Document:

Exhibit 4.1

 

CERTIFICATE OF DESIGNATION OF RIGHTS,
POWERS, PREFERENCES, PRIVILEGES AND RESTRICTIONS OF THE

0% SERIES D CONVERTIBLE PREFERRED STOCK OF

DATARAM CORPORATION

I, David A. Moylan,
hereby certify that I am the Chief Executive Officer of Dataram Corporation (the “Company”), a corporation organized
and existing under the Nevada Revised Statutes (the “NRS”), and further do hereby certify:

That, pursuant to
the authority expressly conferred upon the Board of Directors of the Company (the “Board”) by the Company’s
Articles of Incorporation, as amended (the “Articles of Incorporation”), the Board on July 27, 2016 adopted
the following resolutions creating a series of shares of Preferred Stock designated as 0% Series D Convertible Preferred Stock,
none of which shares has been issued:

RESOLVED, that the
Board designates the 0% Series D Convertible Preferred Stock and the number of shares constituting such series, and fixes the rights,
powers, preferences, privileges and restrictions relating to such series in addition to any set forth in the Articles of Incorporation
as follows:

TERMS OF SERIES D CONVERTIBLE PREFERRED STOCK

1.     Designation
and Number of Shares. There shall hereby be created and established by this Certificate of Designation of Rights, Powers, Preferences,
Privileges and Restrictions (this “Certificate of Designation”) a series of preferred stock of the Company designated
as “0% Series D Convertible Preferred Stock” (the “Preferred Shares”). The authorized number of
Preferred Shares shall be Seven Thousand Four Hundred and Two (7,402) shares. Each Preferred Share shall have $0.001 par value.
Capitalized terms not defined herein shall have the meaning as set forth in Section 23 below or in the Purchase Agreement.

2.     Ranking.
Except to the extent that the holders of at least a majority of the outstanding Preferred Shares (the “Required Holders”)
expressly consent to the creation of Parity Stock (as defined below) or Senior Preferred Stock (as defined below) in accordance
with Section 12, all shares of capital stock of the Company other than the Company’s Series B Convertible Preferred Stock
and Series C Convertible Preferred Stock (when and if issued) shall be junior in rank to all Preferred Shares with respect to the
preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding-up of the Company (such junior
stock is referred to herein collectively as “Junior Stock”). The rights of all such shares of capital stock
of the Company shall be subject to the rights, powers, preferences and privileges of the Preferred Shares. Without limiting any
other provision of this Certificate of Designation, without the prior express consent of the Required Holders, voting separate
as a single class, the Company shall not hereafter authorize or issue any additional or other shares of capital stock that is (i)
of senior rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation,
dissolution and winding-up of the Company (collectively, the “Senior Preferred Stock”), (ii) of pari passu rank
to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution
and winding-up of the Company (collectively, the “Parity Stock”) or (iii) any Junior Stock having a maturity
date (or any other date requiring redemption or repayment of such shares of Junior Stock) that is prior to the date on which any
Preferred Shares remain outstanding. In the event of the merger or consolidation of the Company with or into another corporation,
the Preferred Shares shall maintain their relative rights, powers, designations, privileges and preferences provided for herein
and no such merger or consolidation shall result inconsistent therewith.

      

     

    

 

3.     Dividends.
In addition to Sections 5(a) and 11 below, from and after the first date of issuance of any Preferred Shares (the “Initial
Issuance Date”), each holder of a Preferred Share (each, a “Holder” and, collectively, the “Holders”)
shall be entitled to receive dividends (“Dividends”) when and as declared by the Board, from time to time, in
its sole discretion, which Dividends shall be paid by the Company out of funds legally available therefor, payable, subject to
the conditions and other terms hereof, in cash on the Stated Value of such Preferred Share. In addition to the foregoing, the Preferred
Shares shall participate on an “as converted” basis, with all Dividends declared on the Common Stock (as defined below)
of the Company as provided herein.

4.     Conversion.
Each Preferred Share shall be convertible into validly issued, fully paid and non-assessable shares of Common Stock on the terms
and conditions set forth in this Section 4.

(a)     Holder’s
Conversion Right. Subject to the provisions of Section 4(e) and 4(f), at any time or times on or after the Initial Issuance
Date, each Holder shall be entitled to convert any whole number of Preferred Shares into validly issued, fully paid and non-assessable
shares of Common Stock in accordance with Section 4(c) at the Conversion Rate (as defined below).

(b)     Conversion
Rate. The number of validly issued, fully paid and non-assessable shares of Common Stock issuable upon conversion of each Preferred
Share pursuant to Section 4(a) shall be determined according to the following formula (the “Conversion Rate”):

Base Amount

Conversion Price

No fractional
shares of Common Stock are to be issued upon the conversion of any Preferred Shares. If the issuance would result in the issuance
of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole
share.

(c)     Mechanics
of Conversion. The conversion of each Preferred Share shall be conducted in the following manner:

(i)      Holder’s
Conversion. To convert a Preferred Share into validly issued, fully paid and non-assessable shares of Common Stock on any date
(a “Conversion Date”), a Holder shall deliver (whether via facsimile or otherwise), for receipt on or prior
to 11:59 p.m., New York time, on such date, a copy of an executed notice of conversion of the share(s) of Preferred Shares subject
to such conversion in the form attached hereto as Exhibit I (the “Conversion Notice”) to the Company.
If required by Section 4(c)(vi), within five (5) Trading Days following a conversion of any such Preferred Shares as aforesaid,
such Holder shall surrender to a nationally recognized overnight delivery service for delivery to the Company the original certificates
representing the share(s) of Preferred Shares (the “Preferred Share Certificates”) so converted as aforesaid.

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(ii)      Company’s
Response. On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile an acknowledgment of confirmation, in the form attached hereto as Exhibit II, of receipt
of such Conversion Notice to such Holder and the transfer agent for the Company’s Common Stock (the “Transfer Agent”),
which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the
terms herein. On or before the second (2nd) Trading Day following the date of receipt by the Company of such Conversion
Notice, the Company shall (1) provided that the Transfer Agent is participating in DTC Fast Automated Securities Transfer Program,
credit such aggregate number of shares of Common Stock to which such Holder shall be entitled to such Holder’s or its designee’s
balance account with DTC through its Deposit and Withdrawal at Custodian system, or (2) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable overnight courier) to the address as specified
in such Conversion Notice, a certificate, registered in the name of such Holder or its designee, for the number of shares of Common
Stock to which such Holder shall be entitled. If the number of Preferred Shares represented by the Preferred Share Certificate(s)
submitted for conversion pursuant to Section 4(c)(vi) is greater than the number of Preferred Shares being converted, then the
Company shall, if requested by such Holder, as soon as practicable and in no event later than three (3) Trading Days after receipt
of the Preferred Share Certificate(s) and at its own expense, issue and deliver to such Holder (or its designee) a new Preferred
Share Certificate representing the number of Preferred Shares not converted.

(iii)      Record
Holder. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of Preferred Shares
shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

(iv)      Company’s
Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, except in the case that the relevant
Preferred Share Certificate is required to be and shall not have been timely received by the Transfer Agent, to issue to a Holder
within three (3) Trading Days after the Company’s receipt of a Conversion Notice (whether via facsimile or otherwise) (the
“Share Delivery Deadline”), a certificate for the number of shares of Common Stock to which such Holder is entitled
and register such shares of Common Stock on the Company’s share register or to credit such Holder’s or its designee’s
balance account with DTC for such number of shares of Common Stock to which such Holder is entitled upon such Holder’s conversion
of any

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Preferred Shares (as the case may
be) (a “Conversion Failure”), then, in addition to all other remedies available to such Holder, such Holder,
upon written notice to the Company, (x) may void its Conversion Notice with respect to, and retain or have returned (as the case
may be) any Preferred Shares that have not been converted pursuant to such Holder’s Conversion Notice, provided that the
voiding of a Conversion Notice shall not affect the Company’s obligations to make any payments that have accrued prior to
the date of such notice pursuant to the terms of this Certificate of Designation or otherwise and (y) the Company shall pay in
cash to such Holder on each day after such third (3rd) Trading Day that the issuance of such shares of Common Stock
is not timely effected an amount equal to 1.0 % of the product of (A) the aggregate number of shares of Common Stock not issued
to such Holder on a timely basis and to which the Holder is entitled and (B) the Closing Sale Price of the Common Stock on the
Trading Day immediately preceding the last possible date on which the Company could have issued such shares of Common Stock to
the Holder without violating Section 4(c). In addition to the foregoing, if within three (3) Trading Days after the Company’s
receipt of a Conversion Notice (whether via facsimile or otherwise), the Company shall fail to issue and deliver a certificate
to such Holder and register such shares of Common Stock on the Company’s share register or credit such Holder’s or
its designee’s balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such
Holder’s conversion hereunder (as the case may be), and, if on or after such third (3rd) Trading Day, such Holder
(or any other Person in respect, or on behalf, of such Holder) purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a sale by such Holder of all or any portion of the number of shares of Common Stock,
or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, issuable upon
such conversion that such Holder so anticipated receiving from the Company, then, in addition to all other remedies available to
such Holder, the Company shall, within three (3) Business Days after such Holder’s request and in such Holder’s discretion,
either (i) pay cash to such Holder in an amount equal to such Holder’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other
Person in respect, or on behalf, of such Holder) (the “Buy-In Price”), at which point the Company’s obligation
to so issue and deliver such certificate or credit such Holder’s balance account with DTC for the number of shares of Common
Stock to which such Holder is entitled upon such Holder’s conversion hereunder (as the case may be) (and to issue such shares
of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to such Holder a certificate or
certificates representing such shares of Common Stock or credit such Holder’s balance account with DTC for the number of
shares of Common Stock to which such Holder is entitled upon such Holder’s conversion hereunder (as the case may be) and
pay cash to such Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing
on the date of the applicable Conversion Notice and ending on the date of such issuance and payment under this clause (ii).

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(v)      Pro
Rata Conversion; Disputes. In the event the Company receives a Conversion Notice from more than one Holder for the same Conversion
Date and the Company can convert some, but not all, of such Preferred Shares submitted for conversion, the Company shall convert
from each Holder electing to have Preferred Shares converted on such date a pro rata amount of such Holder’s Preferred Shares
submitted for conversion on such date based on the number of Preferred Shares submitted for conversion on such date by such Holder
relative to the aggregate number of Preferred Shares submitted for conversion on such date. In the event of a dispute as to the
number of shares of Common Stock issuable to a Holder in connection with a conversion of Preferred Shares, the Company shall issue
to such Holder the number of shares of Common Stock not in dispute and resolve such dispute in accordance with Section 22.

(vi)      Book-Entry.
Notwithstanding anything to the contrary set forth in this Section 4, upon conversion of any Preferred Shares in accordance with
the terms hereof, no Holder thereof shall be required to physically surrender the certificate representing the Preferred Shares
to the Company following conversion thereof unless (A) the full or remaining number of Preferred Shares represented by the certificate
are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated by this Section 4(c)(vi))
or (B) such Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting
reissuance of Preferred Shares upon physical surrender of any Preferred Shares. Each Holder and the Company shall maintain records
showing the number of Preferred Shares so converted by such Holder and the dates of such conversions or shall use such other method,
reasonably satisfactory to such Holder and the Company, so as not to require physical surrender of the certificate representing
the Preferred Shares upon each such conversion. In the event of any dispute or discrepancy, such records of the Company establishing
the number of Preferred Shares to which the record holder is entitled shall be controlling and determinative in the absence of
manifest error. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of any Preferred Shares, the number of Preferred Shares represented by
such certificate may be less than the number of Preferred Shares stated on the face thereof. Each certificate for Preferred Shares
shall bear the following legend:

ANY TRANSFEREE OR ASSIGNEE
OF THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE CORPORATION’S CERTIFICATE OF DESIGNATION RELATING TO THE SHARES
OF SERIES D PREFERRED STOCK THAT MAY BE REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(vi) THEREOF. THE NUMBER OF SHARES
OF SERIES D PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES D PREFERRED STOCK STATED
ON THE FACE HEREOF PURSUANT TO SECTION 4(c)(vi) OF THE CERTIFICATE OF DESIGNATION RELATING TO THE SHARES OF SERIES D PREFERRED
STOCK REPRESENTED BY THIS CERTIFICATE.

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(d)     Taxes.
The Company shall pay any and all documentary, stamp, transfer (but only in respect of the registered holder thereof), issuance
and other similar taxes that may be payable with respect to the issuance and delivery of shares of Common Stock upon the conversion
of Preferred Shares.

