Document:

Exhibit 4.2

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of May 27, 2014

 

Among

 

Energy XXI Gulf Coast, Inc.,

 

The Guarantors

 

listed on the signature pages hereto,

 

and

 

Credit Suisse Securities (USA) LLC

 

and

 

Citigroup Global Markets Inc.

 

as representatives of the Initial Purchasers

 

6.875% Senior Notes due 2024

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions.	2
	Section 2.	Exchange Offer.	5
	Section 3.	Shelf Registration.	8
	Section 4.	Liquidated Damages and Specific Performance.	9
	Section 5.	Registration Procedures.	10
	Section 6.	Registration Expenses.	18
	Section 7.	Indemnification.	19
	Section 8.	Rules 144 and 144A.	22
	Section 9.	Underwritten Registrations.	22
	Section 10.	Miscellaneous.	22

 

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REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement, dated as of May 27, 2014 (this “Agreement”), is entered into among Energy XXI Gulf Coast, Inc., a Delaware
corporation (the “Company”), the guarantors listed on the signature pages hereto (the “Guarantors”), and
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., as representatives of the initial purchasers listed on Schedule
A attached hereto (collectively, the “Initial Purchasers”) to the Purchase Agreement (as defined below).

 

The Company, the Guarantors
and the Initial Purchasers are parties to the Purchase Agreement dated May 12, 2014 (the “Purchase Agreement”) which
provides for the sale by the Company to the Initial Purchasers of $650,000,000 aggregate principal amount of the Company’s
6.875% Senior Notes due 2024 (the “Notes”), fully and unconditionally guaranteed by the Guarantors (the “Guarantees”).
The Notes and the Guarantees are herein collectively referred to as the “Initial Notes.”

 

This Agreement is entered
into in connection with the Purchase Agreement (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders
from time to time of the Notes, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial
Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this
Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(h) of the Purchase Agreement.

 

The parties hereby
agree as follows:

 

Section 1.          Definitions.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Action”
shall have the meaning set forth in Section 7(c) hereof.

 

“Advice”
shall have the meaning set forth in Section 5 hereof.

 

“Agreement”
shall have the meaning set forth in the first introductory paragraph hereto.

 

“Applicable Period”
shall have the meaning set forth in Section 2(b) hereof.

 

“Board of Directors”
shall have the meaning set forth in Section 5 hereof.

 

“Business Day”
shall mean a Day that is not a Legal Holiday.

 

“Company”
shall have the meaning set forth in the first introductory paragraph hereto.

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

“Day” shall
mean a calendar day.

 

“Damages Payment
Date” shall have the meaning set forth in Section 4(b) hereof.

 

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“Default Period”
shall have the meaning set forth in Section 4(a) hereof.

 

“Delay Period”
shall have the meaning set forth in Section 5 hereof.

 

“Effectiveness
Period” shall have the meaning set forth in Section 3(b) hereof.

 

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

 

“Exchange Notes”
shall have the meaning set forth in Section 2(a) hereof.

 

“Exchange Offer”
shall have the meaning set forth in Section 2(a) hereof.

 

“Exchange Offer
Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

 

“Filing Date”
shall have the meaning set forth in Section 3(a) hereof.

 

“FINRA”
The Financial Industry Regulatory Authority, Inc., an independent regulatory organization (formerly National Association of Securities
Dealers or NASD).

 

“Holder”
shall mean any holder of a Registrable Note or Registrable Notes.

 

“Indenture”
shall mean the Indenture, dated as of May 27, 2014, among the Company, the Guarantors and Wells Fargo Bank, National Association,
as trustee, pursuant to which the Initial Notes are being issued, as amended or supplemented from time to time in accordance with
the terms thereof.

 

“Initial Notes”
shall have the meaning set forth in the preamble hereof.

 

“Initial Purchasers”
shall have the meaning set forth in the preamble hereof.

 

“Inspectors”
shall have the meaning set forth in Section 5(n) hereof.

 

“Issue Date”
shall mean May 27, 2014.

 

“Issuer”
shall mean the Company and the Guarantors, such that the obligations of the Company and the Guarantors under this Agreement shall
be joint and several obligations in every respect including but not limited to the obligations to pay any Liquidated Damages, other
amounts and any indemnification and contribution obligations, in each case, as set forth in this Agreement, and shall also include
such parties’ permitted successors and assigns.

 

“Legal Holiday”
shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law, regulation or
executive order to remain closed.

 

“Liquidated Damages”
shall have the meaning set forth in Section 4(a) hereof.

 

“Losses”
shall have the meaning set forth in Section 7(a) hereof.

 

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“Notes”
shall have the meaning set forth in the preamble hereof.

 

“Participant”
shall have the meaning set forth in Section 7(a) hereof.

 

“Participating
Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof.

 

“Person”
shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust, unincorporated limited
liability company, government or any agency or political subdivision thereof or any other entity.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement,
and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble hereof.

 

“Records”
shall have the meaning set forth in Section 5(n) hereof.

 

“Registrable
Notes” shall mean each Initial Note upon its original issuance until (i) a Registration Statement covering such Initial
Note has been declared effective by the Commission and such Initial Note has been disposed of in accordance with such effective
Registration Statement, (ii) such Initial Note has been exchanged pursuant to the Exchange Offer for an Exchange Note, (iii) such
Initial Note ceases to be outstanding or (iv) such Initial Note has been sold in compliance with Rule 144.

 

“Registration
Default” shall have the meaning set forth in Section 4(a) hereof.

 

“Registration
Statement” shall mean any appropriate registration statement of the Issuer covering any of the Registrable Notes filed with
the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein.

 

“Requesting Participating
Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof.

 

“Rule 144”
shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance
therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free
of the registration and prospectus delivery requirements of the Securities Act.

 

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“Rule 144A”
shall mean Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144) or regulation hereafter adopted by the Commission.

 

“Rule 415”
shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission.

 

“Securities Act”
shall have the meaning set forth in the preamble hereof.

 

“Shelf Filing
Event” shall have the meaning set forth in Section 2(c) hereof.

 

“Shelf Registration”
shall have the meaning set forth in Section 3(a) hereof.

 

“Shelf Registration
Statement” shall mean a Registration Statement filed in connection with a Shelf Registration.

 

“TIA” shall
mean the Trust Indenture Act of 1939, as amended.

 

“Trustee”
shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes .

 

“Underwritten
registration or underwritten offering” shall mean a registration in which securities of the Issuer are sold to an underwriter
for reoffering to the public.

 

Section 2.            Exchange
Offer.

 

(a)          To
the extent not prohibited by any applicable law or applicable interpretation of the Commission, the Issuer shall use its reasonable
best efforts to cause to be declared effective under the Securities Act a Registration Statement (the “Exchange Offer Registration
Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to
exchange any and all of the Registrable Notes for a like aggregate principal amount of Notes, including the Guarantees thereof
(the “Exchange Notes”) that are identical in all material respects to the Initial Notes (except that the Exchange Notes
shall not contain terms with respect to transfer restrictions or Liquidated Damages upon a Registration Default). Upon the Exchange
Offer Registration Statement being declared effective by the Commission, the Issuer will: (i) commence the Exchange Offer as soon
as practicable after the Exchange Offer Registration Statement is declared effective and (ii) keep the Exchange Offer open for
not less than 30 days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders.

 

Each Holder that participates
in the Exchange Offer will be required to represent to the Issuer in writing that (i) any Exchange Notes to be received by it will
be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate
in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities
Act, (iii) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange
Notes, (iv) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Initial Notes
that were acquired as a result of market-making or other trading activities, it will comply with the applicable provisions of the
Securities Act in connection with any resale of such Exchange Notes, (v) such Holder has full power and authority to transfer the
Initial Notes in exchange for the Exchange Notes and that the Issuer will acquire good and unencumbered title thereto free and
clear of any liens, restrictions, charges or encumbrances and not subject to any adverse claims; and (vi) such Holder is not an
“affiliate” (as defined in Rule 405 promulgated under the Securities Act) of the Issuer.

 

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(b)          The
Issuer and the Initial Purchasers acknowledge that the staff of the Commission has taken the position that any broker-dealer that
elects to exchange Initial Notes that were acquired by such broker-dealer for its own account as a result of market-making or other
trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an
“underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the
Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from
the original offering of the Initial Notes).

 

The Issuer and the
Initial Purchasers also acknowledge that the staff of the Commission has taken the position that if the Prospectus contained in
the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means
by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus
delivery obligations under the Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the
Prospectus otherwise meets the requirements of the Securities Act.

 

In light of the foregoing,
if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuer agrees to use
its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective for a period of 180 days after
the date on which the Exchange Registration Statement is declared effective, or such longer period if extended pursuant to the
last paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all Requesting Participating
Broker-Dealers shall have notified the Issuer in writing that such Requesting Participating Broker-Dealers have resold all Exchange
Notes acquired in the Exchange Offer. The Issuer shall include a plan of distribution in such Exchange Offer Registration Statement
that meets the requirements set forth in the preceding paragraph.

 

For each Initial Note
surrendered in the Exchange Offer, the Holder will receive an Exchange Note having a principal amount equal to that of the surrendered
Initial Note. Interest on each Exchange Note issued pursuant to the Exchange Offer will accrue from the last interest payment date
on which interest was paid on the Initial Notes surrendered in exchange therefor or, if no interest has been paid on the Initial
Notes, from the Issue Date.

 

Upon consummation of
the Exchange Offer in accordance with this Section 2, the Issuer shall have no further registration obligations other than the
Issuer’s continuing registration obligations with respect to (i) Exchange Notes held by Participating Broker-Dealers and
(ii) Initial Notes or Exchange Notes as to which clause (c)(3) of this Section 2 applies.

 

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In connection with
the Exchange Offer, the Issuer shall:

 

(1)         mail
or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

 

(2)         permit
Holders to withdraw tendered Initial Notes at any time prior to the close of business, New York time, on the last Business Day
on which the Exchange Offer shall remain open; and

 

(3)         otherwise
comply in all material respects with all applicable laws, rules and regulations.

 

As soon as practicable
after the close of the Exchange Offer, if any, the Issuer shall:

 

(1)         accept
for exchange all Initial Notes validly tendered and not validly withdrawn by the Holders pursuant to the Exchange Offer, if any;

 

(2)         deliver
or cause to be delivered to the Trustee for cancellation all Initial Notes so accepted for exchange; and

 

(3)         cause
the Trustee to authenticate and deliver promptly to each such Holder of Initial Notes or Exchange Notes, as the case may be, Exchange
Notes equal in principal amount to the Registrable Notes of such Holder so accepted for exchange.

 

The Exchange Offer
shall not be subject to any conditions, other than that (i) the Exchange Offer does not violate applicable law or any applicable
interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court
or by any governmental agency which might materially impair the ability of the Issuer to proceed with the Exchange Offer, and no
material adverse development shall have occurred in any existing action or proceeding with respect to the Issuer and (iii) all
governmental approvals shall have been obtained, which approvals the Issuer deems necessary for the consummation of the Exchange
Offer.

 

The Exchange Notes
shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture (in either case,
with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof
under the TIA) and which, in either case, has been qualified under the TIA and shall provide that the Exchange Notes shall not
be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange
Notes and the Initial Notes shall vote and consent together on all matters as one class and that neither the Exchange Notes nor
the Initial Notes will have the right to vote or consent as a separate class on any matter.

 

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(c)          In
the event that:

 

(1)         any
changes in law or the applicable interpretations of the staff of the Commission do not permit the Issuer to effect the Exchange
Offer;

 

(2)         for
any reason the Exchange Offer is not consummated within 365 days of the Issue Date;

 

(3)         a
Holder notifies the Company following consummation of the Exchange Offer that Initial Notes held by it are not eligible to be exchanged
for Exchange Notes in the Exchange Offer; or

 

(4)         any
Holder is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange
Offer or does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal
securities laws (other than due solely to the status of such holder as an affiliate of the Issuer within the meaning of the Securities
Act).

 

(each such event referred to in clauses
(1) through (4) of this sentence, a “Shelf Filing Event”), then the Issuer shall undertake a Shelf Registration pursuant
to Section 3 hereof; provided, however, that the filing of a Shelf Registration Statement as a result of a Shelf Filing Event pursuant
to clause (2) of this sentence shall not affect the Issuer’s obligation to consummate the Exchange Offer as promptly as practicable.

 

Section 3.            Shelf
Registration.

 

If at any time a Shelf
Filing Event shall occur, then:

 

(a)          The
Issuer shall file promptly, but in any event within 30 days of notice of the Shelf Filing Event (the “Filing Date”),
with the Commission a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all
of the Registrable Notes not exchanged in the Exchange Offer and Exchange Notes as to which Section 2(c)(3) is applicable (the
“Shelf Registration”). The Shelf Registration shall be on Form S-3 or another appropriate form permitting registration
of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one
or more underwritten offerings). The Issuer shall not permit any securities other than the Registrable Notes to be included in
the Shelf Registration.

