Document:

Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

FOR ACCREDITED INVESTORS

FALCONSTOR SOFTWARE, INC.

A DELAWARE CORPORATION

___________________________________________________

This is a Subscription for Units
(as defined below)

to be issued by FalconStor Software, Inc. (the “Company”)

 

THE UNITS, INCLUDING THE SHARES OF
SERIES A CONVERTIBLE PREFERRED STOCK AND FINANCING WARRANTS COMPRISING SUCH UNITS AND THE SHARES OF COMMON STOCK ISSUABLE UPON
THE CONVERSION OR EXERCISE OF SUCH SECURITIES, AS APPLICABLE (THE “UNIT COMPONENTS”), OFFERED HEREBY HAVE NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
ANY SALE OF UNITS AND UNIT COMPONENTS IS MADE IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION AND QUALIFICATION AS PROVIDED IN THE
SECURITIES ACT AND APPLICABLE STATE LAW. THE UNITS AND UNIT COMPONENTS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION, OR ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAS ANY AUTHORITY PASSED UPON OR
ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION AGREEMENT. ANY REPRESENTATION TO THE CONTRARY
IS UNLAWFUL.

THE UNITS AND UNIT COMPONENTS ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD, EXCEPT AS PERMITTED UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE
THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

THE UNITS AND UNIT COMPONENTS ARE
A SPECULATIVE SECURITY AND INVOLVE A HIGH DEGREE OF RISK. PROSPECTIVE INVESTORS NOT WILLING AND ABLE TO RISK THE COMPLETE LOSS
OF THEIR INVESTED CAPITAL MUST NOT CONSIDER PURCHASING THE UNITS AND UNIT COMPONENTS.

     

     

    

SUBSCRIPTION AGREEMENT

This Subscription
Agreement (this “Agreement” or this “Subscription”) is made and entered into as of the day
set forth on the signature page to this Agreement, by and among the undersigned (the “Subscriber”), FalconStor
Software, Inc., a Delaware corporation (the “Company”), and HCP-FVA, LLC, a Delaware limited liability company
(“HCP-FVA”) with reference to the facts set forth below.

WHEREAS, subject
to the terms and conditions of this Agreement, the Subscriber wishes to irrevocably subscribe for and purchase (subject to acceptance
of such subscription by the Company) Units for a per Unit offering price of $0.370163 (the “Per Unit Price”)
and consisting of the following (each, a “Unit”):

		i.	$0.10 in senior secured debt (for a total of $4,000,000 of senior secured debt assuming full subscription
of the Offering (as defined herein))(the “Secured Debt”), secured by all of the assets of the Company and guaranteed
by each of the Company’s domestic subsidiaries, having an interest rate of prime plus 0.75% and a maturity date of June 30,
2021;

		ii.	warrants to purchase 12.233 shares of the Company’s common stock, par value $0.001 per share
(the “Common Stock”), for a nominal exercise price (for a total of 489.32 million shares assuming full subscription
of the Offering) (the “Financing Warrants”); and

		iii.	0.0225 shares of the Company’s Series A Convertible Preferred Stock (the “Series A
Preferred Stock”) at a per Unit price of $0.271063 (subject to increase to take into account accretion of the Series
A Preferred Stock after September 30, 2018), all such shares to be acquired directly from their current holder, HCP-FVA.

WHEREAS, the terms
of the Secured Debt shall be governed by the terms of the Amended and Restated Term Loan Credit Agreement dated as of February
23, 2018, between the Company, HCP-FVA and certain other loan parties named therein (the “Amended and Restated Loan Agreement”).

NOW, THEREFORE,
in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements contained
herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

1.
Subscription for and Purchase of the Units.

1.1
Subject to the terms and conditions of this Agreement and the Company’s organizational documents, the Subscriber hereby
irrevocably subscribes (the “Subscription”) for and agrees to purchase, at the Per Unit Price, the number of
Units (the “Purchase”) set forth below the Subscriber’s name on the signature page hereto under the heading
entitled “Number of Units Subscriber is Subscribing For Prior to Oversubscription”. As part of providing the
Commitment (as such term is defined in the Amended and Restated Loan Agreement) at a time when there was substantial doubt about
the ability of the Company to continue as a going concern, HCP-FVA was granted the right to purchase at least 25% of the Units
(i.e. Ten Million (10,000,000) Units). Given that HCP-FVA previously exercised its right to purchase 25% of the Units, the pro
rata portion of Units the Subscriber may subscribe for prior to any oversubscription rights shall be equal to the following:

    	1

     

    

	Number of Units to be

Acquired by

Record Holder Prior to Oversubscription	=	40,000,000	X	(	Shares owned by Record Holder

as of November 17, 2017	X	.19511	)	2
	53,345,0063	.25004	 

 

For purposes of
this Agreement, a “Record Holder” is defined as a current stockholder of the Company who has expressed an interest
in participating in the Company’s private placement of Units (the “Offering”) and who (i) was a stockholder
of record of shares of Common Stock of the Company as of November 17, 2017 (the “Record Date”) and (ii) is an
accredited investor (as such term is defined under Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended
(the “Securities Act”).

