Document:

FORM OF

EXCHANGE AND RELEASE AGREEMENT 

 

 

This Exchange and Release Agreement (this
"Agreement"), dated as of January 21, 2014, by and among Oryon Technologies, Inc., a Nevada, U.S.A. corporation
(the "Company"), and _______________________ (the “Exchanging Creditor”).

 

WITNESSETH

 

WHEREAS, the Company and EFL Tech
Holdings B.V., a Netherlands corporation (the “Purchaser”), are parties to a Subscription Agreement, dated as
of January 21, 2014 (the "Subscription Agreement"), pursuant to which the Company will issue and sell to the Purchaser,
and the Purchaser will purchase from the Company, the Subscription Securities at the Closing (as those terms are defined below);

 

WHEREAS, in
connection with the consummation of the transactions contemplated by the Subscription Agreement, and pursuant to the terms thereof,
the Company is obligated to discharge, or make provision for the discharge of, the Company Debt at the Closing, and may do so thereunder,
in whole or in part, by exchanging such debt for Exchange Shares (as those terms are defined below);

 

WHEREAS, the
Company and the Exchanging Creditor desire to enter into this Agreement in order to fully discharge and satisfy the Outstanding
Balance (as that term is defined below) held by the Exchanging Creditor in exchange for the number of Exchange Shares provided
for herein;

 

WHEREAS, in
connection with the consummation of the transactions contemplated by the Subscription Agreement, and pursuant to the terms thereof,
the Company and the Purchaser have entered into a Registration Rights Agreement – Subscription Securities in order for the
Company to grant, and for the Purchaser to accept, certain registration rights with respect to the Subscription Securities (as
those terms are defined below):

 

WHEREAS, as
an inducement to the Exchanging Creditor to enter into this Agreement, and in connection with the consummation of the transactions
contemplated by this Agreement and the Subscription Agreement, the parties hereto desire to enter into a Registration Rights Agreement
– Exchange Shares in order for the Company to grant, and for the Exchanging Creditor to accept, certain registration rights
with respect to the Exchange Shares to be issued upon the Closing pursuant hereto;

 

NOW THEREFORE, IN
CONSIDERATION of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Exchanging Creditor hereby agree as follows:

 

    	 

    	 

    

 

Exchange
and Release Agreement

 

  

1.           
Defined Terms. As used in this Agreement, the following terms shall have the meanings set below forth in this Section 1,
and capitalized terms used but not defined herein shall have the respective meanings set forth in the Subscription Agreement:

 

"Agreement" has
the meaning set forth in the preamble.

 

“Bank”
has the meaning set forth in Section 3(b).

 

"Board" means
the board of directors of the Company.

 

“Business
Day” shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Closing”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Closing Date”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
means the shares of the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

"Company" has
the meaning set forth in the preamble.

 

“Company Check”
has the meaning set forth in Section 3(b).

 

“Company Debt”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

"Exchange Shares" shall
have the meaning ascribed to such term in the Subscription Agreement.

 

“Exchanging
Creditor” has the meaning set forth in the preamble.

 

“Exchanging
Debt” has the meaning set forth in Section 2(b).

 

“Financing
Documents” has the meaning set forth in Section 6(b).

 

“Form 8-K”
means such form as promulgated pursuant to the Exchange Act (as such term is defined in the Subscription Agreement) by the Commission.

 

"Governmental
Authority" shall have the meaning ascribed to such term in the Subscription Agreement.

 

    	2

    	 

    

 

Exchange
and Release Agreement

 

 

“Other Exchanging
Creditors” means holders of Company Debt (other than the Exchanging Creditor) that have entered into agreements similar
to this Agreement with the Company.

 

“Outstanding
Balance” has the meaning set forth in Section 2(a).

 

“Payment”
has the meaning set forth in Section 5(b).

 

“Per Share
Price” has the meaning set forth in Section 4(a).

 

“Person”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Purchaser”
has the meaning set forth in the recitals.

 

“Registration
Rights Agreement – Exchange Shares” shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Registration
Rights Agreement – Subscription Securities” shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Remaining
Debt” has the meaning set forth in Section 2(c).

 

“Required
Approvals” has the meaning set forth in Section 9(d).

 

“Rule 144”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

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

 

“Share Certificate”
has the meaning set forth in Section 3(a).

 

“Shares”
has the meaning set forth in Section 3(a).

 

“Subscription
Agreement" has the meaning set forth in the recitals.

 

“Subscription
Securities” shall have the meaning ascribed to such term in the Registration Rights Agreement – Subscription Shares.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the U.S. OTC Markets, the NYSE-MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, Toronto
Stock Exchange or the TSX Venture Exchange (or any successors thereof).

 

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Exchange
and Release Agreement

 

 

“Transaction
Documents” shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Transfer
Agent” shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Transfer
Agent Instructions” has the meaning set forth in Section 3(a).

 

“Wire Instructions”
has the meaning set forth in Section 3(b).

 

		2.	Company Debt Held by Exchanging Creditor.

 

(a)The full amount of Company
Debt held by the Exchanging Creditor, of whatever kind or nature, whether by promissory note or other Financing Document, account
payable, trade payable, or otherwise, and for whatever reason, whether loan, sale, rental or other use of goods or services, or
otherwise, is US$____________ (the “Outstanding Balance”);

 

(b)Of the Outstanding Balance,
the Exchanging Creditor desires to satisfy the sum of US$______________ in exchange for the issuance by the Company to it of a
certain number of the Exchange Shares, as more particularly described below (the “Exchanging Debt”); and

 

(c)Of the remainder of the Outstanding
Balance (if any), the Exchanging Creditor desires to satisfy the sum of US$________________ by payment from the Company to it of
such sum in cash (the “Remaining Debt”).

