Document:

Exhibit 10.3

 

EXECUTION COPY

 

 

 

STOCK PURCHASE AGREEMENT

 

by and
between 

 

CINEDIGM CORP.

 

and 

 

BISON ENTERTAINMENT INVESTMENT LIMITED

 

Dated
as of June 29, 2017

 

 

 

    	 	 	 

     

    

 

Table of Contents

 

	ARTICLE I
	 
	PURCHASE AND SALE
	 	 	 
	Section 1.1	Issuance, Sale and Purchase of Shares from the Company	1
	 	 	 
	Section 1.2	Purchase Price	1
	 	 	 
	Section 1.3	Closing; Deliveries	1
	 	 	 
	Section 1.4	Closing Conditions	3
	 	 	 
	Section 1.5	Escrow	6
	 	 	 
	ARTICLE II
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	Section 2.1	Representations and Warranties of the Company	6
	 	 	 
	Section 2.2	Representations and Warranties of the Purchaser	31
	 	 	 
	ARTICLE III
	 
	COVENANTS
	 	 	 
	Section 3.1	Debt Restructuring	33
	 	 	 
	Section 3.2	Form D and Blue Sky	33
	 	 	 
	Section 3.3	Use of Proceeds	33
	 	 	 
	Section 3.4	Listing	34
	 	 	 
	Section 3.5	Publicity	34
	 	 	 
	Section 3.6	Integration	34
	 	 	 
	Section 3.7	Notice of Disqualification Events	34
	 	 	 
	Section 3.8	Proxy Statement; Special Meeting	34
	 	 	 
	Section 3.9	Conduct of Business	36
	 	 	 
	Section 3.10	No Solicitation	38
	 	 	 
	Section 3.11	CFIUS	44
	 	 	 
	Section 3.12	Board of Directors	45
	 	 	 
	Section 3.13	Standstill Agreement	46
	 	 	 
	Section 3.14	Private Placement	46
	 	 	 
	Section 3.15	Proprietary Information and Intellectual Property Assignment	46
	 	 	 
	ARTICLE IV
	 
	MISCELLANEOUS
	 	 	 
	Section 4.1	Survival of the Representations and Warranties	46
	 	 	 
	Section 4.2	Termination	47
	 	 	 
	Section 4.3	Notice of Termination	49

 

    	 	 	 

     

    

 

	Section 4.4	Effect of Termination	49
	 	 	 
	Section 4.5	Fees and Expenses	49
	 	 	 
	Section 4.6	Indemnification	50
	 	 	 
	Section 4.7	Notice of Claims; Procedures	51
	 	 	 
	Section 4.8	Governing Law; Jurisdiction	51
	 	 	 
	Section 4.9	Amendment	51
	 	 	 
	Section 4.10	Binding Effect	51
	 	 	 
	Section 4.11	Assignment	52
	 	 	 
	Section 4.12	Notices	52
	 	 	 
	Section 4.13	Legends	53
	 	 	 
	Section 4.14	Removal of Legends	53
	 	 	 
	Section 4.15	Entire Agreement	53
	 	 	 
	Section 4.16	Severability	53
	 	 	 
	Section 4.17	Headings	53
	 	 	 
	Section 4.18	Execution in Counterparts	54

 

	Schedule 1	Purchase Shares
	 	 
	Schedule 1.4(a)(iii)	Third Party Consents and Approvals
	 	 
	Schedule 2.1(b)	List of Subsidiaries
	 	 
	Schedule 2.1 (p)	Transactions with Affiliates
	 	 
	Schedule 2.1(q)	Indebtedness
	 	 
	Schedule 2.1(u)	Title
	 	 
	Schedule 2.1(v)(iii)	Registered Intellectual Property
	 	 
	Schedule 2.1(v)(v)	Company IP Agreements
	 	 
	Schedule 2.1(x)	Tax Status
	 	 
	Schedule 2.1(cc)	Employee Benefit Plans
	 	 
	Schedule 2.1(hh)	Material Contracts
	 	 
	Schedule 3.9	Exception to the Conduct of Business
	 	 
	Schedule 3.10(h)(i)	Acquisition Proposal
	 	 
	Exhibit A	Form of Registration Rights Agreement
	 	 
	Exhibit B	Form of Voting Agreement
	 	 
	Exhibit C	Form of Amended and Restated Certificate of Incorporation
	 	 
	Exhibit D	Form of Escrow Agreement

 

    	 	 	 

     

    

 

INDEX OF DEFINED TERMS

 

	8-K Filing	Section 3.5
	Acquisition Proposal	Section 3.10(h)(i)
	Affiliate	Section 2.1(i)
	Agreement	Preamble
	Authorized Shares Proposal	Section 3.8(a)
	Balance Sheet	Section 2.1(k)(iii)
	Bison Designees	Section 3.12 (a)
	Board of Directors	Section 1.3(c)(v)
	Bribery Act	Section 2.1(n)(i)
	Bylaws	Section 1.3(c)(v)
	Certificate of Incorporation	Section 1.3(c)(v)
	CFIUS	Section 2.1(kk)
	CFIUS Approval	Section 2.1(kk)
	Class A Common Stock 	Preamble
	Class B Common Stock	Section 2.1(c)(i)
	Closing	Section 1.3(a)
	Closing Date	Section 1.3(a)
	Code	Section 2.1(x)(iii)
	Company	Preamble
	Company Intellectual Property	Section 2.1(v)(ii)
	Company IP Agreements	Section 2.1(v)(v)
	Company Plan	Section 2.1(cc)(i)
	Company Recommendation Change	Section 3.10(d)
	Company Software	Section 2.1(v)(ix)
	Company Stock Plans	Section 2.1(c)(i)
	Contingent Obligation	Section 2.1(q)
	Contracts	Section 2.1(hh)(x)(i)
	Control	Section 4.11
	Controlling	Section 4.11
	Controlled	Section 4.11
	Convertible Notes	Section 1.4 (vi)
	Definitive Transaction Agreement	Section 3.10(h)(ii)
	Elimination Proposal	Section 3.8(a)
	Eligible Market	Section 3.4
	Employment Practices	Section 2.1(dd)(i)
	Encumbrance	Section 2.1(b)
	Environmental Laws	Section 2.1(w)
	ERISA 	Section 2.1(cc)(i)
	ERISA Affiliate	Section 2.1(cc)(i)
	Escrow Agent	Section 1.5
	Escrow Agreement	Section 1.5
	Escrow Amount	Section 1.5
	Exchange Act	Section 2.1(c)(i)
	Exchange Agreements 	Section 1.5
	Exon-Florio	Section 2.1(kk)

 

    	 	 	 

     

    

 

	FCPA	Section 2.1(n)(i)
	GAAP	Section 2.1(k)(ii)
	Government Official	Section 2.1(n)(i)
	Governmental Authority	Section 2.1(n)(i) 
	Hazardous Materials	Section 2.1(w)
	Indebtedness	Section 2.1(q)
	Indemnified Party	Section 4.6
	Indemnifying Party	Section 4.6
	Information Privacy and Security Laws	Section 2.1(ee)
	Intellectual Property 	Section 2.1(v)
	Intervening Event	Section 3.10(h)(iii)
	Issuer Covered Person(s)	Section 2.1(gg)
	IT Systems	Section 2.1(ff)
	Losses	Section 4.6
	Material Adverse Effect	Section 2.1(j)
	Material Contract	Section 2.1(hh)(y)
	Money Laundering Laws	Section 2.1(n)(ii)
	Nasdaq Approval Proposal	Section 3.8(a)
	Non-Solicitation Period	Section 3.10(b)
	Other Anticorruption Laws	Section 2.1(n)(i)
	Outside Date	Section 4.2(b)(iii)
	Outstanding Options	Section 2.1(c)(i) 
	Outstanding Warrants	Section 2.1(c)(i)
	Owned Intellectual Property	Section 2.1 (v)(ii)
	Party	Preamble
	Parties	Preamble
	Per Share Price	Section 1.2
	Person	Section 2.1(c)(i)
	Personal Information	Section 2.1(ee)
	Plan	Section 1.4(a)(vi)
	Primary Shares	Section 1.1
	Principal Market	Section 2.1(g)
	Private Placement	Section 3.14
	Private Placement Shares	Section 1.1
	Proposed Transactions	Section 1.3(c)(v)
	Proxy Statement	Section 3.8(b)
	Public Software	Section 2.1 (v)(x)
	Purchase Price	Section 1.2
	Purchase Shares	Section 1.1
	Purchaser	Preamble
	QIB	Section 4.13
	Registered Intellectual Property	Section 2.1 (v)(iii) 
	Registration Rights Agreement	Section 1.3(b)(ii)
	Regulation D Securities	Section 2.1(gg)
	Representatives	Section 3.10(a)
	SEC	Section 2.1(k)(i)

 

    	 	 	 

     

    

 

	SEC Reports	Section 2.1(k)(i)
	Securities Act	Section 2.1(c)(ii)
	Securities Laws	Section 2.1(c)(ii)
	Series A Preferred Stock	Section 2.1(c)(i)
	Series B Preferred Stock	Section 2.1(c)(i)
	Shares	Recitals
	Software	Section 2.1(v)(i)
	Stockholder Meeting	Section 3.8(a)
	Stockholder Vote Recommendation	Section 3.8(c)
	Superior Proposal	Section 3.10(h)(iv)
	Subsidiaries	Section 2.1 (b)
	Tax	Section 2.1(x)(viii)
	Tax Return	Section 2.1(x)(viii)
	Transaction Documents 	Section 2.1(a)(ii)
	Transfer Restriction Removal Proposal	Section 3.8(a)
	Termination Fee	Section 4.5(b)
	Undesignated Preferred Stock	Section 2.1(c)(i)
	Voting Agreement	Section 1.3(c)(ii)
	Voting Party	Section 3.12 (f)

 

    	 	 	 

     

    

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (this “Agreement”), dated as of June 29, 2017, is by and between Bison Entertainment Investment Limited,
a company organized under the laws of the British Virgin Islands (the “Purchaser”), and Cinedigm Corp., a corporation
organized under the laws of the State of Delaware (the “Company”). The Purchaser and the Company are sometimes
herein referred to each as a “Party,” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS, the Company
and the Purchaser desire to provide for the issuance, sale and purchase of the number of shares of the Class A common stock of
the Company, par value US$0.001 per share (“Shares” or “Class A Common Stock”) as set forth
on Schedule 1, on the terms and conditions set forth in this Agreement;

 

WHEREAS, the Parties
desire to make certain representations, warranties, covenants and agreements in connection with the issuance, sales and purchases
and related transactions contemplated by this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound,
the Parties agree as follows:

 

ARTICLE
I

 

PURCHASE AND SALE

 

Section 1.1           Issuance,
Sale and Purchase of Shares from the Company.
 Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties set forth
herein, the Company agrees to issue, sell and deliver to the Purchaser, free and clear of any pledge, mortgage, security interest,
encumbrance, lien, charge, assessment, claim or restriction of any kind or nature, and the Purchaser agrees to purchase from the
Company, on the Closing Date (as defined below), the number of Shares set forth on Schedule 1 (the “Primary Shares”)
plus the remaining number of Shares set forth on Schedule 1 that are not issued and sold to another investor in the Private
Placement (as defined below) (such Shares, the “Private Placement Shares” and, together with the Primary Shares,
the “Purchase Shares”).

 

Section 1.2           Purchase
Price. The consideration payable by the Purchaser to the Company shall be US$1.50 per Share (the “Per Share Price”).
The total consideration payable by Purchaser is referred to herein as the “Purchase Price.”

 

Section 1.3           Closing;
Deliveries.

 

(a)          Upon
the terms and subject to the conditions of this Agreement, the closing (the “Closing”) of the purchase and sale
of the Purchase Shares shall be held at the Menlo Park office of Shearman & Sterling LLP, on September 28, 2017 or any other
date and time that is agreed upon in writing by the Company and the Purchaser (the date on which the closing occurs, the “Closing
Date”).

 

    	 	1	 

     

    

 

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

 

		(i)	an amount in cash equal to the sum of the Purchase Price as set forth on Schedule 1 by wire
transfer in immediately available funds;

 

		(ii)	the Registration
Rights Agreement between the Company and the Purchaser dated as of the date hereof, substantially in the form attached as Exhibit
A hereto (the “Registration Rights Agreement”), duly executed by the Purchaser;

 

		(iii)	a certificate, executed by a duly authorized officer of the Purchaser and dated as of the Closing
Date, certifying that the conditions specified in Section 1.4(b)(ii) have been satisfied;

 

		(iv)	an opinion addressed to the Company from the British Virgin Islands legal counsel to the Purchaser,
dated as of the Closing Date, in the form to be agreed between the Company and such law firm regarding matters customarily addressed
in legal opinions in transactions similar to the purchase and sale of the Purchase Shares;

 

		(v)	a certificate of the Secretary of the Purchaser, certifying as to (x) resolutions of its board
of directors or other governing body authorizing the execution and delivery of this Agreement, the Registration Rights Agreement
and the consummation of the Proposed Transactions and (y) the incumbency of the officers authorized to execute this Agreement and
the Registration Rights Agreement, setting forth the name and title and bearing the signatures of such officers; and

 

		(vi)	all other documents as may be reasonably requested by the Company.

 

(c)          At
the Closing, the Company shall deliver or cause to be delivered to the Purchaser:

 

		(i)	the Registration Rights Agreement, duly executed by the Company;

 

		(ii)	a Voting Agreement between the Company and each Voting Party (as defined below), dated as of the
date hereof, substantially in the form attached as Exhibit B hereto (the “Voting Agreement”), duly executed
by the Company and each Voting Party;

 

		(iii)	irrevocable written instructions to the transfer agent for the Class A Common Stock with respect
to the issuance of certificate(s) representing the Purchase Shares, registered in the name of the Purchaser (or its nominee);

 

    	 	2	 

     

    

 

		(iv)	a certificate, executed by a duly authorized officer of the Company and dated as of the Closing
Date, certifying that the conditions specified in Section 1.4(a)(iv) have been satisfied;

 

		(v)	a certificate of the Secretary of the Company, certifying as to (x) the Fourth Amended and Restated
Certificate of Incorporation, as amended, of the Company (the “Certificate of Incorporation”) and the Amended
and Restated Bylaws, as amended, of the Company (the “Bylaws”), (y) resolutions of the board of directors of
the Company (the “Board of Directors”) and stockholders authorizing the execution and delivery of this Agreement,
the Registration Rights Agreement and the Voting Agreements and the consummation of the transactions contemplated thereby (collectively,
the “Proposed Transactions”), including the issuance of the Purchase Shares, and (z) the incumbency of the officers
authorized to execute this Agreement, the Voting Agreements and the Registration Rights Agreement, setting forth the name and title
and bearing the signatures of such officers.

 

		(vi)	an opinion addressed to the Purchaser from Kelley Drye & Warren LLP, legal counsel to the Company,
dated as of the Closing Date, in the form to be agreed between the Purchaser and such law firm regarding matters customarily addressed
in legal opinions in transactions similar to the purchase and sale of the Purchase Shares;

 

		(vii)	a certificate evidencing the formation and good standing of the Company and each of its Subsidiaries
(as defined below) in each such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office)
of such jurisdiction of formation as of a date within ten (10) days prior to the Closing Date; and

 

		(viii)	all other documents as may be reasonably requested by Purchaser or required by the laws of the
State of Delaware to effect the issuance and sale of the Purchase Shares.

 

Section 1.4           Closing
Conditions.

 

(a)          Conditions
of the Purchaser. The obligation of the Purchaser to purchase and pay for the Purchase Shares as contemplated by this Agreement
is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived by the Purchaser
in its sole discretion:

 

		(i)	The Registration Rights Agreement shall have been executed and delivered by the parties thereto.

 

		(ii)	The Voting Agreement shall have been executed and delivered by the Company and each Voting Party.

 

    	 	3	 

     

    

 

		(iii)	All corporate actions,
authorizations, approvals, permits, if any, of any governmental authority or regulatory body of the United States or of any state,
third party consents and approvals as set forth on Schedule 1.4(a)(iii) and other actions that are required to be
taken by the Company in connection with the issuance and sale of the Purchase Shares shall have been completed.

 

		(iv)	The representations and warranties of the Company contained in Section 2.1 of this Agreement
shall have been true and correct on the date of this Agreement and shall be true and correct in all material respects (except for
those representations and warranties qualified by material, materiality or similar expressions, which shall be true and correct
in all respects) on and as of the Closing Date, except that those representations and warranties that address matters only as of
a particular date need only be true and correct as of such date; and the Company shall have performed and complied in all material
respects with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations
contained in this Agreement that are required to be performed or complied with on or before the Closing Date.

 

		(v)	The closing of the transactions contemplated by the exchange agreements entered into by and between
the Company and the holders of at least 67% of the Company’s 5.5% Convertible Notes due 2035 (the “Convertible Notes”)
that are outstanding as of the date of this Agreement; provided that the terms of such exchanges shall be acceptable to the Purchaser.

 

		(vi)	The implementation of
a new employee stock incentive plan (the “Plan”) and reservation of 1,980,000 Shares therefor, representing
5% of the total issued and outstanding Class A Common Stock on a fully diluted basis, for issuance under the Plan, and the Plan
Proposal (as defined below) shall have been approved by the holders of the requisite Shares, with terms and performance
targets of initial grants to management awarded thereunder that are reasonably satisfactory to the Purchaser.

 

		(vii)	The closing of the Private Placement.

 

		(viii)	As of the Closing, the authorized size of the Board of Directors shall be seven (7), two (2) of
whom shall be designated by the Purchaser.

 

		(ix)	The Company shall have
filed the Amended and Restated Certificate of Incorporation, substantially in the form attached as Exhibit C hereto,
with the Secretary of State of Delaware on or prior to the Closing, which shall continue to be in full force and effect as of the
Closing.

 

		(x)	The parties hereto shall have received CFIUS Approval.

 

    	 	4	 

     

    

 

		(xi)	The Company shall have filed with the SEC an annual report on Form 10-K for the fiscal year ended
March 31, 2017.

 

		(xii)	The Company shall have amended its employee handbook, to the satisfaction of the Purchaser, to
address assignment of inventions and IP rights by employees.

 

		(xiii)	No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced
or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits,
imposes any damages or penalties that are substantial in relation to the Company, or otherwise makes illegal the consummation of
the Proposed Transactions; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority
of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit, impose any damages or penalties that
are substantial in relation to the Company, or otherwise makes illegal the consummation of the Proposed Transactions.

 

		(xiv)	The Company shall have delivered, or caused to be delivered, to the Purchaser at the Closing, the
Company’s closing deliveries described in Section 1.3(c).

 

		(xv)	Since the date hereof, no change or event shall have occurred and no circumstances shall exist
which have had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (as defined
below).

 

(b)          Conditions
of the Company. The obligation of the Company to issue and sell the Purchase Shares to be sold to and purchased by the Purchaser
as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions,
any of which may be waived in writing by the Company in its sole discretion:

 

		(i)	The Registration Rights Agreement shall have been executed and delivered by the Purchaser.

 

		(ii)	All corporate and other actions required to be taken by the Purchaser in connection with the purchase
of the Purchase Shares shall have been completed.

 

		(iii)	The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement
shall have been true and correct on the date of this Agreement and on and as of the Closing Date; and the Purchaser shall have
performed and complied in all material respects with all, and not be in breach or default in any material respect under any, agreements,
covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before
the Closing Date.

 

    	 	5	 

     

    

 

		(iv)	The requisite
holders of Common Stock of the Company shall have approved the Authorized Shares Proposal, the Nasdaq Approval Proposal (as defined
below) and the Plan Proposal.

 

		(v)	All authorizations, approvals,
permits, if any, of any governmental authority or regulatory body of the United States or of any state, third party consents and
approvals as set forth on Schedule 1.4(a)(iii) shall have been obtained.

 

		(vi)	No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced
or entered any law (whether temporary, preliminary or permanent) that is in effect and makes illegal the consummation of the Proposed
Transactions; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent
jurisdiction or threatened that seeks to make illegal the consummation of the transactions contemplated by this Agreement.

 

Section 1.5           Escrow.
Simultaneously with the execution and delivery of this Agreement, the Purchaser, the Company and American Stock Transfer &
Trust Company, LLC, as Escrow Agent (the “Escrow Agent”), are entering into an Escrow Agreement substantially
in the form attached as Exhibit D hereto (the “Escrow Agreement”) pursuant to which (a) the Purchaser will
deposit in escrow with the Escrow Agent, no later than July 10, 2017, cash in the amount of US$15,000,000.00 (the “Escrow
Amount”) until the Closing, provided that (i) if the Company has not, by the date that is 30 days after the date of
this Agreement reached agreements (collectively, the “Exchange Agreements”) acceptable to the Purchaser with
Persons that hold in the aggregate at least 67% of the outstanding principal amount of the Convertible Notes for the exchange
of such Convertible Notes, or (ii) the Closing does not occur by the Outside Date (as defined below) or the Agreement is terminated
pursuant to Section 4.2, the Purchaser shall have the right to demand the Escrow Agent to return the entire Escrow Amount
to the Purchaser, and (b) at the Closing, the Escrow Agent, on the joint written instructions of the Purchaser and the Company,
shall pay (i) to holders of the Convertible Notes such amount as shall be set forth in such joint written instructions, and (ii)
the balance of the Escrow Amount, if any, to the Company. Any amounts paid to the holders of Convertible Notes or the Company
pursuant to this paragraph shall be deemed to be considered as part of, and applied against the amounts owed by the Purchaser
at the Closing with respect to, the Purchase Price.

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

Section 2.1           Representations
and Warranties of the Company. The
Company hereby represents and warrants to the Purchaser, as of the date hereof and as of the Closing Date, as follows:

 

    	 	6	 

     

    

 

(a)          Organization
and Authority.

 

		(i)	The Company is a corporation duly organized and validly existing and in good standing under the
laws of the State of Delaware. The Company has all requisite power and authority to own its properties and to carry on its business
as it is currently being conducted and as presently proposed to be conducted. Each of the Company’s Subsidiaries is an entity
duly organized and validly existing and in good standing under the laws of the jurisdiction in which it was formed, and has the
requisite power and authorization to own its properties and to carry on its business as now being conducted and as presently proposed
to be conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in
good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such
qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material
Adverse Effect.

 

		(ii)	The Company has all necessary
corporate power and authority to enter into this Agreement and the other Transaction Documents and to perform its obligations hereunder.
The execution and delivery by the Company of this Agreement and the other Transaction Documents and the performance of its obligations
hereunder have been duly authorized by all requisite action on the part of the Company. This Agreement and the other Transaction
Documents, when duly executed by the Company, will constitute the valid and legally binding obligations of the Company, enforceable
in accordance with their respective terms and conditions, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited
by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.  As used in
this Agreement, “Transaction Documents” means, collectively, this Agreement, the Registration Rights Agreement,
the Voting Agreements and the Escrow Agreement.

 

(b)          Subsidiaries.
All of the Company’s Subsidiaries, including entities the Company accounts for as variable interest entities, are set forth
on Schedule 2.1(b) (the “Subsidiaries”). The Company does not have any other Subsidiaries. Except
for Con TV, LLC, 85% capital stock of which is owned by the Company, the Company owns, directly or indirectly, one hundred percent
(100%) of the capital stock or other equity interests of each of its Subsidiaries, free and clear of any Encumbrances, except for
the Encumbrances set forth on Schedule 2.1(b). All of the issued and outstanding shares of capital stock or other equity
interest of each Subsidiary owned by the Company are validly issued and are fully paid, non-assessable and free of preemptive and
similar rights to subscribe for or purchase securities. As used in this Agreement, “Encumbrance” means any mortgage,
deed of trust, lien, pledge, charge, defect in title, security interest, title retention device, collateral assignment, indenture,
hypothecation, license to third parties, pledge, option, conditional or installment sale agreement, easement, right of first refusal,
right of first offer, right of repurchase, claim, restriction or other encumbrance of any kind (including any restriction on the
voting of any security, any restriction on the transfer of any security or other asset, any restriction on the receipt of any income
derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of
any other attribute of ownership of any security or other asset).

 

    	 	7	 

     

    

 

(c)          Capitalization.

 

		(i)	The authorized share
capital of the Company consists of 25,000,000 Shares, 1,241,000 shares of Class B common stock, par value US$0.001 per share (the
“Class B Common Stock”), 20 shares of Series A preferred stock, par value US$0.001 per share (the “Series
A Preferred Stock”), 1,000,000 shares of Series B junior participating preferred stock, par value US$0.001 per share
(the “Series B Preferred Stock”), and 13,999,980 shares of preferred stock, par value US$0.001 per share (the
“Undesignated Preferred Stock”), of which, as of the date of this Agreement, 12,386,353 Shares, zero shares
of Class B Common Stock, 7 shares of Series A Preferred Stock, zero shares of Series B Preferred Stock and zero shares of Undesignated
Preferred Stock are issued and outstanding. All issued and outstanding Shares are validly issued, fully paid and nonassessable.
As of the date of this Agreement, no Shares are held in treasury and no Shares are reserved for future issuance except (i) awards
to purchase up to an aggregate of 470,535 Shares pursuant to the Plan, including awards to purchase 343,265 Shares that are issued
and outstanding, pursuant to the Company’s Second Amended and Restated 2000 Equity Incentive Plan (the “Existing
Plan” and, together with the Plan, the “Company Stock Plans”), (ii) options to purchase an aggregate
of 492,500 Shares outside of the Existing Plan (the “Outstanding Options”), (iii) warrants to purchase an aggregate
of 577,563 Shares (the “Outstanding Warrants”), and (iv) 4,169,945 Shares into which the Convertible Notes are
convertible. Except for the foregoing Company Stock Plans, the Outstanding Options, the Outstanding Warrants, and the Convertible
Notes, there are no options, warrants or other rights, agreements, arrangements or commitments of any character relating to the
issued or unissued capital stock of the Company or any of its subsidiaries or obligating the Company or any of its subsidiaries
to issue or sell any shares of capital stock of, or other equity interests in, the Company or any of its subsidiaries. The Company
has made available to Purchaser accurate and complete copies of all agreements for the Outstanding Options and the Outstanding
Warrants. All Shares subject to issuance as aforesaid, upon issuance on the terms and subject to the conditions specified in the
instruments pursuant to which they are issuable, will be duly authorized, validly issued, fully paid and nonassessable. There are
no outstanding contractual obligations of the Company or any of its subsidiaries to repurchase, redeem or otherwise acquire any
capital stock of the Company (it being acknowledged that the Forward Stock Purchase Confirmation, dated April 24, 2015, by and
between the Company and Société Générale reflects 1,179,138 Shares that are currently outstanding but
will be surrendered to the Company and cancelled upon settlement by or before April 15, 2020 with no additional consideration to
be paid by the Company) or any of its subsidiaries or to provide funds to, or make any investment (in the form of a loan, capital
contribution or otherwise) in, any subsidiary or any other Person. As used herein, “Person” means an individual,
corporation, partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a “person”
as defined in Section 13(d)(3) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)),
trust, association or entity or government, political subdivision, agency or instrumentality of a government.

 

    	 	8	 

     

    

 

		(ii)	All outstanding Shares
and all outstanding awards under the Company Stock Plans and all outstanding shares of capital stock or other equity interests
of each of the Company’s subsidiaries have been issued and granted in compliance in all material respects with (i) all applicable
Securities Laws and other applicable laws and (ii) all requirements set forth in applicable contracts. “Securities Laws”
means the United States Securities Act of 1933, as amended (the “Securities Act”), the Exchange Act,
the listing rules of, or any listing agreement with the Principal Market (as defined below), state securities laws and regulations,
and any other applicable law regulating securities or takeover matters.

 

(d)          Due
Issuance of the Purchase Shares. The Purchase Shares have been duly authorized and, when issued and delivered to and paid for
by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any Encumbrances
of any kind or nature, except for restrictions arising under the Securities Act or applicable “blue sky” laws.

 

(e)          Noncontravention.
Neither the execution and the delivery of the Transaction Documents, nor the consummation of the Proposed Transactions hereby,
will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction
of any government, governmental entity or court to which the Company is subject, or (ii) conflict with, result in a breach of,
constitute a default under, result in the acceleration of or creation of an encumbrance under, create in any party the right to
accelerate, terminate, modify, or cancel, or require any notice under, any agreement, contract, lease, license, instrument, or
other arrangement to which the Company is a party or by which the Company is bound or to which any of the Company’s assets
are subject, other than the consents and approvals set forth on Schedule 1.4(a)(iii) and consents which if not obtained
would not reasonably be expected to have a Material Adverse Effect. There is no action, suit or proceeding, pending or threatened
against the Company that questions the validity of the Transaction Documents or the right of the Company to enter into the Transaction
Documents or to consummate the Proposed Transactions.