1.2
If any Record Holder elects not to purchase its full pro rata portion of Units and one or more Record Holders elects to
purchase more than its pro rata portion of the Units available for purchase (the “Fully Participating Record Holders”),
then any remaining Units available for purchase shall be allocated among such Fully Participating Record Holders (including HCP-FVA)
as described below, which includes such limitations as are necessary to preserve the Company’s net operating losses (an “Oversubscription”).
For the avoidance of doubt, HCP-FVA is a Fully Participating Record Holder as a result of its pre-funding of the purchase of 30,000,000
Units. To ensure that the Offering will not jeopardize the utilization of the Company’s net operating loss, the Company has
imposed a limitation (the “NOL Limitation”) that a maximum of 38% of the Series A Preferred Stock (and hence
a maximum of 38% of the Units) may be purchased in the aggregate by the Record Holders, other than HCP-FVA and its affiliates.
Subject to the NOL Limitation, the amount of Units that the Subscriber can purchase as a Fully Participating Record Holder in the
Oversubscription will be based on the formula below.

	Number of Units that can be acquired by Subscriber in the Oversubscription	=	The Percentage of Units Purchased Prior to the Oversubscription that are Acquired by the Record Holder	X	(	40,000,000	−	The number of Units acquired by all Record Holders prior to the Oversubscription	)

1 Such number represents as of November 17, 2017, the percentage derived from dividing the number of shares of Common Stock plus Common Stock issuable upon conversion of Series A Preferred Stock held by HCP-FVA or its affiliated entities by 53,345,006.

2 Such parenthetical number constitutes the Record Holder’s Adjusted Pre-Offering Percentage.

3 Such number represents 44,563,490 shares of Common Stock outstanding on November 17, 2017 plus 8,781,516 shares of Common Stock issuable upon conversion of Series A Preferred Stock.

4 Such percentage represents the minimum number of Units that HCP-FVA is entitled to purchase in the Offering.

    	2

     

    

To the extent the
Subscriber wishes to purchase more than its pro rata portion of the Units available for purchase, the Subscriber must indicate
that it wishes to purchase its allocated oversubscription of Units (“Oversubscription Units”) on the signature
page to this Agreement. For clarity, such confirmation on the signature page to this Agreement with respect to the Oversubscription
Units shall be deemed an irrevocable Subscription for the full pro rata amount of Oversubscription Units allocated to the Subscriber.
The Company and HCP-FVA will indicate the number of Oversubscription Units allocated to the Subscriber based on the foregoing formula
(and subject to the NOL Limitation) when the Company delivers its acknowledgement of acceptance, in whole or in part, of the Subscriber’s
Subscription for Units (including any Oversubscription Units) thereafter. To the extent that oversubscriptions from Fully Participating
Record Holders (other than HCP-FVA and its affiliates) would result in the acquisition of more than 38% of the Units in the aggregate
by Record Holders (other than HCP-FVA and its affiliates) (the “Non-HCP Record Holders”), then the number of
Oversubscription Units available for purchase by the Subscriber determined as set forth above shall be reduced, on a pro rata basis
among the Fully Participating Non-HCP Record Holders (based solely on the pre-Offering ownership of the Fully Participating Non-HCP
Record Holders), so that the maximum number of Units purchased in the Offering by the Non-HCP Record Holders does not exceed the
38% limitation.

The Subscriber shall
cause the aggregate offering price, equal to the sum of the product of (x) the number of Units being purchased by Subscriber (including
any Oversubscription Units allocated to Subscriber) multiplied by (y) the Per Unit Price (the “Offering Price”),
to be delivered to Computershare Trust Company N.A. (the “Agent”) following receipt of such acknowledgment from
the Company and prior to the Closing (as defined below) in accordance with the terms hereof.

The Subscriber acknowledges
that in the event Non-HCP Record Holders collectively purchase more than 25% of the Units (i.e. Ten Million (10,000,000) Units)
in accordance with the procedures set forth herein (the Units purchased by Non-HCP Record Holders solely in excess of Ten Million
(10,000,000) Units are referred to herein as, the “Excess Units”), then (i) that portion of the Excess Units
consisting of Secured Debt shall either be purchased directly from HCP-FVA or the proceeds to the Company arising therefrom shall
be used by the Company to repay that portion of the Secured Debt attributable to the Excess Units that were previously purchased
by HCP-FVA (as determined by the mutual agreement of the Company and HCP-FVA) and (ii) the Financing Warrants issued to HCP-FVA
that are attributable to the Secured Debt being purchased directly from HCP-FVA or repaid by the Company, in either case pursuant
to clause (i) above, shall be cancelled. For clarity, all accrued but unpaid interest through the Closing Date with respect to
the portion of the Excess Units consisting of Secured Debt purchased by the Subscriber is solely for the benefit of, and to be
paid to, HCP-FVA.

1.3
The Company and HCP-FVA have the right to reject this Subscription in whole or in part for any reason.

    	3

     

    

1.4
The Subscriber agrees that this Subscription is irrevocable and that the Subscriber may not cancel, terminate or revoke
this Agreement, which, in the case of an individual, shall survive his death or disability and shall be binding upon the Subscriber,
his heirs, trustees, beneficiaries, executors, personal or legal administrators or representatives, successors, transferees and
assigns. The Subscriber understands that the Company and HCP-FVA are relying on the accuracy and completeness of this Agreement
in complying with their obligations under the securities laws.

1.5
If this Subscription is accepted by the Company and HCP-FVA, the Subscriber agrees to comply fully with the terms of this
Agreement, the Amended and Restated Loan Agreement, and all other governing documents or instruments of the Company, including
without limitation the Amended and Restated Certificate of Designations, Preferences and Rights of Series A Convertible Preferred
Stock (the “Certificate of Designations”). The Subscriber further agrees to execute any other necessary documents
or instruments in connection with this Subscription and the Subscriber’s purchase of the Units, including, to the extent
the Subscriber has elected to be a Fully Participating Record Holder, the portion of Units the Subscriber will be purchasing that
represents its Oversubscription Units.