 

(b)          The
Issuer shall use its reasonable best efforts:

 

(1)         to
cause the Shelf Registration Statement to be declared effective under the Securities Act on or prior to the 180th day after Filing
Date; and

 

(2)         to
keep the Shelf Registration Statement effective until the earliest of (A) the time when the Initial Notes covered by the Shelf
Registration Statement can be sold pursuant to Rule 144 without any limitation under clause (c), (e), (f) and (h) of Rule 144,
(B) two years from the Issue Date and (c) the date on which all Initial Notes registered thereunder are disposed of in accordance
therewith subject to extension pursuant to the penultimate paragraph of Section 5 hereof (the “Effectiveness Period”);
provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration shall be extended to the extent required
to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise
provided herein and (ii) the Issuer may suspend the effectiveness of the Shelf Registration Statement by written notice to
the Holders solely as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual
audited financial information with respect to the Issuer where such post-effective amendment is not yet effective and needs to
be declared effective to permit Holders to use the related Prospectus, provided that the Effectiveness Period in respect of the
Shelf Registration shall be extended by such number of days for which effectiveness is suspended under this clause (ii).

 

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(c)          Supplements
and Amendments. The Issuer agrees to supplement or make amendments to the Shelf Registration Statement as and when required
by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by
the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by the Holders of a majority
in aggregate principal amount of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable
Notes.

 

Section 4.            Liquidated
Damages.

 

(a)          The
Issuer and the Initial Purchasers agree that the Holders will suffer damages if the Issuer fails to fulfill its obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly,
the Issuer agrees that if:

 

(1)         the
Exchange Offer is not consummated on or prior to the 365th day following the Issue Date;

 

(2)         a
Shelf Registration Statement that is required to be filed pursuant to Section 2(c) is not declared effective by the 180th day after
the Filing Date (or, if such day is not a Business Day, the next day that is a Business Day) or is declared effective by such date
but thereafter ceases to be effective or usable, except if the Shelf Registration ceases to be effective or usable as specifically
permitted by the penultimate paragraph of Section 5 hereof in respect of Delay Periods, as defined in such paragraph; or

 

(3)         the
Shelf Registration Statement does not remain continuously effective for the Effectiveness Period (save and except for any Delay
Periods)

 

(each such event referred to in clauses
(1) through (3) a “Registration Default”), liquidated damages in the form of additional cash interest (“Liquidated
Damages”) will accrue on the affected Initial Notes and the affected Exchange Notes, as applicable. The rate of Liquidated
Damages will be 0.25% per annum for the first 90-day period immediately following the occurrence of a Registration Default, increasing
by an additional 0.25% per annum with respect to each subsequent 90-day period up to a maximum amount of additional interest of
1.00% per annum, during the period (the “Default Period”) from and including the date on which any such Registration
Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the
date on which all the Initial Notes and Exchange Notes otherwise become freely transferable by Holders other than affiliates of
the Issuer without further registration under the Securities Act; provided that if, after the Liquidated Damages cease to be payable
in accordance with clause (2) above as a result of the Initial Notes and Exchange Notes becoming freely transferable, the Initial
Notes or Exchange Notes cease to be freely transferable by such Holders for any reason, Liquidated Damages shall immediately become
payable again, subject to a new Default Period beginning from and including the day on which the Initial Notes or Exchange Notes
became subject to such restrictions and continuing until the occurrence of either (1) or (2) above.

 

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Notwithstanding the
foregoing, (1) the amount of Liquidated Damages payable shall not increase more than by the foregoing rates because more than one
Registration Default has occurred and is pending and (2) a Holder of Initial Notes or Exchange Notes who is not entitled to the
benefits of the Shelf Registration Statement (i.e., such Holder has not elected to include information) shall not be entitled
to Liquidated Damages with respect to a Registration Default that pertains to the Shelf Registration Statement.

 

(b)          So
long as Initial Notes remain outstanding, the Issuer shall notify the Trustee within five Business Days after each and every date
on which an event occurs in respect of which Liquidated Damages are required to be paid. Any amounts of Liquidated Damages due
pursuant to clauses (a)(1), (a)(2) or (a)(3) of this Section 4 will be payable in cash semi-annually on each June 1 and December
1 (each a “Damages Payment Date”), commencing with the first such date occurring after any such Liquidated Damages
commence to accrue, to Holders to whom regular interest is payable on such Damages Payment Date with respect to Initial Notes that
are Registrable Notes. The amount of Liquidated Damages for Registrable Notes will be determined by multiplying the applicable
rate of Liquidated Damages by the aggregate principal amount of all such Registrable Notes outstanding on the Damages Payment Date
following such Registration Default in the case of the first such payment of Liquidated Damages with respect to a Registration
Default (and thereafter at the next succeeding Damages Payment Date until the cure of such Registration Default), multiplied by
a fraction, the numerator of which is the number of days such Liquidated Damages rate was applicable during such period (determined
on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days
elapsed), and the denominator of which is 360.

 

Section 5.            Registration
Procedures.

 

In connection with
the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuer shall effect such registrations to permit
the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant
thereto and in connection with any Registration Statement filed by the Issuer hereunder, the Issuer shall:

 

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(a)          Prepare
and file with the Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use
its reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein;
provided, however, that if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement
or Prospectus or any amendments or supplements thereto, the Issuer shall furnish to and afford the Holders of the Registrable Notes
covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel
is known to the Issuer) and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents
(including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each
case at least five Business Days prior to such filing or such later date as is reasonable under the circumstances). The Issuer
shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in
aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer,
as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object on a timely basis.

 

(b)          Prepare
and file with the Commission such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for
the Effectiveness Period or the Applicable Period, as the case may be, subject to any Delay Periods; cause the related Prospectus
to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule
424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities
Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement
as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by
a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution
set forth in such Registration Statement or Prospectus, as so amended.

 

(c)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuer has received written notice
that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable
Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, as promptly
as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement
or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when
the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon
request, obtain, at the sole expense of the Issuer, one conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii)
of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing
or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time
when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales
of Exchange Notes by Participating Broker-Dealers, the representations and warranties of the Issuer contained in any agreement
(including any underwriting agreement) contemplated by Section 5(m)(i) hereof cease to be true and correct in all material respects,
(iv) of the receipt by the Issuer of any notification with respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition
or any information becoming known to the Issuer that makes any statement made in such Registration Statement or related Prospectus
or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the
case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus,
it will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuer’s determination
that a post-effective amendment to a Registration Statement would be appropriate.

 

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(d)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to prevent the issuance of any order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending
the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be,
for sale in any jurisdiction, and, if any such order is issued, to use its reasonable best efforts to obtain the withdrawal of
any such order at the earliest practicable moment.

 

(e)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters
(if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement
or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a
prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders
or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be
included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable
after the Issuer has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;
provided, however, that the Issuer shall not be required to take any action hereunder that would, in the written opinion of counsel
to the Issuer, violate applicable laws.

 

(f)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, who so requests, its counsel and each managing underwriter, if any, at the sole
expense of the Issuer, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment
thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated
therein by reference and all exhibits.

 

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(g)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters, if any, at the sole expense of the
Issuer, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or
supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to
the last paragraph of this Section 5, the Issuer hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the
underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered
by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement
thereto.

 

(h)          Prior
to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration
Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable
best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and its respective counsel in connection with
the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange
Notes , as the case may be, for offer and sale under the securities or state “blue sky” laws of such jurisdictions
within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably
request; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering,
the Issuer agrees to use its reasonable best efforts to cause the Issuer’s counsel to perform Blue Sky investigations and
file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification
(or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and
all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes
or Registrable Notes covered by the applicable Registration Statement; provided, however, that the Issuer shall not be required
to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject
it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in
excess of a nominal dollar amount in any such jurisdiction where it is not then so subject.

 

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(i)          If
a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing
underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable
Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The
Depository Trust Company and enable such Registrable Notes to be in such denominations and registered in such names as the managing
underwriter or underwriters, if any, or selling Holders may request at least five Business Days prior to any sale of such Registrable
Notes or Exchange Notes.

 

(j)          Use
its reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers
thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes,
except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuer
will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals.

 

(k)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v)
or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section
5) file with the Commission, at the sole expense of the Issuer, a supplement or post-effective amendment to the Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or
to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus
will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

(l)          Prior
to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates
for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide CUSIP numbers for the
Registrable Notes.

 

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(m)          In
connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement
as is customary in underwritten offerings of debt securities similar to the Initial Notes and take all such other actions as are
reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition
of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters
with respect to the business of the Issuer and its subsidiaries, as then conducted (including any acquired business, properties
or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated
by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities
similar to the Initial Notes, and confirm the same in writing if and when requested; (ii) use its reasonable best efforts to obtain
the written opinions of counsel to the Issuer and written updates thereof in form, scope and substance reasonably satisfactory
to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters;
(iii) use its reasonable best efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance
reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuer
(and, if necessary, any other independent certified public accountants of any subsidiary of the Issuer or of any business acquired
by the Issuer for which financial statements and financial data are, or are required to be, included or incorporated by reference
in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters
of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) if an
underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than
those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal
amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents) with
respect to all parties to be indemnified pursuant to said Section; provided that the Issuer shall not be required to provide indemnification
to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to information relating to such
underwriter furnished in writing to the Issuer by or on behalf of such underwriter expressly for inclusion in such Registration
Statement. The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder.

 

(n)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable
Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition
of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept,
during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Issuer
and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any
applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuer and its subsidiaries to
supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus.
Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in connection
with any market transactions in violation of any applicable securities laws, any Records that the Issuer determines, in good faith,
to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such
Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information
is necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding,
directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving
this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder,
or (iv) the information in such Records has been made generally available to the public; provided, however, that (i) each Inspector
shall agree to use reasonable best efforts to provide notice to the Issuer of the potential disclosure of any information by such
Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit the Issuer to obtain a protective order (or waive the
provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment
of or in derogation of the rights and interests of the Holder or any Inspector.

 

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(o)          Provide
an indenture trustee for the Registrable Notes or the Exchange Notes , as the case may be, and cause the Indenture or the indenture
provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the
first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any
such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture
as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable
best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and
documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner.

 

(p)          Comply
with all applicable rules and regulations of the Commission and make generally available to the Issuer’s security holders
earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any
12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes or
Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters
in such an offering, commencing on the first day of the first fiscal quarter of the Issuer after the effective date of a Registration
Statement, which statements shall cover said 12-month periods consistent with the requirements of Rule 158.

 

(q)          If
the Exchange Offer is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuer (or to such other Person
as directed by the Issuer) in exchange for the Exchange Notes, mark, or cause to be marked, on such Registrable Notes that such
Registrable Notes are being cancelled in exchange for the Exchange Notes; provided that in no event shall such Registrable Notes
be marked as paid or otherwise satisfied.

 

(r)          Cooperate
with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the
disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with FINRA.

 

(s)          Use
its reasonable best efforts to take all other steps reasonably necessary or advisable to effect the registration of the Exchange
Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby.

 

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The Issuer may require
each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Issuer such
information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Issuer may, from time
to time, reasonably request. The Issuer may exclude from such registration the Registrable Notes of any seller so long as such
seller fails to furnish such information within a reasonable time after receiving such request and in the event of such an exclusion,
the Issuer shall have no further obligation under this Agreement (including, without limitation, the obligations under Section
4) with respect to such seller or any subsequent Holder of such Registrable Notes. Each seller as to which any Shelf Registration
is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make any information
previously furnished to the Issuer by such seller not materially misleading.

 

If any such Registration
Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuer, then such Holder shall have
the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the
effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment
quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Issuer, or (ii) in the event that such reference to such Holder by name or otherwise is not required
by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment
or supplement to the applicable Registration Statement filed or prepared subsequent to the time that such reference ceases to be
required.

 

Each Holder of Registrable
Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes that, upon actual
receipt of any notice from the Issuer (x) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv),
or 5(c)(v) hereof, or (y) that the Board of Directors of the Issuer (the “Board of Directors”) has resolved that the
Issuer has a bona fide business purpose for doing so, then the Issuer may delay the filing or the effectiveness of the Exchange
Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not
be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the Shelf
Registration, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of
the immediately preceding clause (x), such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented
or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Issuer
that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii)
in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose
ceases to interfere with the Issuer’s obligations to file or maintain the effectiveness of any such Registration Statement
pursuant to this Agreement or (B) 60 days after the Issuer notifies the Holders of such good faith determination. There shall not
be more than 60 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if
applicable, shall be extended by the number of days during any Delay Period.

