Document:

Exhibit 10.1

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

AMONG

 

GRANDPARENTS.COM, INC.,

 

VB FUNDING, LLC

 

AND 

 

each
other lender from time to time party hereto 

 

DATED: September 15, 2016

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I. Definitions	1
	1.1	Definitions	1
	1.2	Accounting Terms	8
	1.3	UCC Definitions	8
	 	 	 
	ARTICLE II. Term Loan Facility	8
	2.1	Term Loan	8
	2.2	The Note	8
	2.3	Advances of the Loan	8
	2.4	Conditions to Restatement Advance	9
	2.5	Conditions to Additional Advance	9
	2.6	Interest	10
	2.7	Default Rate	11
	2.8	Late Charge	11
	2.9	Repayment of Loan	11
	2.10	Optional Prepayments	11
	2.11	Computation of Interest and Fees	11
	2.12	Evidence of Debt	11
	2.13	Payments Generally	11
	 	 	 
	ARTICLE III. Representations and Warranties	12
	3.1	Good Standing and Authority	12
	3.2	Valid and Binding Obligation	12
	3.3	Good Title	12
	3.4	Reserved	12
	3.5	No Consent or Filing	12
	3.6	No Violations	12
	3.7	ERISA Matters	13
	3.8	Financial Statements; No Material Adverse Effect; and Solvency	13
	3.9	Litigation	14
	3.10	No Default	14
	3.11	Ownership of Property; Liens, etc.	14
	3.12	Environmental Compliance	15
	3.13	Insurance	15
	3.14	Taxes	15
	3.15	Subsidiaries; Equity Interests	16
	3.16	Margin Regulations; Investment Company Act; Public Utility Holding Company Act	16
	3.17	Disclosure	16
	3.18	Compliance with Laws	16
	3.19	Intellectual Property; Licenses, Etc	16
	3.20	Perfection of Security Interest	17
	3.21	Casualty Events	17
	3.22	Labor Matters	17
	3.23	Collateral Documents	17
	3.24	Certain Transactions	17
	3.25	Accounts	17
	3.26	Prohibited Person Compliance	18

 

    i 

     

    

 

	3.27	Material Contracts	18
	 	 	 
	ARTICLE IV. Affirmative Covenants	18
	4.1	Future Financial Statements	18
	4.2	Use of Proceeds	18
	4.3	Taxes	19
	4.4	Insurance	19
	4.5	Litigation	19
	4.6	Preservation of Existence, etc	20
	4.7	Books and Records	20
	4.8	Material Contracts	20
	4.9	Inspection Rights	20
	4.10	Continue Business	20
	4.11	Notices	21
	4.12	Environmental Compliance	21
	4.13	Further Assurances	21
	4.14	Covenant to Guarantee Obligations and Give Security	21
	 	 	 
	ARTICLE V. Negative Covenants	23
	5.1	Borrowed Money	23
	5.2	Encumbrances	23
	5.3	Guaranties	23
	5.4	Sale of Assets	23
	5.5	Acquisition or Merger	23
	5.6	Ownership Interests	24
	5.7	Investments and Loans	24
	5.8	Dividends or Distributions	24
	5.9	Pricing of Securities	24
	5.10	Commissions	24
	5.11	AGA Business	24
	 	 	 
	ARTICLE VI. Default	24
	6.1	Events of Default	24
	6.2	Effects of an Event of Default	27
	6.3	Remedies	27
	 	 	 
	ARTICLE VII. Expenses and Indemnification	27
	7.1	Reimbursement	27
	7.2	Indemnity	28
	 	 	 
	ARTICLE VIII. Other	28
	8.1	Notices	28
	8.2	Counterparts; Effectiveness	29
	8.3	Amendments and Waivers	29
	8.4	Delays and Omissions	29
	8.5	Successors and Assigns	29
	8.6	Entire Understanding	29
	8.7	Severability	29
	8.8	Force Majeure	29
	8.9	Governing Law	30
	8.10	Inconsistent Provisions	30

 

    ii 

     

    

 

	8.11	Limitation of Liability	30
	8.12	Counterparts	30
	8.13	Submission to Jurisdiction	30
	8.14	Waiver of Venue	31
	8.15	Service of Process	31
	8.16	Waiver of Jury Trial	31
	8.17	Waiver of Consequential Damages, Etc.	31
	8.18	Confidentiality	31
	8.19	Amendment and Restatement	32

 

    iii 

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS
AMENDED AND RESTATED CREDIT AGREEMENT is made as of September 15, 2016, by and among GRANDPARENTS.COM, INC., a Delaware
corporation (“Borrower”), VB FUNDING, LLC, a Delaware limited liability company (together with its participants,
successors and assigns, “VB”) and each other lender from time to time party
hereto (together with VB, collectively, the “Lender” and each, individually, a “Lender”).

 

Lender previously provided
a $8,000,000 term loan (the “Original Loan”) to Borrower pursuant to that certain Credit Agreement dated as
of July 8, 2015 by and between Borrower and Lender (the “Original Credit Agreement”), as evidenced by (among
other things) that certain Convertible Promissory Note, dated as of July 8, 2016, in the principal amount of up to $8,000,000 (the
“Original Note”).

 

Borrower has requested
that Lender provide additional loan advances to Borrower in the aggregate amount of $2,950,000 (each an “Additional Advance”
and collectively, the “Additional Advances”), and Borrower and Lender desire to amend and restate the terms
of the Original Credit Agreement to provide therefor, on the terms and conditions set forth herein.

 

In consideration of the
mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.
Definitions

 

1.1           Definitions.
As used in this Agreement, unless otherwise specified, the following terms shall have the following respective meanings:

 

“Additional Advance”
– as defined in the recitals of this Agreement.

 

“Affiliate”
- any Person who now or hereafter has Control of, or is now or hereafter under common Control with, Borrower or any Subsidiary
or over whom or over which Borrower or any Subsidiary now or hereafter has Control.

 

“AGA”
– American Grandparents Association LLC, a Florida limited liability company, a Subsidiary.

 

“Agreement”
- this agreement, including any Exhibit or Schedule hereto, as the same may be amended, supplemented, restated or otherwise modified
from time to time.

 

“Anti-Terrorism
Laws” - any Laws relating to terrorism or money laundering, including, without limitation, Executive Order No. 13224,
the USA Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury
Department’s Office of Foreign Asset Control (as any of the forgoing Laws may from time to time be amended, renewed, extended
or replaced).

 

“Business Day”
- a day of the year which is neither a Saturday or Sunday nor a legal holiday on which banks are required or authorized by law
to close in the State of New York.

 

“CERCLIS”
- the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

     

     

    

 

“Change of Control
of Borrower” means an event or series of events by which (a) during any period of twelve (12) consecutive months, a majority
of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i)
who were members of the board of directors or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting
at the time of such election or nomination at least a majority of that board or equivalent governing body, or (iii) whose election
or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii)
above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding,
in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member
of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for
the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more
directors by or on behalf of the board of directors); (b) prior to the issuance of the Series D Preferred Stock, Steve Leber and
Lee Lazarus shall, at any time, fail to serve on the board of directors or other equivalent governing body of Borrower; or (c)
after issuance of the Series D Preferred Stock, any directors appointed by or elected by holders of the Series D Preferred Stock
shall not be installed or shall be removed without the consent of the holders of the Series D Preferred Stock.

 

“Charter Amendment”
– as defined in the Preferred Stock SPA.

 

“Closing”
or “Closing Date” - the closing of the transactions provided for in this Agreement, or such other date upon
which the parties may agree.

 

“Collateral Documents”
- collectively, any guaranty, security agreement, mortgage, assignment of claims or contracts, and any and all other documents
at any time executed and delivered as collateral or security for the Loan, and any and all amendments, restatements, renewals or
replacements thereof.

 

“Common Stock”
– as defined in the Common Stock SPA.

 

“Common Stock
SPA” – means that certain Securities Purchase Agreement (Common Stock) of even date herewith by and between Borrower,
as issuer, and Lender, as purchaser.

 

“Constituent Documents”
- the certificate of incorporation and by-laws of Borrower.

 

“Contractual Obligation”
- as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to
which such Person is a party or by which it or any of its property is bound.

 

“Control”
- (a) the power to vote at least 51% of the outstanding shares of any class of stock of a corporation or equity, membership or
ownership interest in any partnership, limited partnership, limited liability company or other business entity, (b) the beneficial
ownership of at least 51% of (i) the outstanding shares of any class of stock of a corporation or (ii) of any outstanding equity,
membership or ownership interest in any other Person.

 

“Default”
- any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

“Default Rate”
- when used with respect to the Loan or any other unpaid overdue amount owing to Lender under any Loan Document, an interest rate
equal to 12.5% per annum, payable in cash upon demand of Lender.

 

    	 	2	 

     

    

 

“Environment”
- any water including, but not limited to, surface water and ground water or water vapor; any land including land surface or subsurface;
stream sediments; air; fish; wildlife; plants; and all other natural resources or environmental media.

 

“Environmental
Laws” - all foreign, federal, state, county, provincial and local environmental, land use, zoning, health, chemical use,
safety and sanitation laws, statutes, ordinances, regulations, codes and rules relating to the protection of the Environment and/or
governing the use, storage, treatment, generation, transportation, processing, handling, production or disposal of Hazardous Materials
and the policies, guidelines, procedures, interpretations, decisions, orders and directives of any Governmental Authority with
respect thereto.

 

“Environmental
Liability” – any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiaries directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Event of Default”
- as defined in Article VI of this Agreement.

 

“Executive Order
No. 13224” - Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or
shall hereafter be, amended, renewed, extended or replaced.

 

“GAAP”
- generally accepted accounting principles in the United States of America in effect from time to time and consistently applied
from period to period.

 

“Governmental
Authority” - the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Guarantor”
– any Subsidiary of the Borrower other than AGA.

 

“Hazardous Materials”
- without limitation, any flammable explosives, radon, radioactive materials, asbestos, asbestos containing materials, urea formaldehyde
foam insulation, lead based paints, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials,
hazardous wastes, hazardous or toxic substances, pollutant, contaminant, regulated substance, residual waste or related materials
as defined in or subject to any Environmental Law, including, without limitation, the following federal statutes and any comparable
Connecticut Environmental Laws: the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. Sections 9601, et seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. Sections 1801, et seq.), the
Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901, et seq.), The Clean Water Act, as amended (33 U.S.C.
Sections 1251, et seq.), The Safe Drinking Water Act (42 U.S.C. Sections 300f, et seq.), The Clean Air Act (42 U.S.C. Sections
7401, et seq.), and/or regulations adopted pursuant to any such Environmental Law.

 

“Indebtedness”
– as defined in Section 5.1 of this Agreement.

 

“Initial Funding
Date” – July 8, 2015.

 

    	 	3	 

     

    

 

“Investment”
- as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other
acquisition of equity interests of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt
of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership
or joint venture interest in such other Person and any arrangement pursuant to which the investor guarantees indebtedness of such
other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person
that constitute a division or business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount
actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“IRC”
– as defined in Section 2.6 of this Agreement.

 

“Laws”
- collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“Lien”
- any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to
real property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
- as defined in Section 2.1 of this Agreement.

 

“Loan Document”
and collectively, “Loan Documents” - the Collateral Documents, the Note, and any other document, instrument
or agreements executed in connection with the Loan, as may be amended, modified or supplemented from time to time.

 

“Loan Notice”
- a written notice of a request for a Loan, which shall be substantially in the form of Exhibit B hereto.

 

“Loan Party”
– Borrower and each Guarantor (each a “Loan Party” and collectively, the “Loan Parties”)

 

“Loan Year”
– each 12-month period during the term of the Loan, the first of which begins on the date hereof and ends on September 30,
2017, and each succeeding 12-month period thereafter commencing on October 1, 2017.

 

“Margin Stock”
- as defined under Regulation U of the Board of Governors of the Federal Reserve System, as amended from time to time.

 

“Material Adverse
Effect” - a material adverse effect on: (a) the property, assets, financial condition, business or operations of Borrowers
and its Subsidiaries, taken as a whole; (b) the ability of Borrower or the Borrower and the other Loan Parties (taken as a whole)
to perform any of its or their payment or other obligations, as the case may be, under this Agreement, the Note, or any Collateral
Document to which it or they are a party; (c) the legality, validity or enforceability of the obligations of Borrower or any Loan
Party under this Agreement, the Note, or any Collateral Document to which it is are a party; or (d) the ability of Lender to exercise
its rights and remedies with respect to, or otherwise realize upon, any of the collateral or any of the security for the obligations
of Borrower or any Subsidiary to Lender under this Agreement, the Note, or any Collateral Document.

 

    	 	4	 

     

    

 

“Material Contract”-
with respect to Borrower, each agreement or contract to which Borrower is a party (a) that involves aggregate consideration payable
in any year to or by Borrower of $10,000 or more for purposes of Section 4.8(b) hereof and $50,000 or more for purposes of all
other Sections hereof or (b) that is otherwise material to the business, condition (financial or otherwise), operations, performance,
or properties of Borrower and/or any of its Subsidiaries.

 

“Maturity Date”
– October 1, 2031, unless such date is otherwise accelerated in accordance with the terms of this Agreement.

 

“Maximum Accrual”
– as defined in Section 2.6 of this Agreement.

 

“Multiemployer
Plan” - any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any
ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated
to make contributions.

 

“Note”
- as defined in Section 2.2 of this Agreement.

 

“NPL”
- the National Priorities List under CERCLA.

 

“Obligations”
- all advances to, and debts, liabilities, obligations, covenants and duties of Borrower or any Subsidiary arising under any Loan
Document or otherwise with respect to the Loan, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against Borrower or any Subsidiary or any Affiliate thereof of any proceeding under bankruptcy or any other Laws established
for the relief of debtors naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding.

 

“OID”
– as defined in Section 2.6 of this Agreement.

 

“Original Credit
Agreement” – as defined in the recitals of this Agreement.

 

“Original Loan”
– as defined in the recitals of this Agreement.

 

“Original Note”
– as defined in the recitals of this Agreement.

 

“Payment Date”
– September 30, 2016 and the last Business Day of each succeeding calendar quarter of Borrower.

 

“Pension Plan”
- any pension plan as defined in Section 3(2) of the Employee Retirement Income Security Act of 1974 as amended (“ERISA”)
with respect to which Borrower or any Subsidiary has incurred or may incur liability, including contingent liability, under Title
IV of ERISA, to such plan or to the Pension Benefit Guaranty Corporation. For purposes of this definition and for purposes of Section
6.1(i), “Borrower” shall include any trade or business (whether or not incorporated) which, together with Borrower
or a Subsidiary, is deemed to be a “single employer” within the meaning of Section 4001(b)(1) of ERISA.

 

    	 	5	 

     

    

 

“Permitted Indebtedness”
means:

 

(i)          Indebtedness
evidenced by capitalized lease obligations and purchase money Indebtedness secured by Liens permitted by clause (v) of the definition
of “Permitted Liens”; provided that the aggregate principal amount of all such Indebtedness does not exceed $1,000,000
at any one time outstanding;

 

(ii)         Indebtedness
listed on Schedule 1.1 hereto;

 

(iii)        Indebtedness
under hedging agreements entered into in the ordinary course of business for the purpose of directly mitigating risks anticipated
by the Loan Parties and not for purposes of speculation or taking a “market view”;

 

(iv)       Indebtedness
in respect of netting services, overdraft protections and other like services, in each case incurred in the ordinary course of
business;

 

(v)        Indebtedness
consisting of contingent obligations permitted hereunder;

 

(vi)       Indebtedness
with respect to judgments or awards not constituting an Event of Default under Section 6.01(h);

 

(vii)      unsecured
Indebtedness owing to banks or other financial institutions under credit cards to officers and employees for, and constituting,
business related expenses in the ordinary course of business;

 

(viii)     Indebtedness
that is assumed in connection with any acquisition not to exceed $1,000,000; provided that, such Indebtedness was not incurred
in contemplation of such acquisition;

 

(ix)        Unsecured
indebtedness of a type not otherwise described above, not to exceed $1,000,000 in the aggregate at any one time outstanding; and

 

(x)         Any
extensions, refinancings or modifications of any of the foregoing (i)-(ix).

 

“Permitted
Liens” means:

 

(i)          Liens
securing the Obligations;

 

(ii)         Liens
listed on Schedule 1.2 hereof;

 

(iii)        Liens
for taxes, assessments and governmental charges the payment of which is not yet due and payable;

 

(iv)       Liens
imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s supplier's and other similar
Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) that are
not overdue by more than thirty (30) days or are being contested in good faith and by appropriate proceedings promptly initiated
and diligently conducted, and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made
therefor;

 

(v)        Liens
securing Indebtedness permitted by clause (i) of the definition of Permitted Indebtedness on equipment acquired or leased by the
Borrower or any of its Subsidiaries in the ordinary course of its business to secure the purchase price of, or capital lease obligations
pertaining to, such equipment; provided, however, that (A) no such Lien shall extend to or cover any other property of the Borrower
or any of its Subsidiaries, and (B) the purchase money Indebtedness secured by any such Lien is incurred within ninety (90) days
after the acquisition of such equipment;

 

    	 	6	 

     

    

 

(vi)       deposits
and pledges of cash securing obligations incurred in respect of workers’ compensation, unemployment insurance, social security
or other forms of governmental insurance or benefits or other statutory obligations;

 

(vii)      easements,
zoning restrictions and similar encumbrances on real property and minor irregularities in the title thereto that do not (A) secure
obligations for the payment of money or (B) materially impair the value of such property or its use by any Loan Party or any of
its Subsidiaries in the normal conduct of such Person’s business;

 

(viii)     any
interest or title of a lessor, licensor, sublessor or sublicensor under any lease or license not prohibited by this Agreement;

 

(ix)        any
attachment or judgment lien arising solely as a result of judgments or awards that do not constitute an Event of Default hereunder;

 

(x)         Liens
in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code; and

 

(xi)        Liens
(including the right of setoff) in favor of a bank or other depository institution encumbering deposits granted in the ordinary
course of business.

