Document:

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

NEURALSTEM,
Inc.

 

	Warrant Shares: 15,000	Initial Exercise Date: [*]

 

 

THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received, Roar Advisors, LLC  (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close
of business on the five year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Neuralstem, Inc., a Delaware corporation (the “Company”), up to 15,000
 shares (the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock
under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

Section
1.Definitions.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. With respect to a Holder,
any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Holder will
be deemed to be an Affiliate of such Holder.

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, and the OTC Bulletin Board.

 

“Transfer
Agent” means American Stock Transfer and Trust Company, the current transfer agent of the Company with a mailing address
of 59 Maiden Lane, New York, New York 10038 and a facsimile number of (718) 921-8336, and any successor transfer agent of the Company.

 

Section 2.Exercise.

 

a)                 
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or
such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto;
and, within 3 Business Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment
of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States
bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within 3 Business Days of the date
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise Form within 1 Business Day of receipt of such notice. In the event of any dispute or discrepancy, the
records of the Company shall be controlling and determinative in the absence of manifest error. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may
be less than the amount stated on the face hereof.

 

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b)                 
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.25, subject
to adjustment hereunder (the “Exercise Price”).

 

 

c)                 
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other person or entity acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates.  Except
as set forth in the preceding sentence, for purposes of this Section 2(c), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(c) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(c), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (x) the Company’s most recent periodic or annual report, as the case
may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within
two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(c), provided that the Beneficial Ownership Limitation in no event exceeds 9.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
upon exercise of this Warrant held by the Holder and the provisions of this Section 2(c) shall continue to apply. Any such increase
or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

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d)          
Mechanics of Exercise.

 

		 	i.           
Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be by physical delivery
to the address specified by the Holder in the Notice of Exercise within 15 Business Days from the delivery to the Company of the
Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above
(the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise
Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised by payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(v) prior to the issuance of such shares, have been paid.

 

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		 	ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

		 	iii.           
Rescission Rights. If the Company fails to cause the transfer agent of the Company to transmit to the Holder a certificate
or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then, the Holder
will have the right to rescind such exercise.

 

		 	iv.           
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise,
the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

		 	v.           
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names
as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

 

		 	vi.           
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

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Section 3.Certain
Adjustments.

 

a)           
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)           
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

c)           
Notice to Holder.

 

		 	i.           
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment. Notwithstanding the forgoing, in the event the Company makes a public
disclosure with regard to the Exercise Price adjustment, such disclosure shall be deemed notice to the Holders.

 

		 	ii.           
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise
this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice.
Notwithstanding the forgoing, in the event the Company makes a public disclosure with regard to the subject matter of this Section
3(c)(ii), such disclosure shall be deemed notice to the Holders.

 

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Section 4.Transfer
of Warrant.

 

a)                 
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in
whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. Notwithstanding
the foregoing, upon request by Holder, the Company will issue a new Warrant or Warrants in the names of any assignee(s) of Holder
at no charge to Holder or the assignee(s).  

 

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b)                 
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a) and 4(d), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant
or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)                 
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)                
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection
with any transfer of this Warrant, the transfer of this Warrant shall not be eligible for resale without volume or manner-of-sale
restrictions pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant, as the case may be, may be required by the Company to provide an opinion of counsel with regard to such assignment
or transfer.

 

Section 5.Miscellaneous.

 

a)                 
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b)                 
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

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

 

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d)                
Authorized Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise
of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

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

 

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f)                  
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, will have restrictions upon resale imposed by state and federal securities laws.

 

g)                 
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder.

 

h)                 
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, the date of the public disclosure if such notice is communicated
via public disclosure (d) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (e) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be: (i) if to Holder, at its address of records as contained in the Warrant Register, and (ii) if to Company,
at its corporate headquarters.

 

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i)                   
Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability
of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

j)                   
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)                 
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)                   
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and Holder.

 

m)               
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)                 
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

 

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

 

 

(Signature Pages
Follow)

 

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IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	NEURALSTEM, inc.
	 	 
	 	 
	 	By: 	 
	 	 	
        Name: I. Richard Garr

        Title: President & CEO

 

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NOTICE
OF EXERCISE

 

To:NEURALSTEM,
inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)  
Payment shall take the form of lawful money of the United States.