 

(d)The sum of the Exchanging Debt
and the Remaining Debt shall equal the Outstanding Balance. After the Exchanging Debt shall have been exchanged for Exchange Shares,
and the Remaining Debt shall have been paid to the Exchanging Creditor by the Company, the Company will not be indebted to the
Exchanging Creditor for any sum whatever.

 

		3.	Payment and Satisfaction of the Outstanding Balance.

 

(a)In order to satisfy the Exchanging
Debt in full, if and upon the occurrence of the Closing Date, the Company shall issue and transfer, or cause to be transferred,
to the Exchanging Creditor, the number of shares of the Exchange Shares that is determined pursuant to the provisions of Section
4 below, and as set forth on Exhibit A (Description of Shares), attached hereto (the “Shares”). The Company
shall, upon the Closing, issue and deliver a Stock Certificate to the Exchanging Creditor, substantially in the form set forth
in Exhibit C attached to the Subscription Agreement, representing the Shares (the “Share Certificate”),
or otherwise by causing the Shares to be registered on the books and records of the Transfer Agent as issued to and owned by the
Exchanging Creditor (the “Transfer Agent Instructions”), in each case with a restrictive legend relating to
Rule 144. The Company shall hold the Share Certificate or the Transfer Agent Instructions (as the case may be) in escrow, and shall
not release the same or issue the Shares to the Exchanging Creditor, and the satisfaction of the Exchanging Debt shall not occur,
until the occurrence of the Closing Date.

 

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Exchange
and Release Agreement

 

 

(b)In order to satisfy the Remaining
Debt in full, if and upon the occurrence of the Closing Date, the Company shall transfer, or cause to be transferred, to the Exchanging
Creditor, the amount set forth in Section 2(b) above in immediately available good funds, either by check (the “Company
Check”) or by wire transfer to the bank (the “Bank”) and account thereat designated by the Exchanging
Creditor (the “Wire Instructions”). The Company shall hold the Company Check or the Wire Instructions (as the
case may be) in escrow, and shall not release the same or pay the Remaining Debt, and the satisfaction of the Remaining Debt shall
not occur, until the occurrence of the Closing Date.

 

		4.	Calculation of the Shares.

 

(a)For purposes of this Agreement,
the average price per share of Common Stock shall be determined by the average closing price of a share of Common Stock on the
Trading Days from December 1, 2013, to such day immediately preceding the Closing Date, as reported in the Wall Street Journal
or other reputable national newspaper, or on the Bloomberg web site or other reputable financial web site; provided, however, that
such price shall not be lower than $0.02 per share, and shall not be higher than $0.06 per share (the “Per Share Price”).
Any fractional share otherwise due to the Exchanging Creditor shall be fully paid in cash.

 

(b)The number of shares of Common
Stock comprising the Shares shall be determined by dividing the US dollar amount of the Exchanging Debt by the Per Share Price.

 

(c)Prior to the Closing, the Company
shall complete the Description of Shares, attached hereto as Exhibit A, by performing the necessary calculations and filling in
the information required thereby.

 

5.            Actions of Company at Closing.
Upon the occurrence of the Closing, the Company shall release and deliver the:

 

(a)Share Certificate to the Exchanging
Creditor or the Transfer Instructions to the Transfer Agent (as the case may be);

 

(b)Company Check to the Exchanging
Creditor or the Wire Instructions to the Bank (as the case may be) (the “Payment”); and

 

(c)Registration Rights Agreement
– Exchange Shares, duly executed by the Company and the Exchanging Creditor, to the Exchanging Creditor.

 

6.            Release and Satisfaction of Outstanding
Balance. Upon the occurrence of the Closing and the actions set forth in Section 5(a), Section 5(b) and Section 5(c) above:

 

(a)the Exchanging
Debt and the Remaining Debt, respectively, and all indebtedness, obligation or liability of the Company with respect thereto, shall
be irrevocably and forever released, fully satisfied, terminated, cancelled, extinguished, and discharged;

 

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Exchange
and Release Agreement

 

 

(b)any liens, security
interests, promissory notes, security agreement, pledge agreement, guaranty, control agreement, or other instruments, agreements
or document granted or agreed to in connection with the Outstanding Balance (collectively, the “Financing Documents”),
shall be automatically, fully and irrevocably released, satisfied, terminated and of no further force and effect;

 

(c)any financing
arrangements relating to the Outstanding Balance and the other Financing Documents shall be automatically, fully and irrevocably
terminated, cancelled, extinguished and of no further force and effect;

 

(d)the Exchanging
Creditor shall deliver to the Company all collateral of the Company in its possession (if any); and

 

(e)the Exchanging
Creditor shall not, in any manner, directly or indirectly, from and after the date of the Closing, bring, initiate, file, participate
in, or facilitate any suit, claim, action, arbitration or other proceeding against the Company with respect to, or otherwise attempt
to enforce, the Exchanging Debt and the Remaining Debt.

 

7.            Conditions Precedent. This
Agreement (including, without limitation, the releases in Section 6 above, the provisions of Section 8 below, and any Uniform Commercial
Code termination statements or other release documents delivered in connection herewith) shall become effective if and upon the
occurrence of the Closing Date.