 

“Permitted Payments”
means

 

(i)          any
Subsidiary of the Borrower may pay dividends to the Borrower or any Subsidiary of the Borrower;

 

(ii)         Borrower
may pay dividends in the form of capital stock or cash generally to all holders of common stock in Borrower;

 

(iii)        except
as limited elsewhere in this Agreement, payment of reasonable and customary directors’ fees and expenses and indemnities;
and

 

(iv)        other
payments, distributions or repurchases to unaffiliated third parties which are not management, officers or employees of Borrower
or any Subsidiary, not to exceed $1,000,000 in the aggregate during the term of the Loan.

 

“Person”
- any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated association, government
or political subdivision or other entity, body, organization or group.

 

“Preferred Stock
SPA” – means that certain Securities Purchase Agreement (Series D Preferred Stock) of even date herewith by and
between Borrower, as issuer, and Lender, as purchaser.

 

“Reportable Event”
- any event with regard to a Pension Plan described in Section 4043(b) of ERISA, or in Regulations issued thereunder.

 

    	 	7	 

     

    

 

“Responsible Officer”
- the chief executive officer, chief operating officer, president, vice president, chief financial officer, treasurer, assistant
treasurer or secretary of Borrower. Any document delivered hereunder that is signed by a Responsible Officer of Borrower shall
be conclusively presumed to have been authorized by all necessary corporate and/or other action on the part of Borrower and such
Responsible Officer shall be conclusively presumed to have acted on behalf of Borrower.

 

“Restatement Advance”
– as defined in Section 2.3(b) of this Agreement.

 

“Restatement Date”
– The date of this Agreement.

 

“Series D Preferred
Stock” – as defined in the Preferred Stock SPA.

 

“Subsidiary”
- any corporation, partnership, limited liability company or other entity, association or organization of which Borrower has Control,
or of which at least 51% of the voting interests is owned by Borrower, directly, or indirectly through one or more Subsidiaries.

 

“USA Patriot Act”
- the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107 56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.

 

“VB”
– as defined in the recitals of this Agreement.

 

1.2         Accounting
Terms. All accounting terms not otherwise defined herein shall have the meaning
assigned to them in accordance with GAAP.

 

1.3         UCC
Definitions. Unless otherwise defined in this Agreement, capitalized words
shall have the meanings set forth in the Uniform Commercial Code as in effect in the State of New York.

 

ARTICLE II.
Term Loan Facility

 

2.1         Term
Loan. As of the date hereof, immediately prior to giving effect to this Agreement
and the Additional Advances, the outstanding principal balance of the Original Loan (inclusive of all accrued “paid in kind”
interest under Section 2.5(b) of the Original Credit Agreement) was $8,425,083.32. Subject to the terms and conditions set forth
herein, Lender agrees to amend and restate the Original Loan and increase the principal balance of the Original Loan in the amount
of the Additional Advances so that the aggregate principal amount of the Original Loan, together with the Additional Advances,
shall be $11,375,083.32 (collectively, the “Loan”). Borrower may borrow under this Section 2.1 and Section
2.3, and prepay under Section 2.10. Amounts borrowed may not be reborrowed once repaid.

 

2.2         The
Note. The Loan shall be evidenced by an amended and restated note (as amended
and in effect from time to time, the “Note”) executed by Borrower, and payable as provided in this Agreement.

 

2.3         Advances
of the Loan.

 

(a)          The
Original Loan was fully advanced under the Original Credit Agreement and shall be repaid in accordance with this Agreement.

 

(b)          The
Additional Advance shall be advanced in two disbursements:

 

    	 	8	 

     

    

 

(i)          An
advance in the principal amount of $950,000.00 (the “Restatement Advance”) shall be disbursed by Lender as of
the date hereof upon Borrower’s satisfaction of all of Lender’s conditions precedent to the Loan closing set forth
in Section 2.4 below, as determined in Lender’s sole discretion.

 

(ii)         Subsequent
advances shall be in an amount elected by Borrower, which, except for the final Additional Advance, must be in a minimum amount
of $1,000,000 (or if the available balance of the commitment hereunder is less than $1,000,000, such balance) unless otherwise
agreed to by Lender, and shall be disbursed upon Borrower’s irrevocable Loan Notice to Lender, which may be given by a Responsible
Officer of Borrower. The Loan Notice must be received by Lender not later than 11:00 a.m. ten (10) Business Days (and not more
than thirty (30) Business Days) prior to the requested date of an Additional Advance. The Loan Notice shall be on letterhead of
Borrower and reference the wiring instructions for the account into which such proceeds are to be deposited and shall specify the
requested date of the borrowing of an Additional Advance (which shall be a Business Day). Following receipt of the Loan Notice
and satisfaction of all conditions specified in Section 2.5, Lender shall make the principal amount thereof available to Borrower
by funding such Additional Advance via wire transfer of immediately available U.S. Federal funds.

 

2.4         Conditions
to Restatement Advance. The obligation of Lender to disburse
the Restatement Advance is subject to the following conditions precedent:

 

(a)          The
representations and warranties of Borrower contained in Article III or any other Loan Document shall have been true and correct
on and as of the date hereof (or such other date as specified in such representation or warranty).

 

(b)          No
Default or Event of Default shall exist, or would result from the proposed Restatement Advance or from the application of the proceeds
thereof.

 

(c)          Borrower
and Lender or its Affiliates shall have entered into the Common Stock SPA.

 

(d)          Borrower
and Lender or its Affiliates shall have entered into the Preferred Stock SPA.

 

(e)          The
number of the directorships of the Borrower shall be fixed at seven (7) directors and all persons serving as Directors must be
acceptable to Lenders.

 

(f)          Lender
shall have received such other approvals, opinions or documents as it may reasonably request.

 

2.5         Conditions
to Additional Advances. The obligation of Lender to honor the Loan Notice
and disburse further Additional Advances (other than the Restatement Advance) is subject to the following conditions precedent:

 

(a)          The
representations and warranties of Borrower contained in Article III or any other Loan Document shall have been true and correct
on and as of the date hereof (or such other date as specified in such representation or warranty) and shall be remain true when
re-made pursuant to the Loan Notice as of the date of each Additional Advance.

 

(b)          No
Default or Event of Default shall exist, or would result from the proposed Additional Advance or from the application of the proceeds
thereof.

 

    	 	9	 

     

    

 

(c)          Lender
shall have received the Loan Notice in accordance with the requirements hereof.

 

(d)          Lender
shall have received a copy of the Charter Amendment pursuant to the terms hereof.

 

(e)          Borrower
shall have issued the Series D Preferred Stock and Lender and Borrower shall have consummated the purchase and sale of the Series
D Preferred Stock, as more particularly described in the Preferred Stock SPA.

 

(f)          Lender
shall have received such other approvals, opinions or documents as it may reasonably request.

 

(g)          The
Loan Notice submitted by Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections
2.5(a) and 2.5(b) have been satisfied on and as of the date of each Additional Advance.

 

2.6         Interest.

 

(a)          Interest
Payable Prior to Restatement Date. From the Initial Funding Date through but not including the Restatement Date, interest
accrued on the Loan was due and payable pursuant to Original Credit Agreement. From and after the Restatement Date, interest accruing
on the Loan shall be due and payable as provided herein. Notwithstanding the foregoing, the interest payable in cash that has accrued
under the Original Loan Agreement and remains unpaid as of the Restatement Date shall be paid on September 30, 2016, or deducted
from the net proceeds due the Borrower from the Restatement Advance.

 

(b)          Interest
Payable in Cash. The interest accruing on the Loan shall be due and payable in arrears, in cash, on each Payment Date and
at such other times as may be specified herein. Subject to the provisions of Section 2.7, the Loan shall bear interest on the outstanding
principal amount thereof as follows:

 

(i)          one
percent (1%) for the first Loan Year;

 

(ii)         two
percent (2%) for the second Loan Year;

 

(iii)        three
percent (3%) for the third Loan Year;

 

(iv)        twelve
percent (12%) for the fourth Loan Year; and

 

(v)         fifteen
percent (15%) thereafter, in each case, subject to the maximum amount permitted by law.

 

(c)          AHYDO
Catch-Up.           Notwithstanding anything to the contrary
contained herein, if (i) the Loan remains outstanding after the fifth anniversary of the Closing Date and (ii) the aggregate amount
of the accrued but unpaid interest on the Loan (including any amounts treated as interest for federal income tax purposes, such
as original issue discount (“OID”)) as of any Testing Date occurring after such fifth anniversary exceeds an
amount equal to the Maximum Accrual, then all such accrued but unpaid interest on the Note (including any amounts treated as interest
for federal income tax purposes, such as OID) as of such time in excess of an amount equal to the Maximum Accrual shall be paid
in cash by the Borrower to the Lender (or any subsequent holder of the Note) on such Testing Date, it being the intent of the
parties hereto that the deductibility of interest on the Loan shall not be limited or deferred by reason of Section 163(i) of
the Internal Revenue Code of 1986, as amended (the “IRC”). For these purposes, the “Maximum Accrual”
is an amount equal to the product of the Loan’s issue price (as defined in IRC Sections 1273(b) and 1274(a)) and its yield
to maturity, and a “Testing Date” is any Interest Payment Date and the date on which any “accrual period”
(within the meaning of IRC Section 1272(a)(5)) closes.

 

    	 	10	 

     

    

 

2.7         Default
Rate. If any amount payable by Borrower under any Loan Document is not paid
when due (with regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then such amount
shall thereafter bear interest at a rate per annum at all times equal to the Default Rate. While any Event of Default exists and
is continuing, Borrower shall pay interest on the outstanding principal amount of the Loan at a rate per annum at all times equal
to the Default Rate. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and
payable upon demand. If interest on the outstanding principal amount of the Loan is payable at the Default Rate, then the amount
of interest payable exceeding a fixed rate per annum of five percent (5.00%) shall be payable in cash on each Payment Date (or
at such other times as may be specified herein), and not in kind.

 

2.8         Late
Charge. Borrower shall pay to Lender a late charge equal to five percent (5%)
of each payment of principal and/or interest not paid within ten (10) days of the due date thereof to cover the expenses to Lender
resulting from such delinquent payment.

 

2.9         Repayment
of Loan. Borrower shall repay to Lender on the Maturity Date the aggregate
principal amount of the Loan outstanding on such date.

 

2.10       Optional
Prepayments. Borrower may, at any time and from time to time, voluntarily prepay
the Loan in whole or in part, at any time prior to the Maturity Date, such prepayment to be payable in cash. In the event the
Loan is prepaid for any reason or is accelerated due to an Event of Default, an amount shall become immediately due and payable
by Borrower to Lender equal to all of the interest that would have accrued on the Loan through and including the Maturity Date
(absent such prepayment or acceleration).

 

2.11       Computation
of Interest and Fees. All computations of fees and interest shall be calculated
daily on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid
than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which such Loan is made. Each
determination by Lender of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

 

2.12       Evidence
of Debt. The extensions of the Loan made by Lender shall be evidenced by one
or more accounts or records maintained by Lender in the ordinary course of business. The accounts or records maintained by Lender
shall be conclusive absent manifest error of the amount of such extensions made by Lender to Borrower and the interest and payments
thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligations of Borrower
hereunder to pay any amount owing with respect to the Loan.

 

2.13       Payments
Generally. All payments to be made by Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments
by Borrower hereunder shall be made to Lender in U.S. Dollars and in immediately available funds not later than 2:00 p.m. on the
date specified herein. If any payment to be made by Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

 

    	 	11	 

     

    

 

ARTICLE III.
Representations and Warranties

 

Borrower hereby makes the
following representations and warranties as of the date hereof and as of the date of the Additional Advance.

 

3.1         Good
Standing and Authority. Borrower is a corporation, duly organized, and validly
existing, and in good standing under the laws of the State of Delaware. Each Subsidiary is a limited liability company, duly organized,
and validly existing, and in good standing under the laws of the State of Florida. Borrower and each Subsidiary has all necessary
power and authority to transact the business in which it is engaged; is duly licensed or qualified and in good standing in each
other jurisdiction in which the conduct of such business requires such licensing or such qualification, except where the failure
to be so licensed or qualified would not have a Material Adverse Effect. Borrower and each Guarantor has all necessary power and
authority to enter this Agreement and to execute, deliver and perform this Agreement, the Note, the Collateral Documents and any
other document executed in connection with this Agreement, all of which have been duly authorized by all proper and necessary
action by Borrower and each Guarantor.

 

3.2         Valid
and Binding Obligation. This Agreement, the Collateral Documents, the Note,
and any other document executed in connection herewith constitute the legal, valid and binding obligations of Borrower and each
Guarantor, enforceable in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy
and insolvency laws and laws affecting creditor’s rights generally.

 

3.3         Good
Title. Borrower and each Subsidiary has good and marketable title to all of
its material assets, none of which is subject to any mortgage, indenture, pledge, lien, conditional sale contract, security interest,
encumbrance, claim, trust or charge except as otherwise permitted herein.

 

3.4         Reserved.

 

3.5         No
Consent or Filing. No consent, license, approval or authorization of, or registration,
declaration or filing with, any court, Governmental Authority or other Person, which has not been obtained or made, is required
in connection with the valid execution, delivery or performance of this Agreement, the Note, the Collateral Documents or other
documents required by this Agreement or in connection with any of the transactions contemplated thereby, other than filings and
recordings in connection with the Collateral Documents.

 

3.6         No
Violations. Neither Borrower nor any Subsidiary is in violation of any term
of its Constituent Documents, or of any mortgage, borrowing agreement or other instrument or agreement pertaining to indebtedness
for borrowed money which would be an Event of Default hereunder. Neither Borrower nor any Subsidiary is in violation of any term
of any other indenture, instrument, or agreement to which it is a party or by which it may be bound, resulting, or which might
reasonably be expected to result, in a Material Adverse Effect. Neither Borrower nor any Subsidiary is in violation of any order,
writ, judgment, injunction or decree of any court of competent jurisdiction. To Borrower’s best knowledge, neither Borrower
nor any Subsidiary is in violation of any statute, rule or regulation of any competent Governmental Authority, the violation of
which would have a Material Adverse Effect. The execution and delivery of this Agreement, the Note, the Collateral Documents and
other documents required by this Agreement and the performance of all of the same is and will be in compliance with the foregoing
and will not result in any violation or result in the creation of any mortgage, lien, security interest, charge or encumbrance
upon any properties or assets except in favor of Lender. There exists no fact or circumstance not disclosed in this Agreement
or in the documents furnished in connection herewith (other than general economic conditions) which does, or in the future could,
have a Material Adverse Effect.

 

    	 	12	 

     

    

 

3.7         ERISA
Matters. Except in compliance with all applicable Laws, no Pension Plan has
been terminated or partially terminated or is insolvent or in reorganization, nor have any proceedings been instituted to terminate
or reorganize any Pension Plan; neither Borrower nor any Subsidiary has withdrawn from any Pension Plan, nor has a condition occurred
which if continued would result in a complete or partial withdrawal; neither Borrower nor any Subsidiary has incurred any withdrawal
liability to any Pension Plan; neither Borrower nor any Subsidiary has incurred any liability to the Pension Benefit Guaranty
Corporation other than for required insurance premiums which have been paid when due; no Reportable Event has occurred; and no
Pension Plan or other “employee pension benefit plan” as defined in Section 3 of ERISA to which Borrower or any Subsidiary
is a party has an “accumulated funding deficiency.” Each Pension Plan and each other “employee benefit plan”
as defined in Section 3(2) of ERISA to which Borrower or any Subsidiary is a party is in substantial compliance with ERISA, and
no such plan, or any administrator, trustee or fiduciary thereof has engaged in a prohibited transaction described in Section
406 of ERISA or in Section 4975 of the Internal Revenue Code.

 

3.8         Financial
Statements; No Material Adverse Effect; and Solvency.

 

(a)          Borrower
has made available to Lender a true, correct and complete copy of Borrower’s and its Subsidiaries’ consolidated 10-K
annual report for the period ending December 31, 2015 and a true, correct and complete copy of Borrower’s and its subsidiaries’
most recent consolidated 10-Q quarterly report for the period ending June 30, 2016. The foregoing financial statements (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein; (ii) fairly present the financial condition of Borrower and its Subsidiaries as of the date thereof and their results
of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent,
of Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and indebtedness.

