Document:

Exhibit 10.46

 

SECURED CREDIT AGREEMENT

 

CREDIT AGREEMENT dated as of December 8, 2021 (this
“Agreement”), between **** (the “Borrower”) and Aditxt,
Inc., a Delaware corporation (the “Lender”).

 

The Borrower has requested that the Lender extend
credit to the Borrower, and the Lender is willing to do so on the terms and conditions set forth herein. In consideration of the mutual
covenants and agreements herein contained, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01 Defined Terms. As used in this
Agreement, the following terms have the meanings specified below:

 

“Acquisition” means, as to any
Person, the purchase or other acquisition (in one transaction or a series of transactions, including through a merger) of all of the equity
interests of another Person or all or substantially all of the property, assets or business of another Person or of the assets constituting
a business unit, line of business or division of another Person.

 

“Acquisition Closing” means
the “Closing” as defined in the Acquisition LOI.

 

“Acquisition LOI” means the
letter agreement dated as of December 1, 2021, between Lender and Borrower relating to the proposed acquisition of Borrower by Lender.

 

“Acquisition LOI Binding Provisions”
means the “Binding Provisions” as defined in the Acquisition LOI.

 

“Acquisition LOI Termination Event”
means the expiration of the “Term” as defined in the Acquisition LOI.

 

“Affiliate” means, with respect
to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls or is Controlled by or
is under common Control with the Person specified.

 

“Anti-Assignment Clause” means
any provision in a contract that prohibits or restricts, in any material respect the assignment of any right, title or interest (including
any security interest).

 

“Applicable Law” means, as to
any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Borrowing Request” means a
request for a Loan in the form attached as Exhibit A.

 

“Business Day” means any day
that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the State of Delaware.

 

“Capitalized Lease” means each
lease that has been or is required to be, in accordance with GAAP, recorded as a capital or financing lease.

 

“Certain Activities” has the
meaning given to it in the Acquisition LOI.

 

    -1-

     

    

 

“Change of Control” means, at
any time, (a) (i) prior to the occurrence of an Acquisition LOI Termination Event, the legal and beneficial owners of Borrower on the
Closing Date shall cease to beneficially own and control at least 100% on a fully diluted basis of the economic and voting interests in
the Equity Interests of the Borrower, (ii) after the occurrence of an Acquisition LOI Termination Event, the legal and beneficial owners
of Borrower on the Closing Date shall cease to beneficially own and control at least 51% on a fully diluted basis of the economic and
voting interests in the Equity Interests of the Borrower,, (b) the Borrower shall cease to beneficially own and control at least 51% on
a fully diluted basis of the economic and voting interests in each of its Subsidiaries held on the Closing Date, (c) any Person or “group”
(within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended) shall have obtained the power (whether
or not exercised) to elect a majority of the members of the Board of Directors (or similar governing body) of the Borrower, or (d) any
event, transaction or occurrence as a result of which either the chief executive officer or chief financial officer of Borrower on the
Closing Date shall for any reason cease to be actively engaged in the day-to-day management of the Borrowers in the role each such Person
serves on the Closing Date, unless an interim or permanent successor reasonably acceptable to Lender is appointed within thirty (30) days.

 

“Closing Date” means the first
date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 8.02.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Collateral Documents” means,
collectively, the Security Agreement, all other security agreements, pledge agreements, financing statements, control agreements, assignments,
deeds of trust and all other agreements, instruments and documents that are intended to create, perfect or evidence Liens upon substantially
all of the assets of the Borrower and its Subsidiaries.

 

“Committed Loan” has the meaning
set forth in Section 2.01.

 

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

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
analogous thereto.

 

“Credit Extension” means a Loan
and any other extension of credit made by the Lender to the Borrower from time to time.

 

“Debtor Relief Laws” means the
Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect.

 

“Debtor Relief Plan” means a
plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws.

 

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

 

    -2-

     

    

 

“Default Rate” means an interest
rate (before as well as after judgment) equal to the applicable interest rate plus 4.50%.

 

“Definitive Agreement” has the
meaning given to it in the Acquisition LOI.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition of any property by any Person (including any sale and leaseback transaction
and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with
or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dollar” and “$”
mean lawful money of the United States.

 

“Draw Period” means the period
from and including the date that the conditions set forth in Section 4.02 have first been satisfied and continuing until the occurrence
of an Acquisition LOI Termination Event or the date of the Acquisition Closing.

 

“Draw Period Facility Limit”
means $4,500,000.

 

“Draw Period Loans” has the
meaning set forth in Section 2.02.

 

“Environmental Laws” means any
and all federal, state, local, and foreign statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions,
grants, franchises, licenses, agreements or governmental restrictions, including all common law, relating to pollution or the protection
of health, safety or the environment or the release of any materials into the environment, including those related to Hazardous Materials,
air emissions, discharges to waste or public systems and health and safety matters.

 

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

 

“Equity Interests” means, as
to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options
or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests
in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests),
and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section
412 of the Code or Section 302 of ERISA).

 

    -3-

     

    

 

“Event of Default” has the meaning
specified in Article VII.

 

“Facility” means the Credit
Facility described in Article II.

 

“Federal Reserve Board” means
the Board of Governors of the Federal Reserve System of the United States.

 

“GAAP” means, subject to Section
1.03, United States generally accepted accounting principles as in effect as of the date of determination thereof.

 

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

 

“Hazardous Materials” means
all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes,
and other substances or wastes of any nature regulated under or with respect to which liability or standards of conduct are imposed pursuant
to any Environmental Law.

 

“Indebtedness” means, as to
any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in
accordance with GAAP:

 

	 	(a)	all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

	 	(b)	all direct or contingent obligations of such Person arising under (i) letters of credit (including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person;

 

	 	(c)	all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

 

	 	(d)	indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

 

	 	(e)	all guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of any
Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person.

 

    -4-

     

    

 

“Investment” means, as to any
Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of
Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership
or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs Indebtedness of the type referred
to in clause (h) of the definition of “Indebtedness” in respect of such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person
or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of
any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment
but giving effect to any returns or distributions of capital or repayment of principal actually received in case by such Person with respect
thereto.