 

(3)  
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other
name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered by
the physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) [If required by
applicable regulations] Accredited Investor. The undersigned is an “accredited investor”
as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

    	 

    	 

    
 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

Dated: ______________,
_______

 

 

Holder’s Signature:_____________________________

 

Holder’s Address:_____________________________

 

  _____________________________

 

 

 

Signature Guaranteed: ___________________________________________

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.PURCHASE AGREEMENT

 

This Purchase Agreement
(the “Agreement”) is made and entered into this ___ day of August, 2012, by and among JGC Tye, LLC, a Texas
limited liability company, JGC Lubbock Gold, LLC, a Texas limited liability company, JGC Odessa Gold, LLC, a Texas limited liability
company, Gold Suit, Inc., a Texas corporation, JGC Harlingen, LLC, a Texas limited liability company, JGC Longview, LLC, a Texas
limited liability company, JGC Edinburg, LLC, a Texas limited liability company, JGC Phoenix, LLC, a Texas limited liability company,
and TI Club, LLC, a Texas limited liability company, (collectively, the “Asset Sellers,” and each individually
an “Asset Seller”); C. A. Ault Investments, Inc., a Texas corporation (“CAA”), Sadco, Inc.,
a Texas corporation (“Sadco”), JGC Beaumont, LLC, a Texas limited liability company (“JGC Beaumont”),
and S Willy’s Lubbock LLC, a Texas limited liability company (“Willies”), (collectively, the “Companies,”
and each individually a “Company”); Bryan S. Foster, an individual (“Foster”); and Jaguars
Acquisition, Inc., a Texas corporation (“JAI”), which is a wholly owned subsidiary of Rick’s Cabaret International
Inc.(“Rick’s Cabaret”). The Asset Sellers, Companies, Foster, and JAI are sometimes hereinafter collectively
referred to as the “Parties”.

 

WHEREAS, the
Asset Sellers each own and operate the adult cabaret set forth opposite each Asset Sellers’ name on Exhibit A attached
hereto (collectively, the “Adult Cabarets,” and each individually an “Adult Cabaret”);

 

WHEREAS, CAA
holds the Sexually Oriented Business license under which JGC Lubbock Gold, LLC operates its adult cabaret;

 

WHEREAS, JGC
Beaumont owns and operates an adult cabaret known as “Jaguars” (“Jaguars-Beaumont”) located at 5900
College Street, Beaumont, Texas 77707 pursuant to a Sexually Oriented Business license issued by the City of Beaumont;

 

WHEREAS, Willies
owns and operates a recently constructed adult cabaret, which has not been named yet, located at 102 E. CR 7200, Lubbock, Texas
79423 pursuant to a Sexually Oriented Business license issued by the City of Lubbock;

 

WHEREAS, Foster
owns (i) 100% of the membership interests of each of the Asset Sellers (except for Gold Suit, Inc.) and each of JGC Beaumont and
Willies and (ii) 100% of the shares of common stock of each of Gold Suit, Inc., CAA and Sadco;

 

WHEREAS, the
entities set forth in Exhibit B (collectively, the “Real Estate Sellers,” and each individually a “Real
Estate Seller”) each own the real estate property set forth at the address opposite each Real Estate Sellers’ name
in the exhibit (collectively, the “Real Estate Properties,” and each individually a “Real Estate Property”),
each of which includes the improvements, including building and fixtures, located on such properties;

 

WHEREAS, prior
to the Closing (as defined below in Section 2.1), JAI will organize and form, as wholly owned subsidiaries, the entities set forth
in Exhibit A (collectively, the “Asset Purchasers,” and each individually an “Asset Purchaser”);

 

    	 

    	 

    

WHEREAS, the
Asset Sellers and the Asset Purchasers all desire that the Asset Sellers sell, transfer, convey and assign all of the assets owned
by each of them which are associated or used in connection with the operation of each of the Adult Cabarets to the Asset Purchasers,
on the terms and conditions set forth herein;

 

WHEREAS, Foster
and JAI both desire that Foster sell (i) 100% of the membership interests of each of JGC Beaumont and Willies and (ii) 100% of
the shares of common stock of each of CAA and Sadco, to JAI, all on the terms and conditions set forth herein;

 

WHEREAS, in
connection with the acquisitions of the Adult Cabarets and the Companies, the Real Estate Sellers and Jaguars Holdings, Inc., a
Texas corporation (“JHI”), a wholly owned subsidiary of RCI Holdings, Inc., all desire that the Real Estate
Sellers each sell their respective Real Estate Properties to JHI, free and clear of all liens, claims or encumbrances; and

 

NOW, THEREFORE,
in consideration of the premises, the mutual covenants and agreements and the respective representations and warranties herein
contained, and on the terms and subject to the conditions herein set forth, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

ARTICLE I

PURCHASE AND SALE OF THE ASSETS,

MEMBERSHIP INTERESTS AND SHARES

 