 

In the event of any
Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be given as soon as practicable after the Board of
Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of
the duration of such Delay Period and shall advise the recipient thereof of the agreement of such Holder provided in the next succeeding
sentence. Each Holder, by his acceptance of any Registrable Note, agrees that during any Delay Period, each Holder will discontinue
disposition of such Initial Notes or Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be
sold by such Holder or Participating Broker-Dealer, as the case may be.

 

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Section 6.          Registration
Expenses.

 

All fees and expenses
incident to the performance of or compliance with this Agreement by the Issuer (other than any underwriting discounts or commissions
and transfer taxes) shall be borne by the Issuer, whether or not the Exchange Offer Registration Statement or the Shelf Registration
is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing
fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection with an underwritten
offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable
fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination
of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the
holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case
of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)),
(ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes
in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is
requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of
the Registrable Notes included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer
during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements
of counsel for the Issuer and reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes
(which shall be reasonably acceptable to the Issuer) (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees
and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation,
the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities
Act liability insurance, if the Issuer desires such insurance, (vii) fees and expenses of all other Persons retained by the Issuer,
(viii) internal expenses of the Issuer (including, without limitation, all salaries and expenses of officers and employees of the
Issuer performing legal or accounting duties), (ix) the expense of any annual audit, (x) the fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities,
in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the
foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with
respect to any Registrable Notes sold by or on behalf of it.

 

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Section 7.            Indemnification.

 

(a)          The
Issuer agrees to indemnify and hold harmless, to the extent permitted by law, each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors
of each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling
Person (each, a “Participant”) from and against any and all losses, liabilities, claims, damages and expenses (including,
but not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts
paid in settlement of any claim or litigation (in the manner set forth in clause (c) below)) (collectively, “Losses”)
to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses
(or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall
have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, provided
that (i) the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant
furnished to the Issuer in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity
with respect to any Prospectus shall not inure to the benefit of any Participant from whom the Person asserting such Losses purchased
Registrable Notes if (x) it is established in the related proceeding that such Participant failed to send or give a copy of the
Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Participant prior to the written confirmation
of such sale) to such Person with or prior to the written confirmation of such sale, if required by applicable law, and (y) the
untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or
supplemented if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue statement or omission
or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be
in addition to any liability that the Issuer may otherwise have, including, but not limited to, liability under this Agreement.

 

(b)          Each
Participant agrees, severally and not jointly, to indemnify and hold harmless (in the same manner and to the same extent set forth
in subsection 7(a)) the Issuer, each Person, if any, who controls the Issuer within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act, and each of its agents, employees, officers and directors and the agents, employees,
officers and directors of any such controlling Person from and against any Losses to which they or any of them may become subject
under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or
any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the
light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that
any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made
in reliance upon and in conformity with information relating to such Participant furnished in writing to the Issuer by or on behalf
of such Participant expressly for use therein.

 

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(c)          Promptly
after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or
proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against
the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the
commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from
any liability that it may have under this Section 7 except to the extent that it has been prejudiced in any material respect by
such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement
of such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by written
notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume
the defense of such action with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified
party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses
of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have
been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties
shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement
of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the
indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party
or parties shall have reasonably concluded, that counsel selected by the indemnifying party has a conflict of interest in representing
both the indemnifying party and the indemnified party (in which case the indemnifying parties shall not have the right to direct
the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses
of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the fees and expenses
of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any
one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations
or circumstances. Any such separate firm for the Participants shall be designated in writing by Participants who sold a majority
in interest of Registrable Notes sold by all such Participants and shall be reasonably acceptable to the Issuer and any such separate
firm for the Issuer, its affiliates, officers, directors, representatives, employees and agents and such control Person of the
Issuer shall be designated in writing by the Issuer and shall be reasonably acceptable to the Holders. An indemnifying party shall
not be liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably
withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have
been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party
from all liability on claims that are the subject matter of such proceeding.

 

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(d)          In
order to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason
held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section
7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate
Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one
hand, and each indemnified party, on the other hand, from the sale of the Initial Notes to the Initial Purchasers or the resale
of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or
omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received
by the Issuer, on the one hand, and each Participant, on the other hand, shall, with respect to the Initial Notes, be deemed to
be in the same proportion as (x) the total proceeds from the sale of the Initial Notes to the Initial Purchasers (net of discounts
and commissions but before deducting expenses) received by the Issuer are to (y) the total net profit received by such Participant
in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Issuer or such Participant and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission.

 

(e)          The
parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding
the provisions of this Section 7, (i) in no case shall any Participant be required to contribute any amount in excess of the amount
by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount of
any damages that such Participant has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission
or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled
to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim
for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom contribution
may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution
may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been
prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect
to any action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to
the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its
written consent, provided, however, that such written consent was not unreasonably withheld.

 

    	21

    	 

    

  

Section 8.            Rules
144 and 144A.

 

The Issuer covenants
that it will file the reports required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and
the Exchange Act and, if at any time the Issuer is not required to file such reports, it will, upon the request of any Holder or
beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rules 144 and 144A
under the Securities Act. The Issuer further covenants that for so long as any Registrable Notes remain outstanding it will take
such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable
Notes without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A
under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted
by the Commission.

 

Section 9.            Underwritten
Registrations.

 

If any of the Registrable
Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers
and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount
of such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuer.

 

No Holder of Registrable
Notes may participate in any underwritten registration hereunder if such Holder does not (a) agree to sell such Holder’s
Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.

 

Section 10.          Miscellaneous.

 

(a)          No
Inconsistent Agreements. The Issuer has not, as of the date hereof, and shall not have, after the date of this Agreement, entered
into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable
Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not conflict
with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuer’s other
issued and outstanding securities under any such agreements. The Issuer has not entered and will not enter into any agreement with
respect to any of its securities which will grant to any Person piggy-back registration rights with respect to any Registration
Statement.

 

(b)          Adjustments
Affecting Registrable Notes. The Issuer shall not, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes
in a registration undertaken pursuant to this Agreement.

 

    	22

    	 

    

  

(c)          Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (1) the Issuer
and (2)(A) the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes and
(B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not
less than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however,
that Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly
signed and delivered by the Issuer and each Holder and each Participating Broker-Dealer (including any Person who was a Holder
or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration
Statement) affected by any such amendment, modification, supplement or waiver. Notwithstanding the foregoing, a waiver or consent
to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable
Notes whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair,
limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate
principal amount of the Registrable Notes being sold pursuant to such Registration Statement.

 

(d)          Notices.
All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided
for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier:

 

(1)         if
to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating
Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture.

 

(2)         if
to the Issuer, at the address as follows:

 

Energy XXI Gulf Coast, Inc.

Suite 2626

1021 Main

Houston, Texas 77002

Telephone: 713-351-3000

Facsimile: 713-351-3300

Attention: David West Griffin, Chief Financial Officer

 

(3)         if
to the Initial Purchasers, at the address set forth in the Purchase Agreement.

 

All such notices and
communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine,
if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

    	23

    	 

    

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
and in the manner specified in such Indenture.

 

(e)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit
of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign holds Registrable Notes.

 

(f)          Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(g)          Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)          Governing
Law; Jurisdiction; Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City
of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York. Each
party hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. 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 to such party at the address
for such 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. Each party hereby irrevocably waives any right it may have, and agrees not to request, a jury trial for the adjudication
of any dispute hereunder or in connection with or arising out of this Agreement or any transaction contemplated hereby.

 

(i)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

    	24

    	 

    

  

(j)          Securities
Held by the Issuer or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable
Notes is required hereunder, Registrable Notes held by the Issuer or any of its affiliates (as such term is defined in Rule 405
under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage.

 

(k)          Third-Party
Beneficiaries. Holders and beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party
beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall
be construed as, a third-party beneficiary of this Agreement.

 

(l)          Attorneys’
Fees. As between the parties to this Agreement, in any action or proceeding brought to enforce any provision of this Agreement,
or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’
fees actually incurred in addition to its costs and expenses and any other available remedy.

 

(m)          Remedies.
The Issuers acknowledge and agree that any failure by the Issuers to comply with their respective obligations under this Agreement
may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Issuers’ obligations under
this Agreement. The Issuers further agree to waive the defense in any action for specific performance that a remedy at law would
be adequate. Notwithstanding the foregoing, the parties agree that the sole monetary damages payable for a violation of the terms
of this Agreement shall be such Liquidated Damages.

 

(n)          Entire
Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence,
conversations and memoranda between the Holders on the one hand and the Issuer on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof
and thereof are merged herein and replaced hereby.

 

[remainder of page intentionally left
blank]

 

    	25

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	ISSUER:
	 	 
	 	ENERGY XXI GULF COAST, INC.
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name: Rick Fox
	 	 	Title: Chief Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 
	 	ENERGY XXI (BERMUDA) LIMITED
	 	 	 
	 	By:	/s/ David West Griffin
	 	 	Name: David West Griffin
	 	 	Title: Chief Financial Officer
	 	 	 
	 	Energy XXI GOM, LLC

	 	Energy XXI Texas Onshore, LLC
	 	Energy XXI Onshore, LLC
	 	Energy XXI Pipeline, LLC
	 	Energy XXI Leasehold, LLC
	 	Energy XXI Pipeline II, LLC

	 	MS Onshore, LLC

	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name: Rick Fox

	 	 	Title: Chief Financial Officer

  

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

	 	CREDIT SUISSE SECURITIES (USA) LLC
	 	 
	 	By:	/s/ Timothy E. Perry
	 	 	Name: Timothy E. Perry
	 	 	Title: Managing Director
	 	 
	 	CITIGROUP GLOBAL MARKETS INC.
	 	 
	 	By:	/s/ Sonu Johl
	 	 	Name: Sonu Johl
	 	 	Title: Vice President

 

Signature Page to Registration Rights
AgreementEXHIBIT 10.1

 

Investment Agreement by and between ProPhase
Labs, Inc. and

Dutchess Opportunity Fund, II, LP, dated
as of May 28, 2014

 

    	 

    	 

    

 

INVESTMENT AGREEMENT

 

INVESTMENT AGREEMENT (this “AGREEMENT”),
dated as of May 28, 2014 by and between PROPHASE LABS, INC. a Nevada corporation (the “Company”), and Dutchess Opportunity
Fund, II, LP, a Delaware Limited Partnership (the “Investor”).

 

WHEREAS, the parties desire that, upon
the terms and subject to the conditions contained herein, the Investor shall purchase up to three million (3,000,000) shares of
the Company's Common Stock with $.0005 par value per share (the “Common Stock”);

 

WHEREAS, such investments will be made
in reliance upon the provisions of Section 4(2) under the Securities Act of 1933, as amended (the “1933 Act”), Rule
506 of Regulation D, and the rules and regulations promulgated thereunder, and/or upon such other exemption from the registration
requirements of the 1933 Act as may be available with respect to any or all of the investments in Common Stock to be made hereunder;
and

 

WHEREAS, contemporaneously with the execution
and delivery of this Agreement, the parties hereto are executing and delivering a Registration Rights Agreement substantially in
the form attached hereto (the “Registration Rights Agreement”) pursuant to which the Company has agreed to provide
certain registration rights under the 1933 Act, and the rules and regulations promulgated thereunder, and applicable state securities
laws.

 

NOW THEREFORE, in consideration of the
foregoing recitals, which shall be considered an integral part of this Agreement, the covenants and agreements set forth hereafter,
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor
hereby agree as follows:

 

SECTION
1.     DEFINITIONS.

 

As used in this Agreement,
the following terms shall have the following meanings specified or indicated below, and such meanings shall be equally applicable
to the singular and plural forms of such defined terms.

 

“1933 Act”
shall have the meaning set forth in the recitals of this Agreement.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as it may be amended.

 

“AAA”
shall have the meaning specified in Section 12.

 

“Affiliate”
shall have the meaning specified in Section 5(H).

 

“Agreement”
shall mean this Investment Agreement.

 

“Articles
of Incorporation” shall have the meaning specified in Section 4(C).

 

“By-laws”
shall have the meaning specified in Section 4(C).

 

“Closing”
shall have the meaning specified in Section 2(F).

 

“Closing Date”
shall have the meaning specified in Section 2(F).

 

    	 

    	 

    

 

“Common Stock”
shall have the meaning set forth in the recitals of this Agreement.

 

“Company”
shall have the meaning set forth in the preamble of this Agreement.

 

“Control”
or “Controls” shall have the meaning specified in Section 5(H).

 

“Deficit Proceeds”
shall have the meaning specified in Section 2(E)

 

“DTC”
shall have the meaning specified in Section 2(F).

