Document:

Exhibit 4.1

    

    

    

    
      AMBASE CORPORATION

      SECOND AMENDED AND RESTATED RIGHTS AGREEMENT

      

      

      SECOND AMENDED AND RESTATED RIGHTS AGREEMENT (the “Agreement”), dated as of March 27, 2019, between AMBASE CORPORATION, a Delaware corporation (“AmBase”
          or the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York corporation (the “Rights Agent”).

      

      

      WHEREAS, the Company and the Rights Agent are parties to that certain Rights Agreement originally dated February 10, 1986, as
          subsequently amended and restated, pursuant to which the Board of Directors of the Company (the “Board of Directors”) has authorized and declared a dividend of one Right (as hereinafter defined) for each share of Common Stock, $0.01 par value of
          the Company (“Common Stock”) outstanding on February 10, 1986 and has authorized the issuance of one Right with respect to each share of Common Stock that shall become outstanding between February 10, 1986, and the earlier of the Distribution
          Date, the Redemption Date and the Expiration Date (as such terms are hereinafter defined), each Right representing the right to purchase one share of Common Stock (subject to adjustment as provided herein); and

      

      

      WHEREAS, the Board of Directors has determined that it is in the best interests of the Company and its stockholders to adopt certain
          amendments to the Rights Agreement to (i) adjust the Purchase Price (as hereinafter defined) to reflect the current fair market value of the Common Stock, (ii) provide for an exchange of Rights for Common Stock to facilitate the exercise of
          Rights after the Distribution Date (as hereinafter defined) in compliance with applicable U.S. federal securities laws, (iii) to adjust the Redemption Price (as hereinafter defined) to the par value of the Common Stock, and (iv) to provide for
          other administrative amendments to the Rights Agreement; and

      

      

      WHEREAS, in furtherance of the foregoing, the Board of Directors has adopted this Second Amended and Restated Rights Agreement.

      

      

      NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

      

      

      Section 1. Certain Definitions.  For purposes of this
          Agreement, the following terms have the meanings indicated:

       

        

      “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person,
          shall be the Beneficial Owner of 25% or more of the Common Shares then outstanding, but shall not include the Company, any Subsidiary of the Company or any employee benefit plan of the Company or any Subsidiary of the Company or any Person
          holding Common Shares for or pursuant to the terms of any such plan, and shall also not include any Person who or which would otherwise be an Acquiring Person if the Board of Directors of the Company or the Executive Committee thereof, prior to
          the Close of Business no later than the tenth day after the first date of public disclosure by the Company or such Person that such Person is a 25% Holder, determines in its discretion that such Person shall not be an Acquiring Person for
          purposes of this Agreement; provided, however, that such Person shall be deemed to be an Acquiring Person for all purposes of this Agreement on and after the tenth day after such Person receives written notice from the Company that such Board or
          such Committee in its discretion has reversed such determination, so long as such Person on such tenth day continues to be a 25% Holder.

      

      

      “Affiliate” and “Associate” when used with reference to any Person shall have the respective meanings ascribed to such terms in Rule
          12b-2 of the General Rules and Regulations under the Exchange Act as in effect on March 27, 2019.

          

        

      A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially own,” any securities:

       

        

      (i)        which such Person or any of such
          Person’s Affiliates or Associates beneficially owns, directly or indirectly;

      

      

      (ii)      which such Person or any of such
          Person’s Affiliates or Associates has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights,
          exchange rights, rights (other than Rights issuable under this Agreement), warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s
          Affiliates or Associates until such tendered securities are accepted for purchase or exchange thereunder; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security if the agreement,
          arrangement or understanding to vote such security (i) arises solely from a revocable proxy given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with the applicable rules and regulations
          under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or

      

      

      
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      (iii)      which are beneficially owned,
          directly or indirectly, by any other Person with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except pursuant to a revocable
          proxy or consent as described in clause (ii) (B) above) or disposing of any securities of the Company.

      

      

      “Business Combination” shall have the meaning set forth in Section 13(a) of this Agreement.

      

      

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

      

      

      “Close of Business” on any given date shall mean 5:00 P.M., Eastern Time, on such date; provided, however, that if such date is not a Business Day, “Close of Business” shall mean 5:00 P.M., Eastern Time, on the next
          succeeding Business Day.

      

      

      “Common Shares” when used with reference to the Company shall mean the shares of Common Stock of the Company or any other shares of
          capital stock of the Company into which the Common Stock shall be reclassified or changed and any other shares of capital stock of the Company which shall have rights essentially equivalent to the Common Stock of the Company.  “Common Shares”
          when used with reference to any Person other than the Company which shall be organized in corporate form shall mean the capital stock with the greatest Voting Power of such Person.  “Common Shares” when used with reference to any Person other
          than the Company which shall not be organized in corporate form shall mean units of beneficial interest which shall represent the right to participate in the profits, income, deductions and credits of such Person and which shall be entitled to
          exercise the greatest Voting Power of such Person.

      

      

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

      

      

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

      

      

      “Distribution Date” shall have the meaning set forth in Section 3(a) of this Agreement.

      

      

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

      

      

      “Expiration Date” shall have the meaning set forth in Section 7(a) of this Agreement.

      

      

      “Major Part” when used with reference to the assets of the Company and its Subsidiaries as of any date shall mean assets (i) having a
          fair market value aggregating more than 50% of the total fair market value of all the assets of the Company and its Subsidiaries as of the date in question, (ii) accounting for more than 50% of the total book value (net of depreciation and
          amortization) of all the assets of the Company and its Subsidiaries, as would be shown on a consolidated or combined balance sheet of the Company and its Subsidiaries as of the date in question, prepared in accordance with generally accepted
          accounting principles then in effect, or (iii) accounting for more than 50% of the total amount of net income of the Company and its Subsidiaries, as would be shown on a consolidated or combined statement of income of the Company and its
          Subsidiaries for the period of 12 months ending on the last day of the month next preceding the date in question, prepared in accordance with generally accepted accounting principles then in effect.

      

      

      
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      “Market Value,” when used with reference to the Common Shares of any Person on any date, shall be deemed to be the average of the
          daily closing prices per Common Share for the 30 consecutive Trading Days immediately prior to such date; provided, however, that in the event the Market Value of such Common Shares is to be determined in whole or in part during a period following an announcement by the issuer of such Common Shares of any dividend, distribution or
          other action of the type described in paragraphs (a), (b) or (c) of Section 11 that would require an adjustment thereunder of the Purchase Price or the number and kind of shares of capital stock issuable upon exercise of the Rights, and prior to
          the expiration of 30 Trading Days after the ex-dividend or ex-distribution date for such dividend or distribution, or the record date for such action, then, and in each case, the “Market Value” of such Common Shares shall be appropriately
          adjusted to reflect the effect of such action on the market price of such Common Shares.  The closing price for each Trading Day shall be the last sale price, regular way, or, in case no such sale takes place on such Trading Day, the average of
          the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the American Stock Exchange or, if the Common Shares
          are not then listed or admitted to trading on the American Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Common
          Shares are listed or admitted to trading or, if the Common Shares are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the
          over-the-counter market, as reported by NASDAQ or such other system then in use, or, if on any such Trading Day the Common Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a
          professional market maker making a market in the Common Shares selected by the Board of Directors of the Company.  If on any such Trading Day no market maker is making a market in the Common Shares, the fair value of such shares on such Trading
          Day as determined in good faith by the Board of Directors of the Company shall be used.

      

      

      “NASDAQ” shall mean the National Association of Securities Dealers, Inc. Automated Quotation System.

      

      

      “Person” shall mean any individual, firm, corporation, partnership, joint venture, association or other entity.

      

      

      “Principal Party” shall mean the Surviving Person in a Business Combination; provided, however, that if such Surviving Person is a direct or indirect Subsidiary of any other Person, if “Principal Party” shall mean the
          Person which is the ultimate parent of such Surviving Person and which is not itself a Subsidiary of another Person.  In the event ultimate control of such Surviving Person is shared by two or more Persons, “Principal Party” shall mean that
          Person that is immediately so controlled by such two or more Persons.

      

      

      “Purchase Price” shall be the product of (x) the current Market Value of the Common Stock measured as of an applicable Distribution
          Date multiplied by (y) 0.5, subject to adjustment from time to time as provided in Sections 11 and 13 hereof.

      

      

      “Redemption Date” shall have the meaning set forth in Section 7(a) of this Agreement.

      

      

      “Redemption Price” shall have the meaning set forth in Section 23(a) of this Agreement.

      

      

      “Registered Common Shares” shall mean Common Shares that as of the date of consummation of a Business Combination are, and have during
          the preceding 12 months continuously been, registered under Section 12 of the Exchange Act.

      

      

      “Right Certificate” shall mean a certificate evidencing a Right in substantially the form attached as Exhibit A hereto.

      

      

      “Rights” shall mean the rights to purchase Common Shares as provided in this Agreement.

      

      

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

      

      

      “Securities Act” shall mean the Securities Act of 1933, as amended.

      

      

      “Shares Acquisition Date” shall mean the first date of public disclosure by the Company or an Acquiring Person that an Acquiring
          Person has become such.

      

      

      “Subsidiary” shall mean a Person a majority of the total outstanding Voting Power of which is owned, directly or indirectly, by
          another Person or by one or more other Subsidiaries of such other Person or by such other Person and one or more other Subsidiaries of such other Person.

      

      

      
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      “Summary of Rights” shall have the meaning set forth in Section 3(b) of this Agreement.

      

      

      “Surviving Person” shall mean the Person which is the continuing or surviving Person in a consolidation or merger specified in clause
          (i) or (ii) of Section 13(a) of this Agreement or the Person to which the Company’s assets are sold, leased, exchanged, transferred or disposed of in a transaction specified in clause (iii) of Section 13(a) of this Agreement.

      

      

      “Trading Day” shall mean a day on which the principal national securities exchange on which the Common Shares are listed or admitted
          to trading is open for the transaction of business or, if the Common Shares are not listed or admitted to trading on any national securities exchange, a Business Day.

      

      

      “Triggering Event” shall have the meaning set forth in Section 11(d) (i) of this Agreement.

      

      

      “Voting Power,” when used with reference to the capital stock of or units of beneficial interest in any Person, shall mean the power
          under ordinary circumstances (and not merely upon the happening of a contingency) (i) to vote in the election of directors of such Person, if such Person is a corporation and (ii) to participate in the management and control of such Person, if
          such Person is not a corporation.

      

      

      Section 2.  Appointment of Rights Agent.  The Company
          hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Shares of the Company) in accordance
          with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment.  The Company may from time to time appoint one or more co-rights agents as it may deem necessary or desirable (the term “Rights Agent” being used herein
          to refer, collectively, to the Rights Agent together with any such co-rights agents).

      

      

      Section 3.  Issue of Right Certificates.  (a) Prior to
          the Distribution Date (as hereinafter defined) (i) the Rights will be evidenced by the certificates for Common Shares of the Company registered in the names of the holders thereof, together with a copy of the Summary of Rights (as hereinafter
          defined), and not by separate Right Certificates, and (ii) the surrender for transfer of any certificate for Common Shares, with or without a copy of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights
          associated with the Common Shares represented thereby.  As soon as practicable after the earlier of (x) the Shares Acquisition Date or (y) the date of the commencement of, or first public disclosure of the intent of any Person (other than the
          Company or any Subsidiary of the Company or any employee benefit plan of the Company or of any Subsidiary of the Company) to commence, a tender or exchange offer the consummation of which, if successful, would result in such Person, together with
          its Affiliates and Associates, becoming the Beneficial owner of 20% or more of the outstanding Common Shares (including any such date which is after the date of this Agreement and prior to the issuance of the Rights; the Close of Business on the
          earlier of such dates being herein referred to as the “Distribution Date”), the Rights Agent will send, by first-class, insured, postage prepaid mail, to each record holder of Common Shares of the Company as of the Distribution Date, at the
          address of such holder shown on the records of the Company, a Right Certificate, evidencing one Right for each Common Share so held.  As of and after the Distribution Date, the Rights will be evidenced solely by such Right Certificates.
          Notwithstanding the foregoing provisions of this paragraph (a), any date that would, but for this sentence, be a Distribution Date shall not be a Distribution Date for any purpose of this Agreement (and the Company shall not issue or mail any
          Rights Certificates with respect thereto) if, within ten days after such date, the Board of Directors of the Company or the Executive Committee thereof determines, in its sole discretion, that such date shall not be a Distribution Date, provided, however, that the tenth day after the Company gives public notice that such Board or
          such Committee in its discretion reversed such determination shall be deemed a Distribution Date for all purposes of this Agreement.