Section 1.1Assets
of the Asset Sellers to be Transferred to Asset Purchasers. On the Closing Date (as defined in Section 2.1 hereof), and subject
to the terms and conditions set forth in this Agreement, each of the Asset Sellers shall sell, convey, transfer and assign, or
cause to be sold, conveyed, transferred and assigned to the respective Asset Purchaser set forth opposite each Asset Seller’s
name on Exhibit A attached hereto, free and clear of all liens and encumbrances, and each of the respective Asset Purchasers
shall acquire, all of the tangible and intangible assets and personal property of every kind and description and wherever situated
of the business of the Adult Cabaret of each respective Asset Seller, including but not limited to, the following personal property
of each of the Asset Sellers:

 

		(i)	all of the tangible and intangible assets and personal properties of every kind and description
and wherever situated of the business of the Asset Seller’s Adult Cabaret, including, without limitation, inventories, furniture,
fixtures, equipment (including office and kitchen equipment), computers and software, appliances, sign inserts, sound and lighting
and telephone systems, telephone numbers, and other personal property of whatever kind and nature owned or leased by the Asset
Seller, installed, located, situated or used in, on, or about, or in connection with the operation, use and enjoyment of the premises
where the Asset Seller’s Adult Cabaret is located and all other items on the subject premises and used in connection with
the operation of such Adult Cabaret;

 

		(ii)	all of the Asset Seller’s inventory of supplies, accessories and any and all other items
of personal property of whatever nature utilized or relating to the operation of the Asset Seller’s Adult Cabaret (the “Inventory”);

 

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		(iii)	all supplies (other than Inventory) and other "consumable supplies" used in connection
with the operation of the Asset Seller’s Adult Cabaret (the "Supplies");

 

		(iv)	all of the Asset Seller's right, title, and interest, as lessee, of any and all equipment leased
by the Asset Seller and located at its Adult Cabaret (the "Leased Equipment") for which the respective Asset Purchaser
agrees to assume payment if disclosed by the Asset Seller. The Asset Seller shall cancel and/or pay for (i) any equipment lease
that the respective Asset Purchaser does not elect to assume payment for and the use thereof and (ii) any undisclosed equipment
lease;

 

		(v)	all right, title, and interest of the Asset Seller to the use of the telephone numbers presently
being used by its Adult Cabaret, including all rotary extensions thereto, and all advertisements in the "Yellow Pages",
"City Directory" and other similar publications (the "Telephone Numbers") and after the Closing, the
respective Asset Purchaser shall assume all expenses for the Telephone Numbers and advertising;

 

		(vi)	copies of the Asset Seller's lists of suppliers, and any and all of books, records, papers, files,
memoranda and other documents relating to or compiled in connection with the operation of its Adult Cabaret which are requested
by the respective Asset Purchaser (the "Records");

 

		(vii)	all intellectual property of every kind of the Asset Seller, including but not limited to all trade
marks, trade names, service marks, patents, copyrights, and trade secrets;

 

		(viii)	all universal resource locators (“URL’s”) and internet domain names, including
but not limited to "jaguarsgold.net", all source code and associated files necessary to operate URL's including but not
limited to images, graphics, content of the web pages, page layouts, scripts, forms, and databases; and all goodwill associated
with or used in connection with the operation or business of the URL’s and internet domain names; and

 

		(ix)	to the extent transferable, any and all necessary permits and authorizations which are needed to
conduct an adult entertainment business at the Asset Seller’s Adult Cabaret which the Asset Seller has the right to transfer
and convey, including its sexually oriented business permit and license (if it has one) and all other licenses, consents, authorizations,
accreditations, waivers and approvals (together with all government filings pertaining thereto), however designated, established,
maintained or renewed and issued evidencing or authorizing the Asset Seller, the Asset Seller’s agent(s) or nominee(s) for
the purpose of engaging in the business and/or operation of an adult cabaret nightclub business, restaurant, bar, lounge, or any
other business currently operating or capable of being operated on the premises of the Asset Seller’s Adult Cabaret however
characterized.

 

Section
1.2All of the items set forth in Section 1.1 are collectively referred to as the “Purchased Assets” with
respect to that Asset Seller. “Purchased Assets” may also refer to the Purchased Assets of all the Asset Sellers,
collectively, as the context will determine. Exhibit 1.2 shall be a list of all furniture, fixtures and equipment included within
the Purchased Assets for each Asset Seller.

 

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Section
1.3Excluded Assets. Specifically excluded from the Purchased Assets of each Asset Seller
are (i) the corporate seals, books, accounting records and records related to corporate governance of the Asset Seller (ii) all
Asset Seller bank accounts and all Asset Seller monies (including cash) on hand as of the Closing Date, (iii) all credit card
receipts and ATM purchases as of the Closing Date and (iv) all other assets listed on Exhibit 1.3 (hereinafter
collectively referred to as the “Excluded Assets”).

 

Section 1.4Intent
of the Parties. Although the description of the Purchased Assets for each of the Asset Sellers in Section 1.1 is intended to
be complete, in the event Section 1.1 fails to contain the description of any assets belonging to the Asset Seller which are used
for the business of its Adult Cabaret, such assets shall nonetheless be deemed transferred to the respective Asset Purchaser at
the Closing.