 

“DWAC”
shall have the meaning specified in Section 2(F).

 

“Effective
Date” shall mean the date the SEC declares effective under the 1933 Act the Registration Statement covering the Securities.

 

“Equity Line
Transaction Documents” shall mean this Agreement and the Registration Rights Agreement.

 

“Excess Proceeds”
shall have the meaning specified in Section 2(E)

 

“FAST”
shall have the meaning specified in Section 2(F).

 

“Indemnities”
shall have the meaning specified in Section 11.

 

“Indemnified
Liabilities” shall have the meaning specified in Section 11.

 

“Indemnitor”
shall have the meaning specified in Section 11.

 

“Investor”
shall have the meaning indicated in the preamble of this Agreement.

 

“Material
Adverse Effect” shall have the meaning specified in Section 4(A).

 

“Maximum Common
Stock Issuance” shall have the meaning specified in Section 2(G).

 

“Open Market
Adjustment Amount” shall have the meaning specified in Section 2(H).

 

“Open Market
Share Purchase” shall have the meaning specified in Section 2(H).

 

“Open Period”
shall mean the period beginning on and including the Trading Day immediately following the Effective Date and ending on the earlier
to occur of (i) the date which is thirty-six (36) months from the Effective Date; or (ii) termination of the Agreement in accordance
with Section 9, below.

 

“Pricing Period”
shall mean the one (1) Trading Day beginning on the Put Notice Date and ending on that Trading Day.

 

“Principal
Market” shall mean the Nasdaq Capital Market, the NYSE MKT, the New York Stock Exchange, the Nasdaq Global Market, the
Nasdaq Global Select Market or the OTC Bulletin Board, whichever is the principal market on which the Common Stock is listed.

 

“Prospectus”
shall mean the prospectus, preliminary prospectus and supplemental prospectus used in connection with the Registration Statement.

 

    	 

    	 

    

  

“Purchase
Amount” shall mean the total amount being paid by the Investor on a particular Closing Date to purchase the Securities.

 

“Purchase
Price” shall mean ninety-five percent (95%) of the lowest daily VWAP (as defined herein) of the Common Stock during the
Pricing Period.

 

“Put”
shall have the meaning set forth in Section 2(B) hereof.

 

“Put Amount”
shall have the meaning set forth in Section 2(B) hereof.

 

“Put Notice”
shall mean a written notice in the form attached hereto as Exhibit C, sent to the Investor by the Company stating the Put Amount
in U.S. dollars the Company intends to sell to the Investor pursuant to the terms of the Agreement and stating the current number
of Shares issued and outstanding on such date.

 

“Put Notice
Date” shall mean the Trading Day, as set forth below, which is the later of (i) the Trading Day immediately following
the day on which the Investor receives a Put Notice and (ii) the day that the Shares subject to such Put Notice are provided in
accordance with Section 2 (B) below. However a Put Notice shall be deemed delivered on (a) the Trading Day it is received by facsimile
or email by the Investor if such notice is received prior to noon Eastern Time, or (b) the immediately succeeding Trading Day if
it is received by facsimile or otherwise after noon Eastern Time on a Trading Day. No Put Notice may be deemed delivered on a day
that is not a Trading Day.

 

“Put Restriction”
shall mean the days during the Pricing Period. During this time, the Company shall not be entitled to deliver another Put Notice.

 

“Put Shares
Due” shall have the meaning specified in Section 2(H).

 

“Registration
Rights Agreement” shall have the meaning set forth in the recitals of this Agreement.

 

“Registration
Statement” means the registration statement of the Company filed under the 1933 Act covering the resale by the Investor
of the Common Stock issuable hereunder.

 

“Related Party”
shall have the meaning specified in Section 5(H).

 

“Resolutions”
shall have the meaning specified in Section 8(E).

 

“SEC”
shall mean the U.S. Securities & Exchange Commission.

 

“SEC Documents”
shall have the meaning specified in Section 4(G).

 

“Securities”
shall mean the shares of Common Stock issued pursuant to the terms of the Agreement.

 

“Shares”
shall mean the shares of the Company’s Common Stock.

 

“Subsequent
Purchasers” shall have the meaning specified in Section 2(I).

 

“Subsidiaries”
shall have the meaning specified in Section 4(A).

 

    	 

    	 

    

  

“Suspension
Price” with respect to any Put Notice Date shall be the price defined by the Company in the applicable Put Notice.

 

“Trading Day”
shall mean any day on which the Principal Market for the Common Stock is open for trading, from the hours of 9:30 am until 4:00
pm Boston Time.

 

“VWAP”
shall mean the volume weighted average price during a Trading Day.

 

SECTION
2.     PURCHASE AND SALE OF COMMON STOCK.

 

(A)         
PURCHASE AND SALE OF COMMON STOCK. Subject to the terms and conditions set forth herein, the Company may issue and sell
to the Investor, and the Investor shall purchase from the Company, up to three million (3,000,000) Shares.

 

(B)         
DELIVERY OF PUT NOTICES. Subject to the terms and conditions of the Equity Line Transaction Documents, and from time to
time during the Open Period, the Company may, in its sole discretion, deliver a Put Notice to the Investor which states the dollar
amount (designated in U.S. Dollars) (the “Put Amount”) of Shares which the Company intends to sell to the Investor
on a Closing Date (the “Put”). The Put Amount shall not exceed five hundred thousand dollars ($500,000). During the
Open Period, the Company shall not be entitled to submit a Put Notice until the Pricing Period for the prior Put has been completed.
The Common Stock identified in the Put Notice shall be purchased for a price equal to the Purchase Price. Within two (2) days of
delivering a Put Notice to the Investor, the Company shall deliver to the Investor pursuant to this Agreement, certificates representing
the Shares to be issued to the Investor on such date and registered in the name of the Investor; and (II) In lieu of delivering
physical certificates representing the Securities and provided that the Company's transfer agent then is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Investor,
the Company shall use all commercially reasonable efforts to cause its transfer agent to electronically transmit the Securities
by crediting the account of the Investor's prime broker (as specified by the Investor within a reasonable period in advance of
the Investor's notice) with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system. The number of Shares
to be delivered will be determined by dividing the Put Amount specified in the Put Notice by the Suspension Price outlined in that
particular Put. In the event the Shares are not sufficient to cover the entire Put, the Company shall immediately deliver more
Shares pursuant to a request by the Investor. In the event there is an excess of Shares for that Put, the Company will be able
to deduct that particular amount of excess Shares for the subsequent Put.

 

(C)        
COMPANY’S RIGHT TO SUSPEND. On each Put Notice submitted to the Investor by the Company, the Company shall have the
option to specify a Suspension Price for that Put. In the event the Common Stock falls below the Suspension Price, the Put shall
be temporarily suspended. The Put shall resume at such time as the Common Stock is above the Suspension Price, provided the dates
for the Pricing Period for that particular Put are still valid. In the event the Pricing Period has been complete, any shares above
the Suspension Price due to the Investor shall be sold to the Investor by the Company at the Suspension Price under the terms of
this Agreement. The Suspension Price for a Put may not be changed by the Company once submitted to the Investor.

 

(D)        
CONDITIONS TO INVESTOR'S OBLIGATION TO PURCHASE SHARES. Notwithstanding anything to the contrary in this Agreement, the
Company shall not be entitled to deliver a Put Notice and the Investor shall not be obligated to purchase any Shares at a Closing
unless each of the following conditions are satisfied:

 

    	 

    	 

    

  

(1)         
a Registration Statement shall have been declared effective and shall remain effective and available for the resale of all
the Registrable Securities (as defined in the Registration Rights Agreement) at all times until the Closing with respect to the
subject Put Notice;

 

(2)         
at all times during the period beginning on the related Put Notice Date and ending on and including the related Closing
Date, the Common Stock shall have been listed on the Principal Market and shall not have been suspended from trading thereon for
a period of two (2) consecutive Trading Days during the Open Period and the Company shall not have been notified of any pending
or threatened proceeding or other action to suspend the trading of the Common Stock;

 

(3)         
the Company has complied with its obligations and is otherwise not in breach of or in default under this Agreement, the
Registration Rights Agreement or any other agreement executed in connection herewith which has not been cured prior to delivery
of the Put Notice;

 

(4)         
no injunction shall have been issued and remain in force, or action commenced by a governmental authority which has not
been stayed or abandoned, prohibiting the purchase or the issuance of the Securities; and

 

(5)         
the issuance of the Securities pursuant to this Agreement will not violate any shareholder approval requirements of the
Principal Market.

 

If any of the events described in clauses
(1) through (5) above occurs during a Pricing Period, then the Investor shall have no obligation to purchase the Common Stock subject
to the applicable Put Notice.

 

(E)         
INVESTOR RETURN. In the event the Investor receives more than five percent (5%) return on the net sales for a specific Put
(“Excess Proceeds"), the Investor will remit the Excess Proceeds to the Company on the applicable Closing Date. In the
event the Investor receives less than 5% return on the net sales for a specific Put ("Deficit Proceeds"), the Investor
shall have the right to deduct from the proceeds of the Put Amount on the applicable Closing Date that amount of funds in order
for the Investor’s return to equal five percent (5%).

 

(F)         
MECHANICS OF PURCHASE OF SHARES BY INVESTOR. The closing of the purchase by the Investor of Shares (a “Closing”)
shall occur on the date which is no later than three (3) Trading Days following the applicable Put Notice Date (each a “Closing
Date”). On each Closing Date, the Investor shall deliver to the Company the Purchase Price to be paid for such Shares, based
on the Put Amount set forth in Section 2(B) and the Investor shall wire the funds for that Put. In the event that the number of
Shares delivered pursuant to Section 2.B were more than necessary to cover the Put, the Investor shall return such Shares to the
Company or include such Shares under a subsequent Put, as directed by the Company in its sole discretion.

 

    	 

    	 

    

 

(G)        
OVERALL LIMIT ON COMMON STOCK ISSUABLE. Notwithstanding anything contained herein to the contrary, if during the Open Period
the Company becomes listed on an exchange that limits the number of shares of Common Stock that may be issued without shareholder
approval, then the number of Shares issuable by the Company and purchasable by the Investor, shall not exceed that number of the
shares of Common Stock that may be issuable without shareholder approval (the “Maximum Common Stock Issuance”). If
such issuance of shares of Common Stock could cause a delisting on the Principal Market, then the Maximum Common Stock Issuance
shall first be approved by the Company's shareholders in accordance with applicable law and the By-laws and Articles of Incorporation
of the Company, as amended. The parties understand and agree that the Company's failure to seek or obtain such shareholder approval
shall in no way adversely affect the validity and due authorization of the issuance and sale of Securities or the Investor's obligation
in accordance with the terms and conditions hereof to purchase a number of Shares in the aggregate up to the Maximum Common Stock
Issuance limitation, and that such approval pertains only to the applicability of the Maximum Common Stock Issuance limitation
provided in this Section 2(H).

 

(H)        
OPEN MARKET ADJUSTMENT. If, by the third (3rd) business day after a Closing Date, the Company fails to deliver any portion
of the Securities subject to a Put Notice to the Investor (the “Put Shares Due”) and the Investor notifies the Company
in writing of its intention to purchase, and purchases, in an open market transaction or otherwise, shares of Common Stock necessary
to make delivery by the Investor of shares in respect of sales to subsequent purchasers, pursuant to transactions entered into
before the Closing Date (“Subsequent Purchasers”), which such shares of Common Stock would have been delivered to the
Investor by the Company but for the Company’s failure to so deliver (the “Open Market Share Purchase”), then
the Company shall pay to the Investor, in addition to any other amounts due to Investor pursuant to the Put, and not in lieu thereof,
the Open Market Adjustment Amount (as defined below). The “Open Market Adjustment Amount” is the amount equal to the
excess, if any, of (x) the Investor's total purchase price (including brokerage commissions, if any) for the Open Market Share
Purchase minus (y) the net proceeds (after brokerage commissions, if any) received by the Investor from the sale of the Put Shares
Due to such Subsequent Purchasers. The Company shall pay the Open Market Adjustment Amount to the Investor in immediately available
funds within five (5) business days of written demand by the Investor, provided the Investor provided timely written notice to
the Company in accordance with the first sentence. By way of illustration and not in limitation of the foregoing, if the Investor
purchases shares of Common Stock having a total purchase price (including brokerage commissions) of $11,000 to cover an Open Market
Share Purchase with respect to shares of Common Stock it sold to Subsequent Purchasers for net proceeds of $10,000, the Open Market
Adjustment Amount which the Company will be required to pay to the Investor will be $1,000.