(e)     Limitation
on Beneficial Ownership. Notwithstanding anything to the contrary set forth in this Certificate of Designation, at no time
may all or a portion of the Series D Preferred Stock be converted if the number of shares of Common Stock to be issued pursuant
to such conversion would exceed, when aggregated with all other shares of Common Stock owned by the Holder at such time, the number
of shares of Common Stock that would result in the Holder beneficially owning (as determined in accordance with Section 13(d) of
the 1934 Act and the rules thereunder) more than 4.99% of all of the Common Stock outstanding at such time (the “4.99%
Beneficial Ownership Limitation”); provided, however, that, upon the Holder providing the Corporation with
sixty-one (61) days’ advance notice (the “4.99% Waiver Notice”) that the Holder would like to waive this
Section 4(e) with regard to any or all shares of Common Stock issuable upon conversion of the Preferred Shares, this Section 4(e)
will be of no force or effect with regard to all or a portion of the Series D Preferred Stock referenced in the 4.99% Waiver Notice
but shall in no event waive the 9.99% Beneficial Ownership Limitation described below. Notwithstanding anything to the contrary
set forth in this Certificate of Designation, at no time may all or a portion of the Preferred Shares be converted if the number
of shares of Common Stock to be issued pursuant to such conversion, when aggregated with all other shares of Common Stock owned
by the Holder at such time, would result in the Holder beneficially owning (as determined in accordance with Section 13(d) of the
1934 Act and the rules thereunder) in excess of 9.99% of the then-issued and outstanding shares of Common Stock outstanding at
such time (the “9.99% Beneficial Ownership Limitation” and the lower of the 9.99% Beneficial Ownership Limitation
and the 4.99% Beneficial Ownership Limitation then in effect, the “Maximum Percentage”)). By written notice
to the Company, a holder of Preferred Shares may from time to time decrease the Maximum Percentage to any other percentage specified
in such notice. For purposes hereof, in determining the number of outstanding shares of Common Stock, the Holder may rely on the
number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of
shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of a holder of Preferred Shares,
the Company shall within three (3) Business Days confirm orally and in writing to such holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including the Preferred Shares, by the Holder and its Affiliates since the
date as of which such number of outstanding shares of Common Stock was reported, that in any event are convertible or exercisable,
as the case may be, into shares of the Company’s Common Stock within 60 days’ of such calculation and that are not
subject to a limitation on conversion or exercise analogous to the limitation contained herein. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(e) to correct
this paragraph (or any portion hereof) that may be defective or inconsistent with the intended beneficial ownership limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.

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(f)     Intentionally
Omitted. 

5.     Rights
Upon Issuance of Purchase Rights and Other Corporate Events.

(a)     Purchase
Rights. In addition to any adjustments pursuant to Section 7 below, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Stock (the “Purchase Rights”), then each Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights that such Holder could have acquired if such Holder had
held the number of shares of Common Stock acquirable upon complete conversion of all the Preferred Shares (without taking into
account any limitations or restrictions on the convertibility of the Preferred Shares) held by such Holder immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights; provided,
however, to the extent that such Holder’s right to participate in any such Purchase Right would result in such Holder
exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for such Holder until such time, if ever, as its right thereto would not result in such
Holder exceeding the Maximum Percentage.

(b)     Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect
to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision
to ensure that each Holder will thereafter have the right to receive upon a conversion of all the Preferred Shares held by such
Holder (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which
such Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by such
Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility
of the Preferred Shares contained in this Certificate of Designation) or (ii) in lieu of the shares of Common Stock otherwise receivable
upon such conversion, such securities or other assets received by the holders of shares of Common Stock in connection with the
consummation of such Corporate Event in such amounts as such Holder would have been entitled to receive had the Preferred Shares
held by such Holder initially been issued with conversion rights for the form of such consideration (as opposed to shares of Common
Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. The provisions of this Section 5(b) shall
apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion
of the Preferred Shares contained in this Certificate of Designation.

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6.     Rights
Upon Fundamental Transactions.

(a)     Assumption.
The Company shall not enter into or be party to a Fundamental Transaction unless: (i) the Successor Entity assumes in writing
all of the obligations of the Company under this Certificate of Designation and the other Transaction Documents in accordance with
the provisions of this Section 6 pursuant to written agreements in form and substance satisfactory to the Required Holders and
approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of Preferred
Shares in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Certificate of Designation, including, without limitation, having a stated value and dividend
rate equal to the stated value and dividend rate of the Preferred Shares held by the Holders and having similar ranking to the
Preferred Shares, and reasonably satisfactory to the Required Holders and (ii) the Successor Entity (including its Parent
Entity) is a publicly traded corporation whose shares of common stock are quoted on or listed for trading on an Eligible Market.
Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from
and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Certificate of Designation and the other
Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein and therein. In addition
to the foregoing, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to each Holder confirmation
that there shall be issued upon conversion of the Preferred Shares at any time after the consummation of such Fundamental Transaction,
in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under
Sections 5 and 11, which shall continue to be receivable thereafter)) issuable upon the conversion of the Preferred Shares prior
to such Fundamental Transaction, such shares of publicly traded common stock (or their equivalent) of the Successor Entity (including
its Parent Entity) that each Holder would have been entitled to receive upon the happening of such Fundamental Transaction had
all the Preferred Shares held by each Holder been converted immediately prior to such Fundamental Transaction (without regard to
any limitations on the conversion of the Preferred Shares contained in this Certificate of Designation), as adjusted in accordance
with the provisions of this Certificate of Designation. The provisions of this Section 6 shall apply similarly and equally to successive
Fundamental Transactions and shall be applied without regard to any limitations on the conversion of the Preferred Shares.

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7.     Rights
Upon Issuance of Other Securities and Special Dividends.

(a)     Special
Dividend. If a Qualified Transaction is consummated within One Hundred and Twenty (120) days (the “Event Period”)
of the Closing Date (as defined in the Purchase Agreement) (such date, the “Dividend Trigger Date”) the holders
of the Preferred Shares shall be entitled to receive a one-time special dividend equal to one additional Preferred Share for every
Preferred Share held on the Dividend Trigger Date (the “Special Dividend”). If a Qualified Transaction is not
consummated during the Event Period, the Board of Directors of the Company shall have the authority, in its sole discretion, to
declare the Special Dividend within ten (10) days upon expiration of the Event Period.

(b)     Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of Sections 5 and 11, if
the Company at any time on or after the Purchase Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. Without limiting any provision of Sections 5 and 11, if the Company
at any time on or after the Purchase Date combines (by combination, reverse stock split or otherwise) one or more classes of its
outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination
will be proportionately increased. Any adjustment pursuant to this Section 7(b) shall become effective immediately after the effective
date of such subdivision or combination. If any event requiring an adjustment under this Section 7(b) occurs during the period
that a Conversion Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately
to reflect such event.

(c)     Other
Events. In the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect any Holder from dilution or if any event occurs of the type contemplated
by the provisions of this Section 7 but not expressly provided for by such provisions (including, without limitation, the granting
of stock appreciation rights, phantom stock rights or other rights with equity features), then the Board shall in good faith determine
and implement an appropriate adjustment in the Conversion Price so as to protect the rights of such Holder; provided, however,
that no such adjustment pursuant to this Section 7(c) will increase the Conversion Price as otherwise determined pursuant to this
Section 7; provided, further, that, if such Holder does not accept such adjustments as appropriately protecting its
interests hereunder against such dilution, then the Board and such Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and
whose fees and expenses shall be borne by the Company.

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(d)     Calculations.
All calculations under this Section 7 shall be made by rounding to the nearest one-hundred thousandth of a cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company, and the disposition of any such shares, other than a return thereof
to the Company’s treasury for cancellation, shall be considered an issue or sale of Common Stock.

8.     Authorized
Shares.

(a)     Reservation.
The Company shall initially reserve out of its authorized and unissued Common Stock a number of shares of Common Stock equal to
100% of the Conversion Rate with respect to the Base Amount of each Preferred Share as of the Initial Issuance Date (assuming for
purposes hereof, that all the Preferred Shares issuable pursuant to the Purchase Agreement have been issued, such Preferred Shares
are convertible at the Conversion Price and without taking into account any limitations on the conversion of such Preferred Shares
set forth in herein) issuable pursuant to the terms of this Certificate of Designation from the Initial Issuance Date through the
second anniversary of the Initial Issuance Date assuming (assuming for purposes hereof, that all the Preferred Shares issuable
pursuant to the Purchase Agreement have been issued and without taking into account any limitations on the issuance of securities
set forth herein). So long as any of the Preferred Shares are outstanding, the Company shall take all action necessary to reserve
and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion
of the Preferred Shares, as of any given date, 100% of the number of shares of Common Stock as shall from time to time be necessary
to effect the conversion of all of the Preferred Shares issued or issuable pursuant to the Purchase Agreement assuming for purposes
hereof, that all the Preferred Shares issuable pursuant to the Purchase Agreement have been issued and without taking into account
any limitations on the issuance of securities set forth herein), provided that at no time shall the number of shares of Common
Stock so available be less than the number of shares required to be reserved by the previous sentence (without regard to any limitations
on conversions contained in this Certificate of Designation) (the “Required Amount”). The initial number of
shares of Common Stock reserved for conversions of the Preferred Shares and each increase in the number of shares so reserved shall
be allocated pro rata among the Holders based on the number of Preferred Shares held by each Holder on the Initial Issuance Date
or increase in the number of reserved shares (as the case may be) (the “Authorized Share Allocation”). In the
event a Holder shall sell or otherwise transfer any of such Holder’s Preferred Shares, each transferee shall be allocated
a pro rata portion of such Holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any
Person who ceases to hold any Preferred Shares shall be allocated to the remaining Holders of Preferred Shares, pro rata based
on the number of Preferred Shares then held by such Holders.

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(b)     Insufficient
Authorized Shares. If, notwithstanding Section 8(a) and not in limitation thereof, at any time while any of the Preferred Shares
remain outstanding, the Company does not have a sufficient number of authorized and unissued shares of Common Stock to satisfy
its obligation to have available for issuance upon conversion of the Preferred Shares at least a number of shares of Common Stock
equal to the Required Amount (an “Authorized Share Failure”), then the Company shall promptly take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
and have available the Required Amount for all of the Preferred Shares then outstanding. Without limiting the generality of the
foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later
than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its shareholders
or conduct a consent solicitation for the approval of an increase in the number of authorized shares of Common Stock. In connection
with such meeting or consent solicitation, the Company shall provide each shareholder with a proxy statement or information statement,
as relevant, and shall use its commercial best efforts to solicit its shareholders’ approval of such increase in authorized
shares of Common Stock and to cause its Board to recommend to the shareholders that they approve such proposal. Nothing contained
in this Section 8 shall limit any obligations of the Company under any provision of the Purchase Agreement. In the event that the
Company is prohibited from issuing shares of Common Stock upon a conversion of any Preferred Share due to the failure by the Company
to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable
number of shares of Common Stock, the “Authorization Failure Shares”), in lieu of delivering such Authorization
Failure Shares to such Holder of such Preferred Shares, the Company shall pay cash in exchange for the cancellation of such Preferred
Shares convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorization
Failure Shares and (y) the Closing Sale Price on the Trading Day immediately preceding the date such Holder delivers the applicable
Conversion Notice with respect to such Authorization Failure Shares to the Company and (ii) to the extent such Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Authorization
Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of such Holder incurred in connection therewith.

9.     Voting
Rights. Except as otherwise expressly required by law, each holder of Preferred Shares shall be entitled to vote on all matters
submitted to shareholders of the Company and shall be entitled to the number of votes for each Preferred Share owned at the record
date for the determination of shareholders entitled to vote on such matter or, if no such record date is established, at the date
such vote is taken or any written consent of shareholders is solicited, equal to the number of shares of Common Stock such Preferred
Shares are convertible into (voting as a class with Common Stock) based on a per share price of $1.36 (the “Voting Conversion
Price”), representing the consolidated closing bid price of the Common Stock on The NASDAQ Stock Market LLC on the date
prior to the execution of the Purchase Agreement, but not in excess of the conversion limitations set forth in Section 4(e) herein.
Except as otherwise required by law, the holders of Preferred Shares shall vote together with the holders of Common Stock on all
matters and shall not vote as a separate class. Upon issuance of the Special Dividend, the Voting Conversion Price shall equal
$2.72 per share.

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10.     Liquidation,
Dissolution, Winding-Up. In the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets
of the Company, whether from capital or from earnings available for distribution to its shareholders (the “Liquidation
Funds”), before any amount shall be paid to the holders of any of shares of Junior Stock, an amount per Preferred Share
equal to the greater of (A) the Base Amount thereof on the date of such payment and (B) the amount per share such Holder would
receive if such Holder converted such Preferred Shares into Common Stock immediately prior to the date of such payment; provided,
however, that, if the Liquidation Funds are insufficient to pay the full amount due to the Holders and holders of shares
of Parity Stock, then each Holder and each holder of Parity Stock shall receive a percentage of the Liquidation Funds equal to
the full amount of Liquidation Funds payable to such Holder and such holder of Parity Stock as a liquidation preference, in accordance
with their respective certificate of designation (or equivalent), as a percentage of the full amount of Liquidation Funds payable
to all holders of Preferred Shares and all holders of shares of Parity Stock. To the extent necessary, the Company shall cause
such actions to be taken by each of its Subsidiaries so as to enable, to the maximum extent permitted by law, the proceeds of a
Liquidation Event to be distributed to the Holders in accordance with this Section 10. All the preferential amounts to be paid
to the Holders under this Section 10 shall be paid or set apart for payment before the payment or setting apart for payment of
any amount for, or the distribution of any Liquidation Funds of the Company to the holders of shares of Junior Stock in connection
with a Liquidation Event as to which this Section 10 applies.

11.     Participation.
In addition to any adjustments pursuant to Section 7(b), the Holders shall, as holders of Preferred Shares, be entitled to receive
such dividends paid and distributions made to the holders of shares of Common Stock to the same extent as if such Holders had converted
each Preferred Share held by each of them into shares of Common Stock (without regard to any limitations on conversion herein or
elsewhere) and had held such shares of Common Stock on the record date for such dividends and distributions. Payments under the
preceding sentence shall be made concurrently with the dividend or distribution to the holders of shares of Common Stock; provided,
however, to the extent that a Holder’s right to participate in any such dividend or distribution would result in such
Holder exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such dividend or distribution
to such extent (or the beneficial ownership of any such shares of Common Stock as a result of such dividend or distribution to
such extent) and such dividend or distribution to such extent shall be held in abeyance for the benefit of such Holder until such
time, if ever, as its right thereto would not result in such Holder exceeding the Maximum Percentage.