 

Section
1.5Excluded Liabilities. Notwithstanding anything contained in this Agreement to the contrary, the Asset Purchasers
shall have no obligation and are not assuming, and the Asset Sellers shall retain, pay, perform, defend and discharge, all of
the liabilities and obligations of every kind whatsoever related or connected to the any of the Purchased Assets and/or the business
of any of the Adult Cabarets arising or accruing prior to the Closing Date, whether disclosed or undisclosed, known or unknown
on the Closing Date, direct or indirect, absolute or contingent, secured or unsecured, liquidated or unliquidated, accrued or
otherwise, whether liabilities for taxes, liabilities of creditors, liabilities arising under any profit sharing, pension or other
benefit under any plan of any of the Asset Sellers, liabilities to any Governmental Agency (as hereinafter defined) or third parties,
liabilities assumed or incurred by any of the Asset Sellers by operation of law or otherwise, including, but not limited to, (i)
contractual liabilities arising from any of the Asset Sellers’ business or ownership of any of the Purchased Assets prior
to the Closing Date, (ii) any litigation existing or arising from any of the Asset Sellers’ business or ownership of any
of the Purchased Assets prior to the Closing Date and (iii) any taxes owing by the any of the Asset Sellers, including but not
limited to (x) any ad valorem taxes, including real estate and personal property taxes, waste disposal assessments or other assessments
for public or municipal improvements that are assessed or imposed pursuant to the Old Lease Agreements (as defined in Section
2.3(iii) below) and (y) amounts accessed under the Texas Patron Tax, occurring prior to the Closing Date, or whether related to
the business of any of the Adult Cabarets, any of the Purchased Assets or otherwise and any liens on any of the Purchased Assets
relating to any such taxes (collectively, the “Excluded Liabilities”).

 

Section
1.6Taxes. The Asset Sellers shall pay when due any sales, transfer, excise, or other taxes which may be imposed in
any jurisdiction in connection with or arising from the sale and transfer of any of the Purchased Assets to the Asset Purchasers.

 

Section
1.7Bulk Sales Laws. The Asset Sellers acknowledge that any applicable provisions of any tax clearance or bulk sales
laws pertaining to the transactions contemplated by this Agreement are being complied with and that the Asset Sellers, jointly
and severally, agree to indemnify and hold harmless the Asset Purchasers from and against any and all liabilities arising out
of or relating to any such tax clearance or bulk sales law. Any such liability shall be an Excluded Liability.

 

Section 1.8Sale
of the Common Stock and Membership Interests. Subject to the terms and conditions set forth in this Agreement, at the Closing,
Foster hereby agrees to sell, transfer, convey and deliver to JAI (i) all of the shares of common stock of CAA and Sadco, free
and clear of all encumbrances, which represents all of the outstanding capital stock of CAA and Sadco (the “Common Stock”),
and (ii) all of the membership interests of JGC Beaumont and Willies, free and clear of all encumbrances, which represents all
of the outstanding capital interests of JGC Beaumont and Willies (the “Membership Interests”); and Foster shall
deliver to JAI stock certificates representing the Common Stock and membership certificates representing the Membership Interests,
all duly endorsed to JAI.

 

    	JAI Purchase Agreement - Page 4

    	 

    

 

Section
1.9Purchase Price. As consideration for the purchase of the Purchased Assets, the Common Stock and the Membership Interests,
JAI and the Asset Purchasers shall pay to Foster and the Asset Sellers an aggregate consideration of $26,000,000 (the “Purchase
Price”). The Purchase Price shall be payable at Closing, as follows:

 

		(i)	JAI shall pay or cause to be paid $4,000,000 by wire
transfer or certified check to Foster as consideration for the Common Stock and the Membership Interests; and

 

		(ii)	JAI and Asset Purchasers shall pay or cause to be paid
$22,000,000 to the Asset Sellers as consideration for the Purchased Assets pursuant to a promissory note (the “Promissory
Note”) executed by JAI. The Promissory Note will bear interest at the rate of 9.5% per annum, will be payable in 144
equal monthly installments of principal and interest, will not be pre-payable in the first 60 months and, thereafter, if prepaid
at the election of JAI, must be prepaid in full and will be subject to a prepayment penalty of 10% of the then outstanding principal
amount of the Promissory Note.

 

(A)The
Promissory Note will provide the Asset Sellers a right of first refusal, whereby if JAI intends to prepay the Promissory Note
using proceeds from a debt financing transaction offered by a third party lender, at least 10 days prior to closing such transaction,
JAI will provide the Asset Sellers and/or its affiliates the right to provide financing to JAI, within the 10 day period, in lieu
of the third party lender, on the exact terms and conditions offered to JAI in the proposed transaction.