 

(I)           
LIMITATION ON AMOUNT OF OWNERSHIP. Notwithstanding anything to the contrary in this Agreement, in no event shall the Investor
be entitled to purchase that number of Shares, which when added to the sum of the number of shares of Common Stock beneficially
owned (as such term is defined under Section 13(d) and Rule 13d-3 of the 1934 Act), by the Investor, would exceed 4.99% of the
number of shares of Common Stock outstanding on the Closing Date, as determined in accordance with Rule 13d-1(j) of the 1934 Act.

 

SECTION
3.     INVESTOR'S REPRESENTATIONS, WARRANTIES
AND COVENANTS. The Investor represents and warrants to the Company, and covenants, that:

 

(A)         
SOPHISTICATED INVESTOR. The Investor has, by reason of its business and financial experience, such knowledge, sophistication
and experience in financial and business matters and in making investment decisions of this type that it is capable of (1) evaluating
the merits and risks of an investment in the Securities and making an informed investment decision; (2) protecting its own interest;
and (3) bearing the economic risk of such investment for an indefinite period of time.

 

    	 

    	 

    

  

(B)         
AUTHORIZATION; ENFORCEMENT. The Investor has the requisite power and authority to enter into and perform this Agreement
and the Registration Rights Agreement. The execution and delivery of the Equity Line Transaction Documents by the Investor and
the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by the Investor's
general partners and no further consent or authorization is required by its partners. This Agreement has been duly and validly
authorized, executed and delivered on behalf of the Investor and is a valid and binding agreement of the Investor enforceable against
the Investor in accordance with its terms, subject as to enforceability to general principles of equity and to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors' rights and remedies.

 

(C)        
SECTION 9 OF THE 1934 ACT. During the term of this Agreement, the Investor will comply with the provisions of Section 9
of the 1934 Act, and the rules promulgated thereunder, with respect to transactions involving the Common Stock. The Investor agrees
not to sell the Company's stock short, either directly or indirectly through its affiliates, principals or advisors, during the
term of this Agreement.

 

(D)        
ACCREDITED INVESTOR. Investor is an “Accredited Investor” as that term is defined in Rule 501(a) of Regulation
D of the 1933 Act.

 

(E)         
NO CONFLICTS. The execution, delivery and performance of the Transaction Documents by the Investor and the consummation
by the Investor of the transactions contemplated hereby and thereby will not (1) result in a violation of the partnership agreement
or other organizational documents of the Investor, (2) conflict with, or constitute a material default (or an event which with
notice or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which the
Investor is a party, or to the Investor’s knowledge result in a violation of any law, rule, regulation, order, judgment or
decree (including United States federal and state securities laws and regulations) applicable to the Investor or by which any property
or asset of the Investor is bound or affected.

 

(F)         
NO VIOLATIONS. Except as disclosed in Schedule 3(f), the Investor is not in violation of any term of, or in default under,
the partnership agreement of other organizational documents of the Investor or any material contract, agreement, mortgage, indebtedness,
indenture, instrument, judgment, decree or order or any statute, rule or regulation applicable to the Investor, except for conflicts,
defaults, terminations, amendments, accelerations, cancellations and violations that would not, individually or in the aggregate,
constitute or reasonably be expected to constitute a material adverse effect on the Investor. The business of the Investor is not
being conducted, and shall not be conducted, in violation of any law, statute, ordinance, rule, order or regulation of any governmental
authority or agency, regulatory or self-regulatory agency, or court, except for violations the sanctions for which either, individually
or in the aggregate, would not have or reasonably be expected to have a material adverse effect on the Investor. Except as specifically
contemplated by this Agreement and as required under the 1933 Act or any securities laws of any states, to the Investor’s
knowledge, the Investor is not required to obtain any consent, authorization, permit or order of, or make any filing or registration
(except the filing of a registration statement as outlined in the Registration Rights Agreement) with, any court, governmental
authority or agency, regulatory or self-regulatory agency or other third party in order for it to execute, deliver or perform any
of its obligations under, or contemplated by, the Equity Line Transaction Documents in accordance with the terms hereof or thereof
except for those consents, authorizations, permits, orders or filings as have been obtained or effected on or prior to the date
hereof and are in full force and effect as of the date hereof. Except as disclosed in Schedule 3(f), the Investor is unaware of
any facts or circumstances which might give rise to any violation or default set forth in this Section 3(F).

 

    	 

    	 

    

  

(G)        
OPPORTUNITY TO DISCUSS. The Investor has received all materials relating to the Company's business, finance and operations
which it has requested. The Investor has had an opportunity to discuss the business, management and financial affairs of the Company
with the Company's management.

 

(H)        
INVESTMENT PURPOSES. The Investor is purchasing the Securities for its own account for investment purposes and not with
a view towards distribution and agrees to resell or otherwise dispose of the Securities solely in accordance with the registration
provisions of the 1933 Act (or pursuant to an exemption from such registration provisions).

 

(I)           
NO REGISTRATION AS A DEALER. The Investor is not and will not be required to be registered as a “dealer” under
the 1934 Act, either as a result of its execution and performance of its obligations under this Agreement or otherwise.

 

(J)         
GOOD STANDING. The Investor is a Limited Partnership, duly organized, validly existing and in good standing in the state
of Delaware.

 

(K)         
TAX LIABILITIES. The Investor understands that it is liable for its own tax liabilities.

 

(L)         
REGULATION M. The Investor will comply with Regulation M under the 1934 Act, if applicable.

 

SECTION
4.     REPRESENTATIONS AND WARRANTIES
OF THE COMPANY. Except as set forth in the Schedules attached hereto, or as disclosed in the Company's SEC Documents, the Company
represents and warrants to the Investor that:

 

(A)         
ORGANIZATION AND QUALIFICATION. The Company is a corporation duly organized and validly existing in good standing under
the laws of the State of Nevada, USA and has the requisite corporate power and authorization to own its properties and to carry
on its business as now being conducted. Both the Company and the companies it owns or controls (“Subsidiaries”) are
duly qualified to do business and are in good standing in every jurisdiction in which its ownership of property or the nature of
the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be
in good standing would not have a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect” means
any material adverse effect on (1) the properties, assets, operations, results of operations, or financial condition of the Company
and its Subsidiaries, if any, taken as a whole, (2) the transactions contemplated hereby or by the agreements and instruments to
be entered into in connection herewith, or (3) the authority or ability of the Company to perform its obligations under the Equity
Line Transaction Documents other than as a result of (a) changes adversely affecting the United States economy (so long as the
Company is not disproportionately affected thereby), (b) changes adversely affecting the industry in which the Company operates
(so long as the Company is not disproportionately affected thereby), (c) the announcement or consummation of the transactions contemplated
by this Agreement, and (d) changes in the market price of the Common Stock..

 

    	 

    	 

    

  

(B)         
AUTHORIZATION; ENFORCEMENT; COMPLIANCE WITH OTHER INSTRUMENTS.

 

(1)         
The Company has the requisite corporate power and authority to enter into and perform the Equity Line Transaction Documents,
and to perform its obligations contemplated hereby and thereby.

 

(2)         
The execution and delivery of the Equity Line Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby, including without limitation the reservation for issuance and the issuance of the Securities pursuant
to this Agreement, have been duly and validly authorized by the Company's Board of Directors and no further consent or authorization
is required by the Company, its Board of Directors, or its shareholders.

 

(3)         
The Equity Line Transaction Documents have been duly and validly executed and delivered by the Company.

 

(4)         
The Equity Line Transaction Documents constitute the valid and binding obligations of the Company enforceable against the
Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of creditors' rights and remedies.

 

(C)        
CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of 50,000,000 shares of Common
Stock with $.0005 par value per share, of which as of May 22, 2014, 16,799,213 shares were issued and outstanding. Except as disclosed
in the Company’s publicly available filings with the SEC: (1) no shares of the Company's capital stock are subject to preemptive
rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company; (2) there are no outstanding
debt securities; (3) there are no outstanding shares of capital stock, options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of
the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of
its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or
rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries; (4) there are no agreements or
arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under
the 1933 Act (except the Registration Rights Agreement); (5) there are no outstanding securities of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries;
(6) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance
of the Securities as described in this Agreement; (7) the Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement; and (8) there is no dispute as to the classification of any
shares of the Company's capital stock.

 

    	 

    	 

    

  

The Company has furnished
to the Investor, or the Investor has had access through the SEC’s EDGAR website to, true and correct copies of the Company's
Articles of Incorporation, as amended and in effect on the date hereof (the “Articles of Incorporation”), and the Company's
By-laws, as in effect on the date hereof (the “By-laws”), and the terms of all securities convertible into or exercisable
for Common Stock and the material rights of the holders thereof in respect thereto.

 

(D)        
ISSUANCE OF SHARES. The Company has reserved 3,000,000 Shares for issuance pursuant to this Agreement, which have been duly
authorized and reserved for issuance (subject to adjustment pursuant to the Company's covenant set forth in Section 5(F) below)
pursuant to this Agreement. Upon issuance in accordance with this Agreement, the Securities will be validly issued, fully paid
for and non-assessable and free from all taxes, liens and charges with respect to the issue thereof. In the event the Company cannot
register a sufficient number of Shares for issuance pursuant to this Agreement, the Company will use its best efforts to authorize
and reserve for issuance the number of Shares required for the Company to perform its obligations hereunder as soon as reasonably
practicable.

 

(E) NO CONFLICTS. The
execution, delivery and performance of the Equity Line Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby will not (I) result in a violation of the Articles of Incorporation, any Certificate
of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the By-laws; or (II) conflict
with, or constitute a material default (or an event which with notice or lapse of time or both would become a material default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, contract,
indenture mortgage, indebtedness or instrument to which the Company or any of its Subsidiaries is a party, or to the Company's
knowledge result in a violation of any law, rule, regulation, order, judgment or decree (including United States federal and state
securities laws and regulations and the rules and regulations of the Principal Market or principal securities exchange or trading
market on which the Common Stock is traded or listed) applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected. Except as disclosed in the SEC Documents, neither the
Company nor its Subsidiaries is in violation of any term of, or in default under, the Articles of Incorporation, any Certificate
of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the By-laws or their organizational
charter or by-laws, respectively, or any contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or
order or any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible conflicts, defaults,
terminations, amendments, accelerations, cancellations and violations that would not individually or in the aggregate have or constitute
a Material Adverse Effect. The business of the Company and its Subsidiaries is not being conducted, and shall not be conducted,
in violation of any law, statute, ordinance, rule, order or regulation of any governmental authority or agency, regulatory or self-regulatory
agency, or court, except for possible violations the sanctions for which either individually or in the aggregate would not have
a Material Adverse Effect. Except as specifically contemplated by this Agreement and as required under the 1933 Act or any securities
laws of any states, to the Company's knowledge, the Company is not required to obtain any consent, authorization, permit or order
of, or make any filing or registration (except the filing of a registration statement as outlined in the Registration Rights Agreement
between the Parties) with, any court, governmental authority or agency, regulatory or self-regulatory agency or other third party
in order for it to execute, deliver or perform any of its obligations under, or contemplated by, the Equity Line Transaction Documents
in accordance with the terms hereof or thereof. All consents, authorizations, permits, orders, filings and registrations which
the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof
and are in full force and effect as of the date hereof. Except as disclosed in the SEC Documents, the Company and its Subsidiaries
are unaware of any facts or circumstances which might give rise to any violation or default of any of the foregoing. Except as
disclosed in the SEC Documents, the Company is not, and will not be, in violation of the listing requirements of the Principal
Market as in effect on the date hereof and on each of the Closing Dates and is not aware of any facts which would reasonably lead
to delisting of the Common Stock by the Principal Market in the foreseeable future.

 

    	 

    	 

    

  

(F) SEC DOCUMENTS;
FINANCIAL STATEMENTS. As of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior
to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents incorporated
by reference therein being hereinafter referred to as the "SEC Documents"). The Company has delivered to the Investor
or its representatives, or they have had access through the SEC’s EDGAR website to, true and complete copies of the SEC Documents.
As of their respective filing dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act
and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents,
at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
and audited by a firm that is a member a member of the Public Companies Accounting Oversight Board ("PCAOB") consistently
applied, during the periods involved (except (I) as may be otherwise indicated in such financial statements or the notes thereto,
or (II) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements)
and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
No other written information provided by or on behalf of the Company to the Investor which is not included in the SEC Documents,
including, without limitation, information referred to in Section 4(D) of this Agreement, contains any untrue statement of a material
fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstance under which
they are or were made, not misleading. Neither the Company nor any of its Subsidiaries or any of their officers, directors, employees
or agents have provided the Investor with any material, nonpublic information which was not publicly disclosed prior to the date
hereof and any material, nonpublic information provided to the Investor by the Company or its Subsidiaries or any of their officers,
directors, employees or agents prior to any Closing Date shall be publicly disclosed by the Company prior to such Closing Date.