12.     Vote to
Change the Terms of or Issue Preferred Shares. In addition to any other rights provided by law, except where the vote or written
consent of the holders of a greater number of shares is required by law or by another provision of the Articles of Incorporation,
without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting
of the Required Holders, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add
any provision to, its Articles of Incorporation or bylaws, or file any certificate of designation or articles of amendment of any
series of shares of preferred stock, if such action would adversely alter or change in any respect the preferences, rights, privileges
or powers, or restrictions provided for the benefit, of the Preferred Shares, regardless of whether any such action shall be by
means of amendment to the Articles of Incorporation or by merger, consolidation or otherwise; (b) increase or decrease

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(other than by conversion) the authorized
number of Preferred Shares; (c) without limiting any provision of Section 2, create or authorize (by reclassification or otherwise)
any new class or series of shares that has a preference over or is on a parity with the Preferred Shares with respect to dividends
or the distribution of assets on the liquidation, dissolution or winding-up of the Company; (d) purchase, repurchase or redeem
any shares of capital stock of the Company junior in rank to the Preferred Shares (other than pursuant to equity incentive agreements
(that have in good faith been approved by the Board) with employees giving the Company the right to repurchase shares upon the
termination of services); (e) without limiting any provision of Section 2, pay dividends or make any other distribution on any
shares of any capital stock of the Company junior in rank to the Preferred Shares; or (f) without limiting any provision of Section
16, whether or not prohibited by the terms of the Preferred Shares, circumvent a right of the Preferred Shares.

13.     Limitations
on Issuances and Financings. During the Prohibition Period (as defined in the Purchase Agreement), the Company shall not, without
Required Consent (as defined in the Purchase Agreement) issue any Common Stock or securities convertible into or exercisable for
shares of Common Stock to any person or entity for solely capital raising purposes or incur any financing debt or enter into other
incremental financing arrangements at a per share price less than the Conversion Price.

14.     Lost or
Stolen Certificates. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of any certificates representing Preferred Shares (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of an indemnification undertaking by the
applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of the certificate(s), the Company shall execute and deliver new certificate(s) of like tenor and date.

15.     Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Certificate of Designation
shall be cumulative and in addition to all other remedies available under this Certificate of Designation and any of the other
Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and no
remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall
limit any Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms
of this Certificate of Designation. The Company covenants to each Holder that there shall be no characterization concerning this
instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided
herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled,
in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without
the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information
and documentation to a Holder that is requested by such Holder to enable such Holder to confirm the Company’s compliance
with the terms and conditions of this Certificate of Designation.

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16.     Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation, bylaws or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of
Designation, and will at all times in good faith carry out all of the provisions of this Certificate of Designation and take all
action as may be required to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision
of this Certificate of Designation, the Company (i) shall not increase the par value of any shares of Common Stock receivable
upon the conversion of any Preferred Shares above the Conversion Price then in effect, (ii) shall take all such actions as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of
Common Stock upon the conversion of Preferred Shares and (iii) shall, so long as any Preferred Shares are outstanding, take all
action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose
of effecting the conversion of the Preferred Shares, the maximum number of shares of Common Stock as shall from time to time be
necessary to effect the conversion of the Preferred Shares then outstanding (without regard to any limitations on conversion contained
herein).

17.     Failure
or Indulgence Not Waiver. No failure or delay on the part of a Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party. This Certificate of Designation shall be deemed to be jointly drafted
by the Company and all Holders and shall not be construed against any Person as the drafter hereof.

18.     Notices.
The Company shall provide each Holder of Preferred Shares with prompt written notice of all actions taken pursuant to the terms
of this Certificate of Designation, including in reasonable detail a description of such action and the reason therefor. Whenever
notice is required to be given under this Certificate of Designation, unless otherwise provided herein, such notice must be in
writing and shall be given in accordance with the Purchase Agreement. Without limiting the generality of the foregoing, the Company
shall give written notice to each Holder (i) promptly following any adjustment of the Conversion Price, setting forth in reasonable
detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company
closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect
to any grant, issuances, or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other
property to all holders of shares of Common Stock as a class or (C) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation, provided, in each case, that such information shall be made known to the public prior
to, or simultaneously with, such notice being provided to any Holder.

19.     Transfer
of Preferred Shares. Subject to the restrictions set forth in Purchase Agreement, a Holder may transfer some or all of its
Preferred Shares without the consent of the Company.

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20.     Preferred
Shares Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate and provide notice to the Holders thereof), a register for the Preferred Shares, in which the Company shall
record the name, address and facsimile number of the Persons in whose name the Preferred Shares have been issued, as well as the
name, address, facsimile number and tax identification number of each transferee. The Company may treat the Person in whose name
any Preferred Shares is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice
to the contrary, but in all events recognizing any properly made transfers.

21.     Shareholder
Matters; Amendment.

(a)     Shareholder
Matters. Any shareholder action, approval or consent required, desired or otherwise sought by the Company pursuant to the NRS,
the Articles of Incorporation, this Certificate of Designation or otherwise with respect to the issuance of Preferred Shares may
be effected by written consent of the Company’s shareholders or at a duly called meeting of the Company’s shareholders,
all in accordance with the applicable rules and regulations of the NRS. This provision is intended to comply with the applicable
sections of the NRS permitting shareholder action, approval and consent affected by written consent in lieu of a meeting.

(b)     Amendment.
This Certificate of Designation or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called
for such purpose, or written consent without a meeting in accordance with the NRS, of the Required Holders, voting separate as
a single class, and with such other shareholder approval, if any, as may then be required pursuant to the NRS and the Articles
of Incorporation.

22.     Dispute
Resolution.

(a)     Disputes
Over Closing Bid Price, Closing Sale Price, Conversion Price or Fair Market Value.

(i)      In the
case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price or fair market value (as the case may
be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or such applicable
Holder (as the case may be) shall submit the dispute via facsimile (A) within two (2) Business Days after delivery of the applicable
notice giving rise to such dispute to the Company or such Holder (as the case may be) or (B) if no notice gave rise to such dispute,
at any time after such Holder learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable
to resolve such dispute relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such fair market value
by 5:00 p.m. (New York time) on the third (3rd) Business Day following such delivery by the Company or such Holder (as
the case may be) of such dispute to the Company or such Holder (as the case may be), then such Holder shall select an independent,
reputable investment bank to resolve such dispute.

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(ii)      Such
Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in
accordance with the first sentence of this Section 22(a) and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which such Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that, if either such Holder or the Company fails to so deliver all of
the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required
Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation
or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and such Holder or otherwise requested by such investment bank, neither
the Company nor such Holder shall be entitled to deliver or submit any written documentation or other support to such investment
bank in connection with such dispute (other than the Required Dispute Documentation).

(iii)      The
Company and such Holder shall use their respective commercial best efforts to cause such investment bank to determine the resolution
of such dispute and notify the Company and such Holder of such resolution no later than ten (10) Business Days immediately following
the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment
bank’s resolution of such dispute shall be final and binding upon all parties absent manifest error.

(b)     Disputes
Over Arithmetic Calculation of the Conversion Rate.

(i)      In the
case of a dispute as to the arithmetic calculation of a Conversion Rate, the Company or such Holder (as the case may be) shall
submit the disputed arithmetic calculation via facsimile (i) within two (2) Business Days after delivery of the applicable notice
giving rise to such dispute to the Company or such Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after such Holder learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable
to resolve such disputed arithmetic calculation of such Conversion Rate by 5:00 p.m. (New York time) on the third (3rd)
Business Day following such delivery by the Company or such Holder (as the case may be) of such disputed arithmetic calculation,
then such Holder shall select an independent, reputable accountant or accounting firm to perform such disputed arithmetic calculation.

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(ii)      Such
Holder and the Company shall each deliver to such accountant or accounting firm (as the case may be) (x) a copy of the initial
dispute submission so delivered in accordance with the first sentence of this Section 22(a) and (y) written documentation supporting
its position with respect to such disputed arithmetic calculation, in each case, no later than 5:00 p.m. (New York time) by the
fifth (5th) Business Day immediately following the date on which such Holder selected such accountant or accounting
firm (as the case may be) (the “Submission Deadline”) (the documents referred to in the immediately preceding
clauses (x) and (y) are collectively referred to herein as the “Required Documentation”) (it being understood
and agreed that if either such Holder or the Company fails to so deliver all of the Required Documentation by the Submission Deadline,
then the party who fails to so submit all of the Required Documentation shall no longer be entitled to (and hereby waives its right
to) deliver or submit any written documentation or other support to such accountant or accounting firm (as the case may be) with
respect to such disputed arithmetic calculation and such accountant or accounting firm (as the case may be) shall perform such
disputed arithmetic calculation based solely on the Required Documentation that was delivered to such accountant or accounting
firm (as the case may be) prior to the Submission Deadline). Unless otherwise agreed to in writing by both the Company and such
Holder or otherwise requested by such accountant or accounting firm (as the case may be), neither the Company nor such Holder shall
be entitled to deliver or submit any written documentation or other support to such accountant or accounting firm (as the case
may be) in connection with such disputed arithmetic calculation of the Conversion Rate (other than the Required Documentation).

(iii)      The
Company and such Holder shall use their respective commercial best efforts to cause such accountant or accounting firm (as the
case may be) to perform such disputed arithmetic calculation and notify the Company and such Holder of the results no later than
ten (10) Business Days immediately following the Submission Deadline. The fees and expenses of such accountant or accounting firm
(as the case may be) shall be borne solely by the Company, and such accountant’s or accounting firm’s (as the case
may be) arithmetic calculation shall be final and binding upon all parties absent manifest error.

(c)     Miscellaneous.
The Company expressly acknowledges and agrees that (i) this Section 22 constitutes an agreement to arbitrate between the Company
and such Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil Practice Law and Rules
(“CPLR”) and that each party shall be entitled to compel arbitration pursuant to CPLR § 7503(a) in order
to compel compliance with this Section 22, (ii) a dispute relating to a Conversion Price includes, without limitation, disputes
as to whether an agreement, instrument, security or the like constitutes and Option or Convertible Security (iii) the terms of
this Certificate of Designation and each other applicable Transaction Document shall serve as the basis for the selected investment
bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized)
to make all findings, determinations and the like that such investment bank determines are required to be made by such investment
bank in

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connection with
its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and
the like to the terms of this Certificate of Designation and any other applicable Transaction Documents, (iv) the terms of this
Certificate of Designation and each other applicable Transaction Document shall serve as the basis for the selected accountant’s
or accounting firm’s performance of the applicable arithmetic calculation, (v) for clarification purposes and without implication
that the contrary would otherwise be true, disputes relating to matters described in Section 22(a) shall be governed by Section
22(a) and not by Section 22(b), (vi) such Holder (and only such Holder), in its sole discretion, shall have the right to submit
any dispute described in this Section 22 to any state or federal court sitting in The City of New York, Borough of Manhattan in
lieu of utilizing the procedures set forth in this Section 22 and (vii) nothing in this Section 22 shall limit such Holder from
obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described
in Section 22(a) or Section 22(b)).     

23.     Certain
Defined Terms. For purposes of this Certificate of Designation, the following terms shall have the following meanings:

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

(b)     “Affiliate”
as applied to any Person, means any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied
to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of that Person, whether through the ownership of voting securities or by contract or otherwise. For purposes of this definition,
a Person shall be deemed to be “controlled by” a Person if such latter Person possesses, directly or indirectly,
power to vote 10% or more of the securities having ordinary voting power for the election of directors of such former Person.

(c)     “Base
Amount” means, with respect to each Preferred Share, as of the applicable date of determination, the sum of (1) the Stated
Value thereof, plus (2) the Unpaid Dividend Amount thereon as of such date of determination.

(d)     “Bloomberg”
means Bloomberg, L.P.

(e)     “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

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(f)     “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid
price or last trade price, respectively, of such security in the over-the-counter market as reported by Bloomberg, or, if no closing
bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the
ask prices, respectively, of any market makers for such security as reported by OTC Markets Group Inc. If the Closing Bid Price
or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined
by the Company and the applicable Holder. If the Company and such Holder are unable to agree upon the fair market value of such
security, then such dispute shall be resolved in accordance with the procedures in Section 22. All such determinations shall be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

(g)     “Common
Stock” means (i) the Company’s shares of common stock, par value $0.001 per share, and (ii) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

(h)     “Conversion
Price” means, with respect to each Preferred Share, as of any Conversion Date or other applicable date of determination,
$1.36, subject to adjustment as provided herein.

(i)     “Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

(j)     “Eligible
Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market, the
OTCBB, the OTCQX, the OTCQB or the Principal Market (or any successor thereto).

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(k)      “Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (A) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving
corporation) any other Person, or (B) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other Person, or (C) allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the
Persons making or party to, such purchase, tender or exchange offer), or (D) consummate a stock or share purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (E) reorganize, recapitalize or reclassify the Common Stock, or (ii) any “person” or “group” (as
these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
50% of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

(l)     “Holder
Pro Rata Amount” means, with respect to any Holder, a fraction (i) the numerator of which is the number of Preferred
Shares issued to such Holder pursuant to the Purchase Agreement on the Initial Issuance Date and (ii) the denominator of which
is the number of Preferred Shares issued to all Holders pursuant to the Purchase Agreement on the Initial Issuance Date.

(m)     “Liquidation
Event” means, whether in a single transaction or series of transactions, the voluntary or involuntary liquidation, dissolution
or winding-up of the Company or such Subsidiaries the assets of which constitute all or substantially all of the assets of the
business of the Company and its Subsidiaries, taken as a whole.