 

(f)          Consents
and Approvals. Neither the execution and delivery by the Company of the Transaction Documents, nor the consummation by the
Company of any of the Proposed Transactions, nor the performance by the Company of the Transaction Documents in accordance with
their terms, will require the consent, approval, order or authorization of, or registration with, or the giving notice to, any
governmental or public body or authority or any third party, except such as will have been obtained, made or given prior to the
Closing.

 

    	 	9	 

     

    

 

(g)          Principal
Market.  The Company has not received any written notification from the Nasdaq Global Market (the “Principal
Market”) that the Company is currently in violation of the requirements of the Principal Market, and the Company has
not taken any action designed to, or which would reasonably be expected to lead to, the termination or suspension of the listing
of the Shares on the Principal Market.

 

(h)          No
General Solicitation.  None of the Company or any of its Subsidiaries, or any Person acting on its or their behalf, has
engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the
offer or sale of the Purchase Shares.  Neither the Company nor any of its Subsidiaries has engaged any placement agent, financial
advisor or other agent in connection with the sale of the Purchase Shares other than Regions Securities LLC. 

 

(i)          No
Integrated Offering.  Except as otherwise permitted in this Agreement, none of the Company, its Subsidiaries or any of
their Affiliates (as defined below) or, to its knowledge, any Person acting on their behalf, has, directly or indirectly, made
any offer or sale of any security or solicited any offers to buy any security, under circumstances that would require registration
of the issuance of any of the Purchase Shares under the Securities Act, whether through integration with prior offerings or otherwise.
For purposes of this Agreement, “Affiliate” shall mean, of any person, any other person that directly, or indirectly
through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first person. “Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of
a person through the ownership of securities or otherwise, including, without limitation, having the power to elect a majority
of the board of directors or other governing body of such person, and “Controlling” and “Controlled”
have correlative meanings.

 

(j)          Compliance
with Laws. The business of the Company is not being conducted in violation of any law applicable to the Company except
for violations which do not and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. As used herein, “Material Adverse Effect” shall mean any event, fact, circumstance or occurrence that,
individually or in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be
expected to result in a material adverse change in or a material adverse effect on any of (i) the financial condition, assets,
liabilities, results of operations, business, or operations of the Company taken as a whole, except to the extent that any such
Material Adverse Effect results from (x) the public disclosure of the Proposed Transactions, (y) changes in generally accepted
accounting principles that are generally applicable to comparable companies, or (z) changes in general economic and market conditions
(provided, in the case of clause (z) that such changes do not affect any of the Company disproportionately as compared to any of
the Company’s competitors), or (ii) the ability of the Company to consummate the Proposed Transactions and to perform its
material obligations under the Transaction Documents.

 

    	 	10	 

     

    

 

(k)          SEC
Filings; Financial Statements.

 

		(i)	The Company has filed all forms, reports and documents required to be filed by it with the Securities
and Exchange Commission (the “SEC”) since April 1, 2015, including (i) its Annual Reports on Form 10-K for the
fiscal years ended March 31, 2015, 2016 and 2017, respectively, and (ii) quarterly reports on Form 10-Q, all other forms, and reports
filed by the Company with the SEC since April 1, 2015 (the forms, reports and other documents referred to in clauses (i) and (ii)
above being, collectively, the “SEC Reports”). The SEC Reports (i) complied in all material respects as to form
with the requirements of the Securities Act, or the Exchange Act, as the case may be, and the rules and regulations promulgated
thereunder, and (ii) did not, at the time they were filed, or, if amended, as of the date of such amendment, 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
made therein, in the light of the circumstances under which they were made, not misleading.

 

		(ii)	Each of the consolidated financial statements (including, in each case, any notes thereto) contained
in the SEC Reports was prepared in accordance with United States generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes thereto) and each fairly
presents, in all material respects, the consolidated financial position, results of operations and cash flows of the Company and
its subsidiaries as at the respective dates thereof and for the respective periods indicated therein (subject, in the case of unaudited
statements, to normal year-end adjustments which would not have had, and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect).

 

		(iii)	Except as and to the extent set forth on the audited consolidated balance sheet of the Company
and the subsidiaries as at March 31, 2017, including the notes thereto (the “Balance Sheet”), neither the Company
nor any subsidiary has any liability or obligation of any nature (whether accrued, absolute, contingent or otherwise) that would
be required to be disclosed in accordance with GAAP, except for liabilities and obligations, incurred in the ordinary course of
business consistent with past practice since March 31, 2017, which would not, individually or in the aggregate, prevent or materially
delay consummation of any of the Proposed Transactions or otherwise prevent or materially delay the Company from performing its
obligations under this Agreement and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

(l)          Events
Subsequent to Most Recent Fiscal Period. Since March 31, 2017, there has not occurred any Material Adverse Effect or any event,
fact, circumstance or occurrence that would reasonably be expected to result in a Material Adverse Effect.

 

    	 	11	 

     

    

 

(m)          Conduct
of Business; Regulatory Permits.  Neither the Company nor any of its Subsidiaries is in violation of any term of or in
default under its certificate of incorporation, bylaws, or other organizational documents, as applicable.  Neither the Company
nor any of its Subsidiaries is in violation, in any material respect, of any judgment, decree or order or any statute, ordinance,
rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will
conduct its business in violation, in any material respect, of any of the foregoing.  The Company and each of its Subsidiaries
possesses all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct its
respective business, except where the failure to possess such certificates, authorizations or permits would not have, individually
or in the aggregate, a Material Adverse Effect, and neither the Company nor any such Subsidiary has received any written notice
of proceedings relating to the revocation or modification of any such certificate, authorization or permit.  None of the Company
or any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation or winding up, and the Company does not have knowledge or reason to believe that any
of its or any of its Subsidiaries’ respective creditors intends to initiate involuntary bankruptcy proceedings.

 

(n)          Foreign
Corrupt Practices.

 

		(i)	Except to the extent the following have not had or would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, neither the Company nor any of its Subsidiaries nor any of their respective directors,
officers, or employees and to the best of the Company’s knowledge any representatives, distributors, consultants or agents
acting directly for or on behalf of the Company or its Subsidiaries has, in the course of his, her or its actions for or on behalf
of the Company or its Subsidiaries (1) made, offered, promised, or authorized any illegal contributions, gifts, entertainment
or payments of other expenses, in each case from corporate funds, related to political activity, (2) unlawfully made, offered,
promised, or authorized the giving of anything of value, or any direct or indirect unlawful payments to any foreign or domestic
Government Official (as defined below) for the purpose of (A) influencing any act or decision of such person in their capacity
as a Government Official, (B) inducing a Government Official to do or omit to do any act in violation of his or her lawful duties,
(C) securing any improper advantage or (D) inducing a Government Official to influence or affect any act or decision of any Governmental
Authority (as defined below) in a manner that would constitute or have the purpose or effect of public or commercial bribery, acceptance
of, or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining business or any improper advantage,
(3) made, offered, promised, or authorized any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment
of any nature to any Government Official or (4) violated any provision of the Foreign Corrupt Practices Act (the “FCPA”),
the U.K. Bribery Act 2010 (the “Bribery Act”) or any other applicable laws, regulations or conventions to which
the Company or any of its Subsidiaries is subject relating to corruption (governmental or commercial), bribery, money laundering,
political contributions or gifts, entertainment, and gratuities, involving or to any Governmental Authority or any Government Official
or commercial entity, including all national and international laws enacted to implement the OECD Convention on Combating Bribery
of Foreign Officials in International Business Transactions (collectively, “Other Anticorruption Laws”). 
Since January 1, 2014, none of the Company nor any of its Subsidiaries has conducted or initiated any internal investigation or
made a voluntary, directed, or involuntary disclosure to any Governmental Authority or similar agency with respect to any alleged
act or omission arising under or relating to any noncompliance with the FCPA, the Bribery Act or any Other Anticorruption Law. 
Neither the Company nor its Subsidiaries have received any written notice, request, or citation for any actual or potential noncompliance
with any of the foregoing in this Section 2.1(n).  As used in this Agreement, “Governmental Authority”
means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department,
court, agency or official, including any political subdivision thereof. “Government Official” means (w) any
official, officer, employee, or representative of, or any person acting in an official capacity for or on behalf of, any Governmental
Authority, (x) any political party or party official or candidate for political office, (y) a Politically Exposed Person as defined
by the Financial Action Task Force or any (z) company, business, enterprise or other entity controlled by any person described
in the foregoing clause (w), (x), or (y) of this definition.

 

    	 	12	 

     

    

 

		(ii)	The Company believes that its accounting controls and procedures are sufficient to cause the Company
to comply in all material respects with the FCPA.  The operations of the Company and its Subsidiaries have been conducted
at all times in compliance in all material respects with the applicable financial recordkeeping and reporting requirements of the
U.S. Currency and Foreign Transaction Reporting Act of 1970, as amended, the U.S. Money Laundering Control Act of 1986, as amended,
and all applicable money laundering-related laws of other jurisdictions where the Company and its Subsidiaries conduct business
or own assets, and any related or similar law issued, administered or enforced by any Governmental Authority (collectively, the
“Money Laundering Laws”).  No proceeding by or before any Governmental Authority involving the Company
or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, is threatened.

 

(o)          Sarbanes-Oxley
Act.  Each of the Company and each Subsidiary is in compliance in all material respects with all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated
by the SEC thereunder that are effective as of the date hereof.

 

    	 	13	 

     

    

 

(p)          Transactions
With Affiliates.  Except as set forth in the SEC Reports or on Schedule 2.1(p), none of the officers, directors
or employees of the Company or any of its Subsidiaries is presently a party to any transaction with the Company or any of its Subsidiaries
(other than for ordinary course services as employees, officers or directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any such officer, director or employee or, to the best knowledge of the Company or any of its Subsidiaries,
any corporation, partnership, trust or other Person in which any such officer, director, or employee has a substantial interest
or is an employee, officer, director, trustee or partner.

 

(q)          Indebtedness.
Except as set forth on Schedule 2.1(q) or as otherwise incurred in the ordinary course of business since the date of the
most recent consolidated financial statements of the Company and its subsidiaries contained in the SEC Reports, neither
the Company nor any of its Subsidiaries (i) has any outstanding material Indebtedness (as defined below) that is not set forth
in such consolidated financial statements and that would be required to be set forth in consolidated financial statements that
are prepared in accordance with GAAP, or (ii) 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, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.  For purposes of this Agreement: (1) “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 (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, lien, 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; and (2) “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.

 

    	 	14	 

     

    

 

(r)          Absence
of Litigation.  There is no action, suit, proceeding, inquiry or investigation before or by the Principal Market, any
Governmental Authority, self-regulatory organization or body pending or, to the best knowledge of the Company, threatened against
or affecting the Company or any of its Subsidiaries, which (i) adversely affects or challenges the legality, validity or enforceability
of any of this Agreement or any of the other Transaction Documents or (ii) would, if there were an unfavorable decision, ruling
or finding, have or reasonably be expected to result in a Material Adverse Effect.  To the best knowledge of the Company,
there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or any current
or former director or officer of the Company or any of its Subsidiaries.  The SEC 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.

 

(s)          Insurance. 
The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its
Subsidiaries are engaged.  Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied
for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.

 

(t)          Employee
Relations.  None of the Company or any of its Subsidiaries is a party to any collective bargaining agreement or other
agreement with a labor union or other labor organization.  To the best knowledge of the Company, no employees of the Company
or any of its Subsidiaries are represented by any labor union or other labor organization.  To the best knowledge of the Company
there are no activities or proceedings of any labor union or other labor organization to organize any employees of the Company
or any of its Subsidiaries and no demand for recognition or certification as the exclusive bargaining representative of any employees
has been made by or on behalf of any labor union or other labor organization.  The Company believes that its and its Subsidiaries’
relations with their respective employees are good.  There are no pending or, to the best knowledge of the Company, threatened,
and in the past three (3) years there have been no strikes, lockouts, pickets, slowdowns claims (other than ordinary claims under
employee benefit plans), unfair labor charge, disputes, actions, grievances or disciplinary actions pending or, to the best knowledge
of the Company, threatened, by or between the Company or any of its Subsidiaries and any of their respective employees.  The
Company and its Subsidiaries are in material 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.

 

    	 	15	 

     

    

 

(u)          Title. 
The Company and its Subsidiaries have good and marketable title to all personal property (exclusive of Intellectual Property Rights,
which are addressed in Section 1.2(v)), owned by them which is material to the business of the Company and its Subsidiaries,
in each case, free and clear of all Encumbrances, except for (i) Encumbrances that 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) Encumbrances for the payment of 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 or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are
not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company or any
of its Subsidiaries. There is not, under any such real property lease, any material default or breach by the Company or any of
its Subsidiaries, nor, to the best knowledge of the Company, by any other party thereto. Except for lease properties of the Company
and its Subsidiaries as disclosed in the SEC Reports and as set forth on Schedule 2.1(u), and there are no other real property
leases to which the Company or any of its Subsidiaries is a party that provide for annual payments in excess of $50,000. 
No portion of such real property leased by the Company or any of its Subsidiaries is sublet or licensed for use to any third party.
There is not, under any such real property lease or sublease, any material default or breach by the Company or any of its Subsidiaries
or, to the best knowledge of the Company, by any other party thereto.  None of the Company or any of its Subsidiaries owns
any real property.

 

(v)         Intellectual
Property.

 

		(i)	As used in this Agreement, “Intellectual Property” means all of the following
as they exist in any jurisdiction throughout the world: (a) all inventions and discoveries (whether or not patentable and
whether or not reduced to practice), all improvements thereto and all statutory invention registrations, patent disclosures, issued
patents and patent applications, and any divisionals, continuations, continuations-in-part, renewals, reexaminations, substitutions,
extensions, or reissues thereof, and the rights related thereto; (b) all trademarks, service marks, trade dress, trade names,
and Internet domain names, brand names, corporate names, URLs, and other identifiers of source or goodwill, (including, in each
case, the goodwill associated therewith), whether registered or unregistered, and all registrations and applications for registration
and renewal thereof; (c) all works of authorship and all rights therein (including moral rights), and all copyrights, whether
registered or unregistered, all copyright registrations, and applications for copyright registration, and any extensions or renewals
thereof; (d) all trade secrets and other forms and types of confidential or non-public information, including business, financial,
research or development, pricing and cost, or technical information, concepts, ideas, designs, processes, procedures, techniques,
specifications, operating and maintenance manuals, drawings, methods, know-how, data, databases, formulas, compositions, methods,
customer and supplier lists, business and marketing plans, proposals, and invention disclosures (whether or not patentable, but
in each case excluding any rights in respect of any of the foregoing that comprise or are protected by issued patents) and the
trade secret rights that are related thereto; (e) all computer programs, software, systems and code, including all source
code, object code, development and design tools, library functions, compilers and documentation related thereto and all databases
and data collections (collectively, “Software”); (f) databases and data collections and all rights therein;
and (g) all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other
proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including
for any past or ongoing infringement, misuse or misappropriation.

 

    	 	16	 

     

    

 

		(ii)	Except to the extent
the following would not have, individually or in the aggregate, a Material Adverse Effect, the Company and its Subsidiaries
exclusively own all right, title and interest in and to all Intellectual Property owned or purported to be owned by the Company
or its Subsidiaries (the “Owned Intellectual Property”), free and clear of all Encumbrances, and have valid
and enforceable license to use all Intellectual Property that the Company and/or any of its Subsidiaries is granted a license to
use or is otherwise permitted to use by any Person in connection with the operation of the businesses of the Company and its Subsidiaries
(together with the Owned Intellectual Property, the “Company Intellectual Property”). The Company Intellectual
Property constitutes all Intellectual Property necessary to conduct the businesses of the Company and its Subsidiaries as currently
conducted.

 

		(iii)	Schedule 2.1(v)(iii)
sets forth a true and complete list of all registrations and applications for the registration with a Governmental Authority or
Internet domain name registrar of Owned Intellectual Property (collectively, the “Registered Intellectual Property”),
indicating for each such item, as applicable, the application or registration number, date and jurisdiction of filing or issuance,
and the identity of the current applicant or registered owner. Except to the extent the following would not have, individually
or in the aggregate, a Material Adverse Effect, each item of Registered Intellectual Property is (a) valid, subsisting and
enforceable, (b) currently in compliance with any and all formal legal requirements necessary to maintain the validity and enforceability
thereof and record and perfect the Company’s and/or its Subsidiaries’ interest therein, and (c) not subject to any
outstanding order, judgment, injunction, decree, ruling or agreement adversely affecting the Company’s or any of its Subsidiaries’
use thereof or rights thereto, or that would impair the validity or enforceability thereof.

 

		(iv)	There is no pending or threatened claim by any third party contesting or challenging (a) the ownership,
validity, registrability or enforceability of any Owned Intellectual Property, or (b) the ownership or right to use by the Company
or any of its Subsidiaries of any Company Intellectual Property.

 

    	 	17	 

     

    

 

		(v)	Schedule 2.1(v)(v) sets forth a true and complete list of each agreement to which the Company
or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound, and pursuant to which (a) any
Intellectual Property is licensed by the Company or any of its Subsidiaries to any Person, excluding non-exclusive licenses granted
to customers in the ordinary course of business, or (b) any Intellectual Property is licensed by any Person to the Company or any
of its Subsidiaries, excluding (i) agreements for commercially available third party Software, and (ii) agreements with content
entertainment group suppliers pursuant to which rights to distribute content or titles in the ordinary course of business are granted
to the Company or any of its Subsidiaries (collectively, the “Company IP Agreements”). Each Company IP Agreement
is in full force and effect and is enforceable against the Company and there does not exist under any Company IP Agreement any
default or condition or event that, after notice or lapse of time or both, would constitute a material default on the part of the
Company or, to the knowledge of the Company and its Subsidiaries, on the part of any other party to such Company IP Agreement.

 

		(vi)	The operation of the businesses of the Company and its Subsidiaries as currently conducted and
as has been conducted during the past five (5) years does not infringe, violate or misappropriate any Intellectual Property of
any third party or constitute contributory infringement, inducement of infringement or unfair competition or trade practices under
the laws of any jurisdiction. There is no claim, action or proceeding pending or, to the knowledge of the Company and its Subsidiaries,
threatened against the Company or any of its Subsidiaries by any Person alleging that such Company or Subsidiary infringes, misappropriates
or otherwise violates the Intellectual Property rights of such Person. To the knowledge of the Company and its Subsidiaries, no
Person is engaging in any activity that infringes, misappropriates or otherwise violates or conflicts with any Owned Intellectual
Property, and there is no claim, action or proceeding pending or threatened by the Company or any of its Subsidiaries against any
Person alleging such Person is engaged in any such activity.

 

		(vii)	The Company and each of its Subsidiaries have taken reasonable measures to maintain the confidentiality
of all confidential information used or held for use in the operation of their businesses and all other confidential Company Intellectual
Property. No confidential information, trade secrets or other confidential Company Intellectual Property have been disclosed by
the Company or any of its Subsidiaries to, or to the knowledge of the Company and its Subsidiaries discovered by, any Person except
pursuant to appropriate non-disclosure or license agreements that (a) obligate such Person to keep such material confidential information,
trade secrets or other confidential Company Intellectual Property confidential both during and after the term of such agreement,
and (b) are valid, subsisting, in full force and effect and binding on the parties thereto and with respect to which neither the
Company, its Subsidiaries or, to the knowledge of the Company and its Subsidiaries, any other party thereto, is in default thereunder
and no condition exists that with notice or the lapse of time or both could constitute a default thereunder.

 

    	 	18	 

     

    

 

		(viii)	The Company and its Subsidiaries have taken reasonable steps to protect and maintain the Owned
Intellectual Property. Without limiting the foregoing, the Company and its Subsidiaries have and enforce policies requiring each
employee, consultant and independent contractor who have created Intellectual Property for or on behalf of the Company or any of
its Subsidiaries to execute a proprietary rights assignment and confidentiality agreement substantially in the form provided to
the Purchaser, and all current and former employees, consultants and independent contractors of the Company and its Subsidiaries
who have created or developed Owned Intellectual Property have executed such an agreement. To the knowledge of the Company and
its Subsidiaries, no employee, consultant or independent contractor of the Company or its Subsidiaries is in default or breach
of any term of such agreement.

 

		(ix)	Neither the Company nor any of its Subsidiaries has disclosed, delivered or licensed to any Person,
agreed to disclose, deliver or license to any Person, or permitted the disclosure or delivery to any escrow agent or other Person
of, any source code for any Software included in the Owned Intellectual Property (the “Company Software”) except
for disclosures to employees, contractors or consultants under agreements that prohibit use or disclosure except in the performances
of services to the Company or its Subsidiaries. No third party is currently in possession of such source code.

 

		(x)	No Public Software (as defined below) is incorporated into, forms part of, has been used in connection
with the development of, or has been distributed with, in whole or in part, any Company Software in a manner which would require
that such Company Software (a) be disclosed or distributed in source code form, made available at no charge or otherwise licensed
to third parties; (b) be subject to any restriction on the consideration to be charged for the distribution thereof; or (c) be
decompiled, disassembled or otherwise reverse-engineered (except as required by applicable law). The Company and each of its Subsidiaries
are in compliance with all applicable licenses with respect to any such Public Software. As used herein, “Public Software”
means any Software that is, contains, or is derived in any manner from, in whole or in part, any Software that is distributed as
freeware, shareware, open source Software (e.g., Linux) or similar licensing or distribution models.

 

(w)          Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all applicable Environmental Laws (as defined below), (ii)
have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses, (iii) are in compliance with all terms and conditions of any such permit, license or approval and (iv) are not subject
to any claims, actions, suits, proceedings, remedial action obligations or investigations pursuant to Environmental Laws where,
in each of the foregoing clauses (i), (ii), (iii) and (iv), the failure to so comply, or the claim, action, suit, proceeding, remedial
action obligation or investigation, would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution
or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

    	 	19	 

     

    

 

(x)          Taxes.

 

		(i)	The Company and each of its Subsidiaries:

 

		(1)	has timely made or filed
or caused to be filed on its behalf (taking into account any extension of time to file granted or obtained) with the appropriate
Governmental Authorities all income and other material Tax Returns required to be filed by, or for it, and all such Tax Returns
are true, correct and complete in all material respects.

 

		(2)	has paid or caused to be paid on its behalf all income and other material Taxes that are due and
payable by it or on its income (whether or not shown on any Tax Return as owing), except those being contested in good faith and
for which adequate reserves have been created on its financial statements in accordance with GAAP;

 

		(3)	with respect to all income and other material Taxes incurred by it and that are not yet due and
payable by it or with respect to it, (A) has adequately accrued and adequately disclosed such amounts on its financial statements
in accordance with GAAP, and (B) for periods not covered by the financial statements, has accrued on its books provisions adequate
for the payment of such Taxes; and

 

		(4)	has not incurred any liability for income or other material Taxes since the date of the Balance
Sheet outside of the ordinary course of business.

 

		(ii)	Except as set forth on Schedule 2.1(x), no examination, audit or other proceeding conducted by
any Governmental Authority with respect to the Company or any of its Subsidiaries is currently in progress and, to the best knowledge
of the Company, no such examination, audit or proceeding has been threatened. Except as set forth on Schedule 2.1(x), within the
last three (3) years, no written claim has been received from a Governmental Authority in a jurisdiction where the Company or any
of its Subsidiaries does not pay Tax or file Tax Returns that the Company or such Subsidiary is, or may be subject to, Taxation
by that jurisdiction, and, to the best knowledge of the Company, there is no basis in applicable law for such a claim.

 

    	 	20	 

     

    

 

		(iii)	Except as set forth on
Schedule 2.1(x), neither the Company nor any of its Subsidiaries (1) has entered into an agreement or waiver (that has not
expired) or has been requested to enter into an agreement or waiver extending any statute of limitations relating to the payment
or collection of Taxes of the Company or any of its Subsidiaries, (2) has entered into a “closing agreement,”
as described in Section 7121 of the Internal Revenue Code of 1986, as amended (the “Code”), or (3) is presently
contesting the Tax liability of the Company or any of its Subsidiaries before any court, tribunal or agency.

 

		(iv)	Neither the Company nor any of its Subsidiaries (1) has been a member of a consolidated, combined,
unitary, or affiliated Tax group (other than a consolidated, combined, unitary, or affiliated Tax group of which the Company is
the common or ultimate parent) or (2) has any liability for Taxes of another Person (except the Company or any of its Subsidiaries)
by reason of having been a member of a consolidated, combined, unitary, or affiliated Tax group, by operation of law, as a transferee
or successor, by contract (other than a customary commercial contract the principal subject matter of which is not Taxes and which
was entered into in the ordinary course of business) or otherwise.

 

		(v)	Within the past two (2) years, neither the Company nor any of its Subsidiaries has been a “distributing
corporation” or a “controlled corporation” in a distribution intended to qualify under Section 355 of the Code.

 

		(vi)	Neither the Company nor any of its Subsidiaries has engaged in a “reportable transaction”
within the meaning of Treasury Regulations Section 1.6011-4(b).

 

		(vii)	Notwithstanding anything to the contrary in this Agreement, the representations and warranties
set forth in Sections 2.1(x), 2.1(bb), and 2.1(c)(c) are the sole and exclusive representations and warranties of the Company
and its Subsidiaries relating to Tax matters.

 

		(viii)	For purposes of this Agreement: (1) “Tax” or “Taxes” means
any tax of any kind whatsoever, as well as any similar duty, levy, or other governmental charge, in each case, whether disputed
or not, and together with any interest, penalty, or addition to tax imposed with respect thereto and (2) “Tax Return”
means any return, report or form (including any written elections, claims for refund, declarations, amendments, schedules, information
returns and statements, and schedules and attachments thereto) filed or required to be filed with a Governmental Authority with
respect to Taxes.

 

    	 	21	 

     

    

 

(y)          Internal
Accounting and Disclosure Controls. The Company maintains a system of “internal control over financial reporting”
(as such term is defined in Rule 13a-15(f) under the Securities Act) that has been designed by, or under the supervision of, the
Company’s principal executive and principal financial offices, or persons performing similar functions, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with GAAP, including 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 and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management’s
general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared with the existing
assets and liabilities at reasonable intervals and appropriate action is taken with respect to any differences. The Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the rules and forms of the SEC, including, controls and procedures
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers and
its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Except for
the material weakness disclosed in the Company’s SEC Reports, the Company has not received any notice or correspondence from
any accountant or Governmental Authority relating to any other potential material weakness in any part of the internal controls
over financial reporting of the Company or the Company’s disclosure controls and procedures.

 

(z)          Off
Balance Sheet Arrangements.  There is no transaction, arrangement, or other relationship between the Company or any of
its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its
Securities Act filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

(aa)         Investment
Company Status.  The Company is not, and upon consummation of the sale of Purchase Shares will not be, an “investment
company,” and affiliate of an “investment company,” a company controlled by an “investment company”
or an “affiliated person” of, or “promoter” or “principal underwriter” for, and “investment
company” within the meaning of such term under the Investment Company Act of 1940, as amended, and the rules and regulations
of the SEC thereunder.

 

(bb)         U.S.
Real Property Holding Corporation.  Neither the Company nor any of its Subsidiaries is, or has ever been, a U.S. real
property holding corporation within the meaning of Section 897(c)(2) of the Code.

 

    	 	22	 

     

    

 

(cc)         Employee
Benefit Plans.

 

		(i)	“Company Plan” means each “employee benefit plan” within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and each other
material employment, consulting, retirement, severance, termination or change in control agreements, deferred compensation, vacation,
sick, equity-based, incentive, bonus, supplemental retirement, profit sharing, insurance, medical, welfare, fringe or other benefit
or compensation plan, program, policy, practice, contract, agreement or other arrangement of any kind, whether or not in writing
and whether or not funded, in each case, which is sponsored, maintained or contributed to, or required to be maintained or contributed
to, or with respect to which any potential liability is borne by the Company, any of its Subsidiaries or any of their respective
ERISA Affiliates for the benefit or any current or former employee, director or consultant (or their respective beneficiaries)
of the Company or any of its Subsidiaries. For purposes of this Agreement, “ERISA Affiliate” means all employers
(whether or not incorporated) that are treated together with the Company or any of its Subsidiaries as a “single employer”
within the meaning of Section 414 of the Code.