2.
Company Deliveries. On or prior to the date of the Closing (the “Closing Date”), the Company
shall deliver to the Subscriber (i) a copy of this Agreement executed by the Company, (ii) an executed copy of the joinder to the
Amended and Restated Loan Agreement in the form attached hereto as EXHIBIT A (the “Joinder”), (iii) an executed
copy of the assignment for the assignment of the number of shares of Series A Preferred Stock being sold to Subscriber by HCP-FVA
in the form attached hereto as EXHIBIT B (the “Preferred Stock Assignment”), and (iv) an acknowledgment of acceptance
of the Subscription setting forth the amount of the Subscription of Units the Subscriber will be purchasing (including the portion
of Secured Debt, the number of Financing Warrants and the shares of the Series A Preferred Stock that the Subscriber will receive
or hold), including, to the extent the Subscriber has elected to be a Fully Participating Record Holder, the portion of Units the
Subscriber will be purchasing that represents its Oversubscription Units.

3.
HCP-FVA Deliveries. On or prior to the Closing Date, HCP-FVA shall deliver to the Company (i) its certificate
representing the shares of Series A Preferred Stock for cancellation and reissuance by the Company, and (ii) in the event of the
purchase of any Excess Units by Non-HCP Record Holders, its Financing Warrants for cancellation of a number of its Financing Warrants
attributable to the Secured Debt being purchased by a Subscriber directly from HCP-FVA or being repaid by the Company with the
proceeds from the Non-HCP Record Holders and reissuance by the Company of the remaining balance of its Financing Warrants. On or
prior to the Closing Date, HCP-FVA shall deliver to the Subscriber (i) a copy of this Agreement executed by HCP-FVA, (ii) an executed
copy of the Joinder and (iii) an executed copy of the Preferred Stock Assignment.

4.
Subscriber Deliveries. On or prior to the Closing Date, the Subscriber shall deliver to the Agent (i) an executed
copy of this Agreement, (ii) an executed Subscription Questionnaire, in the form attached as EXHIBIT C hereto (the “Questionnaire”),
(iii) an executed copy of the Joinder, (iv) a completed Form W-9, if Subscriber is a U.S. Citizen, (v) proof of ownership of the
Company’s Common Stock as of the Record Date by delivering either (x) a copy of the Subscriber’s Common Stock certificate
or (y) a brokerage statement, (vi) an executed copy of the Preferred Stock Assignment and (vii) upon receiving the Company’s
acknowledgment of acceptance of the Subscription, the Offering Price, payable to the Agent by either (x) wire transfer in accordance
with wire instructions provided by the Company, (y) personal, cashier’s or certified check, payable to the Agent, or (z)
as otherwise agreed to by the Company.

    	4

     

    

5.
Closing. A closing of the Purchase and the transactions contemplated hereby shall occur remotely via the exchange
of documents and signatures once the Company and HCP-FVA determine, in their sole discretion, that subscriptions for a sufficient
amount of Units has been obtained and the following conditions have been satisfied (the “Closing”):

5.1
the Subscriber has delivered all of the Subscriber’s deliverables set forth in Section 4 herein to the Agent;

5.2
the Company and HCP-FVA have accepted the Subscription, in whole or in part, and advised the Subscriber as to the amount
of the Subscription of Units the Subscriber will be purchasing (including the portion of Secured Debt, the number of Financing
Warrants and the shares of the Series A Preferred Stock that the Subscriber will receive or hold), including, to the extent the
Subscriber has elected to be a Fully Participating Record Holder, the portion of Units the Subscriber will be purchasing that represents
its Oversubscription Units; and

5.3
the Company and HCP-FVA have delivered all of the Company deliverables and the HCP-FVA deliverables set forth in Sections
2 and 3, respectively.

Promptly after the
Closing, the Agent will (i) deliver to the Subscriber the Series A Preferred Stock certificates and the Financing Warrants for
the shares of Series A Preferred Stock and Financing Warrants purchased by Subscriber and (ii) remit the Offering Price to the
Company or HCP-FVA, as applicable.

6.
Investment Representations and Warranties of the Subscriber. The Subscriber represents and warrants to the
Company and HCP-FVA the following:

6.1
The information that the Subscriber has furnished herein, including without limitation the information furnished by the
Subscriber on the Questionnaire, is correct and complete as of the date of this Agreement and will be correct and complete on the
Closing Date, if any. Further, the Subscriber shall immediately notify the Company and HCP-FVA of any change in any statement made
herein prior to the Subscriber’s receipt of the Company’s and HCP-FVA’s acceptance of this Subscription. The
representations and warranties made by the Subscriber may be fully relied upon by the Company and HCP-FVA and by any investigating
party relying on them.

6.2
The Subscriber, if an entity, is, and shall at all times while it holds Units remain, duly organized, validly existing and
in good standing under the laws of the state of its incorporation or organization, having full power and authority to own its properties
and to carry on its business as conducted. The Subscriber, if a natural person, is twenty-one (21) years of age or older and competent
to enter into a contractual obligation. The principal place of business or principal residence of the Subscriber is as shown on
the signature page of this Agreement.

    	5

     

    

6.3
The Subscriber has the requisite power and authority to deliver this Agreement, perform his, her or its obligations set
forth herein, and consummate the transactions contemplated hereby. The Subscriber has duly executed and delivered this Agreement
and has obtained the necessary authorization to execute and deliver this Agreement and to perform his, her or its obligations herein
and to consummate the transactions contemplated hereby. This Agreement, assuming the due execution and delivery hereof by the Company
and HCP-FVA, is a legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its
terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether such enforcement
is considered in a proceeding at law or at equity).