 

“IRS” means the United States
Internal Revenue Service.

 

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

 

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

 

“Loan” means any loan made by
the Lender to the Borrower from time to time pursuant to Article II.

 

“Loan Documents” means, collectively,
this Agreement, the Collateral Documents, all promissory notes, guaranties and any other documents or instruments entered into in connection
herewith.

 

“Margin Stock” means margin
stock within the meaning of Regulations T, U and X.

 

“Material Adverse Effect” means
(a) a material adverse change in, or a material adverse effect on, the operations, business, properties, liabilities (actual or contingent),
condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries taken as a whole; or (b) a material adverse effect
on (i) the ability of the Borrower to perform its Obligations, (ii) the legality, validity, binding effect or enforceability against the
Borrower or any Subsidiary of any Loan Document or the Acquisition LOI Binding Provisions to which it is a party or (iii) the rights,
remedies and benefits available to, or conferred upon, the Lender under any Loan Documents or the Acquisition LOI Binding Provisions.

 

“Material
Contracts” means (a) (i) The BioCard COVID 19 Home and Professional test exclusive License and Distribution agreement from
Trivitron, (ii) The Biocard Celiac Test exclusive Distribution agreement, (iii) The Biocard H Pylori Test exclusive distribution
agreement, (iv) The Ovarian Cancer BCL-2 marker exclusive global licensing agreement from USF, (v) The Prostate Cancer PCADM1 marker
exclusive global licensing agreement from Drexel, (b) any contract, the loss of which, could reasonably be expected to result in the
occurrence of a Material Adverse Effect, or (c) any other contract that Lender, in its reasonable determination deems to be material
to the future value of the business of Borrower or its Subsidiaries.

 

    -5-

     

    

 

“Maturity Date” means December
8, 2022.

 

“Net Proceeds” means (a) with
respect to any Disposition, the net amount equal to the aggregate amount received in cash (including any cash received by way of deferred
payment pursuant to a note receivable, other non-cash consideration or otherwise, but only as and when such cash is so received) in connection
with such Disposition minus the sum of (i) the reasonable attorneys’, accountants’, investment banking, financial advisory
and other customary fees, commissions and expenses reasonably incurred by the Borrower or any of its Subsidiaries in connection with such
Disposition (excluding any such fees, commissions and expenses payable to an Affiliate of the Borrower), (ii) Indebtedness, other than
the Loans, required to be paid as a result of such Disposition and (iii) federal, state and local Taxes paid or reasonably estimated to
be payable as a result of such Disposition; and (b) with respect to any issuance of Equity Interests or incurrence of Indebtedness, the
net amount equal to the aggregate amount received in cash (including any cash received by way of deferred payment pursuant to a note receivable,
other non-cash consideration or otherwise, but only as and when such cash is so received) in connection with such issuance of Equity Interests
or incurrence of Indebtedness minus the reasonable attorneys’, accountants’, investment banking, financial advisory and other
customary fees, commissions and expenses reasonably incurred by the Borrower or any of its Subsidiaries in connection therewith (excluding
such fees, commissions and expenses payable to an Affiliate of the Borrower).

 

“Obligations” means all advances
to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document or otherwise with respect
to any Loan or other Credit Extension, whether direct or indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the
Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include
(a) the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by the Borrower under any
Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Lender, in its
sole discretion, may elect to pay or advance on behalf of the Borrower.

 

“Organizational Documents” means
(a) as to any corporation, the charter or certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company, the certificate or articles of formation
or organization and operating or limited liability agreement and (c) as to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“PATRIOT Act” means the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC” means the Pension Benefit
Guaranty Corporation.

 

“Pension Act” means the Pension
Protection Act of 2006.

 

    -6-

     

    

 

“Permitted Disposition” has
the meaning given to it in Section 6.04.

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

 

“PTE” means a prohibited transaction
class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Reference Time” the time determined
by the Lender in its reasonable discretion.

 

“Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators,
managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

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

 

“Restricted Payment” means any
dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of any Person, or any
payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to such Person’s
shareholders, partners or members (or the equivalent Persons thereof).

 

“SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Security Agreement” means the
Security Agreement, by the Borrower of even date herewith.

 

“Shareholders’ Equity”
means, as of any date of determination, consolidated shareholders’ equity of the Borrower and its Subsidiaries as of such date determined
in accordance with GAAP.

 

“Solvent” means, as to any Person
as of any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount
of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of such Person is not less than
the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such
Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such
debts and liabilities as they mature and (d) such Person is not engaged in a business or a transaction, and is not about to engage in
a business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of any
contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, association or joint venture or other business entity of
which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time owned or the
management of which is controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Borrower.

 

    -7-

     

    

 

“Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“United States” and “U.S.”
mean the United States of America.

 

“U.S. Borrower” means any Borrower
that is a U.S. Person.

 

“U.S. Person” means any Person
that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

SECTION 1.02 Terms Generally. The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” The word “or” is not exclusive. The word “year” shall
refer (i) in the case of a leap year, to a year of three hundred sixty-six (366) days, and (ii) otherwise, to a year of three hundred
sixty-five (365) days. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

SECTION 1.03 Accounting Terms; Changes in GAAP.

 

(a) Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall be construed
in conformity with GAAP. Financial statements and other information required to be delivered by the Borrower to the Lender pursuant to
Sections 5.01(a) and 5.01(b) shall be prepared in accordance with GAAP as in effect at the time of such preparation. Notwithstanding the
foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and
the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b) Changes in
GAAP. If the Borrower notifies the Lender that the Borrower requests an amendment to any provision hereof to eliminate the
effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if
the Lender notifies the Borrower that the Lender requests an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith.

 

    -8-

     

    

 

SECTION 1.04 Divisions. For all purposes
under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different
jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability
of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if
any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the
holders of its Equity Interests at such time.

 

ARTICLE II

CREDIT EXTENSIONS

 

SECTION 2.01 Committed Loan Facility. Subject
to the terms and conditions set forth herein (including, without limitation, the satisfaction of the conditions set forth in Section 4.01
and 4.02), the Lender agrees to make Loans to the Borrower in the amount of up $500,000 (each a “Committed Loan”). Amounts
borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed.