 

    	 

    	 

    

  

(G) ABSENCE OF CERTAIN
CHANGES. Except as otherwise set forth in the SEC Documents, the Company does not intend to change the business operations of the
Company in any material way. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection
pursuant to any bankruptcy law nor does the Company or its Subsidiaries have any knowledge or reason to believe that its creditors
intend to initiate involuntary bankruptcy proceedings.

 

(H) ABSENCE OF LITIGATION
AND/OR REGULATORY PROCEEDINGS. Except as set forth in the SEC Documents, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the
executive officers of Company or any of its Subsidiaries, threatened against or affecting the Company, the Common Stock or any
of the Company's Subsidiaries or any of the Company's or the Company's Subsidiaries' officers or directors in their capacities
as such, in which an adverse decision could have a Material Adverse Effect.

 

(I) ACKNOWLEDGMENT
REGARDING INVESTOR'S PURCHASE OF SHARES. The Company acknowledges and agrees that the Investor is acting solely in the capacity
of an arm's length purchaser with respect to the Equity Line Transaction Documents and the transactions contemplated hereby and
thereby. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or
in any similar capacity) with respect to the Equity Line Transaction Documents and the transactions contemplated hereby and thereby
and any advice given by the Investor or any of its respective representatives or agents in connection with the Equity Line Transaction
Documents and the transactions contemplated hereby and thereby is merely incidental to the Investor's purchase of the Securities,
and is not being relied on by the Company. The Company further represents to the Investor that the Company's decision to enter
into the Equity Line Transaction Documents has been based solely on the independent evaluation by the Company and its representatives.

 

(J) NO UNDISCLOSED
EVENTS, LIABILITIES, DEVELOPMENTS OR CIRCUMSTANCES. Except as set forth in the SEC Documents, as of the date hereof, no event,
liability, development or circumstance has occurred or exists, or to the Company's knowledge is contemplated to occur, with respect
to the Company or its Subsidiaries or their respective business, properties, assets, prospects, operations or financial condition,
that would be required to be disclosed by the Company under applicable securities laws on a registration statement filed with the
SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced.

 

    	 

    	 

    

  

(K) EMPLOYEE RELATIONS.
Neither the Company nor any of its Subsidiaries is involved in any union labor dispute nor, to the knowledge of the Company or
any of its Subsidiaries, is any such dispute threatened. Neither the Company nor any of its Subsidiaries is a party to a collective
bargaining agreement, and the Company and its Subsidiaries believe that relations with their employees are good. No executive officer
(as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company's employ or
otherwise terminate such officer's employment with the Company.

 

(L) INTELLECTUAL PROPERTY
RIGHTS. Except as disclosed in the SEC Documents, the Company and its Subsidiaries own or possess adequate rights or licenses to
use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses
as now conducted. Except as set forth in the SEC Documents, none of the Company's trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, government authorizations,
trade secrets or other intellectual property rights necessary to conduct its business as now or as proposed to be conducted have
expired or terminated, or are expected to expire or terminate within two (2) years from the date of this Agreement. The Company
and its Subsidiaries do not have any knowledge of any infringement by the Company or its Subsidiaries of trademark, trade name
rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade
secret or other similar rights of others, or of any such development of similar or identical trade secrets or technical information
by others and, except as set forth in the SEC Documents, there is no claim, action or proceeding being made or brought against,
or to the Company's knowledge, being threatened against, the Company or its Subsidiaries regarding trademark, trade name, patents,
patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement;
and the Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing. The
Company and its Subsidiaries have taken commercially reasonable security measures to protect the secrecy, confidentiality and value
of all of their intellectual properties.

 

(M) ENVIRONMENTAL LAWS.
The Company and its Subsidiaries (I) are, to the knowledge of the Company and its Subsidiaries, 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, to the knowledge
of the Company, received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct
their respective businesses; and (III) are in compliance, to the knowledge of the Company, with all terms and conditions of any
such permit, license or approval where, in each of the three (3) foregoing cases, the failure to so comply would have, individually
or in the aggregate, a Material Adverse Effect.

 

(N) TITLE. The Company
and its Subsidiaries have good and marketable title to all personal property owned by them which is material to the business of
the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described
in the SEC Documents or such as do not materially affect the value of such property and do not interfere with the use made and
proposed to be made of such property by the Company or any of its Subsidiaries. Any real property and facilities held under lease
by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company
and its Subsidiaries.

 

    	 

    	 

    

  

(O) INSURANCE. Each
of the Company's Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any of its Subsidiaries has been refused any insurance coverage sought
or applied for and neither the Company nor its Subsidiaries 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 at a cost that would not have a Material Adverse Effect.

 

(P) REGULATORY PERMITS.
The Company and its Subsidiaries have in full force and effect all certificates, approvals, authorizations and permits from the
appropriate federal, state, local or foreign regulatory authorities and comparable foreign regulatory agencies, necessary to own,
lease or operate their respective properties and assets and conduct their respective businesses, and neither the Company nor any
such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, approval,
authorization or permit, except for such certificates, approvals, authorizations or permits which if not obtained, or such revocations
or modifications which, would not have a Material Adverse Effect.

 

(Q) INTERNAL ACCOUNTING
CONTROLS. The Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (I) transactions are executed in accordance with management's general or specific authorizations; (II) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
by a firm with membership to the PCAOB and to maintain asset accountability; (III) reasonable controls to safeguard assets are
in place; and (IV) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

 

(R) NO MATERIALLY ADVERSE
CONTRACTS, ETC. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or other legal restriction,
or any judgment, decree or order which in the judgment of the Company's officers has or is expected in the future to have a Material
Adverse Effect. Neither the Company nor any of its Subsidiaries is a party to any contract or agreement which in the judgment of
the Company's officers has or is expected to have a Material Adverse Effect.

 

    	 

    	 

    

  

(S) TAX STATUS. The
Company and each of its Subsidiaries has made or filed all United States federal and state income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of
its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes)
and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provision
reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations
apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company know of no basis for any such claim.

 

(T) CERTAIN TRANSACTIONS.
Except as set forth in the SEC Documents filed at least ten (10) days prior to the date hereof and except for arm's length transactions
pursuant to which the Company makes payments in the ordinary course of business upon terms no less favorable than the Company could
obtain from disinterested third parties and other than the grant of stock options disclosed in the SEC Documents or stock options
granted in the future as contemplated by current compensation agreements or plans disclosed in the SEC Documents, none of the officers,
directors, or employees of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other
than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

(U) DILUTIVE EFFECT.
The Company understands and acknowledges that the number of shares of Common Stock issuable upon purchases pursuant to this Agreement
will increase in certain circumstances including, but not necessarily limited to, the circumstance wherein the trading price of
the Common Stock declines during the period between the Effective Date and the end of the Open Period. The Company's executive
officers and directors have studied and fully understand the nature of the transactions contemplated by this Agreement and recognize
that they have a potential dilutive effect on the shareholders of the Company. The Board of Directors of the Company has concluded,
in its good faith business judgment, and with full understanding of the implications, that such issuance is in the best interests
of the Company. The Company specifically acknowledges that, subject to such limitations as are expressly set forth in the Equity
Line Transaction Documents, its obligation to issue shares of Common Stock upon purchases pursuant to this Agreement is absolute
and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders
of the Company.

 

(V) LOCK-UP. The Company
shall cause its officers and directors to refrain from selling Common Stock during each Pricing Period.

 

    	 

    	 

    

  

(W) NO GENERAL SOLICITATION.
Neither the Company, nor any of its affiliates, nor any person acting on its behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Common Stock to be offered
as set forth in this Agreement.

 

(X) NO BROKERS, FINDERS
OR FINANCIAL ADVISORY FEES OR COMMISSIONS. No brokers, finders or financial advisory fees or commissions will be payable by the
Company, its agents or Subsidiaries, with respect to the transactions contemplated by this Agreement, except as otherwise disclosed
in this Agreement.

 

SECTION
5.     COVENANTS OF THE COMPANY

 

(A)         
EFFORTS. The Company shall use all commercially reasonable efforts to timely satisfy each of the conditions set forth in
Section 8 of this Agreement.

 

(B)         
BLUE SKY. The Company shall, at its sole cost and expense, on or before each of the Closing Dates, take such action as the
Company shall reasonably determine is necessary to qualify the Securities for, or obtain exemption for the Securities for, sale
to the Investor at each of the Closings pursuant to this Agreement under applicable securities or “Blue Sky” laws of
such states of the United States, as reasonably specified by the Investor, and shall provide evidence of any such action so taken
to the Investor on or prior to the Closing Date.

 

(C)        
REPORTING STATUS. Until one of the following occurs, the Company shall file all reports required to be filed with the SEC
pursuant to the 1934 Act, and the Company shall not terminate its status, or take an action or fail to take any action, which would
terminate its status as a reporting company under the 1934 Act: (1) this Agreement terminates pursuant to Section 9, or (2) the
date on which the Investor has sold all the Securities; provided that the Investor shall promptly notify the Company after the
Investor has sold all the Securities.

 

(D)        
USE OF PROCEEDS. The Company will use the proceeds from the sale of the Securities (excluding amounts paid by the Company
for fees as set forth in the Equity Line Transaction Documents) for general corporate and working capital purposes and acquisitions
or assets, businesses or operations or for other purposes that the Board of Directors, in its good faith, deems to be in the best
interest of the Company.

 

(E)         
FINANCIAL INFORMATION. During the Open Period, the Company agrees to make available to the Investor via the SEC’s
EDGAR website or other electronic means the following documents and information on the forms set forth: (1) within five (5) Trading
Days after the filing thereof with the SEC, a copy of its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, any
Current Reports on Form 8-K and any Registration Statements or amendments filed pursuant to the 1933 Act; (2) copies of any notices
and other information made available or given to the shareholders of the Company generally, contemporaneously with the making available
or giving thereof to the shareholders; and (3) within two (2) calendar days of filing or delivery thereof, copies of all documents
filed with, and all correspondence sent to, the Principal Market, any securities exchange or market, or the Financial Industry
Regulatory Authority, unless such information is material nonpublic information.

 

(F)         
RESERVATION OF SHARES. The Company shall reserve 3,000,000 Shares for the issuance of the Securities to the Investor as
required hereunder. In the event that the Company determines that it does not have a sufficient number of authorized shares of
Common Stock to reserve and keep available for issuance as described in this Section 5(F), the Company shall use all commercially
reasonable efforts to increase the number of authorized shares of Common Stock by seeking shareholder approval for the authorization
of such additional shares.

 

    	 

    	 

    

  

(G)        
LISTING. The Company shall promptly secure and maintain the listing of all of the Registrable Securities (as defined in
the Registration Rights Agreement) on the Principal Market and each other national securities exchange and automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and shall maintain,
such listing of all Registrable Securities from time to time issuable under the terms of the Equity Line Transaction Documents.
Neither the Company nor any of its Subsidiaries shall take any action which would be reasonably expected to result in the delisting
or suspension of the Common Stock on the Principal Market (excluding suspensions of not more than one (1) trading day resulting
from business announcements by the Company). The Company shall promptly provide to the Investor copies of any notices it receives
from the Principal Market regarding the continued eligibility of the Common Stock for listing on such automated quotation system
or securities exchange. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section
5(G).

 

(H)        
TRANSACTIONS WITH AFFILIATES. The Company shall not, and shall cause each of its Subsidiaries not to, enter into, amend,
modify or supplement, or permit any Subsidiary to enter into, amend, modify or supplement, any agreement, transaction, commitment
or arrangement with any of its or any Subsidiary's officers, directors, persons who were officers or directors at any time during
the previous two (2) years, shareholders who beneficially own 5% or more of the Common Stock, or Affiliates or with any individual
related by blood, marriage or adoption to any such individual or with any entity in which any such entity or individual owns a
5% or more beneficial interest (each a “Related Party”), except for (1) customary employment arrangements and benefit
programs on reasonable terms, (2) any agreement, transaction, commitment or arrangement on an arms-length basis on terms no less
favorable than terms which would have been obtainable from a disinterested third party other than such Related Party,(3) any agreement,
transaction, commitment or arrangement which is approved by a majority of the disinterested directors of the Company, or (4) extensions
or amendments of any existing employment agreement. For purposes hereof, any director who is also an officer of the Company or
any Subsidiary of the Company shall not be a disinterested director with respect to any such agreement, transaction, commitment
or arrangement. “Affiliate” for purposes hereof means, with respect to any person or entity, another person or entity
that, directly or indirectly, (1) has a 5% or more equity interest in that person or entity, (2) has 5% or more common ownership
with that person or entity, (3) controls that person or entity, or (4) is under common control with that person or entity. “Control”
or “Controls” for purposes hereof means that a person or entity has the power, directly or indirectly, to conduct or
govern the policies of another person or entity.