6.4
The Subscriber is aware that in the event that the Company raises additional capital, the Subscriber may incur a dilution
of his, her or its investment in the Company.

6.5
At no time has it been expressly or implicitly represented, guaranteed or warranted to the Subscriber by the Company, HCP-FVA
or any other person that:

a.
An amount or type of gain or other consideration will be realized as a result of this investment; or

b.
any cash distribution from the Company’s operations or otherwise will be made at all.

6.6
The Subscriber has received, carefully read and is familiar with the terms and provisions of this Agreement, the Amended
and Restated Loan Agreement, the Certificate of Designations and the capitalization of the Company after reflecting for this offering.
The Subscriber has received all information that it considers necessary or appropriate for deciding whether to purchase the Units.
Subscriber and/or his, her or its advisors, who are not affiliated with and not compensated directly or indirectly by the Company,
HCP-FVA or an affiliate thereof, have such knowledge and experience in business and financial matters as will enable them to utilize
the information which they have received in connection with the Company and its business to evaluate the merits and risks of an
investment, to make an informed investment decision and to protect Subscriber’s own interests in connection with the Purchase.

6.7
The Subscriber understands that the Units being purchased are a speculative investment that involves a substantial degree
of risk of loss of the Subscriber’s entire investment in the Company, and the Subscriber understands and is fully cognizant
of the risk factors related to the purchase of the Units. The Subscriber agrees and acknowledges that it has read and reviewed
the Company’s Annual Report on Form 10-K of the year ended December 31, 2017 (and in particular the information contained
in the section titled “Risk Factors”), filed with the Securities and Exchange Commission (the “SEC”),
as well as the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018, the Company’s
definitive proxy statement on Schedule 14A filed with the SEC on June 5, 2018 (and in particular Proposal No. 4 therein which amends
the terms of the Certificate of Designations), and the Company’s Current Reports on Form 8-K filed with the SEC on April
11, 2018, April 26, 2018 and June 25, 2018.

    	6

     

    

6.8
The Subscriber understands that any forecasts or predictions as to the Company’s performance are based on estimates,
assumptions and forecasts which, at the time when made, the Company believed to be reasonable but which may prove to be materially
incorrect, and no assurance is given that actual results will correspond with the results contemplated by the various forecasts.

6.9
The Subscriber is able to bear the economic risk of this investment and, without limiting the generality of the foregoing,
is able to hold this investment for an indefinite period of time. The Subscriber has adequate means to provide for the Subscriber’s
current needs and personal contingencies and has a sufficient net worth to sustain the loss of the Subscriber’s entire investment
in the Company.

6.10
The Subscriber has had an opportunity to ask questions of the Company, HCP-FVA and anyone acting on its or their behalf
and to receive answers concerning the terms of this Agreement, the Amended and Restated Loan Agreement and the Certificate of Designations,
as well as about the Company and its business generally, and to obtain any additional information which the Company possesses or
can acquire without unreasonable effort or expense, that is necessary to verify the accuracy of the information contained in this
Agreement. Further, all such questions have been answered to the full satisfaction of the Subscriber.

6.11
The Subscriber is an “accredited investor” as that term is defined in Rule 501 under Regulation D promulgated
under the Securities Act.

6.12
If an entity, Subscriber represents and warrants the following: (1) Subscriber’s investment in the Company represents
no more than 40% of Subscriber’s total assets or committed capital; (2) Subscriber was not formed for the purpose of investing
in the Company or to permit the Company to avoid classification as an investment company under the Investment Company Act of 1940;
(3) the holders of equity or other beneficial interests in Subscriber are not able to decide individually whether to participate,
or the extent of their participation in Subscriber’s investment in the Company; (4) to the best of Subscriber’s knowledge,
Subscriber does not control, is not under common control with, or controlled by, any other investor in the Company; and (5) no
persons other than Subscriber will have a beneficial interest in the Units to be acquired hereunder (other than as a shareholder,
partner or other beneficial owner of an equity interest in Subscriber). Subscriber agrees that at all times prior to ceasing to
be an investor in the Company, Subscriber will notify the Company and HCP-FVA of any change that would make the representations
set forth in the prior sentence inaccurate or untrue or any change in the information provided to the Company and HCP-FVA by Subscriber.

6.13
The Subscriber understands that no state or federal authority has scrutinized this Agreement or the Units (including the
shares of Series A Preferred Stock and the Financing Warrants comprising such Units) offered pursuant hereto, has made any finding
or determination relating to the fairness for investment of the Units, or has recommended or endorsed the Units, and that the Units
(including the shares of Series A Preferred Stock and the Financing Warrants comprising such Units) have not been registered or
qualified under the Securities Act or any state securities laws, in reliance upon exemptions from registration thereunder. The
Units (including the shares of Series A Preferred Stock and the Financing Warrants comprising such Units) may not be resold, transferred,
assigned or otherwise disposed of unless they are registered under the Securities Act or an exemption from registration is available,
and unless the proposed disposition is in compliance with the restrictions on transferability under federal and state securities
laws and under the Company’s governing documents.

    	7

     

    

6.14
The Subscriber understands the exemption under Rule 144 promulgated under the Securities Act may not be available because
of the conditions and limitations of such rule, that the Company has no obligation to make available such exemption or otherwise
file a registration statement with the SEC relating to the resale of the Financing Warrants, the Series A Preferred Stock or any
Common Stock issuable upon the exercise or conversion of the Financing Warrants or the Series A Preferred Stock. The Subscriber
understands that there are substantial restrictions on the transferability of the Units (including the shares of Series A Preferred
Stock and the Financing Warrants comprising such Units or the Common Stock issuable upon conversion or exercise of the Series A
Preferred Stock or the Financing Warrants) and that there is no public market for the Units, and none is expected to develop in
the near future. Consequently, the Subscriber understands that it must bear the economic risk of this investment for an indefinite
period of time, and that it may not be possible for the Subscriber to liquidate readily any investment in the Units, if at all.