 

(B)The
Promissory Note will be secured by the Purchased Assets (as evidenced by all appropriate UCC filings), the Common Stock of CAA
and Sadco and the Membership Interests. The initial monthly payment of the Promissory Note, in the amount of $256,602.11, shall
be due 30 days after the date of Closing, with each subsequent monthly payment due thereafter. If not provided within the Promissory
Note, at Closing, each of the Asset Sellers will enter into a participation agreement that will set forth each Asset Seller’s
pro rata interest in the Promissory Note (as set forth in Exhibit C attached hereto) and the terms and conditions pursuant
to which the designated Agent of the Promissory Note will distribute payments to each Asset Seller.

 

(C)The
Promissory Note will contain usual and customary terms and conditions, including usual and customary default provisions. Additionally,
a default under the Real Estate Note (as defined in Section 2.3 below) will be deemed to be a default under the Promissory Note.

 

    	JAI Purchase Agreement - Page 5

    	 

    

 

 

(D)The
Promissory Note will also provide that in the event any regulatory or administrative authority of the State of Texas seeks to
enforce or attempts to collect any tax or obligation or liability that may be due pursuant to the Texas Patron Tax, which Texas
Patron Tax was implemented by the Texas legislature, or seeks to enforce or attempts to collect any obligation or liability pursuant
to any amendments or legislation passed in connection therewith relating to the obligation of any of the Asset Sellers or Adult
Cabarets to make payment of the Texas Patron Tax, then the then principal amount of the Promissory Note, as of the date the tax
is enforced, will immediately be reduced by an amount calculated by multiplying 1,200,000 by the dollar amount of the per-person
tax implemented (the “Reduction Amount”). The Reduction Amount cannot exceed $6,000,000. By way of example
only, if exactly two years after the Closing Date, a $2.00 per person tax is implemented and enforced, assuming JAI is current
in its monthly payments, the Reduction Amount would be $2,400,000 and the then principal amount of the Promissory Note would be
reduced $2,400,000. The Texas Patron Tax is currently enacted to be $5 per person which would equate to a $6,000,000 Reduction
Amount if enforced. Upon adjustment, if any, of the principal amount of the Promissory Note, at the Asset Sellers election, either
(i) the monthly payments from that date forward will be recalculated and adjusted based upon the recalculated and adjusted principal
amount, with the number of monthly payments due thereafter remaining the same, or (ii) the amount of the monthly payments will
remain at $256,602.11, thereby reducing the number of monthly payments due thereafter (whereby each monthly installment would
have a higher ratio of principal to interest). In the event the Reduction Amount exceeds the then outstanding principal amount,
the Asset Sellers will have no obligation to repay to JAI the difference between such amounts. In the event the Texas Patron Tax
is revised (or replaced by a similar tax) so that adult cabarets are taxed in an alternative format to the per-person tax currently
contemplated, the principal amount of the Promissory Note will be equitably adjusted in a manner consistent with the intent of
the Reduction Amount formula. Notwithstanding the foregoing, in the event that a new patron tax is implemented by the Texas legislature
which is not the result of renegotiation or adjustment to existing legislation, but rather is a result of the existing Texas Patron
Tax being ruled unconstitutional, then in such event, there will be no adjustment to the Promissory Note.

 

(E)The
Promissory Note will also contain a partial release plan that will entitle JAI on or after 60 months from the date of Closing
to have certain Purchased Assets released from Asset Sellers’ liens upon the aggregate payment of the first $6,000,000 in
principal of the Promissory Note and Real Estate Note, and thereafter upon the aggregate payment of each additional $3,000,000
in principal of the Promissory Note and Real Estate Note until the Promissory Note and Real Estate Note are paid in full. Upon
each such release benchmark, JAI and the Asset Sellers will mutually agree upon which of the Purchased Assets will be released
from the Asset Sellers’ liens. For purposes of this Section 1.9(ii)(E), any Reduction Amount shall not be deemed a reduction
in the principal of the Promissory Note or Real Estate Note.

 

 

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ARTICLE II

CLOSING

 

Section
2.1The Closing. The closing of the transactions contemplated by this Agreement shall take place five (5) business days
after the Asset Purchasers have all necessary permits and authorizations which are needed to conduct an adult entertainment business
at each of the Asset Seller’s Adult Cabaret, including any sexually oriented business permits and licenses (the “Closing
Date”). The Closing will take place at the law office of Axelrod, Smith & Kirshbaum, 5300 Memorial Drive, Suite
700, Houston, Texas, 77007, or at such other place as agreed upon among the parties hereto. Notwithstanding the foregoing, in
the event that the Asset Purchasers have not obtained all necessary permits and authorizations which are needed to conduct an
adult entertainment business at each of the Asset Seller’s Adult Cabaret, including any sexually oriented business permits
and licenses, or waived such obligation, by November 15, 2012, then any of the Parties hereto may terminate this Agreement by
giving written notice to the other Parties as provided for in Section 10.2, and this Agreement will be of no further force or
effect.