 

(b)          Schedule
1.1 sets forth all indebtedness for borrowed money evidenced by a promissory note of Borrower and its Subsidiaries as of the
Closing Date, as well as any other material indebtedness for borrowed money and other liabilities, direct or contingent, of Borrower
and its Subsidiaries as of the Closing Date, including liabilities for taxes, material commitments and indebtedness. True, correct
and complete copies of all documents, instruments or agreements evidencing the indebtedness set forth on Schedule 1.1 have
been delivered to Lender.

 

(c)          Except
as set forth in Schedule 3.8(b), as of the Closing Date: (i) there is no outstanding or authorized subscription, warrant,
option, or other right, commitment or arrangement (written or oral, or contingent or otherwise) to which Borrower or any Subsidiary
is a party or by which it is bound, to purchase or acquire any shares of, or any security directly or indirectly convertible in
or exchangeable or exercisable for, any capital stock of Borrower or any Subsidiary, (ii) neither Borrower nor any of its Subsidiaries
has any obligation (contingent or otherwise) to issue any warrants, options or other commitments or arrangements to issue or distribute
to holders of any shares of its capital stock, any evidences of indebtedness, or assets of Borrower or such Subsidiary, (iii) neither
Borrower nor any Subsidiary has any obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any shares of
its capital stock or any interest therein or to pay any dividend or make any other distribution in respect thereof, and (iv) there
are no voting agreements or similar arrangements among Borrower or any Subsidiary or any of their respective stockholders.

 

    	 	13	 

     

    

 

(d)          Since
the date of the financial statements described in paragraph (a) above, there has been no event or circumstance, either individually
or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

 

(e)          Neither
Borrower nor any Subsidiary, on a consolidated basis, is insolvent as defined in any applicable state or federal statute, nor will
Borrower or any Subsidiary, on a consolidated basis, be rendered insolvent by the execution and delivery of this Agreement, the
Note or any of the Collateral Documents to Lender. Immediately after giving effect to the making of each of the Initial Advance
and the Additional Advance hereunder, Borrower and its Subsidiaries, on a consolidated basis, reasonably expect to (i) be able
to pay their debts as they become due, (ii) have funds and capital sufficient to carry on their business and all businesses in
which they are about to engage, and (iii) own property having a value at both fair valuation and at fair salable value greater
than the amount required to pay its debts as they become due.

 

3.9         Litigation.
As of the Closing Date, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of Borrower
after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental
Authority, by or against Borrower or any of its Subsidiaries or against any of their properties or revenues that (a) purport to
affect or pertain to this Agreement or any other Loan Document or any of the transactions contemplated hereby, or (b) except as
set forth on Schedule 3.9 hereto, either individually or in the aggregate, if determined adversely, could reasonably be
expected to have a Material Adverse Effect.

 

3.10       No
Default. Neither Borrower nor any Subsidiary is in default under or with respect
to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.

 

3.11       Ownership
of Property; Liens, etc..

 

(a)          Borrower
and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary
or used in the ordinary conduct of its business, except for such defects in title as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(b)          As
of the date hereof, Schedule 3.11(b) sets forth a complete and accurate list of all Liens on the property or assets of Borrower
and each of its Subsidiaries, showing as of the date hereof the lienholder thereof, the principal amount of the obligations secured
thereby and the property or assets of Borrower or such Subsidiary subject thereto. The property of Borrower and each of its Subsidiaries
is subject to no Liens, other than Permitted Liens.

 

(c)          As
of the date hereof, neither Borrower nor any Subsidiary owns any real property.

 

(d)          As
of the date hereof, Schedule 3.11(d) sets forth a complete and accurate list of all leases of real property under which
Borrower or any Subsidiary is the lessee, showing as of the date hereof the street address, county or other relevant jurisdiction,
state, lessor, lessee, expiration date and annual rental cost thereof. Each such lease is the legal, valid and binding obligation
of the lessor thereof, enforceable in accordance with its terms and neither Borrower nor any Subsidiary is a party to any lease
of real property under which Borrower or any Subsidiary is the lessor.

 

    	 	14	 

     

    

 

3.12       Environmental
Compliance.

 

(a)          Borrower
and its Subsidiaries conducts in the ordinary course of business a review of the effect of existing Environmental Laws and claims
alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations
and properties, and as a result thereof Borrower has reasonably concluded that, except as specifically disclosed in Schedule
3.12, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

(b)          Except
as otherwise set forth in Schedule 3.12, none of the properties currently or formerly owned or operated by Borrower or any
of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list
or is adjacent to any such property; there are no and never have been any underground or above-ground storage tanks or any surface
impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed
on any property currently owned or operated by Borrower or any of its Subsidiaries or, to the best of the knowledge of the Loan
Parties, on any property formerly owned or operated by Borrower or any of its Subsidiaries; there is no asbestos or asbestos-containing
material on any property currently owned or operated by Borrower or any of its Subsidiaries; and Hazardous Materials have not been
released, discharged or disposed of on any property currently or formerly owned or operated by Borrower or any of its Subsidiaries.

 

(c)          Except
as otherwise set forth on Schedule 3.12, neither Borrower nor any of its Subsidiaries nor any other potentially responsible
party is undertaking or will be undertaking, and has not completed, either individually or together with other potentially responsible
parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge
or disposal of Hazardous Materials at any property owned, leased or operated by such parties, either voluntarily or pursuant to
the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used,
treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by Borrower or any
of its Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability to Borrower or any
of its Subsidiaries.

 

3.13       Insurance.
The properties of Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates
of Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in
similar businesses and owning similar properties in localities where Borrower or the applicable Subsidiary operates. As of the
date hereof, the certificate attached in Schedule 3.13 identifies all insurance coverage maintained by Borrower and its
Subsidiaries, and such other information contained in such certificate is true and correct in all respects.

 

3.14       Taxes.
Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and
have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon
them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There
is no proposed tax assessment against Borrower or any Subsidiary thereof that would, if made, be reasonably expected to have a
Material Adverse Effect. Neither Borrower nor any Subsidiary thereof is party to any tax sharing agreement. Borrower and each
of its Subsidiaries maintain adequate reserves for the payment of payment of any sales or use tax obligations in each jurisdiction
where Borrower or such Subsidiary is required to pay such taxes.

 

    	 	15	 

     

    

 

3.15       Subsidiaries;
Equity Interests. As of the date hereof, Borrower has no Subsidiaries other
than those specifically disclosed in of Schedule 3.15(a), and all of the outstanding equity interests in such Subsidiaries
have been validly issued, are fully paid and non-assessable and are owned by Borrower free and clear of all Liens. As of the date
hereof, Borrower has no equity investments in any other corporation or entity other than those specifically disclosed in Schedule
3.15(b). The Constituent Documents of Borrower and each amendment thereto provided to Lender is a true and correct copy of
each such document, each of which is valid and in full force and effect.

 

3.16       Margin
Regulations; Investment Company Act; Public Utility Holding Company Act. Neither
Borrower nor any Subsidiary is engaged and will not engage, principally or as one of its important activities, in the business
of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose
of purchasing or carrying margin stock. Neither Borrower nor any of its Subsidiaries is a “holding company”, or a
“subsidiary company” of a “holding company”, or an “affiliate” of a “holding company”,
as such terms are defined in the Public Utility Holding Company Act of 2005; neither Borrower nor any of its Subsidiaries is subject
to regulation as a “public utility” under the Federal Power Act, as amended; nor is it subject to regulation as an
“investment company”, or an “affiliated company” or a “principal underwriter” of an “investment
company”, as such terms are defined in the Investment Company Act of 1940.

 

3.17       Disclosure.
Borrower has disclosed to Lender all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries
is subject, and all other matters known to it, that, individually or in the aggregate, a breach of which would reasonably be expected
to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in
writing or orally) by or on behalf of Borrower to Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified, supplemented or updated
by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not material misleading; provided
that, it is understood and agreed that any projections provided in connection herewith are by their nature presumptive, subject
to significant uncertainties and contingent on a wide range of factors, any of which are beyond the control of the Borrower and
its Subsidiaries, and that no assurance can be given that any of the projections will be realized and actual results may vary
significantly.

 

3.18       Compliance
with Laws. Borrower and each Subsidiary is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

 

3.19       Intellectual
Property; Licenses, Etc.

 

(a)          Borrower
and its Subsidiaries own, or possess the right to use, any and all of the trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intellectual property rights (collectively, “Intellectual Property”)
that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person,
other than as disclosed on Schedule 3.19(a). As of the date hereof, Schedule 3.19(a) hereto is a complete description
of all Intellectual Property. To the knowledge of the Loan Parties, no slogan or other advertising device, product, process, method,
substance, part or other material now employed, or now contemplated to be employed, by Borrower or any Subsidiary thereof infringes
upon any rights held by any other Person. No claim or litigation regarding any of the foregoing against Borrower or any Subsidiary
thereof is pending or, to the knowledge of Borrower, threatened, which, either individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

 

    	 	16	 

     

    

 

(b)          Borrower
and its Subsidiaries has all requisite power and authority and all necessary licenses, permits and approvals (collectively, “Permits”)
to engage in and to otherwise carry on its businesses as now conducted, except for any such licenses, permits and approvals, the
failure of which to obtain or maintain would not, individually or in the aggregate, have a Materially Adverse Effect. As of the
date hereof, set forth in Schedule 3.19(b) hereto is a complete description of all Permits. Each Permit is validly issued
and in full force and effect, and Borrower and each of its Subsidiaries, as applicable, has fulfilled and performed all of its
obligations with respect thereto. No event has occurred which (i) has resulted in, or after notice or lapse of time or both would
result in, revocation or termination of any Permit, or (ii) materially and adversely affects or in the future would reasonably
be expected to materially adversely affect any of the rights of Borrower or any of its Subsidiaries thereunder.

 

3.20       Perfection
of Security Interest. The Collateral and Lender’s rights with respect
to the Collateral are not subject to any setoff, claims, withholdings or other defenses. Borrower is the owner of the Collateral
free from any Lien and any other claim or demand, and, except for Permitted Liens, there is no financing statement, security agreement,
chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry or other public office
that purports to cover, affect or give notice of any present or possible future Lien on, or security interest in, any assets or
property of any of Borrower or its Subsidiaries or any rights relating thereto.

 

3.21       Casualty
Events. Neither the businesses nor the properties of Borrower or any of its
Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake,
embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or
in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

3.22       Labor
Matters. There are no collective bargaining agreements or Multiemployer Plans
covering the employees of Borrower or any of its Subsidiaries as of the Closing Date and neither Borrower nor any Subsidiary of
Borrower has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years which,
in each case, would reasonably be expected to have a Material Adverse Effect.

 

3.23       Collateral
Documents. The provisions of the Collateral Documents are effective to create
in favor of Lender a legal, valid and enforceable first priority Lien on all right, title and interest of Borrower and the Guarantors
in the Collateral described therein, in each case subject to Permitted Liens.

 

3.24       Certain
Transactions. None of the current or former officers, directors or employees
of Borrower or any Subsidiary (or any partnership, trust or other entity in which such person has a substantial interest or is
also an officer, director, trustee or partner) is presently a party to any transaction with Borrower or any Subsidiary (other
than for services as employees, officers and directors), unless the same is on a third-party, arms’ length basis and is
not otherwise prohibited by the Loan Documents.

 

3.25       Accounts.
As of the date hereof, Schedule 3.25 sets forth the account numbers and locations of all bank accounts and securities accounts
of Borrower and its Subsidiaries.

 

    	 	17	 

     

    

 

3.26       Prohibited
Person Compliance. Borrower warrants, represents and covenants that neither
Borrower nor any Subsidiary nor any of their respective Affiliates is or will be a Person (a) that is listed in the Annex to,
or is otherwise subject to the provisions of, Executive Order No. 13224, (b) whose name appears on the United States Treasury
Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated
National and Blocked Persons,” (c) who commits, threatens to commit or supports “terrorism,” as defined in Executive
Order No. 13224, or (d) who is otherwise affiliated with any entity or person listed above (any and all parties or persons described
in subparts (a) – (d) above are herein referred to as a “Prohibited Person”). Borrower covenants and
agrees that neither Borrower, nor any Subsidiary nor any of their respective Affiliates will knowingly (i) conduct any business,
nor engage in any transaction or dealing, with any Prohibited Person, including, but not limited to, the making or receiving of
any contribution of funds, goods, or services to or for the benefit of a Prohibited Person, or (ii) engage in or conspire to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in Executive Order No. 13224. Borrower further covenants and agrees to deliver (from time to time) to Lender any such
certification or other evidence as may be requested by Lender in its sole and absolute discretion, confirming each such representation.

 

3.27       Material
Contracts. Schedule 3.27 sets forth all Material Contracts of Borrower
and its Subsidiaries as of the Closing Date. Other than as specified on Schedule 3.27, all Material Contracts are in full
force and effect with no default thereunder by any party thereto. To Borrower’s knowledge, no party has any claim or right
of offset to its obligations under any Material Contract, other than as specified on Schedule 3.27. True, correct and complete
copies of all Material Contracts in effect as of the Closing Date have been delivered to Lender (or made available to Lender on
EDGAR under Borrower’s Central Index Key (CIK) of 0001020475).

 

ARTICLE IV.
Affirmative Covenants

 

Borrower covenants and
agrees, and shall cause each Subsidiary to covenant and agree, so long as any Obligations (other than any contingent indemnification
obligations not then due and owing) remain outstanding, to:

 

4.1         Future
Financial Statements. In accordance with and not in violation of any Applicable
Laws (including rules and regulations of the Securities and Exchange Commission), furnish to Lender or cause to be furnished to
Lender upon request, unless otherwise publicly available:

 

(a)          Public
Filings. Copies of all financial information, reports and other filings made with the Securities and Exchange Commission,
contemporaneously upon filing of the same.

 

(b)          Tax
Returns. As soon as available, and in any event within thirty (30) days after the filing of the same, signed copies of
all federal and state tax returns of Borrower, including all related schedules and forms, for the requested fiscal year(s), all
in reasonable detail and scope and certified by Borrower’s chief financial officer.

 

(c)          Other
Financial Information. Within fifteen (15) days following Lender’s request therefor, such other financial information
as reasonably requested by Lender and permitted by law to be disclosed.

 

4.2         Use
of Proceeds. Use the proceeds of the Loan for working capital and general corporate
purposes as more particularly set forth on Schedule 4.2 hereof only, as the same may be amended with Lender’s prior
written consent. In no event shall any of Borrower’s or its Subsidiaries’ existing indebtedness evidenced by a promissory
note be repaid using proceeds of the Loan, other than any interest accrued but not yet paid on the Original Loan as of the Restatement
Date.

 

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4.3         Taxes.
Promptly pay and discharge all of its taxes, assessments and other governmental charges prior to the date on which penalties are
attached thereto, establish adequate reserves for the payment of taxes and assessments and make all required withholding and other
tax deposits. Nothing herein shall be interpreted to require the payment of any tax, assessment or charge so long as its validity
is being contested in good faith and by appropriate proceedings diligently conducted, and Borrower has established an adequate
reserve for any such expense.

 

4.4         Insurance.

 

(a)          Keep
all its property so insurable insured at all times with financially sound and reputable insurers against fire, theft and other
risks (including, if required, flood) in coverage, form and amount reasonably satisfactory to Lender and as is customary in the
case of other Persons engaged in the same or similar business or having similar properties similarly situated. Such insurance shall
be in such minimum amounts that Borrower or any Subsidiary will not be deemed a co-insurer under applicable insurance laws, regulations
and policies and otherwise shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably
satisfactory to Lender. In addition, all such insurance shall be payable to Lender as loss payee under a “standard”
or “New York” loss payee clause. Without limiting the foregoing, Borrower will (a) keep all of its physical property
insured with casualty or physical hazard insurance on an “all risks” basis, with broad form flood and earthquake coverages
and electronic data processing coverage, with a full replacement cost endorsement and an “agreed amount” clause in
an amount equal to 100% of the full replacement cost of such property, and (b) maintain, in amounts and with deductibles equal
to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability
insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of Borrower; and
business interruption insurance.

 

(b)          Keep
adequately insured at all times with financially sound and reputable insurers all coverage required under applicable worker’s
compensation Laws.

 

(c)          Promptly
deliver to Lender certificates of insurance in form and content acceptable to Lender for any of those insurance policies required
to be carried by Borrower pursuant hereto which shall be in the name of Lender and its successors and/or assigns, with appropriate
endorsements designating Lender as additional insured and mortgagee or lender loss payee, or both, as requested by Lender.

 

(d)          Cause
each policy of insurance to provide for at least thirty (30) days prior written cancellation notice to Lender.

 

4.5         Litigation.
Promptly notify Lender in writing as soon as Borrower has knowledge thereof, and furnish or cause to be furnished to Lender such
information regarding the same as Lender may request of (a) the institution or filing of any litigation, action, suit, claim or
counterclaim to which Borrower is a party, or (b) any administrative proceeding against, or investigation of, Borrower by or before
any regulatory body or governmental agency, in each case, where (i) the outcome of such litigation, action, suit, claim, counterclaim,
administrative proceeding or investigation would reasonably be expected to have a Material Adverse Effect, or (ii) such litigation,
action, suit, claim, counterclaim, administrative proceeding or investigation questions the validity of this Agreement, the Note,
or the Collateral Documents, or any action taken or to be taken pursuant to the foregoing; and furnish or cause to be furnished
to Lender such information regarding the same as Lender may reasonably request.