6.15
The Subscriber is subscribing for and purchasing the Units without being furnished any offering literature, other than this
Agreement, the Amended and Restated Loan Agreement, the Certificate of Designations, the description of the terms of the Series
A Preferred Stock as set forth under the heading “Description of Securities” in the Company’s proxy statement
on Schedule 14A, filed with the SEC on June 5, 2018, the Company’s periodic reports and other filings made with the SEC as
set forth in Section 6.7 hereof, and such other related documents, agreements or instruments attached to the foregoing documents
as exhibits or supplements thereto, or as the Subscriber has otherwise requested from the Company in writing, and without receiving
any representations or warranties from the Company, HCP-FVA or their respective agents and representatives other than the representations
and warranties contained in said documents, and is making this investment decision solely in reliance upon the information contained
in said documents and upon any investigation made by the Subscriber or Subscriber’s advisors. At no time was the Subscriber
presented with or solicited by any form of general solicitation or general advertising, including, but not limited to, any advertisement,
article, notice or other communication published in a newspaper, magazine or similar media, or broadcast over television or radio;
or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

6.16
The Subscriber is currently a bona fide resident of the state set forth in the current address provided to the Company,
and the address and Social Security Number or federal tax identification number set forth in the Questionnaire are true and correct.
The Subscriber has no present intention of becoming a resident of any other state or jurisdiction.

6.17
The Subscriber is subscribing for and purchasing the Units solely for the Subscriber’s own account, for investment
purposes only, and not with a view toward or in connection with resale, distribution (other than to its shareholders or members,
if any), subdivision or fractionalization thereof. The Subscriber has no agreement or other arrangement, formal or informal, with
any person or entity to sell, transfer or pledge any part of the Units, or which would guarantee the Subscriber any profit, or
insure against any loss with respect to the Units, and the Subscriber has no plans to enter into any such agreement or arrangement.

    	8

     

    

6.18
If the Subscriber is a Georgia resident, Subscriber acknowledges the Units have been issued or sold in reliance on Paragraph
(13) of Code Section 10-5-9 of the “Georgia Securities Act of 1973” and may not be sold or transferred except in a
transaction which is exempt under such act or pursuant to an effective registration under such act.

6.19
If the Subscriber is a Florida resident, Subscriber acknowledges that Units have not been registered under the Florida Securities
Act, and may not be sold or transferred except in a transaction which is exempt under such act or pursuant to an effective registration
under such act. Pursuant to Section 517.061(11) of the Florida Securities Act, when sales are made to five (5) or more persons
in Florida, any sale made pursuant to Subsection 517.061(11) of the Florida Securities Act will be voidable by such Florida purchaser
either within three days after the first tender of consideration is made by the purchaser to the issuer, an agent of the issuer,
or an escrow agent, or within three days after the availability of the privilege is communicated to such purchaser, whichever occurs
later. In addition, as required by Section 517.061(11)(a)(3), Florida Statutes and by Rule 3-500.05(a) thereunder, if Subscriber
is a Florida resident, Subscriber may have, at the offices of the Company, at any reasonable hour, after reasonable notice, access
to certain prescribed materials that the Company can obtain without unreasonable effort or expense.

6.20
Subscriber acknowledges that it will be purchasing the portion of Units consisting of shares of Series A Preferred Stock
directly from HCP-FVA. Subscriber acknowledges that (a) HCP-FVA may now possess and may hereafter possess certain non-public information
concerning the Company, its subsidiaries and/or the Units, including the shares of Series A Preferred Stock and Financing Warrants
comprising such Units and the shares of Common Stock issuable upon the conversion or exercise of such securities, as applicable
(the “Unit Components”), that may or may not be independently known to Subscriber (the “Non-Public
Information”) which may constitute material information with respect to the foregoing, (b) Subscriber has declined and
does hereby decline to receive the Non-Public Information, (c) Subscriber has had an opportunity to ask questions of, and receive
answers from, management of the Company regarding the Company, its subsidiaries, the Units and the Unit Components and has had
full access to information concerning the Company as it has requested from the Company and (d) HCP-FVA is relying on this Agreement
and this representation and would not enter into a transaction to sell the shares of Series A Preferred Stock of the Company (and
any portion of the Secured Debt it may sell to the Subscriber in the event of an Oversubscription) to Subscriber absent this Agreement
and, in particular, this representation. Subscriber agrees to purchase the portion of the Units consisting of Series A Preferred
Stock of the Company (and any portion of the Secured Debt it may purchase from HCP-FVA in the event of an Oversubscription) notwithstanding
that Non-Public Information exists and HCP-FVA has not disclosed any Non-Public Information to Subscriber. Subscriber is in possession
of all the information it considers necessary or appropriate for deciding whether to enter into this Agreement and purchase the
Units. Subscriber acknowledges and agrees that the Per Unit Price is a fair price. Subscriber acknowledges that any future sale
of shares of the capital stock by the Company could be at a discount to the per Unit price component of the Series A Preferred
Stock. Subscriber acknowledges that HCP-FVA has not made any representations regarding the business, management, financial affairs
or prospects of the Company or any of its subsidiaries, nor has the Subscriber relied on any representation or statement of HCP-FVA,
other than those set forth in Section 8 of this Agreement, in making its investment decision to buy the Units. Subscriber has evaluated
the merits and risks of the purchase of the Units based exclusively on its own independent review and consultations with such investment,
legal, tax, accounting and other advisers as it deemed necessary, and accordingly Subscriber has made its own decision concerning
such purchase without reliance on any representation or warranty of, or advice from, HCP-FVA.