 

		(ii)	Schedule 2.1(cc) lists each material Company Plan. With respect to each Company Plan, the
Company has made available to Purchaser, to the extent applicable, true, correct and complete copies of (1) all documents embodying
such Company Plan, (2) written descriptions of any material Company Plans that are not set forth in a written document, (3) the
most recent summary plan description together with the summary or summaries of material modifications thereto, (4) the most recent
annual actuarial valuation, (5) the most recent annual report (Form 5500 or 990 series and all schedules and financial statements
attached thereto), and (6) all material correspondence to or from the U.S. Internal Revenue Service, the United States Department
of Labor, the Pension Benefit Guaranty Corporation or any other Governmental Authority received in the last three years.

 

		(iii)	Each Company Plan has been established, operated and administered in all material respects in compliance
with its terms and all applicable laws, including ERISA and the Code.  The Company and each ERISA Affiliate have performed
in all material respects all obligations required to be performed by them under each Company Plan.  With respect to the Company
Plans, no event has occurred and no condition or set of circumstances exists in connection with which the Company or any ERISA
Affiliate would reasonably expect to be subject to any material liabilities (other than for liabilities with respect to routine
benefit claims) under the terms of, or with respect to, such Company Plans, ERISA, the Code or any other applicable law.

 

		(iv)	No Company Plan is or, at any time within the past six years, has been subject to Title IV of ERISA,
Section 412 of the Code or Section 302 of ERISA, and neither the Company nor any ERISA Affiliate maintains, participates in or
contributes to, or is obligated to contribute to, or has incurred any withdrawal liability under, any Multiemployer Plan (as defined
in Section 3(37) of ERISA).

 

    	 	23	 

     

    

 

		(v)	Neither the Company nor any of its Subsidiaries has any binding commitment to modify, change or
terminate any Company Plan, other than with respect to a modification, change or termination required by ERISA or the Code, that,
in the case of any modification or change, would increase the expense of maintaining such Company Plan above the level or expense
incurred with respect to that plan for the most recently completed fiscal year.

 

		(vi)	Each Company Plan that is intended to be qualified under Section 401(a) of the Code is subject
to or permitted to rely upon a current determination or opinion letter to the effect that such Company Plan is so qualified and,
to the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would reasonably be expected
cause the loss of such qualification.

 

		(vii)	Except as required by applicable law, no Company Plan provides retiree or post-employment medical,
disability, life insurance or other welfare benefits to any Person, and none of the Company or any of its Subsidiaries has any
obligation to provide such benefits. Except as set forth on Schedule 2.1(cc), neither the execution and delivery of this
Agreement, shareholder or other approval of this Agreement nor the consummation of the Proposed Transactions will, either alone
or in combination with another event, (i) entitle any employee, director, officer or independent contractor of the Company or any
of its Subsidiaries to severance pay or any material increase in severance pay, (ii) accelerate the time of payment or vesting,
or materially increase the amount of compensation due to any such employee, director, officer or independent contractor, (iii)
directly or indirectly cause the Company to transfer or set aside any assets to fund any material benefits under any Company Plan,
(iv) otherwise give rise to any material liability under any Company Plan, (v) limit or restrict the right to merge, materially
amend, terminate or transfer the assets of any Company Plan on or following the Closing, (vi) require a “gross-up,”
indemnification for, or other payment to any “disqualified individual” within the meaning of Section 280G(c) of the
Code due to the imposition of the excise tax under Section 4999 of the Code on any payment to such disqualified individual or (vii)
result in the payment of any amount that would not be deductible under Section 280G of the Code. The Company has made available
to the Purchaser true, correct and complete copies of any Section 280G calculations prepared (whether or not final) with respect
to any disqualified individual in connection with the Proposed Transactions.

 

    	 	24	 

     

    

 

		(viii)	Except for the employment
agreements listed on Schedule 2.1(cc), each Company Plan can be amended, terminated or otherwise discontinued after the
Closing in accordance with its terms, without material liabilities to Purchaser, the Company or any of its Subsidiaries other than
ordinary administration expenses typically incurred in a termination event.

 

		(ix)	Each Company Plan that
is a “nonqualified deferred compensation plan” (as such term is defined in Section 409A(d)(1) of the Code) has been
administered in compliance with its terms and the operational and documentary requirements of Section 409A of the Code and the
regulations thereunder, or an exemption therefrom. Neither the Company nor any Subsidiary has any obligation to gross up,
indemnify or otherwise reimburse any individual for any excise taxes, interest or penalties incurred pursuant to Section 409A of
the Code or otherwise.

 

(dd)         Employee
Matters.

 

		(i)	To the best of the Company’s knowledge, the Company and each of its Subsidiaries is in compliance
in all material respects with all applicable laws relating to employment and employment practices (including equal employment opportunity
laws), terms and conditions of employment, immigration, workers’ compensation, compensation and benefits, worker classification,
exempt and non-exempt status, affirmative action, plant closings, employee and data privacy and wages and hours (“Employment
Practices”). Except as would not be expected to result in a Material Adverse Effect, as of the date of this Agreement,
(1) there are no actions pending or scheduled by any Governmental Authority or, to the best knowledge of the Company, threatened,
pertaining to the Employment Practices of the Company or any of its Subsidiaries and (2) no complaints relating to Employment Practices
of the Company or any of its Subsidiaries have been filed with any Governmental Authority or submitted in writing to the Company
or any of its Subsidiaries and to the best knowledge of the Company, no such complaints are threatened.

 

		(ii)	All payments due from the Company and any of its Subsidiaries on account of any wages, salaries,
commissions, bonuses or other direct compensation for any services performed for the Company or any of its Subsidiaries, and employee
health and welfare insurance and other benefits, have been paid or properly accrued as a liability on the books of the Company
or its Subsidiaries.

 

		(iii)	Neither the Company nor any of its Subsidiaries has incurred any liability or obligation under
the Worker Adjustment and Retraining Notification Act or any similar slate or local law that remains unsatisfied.

 

		(iv)	No individual who has performed services for the Company or any of its Subsidiaries has been improperly
excluded from participation in any employee benefit plan, and neither the Company nor any of its Subsidiaries has any direct or
indirect liability, whether actual or contingent, with respect to any misclassification of any person as an independent contractor
rather than as an employee, with respect to any misclassification of any employee as exempt versus non-exempt, or with respect
to any employee leased from another employer.

 

    	 	25	 

     

    

 

		(v)	As of the date hereof, no senior executive or other key employee of the Company or any of its Subsidiaries
has stated his or her intention to terminate his or her employment prior to or as a result of or following the consummation of
the transactions contemplated by this Agreement.

 

(ee)         Privacy.
The Company and its Subsidiaries have in place privacy policies regarding the collection, use and disclosure of Personal Information
(as defined below) in their possession, custody or control, or otherwise held or processed on their behalf. The Company and its
Subsidiaries are and have been (and following the consummation of the Proposed Transactions will be) in compliance in all material
respects with all Information Privacy and Security Laws (as defined below), agreements to which they are parties that contain,
involve or deal with Personal Information, and their own rules, policies and procedures relating to privacy, data protection, and
the collection and use of, Personal Information. None of the Company or any of its Subsidiaries has been notified of or is the
subject of any action, suit, inquiry, investigation or proceeding related to data security or privacy or alleging a violation of
any of its privacy policies or any Information Privacy and Security Law, nor, to the best knowledge of the Company, is any such
claim, inquiry, investigation or proceeding threatened. The Company and its Subsidiaries have taken all measures reasonably necessary
or appropriate to protect and maintain the confidentiality of all Personal Information collected by or on behalf of the Company
or any of its Subsidiaries and to maintain the security of their data storage practices for Personal Information, in each case,
in accordance with all applicable Information Privacy and Security Laws and consistent with commercially reasonable industry practices
applicable to such types of data gathered and maintained in the industry in which the Company and its Subsidiaries conduct their
business. To the best knowledge of the Company, there has been no unauthorized access, use, or disclosure of Personal Information
in the possession or control of the Company or any of its Subsidiaries. For purposes of this Agreement: (i) “Personal
Information” means, collectively, any information or data that can be used, directly or indirectly, alone or in combination
with other information possessed or controlled by the Company or its Subsidiaries, to identify an individual and any other information
or data that, in the manner such information is possessed or controlled by the Company or its Subsidiaries, is associated with
any individual (including name, address, telephone number, email address, photograph, credit or payment card information, bank
account number, financial data or account information, password combinations, customer account number, date of birth, government-issued
identifier, social security number, race, ethnic origin/nationality, and mental or physical health or medical information) or that
is otherwise governed, regulated or protected by one or more Information Privacy and Security Laws; and (ii) “Information
Privacy and Security Laws” means all applicable laws relating to privacy, data privacy, data protection, data security
and anti-spam, and all applicable regulations promulgated by any governmental authority thereunder, including but not limited to,
the Gramm-Leach-Bliley Act, the Federal Information Security Management Act, the Fair Credit Reporting Act, the Fair and Accurate
Credit Transaction Act, the Federal Trade Commission Act, the Privacy Act of 1974, the CAN-SPAM Act, the Telephone Consumer Protection
Act, the Video Privacy Protection Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act, Children’s Online Privacy
Protection Act, the Health Insurance Portability and Accountability Act, state data security laws, state social security number
protection laws, state data breach notification laws, and laws concerning requirements for website and mobile application privacy
policies and practices, call or electronic monitoring or recording or any outbound communications (including outbound calling and
text messaging, telemarketing, and e-mail marketing) and all equivalent laws of any other jurisdiction.

 

    	 	26	 

     

    

 

(ff)         Information
Technology. The Company and its Subsidiaries’ IT Systems (as defined below): (i) constitute all information technology
assets necessary to conduct the businesses of the Company and its Subsidiaries in the manner in which their businesses are currently
conducted, (ii) are adequate, sufficient and satisfactory in all material respects (including with respect to working condition,
capacity, data storage and transmittal capability, functionality and performance) for the operations of the businesses of the Company
and its Subsidiaries, (iii) are maintained and in good working condition, (iv) have functioned consistently and accurately in all
respects since being installed, (v) do not contain any disabling codes or instructions, “time bombs,” “Trojan
horses,” “back doors,” “trap doors,” “worms,” viruses, bugs, faults or other Software
routines or hardware components that significantly disrupt or adversely affect the functionality of any IT Systems or other Company
Software or systems and (vi) have not suffered any material failure, security breach or unauthorized intrusion within the past
five (5) years.  There are no substantial alterations, modifications or updates to the Company’s or its Subsidiaries’
IT Systems intended or required currently or that will be required in the near future for the operations of their businesses as
currently conducted and as currently contemplated to be conducted. The Company and its Subsidiaries have implemented reasonable
backup, security and disaster recovery measures and technology consistent with industry practices and no Person has gained unauthorized
access to any Company IT Assets. “IT Systems” means all computers, software, hardware, firmware, middleware,
servers, systems, sites, circuits, networks, source code, object code, development tools, workstations, routers, hubs, switches,
interfaces, platforms, data communications lines, websites, data, and all other telecommunications and information technology assets
and equipment, and all associated documentation, in each case, (1) owned by the Company or any of its Subsidiaries or (2)
used or held for use by the Company or any of its Subsidiaries, including pursuant to any and all outsourced or cloud computing
based arrangements.

 

(gg)         No
Disqualification Events. With respect to Shares to be offered and sold hereunder in reliance on Rule 506(b) under the Securities
Act (“Regulation D Securities”), 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 twenty
percent (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” and, together, “Issuer Covered Persons”) is subject
to any 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.

 

    	 	27	 

     

    

 

(hh)         Material
Contracts.

 

(x) Schedule
2.1(hh) sets forth an accurate and complete list of each contract to which the Company or any Subsidiary is a party or which
binds or affects their respective properties or assets, and which falls within any of the following categories:

 

		(i)	any material joint venture, partnership, strategic alliance, limited liability or other similar
Contract related to the formation, creation, operation, management or control of any partnership, limited liability company or
joint venture in which the Company or any Company Subsidiary owns any interest, or any Contract involving a sharing of profits,
losses, costs or liabilities by the Company or any Company Subsidiary with any other Person. For the purpose of this Agreement,
“Contracts” means any of the legally binding agreements, arrangements, commitments, understandings, contracts,
leases (whether for real or personal property), powers of attorney, notes, bonds, mortgages, indentures, deeds of trust, loans,
evidences of Indebtedness, purchase and sales orders, letters of credit, undertakings, licenses, instruments, obligations and other
legally binding commitments to which a Person is a party or to which any of the assets of such Person or its Subsidiaries are subject,
whether oral or written.

 

		(ii)	Contracts (other than purchase orders) between the Company or any Company Subsidiary and any of
their ten largest exhibitors (as determined on the basis of aggregate number of screens subject to contracts with the Company or
any Company Subsidiary during the fiscal year ended March 31, 2017);

 

		(iii)	Contracts (other than purchase orders) between the Company or any Company Subsidiary and any of
the seven largest digital cinema studio customers in each of the Phase I and Phase II deployment segments of the Company (as determined
on the basis of aggregate revenues recognized by the Company and the Company Subsidiaries during the fiscal year ended March 31,
2017);

 

		(iv)	Contracts (other than purchase orders) between the Company or any Company Subsidiary and any of
the twenty largest content entertainment group suppliers from which contents or rights to distribute titles are licensed to the
Company or any of its Subsidiaries (determined on the basis of aggregate revenues recognized by the Company and the Company Subsidiaries
during the fiscal year ended March 31, 2017);

 

		(v)	Contracts (other than purchase orders) between the Company or any Company Subsidiary and any distributors
with regard to the physical sale of content supplied by the Company or any of its Subsidiaries to the twenty largest content entertainment
group retail customers (as determined on the basis of aggregate revenues recognized by the Company and the Company Subsidiaries
during the fiscal year ended March 31, 2017);

 

    	 	28	 

     

    

 

		(vi)	Contracts (other than purchaser orders) between the Company or any Company Subsidiary and any of
the twenty (20) largest digital online distributors (as determined on the basis of aggregate revenues recognized by the Company
and the Company Subsidiaries during the fiscal year ended March 31, 2017);

 

		(vii)	Contracts (other than purchaser orders) between the Company or any Company Subsidiary and all over-the-top
customers as of the date of this Agreement;

 

		(viii)	Contracts that restrict or purport to restrict the Company or its Subsidiaries from competing or
engaging in any line of business or with any Person or in any geographic area or during any period of time that would have a Material
Adverse Effect;

 

		(ix)	Contracts in which the Company that provide for payments in excess $250,000 that (A) grant any
exclusive license or exclusive supply or distribution agreement to any products and services of the Company, (B) grant any right
of first refusal, or similar right to acquire exclusive rights or ownership with respect to any products and services of the Company,
or Company Intellectual Property, or (C) contain any provision that requires the purchase of all or a given portion of the Company’s
or any Company Subsidiary’s requirements for products or services from a given third party, or any other similar provision;

 

		(x)	Leases, subleases, occupancy agreements or other Contracts concerning the use, occupancy, management
or operation of, or evidencing any interests in, any real property to which the Company or any Company Subsidiary is party that
provide for annual payments in excess of $50,000;

 

		(xi)	Contracts that contain obligations of the Company or any
Company Subsidiary secured by a material lien, or interest rate or currency hedging agreements, in each case in connection with
which the aggregate actual or contingent obligations of the Company and the Company Subsidiaries under such Contract are in excess
of $250,000;

 

		(xii)	Contracts relating to Indebtedness for borrowed money or the deferred purchase price of property
(in either case, whether incurred, assumed, guaranteed or secured by any asset), except any such agreement with an aggregate outstanding
principal amount not exceeding $250,000 and which may be prepaid on not more than thirty (30) days’ notice without the payment
of any penalty;

 

		(xiii)	Contracts under which the Company or any Company Subsidiary have any obligations which have not
been satisfied or performed (other than confidentiality obligations) relating to the acquisition or disposition of any business,
property or assets, or any capital stock or equity interest of any Person (whether by merger, sale of stock, sale of assets or
otherwise) other than in the ordinary course of business and with a purchase price in excess of $250,000;

 

    	 	29	 

     

    

 

		(xiv)	any Contract with a Governmental Authority;

 

		(xv)	Company IP Agreements;

 

		(xvi)	collective bargaining agreement or other Contract with any labor union;

 

		(xvii)	Contract entered into in connection with the settlement or other resolution of any action or order
that has any continuing material obligations, liabilities or restrictions or involved payment of more than $250,000;

 

		(xviii)	Contract providing for indemnification by the Company or any Company Subsidiary of any officer,
director or employee of the Company or any Company Subsidiary;

 

		(xix)	any other “material contract” (as such term is defined in Item 601(b)(10) of Regulation
S-K of the SEC), or any other Contract that if terminated or expired without being renewed would have a Material Adverse Effect.

 

(y) Each
Contract set forth on Schedule 2.1(hh) is referred to herein as a “Material Contract” although the parties
acknowledge that such designation does not signify or imply that any such document qualifies as a “definitive material agreement”
under Regulation S-K, Item 601(b)(10) promulgated under the Exchange Act. Accurate and complete copies of each Material Contract
have been made available by the Company, or publicly filed with the SEC.

 

(z) Each
Material Contract is a legally valid, binding and enforceable obligation of the Company or the Subsidiaries, as applicable, and,
to the knowledge of the Company, of the other party or parties thereto, in accordance with its terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles
of equity, (ii) each of the Company and each Subsidiary has in all material respects performed the obligations required by it under
each Material Contract, (iii) neither the Company nor any Subsidiary has received written notice of, or otherwise has any knowledge
of, any material violation or material default under (nor does there exist any condition which upon the passage of time or the
giving of notice or both would cause such a violation of or default under) any Material Contract and (iv) neither the Company nor
any Subsidiary has received any written notice from any other party to terminate any such Material Contract.

 

(a)          Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, interested stockholder, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the certificate of incorporation, bylaws or other organizational
documents or the laws of the jurisdiction of its incorporation or otherwise that can be waived by approval of the board of directors
and which is or could become applicable to the Purchaser as a result of the Proposed Transactions. The Company and the Board of
Directors have taken all necessary action, if any, in order to render inapplicable to the Proposed Transactions any stockholder
rights plan or similar arrangement relating to accumulations of beneficial ownership of Shares or a change in control of the Company
or any of its Subsidiaries.

 

    	 	30	 

     

    

 

(b)          Disclosure.
The Company understands and confirms that the Purchaser will rely on the foregoing representations in effecting transactions in
securities of the Company. To the best of the Company’s knowledge, no material event or circumstance has occurred or information
exists with respect to the Company or any of its Subsidiaries or its or their business, properties, operations or financial conditions,
which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been
so publicly announced or disclosed.

 

(c)          CFIUS.
The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions
contemplated hereby require no action by or in respect of, or filing with, any agency of the U.S. Government other than the filing
of a joint voluntary notice with the Committee on Foreign Investment in the United States (“CFIUS”) pursuant
to the Exon-Florio Amendment to the Defense Production Act of 1950, 50 U.S.C. app. § 2170, as amended (“Exon-Florio”)
and the receipt of CFIUS Approval. As used in this Agreement, “CFIUS Approval” means (i) a written notification
issued by CFIUS that it has determined that the transactions contemplated by this Agreement are not a “covered transaction”
pursuant to Exon-Florio, (ii) a written notification issued by CFIUS that it has determined that there are no unresolved national
security concerns with respect to the transactions contemplated by this Agreement and CFIUS has concluded all action with respect
to its review (or, if applicable, investigation) of the transactions contemplated by this Agreement, and such determination is
not conditioned upon the commitment of Purchaser to take any action described in Section 3.11, or (iii) if CFIUS has sent
a report to the President of the United States requesting the President’s decision with respect to the transactions contemplated
by this Agreement, and either (A) the period under Exon-Florio during which the President may announce his decision to take action
to suspend or prohibit the transactions contemplated by this Agreement has expired without any such action being announced or taken,
or (B) the President has announced a decision not to take any action to suspend or prohibit the transactions contemplated by this
Agreement and has not required Purchaser to take any action described in Section 3.11.

 

(d)          Solvency. 
As of the Closing, after giving effect to the Proposed Transactions, the Company will not: (i) be insolvent (either because its
financial condition is such that the sum of its debts is greater than the fair market value of its assets or because the fair saleable
value of its assets is less than the amount required to pay its probable liabilities on its existing debts as they mature); (ii)
have unreasonably small capital with which to engage in its business; or (iii) have incurred debts beyond its ability to pay as
they become due.

 

Section 2.2           Representations
and Warranties of the Purchaser. The Purchaser
hereby represents and warrants to the Company, as of the date hereof and as of the Closing Date, as follows:

 

    	 	31	 

     

    

 

(a)          Due
Formation. The Purchaser is a company duly incorporated as a company with limited liability, validly existing and in good standing
under the laws of the British Virgin Islands, with full power and authority to own and operate and to carry on its business in
the places and in the manner as currently conducted.

 

(b)          Authority.
The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement, certificate, document
and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder.
The execution and delivery by the Purchaser of this Agreement and the performance by the Purchaser of its obligations hereunder
have been duly authorized by all requisite actions on its part.

 

(c)          Valid
Agreement. This Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

(d)          Consents.
Neither the execution and delivery by the Purchaser of the Transaction Agreements nor the consummation by it of any of the transactions
contemplated hereby nor the performance by the Purchaser of the Transaction Agreements in accordance with their terms requires
the consent, approval, order or authorization of, or registration with, or the giving of notice to, any governmental or public
body or authority or any third party, except as have been obtained, made or given.

 

(e)          No
Conflict. Neither the execution and delivery by Purchaser of the Transaction Agreements, nor the consummation by it of any
of the transactions contemplated hereby, nor compliance by Purchaser with any of the terms and conditions hereof will contravene
any existing agreement, federal, state, county or local law, rule or regulation or any judgment, decree or order applicable to,
or binding upon, Purchaser.

 

(f)          Status
and Investment Intent.

 

		(i)	Experience. The
Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits
and risks of its investment in the Purchase Shares. The Purchaser is capable of bearing the economic risks of such investment,
including a complete loss of its investment.

 

		(ii)	Purchase Entirely for Own Account. The Purchaser is acquiring the Purchase Shares that it
is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view
to, or with any intention of, resale, distribution or other disposition thereof. The Purchaser does not have any direct or indirect
arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchase Shares in violation
of the Securities Act or any other applicable state securities law.

 

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		(iii)	Restricted Securities.
The Purchaser acknowledges that the Purchase Shares are “restricted securities” that have not been registered under
the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration
under the Securities Act, the Purchase Shares may only be offered, sold or otherwise transferred (i) to the Company, (ii) outside
the United States in accordance with Rule 904 of Regulation S under the Securities Act or (iii) pursuant to an exemption from registration
under the Securities Act.

 

		(iv)	No Broker. No broker, investment banker or other person is entitled to any broker’s,
finder’s or other similar fee or commission in connection with the execution and delivery of this Agreement or the Registration
Rights Agreement or the consummation of any of the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of the Purchaser.

 

ARTICLE
III

 

COVENANTS

 

Section 3.1           Debt
Restructuring. The Purchaser agrees that it
will, within sixty (60) days after the Closing, provide additional financing in the form of a loan in the amount of ten million
United States dollars ($10,000,000), with reasonable market terms and conditions satisfactory to the Purchaser and the Company.
The Purchaser further agrees to, following the Closing, work together with the Company with the goal of restructuring part
of the remaining debt of the Company or its Subsidiaries, upon prevailing market terms reasonably acceptable to the Company, contemplating
an additional seventy million United States dollars ($70,000,000) in funding from the Purchaser or another source identified by
the Purchaser (inclusive of the foregoing $10,000,000 loan).

 

Section 3.2           Form
D and Blue Sky. The Company agrees
to file with the SEC a Form D with respect to the sale of the Purchase Shares as required under Regulation D and to make any filings
and reports relating to the offer and sale of the Purchase Shares required under applicable securities or “Blue Sky”
laws of the states of the United States, and to provide copies thereof to the Purchaser promptly after any such filing.

 

Section 3.3           Use
of Proceeds. The Company shall use
the proceeds from the sale of the Purchase Shares (i) for repayment of outstanding debt; (ii) to pay any expenses resulting from
(including those accelerated by) the consummation of the Proposed Transactions; (iii) to pay the fees and expenses incurred in
connection with the negotiation, execution, delivery and performance of the Transaction Documents and the consummation of the
Proposed Transactions; and (iv) for general corporate and working capital purposes.

 

    	 	33	 

     

    

 

Section 3.4           Listing.
The Company shall use its reasonable best efforts to maintain the common stock’s listing or authorization for quotation
(as the case may be) on the Principal Market, the NYSE MKT, the New York Stock Exchange, the Nasdaq Capital Market, or the Nasdaq
Global Select Market (each, an “Eligible Market”). Neither the Company nor any of its Subsidiaries shall take
any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on an Eligible Market.

 

Section 3.5           Publicity.
On or before 5:30 p.m., New York City time, on the fourth (4th) Business Day after the date of this Agreement, the Company will:
(i) issue a press release reasonably acceptable to the Purchaser disclosing all the material terms of the Proposed Transactions
and (ii) file a Current Report on Form 8-K describing all the material terms of the Proposed Transactions, in the form required
by the Exchange Act (the “8-K Filing”). Subject to the foregoing, none of the Company, any of its Subsidiaries,
the Purchaser, or any of the Purchaser’s Affiliates shall issue any press releases or any other public statements with respect
to the Proposed Transactions; provided, however, that the Company shall be entitled, without the prior approval of the Purchaser,
to make any press release or other public disclosure with respect to such transactions (1) in substantial conformity with the
8-K Filing and (2) as is required by applicable law and regulations.

 

Section 3.6           Integration.
Unless otherwise consented to by the Purchaser, none of the Company, any of its Affiliates, or any person acting on behalf of
the Company or any of its Affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) which will be integrated with the sale of the Purchase Shares in a manner which would
require the registration of the Purchase Shares under the Securities Act.

 

Section 3.7           Notice
of Disqualification Events. The Company
will notify the Purchaser in writing if prior to the Closing Date there occurs (i) any Disqualification Event relating to any
Issuer Covered Person or (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification
Event relating to any Issuer Covered Person.

 

Section 3.8           Proxy
Statement; Special Meeting.

 

(a)          The
Company, at the direction of the Board of Directors, shall, in accordance with applicable law and the Certificate of Incorporation
and Bylaws, duly call, give notice of, convene and hold a special meeting of its stockholders (the “Stockholder Meeting”)
as promptly as practicable after the mailing of the Proxy Statement (as defined below) to the Company’s stockholders (and
in any event no later than forty-five (45) days after the mailing of the Proxy Statement) for the purpose of considering and taking
action on proposals to (1) if required to consummate the Proposed Transactions, amend and restate the Company’s certificate
of incorporation to increase the number of authorized Shares (the “Authorized Shares Proposal”), remove certain
transfer restrictions set forth in Section 4.4 of the Certificate of Incorporation (the “Transfer Restriction Removal
Proposal”), and eliminate the Class B common stock and the Series B Junior Participating Preferred Stock (the “Elimination
Proposal”), (2) approve the issuance and sale of the Purchase Shares hereunder pursuant to Nasdaq Listing Rule 5635 (the
“Nasdaq Approval Proposal”), and (3) approve the Plan (the “Plan Proposal”). The Authorized
Shares Proposal, the Transfer Restriction Removal Proposal, the Elimination Proposal, the Nasdaq Approval Proposal, and the Plan
Proposal are referred to as the “Proxy Proposals.”