 

SECTION 2.02 Additional Loans. Subject to
the terms and conditions set forth herein (including, without limitation, the satisfaction of the conditions set forth in Section 4.01,
4.02 and 4.03), Lender may from time to time, in its sole and absolution discretion, make discretionary Loans to the Borrower from time
to time on any Business Day during the Draw Period in an aggregate principal amount not to exceed the Draw Period Facility Limit (collectively,
the “Draw Period Loans”). Notwithstanding anything to the contrary set forth in this Agreement, the credit facilities provided
herein are fully discretionary and nothing herein shall create any commitment by the Lender to make any Loans.

 

SECTION 2.03 Borrowing Request. Each such
notice shall be in the form of the Borrowing Request, appropriately completed and signed by a Responsible Officer of the Borrower and
must be received by the Lender not later than 11:00 a.m. (New York City time) at least two (2) Business Days and not more than five (5)
Business Days prior to the funding date, such funding date to be not later than the last day of the Draw Period. Borrower shall not be
permitted to submit more than one Borrowing Request in any five (5) Business Day period. Such notices shall be sent to Thomas J. Farley,
via email at XXXXXXX (with a cc to XXXXXXXX and XXXXXXX), and shall be confirmed by phone by either Thomas J. Farley at XXX-XXX-XXXX or
Thomas Eaton at XXX-XXX-XXXX. All Loans shall be in minimum increments of $50,000. Each Borrowing Request shall specify and/or attach
the following information: (i) the amount of the requested Loan; (ii) the proposed use of the Loan, including a detailed description of
the Certain Activities that will be funded with the proceeds of such Loan, (iii) copies of any invoices, or purchase orders, and (iv)
such other information as Lender may request. All Loans will be funded via wire transfer or ACH to the account indicated on the Borrowing
Request attached as Exhibit A. No changes to the account information attached as Exhibit A may be made without Lender’s prior
written approval.

 

SECTION 2.04 Prepayments.

 

(a)
Optional Prepayments. The Borrower may, upon notice to the Lender, at any time and from time to time prepay any Loan in whole or
in part without premium or penalty. Once repaid Borrower may not reborrow any Loans.

 

    -9-

     

    

 

 

(b)
Mandatory Prepayments.

 

(i)
Within three (3) Business Days of receipt by the Borrower or any of its Subsidiaries of the Net Proceeds of a Disposition (other than
a Permitted Disposition), the Borrower shall prepay the Loans in an amount equal to 100% of such Net Proceeds.

 

(ii)
Within three (3) Business Days of receipt by the Borrower or any of its Subsidiaries of any Net Proceeds with respect to the issuance
of any Indebtedness, the Borrower shall prepay the Loans in an amount equal to 50% of such Net Proceeds.

 

(iii)
Within three (3) Business Days of receipt by the Borrower or any of its Subsidiaries of Net Proceeds with respect to an issuance of Equity
Interests, the Borrower shall prepay the Loans in an amount equal to 50% of such Net Proceeds.

 

(iv)
Within three (3) Business Days of receipt by the Borrower or any of its Subsidiaries of Net Proceeds from casualty or property insurance
or condemnation, the Borrower shall prepay the Loans in an amount equal to 50% of such Net Proceeds.

 

SECTION 2.05 Repayment of Loans at Maturity.
Except as expressly set forth to the contrary in the Definitive Agreement, the Borrower shall repay to the Lender on the Maturity Date
the aggregate principal amount of the Loans (any other Credit Extensions made from time to time by Lender) together with all accrued interest,
fees and expenses and any other Obligations outstanding on such date. Borrower and Lender acknowledge that the Acquisition LOI currently
contemplates that the Loans (including all accrued interest thereon) shall be forgiven upon the Acquisition Closing and if no Acquisition
Closing occurs, the Loans (including all accrued interest thereon) shall be payable in accordance with this Agreement.

 

SECTION 2.06 Interest.

 

(a)
Interest Rates. Subject to paragraph (b) of this Section, the Loans and other Credit Extensions shall bear interest at the rate
of 8.00% per annum.

 

(b)
Default Interest. If any amount payable by the Borrower under this Agreement or any other Loan Document (including principal of
the Loans or other Credit Extensions, interest, fees and other amount) is not paid when due, whether at stated maturity, by acceleration
or otherwise, such amount shall thereafter bear interest at a rate per annum equal to the applicable Default Rate. At the election of
the Lender, while any Event of Default exists, the Borrower shall pay interest on the principal amount of all Loans and other Credit Extensions
outstanding hereunder at a rate per annum equal to the applicable Default Rate.

 

(c)
Interest Payment Dates. Except as expressly set forth to the contrary in the Definitive Agreement, accrued interest on the Loans
and other Credit Extensions shall be paid in arrears on (i) March 1, 2022, (ii) the first Business Day of each calendar month thereafter,
and (iii) on the Maturity Date.

 

(d)
Interest Computation. All interest hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year).

 

SECTION 2.07 Evidence
of Debt. The Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the Borrower
resulting from each Loan made by the Lender. The entries made in the records maintained pursuant to this paragraph (a) shall be prima
facie evidence absent manifest error of the existence and amounts of the obligations recorded therein. Any failure of the Lender
to maintain such records or make any entry therein or any error therein shall not in any manner affect the obligations of the
Borrower under this Agreement and the other Loan Documents.