 

8.             Further Assurances. Subject
to the terms and conditions herein, upon receipt of the Shares and the Payment, the Exchanging Creditor shall:

 

(a)surrender any
promissory notes executed in connection with the Outstanding Balance to the Company, and such notes shall be marked “CANCELLED”
and endorsed “PAID IN FULL”;

 

(b)surrender any
and all other Financing Documents, each marked to indicate that such document has been paid, fully satisfied and/or terminated;
and

 

(c) execute and
deliver such other documents as the Company reasonably requests to evidence the releases set forth in Section 6 hereof, and to
accomplish the intent and purposes of this Agreement.

 

9.           Representations and Warranties
of the Company. The Company hereby represents and warrants to the Exchanging Creditor as follows:

 

(a)Organization and Qualification.
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Nevada, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.

 

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Exchange
and Release Agreement

 

 

(b)Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the
Company, and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection
therewith other than in connection with the Required Approvals (as defined in Section 9(d). This Agreement has been (or upon delivery
will have been) duly executed by the Company and, 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, and (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

(c)No
Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and delivery of the Shares
and the consummation by it of the transactions contemplated hereby do not and will not conflict with or violate any provision of
the Company’s articles of incorporation or bylaws.

 

(d)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 in connection
with the execution, delivery and performance by the Company of this Agreement, other than (i) filing a Form 8-K with the Commission,
(ii) the filings with the Commission required pursuant to the Registration Rights Agreement – Exchange Shares, and (iii)
such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(e)The
Shares. The Shares upon issuance: (i) are, or will be, free and clear of any security interests, liens, claims or other encumbrances
created by the Company, subject only to restrictions upon transfer under the Securities Act and any applicable state securities
laws; (ii) have been, or will be, duly and validly authorized and on the Closing Date will be duly and validly issued, fully paid
and non-assessable; (iii) will not have been issued or sold in violation of any pre-emptive or other similar rights of the holders
of any securities of the Company or rights to acquire securities or debt of the Company; and (iv) will not subject the holder thereof
to personal liability because of being a holder.

 

(f)Availability of Authorized
Shares. The Company represents and warrants to the Exchanging Creditor that as of the date hereof the Company has available,
and as of the Closing Date the Company will have available, sufficient shares of authorized but unissued shares of Common Stock
to permit the Company to issue (i) the Shares to the Exchanging Creditor, (ii) the remaining Exchange Shares to the Other Exchanging
Creditors, and (iii) the Subscription Securities to the Purchaser, as contemplated by the Transaction Documents.

 

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Exchange
and Release Agreement

 

 

10.          Representations
and Warranties of the Exchanging Creditor. The Exchanging Creditor represents and warrants to the Company, as of the date hereof
and as of the Closing Date, as follows:

 

(a)Own Account. The
Exchanging Creditor is acquiring the Shares as principal for its own account and (i) not with a view to or for distributing or
reselling the Shares or any part thereof, (ii) has no present intention of distributing any of the Shares and (iii) has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the Shares, in
each such case in violation of the Securities Act or any applicable state securities law (this representation and warranty not
limiting the Exchanging Creditor’s right to sell the Shares in compliance with applicable federal and state securities laws).

 

(b)Restricted
Securities. The Exchanging Creditor: (i) understands that the Shares (A) have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Exchanging Creditor’s representations
as expressed herein, and (B) are “restricted securities” under applicable U.S. federal and state securities laws and
that, pursuant to these laws, the Exchanging Creditor must hold the Shares indefinitely unless they are registered with the Commission
and qualified by state authorities, or an exemption from such registration and qualification requirements is available; and (ii)
acknowledges that the Company has no obligation to register or qualify the Shares except pursuant to the Registration Rights Agreements
– Exchange Shares.

 

11.          Notices and Deliveries. Any
and all notices or other communications or deliveries required or permitted to be provided under this Agreement shall be in writing,
and the address for such notices, communications and deliveries shall be as follows until such time as it may be changed by written
notice delivered to the other party:

 

	The Company:	 	Oryon Technologies,
Inc.
	 	 	4251 Kellway
Circle
	 	 	Addison,
Texas 75001 U.S.A.
	 	Attention:	Thomas P. Schaeffer
	 	 	President
and Chief Executive Officer
	 	Email:	tschaeffer@oryontech.com
	 	 	 
	The Exchanging Creditor:	 	 
	 	 	 
	 	 	 
	 	Attention:	 
	 	Email:	 

 

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Exchange
and Release Agreement

 

12.          Entire Agreement.
This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter.

 

13.          Successor and Assigns. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns.

 

14.          No Third-Party Beneficiaries.
This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy
of any nature whatsoever, under or by reason of this Agreement.

 

15.          Headings. The headings in
this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

16.          Amendment, Modification and Waiver.
The provisions of this Agreement may be amended, modified, supplemented or waived only with the prior written consent of the Company
and the Exchanging Creditor. No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any
right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

17.          Severability. If any term
or provision of this Agreement is declared invalid, illegal or unenforceable in any jurisdiction by a court of competent jurisdiction,
or other Governmental Authority, such invalidity, illegality or unenforceability shall not affect any other term or provision of
this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

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Exchange
and Release Agreement

 

 

18.          Governing Law; Submission to
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of Texas, U.S.A., without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting
in the County of Dallas, City of Dallas, State of Texas, U.S.A. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the county of Dallas, City of Dallas, State of Texas, U.S.A., for the adjudication of
any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this 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 other
manner permitted by law.

 

19.          Execution. This Agreement
may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, 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 “.pdf” signature
page were an original thereof.

 

 

 

(Signature
page follows)

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Exchange and Release Agreement to be duly executed by their respective
authorized signatories as of the date first above written.