 

    	 	34	 

     

    

 

(b)          As
soon as reasonably practicable after the date hereof, the Company, at the direction of the Board of Directors, shall prepare and
file with the SEC, pursuant to and in accordance with Regulation 14A under the Exchange Act, a proxy statement (the “Proxy
Statement”) and form of proxy for the consideration and approval by the holders of Shares of the Proxy Proposals
and shall cause the Proxy Statement and form of proxy to be disseminated to holders of Shares in accordance with the applicable
requirements of the Exchange Act and applicable law.  The Proxy Statement shall include the notice of meeting in the form
required by the Delaware General Corporation Law.  The Purchaser shall promptly furnish to the Company all information concerning
the Purchaser that may be required by applicable law or reasonably requested by the Company for inclusion in the Proxy Statement. 
The Company agrees (1) to use its reasonable best efforts to ensure that the Proxy Statement and form of proxy as filed by it will
comply in all material respects with the applicable provisions of the Exchange Act and (2) that the information in the Proxy Statement
and form of proxy (excluding any information supplied to the Purchaser by or on behalf of the Purchaser for inclusion therein)
will not contain any untrue statement of a material fact or omit to state any 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, not misleading.  The Purchaser
agrees that the information in the Proxy Statement that was supplied by it to the Company for inclusion therein will not contain
any untrue statement of a material fact or omit to state any 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, not misleading.  The Company agrees
to use its commercially reasonable efforts to respond promptly to any comments of the SEC or its staff with respect to the Proxy
Statement and form or proxy, and each of the Company and the Purchaser agrees to promptly correct any information provided by it
for use in the Proxy Statement and form of proxy if and to the extent that such information shall become false or misleading in
any material respect or as otherwise required by applicable law.  The Company shall use its commercially reasonable efforts
to take all steps necessary to amend or supplement the Proxy Statement and form of proxy and to cause the Proxy Statement and form
of proxy, as so amended or supplemented, to be filed with the SEC and to be disseminated to the holders of Shares, in each case
as and to the extent required by applicable law.  The Purchaser and its counsel shall be given reasonable opportunity to review
and comment on the Proxy Statement and form of proxy (including any amendments or supplements thereto) before they are filed with
the SEC or disseminated to holders of Shares entitled to vote at the Stockholder Meeting.  The Company shall provide the Purchaser
and its counsel with copies of any written comments, and shall inform them of any oral comments, that the Company or its counsel
receives from the SEC or its staff with respect to the Proxy Statement and form of proxy promptly after the receipt of such comments
and shall give the Purchaser and its counsel a reasonable opportunity to review and comment on any proposed written or oral responses
to such comments.

 

(c)          The
Board of Directors shall recommend that the holders of Shares approve the Proxy Proposals (the “Stockholder Vote Recommendations”)
and shall cause the Stockholder Vote Recommendations to be included in the Proxy Statement.  Subject to Section 3.10,
unless this Agreement has been terminated pursuant to Section 4.2, the Board of Directors shall not withdraw, modify or
qualify the Stockholder Vote Recommendations in any manner or publicly propose to do so.

 

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Section 3.9           Conduct
of Business. Except with the prior
written consent of the Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed), as expressly contemplated
by this Agreement, as set forth in Schedule 3.9, or as required by applicable law, from the date hereof until the Closing
Date, the Company shall, and shall cause each of its Subsidiaries to, conduct its business in the ordinary course consistent with
past practice and, to the extent consistent therewith, use its commercially reasonable efforts to preserve intact its current
business organization and relationships with third parties and to keep available the services of its present officers and key
employees.  The Company and its Subsidiaries shall not take any action that is not otherwise expressly contemplated by this
Agreement (including the schedules hereto) that would adversely affect or delay in any material respect the consummation of the
Proposed Transactions, it being acknowledged and agreed that nothing herein shall limit the Company’s right to terminate
this Agreement pursuant to and in accordance with Section 4.2.  Without limiting the generality of the foregoing,
from the date hereof until the Closing Date, except (A) with the prior written consent of the Purchaser (which consent shall not
be unreasonably withheld, conditioned or delayed), (B) as expressly contemplated by this Agreement or (C) set forth in Schedule
3.9, the Company shall not, nor shall it permit nor procure any of its Subsidiaries to:

 

		(i)	amend the Certificate of Incorporation, Bylaws or other similar organizational documents of the
Company or any of its Subsidiaries;

 

		(ii)	(1) split, combine or reclassify any shares of its capital stock, (2) declare, set aside or pay
any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of its capital stock,
or (c) redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any Company securities;

 

		(iii)	(1) issue, deliver or sell, or authorize the issuance, delivery or sale of, any Company securities,
other than the issuance of Company securities (x) upon the exercise or conversion of stock options, warrants or other convertible
securities of the Company issued and outstanding as of the date hereof and solely in accordance with the terms of such stock options,
warrants or convertible securities, (y) in connection with the payment of dividends on the Company’s Series A 10% Non-Voting
Cumulative Series A Preferred Stock for the fiscal quarters ending June 30, 2017 and September 30, 2017, and (z) in connection
with the payment of obligations not to exceed 100,000 Shares, or (2) amend any term of any outstanding Company security;

 

		(iv)	acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly,
any amount of assets, securities, properties, interests or businesses, other than in the ordinary course of business;

 

    	 	36	 

     

    

 

		(v)	sell, lease, transfer, encumber, dispose of or otherwise subject to any Encumbrance, any of its
tangible or intangible assets, other than in the ordinary course of business consistent with past practice;

 

		(vi)	disclose any trade secret or confidential information (other than subject to commercially reasonable
confidentiality and non-disclosure restrictions) or sell, lease, transfer, encumber, license, sublicense, covenant not to assert,
abandon, allow to lapse, dispose of or otherwise subject to any Encumbrance, any of its Intellectual Property, securities, interests
or businesses, other than non-exclusive licenses granted in the ordinary course of business consistent with past practice;

 

		(vii)	make any loans, advances or capital contributions to, or investments in, any other Person (other
than (1) loans or advances between and among the Company and/or any of its direct or indirect wholly or majority owned Subsidiaries
and (2) capital contributions to or investments in direct or indirect wholly- or majority owned Subsidiaries);

 

		(viii)	incur any Indebtedness, other than pursuant to existing credit facilities and similar agreements
disclosed in the SEC Reports, in each case as in existence on the date hereof other than as set forth on Schedule 3.9;

 

		(ix)	other than as required by applicable law, or as required under any Company Plan or human resources
policy in effect as of the date hereof, (1) grant, increase or agree to grant or increase any severance or termination pay to (or
amend any existing severance pay or termination arrangement with) any current or former officer, employee, director, or individual
consultant of the Company or any of its Subsidiaries, (2) increase or agree to increase the direct or indirect compensation, commission,
bonus, pension, welfare, fringe or other benefits payable to any current or former officer, employee, director, or individual consultant
of the Company or any of its Subsidiaries, (3) adopt, enter into, establish, amend, modify or terminate any Company Plan or accelerate
the vesting or payment of any rights, compensation or benefits pursuant to any Company Plan, (4) terminate the employment of any
officer of the Company or any of its Subsidiaries other than terminations of employment for cause, (5) grant any new awards under
any Company Plan, (6) amend or modify any outstanding award under any Company Plan, (7) forgive any loans, or enter into or make
any loans to any of its current or former officers, employees, directors, or individual consultants of the Company or any of its
Subsidiaries, (8) enter into, amend or terminate any collective bargaining agreement or other agreement with a labor union, works
council or similar organization, or (9) plan, announce, implement or effect any reduction in force, lay-off, early retirement program,
severance program or other program or effort concerning the termination of employment of employees of the Company (other than (i)
as part of the Company’s ongoing cost reduction initiative or (ii) routine individual employee terminations in the ordinary
course of business consistent with past practice and in compliance with applicable law);

 

    	 	37	 

     

    

 

		(x)	change the Company’s methods of accounting, except as required by concurrent changes in GAAP
or in Regulation S-X under the Exchange Act, or as agreed to by its independent public accountants;

 

		(xi)	modify, amend or change in any material respect, or terminate, or waive compliance with the terms
of or breaches under, or waive, release, assign or terminate any material rights or claims under, any material term of any real
property lease or any other Material Contract or enter into a new Material Contract, agreement or arrangement other than as set
forth on Schedule 3.9;

 

		(xii)	waive, settle or compromise any action, suit, proceeding, inquiry or investigation before or by
the Principal Market, any Governmental Authority, self-regulatory organization or body against or affecting the Company or any
of its Subsidiaries;

 

		(xiii)	make any capital expenditures with respect to the Company or its Subsidiaries in excess of $100,000;

 

		(xiv)	adopt a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation,
restructuring, recapitalization or other reorganization of the Company or its Subsidiaries;

 

		(xv)	make or change any material Tax election, change any annual Tax accounting period, adopt or change
any material method of Tax accounting, amend any income or other material Tax Return or file claims for material Tax refunds, prepare
any Tax Returns in a manner which is inconsistent with the past practices of the Company or any of its Subsidiaries with respect
to the treatment of items on such Tax Returns, enter into any material closing agreement, settle any material Tax claim, audit
or assessment, or surrender any right to claim a material Tax refund, offset or other reduction in Tax liability; or

 

		(xvi)	agree, resolve or commit to do any of the foregoing.

 

Section 3.10         No
Solicitation.

 

(a)          Termination
of Existing Discussions. The Company shall, and shall cause each of its Subsidiaries and its and their Representatives to,
cease immediately and cause to be immediately terminated any and all existing soliciting activities, discussions and negotiations
and access to nonpublic information with, to or by any Person (other than the Purchaser or any of its Affiliates) regarding any
proposal, expression of interest or other communication that constitutes, or could reasonably be expected to lead to, any Acquisition
Proposal (as defined below). The Company has requested, or promptly following the execution and delivery of this Agreement will
request, that each Person that has heretofore executed a confidentiality agreement in connection with its consideration of any
Acquisition Proposal that is still under consideration by the Company to return or destroy all confidential information furnished
prior to the execution of this Agreement to or for the benefit of such Person by or on behalf of the Company or any of its Subsidiaries.
The Company agrees that it will take all necessary steps to promptly inform its Representatives of the obligations undertaken in
this Section 3.10. As used in this Agreement, “Representatives” means, with respect to any Person, such
Person’s directors, officers, employees and representatives.

 

    	 	38	 

     

    

 

(b)          Prohibition
on Soliciting Activities.  Except as expressly permitted by this Section 3.10, from the date hereof until the earlier
of the Closing or the termination of this Agreement in accordance with Section 4.2 (the “Non-Solicitation Period”),
the Company shall not, and shall not authorize any of its Subsidiaries or any of its or their respective Representatives to, directly
or indirectly, (1) solicit, initiate, or knowingly facilitate, encourage or induce (including by means of furnishing any Company
information or responding to any communication), any inquiries or the making, announcement or submission to the Company of any
proposal or offer that constitutes, or could reasonably be expected to lead to any Acquisition Proposal, (2) enter into, engage,
continue or participate in any discussions (except to notify a Person of the existence of the provisions of this Section 3.10
after the Proposed Transaction has been publicly announced) or negotiations with, or furnish any information (whether orally or
in writing) relating to the Company or any of its Subsidiaries or afford access to the business, properties, assets, books or records
of the Company or any of its Subsidiaries to, or otherwise cooperate with, knowingly assist, or participate in any effort by, any
Person (other than the Purchaser and its Affiliates) that has made, has informed the Company of any intention to make, or has publicly
announced an intention to make, any proposal that constitutes, or could reasonably be expected to lead to, any Acquisition Proposal,
or (3) enter into any Definitive Transaction Agreement (as defined below).  Without limiting the foregoing, it is agreed that
any violation of the restrictions set forth in the preceding sentence by any of the Company or its Subsidiaries or their respective
Representatives shall be deemed to be a breach of this Section 3.10 by the Company.

 

(c)          Discussions
Permitted in Certain Circumstances.  Notwithstanding anything to the contrary contained in this Agreement, including without
limitation Section 3.10(b), if at any time during the Non-Solicitation Period, the Company or any of its Representatives
receives from any Person a bona fide written Acquisition Proposal and (1) such Acquisition Proposal did not result directly or
indirectly from any breach by the Company of this Section 3.10, (2) the Board of Directors and/or a special committee thereof
determines in good faith, after consultation with its financial advisor and outside legal counsel that, (A) such Acquisition Proposal
is, or there is a reasonable possibility that such Acquisition Proposal may lead to, a Superior Proposal (as defined below) and
(B) the failure to take the actions referred to below in clauses (I) and (II) of this Section 3.10(c) would
reasonably be expected to be inconsistent with the fiduciary duties of the Board of Directors under applicable law, and (3) the
Company has given the Purchaser prior written notice of its intention to take any such actions, then the Company and its Subsidiaries
and its or their respective Representatives shall be permitted to, directly or indirectly, (I) engage in negotiations or discussions
with such Person and its Representatives and/or (II) furnish to such Person or its Representatives non-public information relating
to the Company or any of its Subsidiaries; provided that such information shall be subject to a confidentiality agreement
between the Company and the Person receiving such information that contains confidentiality and standstill obligations and covenants
of such Person that the Board of Directors determines in good faith are no less favorable in the aggregate to the Company than
the obligations and covenants of the Purchaser contained in the Non-Disclosure Agreement (as defined below), and which confidentiality
agreement shall not by its terms restrict, in any manner, the Company’s ability to consummate the Proposed Transactions or
to comply with its disclosure obligations to the Purchaser pursuant to this Agreement, and (III) take any nonappealable, final
action that any court of competent jurisdiction orders the Company to take.  The Company shall promptly (and in any event
within forty-eight (48) hours) make available to the Purchaser any such information that is provided to any such Person by or on
behalf of the Company and which was not previously provided to or made available to Purchaser.

 

    	 	39	 

     

    

 

(d)          Company
Recommendation.  Except as expressly permitted by Section 3.10(e), the Board of Directors shall not (1) fail
to include in the Proxy Statement the Stockholder Vote Recommendations or fail to make the Stockholder Vote Recommendations, (2) change,
modify, withhold, qualify or withdraw, or resolve or propose publicly to change, modify, withhold, qualify or withdraw, in each
case, in a manner adverse to the Purchaser, the Stockholder Vote Recommendations, or take any public action or make any public
statement inconsistent with the Stockholder Vote Recommendations, (3) take any action or make any recommendation or public announcement
or filing in response to a tender or exchange offer commenced by any Person(s), other than the Purchaser or any of its Affiliates,
other than an express recommendation (made pursuant to Rule 14e-2(a)(1) under the Exchange Act) that the Company’s stockholders
reject such tender or exchange offer, or a temporary “stop-look-listen” communication by the Board of Directors, or
(4) enter into, approve, adopt or recommend, or resolve or propose publicly to enter into, approve, adopt or recommend, any Acquisition
Proposal or any Definitive Transaction Agreement (other than a confidentiality agreement permitted by Section 3.10(c) (any
of the foregoing, a “Company Recommendation Change”).

 

    	 	40	 

     

    

 

(e)          Change
in Recommendation Permitted in Certain Circumstances.  Notwithstanding anything in this Agreement to the contrary, the
Board of Directors shall be permitted to make a Company Recommendation Change solely in the manner and to the extent hereafter
expressly set forth in this Section 3.10(e) in response to (1) a Superior Proposal that has been made and has not been withdrawn
and continues to be a Superior Proposal and such Superior Proposal did not result from a violation in any material respect of this
Section 3.10 or (2) an Intervening Event that has occurred, in each case only if the Board of Directors and/or a special
committee thereof determines in good faith, after consultation with its financial advisor and outside legal counsel, that the failure
to take such action would be inconsistent with the fiduciary duties of the Board of Directors under applicable law.  Notwithstanding
any other provision of this Agreement to the contrary, at no time shall the Board of Directors be permitted to make a Company Recommendation
Change, unless: (A) the Company notifies the Purchaser in writing of its intention to make a Company Recommendation Change, which
notice to the Purchaser shall be delivered by the Company within forty-eight (48) hours before taking such action and specifying
the reasons therefor, (I) if the Company Recommendation Change is in response to a Superior Proposal, the identity of the Person
making the Superior Proposal, the material terms and conditions of the Superior Proposal (including the consideration offered therein)
and a true and complete copy of all material documentation comprising the most current version of such Superior Proposal (including
all proposed transaction agreements, including any exhibits and schedules), it being understood and agreed that any material amendment
to the financial terms or any other material term of such Superior Proposal (it being understood that any change to the amount
or form of consideration shall be deemed to be material) shall require a new notice and a new two (2) Business Day period, or (II)
if the Company Recommendation Change is in response to an Intervening Event, a reasonably detailed description of the underlying
facts, conditions and circumstances giving rise to the occurrence and continuing existence of such Intervening Event, it being
understood and agreed that any material development in an Intervening Event shall require a new notice and a new two (2) Business
Day period, (B) for two (2) Business Days following receipt by the Purchaser of such notice, the Company and its Representatives
shall negotiate in good faith with the Purchaser and its Representatives with respect to any bona fide proposal from the Purchaser
to amend or modify the terms of this Agreement (if the Purchaser, following its receipt of such notice from the Company, has within
24 hours after such receipt, notified the Company in writing that it desires to negotiate such amendment or modification) and (C)
if the proposed Company Recommendation Change is in response to (I) a Superior Proposal, the Purchaser does not make, within such
two (2) Business Day period of good faith negotiation with the Purchaser, a binding offer in the form of a proposed written definitive
amendment to this Agreement (which, if accepted by the Company, shall become a binding definitive agreement between the Purchaser
and the Company) that, as determined by the Board of Directors and/or a special committee thereof in good faith, after consultation
with its financial advisor and outside legal counsel, is at least as favorable to the Company and its stockholders as such Superior
Proposal, or (II) an Intervening Event, the Purchaser does not make, within such two (2) Business Day period of good faith negotiation,
a binding offer in the form of a proposed written definitive amendment to this Agreement (which, if accepted by the Company, shall
become a binding definitive agreement between the Purchaser and the Company) that, as determined by the Board of Directors and/or
a special committee thereof in good faith, after consultation with its financial advisor and outside legal counsel, eliminates
the need for the Board of Directors to make a Company Recommendation Change.

 

(f)          Required
Notices.  The Company shall promptly (and in any event, within two (2) Business Days) notify the Purchaser after receipt
by the Company or any of its Subsidiaries (or any of its or their Representatives) of (x) any Acquisition Proposal or any request
for information relating to the Company or any of its Subsidiaries or for access to the business, properties, assets, books or
records of the Company or any of its Subsidiaries by any Person other than the Purchaser or any of its Affiliates that the Company
knows is intending to make an Acquisition Proposal and (y) any proposal that would qualify as an Acquisition Proposal but for the
fact that such proposal does not meet any of the required 15% thresholds relating to assets and property, consolidated net revenues
or net income, consolidated assets, equity or voting securities, or aggregate voting power as set forth in Section 3.10(h)(i)
to so qualify, which notice shall include the material terms and conditions of any such Acquisition Proposal, indication or request
(including, if applicable, copies of any written requests, proposals or offers, including any proposed Definitive Transaction Agreement)
and the identity of the Person or Persons making such Acquisition Proposal, and the Company shall keep the Purchaser reasonably
informed on a prompt basis (and in any event, within two (2) Business Days) of any material developments, discussions or negotiations
with respect to any such Acquisition Proposal (including any material changes to such Acquisition Proposals) and shall provide
copies of all material correspondence and other written materials sent or provided to the Company or any of its Representatives
relating to such material developments, discussions or negotiations promptly upon receipt thereof, and in any event within two
(2) Business Days.  The terms and existence of, and any other information relating to, any such Acquisition Proposal, and
the identity of such Person, shall be subject to the confidentiality obligations imposed on the Purchaser pursuant to the Non-Disclosure
Agreement.

 

    	 	41	 

     

    

 

(g)          Unless
this Agreement is otherwise terminated in accordance with its terms, the Company shall not take any action to make the provisions
of any “fair price,” “business combination,” “control share acquisition” or other state takeover
statute or similar law inapplicable to any transactions contemplated by an Acquisition Proposal.

 

(h)          As
used herein, the following terms shall have the following definitions:

 

		(i)	“Acquisition Proposal” means, other than with respect to the Proposed Transactions
and as set forth on Schedule 3.10(h)(i), the Private Placement or any other transaction involving the Purchaser and the Company,
any offer or proposal made by any Person or “group” (within the meaning of Section 13(d) of the Exchange Act) relating
to or providing for, in any single transaction or series of related transactions, directly or indirectly, (A) any acquisition or
purchase, including by means of the acquisition of capital stock of any Subsidiary of the Company, of (x) assets or properties
that constitute fifteen percent (15%) or more of the assets and properties (based on fair market value) of the Company and its
Subsidiaries, taken as a whole, immediately prior to such transaction, or (y) assets of the Company and its Subsidiaries representing
fifteen percent (15%) or more of the consolidated net revenues or consolidated net income of the Company and its Subsidiaries,
(z) beneficial ownership, or the right to acquire beneficial ownership of equity or voting securities of the Company or any of
its Subsidiaries, whose assets, individually or in aggregate, constitute fifteen percent (15%) or more of the consolidated assets
of the Company (based on fair market value), (B) any tender offer (including a self-tender offer) or exchange offer that, if consummated,
would result in any Person or “group” beneficially owning fifteen percent (15%) or more of any class of equity or voting
securities of the Company or one or more of Subsidiaries of the Company whose assets, individually or in the aggregate, constitute
fifteen percent (15%) or more of the consolidated assets of the Company (based on fair market value), (C) any issuance or sale
or other disposition by the Company of equity interests representing fifteen percent (15%) or more of the aggregate voting power
of the then outstanding Shares, (D) any merger, consolidation, share exchange, business combination, joint venture, reorganization,
recapitalization, liquidation, dissolution or other similar transaction involving the Company or any of its Subsidiaries that would
constitute a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the
Exchange Act, except that references to “10 percent” in such definition shall be deemed to be references to “15
percent”) (other than any such transaction solely between or among the Company and one or more of its Subsidiaries) or (E)
any other transaction having a similar effect to those described in the foregoing clause (A) through (D).

 

    	 	42	 

     

    

 

		(ii)	“Definitive Transaction Agreement” means any written acquisition agreement,
merger agreement or similar definitive agreement or a written letter of intent or written agreement in principle with respect thereto
(other than a confidentiality agreement), in each case relating to an Acquisition Proposal.

 

		(iii)	“Intervening Event” means an event, state of facts, change, discovery, development
or circumstance relating specifically to the Company that arises after the date of this Agreement and is continuing on any date
of determination of the occurrence thereof, that was not known or reasonably foreseeable by the Board of Directors as of or prior
to the date of this Agreement, and which event, state of facts, change, discovery, development or circumstance is materially beneficial
to the business, assets, liabilities, financial condition, results of operation or prospects of the Company and its Subsidiaries,
taken as a whole; provided, however, that in no event shall any of the following constitute an Intervening Event: (A) any Acquisition
Proposal or Superior Proposal, or any inquiry, offer or proposal that constitutes or that could reasonably be expected to lead
to or result in any Acquisition Proposal or Superior Proposal, (B) a willful breach of this Agreement by the Company or any of
its Subsidiaries, (C) changes in the market price or trading volume of the Class A Common Stock (however, the underlying reasons
for such changes may constitute an Intervening Event), (D) the timing of any consents, registrations, approvals, permits, clearances
or authorizations required to be obtained prior to the Closing by the Company, its Subsidiaries or the Purchaser from any Governmental
Authority in connection with this Agreement and the consummation of the Proposed Transactions, or (E) the fact that, in and of
itself, the Company exceeds any internal or published projections or forecasts or estimates or outlook of revenues or earnings
(however, the underlying reasons for such events may constitute an Intervening Event)

 

		(iv)	“Superior Proposal” means an unsolicited
bona fide written Acquisition Proposal that is not attributable to or arising from a breach by the Company of Section 3.10
or to any material breach by the Company of any other provision of this Agreement, which the Board of Directors and/or a special
committee thereof determines in good faith (after consultation with its financial advisor and outside legal counsel), taking into
account all legal, financial, regulatory, timing and other aspects of the proposal (including financing, likelihood of prompt consummation
of the transaction, stockholder litigation and breakup fee and expense reimbursement provisions) and the Person making the proposal,
(i) is reasonably likely to be consummated on the terms proposed, (ii) to the extent financing is required, such financing is then
reasonably likely to be obtained on customary terms and conditions, (iii) the per-share consideration offered is greater than the
Per Share Price (including, if the per-share consideration is not all cash, a determination by the Board of Directors and/or a
special committee thereof in good faith by majority vote (after consultation with its financial advisors) to such effect) and (iv)
is otherwise on terms that the Board of Directors and/or a special committee thereof has determined is superior, from a financial
point of view, to the Proposed Transactions.

 

    	 	43	 

     

    

 

		(v)	Nothing contained in this Section 3.10 shall be deemed to prohibit the Company, the Board
of Directors or a special committee of the Board of Directors from (i) complying with its disclosure obligations under U.S. federal
or state or non-U.S. Law, including (A) disclosure of factual information regarding the business, financial condition or results
of operations of the Company or (B) taking and disclosing to its shareholders a position contemplated by Rule 14e-2(a), Rule 14d-9
or Item 1012(a) of Regulation M-A promulgated under the Exchange Act (or any similar communication to shareholders in connection
with the making or amendment of a tender offer or exchange offer); provided, that any such disclosure pursuant to this clause (B)
with respect to an Acquisition Proposal (other than a “stop, look and listen” communication of the type contemplated
by Rule 14d-9(f) under the Exchange Act or a statement that the Company Board and/or a special committee thereof has received and
is currently evaluating such Acquisition Proposal) that does not include an express rejection of any applicable Acquisition Proposal
or an express reaffirmation of its recommendation in favor of the Proposed Transactions shall not be deemed to be a Company Recommendation
Change, or (ii) making any “stop-look-and-listen” communication of the type contemplated by Rule 14d-9(f) under the
Exchange Act.

 

Section 3.11         CFIUS.

 

(a)          As
soon as practicable after the date of this Agreement, the parties hereto shall prepare, prefile, then no earlier than five (5)
Business Days thereafter, file with CFIUS a joint voluntary notice pursuant to Exon-Florio with respect to the transactions contemplated
by this Agreement. The parties hereto shall provide CFIUS with any additional or supplemental information requested by CFIUS or
its member agencies during the Exon-Florio review (and, if applicable, investigation) process within three (3) business days, unless
an extension is granted by CFIUS, of receiving such request, or within such longer period as permitted by CFIUS.

 

(b)          To
the extent that any of the actions described in Section 3.11(b) are proposed by CFIUS as a condition to obtaining CFIUS
Approval, the parties shall in good faith evaluate and make reasonable efforts to accommodate ‎those proposals that do
not call for the kind of limitations outlined in subsections (1) and (2) of this section below, with the understanding that it
is within each party’s discretion whether to undertake the proposed actions. Notwithstanding anything to the contrary in
this Agreement, with respect to the CFIUS Approval, (1) the parties shall have no obligation to (A) propose, negotiate, commit
to or effect, by consent decree, hold separate order, agreement or otherwise, the sale, transfer, license, divestiture or other
disposition of, or any prohibition or limitation on the ownership, operation, effective control or exercise of full rights of ownership
of, any of the businesses, product lines or assets of the Purchaser or any of its Affiliates or of the Company or any of its Subsidiaries,
(B) terminate existing, or create new, relationships, contractual rights or obligations of the Purchaser or its Affiliates or,
following Closing, the Company or its Subsidiaries, (C) effect any other change or restructuring of Purchaser, its Affiliates,
the Company, or their respective Subsidiaries, or (D) otherwise take or commit to take any actions that interfere with the Purchaser’s
ability to control, manage or exercise full rights of ownership of the Company or its Subsidiaries, or limit the freedom of action
of the Purchaser, its Affiliates, the Company, or their respective Subsidiaries, with respect to, or their ability to retain, or
enjoy the rights and benefits of any assets or businesses, including, without limitation, the freedom to provide services to, or
otherwise enter into, a commercial relationship with any Person and (2) the Company shall not, and shall cause its Subsidiaries
not to, take or agree to take any of the foregoing actions without the prior written consent of Purchaser.

 

    	 	44	 

     

    

 

 

Section 3.12         Board
of Directors.

 

(a)          Board
Rights. The Purchaser shall have the right to designate nominees for the Board of Directors (“Bison Designees”)
as follows: (i) effective upon the Closing, two (2) designees to be appointed to fill vacancies on the Board of Directors, to serve
until the next annual or other meeting of stockholders at which directors are to be elected, (ii) thereafter and until the Purchaser
beneficially owns less than 28% of the outstanding Class A Common Stock, two (2) designees to be nominated for election as members
of the Board of Directors at any meeting of stockholders at which directors are to be elected, (iii) while the Purchaser beneficially
owns less than 28% but at least 10% of the outstanding Class A Common Stock, one (1) designee to be nominated for election as a
member of the Board of Directors at any meeting of stockholders at which directors are to be elected, and (iv) when the Purchaser
beneficially owns less than 10% of the outstanding Class A Common Stock and at all times thereafter, no designee to be nominated
for election as a member of the Board of Directors. In each case, beneficial ownership shall be determined in accordance with Rule
13d-3 promulgated under the Exchange Act.