 

    -10-

     

    

 

SECTION 2.08 Payments Generally. All payments
to be made by the Borrower hereunder and the other Loan Documents shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all such payments shall be made to the Lender in immediately available
funds not later than 12:00 noon (East Coast time) on the date specified herein. All amounts received by the Lender after such time on
any date shall be deemed to have been received on the next succeeding Business Day and any applicable interest or fees shall continue
to accrue. If any payment to be made by the Borrower shall fall due on a day that is not a Business Day, payment shall be made on the
next succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided
that, if such next succeeding Business Day would fall after the applicable Maturity Date, payment shall be made on the immediately preceding
Business Day. Except as otherwise expressly provided herein, all payments hereunder or under any other Loan Document shall be made in
Dollars. Unless Lender sends notice to the Borrower will alternative payment instructions, all payments to Lender should be made either
via ACH or wire transfer via the following payment instructions:

 

For ACH delivery:

Bank Routing Number: XXXXXXXXX

Account Number: XXXXXXXXXXXX

Account Name: XXXXXXXXXX

For Wire Transfers:

Bank Routing Number: XXXXXXXXX

SWIFT Code: XXXXXXXX

General Bank Reference Address: XXXXXXXXXX

Account Number: XXXXXXXXX

Account Name: XXXXXXXXXXX

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Lender
that:

 

SECTION 3.01 Existence, Qualification and Power.
The organizational structure of the Borrower and its Subsidiaries is attached hereto as Schedule 3.01. The Borrower and each Subsidiary
(a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation
or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents
to which it is a party and the Acquisition LOI, and (c) is duly qualified and is licensed and, as applicable, in good standing under the
Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification
or license, except, in each case referred to in clause (a) (other than with respect to the Borrower), (b)(i) or (c), to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.02 Authorization;
No Contravention. The execution, delivery and performance by the Borrower and each Subsidiary of each Loan Document to which it
is party and the Acquisition LOI have been duly authorized by all necessary corporate or other organizational action, and do not and
will not (a) contravene the terms of its Organizational Documents, (b) conflict with or result in any breach or contravention of, or
the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which the
Borrower is a party or affecting the Borrower or the properties of the Borrower or any Subsidiary or (ii) any material order,
injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or any Subsidiary or its
property is subject or (c) violate any Law in any material respect.

 

    -11-

     

    

 

SECTION 3.03 Governmental Authorization; Other
Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority
or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the
Borrower or its Subsidiaries of this Agreement, the Acquisition LOI or any other Loan Document to which they are a party, except for such
approvals, consents, exemptions, authorizations, actions or notices that have been duly obtained, taken or made and in full force and
effect.

 

SECTION 3.04 Execution and Delivery; Binding
Effect. This Agreement has been, and each other Loan Document and the Acquisition LOI, when delivered hereunder, will have been, duly
executed and delivered by the Borrower and any applicable Subsidiaries party thereto. This Agreement constitutes, and each other Loan
Document when so delivered will constitute, a legal, valid and binding obligation of the Borrower and each Subsidiary party thereto, enforceable
against the Borrower and each Subsidiary party thereto, in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, receivership, moratorium or other Laws affecting creditors’ rights generally and by general
principles of equity.

 

SECTION 3.05 Litigation. There are no actions,
suits, proceedings, claims, disputes or investigations pending or, to the knowledge of the Borrower, threatened, at Law, in equity, in
arbitration or before any Governmental Authority, by or against the Borrower or any Subsidiary or against any of their properties or revenues
that (a) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect or (b) purport to affect
or pertain to this Agreement or any other Loan Document, the Acquisition LOI or any of the transactions contemplated hereby.

 

SECTION 3.06 No Material Adverse Effect; No
Default. Neither the Borrower nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing
or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

SECTION 3.07 Property.

 

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

 

(b) Intellectual
Property. Each of the Borrower and its Subsidiaries owns, licenses or possesses the right to use all of the trademarks,
tradenames, service marks, trade names, copyrights, patents, franchises, licenses and other intellectual property rights that are
necessary for the operation of their respective businesses, as currently conducted, business, and the use thereof by the Borrower
and its Subsidiaries does not conflict with the rights of any other Person, except to the extent that such failure to own, license
or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect. The conduct of the business of the Borrower or any Subsidiary as currently conducted or as contemplated to be conducted does
not infringe upon or violate any rights held by any other Person, except to the extent that such infringements and violations,
either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No claim or litigation
regarding any of the foregoing is pending or, to the knowledge of the Borrower, threatened that could reasonably be expected to have
a Material Adverse Effect.

 

    -12-

     

    

 

SECTION 3.08 Taxes. The Borrower and its
Subsidiaries have filed all federal, state and other tax returns and reports required to be filed, and have paid all federal, state and
other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise
due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which
adequate reserves are being maintained in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be
expected to have a Material Adverse Effect.

 

SECTION 3.09 Compliance with Laws. Each
of the Borrower and its Subsidiaries is in compliance with the requirements of all Laws (including Environmental Laws) and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or
order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure
to so comply, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.10 Margin Regulations. The Borrower
is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin
Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Credit Extension
hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds of each Loan, not more than 25% of
the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.

 

SECTION 3.11 Investment Company Act. Neither
the Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940.

 

SECTION 3.12 Sanctions; Anti-Corruption.

 

(a)
None of the Borrower, any of its Subsidiaries or any director, officer, of the Borrower or any of its Subsidiaries is an individual or
entity (“person”) that is, or is owned or controlled by persons that are: (i) the subject of any sanctions administered
or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department
of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is the subject of
Sanctions (including, Crimea, Cuba, Iran, North Korea and Syria).

 

(b)
The Borrower, its Subsidiaries and their respective directors, officers and employees and, to the knowledge of the Borrower, the agents
of the Borrower and its Subsidiaries, are in compliance with all applicable Sanctions and with the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable anti-corruption law, in
all material respects. The Borrower and its Subsidiaries have instituted and maintain policies and procedures designed to ensure continued
compliance with applicable Sanctions, the FCPA and any other applicable anti-corruption laws.

 

SECTION 3.13 Solvency. The Borrower and
its Subsidiaries are Solvent.

 

    -13-

     

    

 

SECTION 3.14 Material Events. Since January
1, 2021, (a) the Borrower and its Subsidiaries have not made any Dispositions other than Permitted Dispositions, (b) the Borrower and
its Subsidiaries have not made any Restricted Payments, and (c) there has been no Material Adverse Effect.

