in
addition to any other legal remedies available to it, and without an obligation to submit proof of the economic damage or post
a bond or other security, to apply to any court of competent jurisdiction to enjoin the breach or threatened breach, it being acknowledged
and agreed that any such material breach will cause irreparable injury to the Company and that any damages will not provide adequate
remedies to the Company. You further agree that, because of their critical nature Company may seek relief judicial relief immediately,
pending final resolution pursuant to the provisions of Section 18, below.

 

		10.	EXCLUSIVE REMEDY.

 

10.1. Executive Officer’s right to
salary continuation and other severance benefits pursuant to Sections 4 and 5 shall be Executive Officer’s sole and
exclusive remedy for any termination of Executive Officer’s employment by the Company other than for Death, Disability or
Cause or by Executive Officer for Good Reason.

 

		11.	INDEMNIFICATION.

 

The Company will indemnify Executive Officer
to the extent permitted by its charter and by-laws and by applicable law against all costs, charges and expenses, including, without
limitation, attorneys’ fees, incurred or sustained by Executive Officer in connection with any action, suit or proceeding
to which he may be made a party by reason of being an officer, director or employee of the Company. In connection with the foregoing,
Executive Officer will be covered under any directors and officers, any employment practices, any errors and omissions and any
other liability insurance policy that protects other officers of the Company.

 

		12.	RECORDS.

 

Upon termination of Executive Officer’s
employment hereunder for any reason or for no reason, Executive Officer will deliver to the Company any property of the Company
which may be in his possession, including products, materials, memoranda, notes, records, reports or other documents or photocopies
of the same, regardless of the format in which such materials are maintained and/or stored.

 

     

     

    

  

		13.	SUCCESSORS; BINDING AGREEMENT.

 

13.1. This Agreement shall be binding upon
and shall inure to the benefit of the Company and its Successors and Assigns, and the Company shall require any Successors and
Assigns to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession or assignment had taken place.

 

13.2. Neither this Agreement nor any right
or interest hereunder shall be assignable or transferable by Executive Officer or Executive Officer’s beneficiaries or legal
representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by Executive Officer’s legal personal representative.

 

		14.	FEES AND EXPENSES.

 

Except as provided in Section 18,
the Company and Executive Officer shall pay its own costs and expenses related to the negation and execution of this Agreement.

 

		15.	NOTICE.

 

Notices and all other communications provided
for in this Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when
personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to the other; provided, that all notices to the Company shall be directed to the attention of the Board
with a copy to the Secretary of the Company. All notices and communications shall be deemed to have been received on the date of
delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective
only upon receipt.

 

		16.	SETTLEMENT OF CLAIMS.

 

The Company’s obligation to make
the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances,
including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against
Executive Officer or others.

 

		17.	MISCELLANEOUS.

 

No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive Officer and
the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. No agreement or representation, oral or otherwise, express or implied,
with respect to the subject matter hereof has been made by either party which is not expressly set forth in this Agreement.

 

     

     

    

  

		18.	GOVERNING LAW; MEDIATION and ARBITRATION.

 

18.1 This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Illinois without giving effect to the conflict of laws
principles thereof. In the event of any controversy or claim arising out of, relating to or in connection with this Agreement,
or the breach thereof, the parties shall follow the procedures set forth below.

 

18.2       Mediation.
A party shall submit a dispute to mediation by written notice to the other party. The mediator shall be selected by the parties.
If the parties cannot agree on a mediator, the American Arbitration Association (“AAA”) shall designate a mediator
at the request of a party. Any mediator must be acceptable to the parties. The mediator shall conduct the mediation as he/she determines,
with the agreement of the parties. The parties shall discuss their differences in good faith and attempt, with the mediator's assistance,
to reach an amicable resolution of the dispute. The mediation shall be treated as a settlement discussion and shall therefore be
confidential. The mediator may not testify for either party in any later proceeding relating to the dispute. The mediation proceedings
shall not be recorded or transcribed.

 

(a)       Each
party shall bear its own costs in the mediation. The parties shall share equally the fees and expenses of the mediator.