 

(b)          Initial
Bison Designees. The initial Bison Designees are Peng Jin and Peixin Xu. The Company shall provide each Bison Designee with
the same indemnification rights as all other directors, including entering into a standard form of indemnification agreement.

 

(c)          Vacancies.
In the event that any Bison Designee fails to complete a term on the Board of Directors, the Purchaser shall be entitled to designate
a new Bison Designee in accordance with the rights set forth in Section 3.12(a) to fill the vacancy so created in accordance
with the Bylaws.

 

(d)          Suitability.
All Bison Designees are subject to the Company’s normal procedures regarding suitability of director nominees.

 

(e)          Size
of the Board. The parties hereto agree that they shall, and that they shall cause their respective designees to, maintain the
size of the Company’s Board of Directors at seven (7) persons, unless a change in size is mutually agreed in writing.

 

(f)          Voting
Parties. Each of the individuals listed on Schedule 3.12 hereto shall be deemed a party to the Voting Agreement (each,
a “Voting Party”).

 

    	 	45	 

     

    

 

(g)          Covenants.
The Company agrees to take all actions required to ensure that the rights given to the Purchaser in the Voting Agreements are effective.
Such actions include, without limitation, the use of best efforts to cause the nomination of the Bison Designees, as provided herein,
for election as directors of the Company. The Company will not, by any voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be performed under this Section 3.12, and will at all times carrying out of all of
the provisions of this Section 3.12 and the Voting Agreements, and taking all such actions as may be necessary or appropriate
in order to cause each Voting Party to fulfill its obligations under the Voting Agreements. The Company further agrees that the
Voting Agreements will not be amended, nor any provisions thereof waived, without the prior written consent of the Purchaser.

 

Section 3.13         Standstill
Agreement. Except with the prior written
consent of the Board of Directors, the Purchaser agrees that neither it nor any of its Representatives will, from the date hereof
until the earlier of the Closing Date or the termination of this Agreement, other than as expressly contemplated by this Agreement,
directly or indirectly:

 

(a)          
acquire (or propose or agree to acquire), of record or beneficially, by purchase or otherwise, any loans, debt securities, equity
securities, or assets of the Company or any of its subsidiaries, or rights or options to acquire interests in any of the Company's
loans, debt securities, equity securities, or assets; or

 

(b)          engage
in any short selling of the Company’s securities, establish or increase any “put equivalent position” as defined
in Rule 16(a)-1(h) under the Exchange Act, or engage in any other swap or hedging transactions with respect to the Company’s
securities.

 

Section 3.14         Private
Placement. Concurrent with the Closing,
the Company shall complete a private placement of the Private Placement Shares for an aggregate purchase price of $5,000,000 (the
“Private Placement”); provided, however, that the Purchaser will purchase the remaining Private Placement
Shares that are not purchased by other investor(s) in the Private Placement.

 

Section 3.15         Proprietary
Information and Intellectual Property Assignment.
Prior to the Closing, the Company shall amend its employee handbook, to the satisfaction of the Purchaser, to address assignment
of inventions and IP rights by employees. The Company and its Subsidiaries shall enter into Proprietary Information and Invention
Assignment Agreements, in the form as provided by Purchaser to the Company, with each of their respective new officers, employees,
directors, consultants and contractors and shall include similar language regarding assignment of inventions and IP rights in
all severance agreement with departing employees.

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1           Survival
of the Representations and Warranties.
All representations and warranties made by any Party shall survive for two (2) years and shall terminate and be without further
force or effect on the second anniversary of the date hereof, except as to (i) the Company’s representations contained in
Section 2.1(x) hereof, which shall survive until thirty (30) days after the expiration of the statute of limitations period
for tax assessments, (ii) any claims thereunder which have been asserted in writing pursuant to Section 4.5 below against
the Party making such representations and warranties on or prior to such second anniversary, and (iii) the Company’s representations
contained in Sections 2.1(a), (b), (c) and (d) hereof and the Purchaser’s representations contained in Sections
2.2(a), (b), (c) and (f) hereof, which shall survive indefinitely.

 

    	 	46	 

     

    

 

Section 4.2           Termination.
This Agreement may be terminated, and the transactions contemplated hereby may be abandoned at any time prior to Closing,

 

(a)          by
mutual written agreement of the Parties,

 

(b)          by
either the Purchaser or the Company:

 

(i)            if
any Governmental Authority of competent jurisdiction shall have enacted, issued or entered any restraining order, injunction or
similar order or legal restraint or prohibition which remains in effect that enjoins or otherwise prohibits the consummation of
the Proposed Transactions, including, without limitation, the sale and issuance of the Purchase Shares, and such order, injunction,
legal restraint or prohibition shall have become final and non-appealable;

 

(ii)           if
the Company’s stockholders shall not have approved either the Authorized Shares Proposal or the Nasdaq Approval Proposal
at the special meeting of stockholders held pursuant to Section 3.8; or

 

(iii)          if
the Closing shall not have occurred by October 31, 2017 (the “Outside Date”), provided that the party seeking
to terminate this Agreement pursuant to this Section 4.2(b)(iii) shall not have breached in any material respect its obligations
under this Agreement in any manner that shall have been the primary cause of the failure of the Closing to occur on or before the
Outside Date; provided, further, that if (i) the condition regarding receipt of CFIUS Approval set forth in Section 1.4(a)(x)
shall be the only condition of Section 1.4 (other than conditions that by their nature are to be satisfied at the Closing
or on the Closing Date) that has not been satisfied or waived by the Outside Date, and (ii) CFIUS has not by the Outside Date informed
the Parties that there is a substantial possibility that the CFIUS Approval will not be granted, then the Outside Date shall automatically
be extended by thirty (30) days.

 

(c)          by
the Purchaser:

 

(i)            if
a breach of any representation or warranty or failure to perform in any material respect any covenant or agreement of the Company
set forth in this Agreement shall have occurred and such breach or failure to perform would cause any of the conditions set forth
in Section 1.4(a)(iii) or Section 1.4(a)(iv) not to be satisfied, and such breach or failure to perform either cannot
be cured or, if curable, has not been cured prior to the earlier of (A) the thirtieth (30th) calendar day following receipt by
the Company of written notice of such breach or failure to perform from the Purchaser and (B) the calendar day immediately prior
to the Outside Date;

 

    	 	47	 

     

    

 

(ii)           if
the Company shall have breached in any material respect any of its obligations under Section 3.10; or

 

(iii)          other
than as expressly permitted by this Agreement, if the Board of Directors or any committee thereof, for any reason, shall have (A)
effected a Company Recommendation Change, (B) failed to recommend against an Acquisition Proposal or reaffirm (publicly, if so
requested by the Purchaser) the Stockholder Vote Recommendations on or prior to the third (3rd) Business Day after the Acquisition
Proposal shall have been publicly announced or disclosed, including, in the case of  a tender or exchange offer relating to
securities of the Company involving a person or group unaffiliated with the Purchaser which has first been published or announced,
having failed to send or give to stockholders of the Company pursuant to Rule 14e-2 promulgated under the Exchange Act a statement
disclosing that the Board of Directors recommends rejection of such tender or exchange offer within such three (3) Business Day
period, or (C) after a reasonable request by the Purchaser and following the occurrence of a publicly disclosed material development
that would reasonably be expected to have a material impact on the outcome of the Authorized Shares Proposal or the Nasdaq Approval
Proposal (other than in connection with an Acquisition Proposal), to reaffirm the Stockholder Vote Recommendations on or prior
to the third (3rd) Business Day after receipt by the Company of such request;

 

(d)          by
the Company:

 

(i)            if
a breach of any representation or warranty or failure to perform in any material respect any covenant or agreement of the Purchaser
set forth in this Agreement shall have occurred and such breach or failure to perform would cause any of the conditions set forth
in Section 1.4(b)(iii) not to be satisfied, and such breach or failure to perform either cannot be cured or has not been
cured prior to the earlier of (A) the thirtieth (30th) calendar day following receipt by the Purchaser of written notice of such
breach or failure to perform from the Company and (B) the calendar day immediately prior to the Outside Date;

 

(ii)           if
(A) all of the conditions set forth in Sections 1.4(a) and 1.4(b) have been satisfied or waived (other than those
conditions that by their terms are to be satisfied at the Closing), (B) the Purchaser fails to consummate the Closing within three
(3) Business Days following the date the Closing should have occurred pursuant to Section 1.3, (C) the Company provided
written notice to the Purchaser that it was ready and willing to consummate the Closing during such period and (D) the Purchaser
fails to consummate the Closing within three (3) Business Days after delivery of the notice described in the immediately preceding
clause (C); provided however that during such three (3) Business Day period referenced in clause (B), neither Party shall be entitled
to terminate this Agreement pursuant to Section 4.2(b)(iii); or

 

    	 	48	 

     

    

 

(iii)          if
(A) the Company shall have received a Superior Proposal, (B) the Company shall have complied in all material respects with all
of its material obligations under Section 3.10, (C) to the extent permitted by and effected in accordance with Section
3.10, the Board of Directors approves, and the Company concurrently with, or promptly following, the termination of this Agreement,
enters into, a Definitive Transaction Agreement with respect to such Superior Proposal and (D) prior to or concurrently with such
termination, the Company pays to the Purchaser the amounts contemplated by Section 4.5(b);

 

Section 4.3           Notice
of Termination. Any Party terminating
this Agreement pursuant to Section 4.2 shall give written notice of such termination to the other Party in accordance with
this Agreement, specifying the provision or provisions hereof pursuant to which such termination is being effected.

 

Section 4.4           Effect
of Termination. In the event of the
termination and abandonment of this Agreement pursuant to Section 4.2, this Agreement shall be void and have no effect,
with no liability on the part of either Party hereto or its Affiliates, directors, officers or stockholders to the other party,
except that no such termination and abandonment shall relieve any Party hereto from (i) any liabilities or damages resulting from
any fraud or willful breach of this Agreement prior to or in connection with such termination and abandonment or (ii) any obligation
to pay the Termination Fee pursuant to Section 4.5, if applicable. Sections 4.4, 4.5 and 4.6 shall survive any termination
and abandonment of this Agreement pursuant to Section 4.2.

 

Section 4.5           Fees
and Expenses.

 

(a)          Except
as otherwise provided in this Section 4.5, each Party will bear its own expenses incurred in connection with the negotiation,
preparation, execution and performance of this Agreement.

 

(b)          (1)
If this Agreement is terminated pursuant to Section 4.2(c)(i) or Section 4.2(c)(iii), (2) if this Agreement is terminated
pursuant to Section 4.2(d)(iii) or (3) (A) if this Agreement is terminated pursuant to Section 4.2(b)(ii), Section
4.2(b)(iii), or Section 4.2(c)(ii) and, prior to such termination, an Acquisition Proposal has been made to the Company
or any of its Representatives and has not been withdrawn, and (B) within six (6) months after such termination, the Company enters
into a Definitive Transaction Agreement or consummates a transaction, in either case relating to such Acquisition Proposal, then
the Company shall pay the Termination Fee to the Purchaser (or its designee). Any Termination Fee due under this Section 4.5(b)
shall be paid to the Purchaser (or its designee) by wire transfer of same day funds to an account designated in writing by the
Purchaser (x) in the case of a termination pursuant to clause (1) or clause (2) above, within three (3) Business Days after the
date of such termination, and (y) in the case of a termination pursuant to clause (3) above, within three (3) Business Days of
the earlier of (I) the execution of a Definitive Transaction Agreement and (II) consummation of a transaction relating to such
Acquisition Proposal. As used herein the “Termination Fee” is an amount equal to US$1,000,000.

 

    	 	49	 

     

    

 

(c)          If
this Agreement is terminated by the Company pursuant to Section 4.2(d)(i) or Section 4.2(d)(ii), then the Purchaser
shall pay the Termination Fee to the Company by wire transfer to an account designated in writing by the Company within three (3)
Business Days after the date of such termination.

 

(d)          In
no event shall either Party be required to pay the Termination Fee on more than one occasion. Each Party acknowledges that the
agreements contained in this Section 4.5 are an integral part of the transactions contemplated by this Agreement. In the
event that one Party shall fail to pay the other party the Termination Fee, it shall also pay the out-of-pocket costs and expenses
actually incurred or accrued by the other Party (including fees and expenses of counsel) in connection with the collection under
and enforcement of this Section 4.5, together with interest on such unpaid Termination Fee, commencing on the date that
the Termination Fee became due, at a rate per annum equal to the prime rate as published in the national edition of The Wall Street
Journal.

 

Section 4.6           Indemnification.
Subject to Section 4.1 and Section 4.4 hereof, each of the Company and the Purchaser (an “Indemnifying
Party”) shall indemnify and hold the other and its respective directors, officers and agents (collectively, the “Indemnified
Party”) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses
and liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred
in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, but excluding
consequential damages, special or incidental damages, indirect damages, punitive damages, lost profits, and diminution in value
(collectively, “Losses”) resulting from or arising out of: (i) the breach of any representation or warranty
of such Indemnifying Party contained in this Agreement or in any schedule or exhibit hereto; or (ii) the violation or nonperformance,
partial or total, of any covenant or agreement of such Indemnifying Party contained in this Agreement for reasons other than gross
negligence or willful misconduct of such Indemnified Party. Notwithstanding the foregoing, the Indemnifying Party shall have no
liability (for indemnification or otherwise) with respect to any Losses in excess of the aggregate total of the Purchase Price.
In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance
proceeds and third-party payments received by the Indemnified Party with respect to such Losses, if any.

 

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Section 4.7           Notice
of Claims; Procedures. If an Indemnified
Party makes any claim against an Indemnifying Party for indemnification under Section 4.6, the claim shall be in writing
and shall state in reasonable detail the facts upon which such Indemnified Party makes the claim. In the event of any claim or
demand asserted against an Indemnified Party by a third party upon which the Indemnified Party may claim indemnification, (a)
the Indemnified Party shall give written notice of such claim promptly, and in any event within ten (10) Business Days after the
Indemnified Party becomes aware of the facts on which the indemnification claim is made and (b) the Indemnifying Party shall give
written notice to the Indemnified Party within thirty (30) days after receipt from the Indemnified Party of the claim referred
to above, indicating whether such Indemnifying Party intends to assume the defense of the claim or demand. If an Indemnifying
Party assumes such defense, (x) the Indemnifying Party shall fully cooperate with such defense, (y) the Indemnifying Party shall
not be obligated to indemnify or reimburse the Indemnified Party for any costs or expenses of defense (unless otherwise agreed
in writing by the Indemnifying Party or a conflict of interest exists that would make it inappropriate for the Indemnified Party
and Indemnifying Party to be represented by the same counsel) and (z) the Indemnifying Party shall have the right to fully control
and settle or compromise the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with
the written consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed, provided
that no such consent shall be required if such settlement or compromise does not (i) require the Indemnified Party to make any
payment, (ii) contain any equitable relief against the Indemnified Party and (iii) provide for any admission of guilt, liability
or wrongdoing on the part of the Indemnified Party. If the Indemnifying Party elects not to assume the defense or fails to make
such an election with the 30-day period, the Indemnified Party may, at its option, defend, settle, compromise or pay such action
or claim; provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the
Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed.

 

Section 4.8           Governing
Law; Jurisdiction. This Agreement shall
be governed and interpreted in accordance with the laws of the State of New York without giving effect to the conflicts of law
principles thereof that would require the application of the laws of any other jurisdiction. Each of the Parties hereto (a) irrevocably
and unconditionally submits to the exclusive jurisdiction of the courts of the State of New York and any court of the United States
located in the Borough of Manhattan in New York City with respect to all actions and proceedings arising out of or relating to
this Agreement and the transactions contemplated hereby, (b) agrees that all claims with respect to any such action or proceeding
shall be heard and determined in such courts and agrees not to commence any action or proceeding relating to this Agreement or
the transactions contemplated hereby except in such courts, (c) irrevocably appoints Gary Loffredo, the General Counsel of the
Company, as agent upon whom process may be served in any such action or proceeding (d) irrevocably and unconditionally waives
any defense or objection to the laying of venue of any action or proceeding arising out of this Agreement or the transactions
contemplated hereby and irrevocably and unconditionally waives any defense or objection of an inconvenient forum, and (e) agrees
that a final judgment in any such action or proceeding that is no longer subject to appeal shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

Section 4.9           Amendment.
This Agreement shall not be waived, amended, changed or modified in any respect, except by another agreement in writing executed
by the Parties hereto.

 

Section 4.10         Binding
Effect. Subject to Section 4.11,
this Agreement shall inure to the benefit of, and be binding upon, the Company and the Purchaser and their respective successors
and permitted assigns.

 

    	 	51	 

     

    

 

Section 4.11         Assignment.
Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser
without the express written consent of the other Party, except that the Purchaser may assign all or any of its rights and obligations
hereunder to any wholly owned subsidiaries of Bison Capital Holding Company Ltd. without the consent of the Company; provided
that the Purchaser shall obtain the consent of the Company, which will not be unreasonably withheld, prior to assigning any or
all of its rights and obligations hereunder to any third party prior to the Closing. Any purported assignment in violation of
the foregoing sentence shall be null and void.

 

Section 4.12         Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have
been duly given on the date of actual delivery if delivered personally to the Party or Parties to whom notice is to be given,
on the date sent if sent by telecopier, on the next Business Day following delivery to Federal Express or United Parcel Service
properly addressed or on the fifth Business Day after being mailed by the U.S. Postal Service if mailed by registered or certified
mail, return receipt requested, first class postage paid, and properly addressed as follows:

 

	If to Purchaser, at:	Bison Entertainment Investment Limited 
	 	Unit 1501-2, 15/F, Sino Plaza
	 	255 Gloucester Road
	 	Causeway Bay, Hong Kong
	 	Attn:  Mr. Peng Jin
	 	Email:  Pengjin@bisonholding.com
	 	 
	With copy to:	Shearman & Sterling LLP
	 	1460 El Camino Real, 2nd Floor
	 	Menlo Park, CA 94025
	 	Attn:  Alan Seem
	 	Email:  alan.seem@shearman.com
	 	 
	If to the Company, at:	Cinedigm Corp. 
	 	902 Broadway, 9th Floor
	 	New York, NY 10010
	 	Attn:  Mr. Christopher J. McGurk
	 	 
	With copy to:	Kelley Drye & Warren LLP
	 	101 Park Avenue 
	 	New York, New York 10178
	 	Attn: Jonathan Cooperman and Merrill B. Stone 

 

Any Party may change
its address for purposes of this Section 4.12 by giving the other Parties hereto written notice of the new address in the
manner set forth above.

 

    	 	52	 

     

    

 

Section 4.13         Legends.
The Purchaser understands that the Purchase Shares will be issued pursuant to an exemption from registration or qualification
under the Securities Act and applicable state securities laws, are “restricted securities” as that term is defined
in Rule 144 and except as set forth below, the Purchase Shares shall bear any legend as required by the Delaware General Corporation
Law, the “blue sky” laws of any state, any legends required under the Registration Rights Agreement or any other agreement
between the Purchaser and the Company, and a restrictive legend in substantially the following form (and a stop-transfer order
may be placed against transfer of all the Shares):

 

THE SECURITIES REPRESENTED HEREBY NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR PLEDGED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (2) TO CINEDIGM CORP. OR ANY OF ITS SUBSIDIARIES,
OR (3) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE ACT, AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS.

 

Section 4.14         Removal
of Legends. Subject to applicable law
and the terms of the Registration Rights Agreement, certificates evidencing the Purchase Shares shall not be required to contain
the legend set forth in Section 4.13 above (i) following any sale of such Purchase Shares pursuant an effective registration
statement under, and in compliance with the prospectus delivery requirements under, the Securities Act, (ii) following any sale
of such Purchase Shares pursuant to Rule 144, (iii) if such Purchase Shares are eligible to be sold, assigned or transferred under
Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144
as to such Purchase Shares and without volume or manner-of-sale restrictions (provided that the Purchaser provides the Company
with reasonable assurances that such Purchase Shares are eligible for sale, assignment or transfer under Rule 144), or (iv) if
such legend is not required under applicable requirements of the Securities Act (including, without limitation, controlling judicial
interpretations and pronouncements issued by the SEC).

 

Section 4.15         Entire
Agreement.  This Agreement constitutes
the entire understanding and agreement between the Parties hereto with respect to the matters covered hereby, and all prior agreements
and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and
superseded by this Agreement.

 

Section 4.16         Severability.
If any provisions of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether
in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from
the Agreement in order to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all
other provisions hereof shall be given effect separately therefrom and shall not be affected thereby.

 

Section 4.17         Headings.
The headings of the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do
not expressly or by implication limit, define or extend the specific terms of the section so designated.

 

    	 	53	 

     

    

 

Section 4.18         Execution
in Counterparts. For the convenience
of the Parties and to facilitate execution, this Agreement may be executed in one or more counterparts, each of which may be transmitted
electronically and shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	54	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	CINEDIGM CORP. 
	 	 
	 	By:	  /s/ Christopher J. McGurk
	 	 	Name:  Christopher J. McGurk
	 	 	Title:  Chief Executive Officer
	 	 
	 	PURCHASER 
	 	 
	 	BISON ENTERTAINMENT INVESTMENT LIMITED
	 	 
	 	By:	  /s/ Peixin Xu
	 	 	Name: Peixin Xu 
	 	 	Title:  President and Director

 

[Signature Page to Purchase Agreement]

 

    	 	 	 

     

    

 

Final Form

 

Exhibit A

 

Form of Registration Rights Agreement

 

[Attached]

 

    	 	56	 

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of [•], 2017, by
and between Cinedigm Corp., a Delaware company (the “Company”) and the purchasers listed on Schedule 1
attached hereto (the “Purchasers”). The Company and each of the Purchasers have entered into either that certain
Stock Purchase Agreement dated as of [June 29], 2017 (the “Purchase Agreement”) by and between the Company and
Bison Entertainment Investment Limited or one of certain other stock purchase agreements, each dated as of [•], 2017 (the
“Other Agreements”) by and between the Company and each other Purchaser. Terms used but not otherwise defined
herein shall have the meanings assigned to them in the Purchase Agreement.

 

RECITALS

 

WHEREAS, the Company
and each of the Purchasers have entered into the Purchase Agreement or one of the Other Agreements, as applicable, pursuant to
which the Company will issue and sell and the Purchasers will purchase an aggregate of 20,000,000 shares (the “Purchased
Shares”), of the Class A common stock of the Company, par value US$0.001 per share (the “Class A Shares”),
subject to the terms and conditions thereof; and

 

WHEREAS, it is a condition
to the Closing that, among other things, this Agreement has been executed and delivered by the parties hereto.

 

NOW, THEREFORE, in
consideration of the foregoing premises, mutual promises and covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

AGREEMENT

 

		1.	Definitions

 

For the purposes of
this Agreement:

 

		(a)	Registrable Securities

 

“Registrable Securities”
shall mean the Purchased Shares, together with any Class A Shares obtained by each Purchaser or any party that controls, is controlled
by or is under common control with such Purchaser (a “Related Transferee” of such Purchaser) through any stock
split, stock dividend or any similar issuance in respect of the Purchased Shares.

 

Notwithstanding the foregoing,
“Registrable Securities” shall exclude (i) any Registrable Securities sold by a person in a transaction in which
rights under this Agreement are not expressly assigned in accordance with this Agreement, (ii) any Registrable Securities sold
into the public market, whether sold pursuant to Rule 144 (“Rule 144”) promulgated under the Securities Act
of 1933, as amended (the “1933 Act”), or in a registered offering, or otherwise, or (iii) any Registrable Securities
upon becoming eligible for sale without restriction by the holder thereof pursuant to Rule 144.

 

    	 	57	 

     

    

 

		(b)	The Outstanding Registrable Securities

 

The number of “the Outstanding
Registrable Securities” means the number of Class A Shares held by the Holders which are Registrable Securities.

 

		(c)	Holder

 

“Holder” shall
mean any Purchaser and any permitted assignee of the Registrable Securities to whom rights under this Agreement have been duly
assigned in accordance with this Agreement.

 

		(d)	Form S-3

 

“Form S-3” shall
mean any such form under the 1933 Act being in effect on the date hereof or any successor registration form under the 1933 Act
subsequently adopted by the Securities and Exchange Commission of the United States (the “Commission”). Such
form permits the inclusion or incorporation of substantial information by reference to other documents filed by the Company with
the Commission.

 

		2.	Demand Registration

 

		(a)	Request by Holders

 

Subject to Section 9 of this Agreement,
if the Company shall receive a written request from the Holders possessing collectively at least fifteen percent (15%) of the
Outstanding Registrable Securities that the Company file a registration statement under the 1933 Act covering the registration
of the resale of the Registrable Securities pursuant to this Section 2, then the Company shall, within ten (10) business days
of the receipt of such written request, give written notice of such request (“Request Notice”) to all the Holders,
and use its best efforts to effect, as soon as practicable, the registration under the 1933 Act of all Registrable Securities
that the Holders request to be registered in such registration by providing written notice to the Company within twenty (20) days
after receipt of the Request Notice, subject only to the limitations set forth in this Section 2.

 

    	 	58	 

     

    

 

		(b)	Underwriting

 

If the Holders initiating the registration
request under this Section 2 (“Initiating Holders”) intend to distribute the Registrable Securities covered
by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to
this Section 2 and the Company shall include such information in the written notice referred to in Clause 2(a). In such an event,
the right of any Holder to include his Registrable Securities in such registration shall be conditional upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless
otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All
the Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of
the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this
Section 2, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of
securities to be underwritten, then the Company shall so advise all the Holders of Registrable Securities which would otherwise
be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis
according to the number of the Outstanding Registrable Securities held by each Holder requesting registration (including the Initiating
Holders); provided, however, that in any public offering of securities, the right of the underwriter(s) to exclude
shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that
all shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who
is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration
and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), which notice shall be delivered
at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded
or withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

		(c)	Maximum Number of Demand Registrations; Duration of
Effectiveness

 

The Company shall be obligated
to effect only three (3) such registrations pursuant to this Section 2; provided, that a registration requested pursuant
to this Section 2 shall not be deemed to have been effected for purposes of this Section 2(c) unless (i) it has been declared effective
by the Commission, (ii) it has remained effective for the period set forth below and (iii) the offering of Registrable Securities
pursuant to such registration is not subject to any stop order, injunction or other order or requirement of the Commission (other
than any such stop order, injunction, or other requirement of the Commission prompted by act or omission of the Holders of Registrable
Securities) that has not been withdrawn. The Company shall use its best efforts to keep effective any registration effected pursuant
to this Section 2 until the earlier of (i) that date that all of the Registrable Securities registered thereon have been sold,
(ii) the date that the Holders whose Registrable Securities are included in such registration notify the Company in writing that
they will not make any further sales thereunder, and (iii) 120 days from the effective date.

 

    	 	59	 

     

    

 

		(d)	Deferral

 

Notwithstanding the foregoing,
if the Company furnishes to the Holder or Holders initiating a registration request under this Section 2 a certificate signed by
a director of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company
and its shareholders for such registration statement to be filed, then the Company shall have the right to defer such filing for
a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however,
that the Company may not utilize this right more than once in any twelve (12) month period.

 

		(e)	Expenses

 

All expenses incurred in connection
with any registration, pursuant to this Section 2, including without limitation all federal and “blue sky” registration,
filing and qualification fees, printer’s and accounting fees, and fees and disbursements of counsel for the Company, shall
be borne by the Company. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s
proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of
all discounts, commissions or other amounts payable to underwriters or brokers, and the Holders’ legal fees, in connection
with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of
any registration proceeding begun pursuant to this Section 2 if the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Outstanding
Registrable Securities agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant
to Section 2 (in which case such registration shall also constitute the use by all Holders of Registrable Securities of one (1)
such demand registration); provided, further, however, that if at the time of such withdrawal, the Holders
have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the
time of their request for such registration and have withdrawn their request for registration with reasonable promptness after
learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such registration
shall not constitute the use of a demand registration pursuant to this Section 2.