 

    	 	19	 

     

    

 

4.6         Preservation
of Existence, etc. (a) Preserve, renew and maintain in full force and effect
its legal existence and good standing under the Laws of the jurisdiction of its organization, (b) take all reasonable action to
maintain all Permits and all other rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect;
(c) preserve or renew any and all of its registered Intellectual Property, the non-preservation of which would reasonably be expected
to have a Material Adverse Effect, and (d) preserve and renew grandparents.com and all other domain name registrations and uniform
resource locators, the non-preservation of which would reasonably be expected to have a Material Adverse Effect.

 

4.7         Books
and Records. Maintain proper books of record and account, in which full, true
and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving
the assets and business of Borrower or such Subsidiary, as the case may be, and at all times engage Eisner Amper LLC or another
nationally recognized certified public accountant reasonably satisfactory to the Lender as the independent certified public accountants
of Borrower and not permit more than thirty (30) days to elapse between the cessation of such firm’s (or any successor firm’s)
engagement as the independent certified public accountants of Borrower and the appointment in such capacity of a successor firm
as shall be satisfactory to Lender.

 

4.8         Material
Contracts.

 

(a)          Perform
and observe all the terms and provisions of each Material Contract to be performed or observed by it, maintain each such Material
Contract in full force and effect to the extent Borrower’s actions thereunder are required to do so, enforce each such Material
Contract in accordance with its terms. No Material Contract shall be voided, terminated, amended, restated, modified or otherwise
altered without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so
long as no Event of Default exists. Notwithstanding the foregoing, any Material Contract existing as of the date hereof or hereafter
existing with Lender’s consent under paragraph (b) below (i) may be amended without the prior written consent of Lender so
long as such amendment does not increase the obligations of Borrower thereunder, and (ii) may be terminated so long as such termination
is without any termination fee or other penalty.

 

(b)          No
new Material Contract shall be entered into or otherwise made by Borrower without the prior written consent of Lender, which consent
shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists.

 

4.9           Inspection
Rights. Permit representatives and independent contractors of Lender to visit
and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts
therefrom, and to discuss its affairs, finances and accounts with its directors, officers, managers and independent public accountants,
all at the expense of Lender and at such reasonable times during normal business hours up to two times per calendar year, upon
reasonable advance notice to Borrower; provided, however, that when an Event of Default exists Lender (or any of
its representatives or independent contractors) may do any of the foregoing at the expense of Borrower at any time and without
advance notice.

 

4.10       Continue
Business. Engage only in the business conducted by it on the date of this Agreement
and other businesses reasonably related or incidental thereto.

 

    	 	20	 

     

    

 

4.11       Notices.
Promptly notify Lender in writing of the occurrence of (a) any Event of Default or any act or condition, which, the giving of
notice or the passage of time might become an Event of Default; and (b) any matter that has resulted or could reasonably be expected
to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation
(including, without limitation, under any Material Contract) of Borrower or any Subsidiary; (ii) any dispute, litigation, investigation,
proceeding or suspension between Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any
material development in, any litigation or proceeding affecting Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws.

 

4.12       Environmental
Compliance.

 

(a)          Except
as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (i) comply in all material respects with
all Environmental Laws; and (ii) not suffer, cause or permit any material disposal of Hazardous Materials at any property owned,
leased or operated by it or any Subsidiary except in accordance with applicable Environmental Laws.

 

(b)          Upon
discovery by Borrower, promptly notify Lender in the event of the disposal of any Hazardous Substance in violation of any Environmental
Law at any property owned, leased or operated by Borrower, or in the event of any material Release, or material threatened Release,
of a Hazardous Substance in violation of any Environmental Law from any such property.

 

(c)          Deliver
promptly to Lender (i) copies of any documents received from the United States Environmental Protection Agency or any state, county
or municipal environmental or health agency concerning a violation or alleged violation by Borrower or any Subsidiary of any Environmental
Law; and (ii) copies of any documents submitted by Borrower to the United States Environmental Protection Agency or any state,
county or municipal environmental or health agency concerning the operations of Borrower or any Subsidiary.

 

4.13       Further
Assurances. Promptly upon request by Lender, (a) correct any material defect
or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b)
do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds,
certificates, assurances and other instruments as Lender may reasonably require from time to time in order to (i) carry out more
effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject Borrower’s
or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered
by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect
and confirm more effectively unto Lender the rights granted or now or hereafter intended to be granted to Lender under any Loan
Document or under any other instrument executed in connection with any Loan Document to which Borrower or any of its Subsidiaries
is or is to be a party, and cause each of its Subsidiaries to do so.

 

4.14       Covenant
to Guarantee Obligations and Give Security.

 

(a)          Upon
the formation or acquisition of any new direct or indirect Subsidiary (other than AGA), Borrower shall, at the Borrower’s
expense:

 

(i)          within
10 days after such formation or acquisition, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary
(if it has not already done so), to duly execute and deliver to Lender a guaranty or guaranty supplement, in form and substance
reasonably satisfactory to the Lender, guaranteeing Borrower’s obligations under the Loan Documents;

 

    	 	21	 

     

    

 

(ii)         within
10 days after such formation or acquisition, furnish to Lender a description of the real and personal properties of such Subsidiary,
in detail reasonably satisfactory to Lender;

 

(iii)        within
15 days after such formation or acquisition, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it
has not already done so) to duly execute and deliver to Lender deeds of trust, trust deeds, deeds to secure debt, mortgages, leasehold
mortgages, leasehold deeds of trust, security agreement supplements, trademark assignments and other security and pledge agreements,
as specified by and in form and substance satisfactory to Lender, securing payment of all the Obligations;

 

(iv)        within
30 days after such formation or acquisition, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it
has not already done so) to take whatever action may be reasonably necessary or advisable in the opinion of Lender to vest in Lender
valid and subsisting Liens on the properties to be subject to security interest delivered pursuant to this Section 4.14, enforceable
against all third parties in accordance with their terms; and

 

(v)         within
60 days after such formation or acquisition, deliver to the Lender, upon the request of the Lender in its reasonable discretion,
a signed copy of a favorable opinion, addressed to the Lender, of counsel for Borrower and its Subsidiaries acceptable to Lender
as to such matters as Lender may reasonably request.

 

(b)          Upon
the acquisition of any property by Borrower or any Subsidiary (other than AGA), whether real, personal or otherwise, if such property,
in the reasonable judgment of Lender, shall not already be subject to a perfected first priority security interest in favor of
Lender, then Borrower shall, at Borrower’s expense:

 

(i)          within
10 days after such acquisition, furnish to Lender a description of the property so acquired in detail reasonably satisfactory to
Lender; and

 

(ii)         within
15 days after such acquisition, cause Borrower or the applicable Subsidiary to duly execute and deliver to Lender the appropriate
security and pledge instruments and agreement, as specified by and in form and substance satisfactory to Lender, securing payment
of all the Obligations and constituting Liens on all such properties;

 

(iii)        within
30 days after such acquisition, cause Borrower or the applicable Subsidiary to take whatever action may be necessary or advisable
in the opinion of Lender to vest in Lender valid and subsisting first priority Liens on such property, enforceable against all
third parties; and

 

(iv)        within
60 days after such acquisition, deliver to the Lender, upon the request of Lender in its reasonable discretion, a signed copy of
a favorable opinion, addressed to the Lender, of counsel for Borrower and the Subsidiaries acceptable to Lender as to such matters
as the Lender may reasonably request.

 

(c)          Upon
the request of Lender following the occurrence and during the continuance of an Event of Default, Borrower shall, at Borrower’s
expense:

 

(i)          within
10 days after such request, furnish to the Lender a description of the real and personal properties of Borrower and the Subsidiaries
in detail satisfactory to Lender;

 

    	 	22	 

     

    

 

(ii)         within
15 days after such request, duly execute and deliver, and cause each Subsidiary to duly execute and deliver, to Lender all security
and pledge instruments and agreements as specified by and in form and substance satisfactory to Lender, securing payment of the
Obligations and constituting Liens on all such properties,

 

(iii)        within
30 days after such request, take, and cause each Subsidiary to take, whatever action may be necessary or advisable in the opinion
of Lender to vest in Lender valid and subsisting first priority Liens on such property, enforceable against all third parties;

 

(iv)        within
60 days after such acquisition, deliver to the Lender, upon the request of Lender in its sole discretion, a signed copy of a favorable
opinion, addressed to the Lender, of counsel for Borrower and the Subsidiaries acceptable to Lender as to such matters as the Lender
may reasonably request; and

 

(v)         Upon
request of Lender at any time, promptly execute and deliver any and all further instruments and documents and take all such other
action as the Lender may deem necessary or desirable in obtaining the full benefits of, or (as applicable) in perfecting and preserving
the Liens of, such security and pledge instruments and agreements.

 

ARTICLE V.
Negative Covenants

 

Borrower, without the prior
written consent of Lender, covenants and agrees (and shall cause each Subsidiary to covenant and agree) that so long as any Obligations
(other than contingent indemnification obligations not then due and owing) remain outstanding, it will not:

 

5.1         Borrowed
Money. Except for Permitted Indebtedness, create, incur, assume or suffer to
exist any liability for borrowed money, purchase money indebtedness or capitalized lease obligations (each such liability, “Indebtedness”).

 

5.2         Encumbrances.
Except for Permitted Liens, create, incur, assume or suffer to exist any mortgage, lien, security interest, pledge or other encumbrance
on any of its property or assets, whether now owned or hereafter owned or acquired.

 

5.3         Guaranties.
Except for obligations with respect to Permitted Indebtedness, become a guarantor, surety or otherwise liable for the debts or
other obligations of any other Person, whether by agreement to purchase the indebtedness of any other Person, or agreement for
the furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock purchase,
capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise,
except as an endorser of instruments for the payment of money deposited to its bank account for collection in the ordinary course
of business.

 

5.4         Sale
of Assets. Dispose, convey, sell, transfer, lease, or sell and lease back,
all or any portion of its property, assets, or business to any other Person except: (a) dispositions of obsolete or worn out property,
whether now owned or hereafter acquired, in the ordinary course of business; (b) dispositions of inventory in the ordinary
course of business; and (c) dispositions of equipment in the ordinary course of business.

 

5.5         Acquisition
or Merger. Merge, consolidate, dissolve, or liquidate with or into any other
Person or into any joint venture or partnership with any other Person.

 

    	 	23	 

     

    

 

5.6         Ownership
Interests. Purchase, redeem, acquire or retire any of Borrower’s ownership
interests whether such interests are in the form of stock, partnership or limited partnership interests, limited liability company
units or other ownership interests.

 

5.7         Investments
and Loans. Make or suffer to exist any Investments in, or loans or advances
to, any other Person except (a) deposits, prepayments, advance payments or deposits against purchases made in the ordinary course
of Borrower’s regular business; (b) direct obligations to the United States of America; (c) any existing Investments in,
or existing advances to, any Affiliate or Subsidiary; (d) temporary advances to employees to cover expenses incurred in the ordinary
course of Borrower’s business; (e) loans and advances to officers, directors and employees on third-party, arms’ length
terms and other Investments, loans or advances, not to exceed $1,000,000.00 in the aggregate at any time.

 

5.8         Dividends
or Distributions. Except for Permitted Payments, pay, make or declare, directly
or indirectly, any dividends or distributions on account of the capital stock of Borrower (including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such stock or other
equity interest, or on account of any return of capital), or incur any obligation (contingent or otherwise) to do so.

 

5.9         Pricing
of Securities. (a) Reduce the pricing of any existing subscription, warrant,
option, or other right, commitment or arrangement (written or oral, or contingent or otherwise) to purchase or acquire any shares
of, or any security directly or indirectly convertible in or exchangeable or exercisable for, any capital stock of Borrower or
any Subsidiary without Lender’s prior written consent; and (b) issue, sell, grant or enter into any new, replacement or
supplemental subscription, warrant, option, or other right, commitment or arrangement (written or oral, or contingent or otherwise)
to purchase or acquire any shares of, or any security directly or indirectly convertible in or exchangeable or exercisable for,
any capital stock of Borrower or any Subsidiary.

 

5.10       Commissions.
Engage, hire, employ or pay any brokers, investment bankers, consultants or other professionals, or any director, officer or employee
of Borrower or any Subsidiary, or any other Person, in connection with the solicitation, obtaining, raising, negotiating or borrowing
of any loan, credit facility, raising of capital or other financing or capital transaction, including, without limitation, the
Loan.

 

5.11       AGA
Business.

 

(a)          Cause
or permit AGA to acquire any property or asset (including as holder of any loan) having a value in excess of $1,000,000, excluding
any deposit account exclusively holding member dues.

 

(b)          Cause
or permit AGA to withhold its customer data with Borrower at all times during the term of the Loan.

 

(c)          Cause
or permit AGA to engage in any line of business or provide any service, except to the extent such business or service is provided
to AGA’s customers indirectly by Borrower or another Subsidiary, acting through contractual agreement with AGA.

 

ARTICLE VI.
Default

 

6.1         Events
of Default. The occurrence of any one or more of the following events shall
constitute an event of default (individually, “Event of Default”, or, collectively, “Events of Default”):

 

    	 	24	 

     

    

 

(a)          Nonpayment.
Borrower or any Guarantor fails to pay within three (3) Business Days of when due (pursuant to the terms of the Note or this Agreement)
whether by acceleration or otherwise (i) principal of the Loan or (ii) interest on, or any fee or premium provided for hereunder
or in the Note or any other Loan Document, provided, such three (3) Business Day grace period shall not be applicable to
the payment required on the Maturity Date.

 

(b)          Negative
Covenants. Borrower or any Subsidiary fails to perform, observe of comply with any of the covenants or agreements contained
in Article V of this Agreement.

 

(c)          Other
Covenants. Borrower or any Subsidiary fails to perform, observe or comply with any of the covenants or agreements contained
in this Agreement, other than in Article V, or in any other agreement with Lender or any of Lender’s Affiliates (whether
or not related to the Loan), which is not remedied within thirty (30) days after occurrence thereof.

 

(d)          Voluntary
Insolvency Proceedings. Borrower or any Subsidiary (i) files a petition or request for liquidation, reorganization, arrangement,
adjudication as a bankrupt, or other similar relief under the bankruptcy, insolvency or similar Laws of the United States of America
or any state or territory thereof or any foreign jurisdiction, now or hereafter in effect; (ii) consents to the filing of a petition
in any bankruptcy, liquidation, reorganization or insolvency proceeding; (iii) makes a general assignment for the benefit of creditors;
(iv) consents to the appointment of a receiver or trustee for Borrower or any Subsidiary or any of Borrower’s or any Subsidiary’s
assets, including, without limitation, the appointment of or taking possession by a “custodian” as defined in the federal
Bankruptcy Code; (v) makes any, or sends notice of any intended, bulk sale; or (vi) executes a consent to any other type of insolvency
proceeding (under the federal Bankruptcy Code or otherwise) or any formal or informal proceeding for the dissolution or liquidation
of, or settlement of claims against or winding up of affairs of, Borrower or any Subsidiary.

 

(e)          Involuntary
Insolvency Proceedings. The appointment of a receiver, trustee, custodian or officer performing similar functions for Borrower
or any Subsidiary or any of Borrower’s or any Subsidiary’s assets, including, without limitation, the appointment of
or taking possession by a “custodian” as defined in the federal Bankruptcy Code; or the filing against Borrower or
any Subsidiary of a request or petition for liquidation, reorganization, arrangement, adjudication as a bankrupt or other relief
under the bankruptcy, insolvency or similar Laws of the United States of America or any state or territory thereof or any foreign
jurisdiction, now or hereafter in effect; or the institution against Borrower or any Subsidiary of any other type of insolvency
proceeding (under the federal Bankruptcy Code or otherwise) or of any formal or informal proceeding for the dissolution or liquidation
of, settlement of claims against or winding up of affairs of Borrower or any Subsidiary, and the failure to have such appointment
vacated or such petition or proceeding dismissed within sixty (60) days after such appointment, filing or institution.

 

(f)          Representations.
Any certificate, statement, representation, warranty or financial statement furnished by or on behalf of Borrower or any Subsidiary
pursuant to or in connection with this Agreement (including, without limitation, representations and warranties contained herein),
the Note, any other Loan Document, or as an inducement to Lender or any of Lender’s Affiliates to enter into this Agreement
or the Note proves to have been false in any material respect at the time as of which the facts therein set forth were certified,
or to have omitted any material contingent or unliquidated liability or claim against Borrower or any Subsidiary, or on the date
of the execution of this Agreement there is any materially adverse change in any of the facts disclosed by any such statement or
certificate, which change is not disclosed by Borrower or any Subsidiary to Lender at or prior to the time of such execution.