      

      

      (b)  on March 27, 2019, or as soon as practicable thereafter, the Company will send a copy of a Summary of Rights to Purchase Common
          Stock, in substantially the form attached hereto as Exhibit B (the “Summary of Rights”), by first-class, postage prepaid mail, to each record holder of Common Shares as
          of the Close of Business on April 17, 2019, at the address of such holder shown on the records of the Company.

      

      

      
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      (c)  Certificates for Common Shares issued after April 17, 2019, but prior to the earliest of the Distribution Date, the Redemption Date or the Expiration Date (as hereinafter defined), shall have printed on, written on or otherwise
          affixed to them the following legend:

      

      

      This certificate also evidences and entitles the holder hereof to certain Rights as set forth
          in the Second Amended and Restated Rights Agreement dated as of March 27, 2019 (the “Rights Agreement”), between AmBase Corporation and American Stock Transfer &
          Trust Company, LLC the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of AmBase Corporation  Under certain circumstances, as set forth in the Rights Agreement, such
          Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate.  AmBase Corporation will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written
          request therefor.  Under certain circumstances, Rights issued to or held by Acquiring Persons or their Affiliates or Associates (as such terms are defined in the Rights Agreement) may become null and void.

      

      

      With respect to such certificates containing the foregoing legend, until the Distribution Date, the Rights associated with the Common
          Shares represented by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the transfer of the Rights associated with the Common Shares represented thereby.

      

      

      Section 4.  Form of Right Certificates.  (a) The Right
          Certificates (and the forms of assignment and of election to purchase shares to be printed on the reverse thereof) shall be in substantially the form of Exhibit A
          hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be
          required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage.  Subject to the
          provisions of Sections 11 and 22 hereof, the Right Certificates for Common Shares issued after April 17, 2019,
          whenever issued, shall be dated as of April

              17, 2019, and on their face shall entitle the holders thereof to purchase such number of Common Shares as shall be set forth therein at the then-current Purchase Price set forth therein.

      

      

      (b)  Notwithstanding any other provision of this Agreement, any Right Certificate issued pursuant to Section 3 (a) hereof that
          represents Rights known by the Company to be beneficially owned by an Acquiring Person or any Associate or Affiliate of an Acquiring Person and any Right Certificate issued at any time upon the transfer of any Rights to an Acquiring Person or any
          Person known by the Company to be an Associate or Affiliate of an Acquiring Person or to any Person known by the Company to be a nominee of such Acquiring Person, Associate or Affiliate, and any Right Certificate issued pursuant to Section 6 or
          Section 11 upon transfer, exchange, replacement or adjustment of any other Right Certificate referred to in this sentence, shall contain the following legend:

      

      

      The Rights represented by this Right Certificate were issued to a Person who is an Acquiring Person or an
          Affiliate or an Associate of an Acquiring Person.  This Right Certificate and the Rights represented hereby may become void in the circumstances specified in Section 7(d) of the Rights Agreement.

      

      

      Section 5.  Countersignature and Registration.  (a) The
          Right Certificates shall be executed on behalf of the Company by the Chairman of the Board, President or any Vice President of the Company, either manually or by facsimile signature, and have affixed thereto the Company’s seal or a facsimile
          thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature.  The Right Certificates shall be manually countersigned by the Rights Agent and shall not be valid or obligatory
          for any purpose unless so countersigned.  In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery
          by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent, and issued and delivered by the Company with the same force and effect as though the person who signed such Right Certificates had not ceased to be
          such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right
          Certificate, although at the date of the execution of this Rights Agreement any such person was not such an officer.

      

      

      (b)  Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal corporate trust office in New
          York, New York, books for registration and transfer of the Right Certificates issued hereunder.  Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced by each of the
          Right Certificates and the date of each of the Right Certificates.

      

      

      
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      Section 6.  Transfer, Split Up, Combination and Exchange of Right
              Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.  (a) Subject to the provisions of Section 14 hereof, at any time after the Distribution Date, and at or prior to the earlier of the Redemption Date or the
          Expiration Date, any Right Certificate or Certificates may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the registered holder to purchase a like number of Common Shares as the
          Right Certificate or Right Certificates surrendered then entitled such holder to purchase.  Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights
          Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined or exchanged at the principal corporate trust office of the Rights Agent.  Thereupon the Rights Agent shall countersign and deliver to
          the person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested.  The Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any
          transfer, split up, combination or exchange of Right Certificates.

      

      

      (b) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
          mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses
          incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for delivery to the registered owner in
          lieu of the Right Certificate so lost, stolen, destroyed or mutilated.

      

      

      Section 7.  Exercise of Rights; Purchase Price; Expiration Date of
              Rights; Certain Rights Null and Void; Exchange of Rights.  (a) The registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the
          Distribution Date upon surrender of the Right Certificate, with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the principal corporate trust office of the Rights Agent, together with payment of
          the then-current Purchase Price for each Common Share as to which the Rights are exercised, at or prior to the earlier of (i) the Close of Business on March 27, 2029
          (the “Expiration Date”), or (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”).

      

      

      (b)  Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase duly executed,
          accompanied by payment of the Purchase Price for the Common Shares to be purchased together with an amount equal to any applicable transfer tax, in lawful money of the United States of America, in cash or by certified check or bank draft payable
          to the order of the Company, the Rights Agent shall thereupon promptly (i) requisition from any transfer agent of the Common Shares (or make available, if the Rights Agent is the transfer agent) certificates for the number of Common Shares to be
          purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance
          with Section 14 hereof, (iii) promptly after receipt of such certificates, cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated by such
          holder and (iv) when appropriate, after receipt promptly deliver such cash to or upon the order of the registered holder of such Right Certificate.

      

      

      (c)  In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right
          Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of
          Section 14 hereof.

      

      

      (d)  Notwithstanding anything in this Agreement to the contrary, any Rights that are beneficially owned by an Acquiring Person or any
          Associate or Affiliate of an Acquiring Person shall become null and void upon the occurrence of a Triggering Event and any holder of any such Right (including any subsequent holder) shall not have any right to exercise any such Right under this
          Agreement from and after the occurrence of a Triggering Event.

      

      

      
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      (e)  (i) The Board of Directors may, at its option and in its sole and absolute discretion, at any time after a Person becomes an
          Acquiring Person, mandatorily exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void and nontransferable pursuant to Section 7(d)) for consideration per Right
          consisting of one-half of the securities that would be issuable at such time upon the exercise of one Right in accordance with Section 11, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring in
          respect of the Common Stock after the Close of Business on the date of this Agreement (such amount per Right being hereinafter referred to as the “Exchange Consideration”).  If the Board elects to exchange all the Rights for Exchange
          Consideration pursuant to this Section 7(e) prior to the physical distribution of the Right Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Right Certificates, in which case for purposes of this
          Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Right Certificates on the date of such distribution. From and after the occurrence of an event specified in Section 13(a) hereof, any Rights
          that theretofore have not been exchanged pursuant to this Section 7(e) shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged pursuant to this Section 7(e). The exchange of the Rights by the Board of Directors
          of the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors of the Company in its sole discretion may establish.

      

      

      (ii)   Immediately upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights
          pursuant to paragraph (e) of this Section 7 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive the Exchange
          Consideration. The Company shall promptly give public notice of any such exchange; provided, however,
          that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company shall promptly mail a notice of any such exchange to all of the holders of the Rights so exchanged at their last addresses as they
          appear on the books and records of the Company. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the
          exchange of the shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than
          Rights which have become void pursuant to the provisions of Section 7(d) hereof) held by each holder of Rights.

      

      

      (f)  Upon the occurrence of a Triggering Event, the exercise of Rights pursuant to Sections 7(a) and 11(d)(i) of this Agreement to
          purchase the Common Share evidence by such Rights shall be conditioned upon and subject to either (i) the Company qualifying the offer and sale of such Common Shares issuable upon exercise of the Rights under an exemption from registration under
          the Securities Act, or (ii) the SEC declaring effective a registration statement registering the offer and sale of the Common Shares issuable upon exercise of the Rights under the Securities Act.

      

      

      Section 8.  Cancellation and Destruction of Right Certificates. 

          All Right Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or,
          if surrendered to the Rights Agent, shall be cancelled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement.  The Company shall deliver to the Rights Agent for
          cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof.  The Rights Agent shall deliver all cancelled Right
          Certificates to the Company, or shall, at the written request of the Company, destroy such cancelled Right certificates, and in such case shall deliver a certificate of destruction thereof to the Company.

      

      

      Section 9.  Reservation and Availability of Common Shares.

      

      

      (a)  The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued Common
          Shares or any authorized and issued Common Shares held in its treasury, free from preemptive rights or any right of first refusal, a number of Common Shares sufficient to permit the exercise in full of all outstanding Rights other than those, if
          any, which may have become void pursuant to Section 7(d) hereof.

      

      

      (b)  The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Common Shares
          reasonably likely to be delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and non-assessable
          shares.

      

      

      (c)  So long as the Common Shares of the Company may be listed on any national securities exchange, the Company shall use its best
          efforts to cause, from and after such time as the Rights become exercisable, all shares reserved for issuance upon exercise of the Rights to be listed on such exchange upon official notice of issuance upon such exercise.

      

      

      
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      (d)  The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
          charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Common Shares upon the exercise of Rights.  The Company shall not, however, be required to pay any transfer tax which may be payable in
          respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates for the Common Shares in a name other than that of the registered holder of the Right Certificate evidencing Rights
          surrendered for exercise or to issue or deliver any certificates for Common Shares upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable by the holder of such Right Certificate at the time of
          surrender) or until it has been established to the Company’s satisfaction that no such tax is due.

      

      

      Section 10.  Common Shares Record Date.  Each Person in
          whose name any certificate for Common Shares is issued upon the exercise of “Rights shall for all purposes be deemed to have become the holder of record of the Common Shares represented thereby on, and such certificate shall be dated the date
          upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the Common Shares transfer books of the Company are closed, such Person shall be deemed to have
          become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Common Shares transfer books of the Company are open.

      

      

      Section 11.  Adjustment of Purchase Price, Number of Shares or
              Number of Rights.  The Purchase Price, the number and kind of shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

      

      

      (a)  (i)  In the event the Company shall at any time after the date of this Agreement (A) pay any dividend on the Common Shares
          payable in Common Shares, (B) subdivide or split the outstanding Common Shares into a greater number of shares or (C) combine or consolidate (by a reverse stock split or otherwise) the outstanding Common Shares into a smaller number of shares,
          then, and in each such event, except as otherwise provided in this Section 11(a) (i): (1) the Purchase Price to be in effect from and after such event shall be determined by multiplying the Purchase Price in effect immediately prior to such event
          by a fraction, the numerator of which shall be the number of Common Shares outstanding immediately prior to such event and the denominator of which shall be the number of Common Shares outstanding immediately after such event; and (2) each Right
          shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of Common Shares obtained by multiplying (x) the number of Common Shares issuable upon the exercise of a Right immediately prior to such event by (y) the
          Purchase Price in effect immediately prior to the adjustment of the Purchase Price prescribed by the foregoing clause (1), and dividing the product so obtained by the Purchase Price in effect immediately after the adjustment prescribed in the
          foregoing clause (1), provided, however, that said adjustment to the number of Common
          Shares issuable upon exercise of a Right shall not be made upon or by reason of the occurrence prior to the Distribution Date of an event described in clauses (A) or (B) of this Section 11 (a) (i) if in connection with such event a Right is
          issued with each additional Common Share distributed to or held by the holders of Common Shares pursuant to or as a result of such event.