 

		3.	Piggyback Registrations

 

Subject to Section
9 of this Agreement, the Company shall notify all the Holders of Registrable Securities in writing at least thirty (30) days prior
to filing any registration statement under the 1933 Act for purposes of effecting a public offering of securities of the Company
(other than (i) a registration on Form S-4 or Form S-8, or any successor or other forms promulgated for similar purposes, and (ii)
demand registrations pursuant to Section 2) and will afford each such Holder an opportunity to include in such registration statement
all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder shall within twenty (20) days after receipt of the
above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number
of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all
of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as
may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 

    	 	60	 

     

    

 

		(a)	Underwriting

 

If a registration statement under
which the Company gives notice under this Section 3 is for an underwritten offering, then the Company shall so advise the Holders.
In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section
3 shall be conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. All the Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters
selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s)
in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s)
may exclude shares from the registration and the underwriting, and the number of shares that may be included in the registration
and the underwriting shall be allocated, first to the Company, and second, to each of the Holders requesting inclusion
of their Registrable Securities in such registration statement on a pro rata basis based on the total number of Registrable Securities
then held by each such Holder; provided, however, that the right of the underwriter(s) to exclude shares (including
Registrable Securities) from the registration and underwriting as described above shall be restricted so that all shares that are
not Registrable Securities and are held by any other person, excluding the Company but including, without limitation, any person
who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration
and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10)
business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from
such underwriting shall be excluded and withdrawn from the registration.

 

		(b)	Expenses

 

All expenses incurred in connection
with a registration pursuant to this Section 3 (excluding underwriters’ and brokers’ discounts and commissions relating
to shares sold by the Holders and legal-fees of counsel for the Holders), including, without limitation all federal and “blue
sky” registration, filing and qualification fees, printer’s and accounting fees, and fees and disbursements of counsel
for the Company, shall be borne by the Company.

 

		(c)	Not Demand Registration

 

Registration pursuant to this Section
3 shall not be deemed to be a demand registration as described in Section 2 above. Except as otherwise provided herein, there shall
be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 3.

 

    	 	61	 

     

    

 

		4.	Form S-3 Registration

 

4.1         Subject
to Section 9 of this Agreement, in case the Company shall, at any time when it is eligible to use Form S-3, receive from the Holder(s)
of a majority of all the Outstanding Registrable Securities a written request or requests that the Company effect a registration
on Form S-3 and any related qualification or compliance with respect to the resale of all or a part of the Registrable Securities
owned by such Holder or Holders, then the Company will:

 

		(a)	Notice

 

promptly give written notice of
the proposed registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance,
to all other Holders of Registrable Securities;

 

		(b)	Registration

 

as soon as practicable, effect
such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified
in a written request given within twenty (20) days after the Company provides the notice contemplated by paragraph (a) of this
Section 4.1; and

 

		(c)	Maximum Number of Form S-3 Registrations; Duration of
Effectiveness

 

be obligated to effect (i) only
one (1) such registration in any calendar year pursuant to this Section 4, and (ii) no such registration with respect to any Registrable
Securities while any other such registration with respect to such Registrable Securities pursuant to this Section 4 remains effective.
The Company shall use its best efforts to keep the Form S-3 continuously effective until the date on which all Registrable Securities
covered by the Form S-3 have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus
included in the Form S-3 or any amendment or supplement thereto, or cease to constitute Registrable Securities.

 

		4.2	Expenses

 

The Company shall pay all expenses
incurred in connection with each registration requested pursuant to this Section 4 (excluding underwriters’ or brokers’
discounts and commissions relating to shares sold by the Holders and legal fees of counsel for the Holders), including without
limitation federal and “blue sky” registration, filing and qualification fees, printer’s and accounting fees,
and fees and disbursements of counsel for the Company.

 

    	 	62	 

     

    

 

		4.3	Deferral

 

Notwithstanding the foregoing,
if the Holder or Holders of a majority of all the Outstanding Registrable Securities request the filing of a registration statement
pursuant to this Section 4 and the Company furnishes to such Holder or Holders a certificate signed by a director of the Company
stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for
such registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than
ninety (90) days after receipt of the request of the initiating Holders; provided, however, that the Company may
not utilize this right more than once in any twelve (12) month period.

 

		4.4	Not Demand Registration

 

Form S-3 registrations pursuant
to this Section 4 shall not be deemed to be demand registrations as described in Section 2 above. Except as otherwise provided
herein, there shall be no limit on the number of times the Holder or Holders may request registration of Registrable Securities
under this Section 4.

 

		5.	Obligations of the Company

 

Whenever required to
effect the registration of any Registrable Securities under this Agreement, the Company shall, as expeditiously as reasonably possible:

 

		(a)	Registration Statement

 

prepare and file with the Commission
a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement
to become effective;

 

		(b)	Amendments and Supplements

 

prepare and file with the Commission
such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement
as may be necessary to comply with the provisions of the 1933 Act with respect to the disposition of all securities covered by
such registration statement;

 

		(c)	Prospectuses

 

furnish to the Holders such number
of conformed copies of the applicable registration statement and each such amendment and supplement thereto (including in each
case all exhibits), and copies of a prospectus, including a preliminary prospectus, if applicable, in conformity with the requirements
of the 1933 Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by them that are included in such registration;

 

		(d)	Blue Sky

 

use its best efforts to register
and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions
as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as
a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

 

    	 	63	 

     

    

 

		(e)	Underwriting

 

in the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing
underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations
under such an agreement;

 

		(f)	Notification

 

notify each Holder of Registrable
Securities covered by such registration statement at any time (i) when a prospectus relating thereto is required to be delivered
under the 1933 Act of the happening of any event as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing, (ii) of the issuance
by the Commission of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings
for that purpose, (iii) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of
the qualification of the Class A Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose, and (iv) of any request by the Commission for amendments or supplements to such Registration Statement or the prospectus
included therein or for additional information;

 

		(g)	Post-Effective Amendments

 

upon the occurrence of any event
contemplated by Section 5(f)(i) above, promptly prepare a post-effective amendment to such registration statement or a supplement
to the related prospectus or file any other required document so that, as thereafter delivered to the Holders, the prospectus will
not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with
Section 5(f)(i) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the
Holders shall suspend use of such prospectus and use their reasonable efforts to return to the Company all copies of such prospectus
(at the Company’s expense) other than permanent file copies then in such Holder’s possession, and the period of effectiveness
of such registration statement provided for above shall be extended by the number of days from and including the date of the giving
of such notice to the date Holders shall have received such amended or supplemented prospectus pursuant to this Section 5(g);

 

    	 	64	 

     

    

 

		(h)	Opinion
                                         and Comfort Letter

 

furnish, at the request of any
Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters
for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters,
on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such
date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting
registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii)
a “comfort” letter dated as of such date, from the independent auditors of the Company, in form and substance as is
customarily given by independent auditors to underwriters in an underwritten public offering and reasonably satisfactory to a majority
in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration
of Registrable Securities;

 

		(i)	Compliance with Securities Law

 

otherwise use its reasonable efforts
to comply with all applicable rules and regulations of the Commission, and make earnings statements satisfying the provisions of
Section 11(a) of the 1933 Act generally available to the Holders no later than 45 days after the end of any twelve-month period
(or 90 days, if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are
sold to underwriters in an underwritten public offering, or (ii) if not sold to underwriters in such an offering, beginning with
the first month of the Company’s first fiscal quarter commencing after the effective date of the registration statement,
which statements shall cover said twelve-month periods; provided, however, that the filing with the Commission of periodic reports
on Form 10-K and Form 10-Q (including reports filed in compliance with the time extensions permitted by Rule 12b-25 promulgated
under the 1933 Act) shall satisfy the requirements of this Section 5(i).

 

		(j)	Listing Applications

 

use its reasonable efforts to cause all such Registrable
Securities to be listed on each securities exchange or quotation system on which similar securities issued by the Company are listed
or traded;

 

		(k)	Company Disclosure

 

make reasonably available for inspection
by the representatives of the Holders, any underwriter participating in any disposition pursuant to such Registration Statement
and any attorney, accountant or other agent retained by such representatives or any such underwriter all relevant financial and
other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and
employees to supply all relevant information reasonably requested by such representative or any such underwriter, attorney, accountant
or agent in connection with the registration; and

 

    	 	65	 

     

    

 

		(l)	Transfer Agent

 

use reasonable efforts to procure
the cooperation of the Company’s transfer agent in settling any offering or sale of Registrable Securities, including with
respect to the transfer of physical stock certificates into book-entry form in accordance with any procedures reasonably requested
by the Holders or the underwriters.

 

		6.	Furnish Information

 

It shall be a condition
precedent to the obligations of the Company to take any action pursuant to Sections 2, 3 or 4 that the selling Holder or Holders
shall furnish to the Company such information regarding themselves, the Registrable Securities held by them, other Company securities
held by them, and the intended method of disposition of such Registrable Securities as shall be required to timely effect the registration
of their Registrable Securities.

 

		7.	Indemnification

 

In the event any Registrable
Securities are included in a registration statement under Section 2, 3 or 4:

 

		(a)	By the Company

 

To the extent permitted by law
the Company will indemnify and hold harmless each Holder, the partners, officers and directors of each Holder, any underwriter
(as determined in the 1933 Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning
of the 1933 Act or the Securities Exchange Act of 1934, as amended (the “1934 Act”), against any losses, claims,
damages, or liabilities (joint or several) to which they may become subject under the 1933 Act, the 1934 Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon
any of the following statements, omissions or violations (collectively a “Violation”):

 

(i)           any
untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto; 

 

(ii)         the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or

 

(iii)        any
violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any federal or state securities law or any rule or
regulation promulgated under the 1933 Act, the 1934 Act or any federal or state securities law in connection with the offering
covered by such registration statement;

 

    	 	66	 

     

    

 

and the Company will reimburse
each such Holder, partner, officer or director, underwriter or controlling person for any legal or other expenses reasonably incurred
by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in paragraph 7(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or
action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter
or controlling person of such Holder; and provided, further, that the Company shall only be obligated to reimburse legal
expenses for one counsel for all Holders.

 

		(b)	By Selling Holders

 

To the extent permitted by law,
each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the
registration statement, each person, if any, who controls the Company within the meaning of the 1933 Act, any underwriter and any
other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers
or any person who controls such Holder within the meaning of the 1933 Act or the 1934 Act, against any losses, claims, damages
or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other
such Holder, partner or director, officer or controlling person of such other Holder may become subject under the 1933 Act, the
1934 Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration;
and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer,
controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection
with investigating or defending any such loss, claim, damage, liability or action: provided, however, that the indemnity
agreement contained in this paragraph 7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability
or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and
provided, further, that the total amounts payable in indemnity by a Holder under this paragraph 7(b) in respect of
any Violation shall not exceed the net proceeds received by such Holder in the registered offering out of which such Violation
arises.

 

    	 	67	 

     

    

 

		(c)	Contribution

 

If the indemnification provided
for in this Section 7 from the indemnifying party is unavailable to an indemnified party hereunder in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities
or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties
in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection
with any investigation or proceeding.

 

The parties hereto agree that it
would not be just and equitable if contribution pursuant to this Section 7(c) were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
paragraph. No Person (as defined in the 1934 Act) guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

		(d)	Notice

 

Promptly after receipt by an indemnified
party under this Section 7 of notice of the commencement of any action (including any governmental action), such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right
to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests
between such indemnified party and any other party represented by such counsel in such proceeding; provided, however, that
if the Company is the indemnifying party, it shall only be obligated to pay for legal expenses for one counsel for all Holders.
The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action
shall relieve such indemnifying party of liability to the indemnified party under this Section 7 to the extent the indemnifying
party is prejudiced as a result thereof, but the omission so to deliver written notice to the indemnified party will not relieve
it of any liability that it may have to any indemnified party otherwise than under this Section 7.

 

    	 	68	 

     

    

 

		(e)	Survival

 

The obligations of the Company
and the Holders under this Section 7 shall survive until the fifth anniversary of the completion of any offering of Registrable
Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes.

 

		8.	No Registration Rights to Third Parties

 

Without the prior written
consent of the Holders of a majority in interest of the Outstanding Registrable Securities, the Company covenants and agrees that
it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind
(whether similar to the demand, “piggyback” or Form S-3 registration rights described in this Agreement, or otherwise)
relating to shares or any other voting securities of the Company, other than rights that are subordinate in right to the Holders.

 

		9.	Assignment

 

The registration rights
under this Agreement may be assigned by any Holder:

 

(a)          only
to a Related Transferee; and 

 

(b)          such
Related Transferee shall have executed a written agreement pursuant to which such person becomes a party to this Agreement and
agrees to be bound by all the provisions hereof.

 

		10.	Reports Under the 1934 Act

 

With a view to making
available to the Holders the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit
a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company
agrees to:

 

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

 

(b)           file
with the Commission in a timely manner all reports and other documents required of the Company under the 1934 Act; and

 

(c)           furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company
that it has complied with the current public information requirements of Rule 144, and the reporting requirements of Sections 13
and 15(d) of the 1934 Act, or that it qualifies as a registrant whose securities may be resold by holder(s) thereof pursuant to
Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any
Holder of any rule or regulation of the Commission that permits the selling of any such securities without registration or pursuant
to such form. 

 

    	 	69	 

     

    

 

		11.	Termination
                                         of the Company’s Obligations

 

The Company shall have
no obligations pursuant to Sections 2, 3 and 4 with respect to any Registrable Securities proposed to be sold by a Holder in a
registration pursuant to Section 2, 3 or 4 at the earlier of the date at which such Holder (A) can sell all Registrable Securities
held by it in compliance with Rule 144 or (B) holds one percent (1%) or less of the Company’s outstanding Class A Shares
and all Registrable Securities held by such Holder (together with any affiliate of the Holder with whom such Holder must aggregate
its sales under Rule 144) can be sold in accordance with Rule 144 in any three (3) month period without registration in compliance
with Rule 144. In addition, the Company shall have no obligations pursuant to Sections 2 and 4 hereof from and after such time
as the Holders in the aggregate beneficially own, directly or indirectly, less than fifteen percent (15%) in number of the Purchased
Shares.

 

		12.	Term and Amendment

 

		(a)	Term

 

This Agreement shall become effective
immediately at the Closing, and will terminate upon the earlier of (i) the written consent of the Holders of a majority of the
Registrable Securities then outstanding and entitled to the registration rights set forth in this Agreement or (ii) the termination
of the Company’s obligations hereunder pursuant to Section 11 hereof.

 

		(b)	Amendment

 

Any provision of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively), with the written consent of the Company and the Holders of a majority of the Registrable Securities then outstanding
and entitled to the registration rights set forth in this Agreement. Any amendment or waiver effected in accordance with this Section
12 shall be binding upon all parties hereto including any Holder who become a Holder in connection with an assignment after the
date hereof.

 

		13.	Severability

 

If at any time any
one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of performance in any respect, the validity,
legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired,
and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

		14.	Entire Agreement

 

This Agreement constitutes
the entire agreement and understanding between the parties in connection with the subject matter of this Agreement and supersedes
all previous proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise
and no party hereto has relied or is entitled to rely on any such proposals, representations, warranties, agreements or undertakings.

 

    	 	70	 

     

    

 

		15.	Specific
                                         Performance.

 

The parties hereto
agree that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the
terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or equity.

 

		16.	Counterparts

 

This Agreement may
be executed in any number of counterparts and by the parties on separate counterparts, each of which may be electronically transmitted
and, when so executed and delivered, shall be an original but all the counterparts shall together constitute one and the same instrument.

 

		17.	Notices and Other Communication

 

Any notice or other
communication to be given under this Agreement shall be in writing and may be sent by post or delivered by hand or given by facsimile,
electronic mail or by courier to the address from time to time designated, the initial address and fax number so designated by
each party being set out in Schedule 2 attached hereto. Any such notice or communication shall be sent to the party to whom it
is addressed and must contain sufficient reference and/or particulars to render it readily identifiable with the subject-matter
of this Agreement. If so delivered by email, hand or given by facsimile such notice or communication shall be deemed received on
the date of dispatch and if so sent by post shall be deemed received three (3) business days after the date of dispatch (in the
case of local mail) and five (5) business days after the date of dispatch (in the case of overseas registered/certified mail).

 

Each person making
a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed,
but the absence of such confirmation shall not affect the validity of any such communication.

 

		18.	Governing Law and Jurisdiction

 

This
Agreement shall be governed by and construed in accordance with the laws of State of New York
without reference to its conflicts of laws provisions that would require the application of the laws of any other jurisdiction
and the parties irrevocably submit to the non-exclusive jurisdiction of the New York courts in respect of this Agreement.

 

		19.	Recapitalization, Exchanges, Etc. Affecting the Shares.

 

The provisions of this Agreement shall apply
to the full extent set forth herein with respect to any and all shares of the Company or any successor or assign of the Company
(whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution
of, the Registrable Securities, and shall be appropriately adjusted for combinations, share splits, recapitalizations, pro rata
distributions of shares and the like occurring after the date of this Agreement.

 

		20.	Aggregation of Shares

 

All Registrable Securities
held or acquired by any person that controls, is controlled by or is under common control with any Purchaser shall be aggregated
together with respect to such Purchaser for the purpose of determining the availability of any rights under this Agreement.

 

[Signature Page to Follow]

 

    	 	71	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	CINEDIGM CORP. 
	 	 
	 	By:	 
	 	 	Name: Christopher J. McGurk
	 	 	Title: Chief Executive Officer

 

[SIGNATURE PAGE TO THE REGISTRATION RIGHTS
AGREEMENT]

 

    	 	 	 

     

    

 

	 	PURCHASER 
	 	 
	 	BISON ENTERTAINMENT INVESTMENT LIMITED
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 	73	 

     

    

 

	 	PURCHASER 
	 	 
	 	[NAME]
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 	74	 

     

    

 

	 	PURCHASER 
	 	 
	 	[NAME]
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 	75	 

     

    

 

	 	PURCHASER 
	 	 
	 	[NAME]
	 	 
	 	Name: 
	 	Title: 

 

    	 	76	 

     

    

 

SCHEDULE 1

PURCHASERS

 

	Name	 	Initial Number of Registrable Securities
	Bison Entertainment Investment Limited	 	 
	[•]	 	 
	[•]	 	 
	[•]	 	 
	 	 	 

 

    	 	 	 

     

    

 

SCHEDULE 2

ADDRESSES AND FAX NUMBERS FOR NOTIFICATION

 

	1.	Name : 	Bison Entertainment Investment Limited
	 	Address:	
        Unit 1501-2, 15/F, Sino Plaza

        255 Gloucester Road

        Causeway Bay, Hong Kong

	 	Attention:	Mr. Peng Jin
	 	Email:	Pengjin@bisonholding.com
	 	 	 
	 	With a copy to:	 
	 	Name:	Shearman & Sterling LLP
	 	Address:	
        1460 El Camino Real, 2nd Floor

        Menlo Park, CA 94025

	 	Attention:	Alan Seem
	 	Email: 	alan.seem@shearman.com
	 	Fax No.:	650-838-5172
	 	 	 
	2.	Name:	Cinedigm Corp. 
	 	Address:	
        902 Broadway, 9th Floor

        New York, NY 10010

	 	Attention:	Christopher J. McGurk
	 	Email: 	cmcgurk@cinedigm.com
	 	Fax No.:	212-598-4895
	 	 	 
	 	With a copy to:	 
	 	Name:	Kelley Drye & Warren LLP
	 	Address:	
        101 Park Avenue

        New York, New York 10178

	 	Attention:	Jonathan Cooperman and Merrill B. Stone
	 	Email:	jcooperman@kelleydrye.com;
    mstone@kelleydrye.com
	 	Fax No.:	212-808-7897
	 	 	 
	3.	Name : 	 
	 	Address:	 
	 	Attention:	 
	 	Email:	 
	 	Fax No.:	 
	 	 	 
	 	With a copy to:	 
	 	Name:	 
	 	Address:	 
	 	Attention:	 

 

    	 	 	 

     

    

 

	 	Email: 	 
	 	Fax No.:	 
	 	 	 
	4.	Name : 	 
	 	Address:	 
	 	Attention:	 
	 	Email:	 
	 	Fax No.:	 
	 	 	 
	 	With a copy to:	 
	 	Name:	 
	 	Address:	 
	 	Attention:	 
	 	Email: 	 
	 	Fax No.:	 
	 	 	 
	5.	Name : 	 
	 	Address:	 
	 	Attention:	 
	 	Email:	 
	 	Fax No.:	 
	 	 	 
	 	With a copy to:	 
	 	Name:	 
	 	Address:	 
	 	Attention:	 
	 	Email: 	 
	 	Fax No.:	 

 

    	 	 	 

     

    

 

Exhibit B

 

Form of Voting Agreement

 

[Attached]

 

    	 	80	 

     

    

 

CINEDIGM CORP.

 

VOTING AGREEMENT

 

This Voting Agreement
(this “Agreement”) is made as of [●], 2017, by and between Cinedigm Corp. (the “Company”)
and _____________ (the “Voting Party”). For purposes of this Agreement, capitalized terms used and not defined
herein shall have the respective meanings ascribed to them in the Stock Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS,
on the date hereof (the “Closing Date”), Bison Entertainment Investment Limited (the “Purchaser”)
is purchasing from the Company up to 20,000,000 shares of Class A common stock, par value $0.001 per share (the “Common
Stock”) pursuant to a Stock Purchase Agreement, dated as of [June 29], 2017 (the “Stock Purchase Agreement”);
and

 

WHEREAS,
the Voting Party currently owns and/or controls shares of the Class A Common Stock; and

 

WHEREAS,
the Voting Party is providing this Agreement pursuant to the Stock Purchase Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Agreement
to Vote. During the term of this Agreement and to the extent he or she is entitled under the Company’s constituent
or organizational documents or agreements to vote on such matter, the Voting Party agrees to vote all securities of the Company
that may vote in the election of the Company’s directors that such Voting Party owns or controls from time to time (hereinafter
referred to as the “Voting Shares”) in accordance with the provisions of this Agreement, whether at an annual
or special meeting of stockholders or any class or series of stockholders or by written consent.

 

2. Election
of Board of Directors.

 

2.1 Voting.
During the term of this Agreement, and subject to the Company’s constituent or organizational documents or agreements,
each Voting Party agrees to vote all Voting Shares to (i) maintain the size of the Company’s Board of Directors at seven
(7) persons, and (ii) in favor of any Bison Designee designated in accordance with Section 3.12 of the Stock Purchase Agreement
with respect to:

  

(a) the
appointment to the Board of Directors upon the Closing;

 

    	 	81	 

     

    

 

(b) the election
to the Board of Directors at any meeting of stockholders at which directors are to be elected; and

 

(c) 
the appointment to fill any vacancy created by the failure of any Bison Designee to complete a term on the Board of Directors;

 

in each case, so long as the
Bison Designee subject to election or appointment satisfies the Company’s normal procedures regarding suitability of director
nominees.

 

2.2 Other
Obligations. The obligations of the Voting Party pursuant to this Section 2 shall include any stockholder vote to amend
the Amended and Restated Certificate of Incorporation, as amended, and/or Amended and Restated Bylaws, as amended, of the Company
as required to effect the intent of this Agreement. Each of the Voting Parties and the Company agree not to take any actions that
would materially and adversely affect the provisions of this Agreement and the intention of the parties with respect to the composition
of the Company’s Board of Directors as stated herein and in the Stock Purchase Agreement. The parties acknowledge that the
fiduciary duties of each member of the Company’s Board of Directors are to the Company’s stockholders as a whole.

 

3. Successors
in Interest of the Voting Parties and the Company. The provisions of this Agreement shall be binding upon the successors
in interest of any Voting Party with respect to any of the Voting Party’s Voting Shares or any voting rights therein, unless
(i) such Voting Shares are sold into the public markets (a “Sale”), (ii) such Voting Shares are transferred
as a bona fide charitable gift to an unrelated third party non-government or non-profit organizations (a “Gift”),
or (iii) such Voting Shares are distributed to limited partners in the ordinary course of business of a fund owned or controlled
by the undersigned (a “Distribution”). Each Voting Party shall not, and the Company shall not, permit the transfer
of any Voting Party’s Voting Shares (except for Sales, Gifts and Distributions), unless and until the person to whom such
securities are to be transferred shall have executed a written agreement pursuant to which such person becomes a party to this
Agreement and agrees to be bound by all the provisions hereof as if such person was a Voting Party hereunder. For the avoidance
of doubt, no such additional written agreement shall be required if Voting Shares that are transferred remain under the control
of the relevant Voting Party.

   

4. Covenants.
The Voting Party agrees to take all actions appropriate for such Voting Party to cause the nomination of the Bison Designees
in accordance with Section 3.12 of the Stock Purchase Agreement, for election and appointment as directors of the Company. The
Voting Party will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be
performed by such Voting Party hereunder, but will at all times in good faith assist in the carrying out of all of the provisions
of this Agreement and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of each
Voting Party hereunder against impairment.

 

    	 	82	 

     

    

 

5. Irrevocable
Proxy and Power of Attorney. The Voting Party hereby grants a power of attorney to the Chief Executive Officer of the
Company, the Chief Financial Officer of the Company, and the Secretary of the Company, or any of them from time to time, or their
designees, as the Voting Party’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution
(each a “Proxy Holder”), to vote (or consent pursuant to an action by written consent of the stockholders, if
applicable) with respect to the matters set forth under Section 2 hereof, and hereby authorizes each Proxy Holder to represent
and vote, if and only if the Voting Party (i) fails to vote, or (ii) attempts to vote (whether by proxy, in person or
by written consent), in a manner which is inconsistent with the terms of this Agreement, all of such party’s Voting Shares
in favor of maintaining the size of the Board of Directors of the Company or election of persons as members of the Board determined
pursuant to and in accordance with the terms and provisions of Sections 2 of this Agreement or to take any action necessary
to effect Section 2, respectively, of this Agreement. Each of the proxy and power of attorney granted pursuant to the immediately
preceding sentence is given in consideration of the agreements and covenants of the Company and the parties in connection with
the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable unless
and until this Agreement terminates or expires pursuant to Section 9 hereof. The Voting Party hereto hereby revokes any
and all previous proxies or powers of attorney with respect to the Voting Shares and shall not hereafter, unless and until this
Agreement terminates or expires pursuant to Section 9 hereof, purport to grant any other proxy or power of attorney with
respect to any of the Voting Shares, deposit any of the Voting Shares into a voting trust or enter into any agreement (other than
this Agreement), arrangement or understanding with any Person, directly or indirectly, to vote, grant any proxy or give instructions
with respect to the voting of any of the Voting Shares, in each case, with respect to any of the matters set forth herein.

  

6. Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for
the breach of this Agreement by any party hereto, that this Agreement shall be specifically enforceable, and that any breach of
this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto
waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach and agrees that a party’s
rights would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried
out in accordance with the terms and conditions hereof.

 

7. Manner
of Voting. The voting of Voting Shares pursuant to this Agreement may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law.

 

8. Termination.
 This Agreement shall terminate and be of no further force or effect (i) upon the written consent of the Purchaser,
(ii) automatically and without any further action by the parties hereto upon (x) the voluntary or involuntary filing of a bankruptcy
petition of the Company or (y) the dissolution of the Company in accordance with applicable law, or (iii) when the Voting Party
ceases to be a director, officer, or strategic advisor of the Company, or ceases to, directly or indirectly, hold any Voting Shares,
as applicable.  Nothing in this Section 9 shall be deemed to release any party from any liability for any fraud or
willful breach of this Agreement occurring prior to the termination hereof or to impair the right of any party to compel specific
performance by any other party of its obligations under this Agreement. 

 

    	 	83	 

     

    

 

9.  Amendments
and Waivers. Except as otherwise provided herein, additional parties may be added to this Agreement pursuant to Section
3 hereof. No provision of this Agreement may be amended and no observance thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively).

 

10. Stock
Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the
like, any securities issued with respect to Voting Shares held by the Voting Party shall become Voting Shares for purposes of this
Agreement.

 

11.  Severability.
In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

12. Governing
Law. This Agreement and the legal relations between the parties arising hereunder shall be governed by and interpreted
in accordance with the laws of the State of New York without reference to its conflicts of laws provisions that would require the
application of the laws of any other jurisdiction.

 

13. Counterparts.
This Agreement may be executed in two or more counterparts, each of which may be electronically transmitted and shall
be deemed an original, and all of which together shall constitute one instrument.

 

14. Successors
and Assigns. Except as otherwise expressly provided in this Agreement, the provisions hereof shall inure to the benefit
of, and be binding upon, the successors and assigns of the parties hereto.

 

15. Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes
any prior agreement or understanding among the parties, with regard to the subjects hereof and thereof, and no party shall be liable
or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein
or therein.

 

[Signature Page Follows]

 

    	 	84	 

     

    

 

This Voting Agreement
is hereby executed effective as of the date first set forth above.