 

    	 	25	 

     

    

 

(g)          Other
Indebtedness and Agreements. Borrower or any Subsidiary fails to pay any Indebtedness with principal amount in excess of
$100,000 owing by Borrower or any Subsidiary when due (or, if permitted by the terms of the applicable document, within any applicable
grace period), whether such Indebtedness shall become due by scheduled maturity, by required prepayment, by acceleration, by demand
or otherwise, or Borrower or any Subsidiary fails to perform or observe any material term, covenant or agreement on its part to
be performed under any agreement or instrument (other than this Agreement) evidencing or securing or relating to any such Indebtedness
owing by Borrower or any Subsidiary when required to be performed if the effect of such failure is to permit the holder to accelerate
the maturity of such Indebtedness.

 

(h)          Judgments.
Any judgment or judgments in excess of $100,000 (other than any judgment for which Borrower or any Subsidiary is insured) against
Borrower or any Subsidiary remain unpaid, unstayed on appeal, undischarged, unbonded or undismissed for a period of sixty (60)
days or more.

 

(i)          Pension
Default. Any Reportable Event which Lender determines constitutes grounds for the termination of any Pension Plan by the
Pension Benefit Guaranty Corporation (“PBGC”) or for the appointment by an appropriate United States district
court of a trustee to administer any Pension Plan occurs and continues for 30 days or more after written notice thereof to Borrower
or any Subsidiary by Lender; or the PBGC institutes proceedings to terminate any Pension Plan or to appoint a trustee to administer
any Pension Plan; or a trustee is appointed by an appropriate United States district court to administer any Pension Plan; or any
Pension Plan is terminated; or Borrower or any Subsidiary withdraws from a Pension Plan in a complete withdrawal or a partial withdrawal;
or Borrower or any Subsidiary fails to pay to any Pension Plan any contribution which it is obligated to pay under the terms of
such plan or any agreement, or which is required to meet statutory minimum funding standards of Section 412 of the Internal Revenue
Code or Section 303 of ERISA.

 

(j)          Challenge
to Collateral Documents and Series D Preferred Stock. Borrower or any Subsidiary, directly or indirectly, challenges, or
indicates its intention to challenge, the validity and binding effect of any provision of the Note, the Collateral Documents or
the Series D Preferred Stock, for any reason (except to the extent permitted by their express terms), any of the Note, the Collateral
Documents or the Series D Preferred Stock ceases to be effective or ceases to have the priority lien position required by the terms
thereof or by this Agreement or the collateral is no longer available, for any reason.

 

(k)          Change
of Control. There is a Change of Control of Borrower.

 

(l)          Termination
of Business. Borrower or any Loan Party terminates its legal existence or its business or ceases to operate as a going
concern.

 

(m)          Material
Adverse Change. Any event or condition in Borrower’s or any Subsidiary’s business, operations or financial
condition occurs or exists that has, or in Lender’s judgment, is likely to have, a Material Adverse Effect.

 

(n)          Charter
Amendment; Stock Purchase Agreements.

 

(i)          The
Charter Amendment fails to be approved pursuant to the terms of the Preferred Stock SPA or is rejected, contested, appealed or
invalidated in any way, or any action is brought seeking any of the foregoing, and any such action remains undissmissed for a period
of thirty (30) days;

 

    	 	26	 

     

    

 

(ii)         Any
default by Borrower occurs under the Common Stock SPA or the Preferred Stock SPA or the Common Stock SPA or the Preferred Stock
SPA is challenged by Borrower, any Subsidiary or any of their respective officers, directors, shareholders or members;

 

(iii)        The
sale of the Series D Preferred Stock as set forth in the Preferred Stock SPA does not occur within ninety (90) days after the Restatement
Date for any reason, including due to a default by the Borrower, or the failure of Borrower to satisfy any condition to closing
set forth in Article IV of the Preferred Stock SPA

 

6.2         Effects
of an Event of Default.

 

(a)          Upon
the occurrence and continuation of one or more Events of Default (except a default under either Section 6.1(d) or 6.1(e) hereof),
Lender shall have the right to declare the principal of the Loan then outstanding to be immediately due and payable, together with
all interest thereon and fees and expenses accruing under this Agreement without presentation, demand or further notice of any
kind to Borrower or any Subsidiary and, if applicable, Borrower shall no longer be permitted to obtain the Additional Advance.

 

(b)          Upon
the occurrence and continuation of one or more Events of Default under Section 6.1(d) or 6.1(e) hereof, Lender’s commitments
and other obligations hereunder shall be cancelled immediately, automatically and without notice, and the Loan shall become immediately
due and payable without presentation, demand or notice of any kind to Borrower or any Subsidiary.

 

(c)          Borrower,
for itself and on behalf of each of its Subsidiaries, hereby waives as a defense to the nonperformance of any obligations under
the Loan Documents, the occurrence of unforeseen market conditions such as the dysfunctionality or seizure of the credit markets.

 

6.3         Remedies.
Upon the occurrence and during the continuance of any Event of Default or upon any termination of this Agreement as a result of
an Event of Default, then Lender shall have all of its rights under this Agreement, the Note, the other Loan Documents or otherwise
under Law. In addition to, and without limitation of, any rights of Lender under applicable Law, if any Event of Default occurs.
Lender may, in its sole discretion, exercise alternately or cumulatively any of the remedies available hereunder or under any
other Loan Document securing the indebtedness, or at law or equity. The failure to exercise one or more of such remedies upon
the happening of an Event of Default shall not constitute a waiver of the right to exercise the same at any subsequent time in
respect of the same Event of Default or any other Event of Default. Neither the acceptance by Lender of any payment hereunder
which is less than payment in full of all amounts due and payable at the time of such payment, or any negotiation or discussion
with Borrower or any Subsidiary, shall constitute a waiver of the right to exercise one or more of such remedies at that time
or at any subsequent time or nullify any prior exercise of any remedy, except as and to the extent otherwise provided by Law.

 

ARTICLE VII.
Expenses and Indemnification

 

7.1         Reimbursement.
Borrower shall reimburse Lender promptly upon request by Lender for all of its reasonable expenses including, without limitation,
counsel fees and expenses (whether outside or internal), filing fees and recording fees incurred in connection with this Agreement
and with any indebtedness subject hereto, for any taxes which Lender or any of Lender’s Affiliate may be required to pay
in connection with the execution and delivery of this Agreement, the Note, the Collateral Documents, and/or any other Loan Document
for the preparation of any modifications, amendments or renewals thereof, and for any expenses, including counsel fees and expenses
(whether outside or internal) incident to the enforcement of any provision of this Agreement, the Note, the Collateral Documents,
and/or any other Loan Document, including any filing under applicable Laws relating to or resulting from the ownership (or potential
ownership) of shares of common stock in Borrower and also including any filing made on Schedule 13D or Schedule 13G promulgated
by the U.S. Securities and Exchange Commission or otherwise in connection with Section 13(d) of the Securities Act of 1934 and
Rule 13-3d thereunder.

 

    	 	27	 

     

    

 

7.2         Indemnity.
Borrower shall indemnify Lender and its Affiliates, directors, officers, employees, agents and advisors (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by
any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any Subsidiary arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder,
the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan
Documents, (ii) the Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release
of Hazardous Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by Borrower or any Subsidiary, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(A) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence,
bad faith or willful misconduct of such Indemnitee or (B) result from a claim brought by Borrower or any Subsidiary against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower
or any Subsidiary has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent
jurisdiction.

 

ARTICLE VIII.
Other

 

8.1         Notices.
Any notice required or permitted to be given under this Agreement or any other Loan Document shall be in writing and either shall
be sent by overnight courier service, personally delivered, or sent by U.S. certified or registered mail, to a representative
of the receiving party. All such communications shall be sent, delivered or mailed, addressed to the party for whom it is intended
at its address set forth below.

 

	If to Borrower or any Subsidiary:	Grandparents.com, Inc.

589 Eighth Avenue, 6th floor

New York New York 10018

Facsimile: (646) 654-6106  

Attention: Lee Lazarus, Chief Operating Officer
	 	 
	If to Lender:	VB Funding, LLC

190 Farmington Avenue

Farmington, CT 06032

Facsimile: (860) 676-8617

Attention: Vincent J. Dowling, Jr.

 

    	 	28	 

     

    

 

Notices and other communications which are
sent by overnight courier service or U.S. certified or registered mail or personally delivered shall be deemed to have been given
when delivered to the designated address of the representative of the receiving party. Any party may designate a change of address
within the United States of America by written notice to the other parties by giving at least ten (10) days prior written notice
of such change of address.

 

8.2         Counterparts;
Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by electronic mail or
telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.3         Amendments
and Waivers. No modification, rescission, waiver, release or amendment of any
provision of this Agreement shall be made except by another written agreement subscribed by duly authorized officers of Borrower
and Lender.

 

8.4         Delays
and Omissions. No course of dealing and no delay or omission by Lender in exercising
any right or remedy hereunder or with respect to any indebtedness of Borrower to Lender shall operate as a waiver thereof or of
any other right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the
exercise of any other right or remedy. Lender may remedy any default by Borrower hereunder or with respect to any other person,
firm or corporation in any reasonable manner without waiving the default remedied and without waiving any other prior or subsequent
default by Borrower and shall be reimbursed for its expenses in so remedying such default. All rights and remedies of Lender hereunder
are cumulative.

 

8.5         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit
of Lender, Borrower and their respective successors and assigns, except that (a) Borrower may not assign or transfer any of its
rights hereunder without the prior written consent of Lender, and (b) provided no Default or Event of Default has occurred and
is continuing, Lender may not assign or transfer any of its rights hereunder to a Person, other than an Affiliate of Lender, without
the prior written consent of Borrower. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

 

8.6         Entire
Understanding. This Agreement, the Collateral Documents and any other Loan
Documents represent the entire understanding and agreement between the parties hereto with respect to the subject matter hereof
and supersede all prior negotiations and writings between the parties, including specifically, but without limitation, the application
for the Loan, any commitment letter and correspondence related thereto.

 

8.7         Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

8.8         Force
Majeure. Borrower agrees that Lender shall not be liable and Borrower will
indemnify and hold Lender harmless from and against any error, failure or delay in the performance of any of Lender’s obligations
under this Agreement which cause is beyond the control of Lender, including, without limitation, any natural disaster, fire, flood,
storm, war, strike, civil unrest, terrorism, error in inoperability of communication equipment or links or power supply, compliance
with Laws or governmental order, direction of a jurisdiction or any other circumstances beyond the control of Lender or actions
taken by Lender which were reasonably believed by Lender to be taken pursuant to this Agreement.

 

    	 	29	 

     

    

 

8.9         Governing
Law. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW 5 1401 AND 5 1402.

 

8.10       Inconsistent
Provisions. The terms of this Agreement and any related agreements, instruments
or other documents, including, without limitation, the Note and the Collateral Documents, shall be cumulative except to the extent
that they are specifically inconsistent with each other, in which case the terms of this Agreement shall prevail.

 

8.11       Limitation
of Liability. To the fullest extent permitted by applicable Law, Borrower shall
not assert, and hereby waives any claim against Lender, on any theory of liability, for special, indirect, consequential or punitive
damages (but excluding direct or actual damages) arising out of, in connection with or as a result of, this Agreement, any related
Loan Documents, the transactions contemplated hereby or thereby or any Loan or the use of the proceeds.

 

8.12       Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same agreement.
Borrower agrees that in any legal proceeding, a copy of this Agreement kept in Lender’s course of business may be admitted
into evidence as an original.

 

8.13       Submission
to Jurisdiction. BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL
NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR
IN TORT OR OTHERWISE, AGAINST LENDER OR ANY RELATED PARTY IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO,
IN ANY FORUM OTHER THAN THE COURTS OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY IN THE BOROUGH OF
MANHATTAN AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF,
AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE (SUBJECT ONLY TO THE LAST SENTENCE OF
THIS SECTION 8.14) JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL
COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING WILL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
WILL AFFECT ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST BORROWER
OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION.

 

    	 	30	 

     

    

 

8.14       Waiver
of Venue. BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 8.13. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM
TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

8.15       Service
of Process. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN
THE MANNER PROVIDED FOR NOTICES HEREIN. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

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

 

8.17       Waiver
of Consequential Damages, Etc.. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, BORROWER SHALL NOT ASSERT, AND BORROWER HEREBY WAIVES, ANY CLAIM AGAINST LENDER OR ANY OTHER INDEMNITEE, ON ANY THEORY OF
LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN
CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY,
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. NO INDEMNITEE SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED
RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION
TRANSMISSION SYSTEMS IN CONNECTION WITH THIS NOTE OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

8.18       Confidentiality.
All references to Lender or its Affiliates contained in any press release, advertisement, promotional material or other information
prepared by Borrower or any Subsidiary must be approved in writing by Lender in advance of issuance and all references to Borrower
or its Affiliates contained in any press release, advertisement, promotional material or other information prepared by Lender
must be approved in writing by Borrower in advance of issuance. Notwithstanding the foregoing, each of Borrower and Lender retains
the right in its sole discretion to disclose this Agreement (including its terms and conditions), as well as the identity of the
Borrower or Lender, respectively, as needed to comply with its obligations under applicable Laws, including stock exchange regulations.

 

    	 	31	 

     

    

 

8.19       Amendment
and Restatement. This Agreement amends, restates and supersedes in its entirety the
Original Loan Agreement from and after the Restatement Date. From the Initial Funding Date through the day immediately preceding
the Restatement Date, the Original Loan was governed by the Original Loan Agreement and, from and after the Restatement Date,
the Original Loan, together with the Additional Advance, shall be governed by this Agreement. The parties hereto acknowledge and
agree that (a) this Agreement does not constitute a novation, payment and reborrowing or termination of the obligations evidenced
by the documents, instruments and other agreements evidencing and governing the Original Loan, including
the indebtedness evidenced by the Original Note; and (b) the obligations in respect of the Original Loan are in all respects continuing
with only the terms thereof being amended and restated as provided in this Agreement.

 

[Signature Page Follows]

 

    	 	32	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Credit Agreement to be signed by their duly authorized officers as of the date first written
above.

 

	 	Borrower:
	 	 
	 	GRANDPARENTS.COM, INC.
	 	 	 
	 	By:	/s/ Steve Leber
	 	 	Name: Steve Leber
	 	 	Title: Chairman & CEO
	 	 	 
	 	Lender:
	 	 
	 	VB FUNDING, LLC
	 	 	 
	 	By:	/s/ Vincent J. Dowling, Jr.
	 	 	Name: Vincent J. Dowling, Jr.
	 	 	Title: Managing Member

 

     

     

    

 

THE UNDERSIGNED JOINS THIS CREDIT AGREEMENT FOR THE SOLE PURPOSE
OF GUARANTEEING LENDER’S OBLIGATION TO FUND THE ADDITIONAL ADVANCE PURSUANT TO SECTION 2.3 OF THIS CREDIT AGREEMENT, UPON
BORROWER’S SATISFACTION OF ALL CONDITIONS PRECEDENT THERETO, AND FOR NO OTHER PURPOSE.

 

	/s/ Vincent J. Dowling, Jr.	 
	Vincent J. Dowling, Jr.	 

 

CREDIT AGREEMENT

 

     

     

    

  

Exhibits

 

	Exhibit A -	Form of Loan Notice

 

Schedules

 

	Schedule 1.1–	Existing Indebtedness
	 	 
	Schedule 1.2 –	Existing Liens
	 	 
	Schedule 3.8(b) –	List of Stock Options 
	 	 
	Schedule 3.9 –	List of Litigation and Other Actions
	 	 
	Schedule 3.11(b) –	List of Liens 
	 	 
	Schedule 3.11(d) –	List of Leased Real Property
	 	 
	Schedule 3.12 –	Environmental Claims
	 	 
	Schedule 3.13 –	Insurance
	 	 
	Schedule 3.15(a) –	List of Subsidiaries
	 	 
	Schedule 3.15(b) –	List of non-Subsidiary Equity Investments
	 	 
	Schedule 3.19(a) –	List of Intellectual Property
	 	 
	Schedule 3.19(b) –	List of Permits
	 	 
	Schedule 3.25 –	List of Bank Accounts
	 	 
	Schedule 3.27 –	List of Material Contracts
	 	 
	Schedule 4.2 –	List of Use of Proceeds

 

     

     

    

 

EXHIBIT A

 

FORM OF LOAN NOTICE

 

[LETTERHEAD OF BORROWER]

 

Date: ____________________________________

 

To:VB Funding, LLC

 

Ladies and Gentlemen:

 

Reference is made to that
certain Amended and Restated Credit Agreement, dated as of September 15, 2016 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), between Grandparents.com, Inc., a Delaware corporation (“Borrower”), and VB Funding, LLC.

 

Borrower hereby requests the Additional Advance:

 

1.          On
[________] (a Business Day); and

 

2.          In
the amount of $______________; and

 

3.          The
proceeds of which are requested to be credited to the following account of Borrower:

 

	Bank:	 	 
	Address:	 	 
	ABA:	 	 
	For Credit To:	 	 
	Account No.:	 	 

 

Borrower hereby represents
and warrants that the conditions specified in Section 2.5 shall be satisfied on and as of the date of such borrowing.