      

      

      (b)  In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Common Shares
          entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Common Shares (or securities convertible into Common Shares) at a price per Common Share (or having a conversion price per Common
          Share, if a security convertible into Common Shares) less than the Market Value of the Common Shares on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect
          immediately prior to such record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such record date plus the number of Common Shares which the aggregate offering price of the total number of Common
          Shares so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Market Value and the denominator of which shall be the number of Common Shares outstanding on such
          record date plus the number of additional Common Shares to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible).  In case such subscription price may be paid in a
          consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with
          the Rights Agent.  Common Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding for the purpose of any such computation.  Such adjustment shall be made successively whenever such a
          record date is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

      

      

      
        8

        
          

      

      (c)  In case the Company shall fix a record date for the making of a distribution to all holders of the Common Shares (including any
          such distribution made in connection with a merger in which the Company is the surviving corporation) of cash (other than a cash dividend paid, or intended to be paid, on a regular basis in the ordinary course of business) or evidences of
          indebtedness, assets or securities (other than Common Shares) or subscription rights, options or warrants (excluding those referred to in Section 11 (b)), the Purchase Price to be in effect after such record date shall be determined by
          multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Market Value of the Common Shares on such record date, less the fair market value (as determined in good faith by
          the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets, evidence of indebtedness or securities so to be distributed or of such subscription
          rights, options or warrants applicable to one Common Share and the denominator of which shall be such Market Value of the Common Shares.  Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such
          distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

      

      

      (d) (i)  If any of the events described in the following clauses (A), (B) or (C) (each such event being hereinafter referred to as a
          “Triggering Event”) shall occur:

      

      

      (A)  any Acquiring Person or any Associate or Affiliate of any Acquiring Person, at any time after the date of this Agreement,
          directly or indirectly (1) shall merge into the Company or otherwise combine with the Company and the Company shall be the continuing or surviving corporation of such merger or combination and the Common Shares of the Company shall remain
          outstanding and no shares thereof shall be changed into or exchanged for stock or other securities of any other Person or of the Company or cash or any other property, (2) shall in one or more transactions (except in connection with the exercise
          of Rights or the exercise or conversion of securities exercisable for or convertible into capital stock of the Company), transfer any property or assets to the Company or any Subsidiary of the Company in exchange (in whole or in part) for shares
          of capital stock of the Company or any Subsidiary of the Company or for securities exercisable for or convertible into shares of capital stock of the Company or any Subsidiary of the Company or otherwise obtain from the Company or any of its
          Subsidiaries, with or without consideration, any additional shares of capital stock of the Company or any Subsidiary of the Company or securities exercisable for or convertible into shares of capital stock of the Company or any Subsidiary of the
          Company (other than as part of a pro rata distribution or offer to all holders of Common Shares), (3) shall, in one or more transactions, sell, purchase, lease, exchange, mortgage, pledge, transfer or otherwise acquire or dispose of, to, from or
          with the Company or any of its Subsidiaries, assets (including securities) on terms and conditions less favorable to the Company or such Subsidiary than the Company or such Subsidiary would be able to obtain in arm’s-length negotiation with an
          unaffiliated third party, (4) shall receive any compensation from the Company or any of the Company’s Subsidiaries for services other than compensation for employment as a regular employee or fees for serving as a director, at rates in accordance
          with the Company’s (or its Subsidiaries’) past practices, or (5) shall receive the benefit, directly or indirectly (except proportionately as a stockholder), of any loans, advances, guarantees, pledges or other financial assistance provided by
          the Company or any of its Subsidiaries.

      

      

      (B)  during such time as there is an Acquiring Person, there shall be any reclassification of securities of the Company (including any
          reverse stock split), or recapitalization of the Company, or any merger or consolidation of the Company with any of its Subsidiaries or any other transaction or series of transactions involving the Company or any of its Subsidiaries (whether or
          not with or into or otherwise involving an Acquiring Person), which has the effect, directly or indirectly, of increasing by more than 1% the proportionate share of the outstanding shares of any class of equity securities or of securities
          exercisable for or convertible into securities of the Company or any of its Subsidiaries which is directly or indirectly owned by an Acquiring Person or any Associate or Affiliate of any Acquiring Person, or

      

      

      (C) any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary
          of the Company or any Person holding Common Shares for or pursuant to the terms of any such plan), alone or together with all Affiliates and Associates of such Person, shall become the Beneficial Owner of 25% or more of the Common Shares of the
          Company then outstanding, (a “25% Holder”), unless the Board of Directors of the Company or the Executive Committee thereof, within ten days thereafter, determines in its discretion that such event shall be deemed not to be a Triggering Event for
          purposes of this Agreement; provided, however, that such event shall be deemed to be a Triggering Event for all purposes of this Agreement on and after the tenth day after such Person receives written notice from the Company that such Board or
          such Committee in its discretion has reversed such determination, so long as such Person on such tenth day continues to be a 25% Holder;

      

      

      then, and in each such case, proper provision shall be made so that each holder of a Right, except as provided below, shall thereafter
          have a right to receive one share of Common Stock upon exercise thereof and payment of the then-current Purchase Price for each Common Share for which the Right is then exercisable in accordance with the terms of this Agreement.

      

      

      
        9

        
          

      

      (ii)  If an event occurs which would require an adjustment under both this paragraph (d) and paragraph (a), (b) or (c) of this Section
          11, the adjustment provided for in this paragraph (d) shall be in addition to, and shall be made prior to, any adjustment required pursuant to paragraph (a), (b) or (c) of this Section 11, provided, however, that if the event that would otherwise give rise to an adjustment under any paragraph of this Section 11 is also subject to
          the provisions of Section 13, then only the adjustment provided by Section 13 shall apply and no adjustment shall be made pursuant to any paragraph of this Section 11.

      

      

      (iii)  In the event the Company shall not have sufficient authorized and unissued Common Shares or authorized and issued Common Shares
          held in its treasury to permit the exercise in full of the Rights in accordance with this paragraph (d), the Company shall take all such action as may be necessary to authorize additional Common Shares for issuance upon exercise of the Rights; provided, however, that if the Company is unable to cause the authorization of additional
          Common Shares, then, in the event the Rights become so exercisable, the Company, to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof to which it is a party, may elect (A) upon
          surrender of a Right to pay cash equal to the Purchase Price in lieu of issuing Common Shares and requiring payment therefor, or (B) upon due exercise of a Right and payment of the Purchase Price for each Common Share as to which such Right is
          exercised, issue debt or equity securities having a value equal to the market price of the Common Shares which otherwise would have been issuable pursuant to paragraph (a) (ii) of this Section 11, which value shall be determined by a nationally
          recognized investment banking firm selected by the Board of Directors of the Company or (C) upon due exercise of a Right and payment of the Purchase Price for each Common Share as to which such Right is exercised, distribute a combination of
          Common Shares, cash and/or other debt or equity securities having an aggregate market value equal to the market price of the Common Shares which otherwise would have been issuable pursuant to paragraph (a) (ii) of this Section 11.

      

      

      (e)  No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1%
          in such price; provided, however, that any adjustments which by reason of this Section 11
          (e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.  All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share, as the case may
          be.  Notwithstanding the first sentence of this Section 11 (e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction which requires such adjustment or (ii) the date
          of the expiration of the right to exercise any Rights.

      

      

      (f)  In the event the Company shall at any time after the date of this Agreement issue any shares of its capital stock in a
          reclassification of the Common Shares, the number and kind of shares of capital stock issuable upon exercise of a Right shall be adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number
          and kind of shares of capital stock which, if such Right had been exercised immediately prior to the effective date of such reclassification and at a time when the Common Shares transfer books of the Company were open, he would have been entitled
          to receive by virtue of such reclassification.  If as a result of an adjustment made pursuant to this Section 11(f), the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other
          than Common Shares, thereafter the number of such other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect
          to the Common Shares contained in paragraphs (a) through (d), inclusive of this Section 11, and the provisions of Sections 7, 9, 10 and 13 hereof with respect to the Common Shares shall apply on like terms to any such other shares.

      

      

      (g)  All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the
          right to purchase at the adjusted Purchase Price, the number of Common Shares purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.

      

      

      (h)  Unless the Company shall have exercised its election as provided in paragraph (i) of this Section 11, upon each adjustment of the
          Purchase Price as a result of the calculations made in paragraphs (b) and (c) of this Section 11, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase
          Price, that number of Common Shares (calculated to the nearest ten thousandth) obtained by (i) multiplying (x) the number of Common Shares covered by a Right immediately prior to such adjustment by (y) the Purchase Price in effect immediately
          prior to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

      

      

      
        10

        
          

      

      (i)  The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights, in
          substitution for any adjustment in the number of Common Shares that may be purchased upon the exercise of a Right.  Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of Common Shares
          for which a Right was exercisable immediately prior to such adjustment.  Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest ten-thousandth) obtained by dividing
          the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price.  The Company shall make a public announcement of its election to adjust the
          number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made and the adjusted Purchase Price.  Such record date may be the date on which the Purchase Price is adjusted or any
          day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date of the public announcement.  If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this
          Section 11 (i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such
          holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement for the Right Certificates held by such holders prior to the date
          of adjustment and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment.  Right Certificates so to be distributed shall be issued,
          executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in the names of the holders of record of Right Certificates on the record date
          specified in the public announcement.

      

      

      (j)  Irrespective of any adjustment or change in the Purchase Price or the number of Common Shares issuable upon the exercise of the
          Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price per share and the number of shares which were expressed in the initial Right Certificates issued hereunder.

      

      

      (k)  Before taking any action that would cause an adjustment reducing the Purchase Price below the then current par value, if any, of
          the Common Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable
          Common Shares at such adjusted Purchase Price.

      

      

      (l)  In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date
          for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right exercised after such record date the Common Shares and other capital stock or securities of the Company, if any,
          issuable upon such exercise over and above the Common Shares and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument
          evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment.

      

      

      (m)  Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such adjustments in the
          Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any combination or subdivision of the Common Shares,
          issuance wholly for cash of any of the Common Shares at less than the Market Value of the Common Shares, issuance wholly for cash of Common Shares or securities which by their terms are convertible into or exchangeable for Common Shares, stock
          dividends or issuance of rights, options or warrants referred to herein above in this Section 11, hereafter made by the Company to holders of its Common Shares shall not be taxable to such stockholders.

      

      

      Section 12.  Certificate of Adjusted Purchase Price or Number of
              Shares.  Whenever an adjustment is made as provided in Section 11 or 13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment,
          (b) promptly file with the Rights Agent and with each transfer agent for the Common Shares of the Company a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25 hereof.

      

      

      Section 13.  Consolidation, Merger or Sale or
              Transfer of Assets or Earning Power.  (a) In the event that, at any time on or after the Distribution Date, directly or indirectly any of the transactions specified in the following clauses (i), (ii) or (iii) (each such transaction
          occurring at any time on or after the Distribution Date being hereinafter referred to as a “Business Combination”) shall be consummated:

      

      

      (i)       the Company shall consolidate
          with, or merge with and into, any other Person, any Person shall consolidate with the Company, or merge with and into the Company and the Company shall be the Surviving Person of such merger and, in connection with such merger, all or part of the
          Common Shares shall be changed into or exchanged for stock or other securities of any other Person or the Company or cash or any other property, or

      

      

      
        11

        
          

      

      (ii)      the Company shall sell, lease,
          exchange, liquidate or otherwise transfer or dispose of (or one or more of its Subsidiaries shall sell, lease, exchange, liquidate or otherwise transfer or dispose of), in one or more transactions, the Major Part of the assets of the Company and
          its subsidiaries (taken as a whole) to any other Person, then, and in each such case proper provision shall be made so that each holder of a Right (except as provided in Section 7(d)) shall thereafter have the right to receive, upon the exercise
          thereof and payment of the then-current Purchase Price for each Common Share for which the Right is then exercisable in accordance with the terms of this Agreement, the securities specified below:

      

      

      (A)      if the Principal Party in such Business Combination
          has outstanding Registered Common Shares, such number of Registered Common Shares of such Principal Party as shall be equal to the result obtained by (x) multiplying the then-current Purchase Price by the number of Common Shares of the Company
          for which a Right was exercisable  immediately prior to the consummation of such Business Combination (without taking into account any adjustment previously made pursuant to Section 11 (d) (i) hereof) and (y) dividing that product by 50% of the
          Market Value of each Registered Common Share of such Principal Party on the date of consummation of such Business Combination, or

      

      

      (B)       if the Principal Party in such Business Combination
          does not have outstanding Registered Common Shares, at the election of the holder of such Right at the time of the exercise thereof, either

      

      

      
        
          	

                	(1)	
                  such number of Common Shares of the Surviving Person in such Business Combination as shall be equal to the result obtained by (x) multiplying the then current Purchase
                      Price by the number of Common Shares of the Company for which a Right was exercisable immediately prior to the consummation of such Business Combination (without taking into account any adjustment previously made pursuant to Section
                      11 (d) (i) hereof) and (y) dividing that product by 50% of the Market Value of each Common Share of such Surviving Person immediately after giving effect to such Business Combination, or

                

        

      

      

      

      
        
          	

                	(2)	
                  if the Surviving Person is not the Principal Party in such Business Combination, such number of Common Shares of the Principal Party as shall be equal to the result
                      obtained by (x) multiplying the then-current Purchase Price by the number of Common Shares of the company for which a Right was exercisable immediately prior to the consummation of such Business Combination (without taking into
                      account any adjustment previously made pursuant to Section 11 (d) (i) hereof) and (y) dividing that product by 50% of the Market Value of each Common Share of the Principal Party immediately after giving effect to such Business
                      Combination.