    	9

     

    

6.21
Subscriber acknowledges that the Financing Warrants they are receiving will not contain a cashless exercise provision and
that the Company may require the Subscriber to exercise their Financing Warrants for cash upon 10 days’ notice.

7.
Representations and Warranties of the Company. The Company hereby represents and warrants to the Subscriber
as follows:

7.1
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware,
having full power and authority to own its properties and to carry on its business as conducted.

7.2
The Company has the requisite power and authority to deliver this Agreement, perform its obligations herein and consummate
the transactions contemplated hereby. The Company has duly executed and delivered this Agreement and has obtained the necessary
authorization to execute and deliver this Agreement and to perform its obligations herein and to consummate the transactions contemplated
hereby. This Agreement, assuming the due execution and delivery hereof by the Subscriber and HCP-FVA, is a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except to the extent that such enforceability
may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally
and subject to general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or at
equity).

7.3
The execution, delivery and performance of this Agreement do not and will not, with or without the giving of notice, the
lapse of time or both (i) materially conflict with, materially violate or result in a material breach of or material default under
any of the terms, conditions or provisions of, or result in or constitute a ground for termination, cancellation, modification
of or acceleration of any obligations under, any contract or other instrument to which the Company is a party or by which Company
may be bound, or (ii) to the Company’s knowledge, violate any law, or any statute, regulation, rule, judgment, order, decree,
stipulation, injunction, charge or other restriction of any governmental authority or which requires the consent, approval or authorization
of any governmental authority.

7.4
All actions, agreements, understandings, certificates or other acts or documents necessary to provide the Company with the
requisite power and authority to materially carry out the purpose of the Company have been completed or will be completed in a
timely fashion.

    	10

     

    

7.5
All issued and outstanding capital securities of the Company and each of its subsidiaries are duly authorized and validly
issued, fully paid, non-assessable, and free and clear of all liens other than those in favor of HCP-FVA, as collateral agent under
the Amended and Restated Loan Agreement, and such securities were issued in substantial compliance with all applicable state and
federal laws concerning the issuance of securities. Schedule A hereto sets forth all issued and outstanding capital securities
of the Company and each of its subsidiaries, and their ownership, as of the date of this Agreement. As of the date hereof, except
for (x) HCP-FVA’s Financing Warrants, the Loan & Backstop Warrants (as defined in the Amended and Restated Loan Agreement)
and the Series A Preferred Stock, (y) options to purchase Common Stock issued pursuant to any equity compensation plan, benefit
plan or compensation program approved by the Board of Directors of the Company, and (z) with respect to the Financing (as defined
in the Amended and Restated Loan Agreement), there are no pre-emptive or other outstanding rights, options, warrants, conversion
rights or other similar agreements or understandings for the purchase or acquisition of any capital securities of the Company or
any of its subsidiaries.

7.6
Unless otherwise modified in this Agreement, all representations and warranties of the Company made as of February 23, 2018
in the Amended and Restated Loan Agreement shall be true and correct in all material respects as of the Closing.

8.
Representations and Warranties of HCP-FVA. HCP-FVA hereby represents and warrants to the Subscriber as follows:

8.1
HCP-FVA is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware, having full power and authority to own its properties and to carry on its business as conducted.

8.2
HCP-FVA has the requisite power and authority to deliver this Agreement, perform its obligations herein and consummate the
transactions contemplated hereby. HCP-FVA has duly executed and delivered this Agreement and has obtained the necessary authorization
to execute and deliver this Agreement and to perform its obligations herein and to consummate the transactions contemplated hereby.
This Agreement, assuming the due execution and delivery hereof by the Subscriber and the Company, is a legal, valid and binding
obligation of HCP-FVA enforceable against HCP-FVA in accordance with its terms, except to the extent that such enforceability may
be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally
and subject to general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or at
equity).

8.3
HCP-FVA owns its shares of Series A Preferred Stock and its Financing Warrants free and clear of any restrictions on transfer.

8.4
No Additional Representations. Except for the representations and warranties made by HCP-FVA in this Section 8, neither
HCP-FVA nor any of its affiliates makes any express or implied representation or warranty with respect to the Company or any of
its subsidiaries or any of their respective businesses, operations, assets, liabilities, conditions (financial or otherwise) or
prospects or with respect to the Units or the Unit Components, and HCP-FVA hereby disclaims any such other representations or warranties.

    	11

     

    

9.
Subsequent Sales or Transfers; Additional Net Operating Loss Requirements.

9.1
Subject to the provisions of the Company’s governing documents, the Subscriber acknowledges and agrees that if any
Units (or the components of the Units) in the Company become available for resale or transfer, neither the Company nor any other
person shall be obligated to offer the same to the Subscriber, and such available Units (or the components of the Units) may be
resold or transferred, subject to compliance with any agreements to which such Units (or the components of the Units) may be subject
and all applicable state and federal laws.