 

Borrower represents and
warrants that each of the representations and warranties set forth in Article III or any other Loan Document was true and correct
as of the date hereof, and the undersigned hereby remakes and reaffirms such representations and warranties as of the date hereof.
To the extent any such representation or warranty specifically refers to an earlier date, then for purposes of this certificate,
such representation and warranty shall be deemed to refer to the date hereof (provided, the representations and warranties
contained in subsection (a) of Section 3.8 shall be deemed to refer to the most recent statements furnished pursuant to clause
(a), respectively, of Section 4.1).

 

	 	GRANDPARENTS.COM, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.2

 

[Common Stock]

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this
“Agreement”) is dated as of September 15, 2016 by and between Grandparents.com, Inc., a Delaware corporation
(the “Company”), and VB Funding, LLC, a Delaware limited liability company, or its assigns (the “Purchaser”).

 

WHEREAS, subject to the terms and
conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, the Company desires
to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, certain securities of the Company as
more fully described in this Agreement.

 

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 Purchaser 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:

 

“Action” means any
claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation,
summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in
equity.

 

“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.

 

“Business Day” means any
day other than Saturday, Sunday or other day on which banking institutions in New York, New York are authorized or required by
law or other government action to remain closed.

 

“Closing” means the closing
of the purchase and sale of the Shares pursuant to Section 2.2 hereof.

 

“Closing Date” means the
date of the Closing.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the common stock of the Company, par value $0.01 per share.

 

    

     

    

 

“Code” means the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder.

 

“Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of the date hereof, between the Company, as borrower, and
the Purchaser, as lender, as the same may be amended, restated, modified or supplemented from time to time.

 

“Environmental
Laws” has the meaning given to it in Section 3.1(y).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations
thereunder.

 

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

 

“GAAP”
has the meaning given to it in Section 3.1(i).

 

“Governmental Authority” means
any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

“Insolvent” means, with
respect to any Person, (a) the present fair saleable value of such Person’s assets is less than the amount required to pay
such Person’s debts as they become due, (b) such Person is unable to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured or (c) such Person has unreasonably small capital with
which to conduct the business in which it is engaged as such business is now conducted and is currently proposed to be conducted.

 

“Law” means any statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of
law of any Governmental Authority.

 

“Lien” means any lien (statutory
or other), charge, claim, security interest, encumbrance, pledge, condition, equitable interest, option, mortgage, right of first
refusal or other restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of
any other attribute of ownership; other than liens securing the Obligations (as defined in the Credit Agreement) and any other
Permitted Liens (as defined in the Credit Agreement).

 

“Losses” has the meaning
given to it in Section 5.1.

 

“Material Adverse Effect” has
the meaning given to it in Section 3.1(a).

 

“Material Contracts” has
the meaning given to it in Section 3.1(o).

 

    	 	2	 

     

    

 

“Person” means any individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or any court or other federal, state, local or other Governmental
Authority or other entity of any kind.

 

“Preferred
Stock Purchase Agreement” means that certain Securities Purchase Agreement, dated as of the date hereof, between the
Company and the Purchaser, as the same may be amended, restated, modified or supplemented from time to time, pursuant to which
the Company shall issue to the Purchaser, and the Purchaser shall acquire (subject to the terms and conditions set forth therein),
1,500,000 shares of newly designated Series D Convertible 12% Preferred Stock of the Company.

 

“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.

 

“SEC Reports”
has the meaning given to it in Section 3.1(h).

 

“Securities”
means the Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means an aggregate of 70,000,000 shares of Common Stock, which are being issued and sold to the Purchaser at the Closing.

 

“Short Sale”
has the meaning given to it in Section 3.2 (f).

 

“Tax” or “Taxes”
means any foreign, federal, state or local income, gross receipts, license, payroll, employment, excise, severance, stamp,
occupation, premium, property, windfall, profits, environmental, customs, capital stock, franchise, employees' income withholding,
foreign or domestic withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer,
value added, alternative or add-on minimum or other similar tax, governmental fee, governmental assessment or governmental charge,
including any interest, penalties or additions to Taxes or additional amounts with respect to the foregoing. 

 

“Tax Returns” means all
returns, reports, or statements required to be filed with respect to any Tax (including any elections, notifications, declarations,
schedules or attachments thereto, and any amendment thereof) including any information return, claim for refund, amended return
or declaration of estimated Tax.

 

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

 

    	 	3	 

     

    

 

“Transaction Documents”
means (a) this Agreement, the schedules and exhibits attached hereto, and any other documents or agreements executed in connection
with the transactions contemplated hereunder; (b) the Preferred Stock Purchase Agreement, the schedules and exhibits thereto, and
any other documents or agreements executed in connection with the transactions contemplated thereunder; and (c) the Credit Agreement,
the schedules and exhibits thereto, and any other documents or agreements executed in connection with the transactions contemplated
thereunder.

 

ARTICLE II

 

PURCHASE AND SALE

 

2.1           Purchase
and Sale. Subject to the terms and conditions set forth in this Agreement, at the Closing the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, the Shares, for an aggregate purchase price equal to $1,050,000.

 

2.2           Closing.
Subject to the terms and conditions of this Agreement, the closing of the purchase and sale of the Shares contemplated hereby (the
“Closing”) shall occur simultaneously with the execution of this Agreement. The Closing shall take place by
delivery of documents required to be delivered hereby by e-mail, facsimile or other electronic transmission.

 

2.3           Deliveries.

 

(a)          At
the Closing, the Purchaser shall deliver or cause to be delivered to the Company: (i) the purchase price set forth in Section
2.1 above, in United States dollars and in immediately available funds, by wire transfer to an account designated in writing
by the Company for such purpose; and (ii) the Transaction Documents and all other agreements, documents, instruments or certificates
required to be delivered by the Purchaser at or prior to the Closing pursuant to this Agreement.

 

(b)          At
the Closing, the Company shall deliver or cause to be delivered to the Purchaser the following: (i) one or more stock certificates,
free and clear of all restrictive and other legends (except as expressly provided in Section 4.1 hereof), evidencing the
number of Shares in Section 2.1 above, registered in the name of the Purchaser or such Affiliate thereof as the Purchaser
may designate in writing; (ii) the Transaction Documents and all other agreements, documents, instruments or certificates required
to be delivered by the Company at or prior to the Closing pursuant to this Agreement; (iii) a certificate of the Secretary (or
equivalent officer) of the Company certifying: (A) that attached thereto are true and complete copies of all resolutions and other
consents adopted by the board of directors of the Company authorizing and approving the execution, delivery, filing and performance
of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby,
and that all such resolutions and consents are in full force and effect as of the Closing and are all the resolutions and consents
adopted in connection with the transactions contemplated hereby and thereby, (B) that attached thereto are true and complete copies
of the certificate of incorporation and by-laws of the Company, each as amended, and that such organizational documents are in
full force and effect as of the Closing, and (C) the names and signatures of the officers of the Company authorized to sign this
Agreement, the Transaction Documents and the other documents to be delivered hereunder and thereunder; (iv) a good standing certificate
(or its equivalent) for the Company from the Secretary of State of Delaware; (v) an opinion of legal counsel to the Company, dated
as of the Closing Date, in form and substance satisfactory to the Purchaser; and (vi) such other documents or instruments as the
Purchaser reasonably requests and are reasonably necessary to consummate the transactions contemplated by this Agreement.

 

    	 	4	 

     

    

 

2.4           Use
of Proceeds. The proceeds from the issuance of the Shares shall be used by the Company to fund its operations and for the
payment of fees and expenses associated with the transactions contemplated hereby and shall not be used for any other purpose including,
without limitation, the payment of existing indebtedness of the Company.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Purchaser 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 Delaware, with the requisite power and authority to own and use its properties and assets and to carry on its business
as currently conducted. The Company is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
in which the operation of the business as currently 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, (i) adversely affect the legality, validity
or enforceability of any Transaction Document, (ii) have or result in a material adverse effect on the results of operations, assets,
prospects, business or condition (financial or otherwise) of the Company, taken as a whole, or (iii) adversely impair the Company’s
ability to perform fully on a timely basis its obligations under any of the Transaction Documents (any of (i), (ii) or (iii), a
“Material Adverse Effect”).

 

(b)          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 and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by all necessary corporate action on the part of the Company and no further consent or action is required
by the Company, its Board of Directors or its stockholders. Each of the Transaction Documents 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 as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether enforcement is sought in an Action at law or in equity).

 

    	 	5	 

     

    

 

(c)          No
Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and
the consummation by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict with or result
in the violation or breach of any provision of the Company’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise)
or other understanding to which the Company is a party or by which any property or asset of the Company is bound or affected, except
to the extent that such conflict, default or, termination right could not reasonably be expected to have a Material Adverse Effect,
or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other requirement or rule of
any court or Governmental Authority applicable to the Company (including federal and state securities laws and regulations and
the rules and regulations of any self-regulatory organization to which the Company or its securities are subject), except to the
extent that such violation would not have a Material Adverse Effect.

 

(d)          Consents
and Approvals. Except for any Current Report on Form 8-K to be filed by the Company in connection with the transactions contemplated
hereby or any required federal and/or state securities filings applicable to the offering of the Shares, (i) the Company is not
required to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any Governmental Authority
in order to consummate the transactions contemplated hereby and by the other Transaction Documents and (ii) no consent, approval,
authorization or other order of, or registration, qualification or filing with, any court, regulatory body, administrative agency,
self-regulatory organization, stock exchange or market (including any Trading Market), or other Governmental Authority is required
for the execution and delivery of this Agreement and other Transaction Documents, or the valid issuance, sale and delivery of the
Shares to be sold pursuant to this Agreement other than such as have been made or obtained.

 

(e)          Capitalization.

 

(i)          The
authorized capital stock of the Company as of immediately following the Closing after giving effect to the transactions contemplated
by this Agreement consists of (A) 5,000,000 shares of preferred stock, of which 875,000 shares are designated as Series C Redeemable
Convertible 7.5% Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”), of which 875,000 shares
are issued and outstanding, and (B) 350,000,000 shares of Common Stock, of which (1) 202,268,582 are issued and outstanding, (2)
323,433,168 shares are issued and outstanding on a fully-diluted, as converted and as exercised basis, and (3) 18,522,500 shares
are reserved for issuance upon exercise of outstanding stock options issued pursuant to the Company’s Amended and Restated
2012 Stock Incentive Plan. There are no other classes of capital stock of the Company authorized, issued or outstanding.

 

    	 	6	 

     

    

 

(ii)         Schedule
3.1(e) attached hereto sets forth sets forth, as of immediately following the Closing after giving effect to the transactions
contemplated by this Agreement, all outstanding or authorized (A) stock options under the Company’s Amended and Restated
2012 Stock Incentive Plan and (B) any warrants, convertible securities or other rights, agreements, arrangements or commitments
of any character relating to the capital stock of the Company or obligating the Company to issue or sell any shares of capital
stock of, or any other interest in, the Company, in each case, including the number and kind of securities reserved for issuance
on exercise or conversion of any such securities or other rights, the exercise or conversion price of any such securities or other
rights and any applicable vesting schedule for any such securities or other rights. The Company does not have outstanding, authorized,
or in effect any stock appreciation, phantom stock, profit participation or similar rights. Except as set forth in Schedule
3.1(e), there are no voting trusts, stockholder agreements, proxies or other agreements, understandings or obligations in effect
with respect to the voting, transfer or sale (including any rights of first refusal, rights of first offer or drag-along rights),
issuance (including any pre-emptive or anti-dilution rights), redemption or repurchase (including any put or call or buy-sell rights),
or registration (including any related lock-up or market standoff agreements) of any shares of capital stock or other securities
of the Company.

 

(f)          Issuance
of the Securities. As of immediately following the Closing after giving effect to the transactions contemplated by this Agreement,
(i) all of the issued and outstanding shares of capital stock of the Company, including the Securities, when issued and paid for
in accordance with the Transaction Documents, will have been duly authorized, validly issued, fully paid and non-assessable, free
and clear of all Liens and shall not be subject to preemptive rights or similar rights of stockholders, (ii) all of the issued
and outstanding shares of capital stock of the Company will have been issued in compliance with all applicable federal and state
securities Laws, and (iii) none of the issued and outstanding shares of capital stock of the Company will have been issued in violation
of any agreement, arrangement or commitment to which the Company or any of its Affiliates is a party or is subject to or in violation
of any preemptive or similar rights of any Person.

 

(g)          Subsidiaries.
Schedule 3.1(g) sets forth a list of the Company’s subsidiaries. All the issued and outstanding shares of each subsidiary’s
capital stock have been duly authorized and validly issued, are fully paid and nonassessable, have been issued in compliance with
all federal and state securities Laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe
for or purchase securities, and are owned by the Company or a Company subsidiary free and clear of all Liens.

 

(h)          SEC
Reports. The Company has filed all material reports required to be filed by it under the Securities Act and the Exchange Act,
including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter
period as the Company was required by Law to file such material) (the foregoing materials, along with any materials incorporated
by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received
a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. 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 Securities Act and the Exchange
Act and the rules and regulations of the Commission 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.

 

    	 	7	 

     

    

 

(i)          Financial
Statements. 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 Commission 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 United States generally accepted accounting principles applied on a consistent basis during
the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto, and fairly present in all material respects the financial condition of the Company and its consolidated subsidiaries as
of the respective dates they were prepared and the results of operations and cash flows for the periods then ended, subject, in
the case of interim financial statements, to normal, and recurring year-end audit adjustments and the absence of notes.

 

(j)          Internal
Accounting Controls. Except as set forth in the SEC Reports, the Company maintains a system of internal accounting controls
sufficient to provide reasonable assurances 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 GAAP and to maintain accountability for assets; (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 existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as set forth in the SEC Reports, the Company
has disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under the Exchange Act) that are effective and designed
to ensure that (1) information required to be disclosed in the SEC Reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified by the Commission’s rules and regulations, and (2)
such information is accumulated and communicated to the Company’s management, including its principal executive officer and
principal financial officer, to allow timely decisions regarding required disclosure. The Company is otherwise in compliance in
all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations
promulgated thereunder.

 

(k)          Off-Balance
Sheet Arrangements. There is no transaction, arrangement or other relationship between the Company or its subsidiaries and
an unconsolidated or other off-balance sheet entity that is required to be disclosed by the Company in the SEC Reports and is not
so disclosed or that otherwise would be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.
There are no such transactions, arrangements or other relationships with the Company that may create contingencies or liabilities
that are not otherwise disclosed by the Company in the SEC Reports.

 

(l)          Insolvency.
The Company is not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Closing,
will not be Insolvent (as defined below).

 

    	 	8	 

     

    

 

(m)          Undisclosed
Liabilities. Except as set forth in the SEC Reports or as otherwise incurred in the ordinary course of business consistent
with past practice since the date of the most recent balance sheet included in the SEC Reports, the Company has no liabilities,
obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued
or unaccrued, matured or unmatured or otherwise.

 

(n)          Absence
of Certain Changes, Events and Conditions. Since the date of the most recent balance sheet included in the SEC Reports, and
other than in the ordinary course of business consistent with past practice or in connection with the transactions contemplated
hereby or by the other Transaction Documents, there has not been, with respect to the Company, any:

 

(i)          event,
occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect;

 

(ii)         amendment
of the charter, by-laws or other organizational documents of the Company;

 

(iii)        split,
combination or reclassification of any shares of its capital stock;

 

(iv)        issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

(v)         declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

(vi)        material
change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed in the notes
to the financial statements included in the SEC Reports;

 

(vii)       incurrence,
assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and liabilities incurred in
the ordinary course of business consistent with past practice;

 

(viii)      transfer,
assignment, sale or other disposition of any of the assets shown or reflected in the balance sheet of the Company or cancellation,
discharge or payment of any debts, liens or entitlements;

 

(ix)         any
capital investment in, or any loan to, any other Person;

 

(x)          acceleration,
termination, material modification or amendment to or cancellation of any material Contract (including, but not limited to, any
Material Contract) to which the Company is a party or by which it is bound;

 

(xi)         any
material capital expenditures;

 

    	 	9	 

     

    

 

(xii)        imposition
of any Lien upon any of the Company properties, capital stock or assets, tangible or intangible;

 

(xiii)       adoption,
modification or termination of any: (1) material employment, severance, retention or other agreement with any current or former
employee, officer, director, independent contractor or consultant, (2) employee benefit plan, or (3) collective bargaining or similar
agreement, in each case whether written or oral;

 

(xiv)      any
loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders, directors, officers
and employees;

 

(xv)       entry
into a new line of business or abandonment or discontinuance of existing lines of business;

 

(xvi)      adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar
Law;

 

(xvii)     acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any
business or any Person or any division thereof; or

 

(xviii)    any contract
or other agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

(o)          Contracts.
Each indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character
that is required to be described or summarized in the SEC Reports or to be filed as an exhibit to the SEC Reports under the rules
and regulations of the Commission (collectively, the “Material Contracts”) is so described, summarized or filed.
The Material Contracts to which the Company or its subsidiaries are a party have been duly and validly authorized, executed and
delivered by the Company and constitute the legal, valid and binding agreements of the Company or its subsidiaries, as applicable,
enforceable by and against the Company or its subsidiaries, as applicable, in accordance with their respective terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought in an Action at law or in equity).
Except as set forth in Schedule 3.1(o), or the SEC Reports (i) none of the Company or any other party thereto is in breach
of or default under (or is alleged to be in breach of or default under), or has provided or received any notice of any intention
to terminate, any Material Contract and (ii) no event or circumstance has occurred that, with notice or lapse of time or both,
would constitute an event of default under any Material Contract or result in a termination thereof or would cause or permit the
acceleration or other changes of any right or obligation or the loss of any benefit thereunder. Complete and correct
copies of each Material Contract (including all modifications, amendments and supplements thereto and waivers thereunder) have
been made available to the Purchaser.