 

	 	THE COMPANY:
	 	 	 
	 	ORYON TECHNOLOGIES, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ THOMAS P. SCHAEFFER
	 	Name:	Thomas P. Schaeffer
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	EXCHANGING CREDITOR:
	 	 	 
	 	[NAME OF EXCHANGING CREDITOR]
	 	 	 
	 	 	 
	 	/s/	 

 

 

 

 

(Signature Page to Exchange and Release
Agreement)

 

    	 

    	 

    

 

EXHIBIT A

(Name of Exchanging Creditor)

 

Description of Shares

 

 

The Company will issue a total of ______________ Shares to the
Exchanging Creditor at the Closing, calculated pursuant to Section 4, as follows:

 

 

	US$_________________	 	Divided By:	 	US$0.036085	=	 
	(Exchanging Debt)	 	 	 	(Per Share Price)	 	(Share Number)

 

 

 

(Exhibit A to Exchange and Release Agreement)FORM OF

REGISTRATION RIGHTS AGREEMENT –

EXCHANGE SHARES

 

 

This Registration Rights Agreement –
Exchange Shares (this "Agreement"), dated as of January 21, 2014, by and among:

 

Oryon Technologies, Inc., a Nevada,
U.S.A. corporation (the "Company"), on the one hand, and the signatories hereto which are exchanging debt for
shares of the common stock of the Company pursuant to an Exchange and Release Agreement (as those terms are defined below) , on
the other hand (collectively, the “Exchanging Creditors”).

 

WITNESSETH

 

WHEREAS, the Company and EFL Tech
B.V., a Netherlands corporation (the “Purchaser”), are parties to a Subscription Agreement, dated as of January
21, 2014 (the "Subscription Agreement"), pursuant to which the Company will issue and sell to the Purchaser, and
the Purchaser will purchase from the Company, the Subscription Securities at the Closing (as those terms are defined below);

 

WHEREAS, in
connection with the consummation of the transactions contemplated by the Subscription Agreement, and pursuant to the terms thereof,
the Company and the Purchaser have entered into a Registration Rights Agreement – Subscription Securities in order for the
Company to grant, and for the Purchaser to accept, certain registration rights with respect to the Subscription Securities (as
those terms are defined below):

 

WHEREAS, in
connection with the consummation of the transactions contemplated by the Subscription Agreement, and pursuant to the terms thereof,
the Company is obligated to discharge, or make provision for the discharge of, the Company Debt at the Closing, and may do so thereunder
by exchanging such debt for Exchange Shares (as those terms are defined below);

 

WHEREAS, the
Company and each of the Exchanging Creditors have entered into an Exchange and Release Agreement (as defined below) in order to
discharge the Company Debt held by each such Person, in whole or in part, in exchange for Exchange Shares;

 

WHEREAS, in
connection with the consummation of the transactions contemplated by the Exchange and Release Agreements and pursuant to the terms
thereof, and by the Subscription Agreement, the parties hereto desire to enter into this Agreement in order for the Company to
grant, and for each of the Exchanging Creditors to accept, certain registration rights, as set forth below;

 

    	 

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

NOW THEREFORE, IN
CONSIDERATION of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1.           
Defined Terms. As used in this Agreement, the following terms shall have the meanings set below forth in this Section 1,
and capitalized terms used but not defined herein shall have the respective meanings set forth in the Subscription Agreement:

 

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

 

"Agreement" has
the meaning set forth in the preamble.

 

"Board" means
the board of directors of the Company.

 

“Closing”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

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

 

“Common Stock”
means the shares of the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

"Company" has
the meaning set forth in the preamble above, and includes the Company's successors by merger, acquisition, reorganization or otherwise,
provided that any such successor has shares registered under the Securities Act and the Exchange Act (as those terms are defined
below).

 

“Company Debt”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

“day”
or “days” shall mean calendar days.

 

“Exchange
and Release Agreement” shall have the meaning ascribed to such term in the Subscription Agreement.

 

"Exchange Shares" means
(a) any shares of Common Stock issuable or issued to the Exchanging Creditors by the Company pursuant to the Exchange and Release
Agreements and the Subscription Agreement (as specifically described in Section 2.5(b)(iv) thereof), and (b) any shares of Common
Stock issued or issuable with respect to any shares described in subsection (a) above by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization.

 

“Exchanging
Creditors” has the meaning set forth in the preamble.

 

    	-2-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

"Demand Registration" has
the meaning set forth in Section 2.1(a).

 

"Effective
Period" has the meaning set forth in Section 4(b).

 

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

 

"Governmental
Authority" shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Holders of
Exchange Shares” means the Exchanging Creditors that have entered into an Exchange and Release Agreement with the Company
pursuant to which each such Person has agreed to convert and exchange all or a portion of the Company Debt held by such Person
for, and therefore as of the Closing will be the holder and owner of, Exchange Shares, and includes the respective successors and
permitted assigns provided for in Section 13.

 

“Holders of
Subscription Securities” shall have the meaning ascribed to such term in the Registration Rights Agreement – Subscription
Securities.

 

“Person”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

"Piggyback
Registration" has the meaning set forth in Section 3(a).

 

"Prospectus" means
the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Exchange Shares covered by such Registration Statement and by all
other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus or prospectuses.

 

“Purchaser”
has the meaning set forth in the recitals.

 

“Registration
Rights Agreement – Subscription Securities” shall have the meaning ascribed to such term in the Subscription Agreement.

 

"Registration
Statement" shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to 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 (such as Rule
144A).

 

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

 

    	-3-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

"Selling Expenses" means
all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Exchange Shares, and fees and
disbursements of counsel for any Holder of Exchange Shares, except for the reasonable fees and disbursements of counsel for the
holders of Exchange Shares required to be paid in connection with the actions contemplated by Section 5.