 

	 	COMPANY 
	 	 
	 	CINEDIGM CORP.
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

	 	VOTING PARTY
	 	 
	 	[●]
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

    	 	85	 

     

    

 

Exhibit C

 

Form of Amended and Restated Certificate
of Incorporation

 

[Attached]

 

    	 	86	 

     

    

 

FIFTH AMENDED AND RESTATED CERTIFICATE
OF INCORPORATION

OF

CINEDIGM CORP.

 

Gary Loffredo, Secretary of the herein named Corporation,
hereby certifies that:

 

1.               The
present name of the corporation (hereinafter called the “Corporation”) is Cinedigm Corp.

 

2.               The
date of filing of the Fourth Amended and Restated Certificate of Incorporation of the Corporation with the Secretary of State of
the State of Delaware is November 14, 2003. The date of filing of the Third Amended and Restated Certificate of Incorporation of
the Corporation with the Secretary of State of the State of Delaware is November 21, 2001. The date of filing of the Second Amended
and Restated Certificate of Incorporation of the Corporation with the Secretary of State of the State of Delaware is October 19,
2001. The date of filing of the Restated Certificate of Incorporation of the Corporation with the Secretary of State of the State
of Delaware is August 14, 2001. The date of filing the original Certificate of Incorporation of the Corporation with the Secretary
of State of the State of Delaware is March 31, 2000.

 

3.               The
provisions of the Fourth Amended and Restated Certificate of Incorporation of the Corporation are hereby amended, restated and
integrated into the single instrument that is hereinafter set forth, and that is entitled the Fifth Amended and Restated Certificate
of Incorporation of the Corporation without any further amendments other than the amendments herein certified (the “Fifth
Amended and Restated Certificate of Incorporation”).

 

4.               This
Fifth Amended and Restated Certificate of Incorporation herein certified has been duly adopted in accordance with the provisions
of Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware. Prompt written notice of the adoption of
the amendment herein certified has been given to those stockholders who have not consented in writing thereto, as provided in Section
228 of the General Corporation Law of the State of Delaware.

 

5.               The
Certificate of Incorporation, as amended and restated herein, shall, at the effective time of this Fifth Amended and Restated
Certificate of Incorporation, read as follows:

 

FIFTH AMENDED AND RESTATED CERTIFICATE
OF INCORPORATION

 

OF

 

CINEDIGM CORP.

 

FIRST: Name: The name of the Corporation
is: Cinedigm Corp.

 

    	 	87	 

     

    

 

SECOND: Address:
The address of the Corporation’s registered office in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington,
County of New Castle, Delaware 19808. The name of the agent at such address is Corporation Service Company.

 

THIRD: Purpose:
The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law of the State of Delaware.

 

FOURTH: Capitalization:

 

Section 4.1 Authorized
Shares.

 

The total number of
shares of capital stock that the Corporation shall have authority to issue is seventy-five million (75,000,000) shares as follows:
(i) sixty million (60,000,000) shares of common stock, of which sixty million (60,000,000) shares shall be Class A Common Stock,
par value $0.001 per share (the “Class A Common Stock”); and (ii) fifteen million (15,000,000) shares of preferred
stock, par value $0.001 per share (the “Preferred Stock”) of which twenty (20) shares shall be “Series
A Preferred Stock,” and 14,999,980 of which the Board of Directors shall have the authority by resolution or resolutions
to fix all of the powers, preferences and rights, and the qualifications, limitations and restrictions of the Preferred Stock permitted
by the Delaware General Corporation Law and to divide the Preferred Stock into one or more class and/or classes and designate all
of the powers, preferences and rights, and the qualifications, limitations and restrictions of each class permitted by the Delaware
General Corporation Law.

 

Section 4.2 Class
A Common Stock.

 

Except as otherwise
provided by law or this Fifth Amended and Restated Certificate of Incorporation, as amended from time to time (this “Certificate
of Incorporation”), the holders of the Class A Common Stock shall be entitled to one vote per share on all matters to
be voted on by the stockholders of the Corporation.

 

    	 	88	 

     

    

 

Section
4.3       Series A Preferred Stock

 

Section 4.3.1.     Dividend
Rights. The holders of Series A Preferred Stock shall be entitled to receive dividends, but only out of funds that are legally
available therefor, at the rate of 10% of the Series A Original Issue Price (as defined below) per annum on each outstanding share
of Series A Preferred Stock (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect
to such shares). The original issue price of the Series A Preferred Stock shall be $500,000 per share (the “Series A Original
Issue Price”). For any share of Series A Preferred Stock, such dividends shall begin to accrue commencing upon the first
date such share is issued and becomes outstanding (the “Original Issue Date”) and shall be payable in cash or, at the
Corporation’s option, by converting the cash amount of such dividends into Class A common stock, par value $0.001 per share
(the “Class A Common Stock”), based on the value of the Class A Common Stock equal to (i) so long as the sum of the
number of shares of Class A Common Stock issued by the Corporation that would be integrated with the other shares of Class A Common
Stock issued under this Paragraph 1 under the rules of the NASDAQ Stock Market plus the number of shares of Class A Common Stock
issued under this Paragraph 1 does not exceed 5,366,529 shares (as shall be adjusted for stock splits), the price determined by
the daily volume weighted average price per share of the Class A Common Stock on its principal trading market as reported by Bloomberg
Financial L.P. (the “VWAP”) for the five (5) day Trading Day (as defined below) period ending on the Trading Day (as
defined below) immediately preceding the Dividend Payment Date (as defined below), of the Corporation, and (ii) thereafter, the
greater of the Book Value Per Share (as defined below) or Market Value Per Share (as defined below) (the greater of those two amounts,
the “Market Price”), as measured on the Original Issue Date for the initial issuance of shares of Series A Preferred
Stock in connection with any shares of Series A Preferred Stock that would be integrated under the rules of the NASDAQ Stock Market.
The dividends shall be payable in arrears (a) first, on the earlier of (x) September 30, 2010 or (y) the last day of the calendar
quarter during which the Corporation ceases to be contractually prohibited from paying such dividends, and thereafter (b) quarterly
on the last day of each calendar quarter beginning in the calendar quarter following such initial dividend payment date and continuing
until such shares of Series A Preferred Stock are redeemed (each, a “Dividend Payment Date”), provided, that, if any
such Dividend Payment Date is not a Business Day (as defined below), then any such dividend shall be payable on the next Business
Day. Such dividends shall accrue day-by-day and shall be cumulative, whether or not declared by the Board of Directors and whether
or not there shall be funds legally available for the payment of dividends. The term “Business Day” means any day other
than a Saturday, a Sunday or a day on which banking institutions in the New York, New York are authorized or required by law to
be closed. Until it has paid all dividends on the Series A Preferred Stock as contemplated in this Certificate of Designations,
the Corporation may not pay dividends on the Common Stock or any other stock of the Corporation hereafter created that is junior
in terms of dividend rights, redemption or liquidation preference to the Series A Preferred Stock (together with the Common Stock,
“Junior Stock”). The term “Trading Day” means any day on which the Class A Common Stock is traded on its
principal market; provided that the “Trading Day” shall not include any day on which the principal market is open for
trading for less than 4.5 hours. The terms “Book Value Per Share” and “Market Value Per Share” shall be
determined in accordance with the rules of The NASDAQ Stock Market, as in effect on the date of this Certificate of Designations.

 

Section 4.3.2.     Voting
Rights. Except as otherwise provided herein or as required by law, the holders of Series A Preferred Stock will not have the
right to vote on matters brought before the stockholders of the Corporation.

 

Section 4.3.3.     Liquidation
Rights. Upon any liquidation, dissolution, or winding up of the Corporation, whether voluntary or involuntary, before any distribution
or payment shall be made to the holders of any Junior Stock, subject to the rights of any series of Preferred Stock that may from
time-to-time come into existence and which is expressly senior to the rights of the Series A Preferred Stock, the holders of Series
A Preferred Stock shall be entitled to be paid in cash out of the assets of the Corporation an amount per share of Series A Preferred
Stock equal to 100% of the Series A Original Issue Price (as adjusted for any stock dividends, combinations, splits, recapitalizations
and the like with respect to such shares), plus accrued but unpaid dividends (the “Liquidation Preference”), for each
share of Series A Preferred Stock held by each such holder. If, upon any such liquidation, dissolution, or winding up, the assets
of the Corporation shall be insufficient to make payment in full of the Liquidation Preference to all holders of Series A Preferred
Stock, then such assets shall be distributed among the holders of Series A Preferred Stock at the time outstanding, ratably in
proportion to the full amounts to which they would otherwise be respectively entitled.

 

    	 	89	 

     

    

 

Section 4.3.4.     Conversion
Rights. Except as otherwise provided herein or as required by law, the holders of Series A Preferred Stock will have no rights
with respect to the conversion of the Series A Preferred Stock into shares of Class A Common Stock or any other security of the
Corporation.

 

Section 4.3.5.     Redemption.
The Series A Preferred Stock may be redeemed by the Corporation at any time after the second anniversary of the Original Issue
Date (the “Redemption Date”) upon thirty (30) days advance written notice (a “Notice of Redemption”) to
the holder, for a price equal to One Hundred and Ten Percent (110%) of the Liquidation Preference (which Liquidation Preference
shall include, for avoidance of doubt, all accrued but unpaid dividends payable to the holder of the Series A Preferred Stock for
the period between the Notice of Redemption and the Redemption Date) (the “Callable Amount”), payable in cash or, at
the Corporation’s option, so long as the closing price of the Class A Common Stock is $2.18 or higher (as shall be adjusted
for stock splits) for at least (90) consecutive Trading Days ending on the Trading Day immediately prior to the Notice of Redemption,
by converting such Callable Amount into Class A Common Stock at the Market Price, as measured on the Original Issue Date for the
initial issuance of shares of Series A Preferred Stock in connection with any shares of Series A Preferred Stock that would be
integrated under the rules of the NASDAQ Stock Market. The Corporation will indicate on a Notice of Redemption whether the Corporation
will redeem the Series A Preferred Stock to be so redeemed in cash or, if so permitted under the immediately preceding sentence,
in Class A Common Stock.

 

Section 4.3.6.     Amendment.
None of the powers, preferences and relative, participating, optional and other special rights of the Series A Preferred Stock
as provided in this Certificate of Designations or in the Certificate of Incorporation shall be amended in any manner that would
alter or change the powers, preferences, rights or privileges of the holders of Series A Preferred Stock so as to affect them adversely
without the affirmative vote of the holders of at least four-fifths of the outstanding shares of Series A Preferred Stock, voting
as a separate class.

 

FIFTH: Voting:
The holders of the Common Stock shall be entitled to vote on all matters submitted to a vote of the stockholders of the Corporation
for each share held by such holders in accordance with Section 4 hereof.

 

SIXTH: The Corporation is to have perpetual existence.

 

SEVENTH: In furtherance
and not in limitation of the powers conferred by statute, the board of directors of the Corporation is expressly authorized to
adopt, amend or repeal the by-laws of the Corporation.

 

    	 	90	 

     

    

 

EIGHTH: Meetings of stockholders
may be held within or without the State of Delaware, as the by-laws of the Corporation may provide. The books of the Corporation
may be kept (subject to any provision contained in any statute) outside the State of Delaware at such place or places as may be
designated from time to time by the board of directors of the Corporation or in the by-laws of the Corporation. Elections of directors
need not be by written ballot unless the by-laws of the Corporation shall so provide.

 

NINTH: The Corporation
reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in any manner
now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

 

TENTH: The Corporation
shall indemnify, to the fullest extent now or hereafter permitted by law, each director, officer or other authorized representative
of the Corporation who was or is made a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an authorized
representative of the Corporation, against all expenses (including attorneys’ fees and disbursements), judgments, fines (including
excise taxes and penalties) and amounts paid in settlement actually and reasonably incurred by him in connection with such action,
suit or proceeding.

 

A director of the Corporation
shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director;
provided, however, that this provision shall not eliminate or limit the liability of a director to the extent that such
elimination or limitation of liability is expressly prohibited by the Delaware General Corporation Law as in effect at the time
of the alleged breach of duty by such director.

 

Any repeal or modification
of this Article by the stockholders of the Corporation shall not adversely affect any right or protection existing at the time
of such repeal or modification to which any person may be entitled under this Article. The rights conferred by this Article shall
not be exclusive of any other right which the Corporation may now or hereafter grant, or any person may have or hereafter acquire,
under any statute, provision of this Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors
or otherwise. The rights conferred by this Article shall continue as to any person who shall have ceased to be a director or officer
of the Corporation and shall inure to the benefit of the heirs, executors and administrators of such person.

 

For the purposes of this
Article, the term “authorized representative” shall mean a director, officer, employee or agent of the Corporation
or of any subsidiary of the Corporation, or a trustee, custodian, administrator, committeeman or fiduciary of any employee benefit
plan established and maintained by the Corporation or by any subsidiary of the Corporation, or a person who is or was serving another
Corporation, partnership, joint venture, trust or other enterprise in any of the foregoing capacities at the request of the Corporation.

 

Executed on [____________] [__], 2017

 

	 	 
	 	[Name], [Title]

 

    	 	91	 

     

    

 

Exhibit D

 

Form of Escrow Agreement

 

[Attached]

 

    	 	92	 

     

    

 

 

ESCROW AGREEMENT

 

This
ESCROW AGREEMENT, dated as of [June 29], 2017 (together with Schedule A hereto, this “Agreement”),
is by and among CINEDIGM CORP., a corporation organized under the laws of the State of Delaware (the “Company”);
BISON ENTERTAINMENT INVESTMENT LIMITED, a company organized under the laws of the British Virgin Islands (the “Purchaser”);
and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, with principal offices located
at 6201 15th Avenue, Brooklyn, New York, 11219 (“Escrow Agent”).

 

WHEREAS, Purchaser and
the Company entered into that certain Stock Purchase Agreement (as amended or supplemented from time to time, including all attachments,
schedules and exhibits thereto, the “Underlying Agreement”), dated as of [June 29], 2017, pursuant to which,
subject to the terms and conditions thereof, Purchaser agreed to purchase the number of shares of the Class A common stock of the
Company established therein;

 

WHEREAS, Section 1.5
of the Underlying Agreement provides that Purchaser shall deposit the Escrow Funds (defined below) in a segregated escrow account
titled in the name of Escrow Agent (the “Escrow Account”) for the benefit of the Company and Purchaser to be
held by the Escrow Agent until the Closing (as defined in the Underlying Agreement) or as otherwise set forth therein for the purpose
of securing obligations of Purchaser established therein;

 

WHEREAS, Escrow Agent
has agreed to accept, hold, and disburse the funds deposited with it and the earnings thereon in accordance with the terms of this
Agreement;

 

WHEREAS, Purchaser and
the Company have appointed the Representatives (as defined below) to represent them for all purposes in connection with this Agreement
(including the Escrow Funds); and

 

WHEREAS, in order to
establish the Escrow Funds and otherwise to effect the provisions of the Underlying Agreement, the parties hereto have entered
into this Agreement.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, for themselves, their successors and assigns, hereby agree as follows:

 

		1.	Definitions. The following terms shall have the meanings indicated or referred to below,
inclusive of their singular and plural forms, except where the context requires otherwise.  Unless the context requires otherwise,
all references to “years,” “months,” or “days” shall mean “calendar years,” “calendar
months,” and “calendar days.”  References in this Agreement to “including” shall mean “including,
without limitation,” whether or not so specified.  Any term not defined below which is initially capitalized in
this Agreement shall have the meaning ascribed to it in this Agreement. Capitalized terms used and not otherwise defined herein
shall have the meanings ascribed thereto in the Underlying Agreement.

 

    	 	93	 

     

    

 

“Affiliate”
means, with respect to any person, (a) a person which directly or indirectly through one or more intermediaries controls, is controlled
by or is under common control with such person, (b) any person of which such person is the beneficial owner of a twenty-five percent
(25%) or greater interest, or (c) any person which acquires all or substantially all of the assets of such person.  A
person is deemed to control another person if such person, directly or indirectly, has the power to direct the management, operations
or business of such person.  The term “beneficial owner” is to be determined in accordance with Rule 13d-3 of
the Securities Exchange Act of 1934, as amended.

 

“Business Day”
shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the State of New York are authorized
or obligated by law or executive order to close.

 

“Company Representative”
shall mean the person so designated on Schedule A hereto or any other person designated in a writing signed by the Company
and delivered to Escrow Agent and Purchaser Representative in accordance with the notice provisions of this Agreement, to act as
the Company’s representative under this Agreement.

 

“Escrow
Funds” shall mean the funds deposited with Escrow Agent pursuant to Section 3 of this Agreement; provided that
any earnings thereon (including interest) shall not become part of the Escrow Funds and shall be disbursed in accordance
with terms set forth in Section 4(a) or Section 4(b), as the case may be.

 

“Joint Written Direction”
shall mean a written direction executed by the Representatives (as defined below) and directing Escrow Agent to disburse all or
a portion of the Escrow Funds or to take or refrain from taking an action pursuant to this Agreement.

 

“Purchaser Representative”
shall mean the persons so designated on Schedule A hereto or any other person designated in a writing signed by Purchaser
and delivered to Escrow Agent and Company Representative in accordance with the notice provisions of this Agreement, to act as
Purchaser’s representative under this Agreement.

 

“Purchaser Written Instruction”
shall mean a written direction executed by a Purchaser Representative and instructing Escrow Agent to disburse all or a portion
of the Escrow Funds in accordance with Section 4(a) below or to take or refrain from taking any action pursuant to this
Agreement.

 

“Representatives”
shall mean the Company Representative and Purchaser Representative, collectively.

 

		2.	Appointment of and Acceptance by Escrow Agent. The Company and Purchaser hereby appoint
Escrow Agent to serve as escrow agent hereunder. Escrow Agent hereby accepts such appointment and, upon receipt of the Escrow Funds,
by wire transfer of immediately available funds or by check in accordance with Section 3 below, agrees to hold, invest and
disburse Escrow Funds in accordance with this Agreement. Notwithstanding the foregoing, if the Escrow Funds are transferred to
Escrow Agent by check in accordance with Section 3 below, Escrow Agent shall not accept such appointment as escrow agent
hereunder until such check has cleared the banking system.

 

    	 	94	 

     

    

 

		3.	Deposit of Escrow Funds. Purchaser will transfer the Escrow Funds, no later than July 10,
2017, in the amount set forth on Schedule A hereto to Escrow Agent, by wire transfer of immediately available funds
or by check, to the segregated account of Escrow Agent referenced on Schedule A hereto.

 

		4.	Disbursements of Escrow Funds.

 

Release
to Purchaser. In the event that (i) the Company has not, by the date that is thirty (30) days after the execution date
of the Underlying Agreement, entered into Exchange Agreements acceptable to the Purchaser with Persons that hold in the aggregate
at least 67% of the outstanding principal amount of the Convertible Notes for the exchange of such Convertible Notes, or (ii) the
Closing does not occur by the Outside Date or the Underlying Agreement is terminated pursuant to Section 4.2 thereof, the Purchaser
shall have the right to deliver a Purchaser Written Instruction to the Escrow Agent, with copy to the Company, instructing the
Escrow Agent to release the Escrow Funds to Purchaser, and unless the Company shall have delivered a written objection to such
release to Purchaser and the Escrow Agent within three (3) Business Days after Purchaser’s written notice is delivered to
the Company and the Escrow Agent, then the Escrow Agent shall release 100% of the Escrow Funds plus any earnings (including interest)
accrued thereon to Purchaser by wire transfer of immediately available funds to a bank account designated by Purchaser in such
Purchaser Written Instruction promptly (and in no event no later than five (5) Business Days) following the delivery date of such
Purchaser Written Instruction. If the Company delivers such a written objection to Purchaser and the Escrow Agent, the Escrow Agent
shall be authorized to withhold distribution of the Escrow Funds until such further time as the Escrow Agent receives a Joint Written
Direction from the Purchaser and the Company or a judgment, order issued or process entered by a court of competent jurisdiction
with respect to the Escrow Funds.

 

Release
on Closing. Except in case of release to Purchaser pursuant to Section 4(a) above, on or prior to the Closing,
the Company and Purchaser shall deliver a Joint Written Direction to the Escrow Agent, instructing the Escrow Agent to release
(i) to holders of the Convertible Notes such amount as set forth in such Joint Written Instruction, and (ii) the balance of the
Escrow Funds plus any earnings (including interest) accrued thereon, if any, to the Company. Such Joint Written Direction shall
contain the names of the holders of the Convertible Notes, as well as wire instructions or addresses to which the funds shall be
sent. The Escrow Agent shall release the disbursements under this Section 4(b) promptly (and in no event more than three
(3) Business Days) following the delivery date of the relevant Joint Written Direction.

 

    	 	95	 

     

    

 

Return
of Payment. In the event that Escrow Agent makes any payment to any party or Person pursuant to this Escrow Agreement
and for any reason such payment (or any portion thereof) is required to be returned to the Escrow Account or another Person or
is subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee
or other party under any bankruptcy or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient
shall repay to the Escrow Agent upon written request the amount so paid to it.

 

Fees
and Other Amounts. All disbursements of Escrow Funds shall be subject to the fees, costs, expenses and other amounts
due to Escrow Agent and any other Indemnified Party (as defined below) hereunder.

 

		5.	Suspension of Performance; Disbursement into Court. If, at any time, (i) there shall exist
any dispute between or among the Company, Purchaser and/or either of the Representatives with respect to the holding or disposition
of all or any portion of the Escrow Funds or any other obligations of Escrow Agent hereunder, (ii) Escrow Agent is unable to determine,
to Escrow Agent’s sole satisfaction, the proper disposition of all or any portion of the Escrow Funds or Escrow Agent’s
proper actions with respect to its obligations hereunder, or (iii) the Representatives have not, within thirty (30) days of the
furnishing by Escrow Agent of a notice of resignation or furnishing by the Company and Purchaser of a notice of removal pursuant
to Section 7 hereof, appointed a successor escrow agent to act hereunder (which such successor escrow agent has accepted
such appointment), then Escrow Agent may, in its sole discretion, take either or both of the following actions:

 

		(a)	suspend the performance of any of its obligations (including any disbursement obligations) under
this Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of Escrow Agent or until a successor
escrow agent shall have been appointed (as the case may be).

 

		(b)	petition (by means of an interpleader action or any other appropriate method) any court of competent
jurisdiction, for instructions with respect to such dispute or uncertainty, and to the extent required or permitted by law, pay
into such court, for holding and disposition in accordance with the instructions of such court, all Escrow Funds, after deduction
and payment to Escrow Agent of all fees, costs and expenses (including court costs and expenses and reasonable attorneys’
fees) or any other amount payable to or incurred by Escrow Agent in connection with the performance of its duties and the exercise
of its rights hereunder.

 

In the events stated above, Escrow
Agent shall have no liability to Purchaser, the Company, or either of the Representatives, or to their respective shareholders,
partners, or members, officers or directors, employees, Affiliates or any other person with respect to any such suspension of performance
or disbursement into court (including any disbursement obligations hereunder), specifically including any liability or claimed
liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of Escrow Funds
or any delay in or with respect to any other action required or requested of Escrow Agent.

 

    	 	96	 

     

    

 

6.Investment of Escrow Funds

 

		a.	Investment of Escrow Funds. The Escrow Agent is authorized and directed to deposit, transfer,
hold and invest the Escrow Funds and any investment income thereon as set forth in Schedule A hereto, or as set forth in
any subsequent Purchaser Written Instruction so long as such Escrow Funds are held in deposit accounts of commercial banks with
tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating),
Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Notwithstanding
any of the foregoing, (i) no portion of the Escrow Funds may be held in an investment which does not mature or cannot be sold,
redeemed or otherwise liquidated at the holder’s option in three (3) days or less without loss of interest or discount and
(ii) the Escrow Agent is authorized to sell or redeem any or all of such investments without further instructions as may be necessary
from time to time to pay in immediately available funds any amount to be paid pursuant to Section 9 hereof. 

 

Registrations;
Information Regarding Investments. Purchaser and the Company recognize and agree that the Escrow Agent will not provide
supervision, recommendations or advice relating to either the investment of funds held or the purchase, sale, retention or other
disposition of any permitted investments. All investments of the Escrow Funds, if any, shall be registered and held in the name
of the Escrow Agent, as the Escrow Agent for Purchaser and the Company. The Escrow Agent will send statements to Purchaser and
the Company on a monthly basis reflecting activity (including a list of all investments) with respect to the Escrow Funds for the
preceding month. Although Purchaser and the Company each acknowledge that it may obtain a broker confirmation or written statement
containing comparable information at no additional cost, Purchaser and the Company hereby agree that confirmations of permitted
investment transactions are not required to be issued by the Escrow Agent for each month in which a monthly statement is rendered.

 

Effect
of Gains and Losses. Interest and other earnings or gains realized from the investment of the Escrow Funds, if any,
shall not be considered a part of the Escrow Funds and shall be disbursed in accordance with terms set forth in Section 4(a)
or Section 4(b), as the case may be. Any loss from any investment, or any expense incurred by the Escrow Agent in connection
with the investment of the Escrow Funds, will be borne by the Escrow Funds. Amounts on deposit in the escrow accounts are currently
insured up to a total of $250,000 per depositor, per insured bank (including principal and accrued interest) by the Federal Deposit
Insurance Corporation (the “FDIC”), subject to the applicable rules and regulations of the FDIC. The Parties
acknowledge that deposits in the Escrow Accounts are not secured. The Escrow Agent is hereby authorized to execute purchases and
sales of permitted investments through the facilities of its own trading or capital markets operations or those of any affiliated
entity.

 

    	 	97	 

     

    

 

		7.	Resignation or Removal of Escrow Agent. (i) Escrow Agent may resign and be discharged from
the performance of its duties hereunder at any time by giving thirty (30) days’ prior written notice to Purchaser, the Company,
and the Representatives specifying the date when such resignation shall take effect; and (ii) subject to thirty (30) days’
written notice, the Company and Purchaser may remove the Escrow Agent by furnishing to the Escrow Agent a Joint Written Direction
of its removal specifying the date when such termination shall take effect along with payment of all fees and expenses to which
it is entitled through the termination. Upon any such notice of resignation or removal, the Purchaser and the Company shall issue
to Escrow Agent a Joint Written Direction authorizing redelivery of the Escrow Funds to a bank or trust company that has been retained
as successor to Escrow Agent hereunder prior to the effective date of such resignation or termination. The retiring Escrow Agent
shall transmit all records pertaining to the Escrow Funds and shall pay all Escrow Funds to the successor escrow agent, after making
copies of such records as the retiring Escrow Agent deems advisable and after deduction and payment to the retiring Escrow Agent
of all fees, costs and expenses (including court costs and reasonable expenses and attorneys' fees) or any other amount payable
to, incurred by, or expected to be incurred by the retiring Escrow Agent in connection with the performance of its duties and the
exercise of its rights hereunder.

 

After any retiring Escrow Agent’s
resignation or removal, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was Escrow Agent under this Agreement. Any corporation or other entity into which Escrow Agent may be merged or
converted or with which it may be merged or consolidated, or any other entity to which all or a majority of all of Escrow Agent’s
escrow business may be transferred by sale of assets or otherwise, shall be Escrow Agent under this Agreement without further act
or consent of any party hereto.

 

    	 	98	 

     

    

 

		8.	Liability of Escrow Agent. Escrow Agent undertakes to perform only the ministerial duties
as are expressly set forth herein and no other duties and obligations (fiduciary or otherwise) shall be implied. Escrow Agent shall
have no duty to enforce any obligation of any other person to make any payment or delivery, or to direct or cause any payment or
delivery to be made, or to enforce any obligation of any other person to perform any other act. Escrow Agent shall have no liability
under and no duty to inquire as to the provisions of any agreement (even though such agreement may be referenced in this Agreement)
other than this Agreement. In the event of any conflict between the terms and provisions of this Agreement and any other agreement,
as to Escrow Agent, the terms and conditions of this Agreement shall control. Escrow Agent is not a party to the Underlying Agreement,
is not bound by any of its terms, and has not undertaken in any way to effectuate, implement or comply with the Underlying Agreement.
Escrow Agent shall not be liable to the Company or Purchaser or to anyone else for any action taken or omitted by it in good faith
except to the extent that a court of competent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct
was the primary cause of any loss to the Company, Purchaser or any other person or entity. Escrow Agent’s sole responsibility
shall be for the safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent
shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically
set forth herein. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm
or verify the accuracy or correctness of any amounts deposited in accordance with this Agreement. Escrow Agent may rely conclusively,
and shall be protected in acting, upon any notice, instruction (including a Purchaser Written Instruction or a Joint Written Direction
(such as a wire transfer instruction)), request, order, judgment, certification, opinion or advice of counsel (including counsel
chosen by Escrow Agent), statement, demand or other instrument or document, not only as to its due execution, validity (including
the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information
contained therein, which Escrow Agent shall believe to be genuine and to have been signed or presented by the person or parties
purporting to sign the same. In no event shall Escrow Agent be liable for incidental, indirect, special, consequential or punitive
damages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or
damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys
or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability
to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise.