 

    	 	10	 

     

    

 

(p)          Absence
of Litigation. Except as set forth in Schedule 3.1(p), (i) there is no Action before or by any court, public board,
Governmental Authority, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or
affecting the Company or any of its subsidiaries that if determined adversely to the Company or any of its subsidiaries could,
individually or in the aggregate, have a Material Adverse Effect, (ii) to the knowledge of the Company, no event has occurred or
circumstances exist that may give rise to, or serve as a basis for, any such Action and (iii) neither the Company nor any of its
subsidiaries is a party or subject to the provisions of any injunction, judgment, decree or order of any Governmental Authority
that could have, individually or in the aggregate, a Material Adverse Effect.

 

(q)          Compliance
with Laws; Permits. The Company and each of its subsidiaries has complied, and is now complying, with all Laws applicable to
it or its business, properties or assets. All permits, licenses, franchises, approvals, authorizations, registrations, certificates,
variances and similar rights obtained, or required to be obtained, from Governmental Authorities required for the Company or any
of its subsidiaries to conduct its business have been obtained and are valid and in full force and effect.

 

(r)          No
Violations. Except as set forth in Schedule 3.1(r), neither the Company nor any of its subsidiaries is in violation
of its respective organizational documents or in violation of any Law or order of any court or Governmental Authority (including
any Trading Market), or authority applicable to the Company or any of its subsidiaries, which violation, individually or in the
aggregate, would be reasonably likely to have a Material Adverse Effect. Except as set forth in Schedule 3.1(r), neither
the Company nor any of its subsidiaries is in default (and there exists no condition which, with or without the passage of time
or giving of notice or both, would constitute a default) in the performance of any Material Contract to which the Company or any
of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or by which the properties of the Company
are bound, which would be reasonably likely to have a Material Adverse Effect. There has not been, there is not pending or, to
the knowledge of the Company, contemplated, any investigation by the Commission involving the Company or any current or former
director or officer of the Company. The Company has not received any comment letter from the Commission relating to any SEC Reports
which has not been finally resolved. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by the Company under the Exchange Act or the Securities Act.

 

(s)          Title
to Assets; Properties. Except as set forth in Schedule 3.1(s), (1) the Company and its subsidiaries have good and marketable
title to all the properties and assets (both tangible and intangible) described as owned by them in the consolidated financial
statements included in the SEC Reports, free and clear of all Liens of any kind except (i) those, if any, reflected in such
consolidated financial statements (including the notes thereto), or (ii) those that are not material in amount and do not
adversely affect the use made and proposed to be made of such property by the Company or its subsidiaries; (2) the Company and
each of its subsidiaries hold their leased properties under valid and binding leases; (3) the Company and each of its subsidiaries
own or lease all such properties as are necessary to its operations as now conducted; and (4) the use and operation of such properties
in the conduct of the Company’s business do not violate in any material respect any Law, covenant, condition, restriction,
easement, license, permit or agreement.

 

    	 	11	 

     

    

 

(t)          Intellectual
Property.

 

Except as set forth in Schedule 3.1(t);

 

(i)          The
Company (and/or its subsidiaries) owns or possesses, free and clear of all Liens, all legal rights to all intellectual property
(whether registered or unregistered) and rights in confidential information, including all (i) patents, patent applications, invention
disclosures, and all related continuations, continuations-in-part, divisional, reissues, re-examinations, substitutions and extensions
thereof, (ii) trademarks, trademark rights, service marks, service mark rights, corporate names, trade names, trade name rights,
domain names, logos, slogans, trade dress, design rights, and other similar designations of source or origin, together with the
goodwill symbolized by and of the foregoing, (iii) trade secrets and all other confidential information, ideas, know-how, inventions,
proprietary processes, formulae, models, and other methodologies, (iv) copyrights, (v) computer programs (whether in object code,
subject code or other form), algorithms, databases, compilations and data, technology supporting the foregoing, and all related
documentation, (vi) licenses to any of the foregoing, (vii) all applications and registrations of the foregoing, and (viii) all
other similar proprietary rights (collectively, “Intellectual Property”) used or held for use in, or necessary
for the conduct of their businesses as now conducted and as proposed to be conducted. Neither the Company nor any of its subsidiaries
(A) has received any communications alleging that either the Company or any of its subsidiaries has violated, infringed or misappropriated
or, by conducting their businesses as now conducted and as proposed to be conducted, would violate, infringe or misappropriate
any of the Intellectual Property of any other Person, (B) knows of any basis for any claim that the Company or any of its subsidiaries
has violated, infringed or misappropriated, or, by conducting their businesses as now conducted and as proposed to be conducted,
would violate, infringe or misappropriate any of the Intellectual Property of any other Person, and (C) knows of any third-party
infringement, misappropriation or violation of any Company or any Company subsidiary’s Intellectual Property.

 

(ii)         The
Company has taken and takes reasonable security measures to protect the secrecy, confidentiality and value of its Intellectual
Property, including requiring all Persons with access thereto to enter into appropriate non-disclosure agreements. There has not
been any disclosure of any material trade secret of the Company or a Company subsidiary (including any such information of any
other Person disclosed in confidence to the Company) to any other Person in a manner that has resulted or is likely to result in
the loss of trade secret in and to such information. Except as in the ordinary course of business or as would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect, there are no outstanding options, licenses or agreements,
claims, encumbrances or shared ownership interests of any kind relating to the Company’s or its subsidiaries’ Intellectual
Property, nor is the Company or any of its subsidiaries bound by or a party to any options, licenses or agreements of any kind
with respect to the Intellectual Property of any other Person.

 

    	 	12	 

     

    

 

(iii)        None
of the employees of the Company or its subsidiaries are obligated under any contract (including, without limitation, licenses,
covenants or commitments of any nature or contracts entered into with prior employers), or subject to any judgment, decree or order
of any Governmental Authority, that would interfere with the use of his or her best efforts to promote the interests of the Company
or its subsidiaries or would conflict with their businesses as now conducted and as proposed to be conducted. Neither the execution
nor delivery of this Agreement and the other Transaction Documents will conflict with or result in a breach of the terms, conditions
or provisions of, or constitute a default under any contract, covenant or instrument under which the Company or its subsidiaries
or any of the employees of the Company or its subsidiaries is now obligated, and neither the Company nor its subsidiaries will
need to use any inventions that any of its employees, or Persons it currently intends to employ, have made prior to their employment
with the Company or its subsidiaries, except for inventions that have been assigned or licensed to the Company or its subsidiaries
as of the date hereof.

 

(iv)        Each
current and former employee or contractor of the Company or its subsidiaries that has developed any Intellectual Property owned
or purported to be owned by the Company or its subsidiaries has executed and delivered to the Company a valid and enforceable invention
assignment and confidentiality agreement that (A) assigns to the Company or such subsidiaries all right, title and interest in
and to any Intellectual Property rights arising from or developed or delivered to the Company or such subsidiaries in connection
with such Person’s work for or on behalf of the Company or such subsidiaries, and (B) provides reasonable protection for
the trade secrets, know-how and other confidential information (1) of the Company or such subsidiaries and (2) of any third party
that has disclosed same to the Company or such subsidiaries. No current or former employee, officer, consultant or contractor is
in default or breach of any term of any employment, consulting or contractor agreement, non-disclosure agreement, assignment agreement,
or similar agreement. No present or former employee, officer, consultant or contractor of the Company has any ownership, license
or other right, title or interest, directly or indirectly, in whole or in part, in any Intellectual Property that is owned or purported
to be owned, in whole or part, by the Company or its subsidiaries.

 

(u)          Insurance.
The Company and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and its subsidiaries are engaged. The Company
and its subsidiaries will continue to maintain such insurance or substantially similar insurance, which covers the same risks at
the same levels as the existing insurance with insurers which guarantee the same financial responsibility as the current insurers,
and 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
without a significant increase in cost.

 

    	 	13	 

     

    

 

(v)         Tax
Matters. The Company and its subsidiaries have filed all Tax Returns, and these Tax Returns are true, correct, and complete
in all material respects. The Company and each subsidiary (i) have paid all Taxes that are due from the Company or such subsidiary
for the periods covered by the Tax Returns or (ii) have duly and fully provided reserves adequate to pay all Taxes in accordance
with GAAP. No agreement as to indemnification for, contribution to, or payment of Taxes exists between the Company or any subsidiary,
on the one hand, and any other Person, on the other, including pursuant to any Tax sharing agreement, lease agreement, purchase
or sale agreement, partnership agreement or any other agreement not entered into in the ordinary course of business. Neither the
Company nor any of its subsidiaries has any liability for Taxes of any Person (other than the Company or any of its subsidiaries)
under Treasury Regulation Section 1.1502-6 (or any similar provision of any state, local or foreign law), or as a transferee or
successor, by contract or otherwise. Since the date of the Company’s most recent financial statements included in the SEC
Reports, the Company has not incurred any liability for Taxes other than in the ordinary course of business consistent with past
practice. Neither the Company nor its subsidiaries has been advised (A) that any of its Tax Returns have been or are being audited
as of the date hereof, or (B) of any deficiency in assessment or proposed judgment to its Taxes. Neither the Company nor any of
its subsidiaries has knowledge of any Tax liability to be imposed upon its properties or assets as of the date of this Agreement
that is not adequately provided for. No extensions or waivers of statutes of limitations have been given or requested with respect
to any Taxes of the Company. The Company has withheld and paid each Tax required to have been withheld and paid in connection with
amounts paid or owing to any employee, independent contractor, creditor, customer, stockholder or other party, and complied with
all information reporting and backup withholding provisions of applicable Law.

 

(w)          Transactions
with Affiliates and Employees. Except as set forth in Schedule 3.1(w) or the SEC Reports, none of the officers or directors
of the Company or its subsidiaries and none of the employees of the Company or its subsidiaries is presently a party to any transaction
with the Company or any subsidiary or Affiliate thereof (other than for services as employees, officers and directors required
to be disclosed under Item 404 of Regulation S-K under the Exchange Act).

 

(x)          Foreign
Corrupt Practices. Neither the Company nor any other Person associated with or acting on behalf of the Company, including,
without limitation, any director, officer, agent, employee or Affiliate of the Company has (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to political activity or to influence official action;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
(iii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder; and the
Company has instituted and maintains policies and procedures designed to ensure compliance therewith.

 

(y)          Environmental
Laws. The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local
laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance
with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws,
failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits,
licenses or approvals would not, individually or in the aggregate, have a Material Adverse Effect. There are no costs or liabilities
associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up,
closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties) which would, individually or in the aggregate, have a Material Adverse
Effect.

 

    	 	14	 

     

    

 

(z)          Employee
Relations.

 

(i)          Except
as set forth in Schedule 3.1(z)(i), as of the date hereof, all compensation, including wages, commissions and bonuses, payable
to employees, independent contractors or consultants of the Company or any of its subsidiaries for services performed on or prior
to the date hereof have been paid in full and there are no outstanding agreements, understandings or commitments of the Company
or any of its subsidiaries with respect to any employment, compensation, commissions or bonuses.

 

(ii)         Neither
the Company nor any of its subsidiaries is a party to any collective bargaining agreement or employs any member of a union. No
union organizing activities are currently taking place concerning the employees of the Company or any of its subsidiaries. There
is (A) no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or threatened,
(B) no strike, labor dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened against the Company
or any of its subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company or
any of its subsidiaries.

 

(iii)        Except
as set forth in Schedule 3.1(z)(iii), (i) the Company is and has been in compliance with all applicable Laws pertaining
to employment and employment practices, including all Laws relating to labor relations, equal employment opportunities, fair employment
practices, employment discrimination, harassment, retaliation, reasonable accommodation, disability rights or benefits, immigration,
wages, hours, overtime compensation, child labor, hiring, promotion and termination of employees, working conditions, meal and
break periods, privacy, health and safety, workers’ compensation, leaves of absence and unemployment insurance, (ii) all
individuals characterized and treated by the Company as independent contractors or consultants are properly treated as independent
contractors under all applicable Laws, (iii) all employees classified as exempt under the Fair Labor Standards Act and state and
local wage and hour laws are properly classified and (iv) there are no Actions against the Company pending, or to the Company’s
knowledge, threatened to be brought or filed, by or with any Governmental Authority or arbitrator in connection with the employment
of any current or former applicant, employee, consultant or independent contractor of the Company, including, without limitation,
any claim relating to unfair labor practices, employment discrimination, harassment, retaliation, equal pay, wage and hours or
any other employment related matter arising under applicable Laws.

 

(iv)        No
executive officer of the Company (as defined in Rule 501(f) promulgated under the Securities Act) has notified the Company that
such officer intends to leave the Company or otherwise terminate such officer’s employment with the Company. No executive
officer of the Company is, or is expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement, non-competition agreement, or any other agreement or any restrictive covenant,
and the continued employment of each such executive officer does not subject the Company or any of its subsidiaries to any liability
with respect to any of the foregoing matters.

 

    	 	15	 

     

    

 

(aa)         ERISA.
The Company and its subsidiaries are in compliance in all material respects with all presently applicable provisions of ERISA.
No “reportable event” (as defined in ERISA) has occurred with respect to any “pension plan” (as defined
in ERISA) for which the Company or any of its subsidiaries would have any liability. The Company has not incurred and does not
expect to incur liability under (i) Title I or Title IV of ERISA (or related provisions of the Code or other Laws relating to employee
benefit plans) with respect to termination of, or withdrawal from, any “pension plan”; or (ii) Sections 412 or 4971
of the Code. Each pension plan for which the Company would have liability that is intended to be qualified under Section 401(a)
of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would
cause the loss of such qualification. All benefits, contributions and premiums relating to each pension plan have been timely paid
in accordance with the terms of such pension plan and all applicable Laws and accounting principles, and all benefits accrued under
any unfunded pension plan have been paid, accrued or otherwise reserved to the extent required by, and in accordance with, GAAP.

 

(bb)         No
General Solicitation. Neither the Company nor its subsidiaries or any Affiliates, nor any Person acting on its or their behalf,
has offered or sold any of the Shares by any form of general solicitation or general advertising.

 

(cc)         Registration
Rights. Except as set forth in Schedule 3.1(cc) or the Amended and Restated Registration Rights Agreement to be entered
into as of the Closing Date, between the Company and the Purchaser, the Company has not granted or agreed to grant to any Person
any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission
or any other Governmental Authority.

 

(dd)         Application
of Takeover Protections. There is no control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company’s charter documents or the laws of its
state of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling
their obligations or exercising their rights hereunder or under any of the other Transaction Documents, including, without limitation,
as a result of the Company’s issuance of the Shares and the Purchaser’s ownership of the Shares.

 

(ee)         Certain
Fees. The Company has not taken any action that would cause the Purchaser to be liable for any brokerage or finder’s
fees or commissions payable to any broker, financial advisor, consultant, finder, placement agent, investment banker, bank or other
Person engaged by the Company, if any, with respect to the transactions contemplated by this Agreement.

 

(ff)         Books
and Records. The minute books and stock record books of the Company, all of which have been made available to the Purchaser,
are complete and correct and have been maintained in accordance with sound business practices. The minute books of the Company
contain accurate and complete records of all meetings, and actions taken by written consent of, the stockholders, the board of
directors and any committees of the board of directors of the Company, and no meeting, or action taken by written consent, of any
such stockholders, board of directors or committee has been held for which minutes have not been prepared and are not contained
in such minute books.

 

    	 	16	 

     

    

 

(gg)         Private
Placement. Neither the Company nor any Person acting on the Company’s behalf has sold or offered to sell or solicited
any offer to buy the Securities by means of any form of general solicitation or advertising. Neither the Company nor any
of its Affiliates or any Person acting on the Company’s behalf has, directly or indirectly, at any time within the past six
months, made any offer or sale of any security or solicitation of any offer to buy any security under circumstances that would
(i) eliminate the availability of the exemption from registration under Regulation D under the Securities Act in connection with
the offer and sale of the Securities as contemplated hereby or (ii) cause the offering of the Securities pursuant to the Transaction
Documents to be integrated with prior offerings by the Company for purposes of any applicable law, regulation or stockholder approval
provisions. The Company is not, and is not an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. The Company is not a United States real property holding corporation within the meaning of the
Foreign Investment in Real Property Tax Act of 1980.