 

"Subscription
Agreement" has the meaning set forth in the recitals.

 

“Subscription
Securities” shall have the meaning ascribed to such term in the Registration Rights Agreement – Subscription Shares.

 

2.           
Demand Registration.

 

(a)         
Subject to Section 2(b) and Section 2(c), at any time after the Closing, holders of a majority of the Exchange Shares then outstanding
may request registration under the Securities Act of all, but not less than all, of the Exchange Shares then outstanding on Form
S-1 or any successor form thereto (referred to hereinafter as a "Demand Registration"). The Company shall cause
a Registration Statement on Form S-1 (or any successor form) to be filed within 90 days after the date on which such request is
made, and shall use commercially reasonable efforts to cause such Registration Statement to be declared effective by the Commission
as soon as practicable thereafter; provided, however, that the Company may delay such filing or effective date for up to 30 days
when such filing would require the Company to disclose material non-public information regarding a potential material corporate
transaction or business matter. Upon the making of a request for a Demand Registration, all Holders of Exchange Shares shall cooperate
fully with the Company in its preparation and filing of such Registration Statement.

 

(b)         
The Company shall give prompt written notice (in any event no later than 20 days prior to the filing of the Registration Statement
requested pursuant to Section 2(a)) to the Holders of Subscription Securities of its intention to effect such a registration and,
subject to Section 2(f) and Section 3, shall include in such registration all Subscription Securities with respect to which the
Company has received written requests for inclusion from the Holders of Subscription Securities within 20 days after the Company's
notice has been given to each such holder. Notwithstanding the foregoing, if a majority of the Holders of Subscription Shares give
written notice to the Company, within 30 days after such request is made pursuant to Section 2(a) above, or within 10 days after
receipt of the foregoing notice (whichever is later), that such holders request a Demand Registration pursuant to Section 2(a)
of the Registration Rights Agreement – Subscription Securities, the request for a Demand Registration made pursuant to Section
2(a) above shall be null and void, and not binding on the Company. In such case, a majority of the Holders of Exchange Shares may
exercise the rights granted under Section 2(b) of the Registration Rights Agreement – Subscription Securities.

 

    	-4-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(c)         
If the Holders of Exchange Shares request a Demand Registration pursuant to 2(a) above on or after the date that the Holders of
Subscription Securities request a Demand Registration pursuant to Section 2(a) of the Registration Rights Agreement – Subscription
Securities, such request by the Holders of Exchange Shares shall not be a valid request binding upon the Company, and shall be
deemed for all purposes (absent notice to the contrary by such holders) to be a request to register such Exchange Shares under
a Registration Statement prepared pursuant to a Demand Registration under Section 2 of the Registration Rights Agreement –
Subscription Securities.

 

(d)         
In circumstances described in (i) the penultimate sentence of Section 2(b) above and (ii) Section 2(c) above, the Holders of Exchange
Shares shall not request a Demand Registration under Section 2(a) above until six (6) months after the Registration Statement prepared
in connection with the Demand Registration requested under Section 2(a) of the Registration Rights Agreement – Subscription
Securities has become effective (or earlier if such registration is abandoned by the Holders of Subscription Securities).

 

(e)         
If the Holders of Exchange Shares requesting a Demand Registration elect to distribute the Exchange Shares in an underwritten offering,
they shall so advise the Company as a part of their request made pursuant to Section 2(a). The Holders of the Exchange Shares requesting
the Demand Registration shall select the investment banking firm or firms to act as the managing underwriter or underwriters in
connection with such offering.

 

(f)          
The Company shall not include in the Demand Registration any securities which are not Exchange Shares without the prior written
consent of the Holders of the Exchange Shares, which consent shall not be unreasonably withheld or delayed. If a Demand Registration
involves an underwritten offering and the managing underwriter of the requested Demand Registration advises the Company and the
Holders of Exchange Shares in writing that in its opinion the number of shares of Common Stock proposed to be included in the Demand
Registration, including all Exchange Shares and all other shares of Common Stock proposed to be included in such underwritten offering,
exceeds the number of shares of Common Stock which can be sold in such underwritten offering and/or the number of shares of Common
Stock proposed to be included in such registration would adversely affect the price per share of the Exchange Shares proposed to
be sold in such underwritten offering, the Company shall include in such Demand Registration:

 

		(i)	first, all of the Exchange Shares;
	 	 	 

		(ii)	second, the number of Subscription Securities proposed to be included therein, allocated pro rata
among all such holders thereof on the basis of the number of Subscription Securities owned by each such holder, or in such manner
as they may otherwise agree; and
	 	 	 

		(ii)	third, the number of shares of Common Stock proposed to be included therein by any other Persons
(including shares of Common Stock to be sold for the account of the Company and/or other holders of Common Stock) allocated among
such Persons in such manner as they may agree.

 

    	-5-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(g)If the managing
underwriter determines that less than all of the Exchange Shares proposed to be sold can be included in such offering, then the
Holders of Exchange Shares may either (i) withdraw such Demand Registration request, or (ii) elect to continue with such registration,
in which case the Exchange Shares that are included in such offering shall be allocated pro rata among the respective holders thereof
on the basis of the number of Exchange Shares owned by each such holder.