(n)     “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

(o)     “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

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

(q)     “Purchase
Agreement” means that certain Purchase Agreement by and among the Company and the initial holders of Preferred Shares,
dated as of the Purchase Date, as may be amended from time in accordance with the terms thereof.

(r)     “Purchase
Date” means the Closing Date (as defined in the Purchase Agreement).

(s)     “Principal
Market” means The NASDAQ Capital Market.

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(t)     “Qualified
Transaction” means one or more acquisitions by the Company of any business, assets, stock, licenses, interests or properties
(including, without limitation, intellectual property rights) approved by the stockholders of the Company or any acquisition involving
assets, shares of capital stock, any purchase, merger, consolidation, recapitalization, or reorganization or involving any licensing,
royalties, sharing arrangement or otherwise which requires the filing by the Company of a Current Report on Form 8-K with the inclusion
of audited financial statements of the target.

(u)     “Securities”
shall have the meaning ascribed to it in the Purchase Agreement.

(v)     “Stated
Value” shall mean $136.00 per share, subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations,
reclassifications, combinations, subdivisions or other similar events occurring after the Initial Issuance Date with respect to
the Preferred Shares.

(w)      “Subsidiaries”
shall have the meaning as set forth in the Purchase Agreement.

(x)     “Successor
Entity” means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or
surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

(y)     “Trading
Day” means, as applicable, (i) with respect to all price determinations relating to the Common Stock, any day on which
the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common
Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5
hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or
if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the
hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Required
Holders or (ii) with respect to all determinations other than price determinations relating to the Common Stock, any day on which
The New York Stock Exchange (or any successor thereto) is open for trading of securities.

(z)     “Transaction
Documents” shall have the meaning ascribed to it in the Purchase Agreement.

(å)     “Unpaid
Dividend Amount” means, as of the applicable date of determination, with respect to each Preferred Share, all accrued
and unpaid Dividends on such Preferred Share.

    21 

     

    

 

(bb)     “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers, trustees
or other similar governing body of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

24.     Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designation, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall simultaneously with any such receipt or delivery publicly
disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes
that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall
indicate to each Holder contemporaneously with delivery of such notice, and in the absence of any such indication, each Holder
shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information relating
to the Company or its Subsidiaries. Nothing contained in this Section 24 shall limit any obligations of the Company, or any rights
of any Holder, under the Purchase Agreement.

* * * * *

    22 

     

    

IN WITNESS WHEREOF, the
Corporation has caused this Certificate of Designation of Series D Convertible Preferred Stock of Dataram Corporation to be signed
by its Chief Executive Officer on this 3rd . day of August, 2016.

 

	 	 	 	 	 
	 	DATARAM CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:  	/s/ David A. Moylan	 
	 	 	Name:  	David A. Moylan	 
	 	 	Title:  	Chief Executive Officer	 

 

 

    23 

     

    

EXHIBIT I

 

DATARAM CORPORATION

CONVERSION NOTICE

Reference is made
to the Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of the 0% Series D Convertible Preferred
Stock of Dataram Corporation (the “Certificate of Designation”). In accordance with and pursuant to the Certificate
of Designation, the undersigned hereby elects to convert the number of shares of 0% Series D Convertible Preferred Stock, $0.001
par value per share (the “Preferred Shares”), of Dataram Corporation, a Nevada corporation (the “Company”),
indicated below into shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company,
as of the date specified below.

Date of Conversion: _____________________________________________________________

Number of Preferred Shares to be converted:
__________________________________________

Share certificate no(s). of Preferred
Shares to be converted: ______________________________

Tax ID Number (If applicable): ____________________________________________________

Conversion Price:________________________________________________________________

Number of shares of Common Stock to be
issued: ______________________________________

Please issue the shares of Common Stock
into which the Preferred Shares are being converted in the following name and to the following address:

Issue to: ____________________________________________

              ____________________________________________

Address: ____________________________________________

Telephone Number: ___________________________________

Facsimile Number: ____________________________________

Holder: _____________________________________________

By: ________________________________

Title: ______________________________

Dated:______________________________

Account Number (if electronic book entry
transfer): ____________________________________

Transaction Code Number (if electronic
book entry transfer): _____________________________

    24 

     

    

 

EXHIBIT II

 

ACKNOWLEDGMENT

The Company hereby
acknowledges this Conversion Notice and hereby directs __________________ to issue the above indicated number of shares of Common
Stock in accordance with the Irrevocable Transfer Agent Instructions dated __________, 2016 from the Company and acknowledged and
agreed to by _______________.

DATARAM CORPORATION

 

 

By: ________________________

       Name:

       Title:

 

 

    25Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

This Securities
Purchase Agreement (this “Agreement”) is dated as of August 3, 2016, between Dataram Corporation, a Nevada corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and permitted assigns, a “Purchaser” and collectively, the “Purchasers”).

PREAMBLE

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described
in this Agreement (the “Offering”).

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

ARTICLE I.

DEFINITIONS

1.1    Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.18.

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

“Board
of Directors” means the board of directors of the Company.

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

“Buy-In”
shall have the meaning ascribed to such term in Section 4.1(g).

“Closing”
shall have the meaning ascribed to such term in Section 2.1.

“Closing
Date” shall mean such date on which the Closing is held, and is the Trading Day on which all of the Transaction Documents
have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations
to pay the Subscription Amount at such Closing and (ii) the Company’s obligations to deliver the Securities to be issued
and sold at such Closing, in each case, have been satisfied or waived.

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

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

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

     

     

    

 

“Contingent
Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect
to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring
such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will
be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will
be protected (in whole or in part) against loss with respect thereto.

“Copyrights”
shall have the meaning ascribed to such term in Section 3.1(w).

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the Series D Preferred Stock.

“Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

“Disqualification
Event” shall have the meaning ascribed to such term in Section 3.1(r).

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(ii).

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

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(p).

“Governmental
Entity” means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature,
federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including
any governmental agency, branch, department, official, or entity and any court or other tribunal), multi-national organization
or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory,
or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned
or controlled by a government or a public international organization or any of the foregoing

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(o).

“Indemnitee”
shall have the meaning ascribed to such term in Section 3.1(g).

“Indemnified
Liabilities” shall have the meaning ascribed to such term in Section 3.1(g).

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(w).

“Issuer
Covered Person” shall have the meaning ascribed to such term in Section 3.1(r)

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

“Listing
Default” shall have the meaning ascribed to such term in Section 4.9.

“Marks”
shall have the meaning ascribed to such term in Section 3.1(w).

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(m).

    2 

     

    

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(u).

“Money
Laundering Laws” shall have the meaning ascribed to such term in Section 3.1(bb).

“NASDAQ
CM” shall have the meaning ascribed to such term in Section 3.1(x).

“NASDAQ
CM Conclusion” shall have the meaning ascribed to such term in Section 3.1(d).

“NASDAQ
Rules” means the rules and regulations of The NASDAQ Stock Market LLC

“OFAC”
shall have the meaning ascribed to such term in Section 3.1(y).

“Offering”
shall have the meaning ascribed to such term in the Preamble.

“Patents”
shall have the meaning ascribed to such term in Section 3.1(w).

“Per
Share Purchase Price” equals $136.00, subject to appropriate adjustment for reverse and forward stock splits, stock dividends,
stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

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

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

“Public
Information Failure” shall have the meaning ascribed to such term in Section 4.2(b).

“Public
Information Failure Payments” shall have the meaning ascribed to such term in Section 4.2(b).

“Removal
Date” means the date that all of the issued Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule
144 without the requirement for the Company to be in compliance with the current public information requirements under Rule 144
and without volume or manner-of-sale restrictions.

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(d).

“Required
Minimum” shall have the meaning ascribed to such term in Section 4.8.

“Rights
in Mask Works” shall have the meaning ascribed to such term in Section 3.1(w).

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

“SEC
Filings” shall have the meaning ascribed to such term in Section 3.1(e).

“Securities”
means the Shares and the Conversion Shares.

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

    3 

     

    

 

“Series
D Preferred Stock” means the 0% Convertible Series D Preferred Stock of the Company, par value $0.001 per share, offered,
issued or sold by the Company hereunder.

“Shares”
means the shares of Series D Preferred Stock issued or issuable to each Purchaser pursuant to this Agreement.

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 

“Subscription
Amount” means, as to each Purchaser at each Closing, the aggregate amount to be paid for Shares purchased hereunder at
such Closing as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable and with regard to future
events, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

“Termination
Date” shall have the meaning ascribed to such term in Section 2.1.

“Trade
Secrets” shall have the meaning ascribed to such term in Section 3.1(w).

“Trading
Day” means a day on which the principal Trading Market is open for trading; provided, that in the event that the Common
Stock is not listed or quoted for trading on a Trading Market on the date in question, then Trading Day shall mean a Business Day.

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, NASDAQ CM, The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange,
OTCQB, OTCQX, the Bulletin Board or the OTC Pink (or any successors to any of the foregoing). Notwithstanding the foregoing, term
“Trading Market” shall only include the OTC Pink for any interim period of time required upon the Company’s delisting
from any other Trading Market provided that the Company shall be required to list its Common Stock for trading or quotation on
another Trading Market (excluding the OTC Pink) promptly upon such delisting and the failure to do so shall constitute a default
under the terms of this Agreement and the other Transaction Documents.

“Transaction
Documents” means this Agreement all exhibits and schedules thereto and hereto, the Certificate of Designation of Rights,
Preferences and Limitations of the 0% Series D Convertible Preferred Stock (the “Series D Certificate of Designation”)
in the form attached hereto as Exhibit Band any other documents or agreements executed in connection with the transactions
contemplated hereunder.

“Transfer
Agent” means Equity Stock Transfer LLC, and any successor transfer agent of the Company.

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the Common Stock is not then listed or
quoted for trading on a Trading Market and if prices for the Common Stock are then reported on the OTC Pink Marketplace maintained
by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
closing price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    4 

     

    

 

ARTICLE II.

PURCHASE AND SALE

2.1    Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and each of the Purchasers, severally and not
jointly, agrees to purchase Shares for an aggregate purchase price of $503,292 (or such lesser amount as shall not exceed
19.99% of the issued and outstanding shares of Common Stock of the Company, as determined in accordance with the NASDAQ Rules)
(the “Aggregate Purchase Price”) at the Per Share Purchase Price (such purchase and sale being the “Closing”).
Prior to the Closing, each Purchaser shall deliver to the Company such Purchaser’s Subscription Amount as set forth on the
signature page hereto executed by such Purchaser by a wire transfer of immediately available funds and the Company shall, on the
Closing Date, deliver to each Purchaser a certificate representing the number of Shares purchased by such Purchaser at the Closing
as determined pursuant to Section 2.2(a). The Company and each Purchaser shall also deliver the other items set forth in Section
2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3 and receipt
of $503,292 by the Company, the Closing shall occur at the principal offices of the Company or such other location as the parties
shall mutually agree. Notwithstanding anything herein to the contrary, the Closing Date shall occur on or before August 31, 2016
(such outside date, “Termination Date”). If the Closing is not held on or before the Termination Date, the Company
shall cause each Subscription Amount to be returned, without interest thereon or deduction therefrom to the Purchaser who delivered
such Subscription Amount.

2.2    Deliveries.

(a)    On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchasers the following:

(i)    this
Agreement duly executed by the Company;

(ii)    a certificate
evidencing a number of Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered
in the name of such Purchaser; and

(iii)    evidence
of NASDAQ CM Conclusion.

(b)    On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

(i)    this
Agreement duly executed by such Purchaser; and

(ii)    such
Purchaser’s Subscription Amount by wire transfer to the account specified by the Company on Exhibit A hereto.

2.3    Closing
Conditions.

(a)    The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

(i)    the accuracy
in all material respects on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

    5 

     

    

 

(ii)    all
obligations, covenants and agreements of each Purchaser under this Agreement required to be performed at or prior to the Closing
Date shall have been performed in all material respects;

(iii)    the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement; and

(iv)    the
Company shall have received executed signature pages to this Agreement from Purchasers and the Company shall have received payment
of immediately available funds representing corresponding Subscription Amounts equal to $503,292, in the aggregate, from such Purchasers
in cash.

(b)    The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

(i)    the representations
and warranties of the Company shall have been true and correct in all material respects on the date of this Agreement (except whether
such representations are qualified by material or material adverse effect, which shall be true and correct in all respects) and
shall be true and correct as of the Closing as if made on the Closing Date and the Company shall have performed, satisfied and
complied in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by
the Company in connection with the consummation of the transactions contemplated by the Transaction Documents at or prior to the
Closing Date;

(ii)    all
obligations, covenants and agreements of the Company under this Agreement required to be performed at or prior to the Closing Date
shall have been performed;

(iii)    the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

(iv)    there
shall have been no Material Adverse Effect with respect to the Company since the date hereof;

(v)    from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market and, at any time from the date hereof prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose
trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the
United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market
which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares
at the Closing; and

(vi)    the
Company shall have received executed signature pages to this Agreement from Purchasers and the Company shall have received corresponding
Subscription Amounts from such Purchasers in cash representing $503,292.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1    Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or warranty made herein only to the extent of the disclosure contained in the
corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each
Purchaser as of the Closing Date:

    6 

     

    

 

(a)    Organization
and Qualification. The Company and each of the direct and indirect subsidiaries of the Company (the “Subsidiaries”)
is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation. The Company
and each of its Subsidiaries is duly qualified to do business, and is in good standing in the states required due to (i) the ownership
or lease of real or personal property for use in the operation of the Company's business or (ii) the nature of the business conducted
by the Company, except where the failure to so qualify would not, individually or in the aggregate, have a Material Adverse Effect
(as defined herein). The Company and each of its Subsidiaries has all requisite power, right and authority to own, operate and
lease its properties and assets, to carry on its business as now conducted, to execute, deliver and perform its obligations under
this Agreement and the other Transaction Documents to which it is a party, and to carry out the transactions contemplated hereby
and thereby, subject to the Required Approvals. All actions on the part of the Company and its officers and directors necessary
for the authorization, execution, delivery and performance of this Agreement and the other Transaction Documents, the consummation
of the transactions contemplated hereby and thereby, and the performance of all of the Company's obligations under this Agreement
and the other Transaction Documents have been taken or will be taken prior to the Closing. This Agreement has been, and the other
Transaction Documents to which the Company is a party on the Closing will be, duly executed and delivered by the Company, and this
Agreement is, and each of the other Transaction Documents to which it is a party on the Closing will be, a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
reorganization, insolvency, moratorium and similar laws of general application relating to or affecting the enforcement of rights
of creditors, and except as enforceability of the obligations hereunder are subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or law). All of the Subsidies and the Company’s ownership
interests therein are set forth on Schedule 3(a). The Company owns, directly or indirectly, all of the capital stock or
other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities. 