 

Section 2.2Delivery
and Execution. At the Closing: (i) Foster shall deliver to JAI certificates evidencing the Common Stock and the Membership
Interests, free and clear of any liens, claims, equities, charges, options, rights of first refusal or encumbrances, duly endorsed
to JAI or accompanied by duly executed stock powers in form and substance satisfactory to JAI against delivery by JAI to Foster
of payment in the amount and manner set forth in Section 1.9(i) above; (ii) each of the Asset Sellers shall deliver to its respective
Asset Purchaser (pursuant to Exhibit A) all instruments of assignment and bills of sale necessary to transfer to that Asset
Purchaser good and marketable title to its respective Purchased Assets free and clear of all liens, charges or encumbrances, against
delivery by the Asset Purchasers to the Asset Sellers of payment in the amount and manner set forth in Section 1.9(ii) above; and
(iii) the Related Transactions (as defined below) shall be consummated concurrently with the Closing.

 

Section 2.3Related
Transactions. In addition to the purchase and sale of the Purchased Assets, the Common Stock and the Membership Interests,
the following actions must take place contemporaneously at the Closing or with respect to Section 2.3(i), as soon as possible thereafter
(collectively, the "Related Transactions"):

 

		(i)	Sale of the Real Estate Properties. At the Closing, or as soon thereafter as possible, the
Real Estate Sellers shall sell, transfer, convey and deliver by Special Warranty Deed, which will convey good and marketable title
to the Real Estate Properties to JHI, free and clear of liens, claims and encumbrances, except as provided for below. As consideration
for the purchase of the Real Estate Properties, JHI shall pay to the Real Estate Sellers (x) $350,000 cash, at Closing, (y) $9,000,000
pursuant to a Secured Promissory Note (the “Real Estate Note”) executed by and obligating JHI, and (z) 12 years
from the date of Closing, a one time payment of $650,000, provided however, that in the event that the Promissory Note and the
Real Estate Note are both prepaid in full, then the $650,000 one time payment will accelerate and become due and payable within
30 days of the final payment of the Promissory Note and the Real Estate Note. The Real Estate Note will bear interest at the rate
of 9.5% per annum, will be payable in 144 equal monthly installments of principal and interest, will not be pre-payable in the
first 60 months and, thereafter, if prepaid at the election of the JHI, must be prepaid in full and will be subject to a prepayment
penalty of 10% of the then outstanding principal amount of the Real Estate Note. Notwithstanding the foregoing, in the event that
the Real Estate Properties are not conveyed to JHI as of the Closing Date, then the Real Estate Sellers and JHI will enter into
a master lease agreement (“Master Lease “) for all of the Real Estate Properties, as of the Closing Date, which
will provide for the payment of monthly rent in an amount equal to the monthly payments which would otherwise have been due under
the Real Estate Note ($104,973.59). Upon the closing of the Real Estate Properties, the Real Estate Note will be adjusted to provide
that the monthly payments previously made pursuant to the Master Lease will be a reduction to the Real Estate Note as if a payment
had been made pursuant to the Real Estate Note.

 

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(A)
The Real Estate Note will provide the Real Estate Sellers a right of first refusal, whereby if JHI intends to prepay the Real
Estate Note using proceeds from a debt financing transaction offered by a third party lender, at least 10 days prior to closing
such transaction, JHI will provide the Real Estate Sellers and/or its affiliates the right to provide financing to JHI within
the 10 day period, in lieu of the third party lender on the exact terms and conditions offered to JHI in the proposed transaction.

 

(B)The
Real Estate Note will be secured by the Real Estate Properties. The initial monthly payment of the Real Estate Note in the amount
of $104,973.59, shall be due 30 days after the date of Closing, with each subsequent monthly payment due thereafter. If not provided
within the Real Estate Note, at Closing, each of the Real Estate Sellers will enter into a participation agreement that will set
forth each Real Estate Seller’s pro rata interest in the Real Estate Note and the terms and conditions pursuant to which
the designated Agent of the Real Estate Note will distribute payments to each Real Estate Seller.

 

(C)The
Real Estate Note will contain usual and customary terms and conditions, including usual and customary default provisions. Additionally,
a default under the Promissory Note will be deemed to be a default under the Real Estate Note.