                

        

      

      

      

      All Common Shares of any Person for which any Right may be exercised after consummation of a Business Combination as provided in this
          Section 13 (a) shall, when issued upon exercise of such Right in accordance with this Agreement, be validly issued, fully paid and non-assessable, and any such Person shall be obligated, by virtue of such Business Combination, to use its best
          efforts to cause such Common Shares to be free of any preemptive rights, rights of first refusal or other restrictions or limitations on the transfer or ownership thereof.

      

      

      (b)  After consummation of any Business Combination (i) the issuer of Common Shares for which Rights may be exercised as set forth in
          Section 13 (a) shall be liable for, and shall assume, by virtue of such Business Combination, all the obligations and duties of the Company pursuant to this Agreement, (ii) the term “Company” shall be deemed to refer to such issuer and (iii) such
          issuer shall take such steps (including, but not limited to, the authorization and reservation of a sufficient number of its Common Shares in accordance with Section 9 hereof) in connection with such consummation as may be necessary to assure
          that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its Common Shares thereafter deliverable upon the exercise of the Rights.

      

      

      (c)  The Company shall not consummate any Business Combination unless prior thereto the Company and each issuer of Common Shares for
          which the Rights may be exercised as provided in paragraph (a) of this Section 13 shall (i) have executed and delivered to the Rights Agent a supplemental agreement providing for the obligation of such issuer to issue Common Shares upon the
          exercise of Rights in accordance with the terms set forth in paragraphs (a) and (b) of this Section 13, (ii) have furnished to the Rights Agent an opinion of independent counsel stating that such supplemental agreement is a valid, binding and
          enforceable agreement of such issuer, and (iii) have filed a certificate of a nationally recognized firm of independent accountants setting forth the number of Common Shares of such issuer which may be purchased upon the exercise of each Right
          after the consummation of such Business Combination.

      

      

      
        12

        
          

      

      (d)  The provisions of this Section 13 shall similarly apply to successive Business Combinations.  In the event a Business Combination
          shall be consummated at any time after the occurrence of a Triggering Event, the Rights that have not been exercised prior to such time shall thereafter (subject to the provisions of Section 7 (d)) become exercisable in the manner set forth in
          paragraph (a) of this Section 13.

      

      

      (e)  The Company covenants and agrees that it shall not effect any Business Combination if at the time of or immediately after such
          Business Combination there are any rights, warrants or other instruments outstanding that would eliminate or in any way substantially diminish the benefits intended to be afforded by the Rights.

      

      

      Section 14.  Fractional Rights and Fractional Shares. 
          (a) The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights.  In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates
          with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right.  For the purpose of this Section 14 (a), the current market value of a whole Right
          shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable.  The closing price for any Trading Day shall be the last sale price, regular way, or,
          in case no such sale takes place on such Trading Day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or
          admitted to trading on the American Stock Exchange or, if the Rights are not listed or admitted to trading on the American Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on
          the principal national securities exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average
          of the high bid and low asked prices in the over-the-counter market, as reported by NASDAQ or such other system then in use or, if on any such Trading Day the Rights are not quoted by any such organization, the average of the closing bid and
          asked prices as furnished by a professional market maker making a market in the Rights selected by the Board of Directors of the Company.  If on any such Trading Day no such market maker is making a market in the Rights  the fair value of the
          Rights on such Trading Day as determined in good faith by the Board of Directors of the Company shall be used.

      

      

      (b)  The Company shall not be required to issue fractions of shares upon exercise of the Rights or to distribute certificates which
          evidence fractional shares.  In lieu of fractional shares, the Company may pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the Market
          Value of one Common Share.  For purposes of this Section 14 (b), the Market Value of a Common Share shall be the closing price of a Common Share (as determined pursuant to the second sentence of the definition of “Market Value”) for the Trading
          Day immediately prior to the date of such exercise.

      

      

      (c)  The holder of a Right by the acceptance of the Rights expressly waives his right to receive any fractional Rights or any
          fractional shares upon exercise of a Right.

      

      

      Section 15.  Rights of Action.   All rights of action in
          respect of this Agreement are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered holder of any Right Certificate (or, prior
          to the Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Shares), may, in his own behalf and for his own benefit,
          enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce or otherwise act in respect of, his right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right
          Certificate and in this Agreement.  Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this
          Agreement and will be entitled to specific performance of the obligations of any Person under, and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Agreement.

      

      

      
        13

        
          

      

      Section 16.  Transfer and Ownership of Rights.

      

      

      
        
          	

                	(a)	
                  Prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares.

                

        

      

      

      

      
        
          	

                	(b)	
                  After the Distribution Date, the Right Certificates will be transferable only on the registry books of the Rights Agent if surrendered at the principal office of the
                      Rights Agent, duly endorsed or accompanied by a proper instrument of transfer.

                

        

      

      

      

      
        
          	

                	(c)	
                  The Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Shares
                      certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Shares certificate made by anyone
                      other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

                

        

      

      

      

      Section 17.  Right Certificate Holder Not Deemed a Stockholder. 

          No holder, as such, of any Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Common Shares or of any other securities of the Company which may at any time be issuable on the exercise
          of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company, including without
          limitation, any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
          stockholders (except as provided in Section 24 hereof), or to receive dividends or other distributions or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance
          with the provisions hereof.

      

      

      Section 18.  Concerning the Rights Agent.

      

      

      (a)  The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and from time to
          time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder.  The Company also
          agrees to indemnify the Right Agent, for and to hold it harmless against, any loss, liability or expense, incurred without negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights
          Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability in the premises.

      

      

      (b)  The Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it
          in connection with its administration of this Agreement in reliance upon any Right Certificate or certificate for the Common Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement,
          affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons.

      

      

      Section 19.  Merger or Consolidation or Change of Name of Rights
              Agent.  (a) Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or
          any successor Rights Agent shall be a party, or any corporation succeeding to the corporate trust business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution of
          filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof.  In case at the time such
          successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights
          Agent and deliver such Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the
          predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

      

      

      (b)  In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been
          countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, the
          Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

      

      

      
        14

        
          

      

      Section 20.  Duties of Rights Agent.  The Rights Agent
          undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:

      

      

      (a)  The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall
          be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion.

      

      

      (b)  Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any
          fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
          established by a certificate signed by any one of the Chairman of the Board, the President, a Vice President, the Treasurer or the Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to the
          Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.

      

      

      (c)  The Rights Agent shall be liable hereunder only for its own negligence, bad faith or willful misconduct.

      

      

      (d)  The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or
          in the Right Certificates (except as to its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.

      

      

      (e)  The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
          hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
          condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any adjustment required under the provisions of Section 11 or 13 hereof or responsible for the manner, method or amount of any such adjustment or
          the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after actual notice of any such adjustment); nor shall it by any act hereunder be
          deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Agreement or any Right Certificate or as to whether any Common Shares will, when so issued, be validly
          authorized and issued, fully paid and non-assessable.

      

      

      (f)  The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
          delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

      

      

      (g)  The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
          from any one of the Chairman of the Board, the President, a Vice President, the Secretary or the Treasurer of the Company and to apply to such officers for advice or instructions in connection with its duties and it shall not be liable for any
          action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer.

      

      

      (h)  The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the
          Rights or other securities of the Company or become pecuniary interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the
          Rights Agent under this Agreement.  Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity.

      

      

      (i)  The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
          itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act,
          default, neglect or misconduct provided reasonable care was exercised in the selection and continued employment thereof.

      

      

      (j)  If, with respect to any Right Certificate surrendered to the Rights Agent for exercise, transfer or exchange, the certificate
          contained in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been completed to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof) or a
          transferee thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company.

      

      

      
        15

        
          

      

      Section 21.  Change of Rights Agent.  The Rights Agent
          or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing mailed to the Company and to each transfer agent of the Common Shares by registered or certified mail, and to the
          holders of the Right Certificates by first-class mail.  The Company may remove the Rights Agent or any successor Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each
          transfer agent of the Common Shares by registered or certified mail, and to the holders of the Rights Certificates by first-class mail.  If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
          shall appoint a successor to the Rights Agent.  If the Company shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the
          resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court
          of competent jurisdiction for the appointment of a new Rights Agent.  Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the United States or of
          the State of New York (or of any other state of the United States so long as such corporation is authorized to conduct a corporation trust business in the State of New York), in good standing, having a principal office in the State of New York,
          which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at
          least $10 million.  After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights
          Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose.  Not later than the effective date of
          any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing to the registered holders of the Right Certificates. 
          Failure to give any notice provided for in this Section 21, however, or any defect therein shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case
          may be.

      

      

      Section 22.  Issuance of New Right Certificates. 
          Notwithstanding any of the provisions of this Agreement or of the Rights of the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any
          adjustment or change in the Purchase Price per share and the number or class of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement.

      

      

      Section 23.  Redemption.  (a) The Board of Directors of
          the Company may, at its option, at any time prior to the earliest of (i) the Close of Business on the 10th day following the Shares Acquisition Date, (ii) the occurrence of a Triggering Event or (iii) the Close of Business on the
          Expiration Date, order the redemption of all but not less than all the then-outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the
          date hereof (such redemption price being hereinafter referred to as the “Redemption Price”).

      

      

      (b)  Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights, and without any
          further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price.  Within 10 days after the action of the Board of Directors
          ordering the redemption of the Rights, the Company shall give notice of such redemption to the holders of the then-outstanding Rights by mailing such notice to all such holders at their last addresses as they appear upon the registry books of the
          Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares of the Company.  Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder of
          Rights receives the notice.  Each such notice of redemption will state the method by which the payment of the Redemption Price will be made.

      

      

      Section 24.  Notice of Certain Events.  In case the
          Company shall propose (a) to take any actions of the type described in paragraph (a), (b) or (c) of Section 11 hereof that would require an adjustment thereunder of the Purchase Price or of the number and kind of shares of capital stock issuable
          upon the exercise of the Rights, (b) to effect any Business Combination, or (c) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to each holder of a Right Certificate, in
          accordance with Section 25 hereof, a notice of such proposed action, which shall specify any record date for the purpose of determining any participation therein by the holders of the Common Shares, or the date on which such action is to take
          place and the date of any participation therein by the holders of the Common Shares, if any such date is to be fixed, and such notice shall be so given at least 20 days prior to any such record date, the taking of such action or the date of
          participation therein by the holders of the Common Shares, whichever shall be the earliest.

      

      

      
        16

        
          

      

      In case any Triggering Event or Business Combination shall occur, then in any such case the Company shall as soon as practicable
          thereafter give to each holder of a Right Certificate, in accordance with Section 25 hereof, a notice of the occurrence of such Triggering Event or Business Combination, which shall specify the Triggering Event or Business Combination and the
          consequences of the Triggering Event or Business Combination to holders of Rights under Section 11(d) or Section 13 hereof, as the case may be.

      

      

      Section 25.  Notices.  Notices or demands authorized by
          this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in
          writing with the Rights Agent) as follows:

      

      

      AmBase Corporation

      One South Ocean Blvd., Suite 301

      Boca Raton, FL 33432

      Attention:  Corporate Secretary

      

      

      Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by any holder of
          a Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows:

      

      

      American Stock Transfer & Trust Company, LLC

      6201 15th Ave.

      Brooklyn, New York, 11219

      Attention:  Vice President

      Stock Transfer Administration

      

      

      Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be
          sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Rights Agent or, prior to the Distribution Date, on the registration books of
          the transfer agent for the Common Shares of the Company.