 

(I)           
FILING OF FORM 8-K. On or before the date which is four (4) Trading Days after the date of execution of this Agreement,
the Company shall file a Current Report on Form 8-K with the SEC describing the terms of the transaction contemplated by the Equity
Line Transaction Documents in the form required by the 1934 Act, if such filing is required.

 

(J)         
CORPORATE EXISTENCE. The Company shall use all commercially reasonable efforts to preserve and continue the corporate existence
of the Company.

 

    	 

    	 

    

  

(K)         
NOTICE OF CERTAIN EVENTS AFFECTING REGISTRATION; SUSPENSION OF RIGHT TO MAKE A PUT. The Company shall promptly notify the
Investor upon the occurrence of any of the following events in respect of a Registration Statement or related prospectus in respect
of an offering of the Securities: (1) receipt of any request for additional information by the SEC or any other federal or state
governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration
Statement or related prospectus; (2) the issuance by the SEC or any other federal or state governmental authority of any stop order
suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose; (3) receipt of
any notification with respect to the suspension of the qualification or exemption from qualification of any of the Securities for
sale in any jurisdiction or the initiation or notice of any proceeding for such purpose; (4) the happening of any event that makes
any statement made in such Registration Statement or related prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related
prospectus or documents so that, in the case of a Registration Statement, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and that in the case of the related prospectus, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and (5) the Company's reasonable determination that a post-effective amendment to the Registration
Statement would be appropriate, and the Company shall promptly make available to Investor any such supplement or amendment to the
related prospectus. The Company shall not deliver to the Investor any Put Notice during the continuation of any of the foregoing
events in this Section 5(K).

 

(L)         
REIMBURSEMENT. If (I) the Investor becomes involved in any capacity in any action, proceeding or investigation brought by
any shareholder of the Company, in connection with or as a result of the consummation of the transactions contemplated by the Equity
Line Transaction Documents, or if the Investor is impleaded in any such action, proceeding or investigation by any person (other
than as a result of a breach of the Investor’s representations and warranties set forth in this Agreement); or (II) the Investor
becomes involved in any capacity in any action, proceeding or investigation brought by the SEC against or involving the Company
(unless the Company is involved in the action, proceeding or investigation as a witness only) or in connection with or as a result
of the consummation of the transactions contemplated by the Equity Line Transaction Documents (other than as a result of a breach
of the Investor’s representations and warranties set forth in this Agreement), or if this Investor is impleaded in any such
action, proceeding or investigation by any person, then in any such case, the Company will reimburse the Investor for its actual,
reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith,
as such expenses are incurred. In addition, other than with respect to any matter in which the Investor is a named party, the Company
will pay to the Investor the charges, as reasonably determined by the Investor, for the time of any officers or employees of the
Investor devoted to appearing and preparing to appear as witnesses, assisting in preparation for hearings, trials or pretrial matters,
or otherwise with respect to inquiries, hearing, trials, and other proceedings relating to the subject matter of this Agreement.
The reimbursement obligations of the Company under this section shall be in addition to any liability which the Company may otherwise
have, shall extend upon the same terms and conditions to any affiliates of the Investor that are actually named in such action,
proceeding or investigation, and partners, directors, agents, employees, attorneys, accountants, auditors and controlling persons
(if any), as the case may be, of Investor and any such affiliate, and shall be binding upon and inure to the benefit of any successors
of the Company, the Investor and any such affiliate and any such person. However, in all events, if the Investor is found to be
guilty of violations of the federal or state securities laws (or pleads “no contest” or other similar plea or settles
an investigation or pleading without a specific finding of liability but is still subject to civil or criminal liability), the
Company will have no responsibility to pay any of the Investor’s fees and expenses regardless of whether or not the Company
is or is also found to have liability.

 

    	 

    	 

    

  

(M)        
TRANSFER AGENT. Upon effectiveness of the Registration Statement, and for so long as the Registration Statement is effective,
the Company shall deliver instructions to its transfer agent to issue Shares to the Investor that are covered for resale by the
Registration Statement free of restrictive legends.

 

(N)        
ACKNOWLEDGEMENT OF TERMS. The Company hereby represents and warrants to the Investor that: (1) it is voluntarily entering
into this Agreement of its own freewill, (2) it is not entering this Agreement under economic duress, (3) the terms of this Agreement
are reasonable and fair to the Company, and (4) the Company has had independent legal counsel of its own choosing review this Agreement,
advise the Company with respect to this Agreement, and represent the Company in connection with this Agreement.

 

SECTION
6.     INTENTIONALLY OMITTED.

 

SECTION
7.     CONDITIONS OF THE COMPANY'S OBLIGATION
TO SELL. The obligation hereunder of the Company to issue and sell the Securities to the Investor is further subject to the satisfaction,
at or before each Closing Date, of each of the following conditions set forth below. These conditions are for the Company's sole
benefit and may be waived by the Company at any time in its sole discretion.

 

(A)         
The Investor shall have executed this Agreement and the Registration Rights Agreement and delivered the same to the Company.

 

(B)         
The Investor shall have delivered to the Company the Purchase Price for the Securities being purchased by the Investor between
the end of the Pricing Period and the Closing Date via a Put Settlement Sheet (hereto attached as Exhibit D). Immediately after
receipt of confirmation of delivery of such Securities to the Investor, the Investor, by wire transfer of immediately available
funds pursuant to the wire instructions provided by the Company, will disburse the funds constituting the Purchase Amount.

 

(C)        
The representations and warranties of the Investor shall be true and correct in all material respects as of the date when
made and as of the applicable Closing Date as though made at that time and the Investor shall have performed, satisfied and complied
in all material respects with the covenants, agreements and conditions required by the Equity Line Transaction Documents to be
performed, satisfied or complied with by the Investor on or before such Closing Date.

 

(D)        
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

    	 

    	 

    

  

SECTION
8.     FURTHER CONDITIONS OF THE INVESTOR'S
OBLIGATION TO PURCHASE. The obligation of the Investor hereunder to purchase Shares is subject to the satisfaction, on or before
each Closing Date, of each of the following conditions set forth below.

 

(A)         
The Company shall have executed the Equity Line Transaction Documents and delivered the same to the Investor.

 

(B)         
The Common Stock shall be authorized for quotation on the Principal Market and trading in the Common Stock shall not have
been suspended by the Principal Market or the SEC, at any time beginning on the date hereof and through and including the respective
Closing Date (excluding suspensions of not more than one (1) Trading Day resulting from business announcements by the Company,
provided that such suspensions occur prior to the Company's delivery of the Put Notice related to such Closing).

 

(C)        
The representations and warranties of the Company shall be true and correct in all material respects as of the date when
made and as of the applicable Closing Date as though made at that time and the Company shall have performed, satisfied and complied
in all material respects with the covenants, agreements and conditions required by the Equity Line Transaction Documents to be
performed, satisfied or complied with by the Company on or before such Closing Date. The Investor may request an update as of such
Closing Date regarding the representation contained in Section 4(C) above.

 

(D)        
The Company shall have executed and delivered to the Investor the certificates representing, or have executed electronic
book-entry transfer of, the Securities (in such denominations as the Investor shall request) being purchased by the Investor at
such Closing.

 

(E)         
The Board of Directors of the Company shall have adopted resolutions consistent with Section 4(B)(2) above (the “Resolutions”)
and such Resolutions shall not have been amended or rescinded prior to such Closing Date.

 

(F)         
INTENTIONALLY OMITTED.

 

(G)        
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

(H)        
The Registration Statement shall be effective on each Closing Date and no stop order suspending the effectiveness of the
Registration statement shall be in effect or to the Company's knowledge shall be pending or threatened. Furthermore, on each Closing
Date (1) neither the Company nor the Investor shall have received notice that the SEC has issued or intends to issue a stop order
with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has threatened to do so (unless the SEC's concerns have been addressed
and Investor is reasonably satisfied that the SEC no longer is considering or intends to take such action), and (2) no other suspension
of the use or withdrawal of the effectiveness of such Registration Statement or related prospectus shall exist.

 

(I)           
At the time of each Closing, the Registration Statement (including information or documents incorporated by reference therein)
and any amendments or supplements thereto shall not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading or which would require public disclosure
or an update supplement to the prospectus.

 

    	 

    	 

    

  

(J)         
If applicable, the shareholders of the Company shall have approved the issuance of any Shares in excess of the Maximum Common
Stock Issuance in accordance with Section 2(H) or the Company shall have obtained appropriate approval pursuant to the requirements
of Nevada law and the Company’s Articles of Incorporation and By-laws.

 

(K)         
The conditions to such Closing set forth in Section 2(D) shall have been satisfied on or before such Closing Date.

 

(L)         
The Company shall have certified to the Investor the number of Shares of Common Stock outstanding when a Put Notice is given
to the Investor. The Company's delivery of a Put Notice to the Investor constitutes the Company's certification of the reservation
for issuance of the necessary number of shares of Common Stock subject to a Put Notice.

 

SECTION
9.     TERMINATION. This Agreement shall
terminate upon any of the following events:

 

(A)         
when the Investor has purchased an aggregate of two million five hundred thousand Shares pursuant to this Agreement; or,

 

(B)         
on the date which is thirty-six (36) months after the Effective Date; or,

 

(C)        
upon written notice of the Company to the Investor. Any and all shares, or penalties, if any, due under this Agreement shall
be immediately payable and due upon termination of this Agreement.

 

SECTION
10.  SUSPENSION. The Company’s right to cause the
Investor to purchase Shares pursuant to a Put Notice, and the Investor’s obligation to purchase Shares under this Agreement
shall be suspended upon any of the following events, and shall remain suspended until such event is rectified:

 

(A)         
The trading of the Common Stock is suspended by the SEC, the Principal Market or FINRA for a period of two (2) consecutive
Trading Days during the Open Period; or,

 

(B)         
The Common Stock ceases to be registered under the 1934 Act or listed or traded on the Principal Market. Immediately upon
the occurrence of one of the above-described events, the Company shall send written notice of such event to the Investor.

 

    	 

    	 

    

  

SECTION
11.  INDEMNIFICATION. In consideration of the parties’
mutual obligations set forth in the Transaction Documents, each of the parties (in such capacity, an “Indemnitor”)
shall defend, protect, indemnify and hold harmless the other and all of the other party's shareholders, officers, directors, employees,
counsel, and direct or indirect investors and any of the foregoing person's agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and reasonable expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys' fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (A) any material misrepresentation or breach of any
representation or warranty made by the Indemnitor in the Equity Line Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby; (B) any material breach of any covenant, agreement or obligation of the Indemnitor
contained in the Equity Line Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby;
or (C) any cause of action, suit or claim brought or made against such Indemnitee by a third party and arising out of or resulting
from the execution, delivery, performance or enforcement of the Equity Line Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, except insofar as (Y) any such misrepresentation, breach or any untrue statement, alleged
untrue statement, omission or alleged omission is made in reliance upon and in conformity with information furnished to Indemnitor
which is specifically intended for use in the preparation of any such Registration Statement, preliminary prospectus, prospectus
or amendments to the prospectus, or (Z) any such Indemnified Liabilities resulted or arose from the breach by the Indemnitee party
hereto of any representation, warranty, covenant or agreement of such Indemnitee contained in the Equity Line Transaction Documents
or the negligence, recklessness, willful misconduct or bad faith of such Indemnitee. To the extent that the foregoing undertaking
by the Indemnitor may be unenforceable for any reason, the Indemnitor shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities which is permissible under applicable law. The indemnity provisions contained herein shall
be in addition to any cause of action or similar rights Indemnitor may have, and any liabilities the Indemnitor or the Indemnitees
may be subject to.

 

SECTION
12.  GOVERNING LAW; DISPUTES SUBMITTED TO ARBITRATION.
All disputes arising under this agreement shall be governed by and interpreted in accordance with the laws of the State of New
York, without regard to principles of conflict of laws. The parties to this agreement will submit all disputes arising under this
agreement to arbitration in New York City, Borough of Manhattan before a single arbitrator of the American Arbitration Association
(“AAA”). The arbitrator shall be selected by application of the rules of the AAA, or by mutual agreement of the parties,
except that such arbitrator shall be an attorney admitted to practice law in State of New York. No party to this Agreement will
challenge the jurisdiction or venue provisions as provided in this section. No party to this agreement will challenge the jurisdiction
or venue provisions as provided in this section. Nothing contained herein shall prevent the party from obtaining an injunction.