 

(D)The
Real Estate Note will also contain a partial release plan that will entitle JHI on or after 60 months, to have certain Real Estate
Properties released from Real Estate Sellers’ liens upon the aggregate payment of the first $6,000,000 in principal of the
Promissory Note and Real Estate Note, and thereafter upon the aggregate payment of each additional $3,000,000 in principal of
the Promissory Note and Real Estate Note, until the Promissory Note and Real Estate Note are paid in full. Upon each such release
benchmark, JHI and the Real Estate Sellers will mutually agree upon which of the Real Estate Properties will be released from
the Real Estate Sellers’ liens. For purposes of this Section 2.3(i)(D), any Reduction Amount shall not be deemed a reduction
in the principal of the Promissory Note or Real Estate Note.

 

 

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(E)Upon
the execution hereof, the Real Estate Sellers and JHI shall execute a Real Estate Purchase Agreement, which will provide for the
terms and conditions for the conveyance of good and marketable title of the Real Estate Properties, which Real Estate Purchase
Agreement will be submitted to a title company mutually acceptable to the Real Estate Sellers and JHI.

 

		(ii)	Covenant Not to Compete for Foster. As partial consideration for JAI entering into this
Agreement, Foster will enter into a five year Non-Competition Agreement pursuant to the terms of which Foster will agree not to
compete, either directly or indirectly, with JAI, the Asset Purchasers, or any of their affiliates (including Rick’s Cabaret
and its subsidiaries), by owning an interest in, participating in or operating an establishment featuring live female nude or semi-nude
(topless) adult entertainment in a radius of 50 miles of the location of any of the Adult Cabarets or any adult cabaret featuring
live female nude or semi-nude (topless) adult entertainment owned by Rick’s Cabaret or its subsidiaries, excluding the adult
cabaret located at 11327 Reeder Road, Dallas, Texas, 75229; and

 

		(iii)	Termination of Old Lease Agreements. Each of the Real Estate Sellers will enter into a Termination
Agreement pursuant to the terms of which any outstanding lease agreements relating to the Real Estate Properties (the “Old
Lease Agreements”) will be terminated; and

 

		(iv)	JAI shall grant Big Dog Printing Company, an affiliate of Foster, the right of first refusal to
contract to supply all t-shirts to be sold at any of the Adult Cabarets purchased by JAI pursuant to this Agreement.

 

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

OF FOSTER, THE ASSET SELLERS AND THE
COMPANIES

 

Foster, each of the
Asset Sellers and each of the Companies, jointly and severally, hereby make the following representations and warranties to JAI
and the Asset Purchasers, which representations and warranties shall be true and correct on the date hereof and on and as of the
Closing Date:

 

Section 3.1.Organization,
Good Standing Qualification and Ownership.

 

(a)Each
of Gold Suit, Inc., CAA and Sadco (i) is a Texas corporation duly organized, validly existing and in good standing under the laws
of the state of Texas, (ii) has all requisite power and authority to carry on its business, and (iii) is duly qualified to transact
business and is in good standing in all jurisdictions where its ownership, lease or operation of property or the conduct of its
business requires such qualification, except where the failure to do so would not have a material adverse effect to Foster, the
Asset Purchasers, the Companies or the Asset Sellers.

 

(b)Each
of the Asset Sellers (except for Gold Suit, Inc.) and each of JGC Beaumont and Willies (i) is a Texas limited liability company
duly organized, validly existing and in good standing under the laws of the state of Texas, (ii) has all requisite power and authority
to carry on its business, and (iii) is duly qualified to transact business and is in good standing in all jurisdictions where its
ownership, lease or operation of property or the conduct of its business requires such qualification, except where the failure
to do so would not have a material adverse effect to Foster, the Asset Purchasers, the Companies or the Asset Sellers.

 

 

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(c)At
Closing, (i) the authorized capital stock of CAA consists of ______ shares of common stock, $____ par value, of which ______ shares
are validly issued and outstanding, (ii) the authorized capital stock of Sadco consists of ______ shares of common stock, $____
par value, of which ______ shares are validly issued and outstanding, and (iii) the authorized capital stock of Gold Suit, Inc.
consists of ______ shares of common stock, $____ par value, of which ______ shares are validly issued and outstanding. There are
no shares of preferred stock authorized or issued and there is no other class of capital stock authorized or issued by either Gold
Suit, Inc., CAA or Sadco. All of the issued and outstanding shares of common stock of Gold Suit, Inc., CAA and Sadco are owned
beneficially and of record by Foster, free and clear of any liens, claims, equities, charges, options, rights of first refusal,
or encumbrances, and are fully paid and non-assessable. None of the Common Stock issued is in violation of any preemptive rights.
Neither Gold Suit, Inc., CAA nor Sadco has an obligation to repurchase, reacquire, or redeem any of its outstanding capital stock.
There are no outstanding securities convertible into or evidencing the right to purchase or subscribe for any shares of capital
stock of either Gold Suit, Inc., CAA or Sadco, there are no outstanding or authorized options, warrants, calls, subscriptions,
rights, commitments or any other agreements of any character obligating either Gold Suit, Inc., CAA or Sadco to issue any shares
of its capital stock or any securities convertible into or evidencing the right to purchase or subscribe for any shares of such
stock, and there are no agreements or understandings with respect to the voting, sale, transfer or registration of any shares of
capital stock of either Gold Suit, Inc., CAA or Sadco.