 

ARTICLE IV

CONDITIONS

 

SECTION 4.01 Closing Date. The effectiveness
of this Agreement is subject to the satisfaction (or waiver in accordance with Section 8.02) of the following conditions (and, in the
case of each document specified in this Section to be received by the Lender, such document shall be in form and substance satisfactory
to the Lender):

 

(a)
Executed Counterparts. The Lender shall have received from each party thereto a counterpart of the following documents signed on
behalf of such party (or written evidence satisfactory to the Lender (which may include telecopy transmission of a signed signature page
to this Agreement) that such party has signed a counterpart of this Agreement):

 

(i)  
This Agreement;

 

(ii)
The Security Agreement; and

 

(iii) The Acquisition LOI.

 

(b)
Certificates. The Lender shall have received such customary certificates of resolutions or other action, incumbency certificates
or other certificates of Responsible Officers of the Borrower as the Lender may require evidencing the identity, authority and capacity
of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the Loan Documents.

 

(c)
Corporate Documents. The Lender shall have received such other documents and certificates (including Organizational Documents and
good standing certificates) as the Lender may reasonably request relating to the organization, existence and good standing of the Borrower
and any other legal matters relating to the Borrower, the Loan Documents or the transactions contemplated thereby.

 

(d)
Other Documents. The Lender shall have received such other documents as the Lender may reasonably request.

 

SECTION 4.02 Conditions to All Loans. Prior
to making any Loan hereunder:

 

(a)
Borrowing Request. The Lender shall have received a Borrowing Request.

 

(b)
Representations and Warranties. All representations and warranties shall be true and correct in all material respects.

 

(c)
No Default. No Default or Event of Default shall have occurred and be continuing;

 

    -14-

     

    

 

SECTION 4.03 Conditions to All Draw Period Loans.
Prior to making any Draw Period Loan hereunder:

 

(a)
Financial Statements. Lender shall have received internally prepared financial statements prepared in accordance with GAAP, including
balance sheet, income statement and statement of cash flows for the first three fiscal quarters of 2021, together with such supporting
information and back-up as Lender may request;

 

(b)
Material Contracts. Lender shall have received copies of all Material Contracts described in clause (a) of the definition thereof
and, if any such contracts contain Anti-Assignment Clauses, the Borrower shall have delivered to Lenders such consents and authorizations
as Lender may request to permit Lender to obtain and perfect its security interest in such Material Contracts;

 

(c)
Diligence. Lender shall have received such other information as Lender may reasonably request;

 

(d)
Additional Collateral Documents. Lender shall have received such other Collateral Documents as Lender may request in order to perfect
its interest in the assets of the Borrower and its Subsidiaries;

 

(e)
Lender Approval. Lender shall have determined to make such Loan in its sole and absolute discretion;

 

(f)  
Other Documents. The Lender shall have received such other documents as the Lender may reasonably request.

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

The Borrower covenants and agrees with the Lender
that:

 

SECTION 5.01 Financial Statements. The Borrower
will furnish to the Lender, as soon as available, but in any event 30 days after the end of each fiscal quarter a consolidated and consolidating
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated and consolidating statements
of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s
fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter
of the previous fiscal year, certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial
condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied, subject only to normal year-end audit adjustments and the absence of notes.

 

SECTION 5.02 Notices. The Borrower will
promptly notify the Lender of:

 

(a)
the occurrence of any Default;

 

(b)
any matter or development that has had or could reasonably be expected to have a Material Adverse Effect.

 

Each notice delivered under this Section shall
be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the occurrence requiring such notice
and stating what action the Borrower has taken and proposes to take with respect thereto.

 

    -15-

     

    

 

SECTION 5.03 Preservation of Existence, Etc.
The Borrower will, and will cause each of its Subsidiaries to, (a) preserve, renew and maintain in full force and effect its legal existence
and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 6.03 or 6.04; (b)
take all reasonable action to maintain all rights, licenses, permits, privileges and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

 

SECTION 5.04 Maintenance of Properties.
The Borrower will, and will cause each of its Subsidiaries to, (a) maintain, preserve and protect all of its properties and equipment
necessary in the operation of its business in good working order and condition (ordinary wear and tear excepted) and (b) make all necessary
repairs thereto and renewals and replacements thereof, except to the extent that the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

SECTION 5.05 Maintenance of Insurance. The
Borrower will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable insurance companies, insurance
with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the
same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly
situated Persons engaged in the same or similar businesses as the Borrower and its Subsidiaries) as are customarily carried under similar
circumstances by such Persons.

 

SECTION 5.06 Payment of Obligations. The
Borrower will, and will cause each of its Subsidiaries to, pay, discharge or otherwise satisfy as the same shall become due and payable,
all of its obligations and liabilities, including Tax liabilities, unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary, except to
the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 5.07 Compliance with Laws. The Borrower
will, and will cause each of its Subsidiaries to, comply with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except to the extent that the failure to do so could not reasonably be expected to have
a Material Adverse Effect.

 

SECTION 5.08 Books and Records. The Borrower
will, and will cause each of its Subsidiaries to, maintain proper books of record and account, in which full, true and correct entries
in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business
of the Borrower or such Subsidiary, as the case may be.

 

SECTION 5.09 [Intentionally Omitted].

 

SECTION 5.10 Use of Proceeds. The Borrower
will, and will cause each of its Subsidiaries to, use the proceeds of the Loans to fund the Certain Activities described in the Borrowing
Request. Promptly, and in no event later than the earlier to occur of (a) the last day of each month following the disbursement of any
Loan or (b) the submission for any request for an additional Loan, the Borrower will deliver to Lender evidence that the proceeds of such
Loan were used to pay the documented costs of Certain Activities described in the Borrowing Request, together with such supporting information
as Lender may request.

 

    -16-

     

    

 

SECTION 5.11 Sanctions; Anti-Corruption Laws.
The Borrower will maintain in effect policies and procedures designed to promote compliance by the Borrower, its Subsidiaries, and their
respective directors, officers, employees, and agents with applicable Sanctions and with the FCPA and any other applicable anti-corruption
laws.

 

SECTION 5.12 Cooperation. The Borrower will
promptly cooperate with all reasonable requests for information in connection with Lender’s diligence efforts with respect to the
Acquisition LOI.