9.2
As discussed above, the Company has reviewed with its tax advisors the potential of the Offering triggering an ownership
change under Section 382 of the Internal Revenue Code. Given the significance of the net operating loss asset, as part of this
Offering, the following additional restrictions will apply to ensure that a net ownership change does not occur in the three years
subsequent to the Closing of this Offering.

a.
HCP-FVA will not transfer additional shares of Series A Preferred Stock for the three year period subsequent to the Closing
without the consent of the Company, other than transfers to affiliated parties of HCP-FVA.

b.
Any Record Holder (other than HCP-FVA) who is currently or will become as a result of the Offering the beneficial owner
of 5% or more of the Company’s Common Stock or Series A Preferred Stock will not acquire additional shares of Common Stock
or Series A Preferred Stock without the consent of the Company. To effectuate the foregoing on or prior to the Closing, the Company
will adopt a Protective Amendment to the Company’s Certificate of Incorporation to restrict transfers of the Company’s
Common Stock (subject to stockholder approval) and a Tax Benefit Preservation Plan.

10.
Indemnity; Release. The Subscriber acknowledges that it understands the meaning and legal consequences of
the representations and warranties contained in this Agreement, and knowing this, the Subscriber hereby indemnifies and holds harmless
the Company, HCP-FVA and each of their respective officers, directors, managers, stockholders, partners, members, agents, counsel,
servants, employees, affiliates, parent companies, subsidiaries, heirs, personal and legal representatives and administrators,
successors and assigns from, of and against any and all loss, costs, claims, expenses and damages (including reasonable attorneys’
fees and court costs incurred), or liability due, which any one of them may incur by reason of failure of the Subscriber to fulfill
any of the terms or conditions of this Agreement or arising out of or by reason of any representation or warranty of the Subscriber,
or any breach thereof, whether contained in this Agreement or elsewhere. The Subscriber does for itself and its respective affiliates,
successors and/or assigns, hereby irrevocably and forever release, discharge and waive any and all claims, rights, causes of action,
suits, obligations, debts, demands, liabilities, controversies, costs, expenses, fees, or damages of any kind (including, but not
limited to, any and all claims alleging violations of federal or state securities laws, common-law fraud or deceit, breach of fiduciary
duty, negligence or otherwise), whether directly, derivatively, representatively or in any other capacity, against HCP-FVA or any
of its affiliates, including, without limitation, any and all of their present and/or past directors, officers, members, managers,
partners, employees, fiduciaries or agents, and their respective successors and assigns, which are based upon, arise from or in
any way relate to or involve, directly or indirectly, the existence or substance of the Non-Public Information or the fact that
the Non-Public Information has not been disclosed to Subscriber.

    	12

     

    

11.
Acceptance of Subscription; Refund on Termination. The Company and HCP-FVA shall have the right, in their
sole and absolute discretion, to accept or reject this Subscription, in whole or in part. To the extent that this Subscription
is rejected in part, all of the obligations of Subscriber hereunder shall remain in full force and effect except for those obligations
with respect to the rejected portion of this Subscription, which shall terminate. The Subscriber hereby acknowledges that the Company’s
and HCP-FVA’s obligations pursuant to this Agreement and in connection with the Subscription are subject to receipt by the
Agent of the Offering Price by no later than 5:00 p.m., New York City time, on September 25, 2018.

12.
Irrevocable Subscription. Subject to the provisions of the Company’s governing documents, Subscriber
understands that this Subscription is irrevocable, except as otherwise provided in any applicable federal or state law governing
this Agreement and the transactions contemplated herein.

13.
Confidentiality. The Subscriber acknowledges that the information contained herein contains confidential non-public
information, and agrees that all such information shall be kept in confidence by the Subscriber and neither used by the Subscriber
for the Subscriber’s personal benefit (other than in connection with this Subscription) nor disclosed to any third party
for any reason; provided, however, that this obligation shall not apply to any such information which (a) is part of the public
knowledge or literature publicly accessible on the date hereof; (b) becomes part of the public knowledge or literature and publicly
accessible by publication (except as a result of a breach of this provision); (c) is received from third parties (except third
parties who disclose such information in violation of any confidentiality agreements, including, without limitation, any subscription
agreement they may have entered into with the Company); or (d) is required to be disclosed by law.

14.
Understandings and Agreements. The Subscriber and any subsequent transferees hereby agree that, in connection
with any registration of the Company’s securities with the SEC, if so requested by the Company or any managing underwriter
in connection with such registration, the Subscriber or any transferee of the Subscriber shall agree in writing not to sell, assign,
convey or otherwise transfer any of the Company’s securities during the period specified by the Company’s directors
at the request of such managing underwriter, with such period not to exceed 180 days following the effective date of a registration
statement of the Company filed under the Securities Act. The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such period.

    	13

     

    

15.
Miscellaneous Provisions.

15.1
All notice, consent or other communication required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt when sent by electronic mail or
facsimile, or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery. All communications
shall be sent to the respective party, if to the Company at 823 Congress Ave., Suite 1300, Austin, TX 78701 with a copy to Olshan
Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attention: Kenneth Schlesinger, if to HCP-FVA at c/o Hale Capital
Partners, LP, 17 State Street, Suite 3230, New York, NY 10004 with a copy to Greenberg Traurig, P.A., 401 E. Las Olas Boulevard,
Suite 2000, Fort Lauderdale, FL 33301, Attention: Mathew B. Hoffman, and if to the Subscriber at the address set forth on the signature
page hereto, or at such other address as such party may designate by ten (10) days advance written notice to the other parties
hereto.

15.2
This Agreement and the Subscriber’s right to purchase any Units in the Offering will terminate and be of no further
force and effect if the Agent is not in receipt of the Offering Price by no later than 5:00 p.m., New York City time, on September
25, 2018.

15.3
Neither this Agreement, nor the rights, obligations or interests of the Subscriber may be assigned without the prior written
consent of the Company and HCP-FVA.

15.4
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of each of the parties hereto.