 

3.           
Piggyback Registration.

 

(a)         
Whenever the Company proposes to register any shares of its Common Stock under the Securities Act (other than a registration effected
solely to implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable, or a Registration
Statement on Form S-4, S-8 or any successor form thereto, or another form not available for registering the Exchange Shares for
sale to the public), whether for its own account or for the account of one or more stockholders of the Company, and the form of
Registration Statement to be used may be used for any registration of Exchange Shares (a "Piggyback Registration"),
the Company shall give prompt written notice (in any event no later than 20 days prior to the filing of such Registration Statement)
to the Holders of Exchange Shares of its intention to effect such a registration and, subject to Section 3(b) and Section 3(c),
shall include in such registration all Exchange Shares with respect to which the Company has received written requests for inclusion
from the Holders of Exchange Shares within 20 days after the Company's notice has been given to each such holder. A Piggyback Registration
shall not be considered the Demand Registration set forth in Section 2.

 

(b)         
If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, and the managing underwriter
advises the Company and the Holders of Exchange Shares (if any Holders of Exchange Shares have elected to include Exchange Shares
in such Piggyback Registration) in writing that in its opinion the number of shares of Common Stock proposed to be included in
such registration, including all Exchange Shares and all other shares of Common Stock proposed to be included in such underwritten
offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or that the number of shares of Common
Stock proposed to be included in any such registration would adversely affect the price per share of the Common Stock to be sold
in such offering, the Company shall include in such registration:

 

		(i)	first, all of the shares of Common Stock that the Company proposes to sell;

 

    	-6-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

		(ii)	second, the number of Subscription Securities proposed to be included therein by the holders thereof,
allocated pro rata among all such holders on the basis of the number of Subscription Securities owned by each such holder, or in
such manner as they may otherwise agree;

 

		(iii)	third, the number of Exchange Shares proposed to be included therein, allocated pro rata among
all such holders on the basis of the number of Exchange Shares owned by each such holder, or in such manner as they may otherwise
agree; and

 

		(iv)	fourth, the number of shares of Common Stock proposed to be included therein by other holders of
Common Stock, allocated among such holders in such manner as they may agree.

 

(c)         
If a Piggyback Registration is initiated as an underwritten offering on behalf of a holder of Common Stock other than Exchange
Shares, and the managing underwriter advises the Company and the Holders of Exchange Shares (if any Holders of Exchange Shares
have elected to include Exchange Shares in such Piggyback Registration) in writing that in its opinion the number of shares of
Common Stock proposed to be included in such registration, including all Exchange Shares and all other shares of Common Stock proposed
to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or
that the number of shares of Common Stock proposed to be included in any such registration would adversely affect the price per
share of the Common Stock to be sold in such offering, the Company shall include in such registration:

 

		(i)	first, all of the shares of Common Stock proposed to be included therein by the holders requesting
such registration;
	 	 	 

		(ii)	second, the number of Subscription Securities requested to be included therein by the holders thereof,
allocated pro rata among the holders thereof on the basis of the number of Subscription Securities owned by all such holders or
in such manner as they may otherwise agree;
	 	 	 

		(iii)	third, the number of Exchange Shares proposed to be included therein by the holders thereof, allocated
pro rata among all such holders on the basis of the number of Exchange Shares owned by each such holder, or in such manner as they
may otherwise agree; and
	 	 	 

		(iv)	fourth, the number of shares of Common Stock requested to be included therein by other holders
of Common Stock, allocated among such holders in such manner as they may agree.

 

    	-7-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(d)         
With respect to any such Piggyback Registration initiated as either (i) a primary underwritten offering on behalf of the Company,
or (ii) on behalf of a holder of Common Stock other than the Exchange Shares or Subscription Securities, the Company shall select
the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

4.           
Registration Procedures. If and whenever the Holders of Exchange Shares request that Exchange Shares be registered pursuant
to any of the provisions of this Agreement, the Company shall use commercially reasonable efforts to effect the registration and
the sale of such Exchange Shares in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as soon as practicable:

 

(a)         
subject to Section 2(a), prepare and file with the Commission a Registration Statement with respect to such Exchange Shares and
use commercially reasonable efforts to cause such Registration Statement to become effective;

 

(b)         
prepare and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the "Effective
Period" which is: (i) a period of not less than the earlier of (A) 180 days (or such longer period of time as may be necessary
for the Company, using commercially reasonable efforts, to file amendments, post-effective amendments or supplements to a filed
Registration Statement), or (B) until all of such Exchange Shares have been disposed of, and to comply with the provisions of the
Securities Act with respect to the disposition of such Exchange Shares in accordance with the intended methods of disposition set
forth in such Registration Statement; or (ii) in the case of a Shelf-Registration, for at least 275 days per year for as long as
the securities registered thereunder remain Exchange Shares;

 

(c)         
within a reasonable time before filing such Registration Statement, Prospectus or amendments or supplements thereto, furnish to
one counsel selected by Holders of the Exchange Shares copies of such documents proposed to be filed, which documents shall be
subject to the review, comment and approval of such counsel, which review, comment and approval shall not be unreasonably withheld
or delayed;

 

(d)         
notify each selling Holder of Exchange Shares, promptly after the Company receives notice thereof, of the time when such Registration
Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been
filed;

 

(e)         
furnish to each selling Holder of Exchange Shares such number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents incorporated
by reference therein) and such other documents as such seller may reasonably request in order to facilitate the disposition of
the Exchange Shares owned by such seller;

 

    	-8-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(f)          
use commercially reasonable efforts to register or qualify such Exchange Shares under such other securities or "blue sky"
laws of such jurisdictions as any selling holder of Exchange Shares reasonably requests and do any and all other acts and things
which may be reasonably necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the
Exchange Shares owned by such holders; provided, however, that the Company shall not be required to qualify generally to do business,
subject itself to general taxation, or consent to general service of process in any jurisdiction where it would not otherwise be
required to do so but for this Section 4(f);

 