 

ARTICLE VI

NEGATIVE COVENANTS

 

The Borrower covenants and agrees with the Lender
that:

 

SECTION 6.01 Indebtedness. Prior to the
occurrence of an Acquisition LOI Termination Event, the Borrower will not, nor will it permit any Subsidiary to, create, incur, assume
or suffer to exist any Indebtedness, except:

 

(a)
Indebtedness under the Loan Documents;

 

(b)
Indebtedness in respect of capital leases, synthetic leases and purchase money obligations for fixed or capital assets; provided
that the aggregate amount of all such Indebtedness at any time outstanding shall not exceed $500,000;

 

(c)
unsecured Indebtedness in an aggregate principal amount not exceeding $1,000,000 at any time outstanding.

 

SECTION 6.02 Liens. The Borrower will not,
nor will it permit any Subsidiary to, create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, other than:

 

(a)
Liens under the Collateral Documents;

 

(b)
Liens securing capital leases, synthetic leases and purchase money obligations for fixed or capital assets; provided that the aggregate
amount of all such Indebtedness at any time outstanding shall not exceed $500,000; and

 

(c)
Liens securing obligations in an aggregate amount not exceeding $250,000 at any time outstanding.

 

SECTION 6.03 Fundamental Changes; Equity Issuances.
The Borrower will not, nor will it permit any Subsidiary to, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose
of (whether in one transaction or in a series of transactions) a material portion of its assets outside the ordinary course of business
other than the proposed combination with Lender. Prior to the occurrence of an Acquisition LOI Termination Event, Borrower will not enter
into any transaction for the issuance of Equity Interests (including any issuance of convertible notes or warrants) other than ordinary
course issuances pursuant to an employee equity incentive program.

 

    -17-

     

    

 

SECTION 6.04 Dispositions. The Borrower
will not, and will not permit any Subsidiary to, make any Disposition or enter into any agreement to make any Disposition, except (each
a “Permitted Disposition”):

 

(a)
Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)
Dispositions of inventory, products and Investments in the ordinary course of business;

 

(c)
Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section; provided that the aggregate book
value of all property Disposed of pursuant to this clause (c) in any fiscal year shall not exceed $250,000.

 

SECTION 6.05 Restricted Payments. The Borrower
will not, and will not permit any Subsidiary to, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action
described below or would result therefrom:

 

(a)
each Subsidiary may make Restricted Payments to the Borrower and any other Person that owns an Equity Interest in such Subsidiary, ratably
according to their respective holdings of such Equity Interests in respect of which such Restricted Payment is being made; and

 

(b)
the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests
of such Person.

 

SECTION 6.06 Investments. The Borrower will
not, and will not permit any Subsidiary to, make any Investments, except:

 

(a)
Investments held by the Borrower or such Subsidiary in the form of cash equivalents; and

 

(b)
other Investments not exceeding $250,000 in the aggregate in any fiscal year of the Borrower.

 

SECTION 6.07 Transactions with Affiliates.
The Borrower will not, and will not permit any Subsidiary to, enter into any transaction of any kind with any Affiliate of the Borrower,
whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower
or such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s-length transaction
with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to (a) transactions between or among
the Borrower and any of its Subsidiaries or between and among any Subsidiaries, (b) Restricted Payments permitted by Section 6.05 and
(c) Investments permitted by Section 6.06.

 

SECTION 6.08 Certain Restrictive Agreements.
The Borrower will not, and will not permit any Subsidiary to, enter into any Contractual Obligation (other than this Agreement or any
other Loan Document) that, directly or indirectly, (a) limits the ability of (i) any Subsidiary to make Restricted Payments to the Borrower
or to otherwise transfer property to the Borrower, (ii) any Subsidiary to guarantee Indebtedness of the Borrower, (iii) Borrower or any
Subsidiary to consummate the transactions contemplated by the Acquisition LOI, (iv) the Borrower or any Subsidiary to create, incur, assume
or suffer to exist Liens on property of such Person to secure the Obligations; provided that this clause (iv) shall not prohibit
any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 6.01(d) solely to the extent that
any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien
to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person.

 

    -18-

     

    

 

SECTION 6.09 Changes in Nature of Business.
The Borrower will not, and will not permit any Subsidiary to, engage to any material extent in any business other than those businesses
conducted by the Borrower and its Subsidiaries on the date hereof or any business reasonably related or incidental thereto or representing
a reasonable expansion thereof.

 

SECTION 6.10 Restriction on Use of Proceeds.
The Borrower will not use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally
or ultimately, to purchase or carry Margin Stock, or to extend credit to others for the purpose of purchasing or carrying Margin Stock
or to refund indebtedness originally incurred for such purpose.

 

SECTION 6.11 Sanctions; Anti-Corruption Use
of Proceeds. The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption
law, or (ii) (A) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding,
is the subject of Sanctions, or (B) in any other manner that would result in a violation of Sanctions by any Person.

 

ARTICLE VII

EVENTS OF DEFAULT

 

SECTION 7.01 Events of Default. If any of
the following events (each, an “Event of Default”) shall occur:

 

(a)
the Borrower shall fail to pay any principal or interest of the Loans or any other Credit Extension when and as the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)
the Borrower shall fail to pay any other amounts payable under this Agreement or under any other Loan Document, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of three (3) or more Business Days;

 

(c)
the Borrower shall fail to comply with any Acquisition LOI Binding Provisions;

 

(d)
any representation or warranty made or deemed made by or on behalf of the Borrower in or in connection with this Agreement, any other
Loan Document or the Acquisition LOI, or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, or in
any report, certificate, financial statement or other document furnished pursuant to or in connection therewith, or any waiver hereunder
or thereunder, shall prove to have been incorrect in any material respect (or, in the case of any such representation or warranty under
this Agreement, any other Loan Document or Acquisition LOI already qualified by materiality, such representation or warranty shall prove
to have been incorrect) when made or deemed made;

 

(e)
the Borrower shall fail to observe or perform any covenant, condition or agreement under this Agreement, any other Loan Document or the
Acquisition LOI;

 

    -19-

     

    

 