 

Escrow Agent shall not be obligated
to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds
are deposited, this Agreement or the Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding
(whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel
selected by it in the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement
or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and
shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instruction of such counsel,
in the absence of bad faith. The Company or Purchaser, jointly and severally, shall promptly pay, upon demand, the reasonable fees,
costs and expenses of any such counsel. Escrow Agent shall have no responsibility with respect to the use or application
of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof.

 

Escrow Agent shall have the right
to assume in the absence of written notice to the contrary from the proper person or persons that a fact or an event by reason
of which an action would or might be taken by Escrow Agent does not exist or has not occurred, without incurring liability to the
other parties hereto or to anyone else for any action taken or omitted, or any action suffered by it to be taken or omitted, in
good faith, in reliance upon such assumption.

 

Escrow Agent is authorized, in
its sole discretion, to comply with orders issued or process entered by a court of competent jurisdiction with respect to the Escrow
Funds. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the
payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in
case any order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and
in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment
or decree which it is advised by legal counsel selected by it is binding upon it without the need for appeal or other action; and
if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or
to any other person or entity by reason of such compliance even though such order, writ, judgment or decree may be subsequently
reversed, modified, annulled, set aside or vacated.

 

    	 	99	 

     

    

 

Indemnification
of Escrow Agent. From and at all times after the date of this Agreement, the Company or Purchaser, jointly and severally,
shall, to the fullest extent permitted by law, defend, indemnify and hold harmless Escrow Agent and each director, officer, member,
partner, trustee, employee, attorney, agent and Affiliate of Escrow Agent (collectively, the “Indemnified Parties”)
against any and all actions, claims (whether or not valid), losses, damages, liabilities, costs, penalties, settlements, judgments
and expenses of any kind or nature whatsoever (including costs and expenses and reasonable attorneys’ fees) (collectively
“Loss”) incurred by or asserted against any of the Indemnified Parties from and after the date hereof, whether
direct, indirect or consequential, as a result of, in connection with, or arising from or in any way relating to any claim, demand,
suit, action or proceeding (including any inquiry or investigation) by any person, including the Company, Purchaser and/or the
Representatives, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person (whether
it is an Indemnified Party or not) under any statute or regulation, including any federal or state securities laws, or under any
common law or equitable cause or otherwise, arising from or in connection with the negotiation, preparation, execution, performance
or failure of performance of this Agreement or any transactions contemplated herein or relating hereto (including tax reporting
or withholding or the enforcement of any rights or remedies under or in connection with this Agreement), whether or not any such
Indemnified Party is a party to any such action, proceeding, suit or the target of any such inquiry or investigation (without derogation
of any other indemnity afforded to Escrow Agent); provided, however, that no Indemnified Party shall have the right to be
indemnified hereunder for any Loss finally determined by a court of competent jurisdiction, subject to no further appeal, to have
resulted from the gross negligence or willful misconduct of such Indemnified Party. Each Indemnified Party shall, in its sole discretion,
have the right to select and employ separate counsel with respect to any action or claim brought or asserted against it, and the
reasonable fees of such counsel (and such counsel’s reasonable costs and expenses) shall be paid, upon demand, by the Company
and Purchaser jointly and severally.

 

The parties hereto agree that
neither the payment by the Company or Purchaser of any claim by Escrow Agent for indemnification hereunder nor the disbursement
of any amounts to Escrow Agent from the Escrow Funds in respect of a claim by Escrow Agent for indemnification shall impair, limit,
modify, or affect, as between the Company and Purchaser, the respective rights and obligations of the Company, on the one hand,
and Purchaser, on the other hand, under the Underlying Agreement.

 

    	 	100	 

     

    

 

Fees,
Costs and Expenses of Escrow Agent. The Company and Purchaser shall compensate Escrow Agent for its services hereunder
in accordance with Schedule A attached hereto. The additional provisions and information set forth on Schedule A
hereto are hereby incorporated by this reference, and form a part of this Agreement. All of the compensation and reimbursement
obligations set forth in this Section 10 shall be shared equally by the Company and Purchaser, upon execution of this Agreement
and, in the future, upon demand by Escrow Agent. Escrow Agent is expressly authorized and directed, but shall not be obligated,
to, and may, charge against and disburse to itself from the Escrow Funds (including taking such steps as selling any investment
held as part of the Escrow Funds), from time to time, the amount of any compensation and reimbursement of any costs, fees and expenses
set forth on Schedule A hereto which are due and payable hereunder, including any amount to which Escrow Agent or any other
Indemnified Party is entitled to seek indemnification pursuant to Section 9 hereof, or any other amount owing to Escrow
Agent hereunder. Escrow Agent shall notify the Company and Purchaser of any disbursement from the Escrow Funds to itself or any
other Indemnified Party in respect of any compensation or reimbursement hereunder and shall furnish to the Company and Purchaser
copies of all related invoices and other statements. The Company, Purchaser and the Representatives hereby grant to Escrow Agent
and the other Indemnified Parties a security interest in and lien upon the Escrow Funds (i) for the payment of any fees, costs,
expenses and other amounts due to Escrow Agent or any other Indemnified Party hereunder and (ii) to secure any and all obligations
of the Company and Purchaser in this Agreement with the right to offset any amount due any of them under this Agreement against
the Escrow Funds. If for any reason funds in the Escrow Funds are insufficient to cover such amount, the Company and Purchaser
shall pay, upon demand, such amounts to Escrow Agent or any other Indemnified Party upon receipt of copies of related invoices
and other reasonably detailed statements of such amounts. For the avoidance of doubt, the Company and Purchaser are severally but
not jointly liable for Escrow Agent’s compensation and related reimbursements contemplated under this Section 10, but jointly
and severally liable for any indemnification obligations of the Purchaser and Company contemplated under Section 9 hereof.

 

Representations
and Warranties. Each of the Company and Purchaser severally covenants and makes the following representations and warranties
to Escrow Agent:

 

		a.	It is duly organized, validly existing, and in good standing under the laws of the country or state
of its incorporation or organization, and has full power and authority to execute and deliver this Agreement and to perform its
obligations hereunder.

 

		b.	It possesses such valid and current licenses, certificates, authorizations or permits issued by
the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct its respective businesses, and it
has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such license,
certificate, authorization or permit.

 

		c.	This Agreement has been duly approved by all necessary action, including any necessary shareholder
or membership approval, has been executed by its duly authorized officers, and constitutes its valid and binding agreement enforceable
in accordance with its terms.

 

    	 	101	 

     

    

 

		d.	The execution, delivery, and performance of this Agreement is in accordance with the Underlying
Agreement and will not violate, conflict with, or cause a default under its articles of incorporation, bylaws, management agreement
or other organizational document, as applicable, any applicable law, rule or regulation, any court order or administrative ruling
or decree to which it is a party or any of its property is subject, or any agreement, contract, indenture, or other binding arrangement,
including the Underlying Agreement, to which it is a party or any of its property is subject.

 

		e.	The applicable persons designated on Schedule A hereto have been duly appointed to act as
its representatives hereunder and have full power and authority to execute and deliver any Purchaser Written Instruction (if by
the Purchaser) or Joint Written Direction, to amend, modify or waive any provision of this Agreement and to take any and all other
actions as the Representatives under this Agreement, all without further consent or direction from, or notice to, it or any other
party.

 

		f.	No party other than the parties hereto has, or shall have, any lien, claim or security interest
in the Escrow Funds or any part thereof. No financing statement under the Uniform Commercial Code is on file in any jurisdiction
claiming a security interest in or describing (whether specifically or generally) the Escrow Funds or any part thereof.

 

		g.	All of its representations and warranties contained herein are true and complete as of the date
hereof and will be true and complete at the time of any disbursement of Escrow Funds.

 

Patriot
Act Disclosure; Taxpayer Certification and Reporting.

 

		h.	Patriot Act Disclosure. The Company and Purchaser acknowledge that a portion of the identifying
information set forth on Schedule A hereto is being requested by Escrow Agent in connection with the USA Patriot Act, Pub.L.107-56
(the “Act”), and the Company and Purchaser agree to provide any additional information requested by Escrow Agent
in connection with the Act or any similar law, rule, regulation, order, or other governmental act to which Escrow Agent is subject,
in a timely manner and consent to Escrow Agent obtaining from third parties any such identifying information. The Company and Purchaser
each represent that all identifying information set forth on Schedule A hereto, including its Taxpayer Identification Number
assigned by the Internal Revenue Service or any other taxing authority, is true and complete on the date hereof and will be true
and complete at the time of any disbursement of Escrow Funds. For a non-individual person such as a charity, a trust, or other
legal entity, Escrow Agent may require documentation to verify formation and existence as a legal entity. Escrow Agent may also
require financial statements, licenses, identification and authorization documentation from any individual claiming authority to
represent the entity or other relevant documentation.

 

    	 	102	 

     

    

 

		i.	Certification and Tax Reporting. The Company and Purchaser have provided Escrow Agent with
their respective fully executed Internal Revenue Service (“IRS”) Form W-8, or W-9 and/or other required documentation.
The Company and Purchaser acknowledge that solely for U.S. federal and applicable state and local income tax purposes, Escrow Agent
does not have any interest in the Escrow Funds or the escrow account. Solely for U.S. federal and applicable state and local income
tax purposes, all interest or other income earned on the Escrow Funds shall be allocated to the Company and reported, as and to
the extent required by law, by Escrow Agent to the IRS, or any other taxing authority, on an IRS Form 1099, 1042 or 1042S (or other
appropriate form) as income earned from the Escrow Funds by the Company whether or not said income has been distributed during
such year. The Company shall timely file all tax returns and pay all taxes due with respect to any income earned or losses generated
with respect to the Escrow Funds. Escrow Agent shall not have any liability for the payment of taxes with respect to the Escrow
Funds, and the Company shall indemnify and hold Escrow Agent harmless from and against all such taxes. Escrow Agent shall withhold
any taxes that it is required to withhold by applicable law (including, without limitation, if an IRS Form W-8, W-9 and/or any
other documentation required by applicable law is not provided to Escrow Agent), and shall remit such taxes to the appropriate
taxing authorities. Escrow Agent shall comply with any information reporting required under applicable law in respect of any income
earned on the Escrow Funds. The Company and Purchaser hereby represent and warrant to Escrow Agent that the underlying transaction
giving rise to this Agreement does not constitute an installment sale requiring any tax reporting or withholding of imputed interest
or original issue discount to the IRS or other taxing authority.

 

Consent
to Jurisdiction and Venue. In the event that any party hereto commences a lawsuit or other proceeding relating to or
arising from this Agreement, the parties hereto agree that the courts of the State of New York and any court of the United States
located in the Borough of Manhattan in New York City shall have the sole and exclusive jurisdiction over any such proceeding. Any
final judgment shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Any of these courts shall be proper venue for any such lawsuit or judicial proceeding and the parties hereto waive any
objection to such venue and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such
suit or proceeding in any such court has been brought in an inconvenient forum.

 

The parties hereto consent to
and agree to submit to the jurisdiction of any of the courts specified herein and agree to accept service of process to vest personal
jurisdiction over them in any of these courts.

 

Each party hereto irrevocably
and unconditionally waives any right to a trial by jury and agrees that any of them may file a copy of this section of this Agreement
with any court as written evidence of the knowing, voluntary and bargained-for agreement among the parties hereto irrevocably to
waive the right to trial by jury in any litigation related to or arising under this Agreement.

 

Notice.
All notices, instructions (pursuant to a Purchaser Written Instruction, Joint Written Direction or otherwise), approvals, consents,
requests, and other communications hereunder shall be in writing and shall be deemed to have been given on the date of actual delivery
if delivered personally to the party or parties to whom notice is to be given, on the date sent if sent by email (subject to confirmation
by the recipient) or telecopier, on the next Business Day following delivery to Federal Express or United Parcel Service or other
nationally recognized overnight courier properly addressed or on the fifth (5th) Business Day after being mailed by
the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, first class postage paid, and properly
addressed to addresses designated on Schedule A hereto or to such other address as each party hereto may designate for itself
by like notice.

 

    	 	103	 

     

    

 

Security
Procedures. If notices, instructions (pursuant to a Purchaser Written Instruction, a Joint Written Direction or otherwise),
approvals, consents, requests, and other communications, are received by Escrow Agent by e-mail at its e-mail account(s) as designated
on Schedule A hereto, Escrow Agent is authorized, but not required, to seek prompt confirmation of such communications by
telephone call-back to the sending person or persons’ telephone number(s) as designated on Schedule A hereto, and
Escrow Agent may rely upon the confirmation of anyone purporting to be the person or persons so designated in that call-back. Any
e-mail by PDF attachment executed by more than one person shall be sent by each signatory. The persons and their telephone numbers
authorized to receive call-backs as designated in Schedule A hereto may be changed only in a writing actually received and
acknowledged by Escrow Agent and delivered in accordance with Section 14 above and, if applicable, this Section 15.
The parties to this Agreement acknowledge and agree that the security procedures set forth above are commercially reasonable.

 

Escrow Agent in any funds transfer
may rely solely upon any account numbers or similar identifying numbers provided by the parties hereto to identify (i) a beneficiary,
(ii) a beneficiary's bank, or (iii) an intermediary bank. Escrow Agent may apply any of the Escrow Funds for any payment order
it executes using any such identifying number, even where its use may result in a person other than a beneficiary being paid, or
the transfer of funds to a bank other than a beneficiary's bank or an intermediary bank designated.

 

Amendment
or Waiver. This Agreement may be changed, waived, discharged or terminated only by a writing signed by the parties hereto.
No delay or omission by any party hereto in exercising any right with respect hereto shall operate as a waiver. A waiver on any
one occasion shall not be construed as a bar to, or waiver of, any right or remedy on any future occasion.

 

Severability.
To the extent any provision of this Agreement is prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Governing
Law. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of New York
without giving effect to the conflict of laws principles thereof.

 

Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto relating to the holding, investment
and disbursement of Escrow Funds and sets forth in their entirety the obligations and duties of Escrow Agent with respect to the
Escrow Funds. As between the Company and the Purchaser, in the event of a conflict between the Underlying Agreement and this Agreement,
the Underlying Agreement shall govern.

 

    	 	104	 

     

    

 

Binding
Effect. All of the terms of this Agreement, as amended from time to time, shall be binding upon, inure to the benefit
of and be enforceable by the respective successors and assigns of the Company, Purchaser and Escrow Agent.

 

Execution
in Counterparts. This Agreement, any Purchaser Written Instruction and any Joint Written Direction may be executed in
two or more counterparts, which when so executed shall constitute one and the same agreement or direction. Subject to Section
14 and Section 15 hereof, this Agreement, any Purchaser Written Instruction and any Joint Written Direction may be executed
and delivered by e-mailing a PDF version of a signed signature page, which shall have the same force and effect as the delivery
of an originally executed signature page.

 

Termination
of Escrow Agent. Upon the first to occur of (i) the disbursement of all amounts in the Escrow Funds pursuant to a Purchaser
Written Instruction or Joint Written Direction, or into court pursuant to Section 5 hereof, in accordance with applicable
state escheatment and unclaimed property laws or otherwise or (ii) the effective resignation or removal of Escrow Agent, Escrow
Agent shall be released from its obligations hereunder and Escrow Agent shall have no further obligation or liability whatsoever
with respect to this Agreement or the Escrow Funds. The obligations of the Company and Purchaser continue to exist notwithstanding
the termination or discharge of Escrow Agent’s obligations or liabilities hereunder until the obligations of the Company
and Purchaser have been fully performed under the terms and conditions hereof.

 

Dealings.
Unless otherwise prohibited by law, Escrow Agent and any stockholder, director, officer or employee of Escrow Agent may buy, sell,
and deal in any of the securities of the Company or Purchaser and become pecuniarily interested in any transaction in which the
Company or Purchaser may be interested, and contract and lend money to the Company or Purchaser and otherwise act as fully and
freely as though it were not Escrow Agent under this Agreement. Nothing herein shall preclude Escrow Agent from acting in any other
capacity for the Company or Purchaser or for any other entity.

 

Currency.
The currency applicable to any amount payable or receivable under this Agreement is United States dollars.

 

Late
Payment. If any amount due to Escrow Agent under this Agreement is not paid within 30 days (subject to any longer time
period prescribed herein) after notice to the Company and/or Purchaser (other than any amount that is subject to good faith dispute),
the Company and Purchaser jointly and severally shall pay interest thereon (from the due date to the payment date) at a per annum
rate equal to the prime rate as published in the national edition of The Wall Street Journal.

 

Force
Majeure. Notwithstanding anything to the contrary hereunder, Escrow Agent shall not be liable for any delay, failure
to perform, or other act or non-act resulting from acts beyond its reasonable control, including acts of God, terrorism, shortage
of supply, labor difficulties (including strikes), war, civil unrest, fire, floods, electrical outages, equipment or transmission
failures, internet interruption, vendor failures (including information technology providers), and other similar causes.

 

    	 	105	 

     

    

 

No
Third Party Beneficiaries. This Agreement and all of its terms and conditions are for the sole and exclusive benefit
of the parties hereto and their respective permitted successors and assigns. Nothing expressed or referred to in this Agreement
will be construed to give any person or entity other than the parties to this Agreement any legal or equitable rights, remedy,
or claim under or with respect to this Agreement or any term or condition of this Agreement.

 

No
Strict Construction. The parties hereto have participated jointly in the negotiation and draft of this Agreement. In
the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if it were drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue
of authorship of any provision of this Agreement.

 

Headings.
The headings in this Agreement are for convenience purposes and shall be ignored for purposes of enforcing this Agreement, do not
constitute a part of this Agreement, and may not be used by any party hereto to characterize, interpret, limit or affect otherwise
any provision of this Agreement.

 

[signature page follows]

 

    	 	106	 

     

    

 

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

 

	
        

         
	CINEDIGM CORP., as the Company
	 	 	 
	 	By:  	 
	 	 	Name: Christopher J. McGurk
	 	 	Title: Chief Executive Officer
	 	 	 
	 	BISON ENTERTAINMENT INVESTMENT LIMITED, as Purchaser
	 	 	 
	 	By:  	 
	 	 	Name: Peixin Xu
	 	 	Title: President and Director
	 	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Escrow Agent
	 	 	 
	 	By:  	 
	 	 	Name: 
	 	 	Title:

 

[Signature Page to
Escrow Agreement]

 

    	 	 	 

     

    

 

SCHEDULE A

 

		1.	Escrow Funds.

 

	Escrow Funds amount:	 	US$15,000,000.00
	Escrow Funds wiring instructions:	 	JP MORGAN CHASE
	 	 	NEW YORK, NY
	 	 	ABA# 021000021
	 	 	A/C NAME: AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	A/C #: 530-354624
	 	 	REF(Company Involved)

 

		2.	Escrow Agent Fees.

 

	Acceptance Fee:	$ 	Waived
	Annual Escrow Fee (including first year):	$ 	4,000
	Distribution Fees:	$	1,500
	TOTAL	$ 	5,500

 

The Acceptance Fee and the Annual
Escrow Fee for each year of the term of this Agreement are payable upon execution of this Agreement. In the event the escrow is
not funded, the Acceptance Fee and all related expenses, including attorneys’ fees, costs and expenses remain due and payable,
and if paid, will not be refunded. Annual fees cover a full year in advance, or any part thereof, and thus are not pro-rated in
the year of termination.

 

The fees quoted in this schedule
apply to services ordinarily rendered in the administration of an escrow account and are subject to reasonable adjustment based
on final review of documents, or when Escrow Agent is called upon to undertake unusual or extraordinary duties or responsibilities,
or as changes in law, procedures, or the cost of doing business demand. Services in addition to and not contemplated in this Agreement,
including document amendments and revisions, non-standard cash and/or investment transactions, calculations, notices and reports,
and legal fees, will be billed as expenses.

 

Unless otherwise indicated, the
above fees relate to the establishment of one escrow account. Additional sub-accounts governed by this Agreement may incur an additional
charge. Transaction costs include charges for wire transfers, checks, internal transfers and securities transactions.

 

		3.	Taxpayer Identification Numbers.

 

	Company:	     22-3720962	 
	 	 	 
	Purchaser:	     N/A	 

 

    	 	 	 

     

    

 

		4.	Investment Instructions.

 

Citibank Insured Money Market
Account

 

 

		5.	Representatives. The following person is hereby designated and appointed as Purchaser Representative
under this Agreement:

 

	  Peng Jin	 	 
	Name	 	Specimen signature
	Address: 	 	 
	Mailing Address, if different	 	 
	Social Security number	 	 

 

			The following person is hereby designated and appointed as Company Representative under this Agreement:

 

	   Gary S. Loffredo	 	 
	Name	 	Specimen signature
	Address  902 Broadway, 9th Fl., New York, NY 10010	 	 
	Mailing Address, if different	 	 
	Social Security number	 	 

 

		6.	Notice Addresses.

 

If to Purchaser, at:

 

Bison
Entertainment Investment Limited

Unit 1501-2,
15/F, Sino Plaza

255 Gloucester
Road

Causeway
Bay, Hong Kong

Attn: Mr.
Peng Jin

Email: Pengjin@bisonholding.com

 

With copy to:

 

Shearman
& Sterling LLP

1460 El Camino
Real, 2nd Floor

Menlo Park,
CA 94025

Attn: Alan
Seem

Email: alan.seem@shearman.com

 

    	 	 	 

     

    

 

If to Purchaser Representative at:

 

40 Liangmaqiao
Road

21st Century
Plaza, B-609

Beijing,
China 100125

+86-13901089333

 

If to the Company, at:

 

Cinedigm
Corp.

902 Broadway,
9th Floor

New York,
NY 10010

Attn: Mr.
Christopher J. McGurk

 

With copy to:

 

Kelley Drye
& Warren LLP

101 Park
Avenue

New York,
New York 10178

Attn: Jonathan
Cooperman and Merrill B. Stone

 

If to Company Representative at:

 

Cinedigm
Corp.

902 Broadway,
9th Floor

New York,
NY 10010

Attn: Mr.
Gary S. Loffredo

(212) 206-8600

 

If to Escrow Agent at:

 

American Stock Transfer & Trust
Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attn: Corporate Actions

Tel: (718) 921.8200

 

with copy to:

 

American Stock Transfer & Trust
Company, LLC

6201 15th Avenue

Brooklyn, New York
11219

Attn:
General Counsel

Tel:
(718) 921.8200

 

    	 	 	 

     

    

 

		7.	Designated Email Accounts and Telephone Call-Back Numbers (for persons designated to send
and receive notices by e-mail).

 

	 	Purchaser:	Name	Email Address	Phone 
	 	 	 	 	 
	 	 	Peng Jin 	pengjin@bisonholding.com	+86-18610494756

  

	9.	Purchaser Representative:	Name	Email Address	Phone 
	 	 	 	 	 
	 	 	Peng Jin   	pengjin@bisonholding.com  	+86-18610494756

 

	 	Company:  	Name	Email Address	Phone 
	 	 	 	 	 
	 	 	Gary S. Loffredo	gloffredo@cinedigm.com	(212) 206-8600
	 	 	 	 	 
	 	Company Representative:	Name	Email Address	Phone 
	 	 	 	 	 
	 	 	Gary S. Loffredo	gloffredo@cinedigm.com	(212) 206-8600
	 	 	 	 	 
	 	Escrow Agent:  	Name	Email Address	Phone 
	 	 	 	 	 
	 	AST	Anna Frenkel	afrenkel@astfinancial.com	718.921.8287Exhibit

EXHIBIT 4.2

AMENDMENT NO. 9 TO 
SHAREHOLDER RIGHTS AGREEMENT
This Amendment No. 9 to Shareholder Rights Agreement (the “Amendment”), dated as of July 10, 2017, by and between NeuroMetrix, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC (the “Rights Agent”), amends that certain Shareholder Rights Agreement, dated as of March 7, 2007, as amended as of September 8, 2009, June 5, 2013, June 25, 2014, May 28, 2015, December 29, 2015, June 3, 2016, December 28, 2016 and February 8, 2017 between the Company and the Rights Agent (as so amended, the “Rights Agreement”).
WHEREAS, the Company and the Rights Agent are parties to the Rights Agreement; and
WHEREAS, the Company desires to enter into a Securities Purchase Agreement with the purchasers identified on the signature pages thereto (the “Purchasers”) under which the Company will issue and sell up to 7,000 shares of Series F convertible preferred stock, par value $0.0001 per share (the “Preferred Stock”), of the Company; and
WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent may from time to time supplement or amend the Rights Agreement subject to the terms of the Rights Agreement; and
WHEREAS, the Board of Directors of the Company has determined that an amendment to the Rights Agreement as set forth herein is necessary and desirable in connection with the foregoing and the Company and the Rights Agent desire to evidence such amendment in writing.
NOW, THEREFORE, in consideration of these premises and mutual agreements set forth herein, the parties agree as follows:
1.    Amendment of Section 1. Section 1 of the Rights Agreement, “Certain Definitions” is supplemented to add the following definitions in the appropriate locations: 
“2017 July Securities Purchase Agreement” shall mean the Securities Purchase Agreement, dated July 10, 2017, by and among the Company and the Purchaser.
“2017 July Transactions” shall mean the issuance of 7,000 shares of Preferred Stock pursuant to the 2017 July Securities Purchase Agreement.
“Purchaser” shall mean the purchaser identified on the signature pages to the 2017 July Securities Purchase Agreement.
2.    Amendment of the definition of “Acquiring Person”. The definition of “Acquiring Person” in Section 1 of the Rights Agreement is amended by adding the following sentence at the end thereof:
“Notwithstanding anything in this Rights Agreement to the contrary, neither the Purchaser nor any of its Affiliates or Associates shall be deemed to be an Acquiring Person solely as a result of (i) the execution of the 2017 July Securities Purchase Agreement or (ii) the consummation of the 2017 July Transactions or any other transaction contemplated by the 2017 July Securities Purchase Agreement.”
3.    Amendment of the definition of “Section 11(a)(ii) Event”. The definition of “Section 11(a)(ii) Event” in Section 1 of the Rights Agreement is amended by adding the following sentence at the end thereof:
“Notwithstanding anything in this Rights Agreement to the contrary, a Section 11(a)(ii) Event shall not be deemed to have occurred solely as a result of (i) the execution of the 2017 July Securities Purchase Agreement or (ii) the consummation of the 2017 Transactions or any other transaction contemplated by the 2017 July Securities Purchase Agreement.”
4.    Amendment of the definition of “Stock Acquisition Date”. The definition of “Stock Acquisition Date” in Section 1 of the Rights Agreement is amended by adding the following sentence at the end thereof:

1

“Notwithstanding anything in this Rights Agreement to the contrary, a Stock Acquisition Date shall not be deemed to have occurred solely as a result of (i) the execution of the 2017 July Securities Purchase Agreement or (ii) the consummation of the 2017 July Transactions or any other transaction contemplated by the 2017 July Securities Purchase Agreement.”
5.    Amendment to Section 30. Section 30 of the Rights Agreement is amended by adding the following sentence at the end thereof:
“Nothing in this Agreement shall be construed to give any holder of Rights or any other Person any legal or equitable rights, remedies or claims under this Agreement by virtue of (i) the execution of the 2017 July Securities Purchase Agreement or (ii) the consummation of the 2017 July Transactions or any other transaction contemplated by the 2017 July Securities Purchase Agreement.”
6.    Ratification.  The parties hereby ratify and confirm in all respects the Agreement, as amended by this Amendment.
7.    Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.
8.    Counterparts.  This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
9.    Descriptive Headings.  Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

[remainder left intentionally blank]

2

IN WITNESS WHEREOF, the parties have entered into this Amendment No. 9 to Shareholder Rights Agreement as of the date first stated above.
NEUROMETRIX, INC.
By:    /s/ Thomas T. Higgins
Name:    Thomas T. Higgins    
Title:    Senior Vice President, Chief    
Financial Officer, Treasurer and    
Principal Accounting Officer    
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
By:    /s/ Mike Nespoli
Name:    Mike Nespoli
Title:    Executive Director
Relationship Management 

3

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