(g)         
notify each selling Holder of Exchange Shares, at any time when a Prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request
of any such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to
the purchasers of such Exchange Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state
any fact necessary to make the statements therein not misleading;

 

(h)         
make available for inspection by any selling Holder of Exchange Shares, any underwriter participating in any disposition pursuant
to such Registration Statement, and any attorney, accountant or other agent retained by any such holder or underwriter (collectively,
the "Inspectors"), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the "Records"), subject to appropriate confidentiality terms for non-public information, and cause
the Company's officers, directors and employees to supply all information reasonably requested by any such Inspector in connection
with such Registration Statement;

 

(i)           
provide a transfer agent and registrar (which may be the same entity) that is part of the DTC Program (as that term is defined
in the Subscription Agreement) for all such Exchange Shares not later than the effective date of such registration;

 

(j)           
in connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the selling Holders of Exchange Shares or the managing underwriter
of such offering reasonably request in order to expedite or facilitate the disposition of such Exchange Shares (including, without
limitation, making appropriate officers of the Company available to participate in "road show" and other customary marketing
activities, including one-on-one meetings with prospective purchasers of the Exchange Shares);

 

(k)         
otherwise use its best efforts to comply with all applicable rules and regulations of the Commission including timely filing of
complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise comply with Rule 158 under the
Securities Act;

 

    	-9-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(l)           
without limiting Section 4(f) above, use commercially reasonable efforts to cause such Exchange Shares to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the
Company to enable the selling Holders of Exchange Shares to consummate the disposition of such Exchange Shares in accordance with
their intended method of distribution thereof;

 

(m)        
notify the selling Holders of Exchange Shares promptly of any request by the Commission for the amending or supplementing of such
Registration Statement or Prospectus or for additional information;

 

(n)         
advise the selling Holders of Exchange Shares, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose, and promptly use its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal at the earliest possible moment if such stop order should be issued;

 

(o)         
permit any selling Holder of Exchange Shares which is an underwriter or a controlling person of the Company to participate in the
preparation of such Registration Statement and to require the insertion therein of language, furnished to the Company in writing,
which in the reasonable judgment of such holder and its counsel should be included, and to which the Company and its counsel do
not have a reasonable objection; and

 

(p)         
otherwise use its best efforts to take all other steps necessary to effect the registration of such Exchange Shares contemplated
hereby.

 

5.           
Expenses. All expenses (other than Selling Expenses) incurred by the Company in complying with its obligations pursuant
to this Agreement and in connection with the registration and disposition of Exchange Shares, including, without limitation, all
registration and filing fees, underwriting expenses (other than fees, commissions or discounts), expenses of any audits incident
to or required by any such registration, fees and expenses of complying with securities and "blue sky" laws, printing
expenses, fees and expenses of the Company's counsel and accountants and reasonable fees and expenses of one counsel for the Holders
of Exchange Shares participating in such registration as a group (selected by, in the case of a registration under Section 2(a),
the holders of a majority of the Exchange Shares included in the registration), shall be paid by the Company. All Selling Expenses
relating to Exchange Shares registered pursuant to this Agreement shall be borne and paid by such Holders of the Exchange Shares,
in proportion to the number of Exchange Shares registered for each such holder.

 

    	-10-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

6.           
Indemnification.

 

(a)         
The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Exchange Shares, such holder's
officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, broker or any other Person acting
on behalf of such Holder of Exchange Shares and each other Person, if any, who controls any of the foregoing Persons within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against all losses, claims, actions, damages, liabilities
and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or otherwise,
insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus
(as defined in Rule 405 promulgated under the Securities Act) or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or
any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or
any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company
in connection with any such registration, qualification or compliance; and shall reimburse such Persons for any legal or other
expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, action, damage
or liability, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such
holder expressly for use therein or by such holder's failure to deliver a copy of the Registration Statement, Prospectus, free-writing
prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendments or supplements thereto (if the same
was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number of copies
of the same prior to any written confirmation of the sale of Exchange Shares. The indemnification provided for under this Section
6(a) shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director or controlling Person of such indemnified party and shall survive the transfer of the Exchange Shares by the
Purchaser pursuant to Section 13.

 

(b)         
In connection with any registration in which a Holder of Exchange Shares is participating, each such holder shall furnish to the
Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each director of the
Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting
on behalf of the Holders of Exchange Shares and each Person who controls any of the foregoing Persons within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, actions, damages, liabilities or expenses
resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus, preliminary
Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit
so furnished in writing by such holder; provided, however, that the obligation to indemnify shall be several, not joint and several,
for each such holder and shall be limited to the net proceeds (after underwriting fees, commissions or discounts) actually received
by such holder from the sale of Exchange Shares pursuant to such Registration Statement.

 

    	-11-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(c)         
Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in this
Section 6, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give written notice
to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying party of any such
action shall not (unless and to the extent that such failure prejudices the indemnifying party’s ability to defend against
such action) relieve the indemnifying party from any liability in respect of such action that it may have to such indemnified party
hereunder. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate
in and to assume the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder,
jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory
to such indemnified party, and after written notice from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred
by the indemnified party in connection with the defense thereof or any settlements entered into without the consent of the indemnifying
party; provided, however, that if (i) any indemnified party shall have reasonably concluded that there may be one or more legal
or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying
party, or that such claim or litigation involves or could reasonably have a material effect upon matters beyond the scope of the
indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified party or involves
actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of such action on behalf
of such indemnified party without such indemnified party's prior written consent (but, without such consent, shall have the right
to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Person
controlling such indemnified party for that portion of the fees and expenses of any counsel retained by the indemnified party which
is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to,
or elects not to, assume the defense of a claim, it shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to
such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by
the holders of a majority of the Exchange Shares included in the registration, at the expense of the indemnifying party.