(f) Subsidiary
shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in
respect of any Indebtedness (other than Indebtedness under the Loan Documents) having an aggregate principal amount of more than
$250,000, in each case beyond the applicable grace period with respect thereto, if any; or (ii) the Borrower or any Subsidiary shall
fail to observe or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to
cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of
such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become
due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (f)(ii) shall not apply to
secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness and such
Indebtedness is repaid when required under the documents providing for such Indebtedness;

 

(g)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of the Borrower or any of its Subsidiaries or its debts, or of a substantial part of its assets, under any Debtor Relief
Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Borrower or any of its Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(h)
the Borrower or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (g) of this Section, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or for a
substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(i)  
the Borrower or any of its Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due;

 

(j)  
there is entered against the Borrower or any Subsidiary (i) a final judgment or order for the payment of money in an aggregate amount
(as to all such judgments and orders) exceeding $250,000 (to the extent not covered by independent third-party insurance as to which the
insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage), or (ii) a non-monetary final
judgment or order that, either individually or in the aggregate, has or could reasonably be expected to have a Material Adverse Effect
and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of
30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;

 

(k)
a Change of Control shall occur; or

 

(l)  any material
provision of any Loan Document, or Acquisition LOI Binding Provision at any time after its execution and delivery and for any reason
other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and
effect; or the Borrower or any other Person contests in writing the validity or enforceability of any provision of any Loan Document
or Acquisition LOI Binding Provision; or the Borrower denies in writing that it has any or further liability or obligation under any
Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document;

 

    -20-

     

    

 

then, and in every such event (other than an event with respect to
the Borrower described in clause (g) or (h) of this Section), and at any time thereafter during the continuance of such event, Lender
shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:

 

(i)  declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and

 

(ii)
exercise all rights and remedies available to it under the Loan Documents and Applicable Law;

 

provided that, in case of any event with
respect to the Borrower described in clause (g) or (h) of this Section, the principal of the Loans then outstanding, together with accrued
interest thereon and all fees and other Obligations accrued hereunder, shall automatically become due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

 

ARTICLE VIII

MISCELLANEOUS

 

SECTION 8.01 Notices; Public Information.

 

(a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows:

 

(i)  
if to the Borrower, to it at

 

****

**************

**************

Attn: ***********

 

(ii)
if to a Lender, to it at

 

Aditxt, Inc.

737 N. Fifth Street, Suite 200

Richmond, VA, 23219

Attn: Corinne Pankovcin and Thomas Farley

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through
electronic communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

    -21-

     

    

 

SECTION 8.02 Waivers; Amendments. No failure
or delay by the Lender in exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance
of steps to enforce such a right remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any other
right remedy, power or privilege. The rights, remedies, powers and privileges of the Lender hereunder and under the Loan Documents and
Acquisition LOI are cumulative and are not exclusive of any rights, remedies, powers or privileges that any such Person would otherwise
have.

 

SECTION 8.03 Expenses; Indemnity; Damage Waiver.

 

(a)
Indemnification by the Borrower. The Borrower shall indemnify the Lender and each Related Party (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless
each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any
Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) arising out of, in connection with, the occurrence
of any Event of Default.

 

(b)
Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document.

 

(c)
Payments. All amounts due under this Section shall be payable promptly after demand therefor.

 

(d)
Survival. Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of
the obligations hereunder.

 

SECTION 8.04 Successors and Assigns. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder.

 

SECTION 8.05 Termination;
Survival. This Agreement and, except as specifically set forth in this Section 8.05, all covenants hereunder may be terminated
by the Borrower upon notice to the Lender at any time at which there are no Obligations outstanding. All covenants, agreements,
representations and warranties made by the Borrower herein and in any Loan Document or other documents delivered in connection
herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery hereof and thereof and the making of the Credit Extensions hereunder, regardless of any
investigation made by any such other party or on its behalf and notwithstanding that the Lender may have had notice or knowledge of
any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid and this Agreement has been terminated. The provisions of Sections 8.03, 8.15 shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the payment in full of
the Obligations and the termination of this Agreement or any provision hereof.

 

    -22-

     

    

 

SECTION 8.06 Counterparts; Integration; Effectiveness;
Electronic Execution.

 

(a)
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section
4.01, this Agreement shall become effective when it shall have been executed by the Lender and Lender shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

(b)
Electronic Execution of Loan Documents. The words “execution,” “signed,” “signature,” and words
of like import in this Agreement and the other Loan Documents including any Assignment and Assumption shall be deemed to include electronic
signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including
the Federal Electronic Signatures in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic
Transactions Act.

 

SECTION 8.07 Severability. If any provision
of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties
shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 8.08 Right of Setoff. If an Event
of Default shall have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest extent
permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held, and other obligations (in whatever currency) at any time owing, by the Lender, to or for the credit or the
account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other
Loan Document to the Lender or its Affiliates, irrespective of whether or not Lender shall have made any demand under this Agreement or
any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to an Affiliate of Lender.

 

SECTION 8.09 Governing Law; Jurisdiction; Etc.

 

(a)
Governing Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in
contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any
other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of Delaware.

  

(b)
Jurisdiction. The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any Related Party
of the Lender in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any
forum other than the Delaware Court of Chancery and of the United States District Court of Delaware, and any appellate court from any
thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all
claims in respect of any such action, litigation or proceeding may be heard and determined in such courts. Each of the parties hereto
agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any
right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
the Borrower or its properties in the courts of any jurisdiction.

 

    -23-

     

    

 

(c)
Waiver of Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any
other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court.

 

(d)
Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section
8.01. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable
Law.

 

SECTION 8.10 WAIVER OF JURY TRIAL. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION 8.11 Headings. Article and Section
headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 8.12 PATRIOT Act. Lender hereby
notifies the Borrower that, pursuant to the requirements of the PATRIOT Act, it may be required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow Lender
to identify the Borrower in accordance with the PATRIOT Act.

 

SECTION 8.13 Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts that are treated as interest on such Loan under Applicable Law (collectively,
“charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in accordance with Applicable Law, the rate of interest payable
in respect of such Loan hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate.