      

      

      Section 26.  Supplements and Amendments.  The Company
          and the Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective
          or inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder which the Company and the Rights Agent may deem necessary or desirable and which shall not adversely affect the
          interests of the holders of Right Certificates.

      

      

      Section 27.  Successors.  All the covenants and
          provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

      

      

      Section 28.  Benefits of this Agreement.  Nothing in
          this Agreement shall be construed to give to any person or corporation other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares of the Company) any legal
          or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates.

      

      

      Section 29.  Determinations and Actions by the Board of Directors. 

          The Board of Directors of the Company shall have the exclusive power and authority to administer this Agreement and to exercise the rights and powers specifically granted to the Board of Directors of the Company or to the Company, or as may be
          necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable for the
          administration of this Agreement (including, without limitation, a determination to redeem or not redeem the Rights or to amend or not amend this Agreement). All such actions, calculations, interpretations and determinations that are done or made
          by the Board of Directors of the Company in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights, as such, and all other parties.

      

      

      Section 30.  Severability.  If any term, provision,
          covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in
          full force and effect and shall in no way be affected, impaired or invalidated.

      

      

      
        17

        
          

      

      Section 31.  Governing Law.  This Agreement and each
          Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made
          and performed entirely within such State, except that the rights and obligations of the Rights Agent shall be governed by New York law.

      

      

      Section 32.  Counterparts.  This Agreement may be
          executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

      

      

      Section 33.  Descriptive Headings.  Descriptive headings
          of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

      

      

      
        18

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and their respective corporate seals to be
          hereunto affixed and attested, all as of the day and year first above written.

      

      

      	 	
              AMBASE CORPORATION

            
	 	
              By:

            	
              /s/ Richard A. Bianco

            	 
	 	
              Name:

            	
              Richard A. Bianco

            	 
	 	
              Title:

            	
              President & Chief Executive Officer

            	 

      

      

      	
              Attest:

            	 	 
	
              By:

            	
              /s/ John Ferrara

            	 
	
              Name:

            	
              John Ferrara

            	 
	
              Title:

            	
              Vice President and Chief Financial Officer,

            	 
	 	
              AmBase Corporation

            	 

      

      

      	 	
              AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

            
	 	
              By:

            	
              /s/ Mike Nespoli

            	 
	 	
              Name:

            	
              Mike Nespoli

            	 
	 	
              Title:

            	
              Executive Director, Relationship Manager

            	 

      

      

      	
              Attest:

            	 	 
	
              By:

            	
              /s/ Alexandra M. Albrecht

            	 
	
              Name:

            	
              Alexandra M. Albrecht

            	 
	
              Title:

            	
              Vice President,  Relationship Manager

            	 

      

      

      
        19

        
          

      

      EXHIBIT A

      

      

      AmBase Corporation

      (Form of Right Certificate)

      

      

      	
              Certificate No. R

            	 	
              Rights

            

      

      

      

      

      NOT EXERCISABLE AFTER MARCH
            27, 2029, OR EARLIER IF REDEEMED.  THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.  UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN
          ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) MAY BECOME NULL AND VOID.  [THE BENEFICIAL OWNER OF THE RIGHTS REPRESENTED BY THIS CERTIFICATE IS A PERSON WHO WAS AN ACQUIRING PERSON OR
          AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).  THIS RIGHT CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(d) OF THE RIGHTS
          AGREEMENT.

       

        

      Right Certificate

      AMBASE CORPORATION

      

      

      This certifies that                          , or registered assigns, is the registered owner of the number of Rights set forth above, each of which
          entitles the owner thereof, subject to the terms, provisions and conditions of the Second Amended and Restated Rights Agreement dated as of March 27, 2019 (the
          “Rights Agreement”), between AmBase Corporation, a Delaware corporation (“AmBase” or the “Company”), and American Stock Transfer & Trust Company, LLC, a New York corporation (the “Rights Agent”), unless the Rights evidenced hereby shall have
          been previously redeemed, to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M. (Eastern Time) on March 27, 2029 (the “Expiration Date”), at the principal corporate trust office of the Rights Agent, or its successors as Rights Agent, in New York, New York, one fully paid, non-assessable share of the common stock, $0.01
          par value (the “Common Shares”) of the Company, at the Purchase Price set forth in the Rights Agreement, upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed.  The number of Rights
          evidenced by this Right Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Purchase Price per share set forth above, are the number and Purchase Price as of April 17, 2019, based on the Common Shares as constituted at such date.

      

      

      As provided in the Rights Agreement, the Purchase Price and the number and kind of shares which may be purchased upon the exercise of
          the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

      

      

      If the Rights evidenced by this Right Certificate are, at the time of the occurrence of any Triggering Event (as defined in the Rights
          Agreement), beneficially owned by as Acquiring Person or an Affiliate or Associate of an Acquiring Person, such Rights shall become null and void upon the occurrence of such Triggering Event and the holder hereof shall not have any right to
          exercise such Rights from and after the occurrence of such Triggering Event.

      

      

      This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
          conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
          Rights Agent, the Company and the holders of the Right Certificates.  Copies of the Rights Agreement are on file at the above-mentioned office of the Rights Agent.

      

      

      This Right Certificate, with or without other Right Certificates, upon surrender at the principal corporate trust office of the Rights
          Agent, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Common Shares as the Rights evidenced by the Right Certificate or
          Right Certificates surrendered shall have entitled such holder to purchase.  If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for
          the number of whole Rights not exercised.

      

      

      
        
 

      

      

      
        20

        
          

      

      Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Company at its
          option at a redemption price of $0.01 per Right at any time prior to the earliest of (i) the Close of Business (as defined in the Rights Agreement) on the 10th day following the Shares Acquisition Date, (ii) the occurrence of a
          Triggering Event or (iii) the Close of Business on the Expiration Date.

      

      

      No fractional Common Share will be issued upon the exercise of any Right or Rights evidenced hereby, but in lieu thereof a cash
          payment will be made, as provided in the Rights Agreement.

      

      

      No holder of this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the
          Common Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the
          rights of a stockholder of the Company, including, without limitation, any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action,
          or, to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or other distributions or subscription rights, or otherwise, until the Right or Rights evidenced by
          this Right Certificate shall have been exercised in accordance with the provisions of the Rights Agreement.

      

      

      This Right Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

      

      

      WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.  Dated as of April 17, 2019.

      

      

      	
              AMBASE CORPORATION,

            
	
              By:

            	
              /s/ Richard A. Bianco

            	 
	 	
              Richard A. Bianco, Chairman, President & Chief Executive Officer

            	 

      

      

      	
              Attest:

            
	
              /s/ John Ferrara

            	 
	
              Secretary – AmBase Corporation

            	 

      

      

      	
              Countersigned:

            	 
	
              AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

            
	 	 	 
	
              By:

            	
              /s/ Mike Nespoli

            	 
	
              Authorized Signature

            	 

      

      

      
        21

        
          

      

      (Form of Reverse Side of Right Certificate)

      

      

      AmBase Corporation

      FORM OF ASSIGNMENT

      (To be executed by the registered holder if such

      holder desires to transfer the Right Certificates.)

      

      

      	
              FOR VALUE RECEIVED

            	 
	 	 
	
              hereby sells, assigns and transfers unto

            	 	 
	 	 	 
	 
	
              (Please print name and address of transferee)

            
	
              

              

            
	 

      

      

      this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint Attorney, to transfer the
          within Right Certificate on the books of the within-named Company, will full power of substitution.

      

      

      The undersigned certifies that the Rights evidenced by this Right Certificate are not beneficially owned by, and were not acquired by the undersigned
          from, an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).

      

      

      Dated: _______________, 20___

      

      

      	 	
              Signature

            

      

      

      Signature Guaranteed:

      NOTICE

      The signature to the foregoing Assignment must correspond to the name as written upon the face of this Right Certificate in every
          particular, without alteration or enlargement or any change whatsoever.

      

      

      
        22

        
          

      

      FORM OF ELECTION TO PURCHASE

      (To be executed if holder desires to

      exercise the Right Certificate.)

      

      

      To AMBASE CORPORATION:

      

      

      The undersigned hereby irrevocably elects to exercise                                  Rights represented by this Right Certificate to
          purchase the Common Shares issuable upon the exercise of such Rights and requests that certificates for such shares be issued in the name of:

      

      

      Please insert social security or other identifying number

      

      

      	
              (Please print name and address)

            
	 
	 

      If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such
          Rights shall be registered in the name of and delivered to:

      

      

      Please insert social security or other identifying number

      

      

      	
              (Please print name and address)

            
	 
	 

      The undersigned certifies that the Rights evidenced by this Right Certificate are not beneficially owned by, and were not acquired by the undersigned
          from, an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).

      

      

      	
              Dated: _______________________, 20___

            	 
	 	 
	 	
              Signature

              (Signature must conform in all respects to name of holder as specified on the face of this Right Certificate)

            

      

      

      Signature Guaranteed:

      

      

      

      

    

    23Exhibit
10.01

 

REAL
ESTATE SALE PURCHASE AGREEMENT

AND
JOINT ESCROW INSTRUCTIONS

 

	DATE:	March
    21, 2019
	 	 
	SELLER:	Black
    Rock Venture, LLC
	 	an
    Arizona limited liability company
	 	 
	BUYER:	Generation
    Alpha, Inc.,
	 	a
    Nevada corporation
	 	 
	 	With
    a copy to:
	 	 
	 	Laura
    A. Bianchi., Esq.
	 	Rose
    Law Group, PC
	 	7144
    E Stetson Drive, Suite 300
	 	Scottsdale
    Arizona 85251
	 	Email:
    lbianchi@roselawgroup.com
	 	 
	ESCROW
    AGENT:	Arizona
    Escrow & Financial Corp.
	 	Attn:
    Monica May-Dunn
	 	3333
    E. Camelback Rd. #110
	 	Phoenix,
    Arizona 85018
	 	 
	TITLE
    AGENT:	Thomas
    Title & Escrow
	 	Attn:
    Chadwick Campbell
	 	7150
    E. Camelback Rd. #195
	 	Scottsdale,
    Arizona 85251
	 	 
	PROPERTY:	As
    described in Recital A below.

 

THIS
REAL ESTATE SALE AND PURCHASE AGREEMENT AND JOINT ESCROW AND TITLE INSTRUCTIONS (this “Agreement”) is
made and entered into as of the _____ of March, 2019, by and between the members of Black Rock Venture, LLC an Arizona limited
liability company (“Seller”) and Generation Alpha, Inc., a Nevada corporation, or a to-be-formed affiliate
entity (“Buyer”) with respect to the following:

 

    	i

    	 

    

 

RECITALS:

 

	 	A.	Seller
    desires to sell and convey to Buyer all of Seller’s right, title and interest in the following:

 

	 	1.	That
    certain real property located at 2601 West Holly Street, Phoenix, Arizona 85009 and 2609 West Holly Street, Phoenix, Arizona
    85009, which is legally described on Exhibit “A” attached hereto (the “Land”), together
    with any buildings and other improvements located thereon (the “Building”) and all other improvements
    located thereon (collectively, the “Improvements”);
	 	 	 
	 	2.	All
    rights, privileges, easements and appurtenances benefitting the Land, the Building and/or the Improvements, including, without
    limitation, any use permits, approvals, mineral and water rights and all easements, rights-of-way and other appurtenances
    used or connected with the beneficial use or enjoyment of the Land, the Building and/or the Improvements (the Land, the Building,
    the Improvements and all such rights, privileges, easements and appurtenances are sometimes collectively hereinafter referred
    to as the “Real Property”);
	 	 	 
	 	3.	Pursuant
    to and in compliance with Title 9, Chapter 17 Department of Health Services Medical Marijuana Program (the “AZDHS
    Rules”) and A.R.S. § 36-2801 et seq., as amended from time to time (the “Act”)
    (the AZDHS Rules and the Act collectively referred to herein as the “AMMA”), as well as the applicable
    local rules and regulations required by the City of Phoenix (the “Local Regulations”), the Property
    holds the approvals and authorizations for the Conditional Use Permit (the “CUP”), as further detailed
    in Exhibit “B”, attached and incorporated by reference herein, which allows for the operation of a Cultivation
    and Infusion Facility on the Real Property (as further defined by the Local Regulations) (collectively referred to herein
    as the “Cultivation Facility”). Pursuant to the AMMA and Local Regulations, the Cultivation Facility
    shall be used for the cultivation, harvest, preparation, packaging, and storage of medical marijuana (“Marijuana”)
    as well as extraction, refinement, infusion, production, preparation, packaging, and storage of manufactured and derivative
    oils, waxes, concentrates, edible and non-edible products which contain Marijuana (collectively referred to herein as the
    “Marijuana Products”), subject to the AMMA and Local Requirements. To the best of Seller’s
    knowledge, The CUP is current and in good standing with the City of Phoenix and shall remain in good standing through the
    Closing Date, subject to the conditions and contingencies required by the CUP and Local Requirements, in compliance with the
    AMMA;
	 	 	 
	 	4.	All
    of Seller’s interest in each contract or agreement with respect to or affecting the Real Property or the Personal Property,
    together with any amendments, modifications or supplements thereto (collectively, the “Contracts”).
    The Real Property, including the approvals and authorizations required for the CUP, the Personal Property, and Seller’s
    interest as lessor under the Contracts are sometimes collectively hereinafter referred to as the “Property”;
    and
	 	 	 
	 	5.	Buyer
    is responsible for, and has conducted due diligence associated with the CUP and has confirmed, based on such review, that
    the Property is fit for Buyer’s intended use.