 

    	-12-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

(d)         
If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result
of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in
such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, however, that the
maximum amount of liability in respect of such contribution shall be limited, in the case of each Holder of Exchange Shares, to
an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such seller from the
sale of Exchange Shares effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined
by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred
to herein. No Person guilty or liable of fraudulent misrepresentation shall be entitled to contribution from any Person.

 

7.           
Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved
by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements;
provided, however, that no Holder of Exchange Shares included in any underwritten registration shall be required to make any representations
or warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such holder's
ownership of its shares of Common Stock to be sold in the offering and such holder's intended method of distribution) or to undertake
any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section
6.

 

    	-13-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

8.           
Rule 144 Compliance. With a view to making available to the Holders of Exchange Shares the benefits of Rule 144 under the
Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the
Company to the public without registration or pursuant to a registration on Form S-3 (or any successor form), the Company shall:

 

(a)         
make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at
all times after the registration date;

 

(b)         
use best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act, at any time after the Company has become subject to such reporting requirements; and

 

(c)         
furnish to any Holder of Exchange Shares (so long as the holder owns Exchange Shares), promptly upon request, a written statement
by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Exchange Act,
a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished
by the Company as such holder may reasonably request in connection with the sale of Exchange Shares without registration.

 

9.           
Preservation of Rights. The Company shall not, except for rights and privileges granted pursuant to the Registration Rights
Agreement – Subscription Shares, (a) grant any registration rights to third parties which are more favorable than or inconsistent
with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect
to its securities that violates or subordinates the rights expressly granted to the Holders of Exchange Shares in this Agreement.

 

10.         
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Exchange
Shares outstanding, or when such Exchange Shares can be sold under Rule 144 in either a single transaction or within three months;
provided, however, that the provisions of Section 5 and Section 6 shall survive any such termination.

 

11.         
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by facsimile transmission
or by e-mail of a “.pdf” format data file (with confirmation of transmission) if sent during normal business hours
of the recipient, and on the next Business Day if sent after normal business hours of the recipient, or (d) on the third day after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to
the respective parties at the addresses indicated in Exhibit A attached hereto (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 11).

 

    	-14-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

12.         
Entire Agreement. This Agreement, the other Transaction Documents, and any related exhibits and schedules hereto or thereto,
constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein,
and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject
matter. Notwithstanding the foregoing, in the event of any conflict between the terms and provisions of this Agreement and those
of the Subscription Agreement, the terms and provisions of the Subscription Agreement shall control.

 

13.         
Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Each of the Exchanging Creditors may assign their respective rights hereunder, including
with respect to Exchange Shares, to any purchaser or transferee of Exchange Shares; provided, however, that such purchaser or transferee
shall, as a condition to the effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing
to be treated as a Holder of the Exchange Shares, whereupon such purchaser or transferee shall have the benefits of, and shall
be subject to the obligations and restrictions contained in, this Agreement as if such purchaser or transferee were originally
a Exchanging Creditor and had originally been a party hereto.

 

14.         
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement, except as specifically set forth
in Section 6.

 

15.         
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

16.         
Amendment, Modification and Waiver. The provisions of this Agreement may be amended, modified, supplemented or waived only
with the prior written consent of the Company and the holders of a majority of the Exchange Shares. No waiver by any party or parties
shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. Except as otherwise set
forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this
Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

    	-15-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

17.         
Severability. If any term or provision of this Agreement is declared invalid, illegal or unenforceable in any jurisdiction
by a court of competent jurisdiction, or other Governmental Authority, such invalidity, illegality or unenforceability shall not
affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

18.         
Remedies. Each Holder of Exchange Shares, in addition to being entitled to exercise all rights granted by law, including
recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Agreement, and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would
be adequate.

 

19.         
Governing Law; Submission to Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Texas, U.S.A.,
without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the County of Dallas, City of Dallas, State of Texas, U.S.A. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the county of Dallas, City of Dallas, State of Texas, U.S.A., for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this 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 other manner permitted by law.

 

20.Decisions by Holders of Exchange Shares. All decisions
of Holders of Exchange Shares, as a group, shall be made by the holders of a majority of the Exchange Shares (unless specifically
provided otherwise herein), and all such decisions shall be valid and binding on all of the Holders of Exchange Shares.

 

    	-16-

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

21.Fees and Expenses.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

22.Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, 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 “.pdf”
signature page were an original thereof.

 

23.Saturdays, Sundays, Holidays,
etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall
not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

24.Construction. The parties
agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise this Agreement and, therefore,
the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or any amendments hereto.

 

 

 

(Signature Page Follows)

 

    	-17-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Registration Rights Agreement – Exchange Shares to be duly executed by their respective
authorized signatories as of the date first above written.

 

 

	 	
        THE COMPANY

         

        ORYON TECHNOLOGIES, INC.

         

         

         

         

        By:  /s/ THOMAS P. SCHAEFFER

	 	 	
        Name: Thomas P. Schaeffer

        Title: Chief Executive Officer

	 	 	 
	 	
         

         
	 

 

 

EXCHANGING CREDITORS

 

[SIGNATURES OMITTED FROM FILING]

 

 

 

 

 

(Signature Page to Registration Rights
Agreement – Exchange Shares)

 

    	 

    	 

    

 

Registration
Rights Agreement – Exchange Shares

 

 

EXHIBIT A

 

ADDRESSES OF PARTIES (SECTION 11)

 

[OMITTED FROM FILING]

 

    	-2-

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