 

(b)    Issuance
of Securities. The Shares to be issued to the Purchaser pursuant to this Agreement and the applicable Transaction Documents
and the Conversion Shares, when issued and delivered in accordance with the terms of this Agreement and the other Transaction Documents,
will be duly and validly issued and will be fully paid and non-assessable.

(c)    Authorization;
Enforcement. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company,
and the consummation of the transactions contemplated hereby and thereby, will not (i) constitute a violation (with or without
the giving of notice or lapse of time, or both) of any provision of any law or any judgment, decree, order, regulation or rule
of any court, agency or other governmental authority applicable to the Company, (ii) except as set forth in Section 3(d)
below, require any consent, approval or authorization of, or declaration, filing or registration with, any person, (iii) result
in a default (with or without the giving of notice or lapse of time, or both) under, acceleration or termination of, or the creation
in any party of the right to accelerate, terminate, modify or cancel, any agreement, lease, note or other restriction, encumbrance,
obligation or liability to which the Company is a party or by which it is bound or to which any assets of the Company are subject,
(iv) result in the creation of any lien or encumbrance upon the assets of the Company, or upon any shares of Common Stock, preferred
stock or other securities of the Company, (v) conflict with or result in a breach of or constitute a default under any provision
of the certificate of incorporation or bylaws of the Company, or (vi) invalidate or adversely affect any permit, license, authorization
or status used in the conduct of the business of the Company.

    7 

     

    

 

(d)    Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
satisfactory conclusion of the review by The NASDAQ Capital Market (“NASDAQ CM Conclusion”) of the Offering
and the issuance of the Shares and the Listing of Additional Shares Application covering the Shares, such that NASDAQ deems that
no further actions or approvals are required by the Company in order to consummate the transactions contemplated hereby, and (ii)
the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

(e)    SEC
Filings. The Company is subject to, and in full compliance with, the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The Company has made available to each Purchaser through
the EDGAR system true and complete copies of the Company’s filings for the prior two full fiscal years plus any interim period
(collectively, the “SEC Filings”), and all such SEC Filings are incorporated herein by reference. The SEC Filings,
when they were filed with the Commission (or, if any amendment with respect to any such document was filed, when such amendment
was filed), complied in all material respects with the applicable requirements of the Exchange Act and the rules and regulations
thereunder and did not, as of such date, contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. All reports and statements required to be filed by the Company under the Exchange Act have been filed, together
with all exhibits required to be filed therewith. The Company and each of its direct and indirect Subsidiaries are engaged in all
material respects only in the business described in the SEC Filings, and the SEC Filings contain a complete and accurate description
in all material respects of the business of the Company and the Subsidiaries.

(f)    No
Financial Advisor. The Company acknowledges and agrees that each Purchaser is acting solely in the capacity of an arm’s
length purchaser with respect to the Securities and the transactions contemplated hereby. The Company further acknowledges that
Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement
and the transactions contemplated hereby and any advice given by any Purchaser or any of its representatives or agents in connection
with this Agreement and the transactions contemplated hereby is merely incidental to such Purchaser’s purchase of the Securities.
The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

(g)    Indemnification.
The Company will indemnify and hold harmless each Purchaser and, where applicable, its directors, officers, employees, agents,
advisors and shareholders (each, an “Indemnitee”) from and against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating,
preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened)
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to
(i) any misrepresentation or breach of any representation or warranty made by the Company or any Subsidiary in any of the Transaction
Documents, (ii) any breach of any covenant, agreement or obligation of the Company or any Subsidiary contained in any of the Transaction
Documents or (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnitee by a third party (including
for these purposes a derivative action brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee
that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents,
(B) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of
the Securities, or (C) the status of such Purchaser or holder of the Securities either as an investor in the Company pursuant to
the transactions contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation, as a
party in interest or otherwise in any action or proceeding for injunctive or other equitable relief). To the extent that the foregoing
undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

    8 

     

    

 

(h)    Capitalization
and Additional Issuances. The capitalization of the Company is as set forth in Schedule 3.1(h). Except as set forth
in Schedule 3.1(h), the Company has not issued any capital stock since its most recently filed periodic report under the
Exchange Act. Except as disclosed on Schedule 3.1(h), no Person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as
disclosed on Schedule 3.1(h), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for,
or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common
Stock Equivalents. Except as set forth on Schedule 3.1(h), the issuance and sale of the Securities will not obligate the
Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a
right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in material compliance with all federal and state securities laws, and none of such outstanding shares was issued
in violation of any preemptive rights or similar rights to subscribe for or purchase securities. Except for NASDAQ CM Conclusion,
no further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale
of the Securities. There are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s
shareholders.

(i)    Private
Placements. Assuming the accuracy of each Purchaser’s representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated
hereby.

(j)    Investment
Company. The Company is not, and is not an affiliate of, and immediately after receipt of payment for the Shares will not be
or be an affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become subject to the Investment Company Act.

(k)    Reporting
Company/Shell Company Status. The Company is a publicly-held company subject to reporting obligations pursuant to Sections
12(g) and 13 of the Exchange Act. Pursuant to the provisions of the Exchange Act, the Company has timely filed all reports and
other materials required to be filed by the Company thereunder with the Commission during the preceding twelve months. The Company
is not and has never been a “shell company”, as that term is employed in Rule 144 under the Securities Act. The Company
is in full compliance with the continued listing standards of NASDAQ CM and has no reason to believe that it will not in the foreseeable
future continue to be in compliance with all such listing and maintenance requirements.

(l)    Litigation.
Except as set forth in the SEC Filings, there is no action, suit, proceeding, inquiry or investigation before or by the Trading
Market, any court, public board, other Governmental Entity, self-regulatory organization or body pending or, to the knowledge of
the Company, threatened against or affecting the Company or any of its Subsidiaries, the Common Stock or any of the Company’s
or its Subsidiaries’ officers or directors which is outside of the ordinary course of business or individually or in the
aggregate material to the Company or any of its Subsidiaries.  No director, officer or employee of the Company or any of its
Subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation in reasonable anticipation of litigation. 
Without limitation of the foregoing, there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company, any of its Subsidiaries or any current or former director or officer
of the Company or any of its Subsidiaries.  The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company under the Securities Act or the Exchange Act. 

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(m)    Employee
Relations. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any
member of a union.  The Company believes that its and its Subsidiaries’ relations with their respective employees are
good.  The Company and its Subsidiaries are in compliance with all federal, state, local and foreign laws and regulations
respecting labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours, except
as disclosed in Schedule 3.1(m) or where failure to be in compliance would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. “Material Adverse Effect” means any material
adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial
or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated
hereby or in any of the other Transaction Documents or (iii) the authority or ability of the Company or any of its Subsidiaries
to perform any of their respective obligations under any of the Transaction Documents.

(n)    Tax
Status. The Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all
other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely 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 (iii) 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 and its Subsidiaries know of no basis for any such claim.  The Company is not operated in such a manner as
to qualify as a passive foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

(o)    Indebtedness
and Other Contracts. Except as set forth on Schedule 3.1(o), neither the Company nor any of its Subsidiaries (i) has
any outstanding Indebtedness (as defined below), (ii) is a party to any contract, agreement or instrument, the violation of which,
or default under which, by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result
in a Material Adverse Effect, (iii) is in violation of any term of, or in default under, any contract, agreement or instrument
relating to any Indebtedness, except where such violations and defaults would not result, individually or in the aggregate, in
a Material Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance
of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect.  For purposes
of this Agreement:  (x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for
borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including,
without limitation, “capital leases” in accordance with generally accepted accounting principles) (other than trade
payables entered into in the ordinary course of business), (C) all reimbursement or payment obligations with respect to letters
of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments,
including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness
created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with
respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller
or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations
under any leasing or similar arrangement which, in connection with generally accepted accounting principles, consistently applied
for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F)
above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by)
any mortgage, claim, lien, tax, right of first refusal, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (A) through (G) above.

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(p)    No
Undisclosed Events, Liabilities, Developments or Circumstances. Since the date of the latest audited financial statements included
within the SEC Filings, except as specifically disclosed in a subsequent SEC Filing: (i) there has been no event, occurrence or
development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not
incurred any material liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the
ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s
financial statements pursuant to General Accepted Accounting Principles (“GAAP”) or disclosed in filings made
with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made
any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase
or redeem any shares of its capital stock and (v) except as set forth on Schedule 3.1(p), the Company has not issued any
equity securities to any officer, director or Affiliate. The Company does not have pending before the Commission any request for
confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth
on Schedule 3.1(p), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably
expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations,
assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time
this representation is made or deemed made that has not been publicly disclosed at least two Trading Days prior to the date that
this representation is made.

(q)    No
Additional Agreements. Neither the Company nor any of its Subsidiaries has any agreement or understanding with any Purchaser
with respect to the transactions contemplated by the Transaction Documents other than pursuant to documents substantially identical
to the Transaction Documents.

(r)    No
Disqualification Events. To the Company’s knowledge, none of the Company, any of its predecessors, any affiliated issuer,
any director, executive officer, other officer of the Company participating in the offering contemplated hereby, any beneficial
owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor
any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time
of sale (each, an “Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any
Issuer Covered Person is subject to a Disqualification Event.

(s)    General
Solicitation. None of the Company, any of its affiliates (as defined in Rule 501(b) under the Securities Act) or any person
acting on behalf of the Company or such affiliate will solicit any offer to buy or offer or sell the Securities by means of any
form of general solicitation or general advertising within the meaning of Regulation D, including: (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio;
and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

(t)    Compliance.
To the Company’s knowledge, neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event
has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any
Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in
violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it
or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment,
decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule,
ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws
relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor
matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

(u)    Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Filings,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

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(v)    Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property (if any) owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all liens, except as set forth on Schedule 3.1(v) and except for (i) liens
as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made
of such property by the Company and the Subsidiaries and (ii) liens for the payment of federal, state or other taxes, for which
appropriate reserves have been made in accordance with GAAP and the payment of which is neither delinquent nor subject to penalties.
Any real property and facilities held under lease by the Company and the Subsidiaries is held by them under valid, subsisting and
enforceable leases with which the Company and the Subsidiaries are in compliance.

(w)    Intellectual
Property.

(i)    The
term “Intellectual Property Rights” includes:

(A)    the
name of the Company and each Subsidiary, all fictional business names, trading names, registered and unregistered trademarks, service
marks, and applications of the Company and each Subsidiary (collectively, “Marks'');

(B)    all
patents, patent applications, and inventions and discoveries that may be patentable of the Company and each Subsidiary (collectively,
“Patents'');

(C)    all
copyrights in both unpublished works and published works of the Company and each Subsidiary (collectively, “Copyrights”);

(D)    all
rights in mask works of the Company and each Subsidiary (collectively, “Rights in Mask Works''); and

(E)    all
know-how, trade secrets, confidential information, customer lists, software, technical information, data, process technology, plans,
drawings, and blue prints (collectively, “Trade Secrets''); owned, used, or licensed by the Company and each Subsidiary
as licensee or licensor

(ii)    Agreements.
There are no outstanding and, to Company’s knowledge, no threatened disputes or disagreements with respect to any agreements
relating to any Intellectual Property Rights to which the Company is a party or by which the Company is bound.

(iii)    Know-How
Necessary for the Business. The Intellectual Property Rights are all those necessary for the operation of the Company’s
businesses as it is currently conducted. The Company is the owner of all right, title, and interest in and to each of the Intellectual
Property Rights, except as set forth on Schedule 3.1(w), free and clear of all liens, security interests, charges, encumbrances,
equities, and other adverse claims, and has the right to use all of the Intellectual Property Rights. To the Company’s knowledge,
no employee of the Company has entered into any contract that restricts or limits in any way the scope or type of work in which
the employee may be engaged or requires the employee to transfer, assign, or disclose information concerning his work to anyone
other than of the Company.

(iv)    Patents.
The Company is the owner of all right, title and interest in and to each of the Patents, free and clear of all Liens and other
adverse claims. All of the issued Patents are currently in compliance with formal legal requirements (including payment of filing,
examination, and maintenance fees and proofs of working or use), are valid and enforceable, and are not subject to any maintenance
fees or taxes or actions falling due within ninety days after the Closing Date. No Patent has been or is now involved in any interference,
reissue, reexamination, or opposition proceeding. To the Company’s knowledge except as set forth in Schedule 3.1(w):
(1) there is no potentially interfering patent or patent application of any third party, and (2) no Patent is infringed or has
been challenged or threatened in any way. To the Company’s knowledge, none of the products manufactured and sold, nor any
process or know-how used, by the Company infringes or is alleged to infringe any patent or other proprietary right of any other
Person.