 

	 	B.	Seller
    desires to sell the Property to Buyer and Buyer desires to purchase the Property from Seller upon the terms and conditions
    hereinafter set forth.

 

    	ii

    	 

    

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree that the terms and conditions of this Agreement
and the instructions to Escrow Agent and Title Agent with regard to the escrow accounts (“Escrow”) created
pursuant hereto are as follows:

 

ARTICLE
1

AGREEMENT OF THE PARTIES

 

1.1
Agreement. In consideration of their mutual covenants set forth in this Agreement, Seller agrees to sell to Buyer, and
Buyer agrees to purchase from Seller, for the Purchase Price (as defined in Section 2.1 below) and on the terms and conditions
set forth in this Agreement, the Property (collectively, the “Transaction”).

 

1.2
Effectiveness of Agreement; Opening Date. This Agreement shall be effective when both Buyer and Seller have executed this
Agreement. Within one (1) day following the date of execution of this Agreement by both Buyer and Seller, Buyer will deliver,
or shall cause to be delivered, a fully executed copy of this Agreement to Escrow Agent and Title Agent. The “Opening
Date” shall be the date on which Escrow Agent and Title Agent receive the fully executed copy and has notified each
Party in writing of such receipt. Promptly upon receipt, Escrow Agent and Title Agent shall notify Buyer and Seller in writing
of the Opening Date and shall establish the Escrow and Title accounts for the transaction described herein.

 

ARTICLE
2

PURCHASE PRICE AND PAYMENT TERMS

 

2.1
Purchase Price. The total purchase price for the Property is Three Million Five Hundred and 00/100 Dollars ($3,500,000.00)
(the “Purchase Price”).

 

2.2
Payment. The Purchase Price shall be paid by Buyer as follows:

 

(a)
Earnest Money. Pursuant to that certain Letter of Intent (the “LOI”), Buyer deposited in escrow the
sum of Fifty Thousand and/100 Dollars ($50,000.00) as the initial earnest money deposit (the “Initial Deposit”).
In addition to the Initial Deposit, on or before March 22, 2019, Buyer shall deposit with Escrow Agent an additional earnest deposit
in the amount of One Hundred Thousand and 00/100 Dollars ($100,000.00) (the “Second Deposit”)(the Initial
Deposit and Second Deposit collectively referred to herein as the “Earnest Deposits”). Pursuant to and
in accordance with the LOI and those certain Ernest Deposit Escrow Instructions (“Earnest Deposit Instructions”)
the Initial Deposit was deemed non-refundable to Buyer on March 8, 2019, excepting in the event of a material breach or willful
misconduct on the part of Seller. The Second Deposit shall remain fully refundable to Buyer until the Close (as defined herein)
of the Transaction. If the Transaction Closes successfully, in accordance with all terms and conditions herein, the Earnest Deposits
shall be credited towards the Purchase Price.

 

    	1

    	 

    

 

(b)
Cash Payment at Closing. The balance of the Purchase Price, which shall be an amount equal to Three Million Three Hundred
Fifty Thousand and 00/100 ($3,350,000.00) shall be deposited with Escrow Agent immediately prior to Closing (as defined herein),
to be paid to Seller upon the successful Close of the Transaction.

 

(c)
Manner of Payment. All payments that Buyer is required to make under this Section shall be made by cashier’s check
payable to Escrow Agent or by wire transfer of ready funds to the account of Escrow Agent.

 

(d)
Disbursements. At Closing, all amounts paid by Buyer on account of the Purchase Price, less any closing costs payable by
Seller, shall be disbursed to Seller.

 

(e)
1031 Exchange. Buyer is aware that Seller may perform an Internal Revenue Code Section 1031 tax-deferred exchange (a “1031
Exchange”). Buyer agrees to cooperate with Seller, as reasonably necessary or required pursuant to a 1031 Exchange.
Seller agrees to hold Buyer harmless from any and all claims, costs, liabilities, or delays in time resulting from any 1031 Exchange
associated with or related to this Agreement.

 

ARTICLE
3

ESCROW

 

3.1
Establishment of Escrow and Title; Escrow and Title Instructions. This Agreement constitutes escrow instructions to Escrow
Agent and Title Agent, as applicable. Should Escrow Agent and/or Title Agent require the execution of its standard form printed
escrow instructions, Buyer and Seller agree to execute same; however, such instructions shall be construed as applying only to
Escrow Agent and/or Title Agent’s engagement, and if there are conflicts between the terms of this Agreement and the terms
of the printed escrow instructions, the terms of this Agreement shall control.

 

3.2
Cancellation Charges. If the Transaction fails to Close because of Seller’s default, Seller shall be liable for all
customary escrow and title cancellation charges. If the Transaction fails to Close because of Buyer’s default, Buyer shall
be liable for all customary escrow and title cancellation charges. If the Transaction fails to close for any other reason, Seller
and Buyer shall each be liable for one-half of all customary escrow and title cancellation charges.

 

3.3
Escrow and Title Instructions; Escrow Agent and Title Agent not a Party. The Parties shall deliver to Escrow Agent and
Title Agent an executed copy of this Agreement, which shall constitute instructions to Escrow Agent and Title Agent. By accepting
this escrow, Escrow Agent and Title Agent agrees be bound by the terms of this Agreement as they relate to the duties of Escrow
Agent or Title Agent, respectively. However, such agreement does not constitute Escrow Agent nor Title Agent as a Party to this
Agreement and no consent or approval from Escrow Agent nor Title Agent shall be required to amend, extend, supplement, cancel
or otherwise modify this Agreement except to the extent any such action increases the duties of Escrow Agent or Title Agent or
exposes Escrow Agent or Title Agent to increased liability, in which such action shall not be binding on Escrow Agent or Title
Agent unless Escrow Agent or Title Agent has consented to the same in writing. If any of the provisions of this Agreement conflict
with any printed form instructions given to Escrow Agent or Title Agent, the provisions of this Agreement shall govern and control,
unless this Agreement is specifically modified or amended by both Parties hereto, and a copy of the executed amendment is delivered
to Escrow Agent and Title Agent. Without limiting the foregoing, no provision in any printed form instructions shall excuse any
performance by either Party at the times provided in this Agreement, extend the Closing provided for herein, provide either Party
hereto with any grace period not provided in this Agreement, indemnify Escrow Agent or Title Agent for its negligence or willful
failure to perform its duties, or give Escrow Agent, Title Agent, or any broker any rights in this Agreement or the Earnest Money,
and any such provision shall be deleted.

 

    	2

    	 

    

 

ARTICLE
4

INFORMATION TO BE PROVIDED TO BUYER

 

4.1
Information and Other Items to Be Provided to Buyer. Seller has provided, and Buyer acknowledges receipt of, documents
concerning the Property in Seller’s actual physical possession (collectively, the “Due Diligence Materials”).
Buyer acknowledges it has thoroughly inspected the Property and agrees to accept in the same in its AS IS condition, with no representations
or warranties from Seller regarding the condition thereof or entitlements thereto, excepting as it pertains to the CUP, the confirmation
and good standing of which shall be a required representation of Seller, and otherwise a condition to close, as further detailed
herein.

 

ARTICLE
5

CONDITIONS TO CLOSING

 

5.1
Conditions to Buyer’s Obligation to Close. Buyer’s obligations to Close this Transaction are subject to the
satisfaction of the following conditions on and as of the Closing, unless an earlier date is specified:

 

(a)
Seller Closing Documents. Seller has delivered into Escrow each of the Seller Closing Documents as set forth in Section
6.3 below.

 

(b)
Full Compliance. Seller has fully performed all of its obligations to be performed by Seller on or before Closing.

 

If
any of the foregoing conditions is not fulfilled on or before the Closing Date, Buyer may, in addition to any right or remedy
otherwise available to Buyer, by written notice to Seller given at any time prior to Closing, cancel this Agreement. Upon such
cancellation, Buyer shall be entitled to a return of the Second Deposit.

 

    	3

    	 

    

 

5.2
Conditions to Seller’s Obligation to Close. Seller’s obligation to Close this transaction is subject to the
satisfaction of the following conditions on and as of the Closing, unless an earlier date is specified:

 

(a)
Buyer Closing Documents. Buyer has delivered into Escrow each of the Buyer Closing Documents as set forth in Section
6.4 below

 

(b)
Full Compliance. Buyer has fully performed all of its obligations to be performed by Buyer on or before Closing.

 

If
any of the foregoing conditions is not fulfilled on or before the Closing Date, Seller may, in addition to any right or remedy
otherwise available to Seller, by written notice to Buyer, cancel this Agreement. Upon such cancellation, Seller shall be entitled
to retain the Initial Deposit.

 

5.3
Delivery of Certain Items to Seller. If this Agreement is cancelled by either Party for any reason other than a default
by Seller, Buyer shall provide to Seller, at no cost to Seller, copies of all feasibility studies, reports, surveys, correspondence,
or any other items obtained or created by or on behalf of Buyer in connection with its investigations, inspections, and reviews
of the Property.

 

ARTICLE
6

CLOSING

 

6.1
Time of Closing. The Closing of this Transaction and Escrow (referred to in this Agreement as the “Close”
or “Closing”) shall occur on or before April 1, 2019, or as the Parties otherwise mutually agree upon
in writing (the date on which the Transaction Closes shall be deemed the “Closing Date”).

 

6.2
Closing Statements. Prior to Closing, Escrow Agent and/or Title Agent will prepare separate closing settlement statements
for Seller and Buyer, reflecting the various charges, prorations and credits applicable to such Party, as provided in this Agreement,
and provide Seller with a copy of Seller’s closing settlement statement and Buyer with a copy of Buyer’s closing settlement
statement. Prior to Closing, Seller shall have the right to review and approve its closing settlement statement to insure that
such settlement statement conforms to the terms of this Agreement, and the settlement statement for Seller, as approved by Seller,
is referred to in this Agreement as the “Seller Closing Settlement Statement”. Prior to Closing, Buyer
shall have the right to review and approve its closing settlement statement to insure that such settlement statement conforms
to the terms of this Agreement, and the settlement statement for Buyer, as approved by Buyer, is referred to in this Agreement
as the “Buyer Closing Settlement Statement”.

 

6.3
Seller’s Closing Documents. On or before the Closing Date, Seller shall deposit into Escrow the following documents
for delivery to Buyer at the Closing, each of which shall have been duly executed and, where appropriate, acknowledged:

 

(a)
A Special Warranty Deed the form attached hereto as Exhibit “C” (the “Deed”) conveying the
Property to Buyer, subject only to the Approved Title Exceptions;

 

    	4

    	 

    

 

(b)
A declaration of value as required by law;

 

(c)
Bill of Sale (“Bill of Sale”), duly executed by Seller, in the form attached hereto as Exhibit “D”,
conveying without warranty, all of Seller’s right, title and interest in and to the Personal Property;

 

(d)
Confirmation to Buyer of CUP’s good standing with the City of Phoenix;

 

(e)
Confirmation and acknowledgement to Buyer that Seller shall take any action, as reasonably necessary or otherwise required by
the AMMA, the Local Requirements, the CUP or the Arizona Department of Health Services (“AZDHS”), to
ensure the CUP remains in good standing with the City of Phoenix, including without limitation the cooperation with, and/or assistance
to, Buyer with regard to any obligation related to the CUP, which Buyer cannot fulfill without such Seller cooperation and assistance.