 

3.2           Representations
and Warranties of Purchaser. The Purchaser hereby represents and warrants to the Company as follows:

 

(a)          Authority.
(i) The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization with the requisite corporate, partnership, limited liability company or other organization power and authority to
enter into and to consummate the transactions contemplated by this Agreement and the other Transaction Documents to which it is
a party and otherwise to carry out its obligations hereunder and thereunder, (ii) the purchase by the Purchaser of the Securities
hereunder has been duly authorized by all necessary action on the part of the Purchaser, (iii) this Agreement and the other Transaction
Documents to which it is a party have been duly executed and delivered by the Purchaser and constitute valid and binding obligations
of the Purchaser enforceable against the Purchaser in accordance with the terms hereof and thereof, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally
and by general principles of equity (regardless of whether enforcement is sought in an Action at law or in equity), and (iv) and
the Purchaser has its principal offices or principal place of business located at the address shown under Purchaser’s signature
at the end of this Agreement.

 

(b)          Investment
Intent. The Purchaser is acquiring the Securities as principal for its own account for investment purposes only and not with
a view to or for distributing or reselling such Securities or any part thereof, without prejudice, however, to the Purchaser’s
right, subject to the provisions of this Agreement, at all times to sell or otherwise dispose of all or any part of such Securities
pursuant to an effective registration statement under the Securities Act or under an exemption from such registration and in compliance
with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by the
Purchaser to hold Securities for any period of time. The Purchaser does not have any agreement or understanding, directly or indirectly,
with any Person to distribute any of the Securities.

 

(c)          Purchaser
Status. At the time the Purchaser was offered the Securities, it was, and at the date hereof, it is, an “accredited investor”
as defined in Rule 501(a) of Regulation D under the Securities Act. The Purchaser is not a registered broker-dealer under Section
15 of the Exchange Act.

 

    	 	17	 

     

    

 

(d)          Experience
of Purchaser. The Purchaser, either alone or together with its representatives, 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. The Purchaser is able to bear the economic risk of an investment
in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)          Access
to Information. The Purchaser acknowledges that it has received and reviewed all information about the Company it considers
necessary or appropriate for deciding whether to acquire the Securities and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its subsidiaries and their respective financial condition, results of operations, business, properties, management
and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the investment. The Purchaser has sought such accounting, legal and tax advice as it has considered necessary
to make an informed decision with respect to its acquisition of the Securities.

 

(f)          Certain
Trading Limitations. The Purchaser agrees that beginning on the date hereof until ninety (90) days from the Closing Date, it
will not enter into any Short Sales. For purposes of this Section 3.2(f), a “Short Sale” means a sale
of Common Stock that is marked as a short sale and that is executed at a time when Purchaser has no equivalent offsetting long
position in the Common Stock. For purposes of determining whether the Purchaser has an equivalent offsetting long position in the
Common Stock, all Common Stock and all Common Stock that would be issuable upon conversion or exercise in full of all options then
held by Purchaser (assuming that such options were then fully convertible or exercisable, notwithstanding any provisions to the
contrary, and giving effect to any conversion or exercise price adjustments scheduled to take effect in the future) shall be deemed
to be held long by the Purchaser.

 

(g)          Certain
Fees. The Purchaser has not taken any action that would cause the Company to be liable for any brokerage or finder’s
fees or commissions payable to any broker, financial advisor, consultant, finder, placement agent, investment banker, bank or other
Person engaged by the Purchaser, if any, with respect to the transactions contemplated by this Agreement.

 

(h)          Restricted
Securities. The Purchaser understands that the Securities are characterized as “restricted securities” under the
U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act
only in limited circumstances.

 

    	 	18	 

     

    

 

ARTICLE IV

 

OTHER AGREEMENTS OF
THE PARTIES

 

4.1           Restricted
Securities; Transfers on Restrictions. The Purchaser understands that (i) the Securities are characterized as “restricted
securities” under the Securities Act; (ii) the Securities have not been and, except as otherwise provided herein, will not
be registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred
unless subsequently registered thereunder or the Purchaser shall have delivered to the Company an opinion of counsel, in a form
acceptable to the Company and from counsel reasonably acceptable to the Company, to the effect that such Securities to be sold,
assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, (iii) any sale of
the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144
is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through whom the sale is
made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other
exemption under the Securities Act or the rules and regulations of the Commission promulgated thereunder; and (iv) unless sold
pursuant to a registration statement that has been declared effective under the Securities Act or in compliance with Rule 144,
the Company requires that the Securities bear a legend referring to the foregoing restrictions (it being agreed that if the Securities
are not certificated, other appropriate restrictions shall be implemented to give effect to the foregoing) and shall place stop
order instructions with its transfer agent with respect to such Securities.

 

4.2           Integration.
The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company shall, sell,
offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities
Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the
Securities Act of the sale of the Securities to the Purchaser, or that would be integrated with the offer or sale of the Securities
for purposes of the rules and regulations of any Trading Market.

 

4.3           Covenants
of the Company. Unless the Company has received the prior written consent or waiver of the Purchaser, the Company shall
be subject to each of the following covenants:

 

(a)          The
Company shall, and shall cause its subsidiaries to, at all times maintain (i) under the Laws of the state of Delaware its valid
corporate existence and good standing, (ii) its due license and qualification to do business and good standing in each jurisdiction
in which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary
and (iii) all permits, licenses and authorizations necessary to the conduct of its businesses.

 

(b)          The
Company shall, and shall cause its subsidiaries to, comply with all Laws applicable to it or its business, properties or assets,
the violation of which would reasonably be expected to have a Material Adverse Effect.

 

    	 	19	 

     

    

 

(c)          The
Company shall comply with the reporting requirements of the Exchange Act and each applicable Trading Market and timely file all
required SEC Reports (including, without limitation, a Current Report on Form 8-K upon the execution of this Agreement) and remain
in compliance with all applicable rules and regulations of the Commission and any applicable Trading Market. The Company shall
promptly take any action required to maintain the listing of all of the Shares, once they have been issued, upon each applicable
Trading Market. The Company shall make and keep public information available, as those terms are understood and defined in Rule
144, for so long as required in order to permit the resale of the Shares pursuant to Rule 144 and to file periodic reports with
the Commission whether or not required to do so. The Company shall not take any action which would be reasonably expected to result
in the delisting or suspension of the Common Stock on any applicable Trading Market.

 

(d)          The
Company will draft and file with the Commission, at the Company’s expense, a Form 3 (or Form 4 if applicable) and Schedule
13D (or an amendment thereto) relating to the transaction contemplated by this Agreement for the Purchaser, and upon the Purchaser’s
request, any future Exchange Act Section 13 and 16 filings relating to ownership of the Shares. The Purchaser agrees to provide
the Company all information required by any such Commission filings promptly after the occurrence of the event triggering such
filing, and the Company shall use its best efforts to prepare a draft of such filing(s) for the Purchaser’s review, comment,
if any, and authorization for filing within the deadline for the applicable filing. In the event the Purchaser elects to prepare
and make such filings, the Company shall promptly cooperate with and provide the Purchaser with such information as it may reasonably
request in connection with the preparation of such filings.

 

(e)          The
Company shall, and shall cause its subsidiaries to, comply with (i) the Credit Agreement and (ii) all other contractual obligations
as such obligations become due and payable to the extent to which the failure to so comply would reasonably be expected to have
a Material Adverse Effect, unless and to the extent such obligations are being contested in good faith by appropriate proceedings
and adequate reserves (as determined in accordance with GAAP) have been established on its books and financial statements of the
Company for such obligations.

 

(f)          The
Company shall, and shall cause its subsidiaries to, pay and discharge all Taxes due and owing by the Company before the same becomes
delinquent and before penalties accrue thereon, unless and to the extent such Taxes are being contested in good faith by appropriate
procedures and adequate accruals or reserves (as determined in accordance with GAAP) have been established on the books and financial
statements of the Company for such Taxes.

 

(g)          The
Company shall, and shall cause its subsidiaries to, maintain and keep its properties and assets in good repair, working order and
condition, ordinary wear and tear excepted.

 

(h)          The
Company shall maintain with financially sound and reputable insurance companies (i) property and casualty and other insurance covering
risks and hazards of such types and in such amounts as are customary for adequately-insured companies of similar size engaged in
similar industries and lines of business, and (ii) directors and officers liability insurance on terms and conditions satisfactory
in all material respects to the Purchaser.

 

    	 	20	 

     

    

 

(i)          The
Company shall keep adequate books, accounts and records in accordance with past custom and practice as used in the preparation
of its financial statements, which books, accounts and records shall fairly present in all material respects the financial condition
and results of operations of the Company and its subsidiaries.

 

(j)          The
Company shall (i) own, exclusively or jointly with other Persons, all right, title and interest in and to, or have a valid license
for, and shall maintain all Intellectual Property necessary to the conduct of its business, free and clear of Liens, (ii) enter
into and maintain in full force and effect binding, written agreements with every current and former employee of the Company, and
with every current and former independent contractor, whereby such employees and independent contractors (A) assign to the Company
any ownership interest and right they may have in the Company’s Intellectual Property and (B) acknowledge the Company’s
exclusive ownership of all of the Company’s Intellectual Property, and (iii) remain in full compliance with all legal requirements
applicable to the Company’s Intellectual Property and the Company’s ownership and use thereof.

 

(k)          The
Company shall perform and observe all of its obligations and covenants set forth in each of the Transaction Documents.

 

ARTICLE V

 

INDEMNIFICATION

 

5.1           Indemnification
by the Company. The Company shall indemnify, defend and hold harmless the Purchaser and its affiliates and their respective
directors, officers, members, managers, employees, representatives and agents, and their respective successors and assigns (collectively,
the “Purchaser Indemnitees”), from and against, and shall pay and reimburse each of them for, any and all losses,
claims, damages, liabilities and expenses (including, without limitation, reasonable attorney fees and disbursements and other
expenses reasonably incurred in connection with investigating, preparing or defending any Action pending or threatened and the
costs of enforcement thereof) (collectively, “Losses”) incurred or sustained by, or imposed upon, the Purchaser
Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)          any
inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement or in any certificate
or instrument delivered by or on behalf of the Company pursuant to this Agreement; or

 

(b)          any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement.

 

    	 	21	 

     

    

 

5.2           Indemnification
Procedure. Any Purchaser Indemnitee entitled to indemnification hereunder shall (a) give prompt notice to the Company
of any claim with respect to which it seeks indemnification and (b) permit the Company to assume the defense of such claim
with counsel reasonably satisfactory to the Purchaser Indemnitee; provided that any Purchaser Indemnitee entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such Purchaser Indemnitee unless (i) the Company has agreed to pay such fees or
expenses, or (ii) the Company shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such Purchaser Indemnitee or (iii) in the reasonable judgment of any such Purchaser Indemnitee, based upon written advice
of its counsel, a conflict of interest exists between such Purchaser Indemnitee and the Company with respect to such claims (in
which case, if the Purchaser Indemnitee notifies the Company in writing that such Purchaser Indemnitee elects to employ separate
counsel at the expense of the Company, the Company shall not have the right to assume the defense of such claim on behalf of such
Purchaser Indemnitee); and provided, further, that the failure of any Purchaser Indemnitee to give notice as provided
herein shall not relieve the Company of its obligations hereunder, except to the extent that such failure to give notice shall
materially adversely affect the Company in the defense of any such claim or litigation. The Company shall not, except with the
consent of the Purchaser Indemnitee, which consent shall not be unreasonably withheld, conditioned or delayed, consent to entry
of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such Purchaser Indemnitee of a release from all liability in respect of such claim or litigation. No Purchaser
Indemnitee will, except with the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed,
consent to entry of any judgment or enter into any settlement.

 

5.3           Payments.
Once a Loss is agreed to by the Company or finally adjudicated to be payable pursuant to this Article V, the Company
shall satisfy its obligations within 15 days of such final, non-appealable adjudication by wire transfer of immediately available
funds. The parties hereto agree that should the Company not make full payment of any such obligations within such 15-day period,
any amount payable shall accrue interest from and including the date of agreement of the Company or final, non-appealable adjudication
to the date such payment has been made at a rate per annum equal to 12%.

 

ARTICLE VI

 

MISCELLANEOUS

 

6.1           Fees
and Expenses. 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; provided, however, the Company will pay at the Closing for the reasonable and documented legal fees and expenses
of Carlton Fields Jorden Burt, P.A. incurred in connection with its role as counsel to the Purchaser in the transactions contemplated
by the Transaction Documents.

 

6.2           Entire
Agreement. This Agreement, the schedules and exhibits attached hereto, and any other documents or agreements executed in
connection with the transactions contemplated hereby, 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.

 

    	 	22	 

     

    

 

6.3           Further
Assurances. At or after the Closing, and without further consideration, the Company will execute and deliver to the Purchaser
such further documents and take such further actions as may be reasonably requested in order to give practical effect to the intention
of the parties under the Transaction Documents.

 

6.4           Notices.
All notices and other communications required or permitted under this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. The addresses and facsimile numbers for such notices and communications
are those set forth on the signature pages hereof, or such other address or facsimile number as may be designated in writing hereafter
upon five (5) days’ notice, in the same manner, by such Person.

 

6.5           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 Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver
is sought. No waiver by any party 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.
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

 

6.6           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. For purposes of this Agreement, (a)
the words “include,” “includes” and “including” shall be deemed to be followed by the words
“without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,”
“hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise
requires, references herein: (x) to Articles, Sections, Schedules and Exhibits mean the Articles and Sections of, and Schedules
and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or
other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z)
to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations
promulgated thereunder. All terms defined in this Agreement shall have the defined meanings when used in any notice, certificate
or other document made or delivered pursuant hereto. Any noun or pronoun shall be deemed to include both the singular and the plural
and to cover all genders. Each reference in this Agreement to a Person shall be deemed to include such Person’s successors
and permitted assigns.

 

    	 	23	 

     

    

 

6.7           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 Purchaser. The Purchaser may assign its rights under this Agreement to any Person to whom Purchaser assigns or transfers any
Securities, provided such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions
hereof that apply to the “Purchaser.” Notwithstanding anything to the contrary herein, Securities may be assigned to
any Person in connection with a bona fide margin account or other loan or financing arrangement secured by such Securities.

 

6.8           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.

 

6.9           Governing
Law; Venue; Waiver of Jury Trial. THE CORPORATE LAWS OF THE STATE OF DELAWARE SHALL GOVERN ALL ISSUES CONCERNING THE RELATIVE
RIGHTS OF THE COMPANY AND ITS STOCKHOLDERS. all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
laws of the state of new york. THE COMPANY AND PURCHASER 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 PURCHASER 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 PURCHASER, 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 PURCHASER Hereby
Waive All Rights To A Trial By Jury.

 

6.10         Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery and/or exercise
of the Securities, as applicable.

 

6.11         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 or electronic
transmission, including via PDF, 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 electronic signature page were an original
thereof.

 

    	 	24	 

     

    

 

6.12         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.

 

6.13         Remedies.
In addition to being entitled to exercise all rights and remedies provided herein or granted by or available under Law, including
recovery of damages, the Purchaser 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
described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation (other
than in connection with any action for a temporary restraining order) the defense that a remedy at law would be adequate.

 

[Signature
pages to follow]

 

    	 	25	 

     

    

 

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

 

	 	Company:
	 	 
	 	GRANDPARENTS.COM,
    Inc.
	 	 	 
	 	By: 	/s/ Steve
    Leber   
	 	 	Name: Steve Leber
	 	 	Title:   Chairman
    and Chief Executive Officer
	 	 	 
	 	Address
    for Notice:
	 	Grandparents.com, Inc.
	 	589 Eighth Avenue, 6th floor
	 	New York New York 10018
	 	Telephone: (646) 839-8809
	 	Facsimile: (646) 654-6106
	 	Attention: Chief Executive Officer
	 	 
	 	With a copy (which shall not
    constitute notice) to:
	 	 
	 	Mintz, Levin, Cohn, Ferris, Glovsky
    and Popeo, P.C.
	 	Chrysler Center
	 	666 Third Avenue
	 	New York, New York 10017
	 	Telephone: (212) 692-6223
	 	Facsimile:  (212) 983-3115
	 	Attention: Daniel I. DeWolf, Esq.

 

[Signature Page to Securities Purchase Agreement]

 

     

     

    

 

	 	PURCHASER:
	 	 
	 	VB FUNDING, LLC
	 	 	 	 
	 	By:	/s/ Vincent J. Dowling, Jr.
	 	 	Name:	Vincent J. Dowling, Jr.
	 	 	Title:	Manager
	 	 	 	 
	 	Address for Notice:
	 	VB Funding, LLC
	 	190 Farmington Avenue
	 	Farmington, Connecticut 06032
	 	Telephone: (860) 676-8600
	 	Facsimile: (860) 676-8617
	 	Attention:  Vincent J. Dowling, Jr.
	 	 
	 	With a copy (which shall not constitute notice) to:
	 	 
	 	Carlton Fields Jorden Burt, P.A.
	 	One State Street
	 	Suite 1800
	 	Hartford, Connecticut  06103
	 	Telephone: (860) 392-5015
	 	Facsimile: (860) 392-5058
	 	Attention:  Frank A. Appicelli, Esq.

 

[Signature Page to Securities Purchase Agreement]

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