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(v)    Trademarks.
The Company is the owner of all right, title, and interest in and to each of the Marks, free and clear of all Liens and other adverse
claims. All Marks that have been registered with the United States Patent and Trademark Office are currently in compliance with
all formal legal requirements (including the timely post-registration filing of affidavits of use and incontestability and renewal
applications), are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety
days after the Closing Date. Except as set forth in Schedule 3.1(w), no Mark has been or is now involved in any opposition,
invalidation, or cancellation and, to the Company’s knowledge, no such action is threatened with respect to any of the Marks.
To the Company’s knowledge: (1) there is no potentially interfering trademark or trademark application of any third party,
and (2) no Mark is infringed or has been challenged or threatened in any way. To the Company’s knowledge, none of the Marks
used by the Company infringes or is alleged to infringe any trade name, trademark, or service mark of any third party. 

(vi)    Copyrights.
The Company is the owner of all right, title, and interest in and to each of the Copyrights, free and clear of all Liens and other
adverse claims. All the Copyrights have been registered and are currently in compliance with formal requirements, are valid and
enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after the date of the
Closing. To the Company’s knowledge, no Copyright is infringed or has been challenged or threatened in any way. To the Company’s
knowledge, none of the subject matter of any of the Copyrights infringes or is alleged to infringe any copyright of any third party
or is a derivative work based on the work of a third party. All works encompassed by the Copyrights have been marked with the proper
copyright notice.

(vii)    Trade
Secrets. With respect to each Trade Secret, the documentation relating to such Trade Secret is current, accurate, and sufficient
in detail and content to identify and explain it and to allow its full and proper use without reliance on the knowledge or memory
of any individual. The Company has taken all reasonable precautions to protect the secrecy, confidentiality, and value of its Trade
Secrets. The Company has good title and an absolute and exclusive right to use the Trade Secrets. The Trade Secrets are not part
of the public knowledge or literature, and, to the Company’s knowledge, have not been used, divulged, or appropriated either
for the benefit of any Person (other the Company) or to the detriment of the Company. No Trade Secret is subject to any adverse
claim or has been challenged or threatened in any way.

(x)    Stock
Option Plans. Since commencement of trading of the Company’s Common Stock on The NASDAQ Capital Market (“NASDAQ
CM”), each stock option granted by the Company under the stock option plan was granted (i) in accordance with the terms
of such stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date
such stock option would be considered granted under GAAP and applicable law. No stock option granted under any stock option plan
has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly
grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement
of material information regarding the Company or its Subsidiaries or their financial results or prospects.

(y)    Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”).

(z)    Listing
and Maintenance Requirements. The Common Stock is listed on NASDAQ CM under the symbol DRAM. Except as disclosed in the SEC
Filings, the Company has not, in the twenty-four (24) months preceding the date hereof, received notice from any Trading Market
on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing
or maintenance requirements of such Trading Market.

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(aa)    Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company.

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

(cc)    Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it
is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has
any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative”
securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open
market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative”
transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price
of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions
to which any such Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common
Stock and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers
may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation,
during the periods that the value of the Conversion Shares deliverable with respect to Securities are being determined, and (z)
such hedging activities (if any) could reduce the value of the existing shareholders’ equity interests in the Company at
and after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging
activities do not constitute a breach of any of the Transaction Documents. There are no disagreements of any kind presently existing,
or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed
by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s
ability to perform any of its obligations under any of the Transaction Documents.

(dd)    Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length Purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to
each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

(ee)    No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of: (i) the Securities Act which would require
the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any
Trading Market on which any of the securities of the Company are listed or designated.

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(ff)    Application
of Takeover Protections. The Company and the Board of Directors will have taken as of the Closing Date all necessary action,
if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company’s Articles of Incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of
the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

(gg)    Registration
Rights. Except as set forth on Schedule 3.1(gg) and as contemplated hereunder, no Person has any right to cause the
Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

(hh)    Certain
Fees. Except as disclosed on Schedule 3.1(hh), no brokerage, finder’s fees, commissions or due diligence fees
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers
shall have no obligation with respect to any such fees or with respect to any claims made by or on behalf of other Persons for
fees of a type contemplated in this Section 4(hh) that may be due in connection with the transactions contemplated by the Transaction
Documents.

(ii)    Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated
by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. Except as set forth in the SEC
Filings, the Company and the 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 GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. Except as disclosed in the SEC Filings, the Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under
the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based
on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over
financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected,
or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

(jj)    Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(jj), none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case
in excess of $50,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan
of the Company except as disclosed on Schedule 3.1(jj).

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(kk)    Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage at least equal to the aggregate Offering amount. Neither the Company
nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant
increase in cost.

(ll)    Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents or as otherwise
disclosed in writing to the Purchasers, the Company confirms that neither it nor any other Person acting on its behalf has provided
any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material,
non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting
transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding
the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure
Schedules to this Agreement, when taken together as a whole, is true and correct and does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the
date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth herein.

(mm)    Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, and the Company’s good faith estimate
of the fair market value of its assets, after giving effect to the receipt by the Company of the proceeds from the sale of the
Securities hereunder: (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be
paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they
mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted
and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business
conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking
into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when
such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature
(taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of
any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or
reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(mm) sets forth as of the date
hereof all outstanding liens and secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company
or any Subsidiary has commitments which has not been disclosed in the SEC Filings. Except as disclosed on Schedule 3.1(mm),
neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

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

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(oo)    Other
Covered Persons. The Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of any Regulation D Securities.

(pp)    Accountants
and Lawyers. The Company’s accounting firm is set forth on Schedule 3.1(qq). To the knowledge and belief of the
Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express
its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending
April 30, 2016. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between
the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect
to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations
under any of the Transaction Documents. 

(qq)    Survival.
The foregoing representations and warranties shall survive the Closing Date.

3.2    Representations
and Warranties of the Purchasers. Each Purchaser, severally and not jointly, hereby acknowledges, agrees with and represents,
warrants and covenants to the Company, as follows:

(a)    The
Purchaser has full power and authority to enter into this Agreement, the execution and delivery of which has been duly authorized,
if applicable, and this Agreement constitutes a valid and legally binding obligation of the Purchaser, except as may be limited
by bankruptcy, reorganization, insolvency, moratorium and similar laws of general application relating to or affecting the enforcement
of rights of creditors, and except as enforceability of the obligations hereunder are subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or law).

(b)    The
Purchaser acknowledges its understanding that the Offering and sale of the Securities is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) of the Securities Act and the provisions of Regulation D promulgated thereunder
(“Regulation D”). In furtherance thereof, the Purchaser represents and warrants to the Company and its affiliates
as follows:

(i)    The Purchaser
realizes that the basis for the exemption from registration may not be available if, notwithstanding the Purchaser’s representations
contained herein, the Purchaser is merely acquiring the Securities for a fixed or determinable period in the future, or for a market
rise, or for sale if the market does not rise. The Purchaser does not have any such intention.

(ii)    The
Purchaser realizes that the basis for exemption would not be available if the Offering is part of a plan or scheme to evade registration
provisions of the Securities Act or any applicable state or federal securities laws, except sales pursuant to a registration statement
or sales that are exempted under the Securities Act.

(iii)    The
Purchaser is acquiring the Securities solely for the Purchaser’s own beneficial account, for investment purposes, and not
with a view towards, or resale in connection with, any distribution of the Securities.

(iv)    The
Purchaser has the financial ability to bear the economic risk of the Purchaser’s investment, has adequate means for providing
for its current needs and contingencies, and has no need for liquidity with respect to an investment in the Company.

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(v)    The Purchaser
and the Purchaser’s attorney, accountant, purchaser representative and/or tax advisor, if any (collectively, the “Advisors”)
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of a prospective
investment in the Securities. If other than an individual, the Purchaser also represents it has not been organized solely for the
purpose of acquiring the Securities.

(vi)    The
Purchaser (together with its Advisors, if any) has received all documents requested by the Purchaser, if any, and has carefully
reviewed them and understands the information contained therein, prior to the execution of this Agreement.

(c)    The Purchaser
is not relying on the Company or any of its employees, agents, sub-agents or advisors with respect to the legal, tax, economic
and related considerations involved in this investment. The Purchaser has relied on the advice of, or has consulted with, only
its Advisors. Each Advisor, if any, has disclosed to the Purchaser in writing (a copy of which is annexed to this Agreement) the
specific details of any and all past, present or future relationships, actual or contemplated, between the Advisor and the Company
or any affiliate or sub-agent thereof.

(d)    The Purchaser
has carefully considered the potential risks relating to the Company and a purchase of the Securities, and fully understands that
the Securities are a speculative investment that involves a high degree of risk of loss of the Purchaser’s entire investment.
Among other things, the Purchaser has carefully considered each of the risks described under the heading “Risk Factors”
in the Company’s SEC Filings (as defined above) and any additional disclosures in the nature of Risk Factors described herein.

(e)    The Purchaser
will not sell or otherwise transfer any Securities without registration under the Securities Act or an exemption therefrom, and
fully understands and agrees that the Purchaser must bear the economic risk of its purchase because, among other reasons, the Securities
have not been registered under the Securities Act or under the securities laws of any state and, therefore, cannot be resold, pledged,
assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and under the applicable securities
laws of such states, or an exemption from such registration is available. In particular, the Purchaser is aware that the Securities
are “restricted securities,” as such term is defined in Rule 144, and they may not be sold pursuant to Rule 144 unless
all of the conditions of Rule 144 are met. The Purchaser also understands that the Company is under no obligation to register the
Securities on behalf of the Purchaser or to assist the Purchaser in complying with any exemption from registration under the Securities
Act or applicable state securities laws. The Purchaser understands that any sales or transfers of the Securities are further restricted
by state securities laws and the provisions of this Agreement.

(f)    No oral or
written representations or warranties have been made, or information furnished, to the Purchaser or its Advisors, if any, by the
Company or any of its officers, employees, agents, sub-agents, affiliates, advisors or subsidiaries in connection with the Offering,
other than any representations of the Company contained herein, and in subscribing for the Securities, the Purchaser is not relying
upon any representations other than those contained herein.

(g)    The Purchaser’s
overall commitment to investments that are not readily marketable is not disproportionate to the Purchaser’s net worth, and
an investment in the Securities will not cause such overall commitment to become excessive.

(h)    The Purchaser
understands and agrees that the certificates for the Securities shall bear substantially the following legend:

“[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF
COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE
FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED
BY THE SECURITIES.”

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(i)    Certificates
evidencing Securities shall not be required to contain the legend set forth in Section 3.2 (h) above or any other legend (i)
while a registration statement covering the resale of such Securities is effective under the Securities Act, (ii) following any
sale of such Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the Company), (iii) if such Securities
are eligible to be sold, assigned or transferred under Rule 144 (provided that the Purchaser provides the Company with reasonable
assurances that such Securities are eligible for sale, assignment or transfer under Rule 144 which shall not include an opinion
of the Purchaser’s counsel), (iv) in connection with a sale, assignment or other transfer (other than under Rule 144), provided
that the Purchaser provides the Company with an opinion of counsel, in a generally acceptable form, to the effect that such sale,
assignment or transfer of the Securities may be made without registration under the applicable requirements of the Securities Act
or (v) if such legend is not required under applicable requirements of the Securities Act (including, without limitation, controlling
judicial interpretations and pronouncements issued by the Commission). If a legend is not required pursuant to the foregoing, the
Company shall no later than three (3) business days following the delivery by the Purchaser to the Company or the transfer agent
(with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock powers attached, signatures
guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries
from the Purchaser as may be required above in this Section 3.2 (i), as directed by the Purchaser, either: (A) provided that
the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program and the Securities are
Conversion Shares, credit the aggregate number of Conversion Shares to which the Purchaser shall be entitled to the Purchaser’s
or its designee’s balance account with DTC through its Deposit and Withdrawal at Custodian system or (B) if the Company’s
transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable overnight
courier) to the Purchaser, a certificate representing such Securities that is free from all restrictive and other legends, registered
in the name of the Purchaser or its designee. The Company shall be responsible for any transfer agent fees, fees of legal counsel
to the Company or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities
in accordance herewith.

(j)    Neither the
Commission nor any state securities commission has approved the Securities or passed upon or endorsed the merits of the Offering.
There is no government or other insurance covering any of the Securities.

(k)    The Purchaser
and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers from a person or persons acting
on behalf of the Company concerning the Offering and the business, financial condition, results of operations and prospects of
the Company, and all such questions have been answered to the full satisfaction of the Purchaser and its Advisors, if any.

(l)    (i)    In
making the decision to invest in the Securities, the Purchaser has relied solely upon the information provided by the Company in
the Transaction Documents. To the extent necessary, the Purchaser has retained, at its own expense, and relied upon appropriate
professional advice regarding the investment, tax and legal merits and consequences of this Agreement and the purchase of the Securities
hereunder. The Purchaser disclaims reliance on any statements made or information provided by any person or entity in the course
of Purchaser’s consideration of an investment in the Securities other than the Transaction Documents. 

(ii)    The Purchaser
represents and warrants that: (i) the Purchaser was contacted regarding the sale of the Securities by the Company (or an authorized
agent or representative thereof) with whom the Purchaser had a prior substantial pre-existing relationship and (ii) no Securities
were offered or sold to it by means of any form of general solicitation or general advertising, and in connection therewith, the
Purchaser did not (A) receive or review any advertisement, article, notice or other communication published in a newspaper
or magazine or similar media or broadcast over television or radio, whether closed circuit, or generally available; or (B) attend
any seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising;
or (C) observe any website or filing of the Company with the Commission in which any offering of securities by the Company was
described and as a result learned of any offering of securities by the Company.