 

SECTION
13.  LEGAL EXPENSES; AND MISCELLANEOUS EXPENSES. Except
as otherwise set forth in the Equity Line Transaction Documents, each party shall pay the fees and expenses of its advisers, counsel,
the 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. Any attorneys' fees and expenses incurred by either the Company or the Investor
in connection with the preparation, negotiation, execution and delivery of any amendments to this Agreement or relating to the
enforcement of the rights of any party, after the occurrence of any breach of the terms of this Agreement by another party or any
default by another party in respect of the transactions contemplated hereunder, shall be paid on demand by the party which breached
the Agreement and/or defaulted, as the case may be. The Company shall pay all stamp and other taxes and duties levied in connection
with the issuance of any Securities. The Company will pay $5,000 toward the preparation of the Equity Line Transaction Documents.
If the Company is not DWAC eligible at the time of a Put Closing, there will be a $2,000 charge on each Closing Date to cover costs
associated with, but not limited to: deposit costs, legal review fees and wire fees. If the Company is DWAC eligible at the time
of a Put Closing, there will be a $250 charge on each Closing Date.

 

    	 

    	 

    

  

SECTION
14.  COUNTERPARTS. This Agreement may be executed in
two or more identical counterparts, all of which 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; provided that a facsimile signature shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original
signature.

 

SECTION
15.  HEADINGS; SINGULAR/PLURAL. The headings of this
Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Whenever
required by the context of this Agreement, the singular shall include the plural and masculine shall include the feminine.

 

SECTION
16.  SEVERABILITY. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in
any other jurisdiction.

 

SECTION
17.  ENTIRE AGREEMENT; AMENDMENTS. This Agreement is
the FINAL AGREEMENT between the Company and the Investor with respect to the terms and conditions set forth herein, and, the terms
of this Agreement may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the Parties.
No provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Investor, and
no provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought.
The execution and delivery of the Equity Line Transaction Documents shall not alter the force and effect of any other agreements
between the Parties, and the obligations under those agreements.

 

SECTION
18.  NOTICES. Any notices or other communications required
or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered (A) upon
receipt, when delivered personally; (B) upon receipt, when sent by facsimile or email with the signed document attached in PDF
format (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party);
or (C) one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If to the Company:

 

PROPHASE LABS, INC.

621 N. Shady Retreat Road

Doylestown, Pennsylvania 18901

Telephone: (215)
345-0919

 

with a copy to (which
shall not constitute notice):

 

 

Reed Smith LLP

 

599 Lexington Avenue

 

New York, NY 10022

 

Facsimile: (212) 521-5450

 

Attention: Herbert Kozlov,
Esq.

 

    	 

    	 

    

    

If to the Investor:

 

Dutchess Opportunity Fund, II, LP

50 Commonwealth Avenue, Suite 2

Boston, MA 02116

Telephone: (617) 301-4700

 

Each party shall provide five (5) days
prior written notice to the other party of any change in address or facsimile number.

 

SECTION
19.  NO ASSIGNMENT. This Agreement and any rights, agreements
or obligations hereunder may not be assigned, by operation of law, merger or otherwise, without the prior written consent of the
other party hereto, and any purported assignment by a party without prior written consent of the other party will be null and void
and not binding on such other party. Subject to the preceding sentence, all of the terms, agreements, covenants, representations,
warranties and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and
their respective successors and assigns.

 

SECTION
20.  NO THIRD PARTY BENEFICIARIES. This Agreement is
intended for the benefit of the parties hereto and is not for the benefit of, nor may any provision hereof be enforced by, any
other person, except that the Company acknowledges that the rights of the Investor may be enforced by its general partner.

 

SECTION
21.  SURVIVAL. The indemnification provisions set forth
in Section 11, shall survive each of the Closings and the termination of this Agreement.

 

SECTION
22.  PUBLICITY. The Company and the Investor shall consult
with each other in issuing any press releases or otherwise making public statements with respect to the transactions contemplated
hereby and no party shall issue any such press release or otherwise make any such public statement without the prior consent of
the other party, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if
such disclosure is required by law, in which such case the disclosing party shall provide the other party with prior notice of
such public statement. The Investor acknowledges that this Agreement and all or part of the Equity Line Transaction Documents may
be deemed to be “material contracts” as that term is defined by Item 601(b)(10) of Regulation S-B, and that the Company
may therefore be required to file such documents as exhibits to reports or registration statements filed under the 1933 Act or
the 1934 Act. The Investor further agrees that the status of such documents and materials as material contracts shall be determined
solely by the Company, in consultation with its counsel.

 

SECTION
23.  FURTHER ASSURANCES. Each party shall do and perform,
or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

 

    	 

    	 

    

  

SECTION
24.  INTENTIONALLY OMITTED.

 

SECTION
25.  NO STRICT CONSTRUCTION. 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, as the parties mutually agree that each has had a full and fair opportunity to review this Agreement
and seek the advice of counsel on it.

 

SECTION
26.  REMEDIES. The Investor shall have all rights and
remedies set forth in this Agreement and the Registration Rights Agreement and all rights and remedies which such holders have
been granted at any time under any other agreement or contract and all of the rights which the Investor has by law. Any person
having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any default or breach of any provision of this Agreement, including
the recovery of reasonable attorneys fees and costs, and to exercise all other rights granted by law.

 

SECTION
27.  PAYMENT SET ASIDE. To the extent that the Company
makes a payment or payments to the Investor hereunder or under the Registration Rights Agreement or the Investor enforces or exercises
its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required
to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including,
without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any
such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

SECTION
28.  PRICING OF COMMON STOCK. For purposes of this Agreement,
the VWAP of the Common Stock shall be as reported on a direct feed service.

 

SECTION
29.  NON-DISCLOSURE OF NON-PUBLIC INFORMATION.

 

(A)         
The Company shall not disclose non-public information concerning the Company to the Investor, its advisors, or its representatives.

 

(B)         
Nothing herein shall require the Company to disclose non-public information to the Investor or its advisors or representatives,
provided, however, that notwithstanding anything herein to the contrary, the Company will, as hereinabove provided, immediately
notify the advisors and representatives of the Investor and, if any, underwriters, of any event or the existence of any circumstance
(without any obligation to disclose the specific event or circumstance) of which it becomes aware, constituting non-public information
(whether or not requested of the Company specifically or generally during the course of due diligence by such persons or entities),
which, if not disclosed in the prospectus included in the Registration Statement would cause such prospectus to include a material
misstatement or to omit a material fact required to be stated therein in order to make the statements, therein, in light of the
circumstances in which they were made, not misleading. Nothing contained in this Section 29 shall be construed to mean that such
persons or entities other than the Investor (without the written consent of the Investor prior to disclosure of such information)
may not obtain non-public information in the course of conducting due diligence in accordance with the terms of this Agreement
and nothing herein shall prevent any such persons or entities from notifying the Company of their opinion that based on such due
diligence by such persons or entities, that the Registration Statement contains an untrue statement of material fact or omits a
material fact required to be stated in the Registration Statement or necessary to make the statements contained therein, in light
of the circumstances in which they were made, not misleading.

 

    	 

    	 

    

  

SECTION
30.  ACKNOWLEDGEMENTS OF THE PARTIES. Notwithstanding
anything in this Agreement to the contrary, the parties hereto hereby acknowledge and agree to the following: (A) the Investor
makes no representations or covenants that it will not engage in trading in the securities of the Company, other than the Investor
will not sell any of the Company's common stock short at any time during a Pricing Period; (B) the Company shall, by 8:30 a.m.
Boston Time on the fourth Trading Day following the date hereof, file a current report on Form 8-K disclosing the material terms
of the transactions contemplated hereby and in the other Equity Line Transaction Documents; (C) the Company has not and shall not
provide material non-public information to the Investor unless prior thereto the Investor shall have executed a written agreement
regarding the confidentiality and use of such information; and (D) the Company understands and confirms that the Investor will
be relying on the acknowledgements set forth in clauses (A) through (C) above if the Investor effects any transactions in the securities
of the Company.

 

[Signature Page Follows]

 

    	 

    	 

    

  

SIGNATURE PAGE OF INVESTMENT AGREEMENT

 

Your signature on this
Signature Page evidences your agreement to be bound by the terms and conditions of the Investment Agreement and the Registration
Rights Agreement as of the date first written above.

 

The undersigned signatory
hereby certifies that he has read and understands the Investment Agreement, and the representations made by the undersigned in
this Investment Agreement are true and accurate, and agrees to be bound by its terms.

 

	 	DUTCHESS OPPORTUNITY FUND, II, LP 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Douglas H. Leighton
	 	 	Douglas H. Leighton
	 	 	Managing Member of:
	 	 	Dutchess Capital Management, II, LLC General Partner to:
	 	 	Dutchess Opportunity Fund, II, LP
	 	 	 	 
	 	 	 	 
	 	PROPHASE LABS, INC.
	 	 	 	 
	 	 	 	 
	 		By:	/s/ Ted
Karkus
	 	 		Ted Karkus
	 	 		Chairman
of the Board and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 		By:	/s/ Robert
V. Cuddihy, Jr.
	 	 	 	Robert V.
Cuddihy, Jr.
	 	 	 	Chief Operating
Officer and Chief Financial Officer

 

 

 

[Signature Page to Investment Agreement]

 

    	 

    	 

    

 

LIST OF EXHIBITS 

 

		EXHIBIT A	Registration Rights Agreement

		EXHIBIT B	Opinion of Company's Counsel

		EXHIBIT C	Put Notice

		EXHIBIT D	Put Settlement Sheet

 

    	 

    	 

    

   

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT

 

(Attached)

 

    	 

    	 

    

 

EXHIBIT B

 

OPINION OF COMPANY’S COUNSEL

 

(Attached)

 

    	 

    	 

    

  

EXHIBIT C

 

FORM OF PUT NOTICE

 

Date:____________________

 

RE: Put Notice Number
______________

 

Dear Mr. Leighton:

 

This is to inform you that as of today,
ProPhase Labs, Inc., a Nevada corporation (the "Company"), hereby elects to exercise its right pursuant
to the Investment Agreement entered into with Dutchess Opportunity Fund II, LP (“Dutchess”) to require
Dutchess to purchase shares of its common stock. The Company hereby certifies that:

 

1. The undersigned is the duly elected
______________ of the Company.

 

2. There are no fundamental changes to
the information set forth in the Registration Statement which would require the Company to file a post effective amendment to the
Registration Statement.

 

3. The Company has performed in all material
respects all covenants and agreements to be performed by the Company and has complied in all material respects with all obligations
and conditions contained in this Agreement on or prior to the Put Notice Date, and shall continue to perform in all material respects
all covenants and agreements to be performed by the Company through the applicable Put Date. All conditions to the delivery of
this Put Notice are satisfied as of the date hereof.

 

4. The undersigned hereby represents, warrants
and covenants that it has made all filings (“SEC Filings”) required to be made by it pursuant to applicable
securities laws (including, without limitation, all filings required under the Securities Exchange Act of 1934, which include Forms
10-Q, 10-K, 8-K, etc.). All SEC Filings and other public disclosures made by the Company, including, without limitation, all press
releases, analysts meetings and calls, etc. (collectively, the “Public Disclosures”), have been reviewed and
approved for release by the Company’s attorneys and, if containing financial information, the Company’s independent
certified public accountants. None of the Company’s Public Disclosures contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

5. The amount of this put is up to
______________________ shares.

 

6. The Pricing Period runs from
_______________ until _____________.

 

7. The Suspension Price is $_________________.

 

8. The current number of shares issued
and outstanding as of the Company are: ___________________.

 

9. The number of shares currently available
for resale pursuant to the Registration Statement on Form S-3 for the Equity Line are: ______________.

 

10. The number of shares to be delivered
for this Put are:___________(Put Amount ÷ Suspension Price).

 

	 	ProPhase Labs, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT D

 

FORM OF PUT SETTLEMENT SHEET

 

Date:_____________

 

RE: PROPHASE LABS, INC.

 

Dear _____________:

 

Pursuant to the Put given by PROPHASE
LABS, INC. to Dutchess Opportunity Fund, II, LP on __________ 20__, we are now submitting the amount of common shares for
you to issue to Dutchess.

 

Please deliver __________ shares without
restrictive legend via book entry to Dutchess Opportunity Fund, II, LP immediately and send via DWAC to the following account:

 

XXXXXX

 

Once these shares are received by us, we
will have the funds wired to the Company.

 

 

 

Regards,

 

 

 

Douglas H. Leighton

 

    	 

    	 

    

    

	
        DATE 
	
        
	PRICE 
	Date of Day 1		VWAP of Day 1

 

 

 

 

	LOWEST VWAP IN PRICING PERIOD	 	 
	 	 	 
	PUT AMOUNT	 	 
	 	 	 
	DEFICIT/EXCESS	 	 
	 	 	 
	PURCHASE PRICE (NINETY-FIVE PERCENT (95%))	 	 
	 	 	 
	AMOUNT OF SHARES DUE	 	 

   

 

The undersigned has completed
this Put as of this ___th day of _________, 20__.

 

	 	PROPHASE LABS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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