 

(f)
A certification to Buyer and Escrow Agent, signed and acknowledged by Seller under penalties of perjury, certifying that Seller
is not a nonresident alien, foreign corporation, foreign partnership, foreign trust, foreign estate, or other foreign person within
the meaning of Section 1445 and 7701 of the Internal Revenue Code of 1986 and the related Treasury Regulations; and

 

(g)
Such other documents as may be necessary or appropriate to transfer and convey all of the Property to Buyer and to otherwise consummate
this Transaction in accordance with the terms of this Agreement.

 

6.4
Buyer’s Closing Documents. On or before the Closing Date, Buyer shall deposit into escrow the following documents
for delivery to Seller at the Closing, each of which shall have been duly executed and, where appropriate, acknowledged:

 

(a)
A declaration of value as required by law;

 

(b)
The remaining balance of the Purchase Price; and

 

(c)
Such other documents as may be necessary or appropriate to consummate this transaction in accordance with the terms of this Agreement.

 

6.5
Closing Costs and Prorations.

 

(a)
Escrow Charges. Upon the Closing, Seller and Buyer each agree to pay one-half of the escrow charges.

 

(b)
Recording Fees. Fees for recording the Deed will be paid by Seller. All other recording fees will be paid by Buyer and
Seller equally.

 

(c)
Documentary Taxes and Transfer Taxes; Sales Taxes. Seller will pay any documentary transfer tax, stamp tax, real estate
conveyance tax or similar tax or fee due and payable in connection with this Transaction. Seller will pay any transaction privilege
tax, sales tax, or use tax payable on account of the sale of any portion of the Property.

 

    	5

    	 

    

 

(d)
Assessments, Liens, Encumbrances. On or before the Closing Date, Seller shall pay in full any improvement district assessments
or other assessments, liens or monetary encumbrances (including but not limited to, sewer and water assessments or special fees),
which are liens or assessments affecting the Property as of the date of the Closing, whether or not then due (including, without
limitation, any installments due in future years), and such payments shall not increase the amount payable by Buyer hereunder.

 

(e)
Operating Costs. Seller will remain responsible for all costs, expenses or liabilities arising or occurring with respect
to the ownership or operation of the Property prior to the Closing Date, and Buyer will be responsible for all costs, expenses
or liabilities arising or occurring with respect to the ownership or operation of the Property on or after the Closing Date. Without
limiting the foregoing, the following prorations between Seller and Buyer shall be made by Escrow Agent computed as of the Close
of Escrow:

 

(i)
Taxes. Real and personal property taxes and assessments on the Property shall be prorated on the basis that Seller is responsible
for (i) all such taxes for the fiscal year of the applicable taxing authorities occurring prior to the “Current Tax Period”
(as hereinafter defined); and (ii) that portion of such taxes for the Current Tax Period determined on the basis of the number
of days which have elapsed from the first day of the Current Tax Period to the Close of Escrow, inclusive, whether or not the
same shall be payable prior to the Close of Escrow. The phrase “Current Tax Period” refers to the fiscal
year of the applicable taxing authority in which the Close of Escrow occurs. In the event that as of the Close of Escrow the actual
tax bills for the year or years in question are not available and the amount of taxes to be prorated as aforesaid cannot be ascertained,
then rates and assessed valuation of the previous year, with known changes, shall be used; and when the actual amount of taxes
and assessments for the year or years in question shall be determinable, then such taxes and assessments will be re-prorated between
the Parties to reflect the actual amount of such taxes and assessments.

 

(ii)
Operating Expenses. All utility service charges for electricity, heat and air conditioning service, other utilities, elevator
maintenance, common area maintenance, taxes (other than real estate taxes) such as rental taxes, other expenses incurred in operating
the Property that Seller customarily pays, and any other costs incurred in the ordinary course of operation of the Property, shall
be prorated on an accrual basis. Seller shall pay all such expenses that accrue prior to the Closing Date, and Buyer shall pay
all such expenses accruing on the Closing Date and thereafter. Seller and Buyer shall obtain billings and meter readings as necessary,
to aid in such prorations if Buyer shall so request. Unless so requested, utility services will be terminated by Seller and recommenced
by Buyer effective on the Closing Date.

 

    	6

    	 

    

 

(iii)
Capital Expenditures. All capital and other improvements (including labor and materials) which are performed or contracted
for by Seller at or prior to the Close of Escrow will be paid by the Seller, without contribution or proration from Buyer.

 

(iv)
Insurance. The insurance maintained by Seller shall be cancelled effective as of the Closing Date.

 

(v)
Contracts. Amounts payable under those Contracts which Buyer has elected to assume shall be prorated on an accrual basis.
Seller shall pay all amounts due thereunder which accrue prior to the Closing Date, and Buyer shall pay all amounts accruing on
the Closing Date and thereafter. Seller shall pay in full all amounts due under and terminate as of the Closing Date any Contracts
to the extent they affect the Property which Buyer has not elected to assume.

 

(f)
Miscellaneous Closing Costs. Any other closing costs not provided for above or elsewhere in this Agreement shall be paid
by Buyer and Seller according to the usual and customary practice Phoenix, Maricopa County, State of Arizona.

 

(g)
Method of Payment. All closing costs and commissions payable by Seller shall be deducted from Seller’s proceeds at
the Closing.

 

6.6
Payments and Disbursements to Be Handled through the Escrow. The various charges, credits and prorations contemplated by
this Agreement will be handled by Escrow Agent through the escrow by appropriate charges and credits to Buyer and Seller and will
be reflected in the Seller Closing Settlement Statement or the Buyer Closing Settlement Statement, as appropriate. All amounts
payable pursuant to this Agreement will be paid to Escrow Agent for disposition through Escrow Agent. Escrow Agent is authorized
to make all disbursements to the Parties and to third-parties contemplated by this Agreement from funds deposited for those purposes,
as necessary or appropriate to Close this Transaction and as set forth in the Seller Closing Settlement Statement and the Buyer
Closing Settlement Statement.

 

ARTICLE
7

SELLER’S REPRESENTATIONS AND WARRANTIES

 

7.1
Nature of Seller’s Representations. Each of the representations and warranties of Seller contained in this Article
7 constitutes a material part of the consideration to Buyer and Buyer is relying on the correctness and completeness of these
representations and warranties in entering into this transaction. Each of the representations and warranties is true and accurate
as of the date of execution of this Agreement by Seller, will be true and accurate as of the Closing and will survive the Closing,
regardless of any investigation or inspection by Buyer.

 

7.2
Representations and Warranties. Seller represents and warrants to Buyer as follows:

 

(a)
Duly Organized and Authorized. Seller is a limited liability company, duly organized and in good standing under the laws
of the State of Arizona. Seller has full power and authority to sign this Agreement and any documents and instruments in connection
herewith. The execution, delivery and performance of this Agreement by Seller have been duly authorized by, and upon delivery
to and execution by Buyer this Agreement shall be a valid and binding agreement of, Seller. There is no consent required from
any third Party before the Property may be conveyed to Buyer.

 

    	7

    	 

    

 

(b)
No Liens, Claims or Encumbrances. There are no attachments, levies, executions, assignments for the benefit of creditors,
receiverships, conservatorships or voluntary or involuntary proceedings in bankruptcy or any other debtor relief actions contemplated
by Seller or filed by Seller, or to Seller’s actual knowledge, pending in any current judicial or administrative proceeding
against Seller.

 

(c)
No Occupancy Rights. There are no leases or tenancies of any kind affecting the Property.

 

(d)
Conditional Use Permit. Per the information provided by Seller, the Property has obtained all authorizations and approvals
required for the CUP, subject to certain stipulations which will be the responsibility of Buyer. Seller represents and warrants
any Due Diligence Materials provided by Seller, are true and accurate to the best of Seller’s knowledge, and to the extent
known or which should be reasonably known by Seller, the CUP is in good standing with the City of Phoenix, and was obtained in
accordance with the AMMA and the Local Requirements. Notwithstanding the foregoing, Buyer is responsible for, and has conducted,
any required due diligence associated with the CUP, based on the Due Diligence Materials provided by Seller, or otherwise reasonably
obtainable by Buyer, to conduct such review.

 

(e)
Litigation. Neither Seller nor any of its constituent members is a Party to any pending or threatened action, suit, proceeding
or investigation, at law or in equity or otherwise, in, for or by any court or governmental board, commission, agency, department
or officer arising from or relating to this transaction, the Property or to the past or present operations and activities of Seller
upon or relating to the Property. No litigation, administrative or other proceeding (including any condemnation proceeding), or
order or judgment is pending, outstanding, or threatened against or relating to any portion of the Property or which could affect
the performance by Seller of any of its obligations under this Agreement. Seller has no knowledge of any facts or circumstances
which could give rise to such action.

 

(f)
Taxes. Seller does not have any liability for any taxes, or any interest or penalty in respect thereof, of any nature that
may be assessed against Buyer or that are or may become a lien against the Property, other than the lien for current real property
taxes and assessments not yet due and payable.

 

ARTICLE
8

ADDITIONAL COVENANTS

 

8.1
Possession. Possession of the Property shall be delivered to Buyer upon the Closing.

 

    	8

    	 

    

 

8.2
Risk of Loss. The risk of loss or damage to the Property and all liability to third persons until the Closing shall be
borne solely by Seller and immediately upon Closing, shall be borne solely by Buyer.

 

8.3
Indemnity.

 

(a)
Buyer’s Indemnity. Buyer shall defend, indemnify, save and hold Seller and its Related Parties harmless for, from
and against any and all Claims:

 

(i)
Directly or indirectly relating in any way to the Property and accruing from and after the Closing;

 

(ii)
Accruing at any time before or after the Closing as the result of the acts or omissions of Buyer, any of Buyer’s Related
Parties, or any of Buyer’s consultants, representatives, or contractors; and

 

(iii)
Subject to any limitations imposed by Section 10.1 below, arising as a result of the breach by Buyer of any of Buyer’s obligation
under this Agreement or under any other agreement or document delivered by Buyer in accordance with this Agreement, or as a result
of the inaccuracy of any representation or warranty made by Buyer in this Agreement or in any other agreement or document delivered
by Buyer pursuant to this Agreement or in connection with the transactions contemplated by this Agreement;

 

except,
in the case of Claims under both clauses (i) and (ii), to the extent arising from any actions, activities, or omissions of Seller,
its Related Parties, or any of Seller’s consultants, representatives, or contractors.

 

(b)
Seller’s Indemnity. Seller shall defend, indemnify, save and hold Buyer and its Related Parties harmless for, from
and against any and all Claims:

 

(i)
Directly or indirectly relating in any way to the Property and accruing prior to Closing; and

 

(ii)
Subject to any limitations imposed by Section 10.1 below arising as a result of the breach by Seller of any of Seller’s
obligation under this Agreement or under any other agreement or document delivered by Seller in accordance with this Agreement,
or as a result of the inaccuracy of any representation or warranty made by Seller in this Agreement or in any other agreement
or document delivered by Seller pursuant to this Agreement or in connection with the transactions contemplated by this Agreement;

 

except,
in the case of Claims under clause (i), to the extent arising from any actions, activities, or omissions of Buyer, its Related
Parties, or any of Buyer’s consultants, representatives, or contractors, and except to the extent otherwise within the coverage
of any of Buyer’s other indemnification obligations under this Agreement.

 

    	9

    	 

    

 

(c)
Scope. The indemnity obligations of a Party under this Section 8.6 are in addition to and not in lieu of any other indemnification
obligations of such Party set forth elsewhere in this Agreement.

 

ARTICLE
9

BROKERAGE

 

9.1
Buyer Brokerage. Buyer warrants that they have not dealt with any broker in connection with this transaction other than
Pete Wilson with Kidder Mathews, Inc. (“Buyer Broker”). Seller warrants that they have not dealt with
any broker in connection with this transaction other than Andrew Jaffe, with J&J Properties, Inc. d/b/a Commercial Properties
Inc. (“Seller Broker”)(Buyer Broker and Seller Broker collectively referred to herein as, “Brokers”).
If any other person shall assert a claim to a finder’s fee, brokerage commission or other compensation on account of alleged
employment as a finder or broker or performance of services as a finder or broker in connection with this transaction, the Party
under whom the finder or broker is claiming shall indemnify, defend, and hold harmless the other Party and such Party’s
Related Parties for, from and against any and all Claims in connection with such claim or any action or proceeding brought on
such claim.