 

SECTION 8.14 Payments Set Aside. To the
extent that any payment by or on behalf of the Borrower is made to the Lender or the Lender exercises its right of setoff, and such payment
or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such setoff had not occurred.

 

SECTION 8.15 No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(a) (i) no fiduciary, advisory or agency relationship between the Borrower and its Subsidiaries and the Lender is intended to be or has
been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether the Lender has
fiduciary duties in any other capacities, (ii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent that it has deemed appropriate and (iii) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents. To the fullest extent permitted by Law, the Borrower
hereby waives and releases any claims that it may have against any of the Lender with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

    -24-

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	**************
	 	 	 
	 	By:	 ****
	 	 	Name: ****
	 	 	Title: ****
	 	 	 
	 	ADITXT, INC., a Delaware corporation
	 	 
	 	By:	/s/ Amro Albanna
	 	 	Name: Amro Albanna
	 	 	Title: CEO

 

    -25-

     

    

 

[Exhibit A]

 

BORROWING REQUEST

 

To: Thomas J. Farley, via email at XXXXXXXXXXXXXX

cc: Thomas Eaton via email at XXXXXXXXXXXXXXXXX

cc: XXXXXXXXXXXXXX

 

Reference is made to the Secured Credit Agreement, dated as of December
__, 2021 (as amended, restated, or otherwise modified from time to time, the “Credit Agreement”), by and between *****
(“Borrower”) and ADITXT, INC., a Delaware corporation (“Lender”) Capitalized terms used but not
defined herein have the respective meanings set forth in the Credit Agreement.

 

Borrower hereby requests a [Committed][Draw Period] Loan in the amount
of $____________________ pursuant to the following wire transfer instructions:

 

Beneficiary name: ****

Address:

Account Number:

Routing Number (ABA):

Bank name:

Bank Address:

Bank Phone No.:

 

The undersigned officer executing this Certificate on behalf of Borrower
is a Responsible Officer of Borrower, and Borrower hereby further certifies to Lender that:

 

1.
The Loans requested hereby will be used to fund the following Certain Activities:

 

 

 

 

 

 

 

 

 

 

 

2. Enclosed herewith, if requested by the Lender, are copies of any invoices, or purchase orders and such other information as Lender has
requested.

 

3. The undersigned Responsible Officer is familiar with the facts herein certified, is duly authorized to certify such facts and issue this
Certificate on behalf of Borrower;

 

4. All conditions set forth in Section 4.01 [and] 4.02 [and 4.03]1 of the Credit Agreement have been satisfied;

 

5. All representations and warranties made by Borrower in the Credit Agreement or any other Loan Document delivered to Lender on or before
the date hereof are true in all material respects on and as of the date hereof as if such representations and warranties had been made
as of the date hereof;

 

6. No Default or Event of Default exists on the date hereof; and

 

7. Borrower has performed and complied in all material respects with all agreements and conditions required in the Loan Documents to be performed
or complied with by it on or prior to the date hereof.

 

[Signature Follows]

 

 

 

1 For Draw Period
Loans only.

 

    	 	 -1-	Borrowing Request

     

    

 

IN WITNESS WHEREOF, this Borrowing
Request is executed by the undersigned as of ___________________________, 2021.

 

	 	
    ________________________________________

	 	
    ________________, authorized
representative of Borrower

 

    	 	 -2-	Borrowing Request

     

    

 

[Schedule 3.01]

 

[Organizational Structure]

 

 

 

-1-Exhibit 10.47

 

THIS THIRD AMENDMENT, dated as of December
17, 2021 (this “Amendment”), to that certain Transaction Agreement dated as of October 4, 2021 (as amended by this
Amendment and the First Amendment to the Transaction Agreement dated as of December 1, 2021 and the Second Amendment to the Transaction
Agreement dated as of December 7, 2021, the “Transaction Agreement”; and all defined terms used herein that are not
otherwise defined are used as defined in the Transaction Agreement), is entered into by and between AiPharma Global Holdings LLC, a Delaware
limited liability company (“AiPharma”), and Aditxt, Inc., a Delaware corporation (“Aditxt”, and
together with AiPharma, the “Parties” and each, a “Party”).

 

WHEREAS, the Parties desire to amend the Transaction
Agreement as set forth herein.

 

NOW, THEREFORE, in consideration for the promises
contained herein and the mutual obligations of the Parties, the receipt and sufficiency of which are hereby expressly acknowledged, the
Parties, intending to be legally bound, hereby agree as follows:

 

Article 1. Amendments.

 

Section 1.1 Section 11(a)(ii) of the Transaction
Agreement is hereby amended by replacing the phrase “December 16, 2021” contained therein with the phrase “December
22, 2021”.

 

Article 2. Miscellaneous.

 

Section 2.1 Severability. Any provision of this Amendment
held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment
and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

 Section 2.2 Ratifications. The terms and provisions set
forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Transaction Agreement and, except
as expressly modified and superseded by this Amendment, the terms and provisions of the Transaction Agreement are ratified and confirmed
and shall continue in full force and effect. The Parties agree that the Transaction Agreement shall continue to be legal, valid, binding
and enforceable in accordance with its terms.

 

 Section 2.3 Counterparts. This Amendment may be executed
in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which constitute one
instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed
by each of the Parties. Signatures transmitted by facsimile, electronic mail or other electronic transmission shall be effective as originals.

 

 Section 2.4 Entire Agreement. This Amendment and the
Transaction Agreement constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof, and supersede
all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

 

 Section 2.5 Miscellaneous. The terms and provisions of
Sections 6, 7, 8, 9, 13, 14 and 15 of the Transaction Agreement are incorporated herein by reference as if set forth herein and shall
apply mutatis mutandis to this Amendment.

 

    -1-

     

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Amendment as of the date first set forth above.

 

	 	AiPharma Global Holdings LLC
	 	 
	 	By:	/s/ Alessandro Gadotti
	 	 	Name: 	Alessandro Gadotti
	 	 	Title:	CEO

 

	 	Aditxt, Inc.
	 	 
	 	By:	/s/ Amro Albanna
	 	 	Name:	Amro Albanna
	 	 	Title:	CEO

 

 

-2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]