15.5
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

15.6
This Agreement shall be a contract made under and governed by the internal laws of the State of New York applicable to contracts
made and to be performed entirely within such state, without regard to conflict of laws principles. ANY LITIGATION BASED HEREON,
OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE
STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT NOTHING IN
THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE COMPANY OR HCP-FVA FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN
ANY OTHER JURISDICTION. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW
YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET
FORTH ABOVE. EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH
COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HEREBY WAIVES
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, AND AGREES THAT
ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

    	14

     

    

15.7
This Agreement (including the exhibits and schedules attached hereto) and the documents referred to herein (including without
limitation the Amended and Restated Loan Agreement and the exhibits and schedules attached thereto) constitute the entire agreement
among the parties and shall constitute the sole documents setting forth terms and conditions of the Subscriber’s contractual
relationship with the Company and HCP-FVA with regard to the matters set forth herein.

15.8
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

15.9
The titles and subtitles used in this Agreement are used for convenience and are not to be considered in construing or interpreting
this Agreement. The singular number or masculine gender, as used herein, shall be deemed to include the plural number and the feminine
or neuter genders whenever the context so requires.

[Signature
page follows]

    	15

     

    

IN WITNESS WHEREOF,
the Subscriber, or its duly authorized representative(s), has hereby executed and delivered this Agreement as of the ____ day of
_____________, 2018.

	 	
        SUBSCRIBER:

         

	 	 
	 	By:	
   

	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address:	
	 	 	 
	 	 	 
	 	 	 
	 	Telephone:	 

 

	 	 	 
	
         

         
	(A) Number of Shares Owned as of Record Date5:	
         

        __________

        (A)

	 	
         

         

        (B) Adjusted Pre-Offering Percentage:
	
         

         

        

	 	
         

        (C) Subscriber’s Pro Rata Portion of Units prior to Oversubscription:
	
         

         

        

        (C)

	 	 	 
	 	Number of Units Subscriber is Subscribing For Prior to Oversubscription6:	
         

        _______________

	 	 	 
	Please indicate by checkmark whether the Subscriber 

wishes to purchase Oversubscription Units:   £

 

 

 

5 The Record Date is November 17, 2017.

6 The number of Units the Subscriber is subscribing for must be equal to or less than the Subscriber’s pro rata portion set forth in line (C).

 

[Signature Page to Subscription Agreement]

     

     

    

 

 

AGREED AND ACCEPTED:

 

	
        FALCONSTOR SOFTWARE, INC.

         

	 
	By:	
   

	 	Name:	Bard Wolfe
	 	Title:	Chief Financial Officer

 

 

	HCP-FVA, LLC
	 
	By:	
        Hale Capital Partners, LP

         

	 	  
	By:	
   

	 	Name:	Martin Hale, Jr.
	 	Title:	Chief Executive Officer

 

 

[Signature Page to Subscription Agreement]

     

     

    

Schedule A

Capitalization

FalconStor Software, Inc.

Authorized Common Stock - 800,000,000, par value $0.001 per share

Authorized Preferred Stock - 2,000,000, par value $0.001 per share

Issued Common Stock – 97,937,491 shares

Issued Preferred Stock - Series A Preferred Stock - 900,000 shares;
1,100,000 shares designated

Warrants to Purchase – 368,533,630 shares

 

The Company also has adopted the 2018 Incentive Stock Plan whereby
it has reserved for issuance 19.9% of the Company’s outstanding stock on a fully-diluted basis after taking into account
the sale of the Units in this offering.

 

 

FalconStor, Inc. 

Authorized Common Stock - 1,000 shares, par value $0.001 per share

Issued Common Stock – 1,000 shares issued to FalconStor Software,
Inc.

 

 

FalconStor AC, Inc.

Authorized Common Stock - 1,000 shares, par value $0.01 per share

Issued Common Stock - 1,000 shares issued to FalconStor Software,
Inc.Exhibit 10.2

 

The undersigned, desiring to become a
party to the Amended and Restated Term Loan Credit Agreement (the “Amended and Restated Loan Agreement”) dated
as of February 23, 2018, by and among FalconStor Software, Inc. as borrower, the other loan parties thereto as guarantors, the
various financial institutions party thereto as lenders, and HCP-FVA, LLC as administrative agent, does hereby agree to all the
terms and provisions of the Amended and Restated Loan Agreement, effective as of October 9, 2018. Capitalized terms used but not
defined herein shall have the respective meanings ascribed thereto in the Amended and Restated Loan Agreement.

The undersigned (i) confirms that it
has received a copy of the Amended and Restated Loan Agreement and the other Loan Documents, together with copies of the financial
statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to become a party to the Amended and Restated Loan Agreement; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Amended and Restated Loan Agreement;
(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under
the Amended and Restated Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent, by the terms
thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with
their terms all of the obligations that by the terms of the Amended and Restated Loan Agreement are required to be performed by
it as a Lender.

 

	
         

         

         
	
        Entity

         

         

	 	By:	
   

	 	 	Name:	 
	 	 	Title:	 

 

 

	 	Individual 
	 	 
	 	
   

	 	[NAME]

 

 

 

 

[Signature Page to Amended and Restated Loan
Agreement]

 

     

     

    

  

 

AGREED AND ACCEPTED:

 

	
        FALCONSTOR SOFTWARE, INC.

         

	 
	By:	
        /s/Brad Wolfe

	 	Name:	Brad Wolfe
	 	Title:	Chief Financial Officer

 

 

	HCP-FVA, LLC
	 
	By:	
        Hale Capital Partners, LP

         

	 	 
	By:	
        /s/ Martin Hale, Jr.

	 	Name:	Martin Hale, Jr.

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