 

(b)       If
the parties have not resolved a dispute within 90 days after written notice beginning mediation (or a longer period, if the parties
agree to extend the mediation), the mediation shall terminate and the dispute shall be settled by arbitration. In addition, if
a party initiates litigation, arbitration, or other binding dispute resolution process without initiating mediation or before the
mediation process has terminated, an opposing party may deem the mediation requirement to have been waived and may proceed with
arbitration following the procedures set forth below.

 

18.3  Arbitration. It is the express
agreement of the parties that the provisions of this Section, including the rules of the AAA, as modified by the terms of this
Section 18, shall govern the arbitration of any disputes arising pursuant to this Agreement, that have not been resolved through
mediation pursuant to Subsection 18.2 above. In the event of any conflict between the law of the State of Illinois, the law of
the arbitral location, and the U.S. Arbitration Act (Title 9, U.S. Code), with respect to any arbitration conducted pursuant to
this Agreement, to the extent permissible, it is the express intent of the parties that the law of Illinois, as modified herein,
shall prevail. To the extent this Section 18 is deemed a separate agreement, independent from this Agreement, Sections 14,
15, 17, 19 and 20 are incorporated herein by reference. Either party (the “Initiating Party”) may commence arbitration
by submitting a Demand for Arbitration under the AAA Rules and by notice to the other Party (the “Respondent”) in accordance
with Section 15. Such notice shall set forth in reasonable detail the basic operative facts upon which the Initiating Party
seeks relief and specific reference to the clauses of this Agreement, the amount claimed, if any, and any non-monetary relief sought
against the Respondent. After the initial list of issues to be resolved has been submitted, the arbitrators shall permit either
party to propose additional issues for resolution in the pending proceedings.

 

     

     

    

  

(a) The place of arbitration
shall be Chicago, Illinois, or any other place selected by mutual agreement.

 

(b) The parties shall
attempt, by agreement, to nominate a sole arbitrator for confirmation by the AAA. If the parties fail so to nominate a sole arbitrator
within 30 days from the date when the Initiating Party’s Demand for Arbitration has been communicated to the other party,
a board of three arbitrators shall be appointed by the parties jointly or, if the parties cannot agree as to three arbitrators
within 30 days after the commencement of the arbitration proceeding, then one arbitrator shall be appointed by each of Executive
Officer and the Company within 60 days after the commencement of the arbitration proceeding and the third arbitrator shall
be appointed by mutual agreement of such two arbitrators. If such two arbitrators shall fail to agree within 75 days after
commencement of the arbitration proceeding upon the appointment of the third arbitrator, the third arbitrator shall be appointed
by the AAA in accordance with its then existing rules. Notwithstanding the foregoing, if any party shall fail to appoint an arbitrator
within the specified time period, such arbitrator and the third arbitrator shall be appointed by the AAA in accordance with its
then existing rules. For purposes of this Section 18, the “commencement of the arbitration proceeding” shall be
deemed to be the date upon which the Demand for Arbitration has been received by the AAA. Any award shall be rendered by a majority
of the members of the board of arbitration.

 

(c) An award rendered
in connection with an arbitration pursuant to this Section 16 shall be final and binding upon the parties, and any judgment
upon such an award may be entered and enforced in any court of competent jurisdiction.

 

(d)  The parties
agree that the award of the arbitral tribunal will be the sole and exclusive remedy between them regarding any and all claims between
them with respect to the subject matter of the arbitrated dispute. The parties hereby waive all jurisdictional defenses in connection
with any arbitration hereunder or the enforcement of any order or award rendered pursuant thereto (assuming that the terms and
conditions of this arbitration clause have been complied with).

 

(e) With respect to
any award issued by the arbitrators pursuant to this Agreement, the parties expressly agree (i) that such order shall be conclusive
proof of the validity of the determination(s) of the arbitrators underlying such order; and (ii) any federal court sitting
in Chicago, Illinois, or any other court having jurisdiction, may enter judgment upon and enforce such order, whether pursuant
to the U.S. Arbitration Act, or otherwise.