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(m)    The Purchaser
has taken no action that would give rise to any claim by any person for brokerage commissions, finders’ fees or the like
relating to this Agreement or the transactions contemplated hereby.

(n)    The Purchaser
is not relying on the Company or any of its employees, agents, or advisors with respect to the legal, tax, economic and related
considerations of an investment in the Securities, and the Purchaser has relied on the advice of, or has consulted with, only its
own Advisors.

(o)    The Purchaser
acknowledges that any estimates or forward-looking statements or projections furnished by the Company to the Purchaser were prepared
by the management of the Company in good faith, but that the attainment of any such projections, estimates or forward-looking statements
cannot be guaranteed by the Company or its management and should not be relied upon.

(p)    No oral or
written representations have been made, or oral or written information furnished, to the Purchaser or its Advisors, if any, in
connection with the Offering that are in any way inconsistent with the information contained herein.

(q)    (For ERISA
plans only) The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary has been informed of
and understands the Company’s investment objectives, policies and strategies, and that the decision to invest “plan
assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA that require diversification
of plan assets and impose other fiduciary responsibilities. The Purchaser or Plan fiduciary (i) is responsible for the decision
to invest in the Company; (ii) is independent of the Company and any of its affiliates; (iii) is qualified to make such investment
decision; and (iv) in making such decision, the Purchaser or Plan fiduciary has not relied primarily on any advice or recommendation
of the Company or any of its affiliates.

(r)    The Purchaser
is an “Accredited Investor” as defined in Rule 501(a) under the Securities Act. In general, an “Accredited Investor”
is deemed to be an institution with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 (excluding
such person’s residence) or annual income exceeding $200,000 or $300,000 jointly with his or her spouse.

(s)    The Purchaser,
either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of the Offering, and has so evaluated the merits and risks of such
investment. The Purchaser has not authorized any person or entity to act as its Purchaser Representative (as that term is defined
in Regulation D of the General Rules and Regulations under the Securities Act) in connection with the Offering. The Purchaser is
able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of
such investment.

ARTICLE
IV.

OTHER AGREEMENTS
OF THE PARTIES

4.1    Transfer
Restrictions.

(a)    The
Securities may only be disposed of in compliance with state and federal securities laws.  In connection with any transfer
of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser
or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of
which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of
such transferred Securities under the Securities Act.  As a condition of such transfer, any such transferee shall agree in
writing to be bound by the terms of this Agreement and the other applicable Transaction Documents and shall have the rights and
obligations of a Purchaser under this Agreement.

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(b)    The
Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on the Securities in the following
form:

“[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF
COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE
FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED
BY THE SECURITIES.”

The Company acknowledges and agrees
that, a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant
a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as
defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and the other applicable
Transaction Documents and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities
into the name of the pledgees or secured parties, in their respective capacities as such.  Such a pledge or transfer would
not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall
be required in connection therewith.  Further, no notice shall be required of such pledge.  At the appropriate Purchaser’s
expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities.

(c)    In
lieu of delivering physical certificates representing the unlegended shares, upon request of a Purchaser, so long as the certificates
therefor do not bear a legend and the Purchaser is not obligated to return such certificate for the placement of a legend thereon
and provided it is commercially reasonable for the Company to do so, the Company shall cause its transfer agent to electronically
transmit the unlegended shares by crediting the account of Purchaser’s prime broker with the Depository Trust Company through
its DWAC system, provided that the Company’s Common Stock is DTC eligible and the Company’s transfer agent participates
in the Deposit Withdrawal at Custodian system and such Securities are Conversion Shares. Such delivery must be made on or before
the Legend Removal Date.

(d)    In
the event a Purchaser shall request delivery of unlegended shares as described in this Section 4.1 and the Company is required
to deliver such unlegended shares, the Company may not refuse to deliver unlegended shares based on any claim that such Purchaser
or anyone associated or affiliated with such Purchaser has not complied with Purchaser’s obligations under the Transaction
Documents, or for any other reason, unless, an injunction or temporary restraining order from a court, on notice, restraining and
or enjoining delivery of such unlegended shares shall have been sought and obtained by the Company and the Company has posted a
surety bond for the benefit of such Purchaser in the amount of the greater of (i) 120% of the amount of the aggregate stated value
of the Conversion Shares which is subject to the injunction or temporary restraining order, or (ii) the VWAP of the Common Stock
on the trading day before the issue date of the injunction multiplied by the number of unlegended shares to be subject to the injunction,
which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall
be payable to such Purchaser to the extent Purchaser obtains judgment in Purchaser’s favor.

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4.2    Furnishing of Information;
Public Information.

(a)    Until
no Purchaser holds any Securities, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or
12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then
subject to the reporting requirements of the Exchange Act.

(b)    At
any time commencing on the Closing Date and ending at such time that all of the Securities may be sold without the requirement
for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if
the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a “Public
Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to
a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability
to sell the Securities, an amount in cash equal to two percent (2.0%) of the aggregate Subscription Amount of such Purchaser’s
Securities held by such Purchaser on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated
for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured
and (b) such time that such public information is no longer required for the Purchasers to transfer the Conversion Shares pursuant
to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public
Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of
the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after
the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public
Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5%
per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual
damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

4.3    Integration. 
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities by the Company in a manner
that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the
offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder
approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction.

4.4    Securities
Laws Disclosure; Publicity.  The Company shall, by 9:00 a.m. (New York City time) on the first (1st) Trading
Day immediately following the Closing Date, issue a press release disclosing the material terms of the transactions contemplated
hereby, and shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto (the “Form
8-K”) within four Business Days of the date hereof. From and after the issuance of such press release and Form 8-K, the
Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any
of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated by the Transaction Documents. The Company and each Purchaser shall consult with
each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor
any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the
Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any
press release of the Company, which consent shall not unreasonably be withheld, delayed, denied or conditioned, except if such
disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such
public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser,
or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market unless the name
of such Purchaser is already included in the body of the Transaction Documents, without the prior written consent of such Purchaser,
except: (a) as required by federal or state securities law in connection with the filing of final Transaction Documents with the
Commission, (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall
provide the Purchasers with prior notice of such disclosure permitted under this clause (b) or (c) in connection with the filing
of the Registration Statement.

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4.5    Non-Public
Information.  Except for the schedules and exhibits to this Agreement and the Transaction Documents, and except to the
extent the Company has entered into a non-disclosure, confidentiality or similar agreement with such Purchaser, the Company covenants
and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser or its agents or counsel with
any information that the Company believes constitutes material non-public information, unless (i) prior thereto such Purchaser
shall have entered into a written agreement with the Company regarding the confidentiality and use of such information, or (ii)
such Purchaser receives such information in connection with serving as an officer and/or director of the Company.  The Company
understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company.

4.6    Use of
Proceeds.  The Company will use the net proceeds to the Company from the sale of the Shares hereunder as set forth on
Schedule 4.6. The Company shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s
debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices), (b) for
the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in
violation of the law, including FCPA or OFAC.

4.7    Right
of Participation. The Company acknowledges and agrees that the right set forth in this
Section 4.7 is a right granted by the Company, separately, to each Purchaser.

(i)    At
least five (5) trading days prior to any proposed or intended sale by the Company of its Common Stock or other securities or equity
linked debt obligations (each, a “Subsequent Placement”), the Company shall deliver to each Purchaser a written
notice of its proposal or intention to effect a Subsequent Placement (each such notice, a “Pre-Notice”), which
Pre-Notice shall not contain any information (including, without limitation, material, non-public information) other than: (A)
a statement that the Company proposes or intends to effect a Subsequent Placement, (B) a statement that the statement in clause
(A) above does not constitute material, non-public information and (C) a statement informing such Purchaser that it is entitled
to receive an Offer Notice (as defined below) with respect to such Subsequent Placement upon its written request. Upon the written
request of a Purchaser within five (5) business days after the Company’s delivery to such Purchaser of such Pre-Notice, and
only upon a written request by such Purchaser, the Company shall promptly, but no later than one (1) business day after such request,
deliver to such Purchaser an irrevocable written notice (the “Offer Notice”) of any proposed or intended issuance
or sale or exchange (the “Offer”) of the securities being offered (the “Offered Securities”)
in a Subsequent Placement, which Offer Notice shall (I) identify and describe the Offered Securities, (II) describe the price and
other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued,
sold or exchanged, (III) identify the persons (if known) to which or with which the Offered Securities are to be offered, issued,
sold or exchanged and (IV) offer to issue and sell to or exchange with such Purchaser in accordance with the terms of the Offer
such Purchaser’s pro rata portion of 50% of the Offered Securities, provided that the number of Offered Securities which
such Purchaser shall have the right to subscribe for under this Section 4.7 shall be (x) based on such Purchaser’s pro rata
portion of the aggregate original amount of the Shares purchased hereunder by all Purchasers (the “Basic Amount”),
and (y) with respect to each Purchaser that elects to purchase its Basic Amount, any additional portion of the Offered Securities
attributable to the Basic Amounts of other Purchasers as such Purchasers shall indicate it will purchase or acquire should the
other Purchasers subscribe for less than their Basic Amounts (the “Undersubscription Amount”).

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(ii)    To
accept an Offer, in whole or in part, such Purchaser must deliver a written notice to the Company prior to the end of the fifth
(5th) Business Day after such Purchaser’s receipt of the Offer Notice (the “Offer Period”),
setting forth the portion of such Purchaser’s Basic Amount that such Purchaser elects to purchase and, if such Purchaser
shall elect to purchase all of its Basic Amount, the Undersubscription Amount, if any, that such Purchaser elects to purchase (in
either case, the “Notice of Acceptance”). If the Basic Amounts subscribed for by all Purchasers are less than
the total of all of the Basic Amounts, then such Purchaser who has set forth an Undersubscription Amount in its Notice of Acceptance
shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed
for; provided, however, if the Undersubscription Amounts subscribed for exceed the difference between the total of all the Basic
Amounts and the Basic Amounts subscribed for (the “Available Undersubscription Amount”), such Purchaser who
has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription
Amount as the Basic Amount of such Purchaser bears to the total Basic Amounts of all Purchasers that have subscribed for Undersubscription
Amounts, subject to rounding by the Company to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the
Company desires to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company
may deliver to each Purchaser a new Offer Notice and the Offer Period shall expire on the fifth (5th) Business Day after
such Purchaser’s receipt of such new Offer Notice.

(iii)    The
Company shall have five (5) Business Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all
or any part of such Offered Securities as to which a Notice of Acceptance has not been given by a Purchaser (the “Refused
Securities”) pursuant to a definitive agreement(s) (the “Subsequent Placement Agreement”), but only
to the offerees described in the Offer Notice (if so described therein) and only upon terms and conditions (including, without
limitation, unit prices and interest rates) that are not more favorable to the acquiring person or persons or less favorable to
the Company than those set forth in the Offer Notice and (B) to publicly announce (I) the execution of such Subsequent Placement
Agreement, and (II) either (x) the consummation of the transactions contemplated by such Subsequent Placement Agreement or (y)
the termination of such Subsequent Placement Agreement, which shall be filed with the Commission on a Current Report on Form 8-K
with such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

(iv)    In
the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the
terms specified in Section 4.7(iii) above), then such Purchaser may, at its sole option and in its sole discretion, reduce
the number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the
number or amount of the Offered Securities that such Purchaser elected to purchase pursuant to Section 4.7(ii) above multiplied
by a fraction, (A) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to
issue, sell or exchange (including Offered Securities to be issued or sold to Purchasers pursuant to this Section 4.7 prior to
such reduction) and (B) the denominator of which shall be the original amount of the Offered Securities. In the event that any
Purchaser so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance, the Company may
not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have
again been offered to the Purchasers in accordance with Section 4.7(i) above.

(v)    Upon
the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, such Purchaser shall acquire from
the Company, and the Company shall issue to such Purchaser, the number or amount of Offered Securities specified in its Notice
of Acceptance. The purchase by such Purchaser of any Offered Securities is subject in all cases to the preparation, execution and
delivery by the Company and such Purchaser of a separate purchase agreement relating to such Offered Securities reasonably satisfactory
in form and substance to such Purchaser and its counsel.

(vi)    Any
Offered Securities not acquired by a Purchaser or other persons in accordance with this Section  4.7 may not be issued, sold
or exchanged until they are again offered to such Purchaser under the procedures specified in this Agreement.

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(vii)    The
Company and each Purchaser agree that if any Purchaser elects to participate in the Offer, neither the Subsequent Placement Agreement
with respect to such Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement
Documents”) shall include any term or provision whereby such Purchaser shall be required to agree to any restrictions
on trading as to any securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver,
release or the like under or in connection with, any agreement previously entered into with the Company or any instrument received
from the Company.

(viii)    Notwithstanding
anything to the contrary in this Section 4.7 and unless otherwise agreed to by such Purchaser, the Company shall either confirm
in writing to such Purchaser that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly
disclose its intention to issue the Offered Securities, in either case, in such a manner such that such Purchaser will not be in
possession of any material, non-public information, by the fifth (5th) business day following delivery of the Offer
Notice. If by such fifth (5th) business day, no public disclosure regarding a transaction with respect to the Offered
Securities has been made, and no notice regarding the abandonment of such transaction has been received by such Purchaser, such
transaction shall be deemed to have been abandoned and such Purchaser shall not be in possession of any material, non-public information
with respect to the Company or any of its subsidiaries. Should the Company decide to pursue such transaction with respect to the
Offered Securities, the Company shall provide such Purchaser with another Offer Notice in accordance with, and subject to, the
terms of this Section 4.7 and such Purchaser will again have the right of participation set forth in this Section 4.7 The Company
shall not be permitted to deliver more than one such Offer Notice to such Purchaser in any sixty (60) day period, except as expressly
contemplated by the last sentence of Section 4.7(ii).