 

9.2
Commissions. Seller shall be solely responsible for all commissions payable to Brokers as a result of the transaction contemplated
herein pursuant to the terms and conditions of a separate agreement between Seller and Broker. The commission due to Brokers shall
be equal to a total of six percent (6%) of the gross sales price, with three percent (3%) paid to Buyer Broker and three percent
(3%) paid to Seller Broker.

 

ARTICLE
10

defaults and REMEDIES

 

10.1
Defaults by Buyer.

 

(a)
Buyer’s Default. The occurrence of any of the following will constitute a default by Buyer under this Agreement:

 

(i)
If, by the time set for the Closing, Buyer has failed to deposit with Escrow Agent, the balance of the Purchase Price, the documents
and other items to be deposited by Buyer by the time set for Closing, or if Buyer otherwise fails to perform any other obligation
of Buyer to be performed by the time set for Closing (all such obligations being referred to collectively as the “Buyer
Closing Obligations”); or

 

(ii)
If Buyer fails to observe or perform any of the other covenants or agreements contained in this Agreement to be observed or performed
by Buyer, but such failure, if of a type that can be cured or corrected by Buyer, will not be a default unless such failure continues
for five (5) days after written notice of breach is given by Seller to Buyer except that if such failure is of such a character
as to require more than five (5) to correct, Buyer will not be in default if Buyer commences actions to correct such failure within
the 15-day period and thereafter, using reasonable diligence, cures such failure. In no event, however, will the cure period be
extended beyond the time set for Closing.

 

    	10

    	 

    

 

(b)
Seller’s Remedies.

 

(i)
If Buyer is in default with respect to the Buyer Closing Obligations, Seller’s sole and exclusive remedy with respect to
such default shall be to cancel this Agreement and the escrow, such cancellation to be effective immediately upon Seller giving
written notice of cancellation to Buyer, Escrow Agent and Title Agent. Upon such cancellation, the Second Deposit shall be released
to Buyer; however, Seller shall be entitled to receive and retain all the Initial Deposit as liquidated damages for such failure
and not as a penalty, the Parties agreeing and stipulating that the exact amount of damages would be extremely difficult to ascertain
and that the Initial Deposit constitutes a reasonable and fair approximation of such damages.

 

(ii)
If Buyer is in default with respect any of its obligations under this Agreement, other than the Buyer Closing Obligations, including
any indemnity obligation, Seller shall have all rights and remedies at law or in equity in connection with such default.

 

10.2
Default by Seller.

 

(a)
Seller’s Default. The occurrence of any of the following will constitute a default by Seller under this Agreement:

 

(i)
If, by the time set for the Closing, Seller has failed to deposit with Escrow Agent and/or Title Agent, the documents and other
items to be deposited by Seller in escrow by the time set for Closing, or Seller otherwise fails to perform any other obligation
of Seller to be performed by the time set for Closing (all such obligations being referred to collectively as the “Seller
Closing Obligations”); or

 

(ii)
If Seller fails to observe or perform any of the other covenants or agreements contained in this Agreement to be observed or performed
by Seller, but such failure, if of a type that can be cured or corrected by Seller, will not be a default unless such failure
continues for 5 days after written notice of breach is given by Buyer to Seller except that if such failure is of such a character
as to require more than 5 days to correct, Seller will not be in default if Seller commences actions to correct such failure within
the 5-day period and thereafter, using reasonable diligence, cures such failure. In such event, the time for Closing will automatically
be extended to permit such cure within the time period above provided.

 

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(b)
Buyer’s Remedies.

 

(i)
If Seller is in default with respect to the Seller Closing Obligations, Buyer’s sole and exclusive remedy with respect to
such default shall be to cancel this Agreement and the escrow, such cancellation to be effective immediately upon Buyer giving
written notice of cancellation to Seller, Escrow Agent, and Title Agent. Upon such cancellation, the Second Deposit shall be released
to Buyer and unless the default is due to willful misconduct by Seller, Seller shall be entitled to retain the Initial Deposit;
however if such default is due to the willful misconduct by Seller, the Initial Deposit shall be also be immediately returned
to Buyer.

 

(ii)
If Seller is in default with respect any of its obligations under this Agreement, other than the Seller Closing Obligations, including
any indemnity obligation, Buyer shall have all rights and remedies at law or in equity in connection with such default.

 

ARTICLE
11

GENERAL PROVISIONS

 

11.1
Certain Definitions. As used in this Agreement, certain capitalized terms are defined as follows:

 

(a)
“Claims” means any and all obligations, debts, covenants, conditions, representations, costs, and liabilities
and any and all demands, causes of action, and claims, of every type, kind, nature or character, direct or indirect, known or
unknown, absolute or contingent, determined or speculative, at law, in equity or otherwise, including attorneys’ fees and
litigation and court costs.

 

(b)
“Related Parties” means, with respect to any person or entity, the officers, directors, shareholders,
partners, members, employees, agents, attorneys, successors, personal representatives, heirs, executors, or assigns of any such
person or entity.

 

11.2
Assignment. Buyer may not assign its rights under this Agreement, excepting to an existing, or to-be-formed, wholly owned
affiliate of Buyer.

 

11.3
Cooperation. Seller shall cooperate fully with Buyer in obtaining any necessary governmental approvals to the transfer
of any item of property being sold to Buyer pursuant to this Agreement.

 

11.4
Binding Effect. The provisions of this Agreement are binding upon and shall inure to the benefit of the Parties and their
respective heirs, personal representatives, successors and assigns.

 

11.5
Attorneys’ Fees. If either Party to this Agreement initiates or defends any legal action or proceeding with the other
Party in any way connected with this Agreement, the prevailing Party in any such legal action or proceeding, in addition to any
other relief which may be granted, whether legal or equitable, shall be entitled to recover from the losing Party in any such
legal action or proceeding its reasonable costs and expenses of suit, including reasonable attorneys’ fees and expert witness
fees. If either Party to this Agreement initiates or defends any legal action or proceeding with a third Party because of the
violation of any term, covenant, condition or agreement contained in this Agreement by the other Party to this Agreement, then
the Party so litigating shall be entitled to recover its reasonable costs and expenses of suit, including reasonable attorneys’
fees and expert witness fees, incurred in connection with such litigation from the other Party to this Agreement. All such costs
and attorney’s fees shall be deemed to have accrued on commencement of any such legal action or proceeding and shall be
enforceable whether or not such legal action or proceeding is prosecuted to judgment. Attorneys’ fees under this Section
include attorneys’ fees on any appeal and in any bankruptcy or similar or related proceeding in federal or state courts.
Any dispute as to the amounts payable pursuant to this Section shall be resolved by the court and not by a jury.

 

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11.6
Waivers. No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provision, whether
or not similar, nor shall any waiver be a continuing waiver. Except as expressly provided in this Agreement, no waiver shall be
binding unless executed in writing by the Party making the waiver. Either Party may waive any provision of this Agreement intended
for its benefit; provided, however, such waiver shall in no way excuse the other Party from the performance of any
of its other obligations under this Agreement.

 

11.7
Notices. All notices shall be in writing and shall be made by hand delivery, facsimile, express delivery service, freight
prepaid, or by certified mail, postage prepaid, return receipt requested. Notices will be delivered or addressed to Seller and
Buyer at the addresses or facsimile numbers set forth on the first page of this Agreement or at such other address or number as
a Party may designate to the other Party in writing. Any such notice shall be deemed to be given and received and shall be effective
(a) on the date on which the notice is delivered, if notice is given by hand delivery; (b) on the date of actual receipt, if the
notice is sent by express delivery service; (c) on the date on which it is received or rejected as reflected by a receipt if given
by United States mail, addressed and sent as aforesaid; and (d) when transmitted properly, in the case of facsimile transmission,
with a facsimile being deemed to have been properly transmitted as of the date of successful transmission of the entire notice,
as confirmed by return transmission; provided, however, that if successful transmission is completed after 5:00
PM, local time for the recipient on such day, then the facsimile transmission will be deemed to have been given and received and
become effective on the next succeeding day.

 

11.8
Further Documentation. Each Party agrees in good faith to execute such further or additional documents as may be necessary
or appropriate to fully carry out the intent and purpose of this Agreement.

 

11.9
Survival. The following obligations of the Parties will survive the Closing or cancellation of this Agreement, whether
contained in this Agreement or in any agreement, instrument, or other document given by a Party in connection with the transactions
contemplated by this Agreement:

 

(a)
Post-Closing Covenants. Any and all obligations of the Parties that are to be performed following the Closing;

 

(b)
Indemnification Obligations. All indemnity obligations of the Parties;

 

    	13

    	 

    

 

(c)
Warranties. Any and all warranties or representations of the Parties; and

 

(d)
Other Obligations. Any other obligation with respect to which it is expressly provided that it will survive the Closing
or cancellation of this Agreement.

 

11.10
Counterparts. This Agreement may be executed in counterparts (and by different Parties to this Agreement in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy to the other Party shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

11.11
Construction. Unless the context of this Agreement clearly requires otherwise or unless otherwise expressly stated in this
Agreement, this Agreement shall be construed in accordance with the following:

 

(a)
Use of Certain Words. References to the plural include the singular and to the singular include the plural and references
to any gender include any other gender. The part includes the whole; the terms “include” and “including”
are not limiting; and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(b)
References. References in this Agreement to “Articles,” “Sections,” or Exhibits are to the Articles
and Sections of this Agreement and the Exhibits to this Agreement. Any reference to this Agreement includes any and all amendments,
extensions, modifications, renewals, or supplements to this Agreement. The headings of this Agreement are for purposes of reference
only and shall not limit or define the meaning of any provision of this Agreement.

 

(c)
The Recitals. Buyer and Seller acknowledge that the Recitals are accurate and that they are a part of this Agreement.

 

(d)
Construing the Agreement. Each of the Parties to this Agreement acknowledges that such Party has had the benefit of independent
counsel with regard to this Agreement and that this Agreement has been prepared as a result of the joint efforts of all Parties
and their respective counsel. Accordingly, all Parties agree that the provisions of this Agreement shall not be construed or interpreted
for or against any Party to this Agreement based upon authorship or any other factor but shall be construed and interpreted according
to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all Parties to this Agreement.

 

(e)
Partial Invalidity. If any portion of this Agreement is determined to be unconstitutional, unenforceable or invalid, such
portion of this Agreement shall be stricken from and construed for all purposes not to constitute a part of this Agreement, and
the remaining portion of this Agreement shall remain in full force and effect and shall, for all purposes, constitute the entire
Agreement.

 

    	14

    	 

    

 

(f)
Governing Law. This Agreement shall be construed according to the laws of the State of Arizona, without giving effect to
its conflict of laws principles.

 

(g)
Time of Essence; Time Periods. Time is of the essence of this Agreement. The time for performance of any obligation or
taking any action under this Agreement shall be deemed to expire at 5:00 PM Arizona time on the last day of the applicable time
period provided for in this Agreement. If the time for the performance of any obligation or taking any action under this Agreement
expires on a Saturday, Sunday or legal holiday, or any other day that Escrow Agent and/or Title Agent is closed for business,
the time for performance or taking such action shall be extended to the next succeeding day which is not a Saturday, Sunday or
legal holiday or day on which Escrow Agent and/or Title Agent is closed for business.

 

(h)
Entire Agreement. This Agreement, which includes Exhibits A through D and, constitutes the entire agreement between
the Parties pertaining to the subject matter contained in this Agreement. All prior and contemporaneous agreements, representations
and understandings of the Parties, oral or written, are superseded by and merged in this Agreement. No supplement, modification
or amendment of this Agreement shall be binding unless in writing and executed by Buyer and Seller.

 

[Signatures
on Following Page]

 

    	15

    	 

    

 

EXECUTED
as of the date written on the first page of this Agreement.

 

BUYER:

Generation
Alpha, Inc.

a
Nevada corporation

 

	By:
    	 	 
	Name:		 
	Its:
    		 

 

SELLER:

Black
Rock Venture, LLC

an
Arizona limited liability company

 

	By:
    	 	 
	Name:
    	 	 
	Its:
    	 	 

 

    	16

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