 

(f) The arbitrators
shall issue a written explanation of the reasons for the award and a full statement of the facts as found and the rules of law
applied in reaching their decision to both parties. The arbitrators shall apportion to each party all costs (other than attorneys’
fees) incurred in conducting the arbitration in accordance with what the arbitrators deem just and equitable under the circumstances.
The prevailing party, as that is determined by the arbitrator, shall be entitled to recover its reasonable attorneys’ fees,
costs and expenses from the other party. Any provisional remedy which would be available to a court of law shall be available from
the arbitrators pending arbitration of the dispute. Either party may make an application to the arbitrators seeking injunctive
or other interim relief, and the arbitrators may take whatever interim measures they deem necessary in respect of the subject matter
of the dispute, including measures to maintain the status quo until such time as the arbitration award is rendered or the controversy
is otherwise resolved. The arbitrator shall have the authority to award any remedy or relief that a court of the State of Illinois
could order or grant, including, without limitation, specific performance of any obligation created under this Agreement, the issuance
of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process, but specifically excluding
punitive damages (the parties specifically agree that punitive damages shall not be available in the event of any dispute).

 

     

     

    

  

(g) The parties may
file an application in any proper court for a provisional remedy in connection with an arbitrable controversy, but only upon the
ground that the award to which the application may be entitled may be rendered ineffectual without provisional relief. The parties
agree that injunctive relief pursuant to Section 9, above, is an appropriate provisional remedy pending final resolution pursuant
to this Section 18.

 

		19.	CODE SECTION 409A COMPLIANCE

 

The provisions of this Agreement are intended
to meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent. Notwithstanding
any other provision of this Agreement, for purposes of any provision of this Agreement providing for the payment of any amounts
or benefits to the Executive hereunder that is considered to be “deferred compensation” subject to Section 409A upon
or following a termination of employment:

 

(a) A termination of
employment shall not be deemed to have occurred unless such termination is also a “separation from service” within
the meaning of § 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service.”

 

(b) If Executive Officer
is a “specified employee” within the meaning of Section 409A of the Code on the date of Executive Officer’s “separation
from service” (the “Separation Date”), then no such payment shall be made or commenced during the period beginning
on the Separation Date and ending on the date that is six months and one day following the Separation Date or, if earlier, on the
date of Executive Officer’s death, if making such payment on the Separation Date would result in Executive Officer being
subject to the additional taxes imposed under Section 409A of the Code. The amount of any payment that would otherwise be paid
to Executive Officer during this period shall instead be paid to Executive Officer on the first business day following the date
that is six months and one day following the Separation Date or, if earlier, the date of Executive Officer’s death.

 

(c) Payments with respect
to reimbursements of expenses shall be made promptly, but in any event on or before the last day of the calendar year following
the calendar year in which the relevant expense is incurred. The amount of expenses eligible for reimbursement and the amount of
in-kind benefits provided during a calendar year shall not affect the expenses eligible for reimbursement or the amount of in-kind
benefits provided in any other calendar year.

 

		20.	SEVERABILITY.

 

The provisions of this Agreement shall
be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

 

		21.	ENTIRE AGREEMENT.

 

This Agreement constitutes the entire agreement
between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or otherwise, between
the parties hereto with respect to the subject matter hereof.

 

*****

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by its duly authorized officer and Executive Officer has executed this Agreement as of the day and
year first above written.

 

	 	 	 	 	 
	 	 	 	 	 
	 	 	Akorn, Inc.	 	 
	 	 	a Louisiana corporation	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	 
	 	 	/s/ Gregory Lawless	 	 
	 	 	Printed Name: Gregory Lawless	 	 
	 	 	
        Title: Chief Human Resources
        Officer

         
	 	 
	 	 	
        1925 West Field Court, Suite 300

        Lake Forest, IL 60045
	 	 
	 	 	 	 	 
	 	 	Executive Officer	 	 
	 	 	 	 	 
	 	 	/s/ Jonathan Kafer 	 	 
	 	 	 Signature	 	 
	 	 	 	 	 
	 	 	Jonathan Kafer  	 	 
	 	 	Printed Name	 	 

 

 

 

 

    [signature page to employment agreement]

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