The Right of Participation
set forth in this Section 4.7 shall terminate immediately after such time as the Company closes a financing in which the Company
has received gross proceeds of at least $1,000,000.

4.8    Reservation
of Common Stock. As of the Closing Date, the Company has reserved and shall continue to reserve and keep available at all times,
free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Conversion
Shares pursuant to the Transaction Documents (such amount being the “Required Minimum”). If, on any date, the
number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum on such date,
then the Board of Directors shall use commercially reasonable efforts to amend the Company’s articles of incorporation to
increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time, as soon as
possible and in any event not later than the 90th day after such date.

4.9    Listing
of Common Stock. The Company hereby agrees to maintain the listing or quotation of the Common Stock on the Trading Market on
which it is currently listed, and concurrently with each Closing, the Company, if applicable, shall apply to list or quote all
of the Conversion Shares on such Trading Market and promptly secure the listing of all of the Conversion Shares on such Trading
Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will
then include in such application all of the Conversion Shares, and will take such other action as is necessary to cause all of
the Conversion Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all
action necessary to continue the listing or quotation and trading of its Common Stock on a Trading Market until five years after
the Closing Date and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws
or rules of the Trading Market at least until five years after the Closing Date. In the event the afore-described listing is not
continuously maintained for five years after the date of such listing (a “Listing Default”), then in addition
to any other rights the Purchasers may have hereunder or under applicable law, on the first day of a Listing Default and on each
monthly anniversary of each such Listing Default date (if the applicable Listing Default shall not have been cured by such date)
until the applicable Listing Default is cured, the Company shall pay to each Purchaser an amount in cash, as partial liquidated
damages and not as a penalty, equal to 2% of the aggregate Subscription Amount of the Securities then held by such Purchaser on
the day of a Listing Default and on every thirtieth (30th) day (pro-rated for periods less than thirty days) thereafter
until the date such Listing Default is cured. If the Company fails to pay any liquidated damages pursuant to this Section in a
timely manner, the Company will pay interest thereon at a rate of 1.5% per month (pro-rated for partial months) to the Purchaser.

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4.10    Reimbursement.
If any Purchaser becomes involved in any capacity in any Proceeding by or against any Person who is a shareholder of the Company
(except as a result of sales, pledges, margin sales and similar transactions by such Purchaser to or with any current shareholder),
solely as a result of such Purchaser’s acquisition of the Securities under this Agreement, the Company will reimburse such
Purchaser for its reasonable legal and other expenses (including the cost of any investigation preparation and travel in connection
therewith) incurred in connection therewith, as such expenses are incurred. The reimbursement obligations of the Company under
this paragraph 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 Purchasers who are actually named in such action, proceeding or investigation, and partners,
directors, agents, employees and controlling persons (if any), as the case may be, of the Purchasers and any such Affiliate, and
shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company, the
Purchasers and any such Affiliate and any such Person. The Company also agrees that neither the Purchasers nor any such Affiliates,
partners, directors, agents, employees or controlling persons shall have any liability to the Company or any Person asserting claims
on behalf of or in right of the Company solely as a result of acquiring the Securities under this Agreement.

4.11    Equal
Treatment of Purchasers.  No consideration (including any modification of any Transaction Document) shall be offered or
paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless
the same consideration is also offered to all of the Purchasers that are parties to such Transaction Document. For clarification
purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each
Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers
acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

4.12    Notice
of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification
Event relating to any Issuer Covered Person not otherwise disclosed herein.

4.13    Acknowledgment
of Dilution.  The Company acknowledges that the issuance of the Conversion Shares upon conversion of the Shares may result
in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company
further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue
the Conversion Shares pursuant to the Transaction Documents, are unconditional and absolute, but subject to the terms and conditions
of the Transaction Documents, and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect
of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance
may have on the ownership of the other shareholders of the Company.

4.14    Limitations
on Issuances and Financings. For a period of six (6) months from the final Closing Date (the “Prohibition Period”),
the Company shall not, without the consent of a holders of the majority of the then outstanding Shares and Conversion Shares
(“Required Consent”) issue any Common Stock or securities convertible into or exercisable for shares of Common
Stock to any person or entity solely for capital raising purposes or incur any financing debt or enter into other incremental financing
arrangements at a price per share that is less than the Per Share Purchase Price..

4.15    Intentionally
Omitted.

4.16    DTC Program.
For a period of two (2) years from the Closing Date, the Company will employ as the transfer agent for the Common Stock a participant
in the Depository Trust Company Automated Securities Transfer Program and cause the Common Stock to be transferable pursuant to
such program, if it is determined by the Company to be commercially reasonable to do so.

4.17    Form
D; Blue Sky Filings.  The Company agrees to timely file a Form D with respect to the sale of the Securities by the Company
under this Agreement as required under Regulation D. The Company shall take such action as the Company shall reasonably determine
is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under
applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions
promptly upon request of any Purchaser.

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

4.19    Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly disclosed or required to be disclosed, whichever
occurs first, in the Form 8-K described in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers,
covenants that, until such time as the transactions contemplated by this Agreement are publicly disclosed or required to be publicly
disclosed, whichever occurs first, by the Company in such Form 8-K, such Purchaser will maintain the confidentiality of the existence
and terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and
agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are required to be disclosed
in the Form 8-K described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in
any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first disclosed or required to be disclosed, whichever occurs first, in the Form 8-K described in Section
4.4, and (iii) no Purchaser shall have any duty of confidentiality to the Company or its Subsidiaries after the filing of such
Form 8-K or after the date such Form 8-K is required to have been filed, whichever occurs first.  Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to
the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by
this Agreement.

4.20    Maintenance
of Property. The Company shall keep all of its property, which is necessary or useful to the conduct of its business, in good
working order and condition, ordinary wear and tear excepted.

4.21    Preservation
of Corporate Existence. The Company shall preserve and maintain its corporate existence, rights, privileges and franchises
in the jurisdiction of its then-incorporation, and qualify and remain qualified, as a foreign corporation in each jurisdiction
in which such qualification is necessary in view of its business or operations and where the failure to qualify or remain qualified
might reasonably have a Material Adverse Effect upon the financial condition, business or operations of the Company taken as a
whole.

4.22    Restriction
on Redemption and Cash Dividends. For as long as any Purchaser holds any Shares (the “Obligation Period”),
the Company shall not, directly or indirectly, redeem, or declare or pay any cash dividend or distribution on, any securities of
the Company without the written consent of holders of a majority of the then outstanding Shares.

4.23    Corporate
Existence. During the Obligation Period, the Company shall not be party to any Fundamental Transaction (as defined in the Series
D Certificate of Designation) unless the Company is in compliance with the applicable provisions governing Fundamental Transactions
set forth in the Series D Certificate of Designation.

4.24    Conversion
Procedures. The form of Notice of Conversion included in the Series D Certificate of Designation sets forth the totality of
the procedures required of the Purchasers in order to convert the Shares. No legal opinion, other information or instructions shall
be required of the Purchasers to convert their Shares (other than customary 144 representation letters if such Shares are to be
sold in reliance upon the exemption provided by to Rule 144). The Company shall promptly honor conversions of the Shares and shall
deliver the Conversion Shares in accordance with the terms, conditions and time periods set forth in the Series D Certificate of
Designation.

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4.25    Registration
Rights.    The Company shall use its reasonable best efforts to file a “resale” registration statement (the “Registration
Statement”) with the Commission covering the Conversion Shares so that such Conversion Shares will be registered for
resale under the Securities Act within five (5) days of the closing of the acquisition of U.S. Gold Corp (“U.S. Gold”)
pursuant to that certain Agreement and Plan of Merger by and between the Company, Dataram Acquisition Sub, Inc., U.S. Gold and
Copper King LLC, dated as of June 13, 2016, as amended. The Company will use its reasonable best efforts to maintain the effectiveness
of the Registration Statement from the effective date of the Registration Statement until all Conversion Shares covered by the
Registration Statement have been sold, or may be sold without the requirement to be in compliance with Rule 144(c)(1) and otherwise
without restriction or limitation pursuant to Rule 144. The Company will use its reasonable best efforts to have the Registration
Statement declared effective by the Commission as soon as possible after the filing date.

ARTICLE V.

MISCELLANEOUS

5.1    Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice given at any time to the Company,
if the Closing has not been consummated on or before August 31, 2016; provided, however, that such termination
will not affect the right of any party to sue for any breach by any other party (or parties).

5.2    Fees and
Expenses.  Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all Transfer
Agent fees, DTC fees, stamp taxes and other similar taxes and duties levied in connection with the delivery of any Securities to
the Purchasers in addition to paying the cost of any counsel or other expenses incurred in rendering Rule 144 opinions of any such
Purchaser upon request.

5.3    Entire
Agreement.  The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

5.4    Notices. 
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently
by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated below (if delivered on a business day during normal business hours where such notice is to be received),
or the first business day following such delivery (if delivered other than on a business day during normal business hours where
such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such
communications shall be: (i) if to the Company, to: Dataram Corporation, 777 Alexander Road, Suite 100, Princeton, NJ 08540, with
a copy by fax only to (which shall not constitute notice): 609-799-6734, with an additional copy by e-mail only to (which shall
not constitute notice): Sichenzia Ross Friedman Ference LLP, 61 Broadway, 32nd Floor, New York, NY 10006, Attn: Harvey
Kesner, Esq., fax: (212) 930-9725, and (ii) if to the Purchasers, to: the addresses and fax numbers indicated on the signature
pages hereto.

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5.5    Amendments;
Waivers.  No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Purchasers holding at least a majority in interest of the Securities
then outstanding (the “Majority in Interest”), or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought. Whenever the term “consent of the Purchasers” or a similar term is employed
herein, it shall mean the consent of a Majority in Interest. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.

5.6    Headings. 
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

5.7    Successors
and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Purchaser.  Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser
assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

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

5.9    Governing
Law.  All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof.  Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding.  Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.  If
either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then in addition to
the obligations of the Company under Section 3.1(g), the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

5.10    Survival. 
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities at the Closings
for the applicable statute of limitations.

5.11    Execution. 
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

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5.12    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 commercially
reasonable 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.

5.13    Rescission
and Withdrawal Right.  Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

5.14    Replacement
of Securities.  If any certificate or instrument evidencing any of the Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon surrender and cancellation thereof (in
the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft, destruction, or mutilation, and of the ownership of such Security. 
The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including
customary indemnity and bonds) associated with the issuance of such replacement Securities.

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

5.16    Payment
Set Aside.  To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights 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.

5.17    Independent
Nature of Purchasers’ Obligations and Rights.  The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the
performance or non-performance of the obligations of any other Purchaser under any Transaction Document.  Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereof or thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents.  Each Purchaser shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose.  Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents.  The Company has elected to
provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was
required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in
this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company
and the Purchasers collectively and not between and among the Purchasers.

    30 

     

    

 

5.18    Liquidated
Damages.  The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts due thereunder have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated
damages or other amounts are due and payable shall have been canceled.

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

5.20    Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

5.21    WAIVER
OF JURY TRIAL.  IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

5.22    Equitable
Adjustment. Trading volume amounts, price/volume amounts and similar figures in the Transaction Documents shall be equitably
adjusted (but without duplication) to offset the effect of stock splits, similar events and as otherwise described in this Agreement,
if such events shall occur between the date of this Agreement and Closing. 

5.23    Legal
Representation. Each party hereto acknowledges that it has been represented by independent legal counsel in the preparation
of the Agreement. Each party recognizes and acknowledges that counsel to the Company has represented certain of the Purchasers
from time to time and may, in the future, represent others in connection with various legal matters and each party waives any conflicts
of interest and other allegations that it has not been represented by its own counsel.

(Signature Pages Follow)

 

 

    31 

     

    

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

 

	
        DATARAM
        Corporation

         

         
	
        Address for Notice:

         

        777 Alexander Road, Suite 100

        Princeton, NJ 08540

	
        By: __/s/ David A. Moylan                        

        Name: David A. Moylan

        Title: President & Chief Executive Officer (CEO)
	 
	 	 
	 	 

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

 

Sichenzia Ross Friedman Ference LLP

c/o Harvey Kesner, Esq.

61 Broadway, 32nd Floor

New York, NY 10006

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

     

     

    

[PURCHASER
SIGNATURE PAGE TO DATARAM Corporation

SUBSCRIPTION
AGREEMENT]

 

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

Name of Purchaser: _____________________________________________________________

Signature of Authorized Signatory of Purchaser:
______________________________________

Name of Authorized Signatory: ____________________________________________________

Title of Authorized Signatory: _____________________________________________________

Email Address of Authorized Signatory: _____________________________________________

Facsimile Number of Authorized Signatory: __________________________________________

Address for Notice to Purchaser:

 

 

 

Address for Delivery of Securities to Purchaser
(if not same as address for notice):

 

______________________________________________________________________________

 

______________________________________________________________________________

 

______________________________________________________________________________

 

 

Subscription Amount: US$           

 

0% Series D Convertible Preferred Stock: ___________________
Shares

 

 

EIN Number, if applicable, will be provided
under separate cover: ________________________

 

 

 

[SIGNATURE PAGES CONTINUE]

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