 

(d)At
Closing, the authorized capital of each of the Asset Sellers (for purposes of this Section 3.1(d) only, the defined term “Asset
Sellers” excludes Gold Suit, Inc.) and each of JGC Beaumont and Willies consists of one membership interest which is validly
issued and outstanding. There is no other class of equity interest authorized or issued by either JGC Beaumont, Willies or any
of the Asset Sellers. All of the issued and outstanding membership interests of each of the Asset Sellers and each of JGC Beaumont
and Willies are owned beneficially and of record by Foster, free and clear of any liens, claims, equities, charges, options, rights
of first refusal, or encumbrances, and are fully paid and non-assessable. None of the Membership Interests issued are in violation
of any preemptive rights. Neither of the Asset Sellers and neither JGC Beaumont nor Willies has any obligation to repurchase, reacquire,
or redeem any of its outstanding membership interests. There are no outstanding securities convertible into or evidencing the right
to purchase or subscribe for any membership interests of either JGC Beaumont, Willies or any of the Asset Sellers. There are no
outstanding or authorized options, warrants, calls, subscriptions, rights, commitments or any other agreements of any character
obligating either JGC Beaumont, Willies or any of the Asset Sellers to issue any membership interest or any securities convertible
into or evidencing the right to purchase or subscribe for any membership interest, and there are no agreements or understandings
with respect to the voting, sale, transfer or registration of any membership interests of either JGC Beaumont, Willies or any of
the Asset Sellers.

 

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Section 3.2Subsidiaries.
None of the Asset Sellers and none of the Companies has any subsidiaries.

 

Section 3.3Ownership
of the Purchased Assets. Each of the Asset Sellers owns all of the Purchased Assets (with respect to it) set forth in Section
1.1 herein (and reflected in Exhibit 1.2) free and clear of any liens, claims, equities, charges, options, rights of first refusal,
or encumbrances. Each of the Asset Sellers has the unrestricted right and power to transfer, convey and deliver full ownership
of its Purchased Assets without the consent or agreement of any other entity or person and without any designation, declaration
or filing with any governmental authority. Upon the transfer of the Purchased Assets to the Asset Purchasers as contemplated herein,
each of the Asset Purchasers will receive good and valid title thereto, free and clear of any liens, claims, equities, charges,
options, rights of first refusal, encumbrances or other restrictions.

 

Section 3.4 Authorization.

 

(a)All corporate/company
action on the part of each of the each of the Asset Sellers and each of the Companies necessary for the authorization, execution,
delivery and performance of this Agreement by each of the Asset Sellers and each of the Companies has been taken or will be taken
prior to the Closing. Each of the Asset Sellers and each of the Companies have the requisite corporate/company power and authority
to execute, deliver and perform this Agreement. This Agreement, when duly executed and delivered in accordance with its terms,
will constitute a valid and binding obligation of each of the Asset Sellers and each of the Companies, enforceable against each
in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, and other similar laws of general
application relating to or affecting creditors’ rights and to general equitable principles.

 

(b)Foster represents
that he is a person of full age of majority, with full power, capacity, and authority to enter into this Agreement and perform
the obligations contemplated hereby by and for himself and his spouse. All action on the part of Foster necessary for the authorization,
execution, delivery and performance of this Agreement by him has been taken, or will be taken by him prior to the Closing Date.
This Agreement, when duly executed and delivered in accordance with its terms, will constitute legal, valid and binding obligations
of Foster enforceable against him in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization
and other similar laws of general application affecting creditors’ rights generally or by general equitable principles.

 

Section 3.5No
Breaches or Defaults. The execution, delivery, and performance of this Agreement by each of the Asset Sellers and each of the
Companies does not: (i) conflict with, violate, or constitute a breach of or a default under any other outstanding agreements or
the charter or bylaws of any of the Asset Sellers or Companies, (ii) result in the creation or imposition of any lien, claim, or
encumbrance of any kind upon any of the Purchased Assets or any of the Membership Interests or Common Stock, or (iii) require any
authorization, consent, approval, exemption, or other action by or filing with any third party or Governmental Authority under
any provision of: (a) any applicable Legal Requirement, or (b) any credit or loan agreement, promissory note, or any other agreement
or instrument to which Foster or any of the Asset Sellers or Companies is a party or by which any of the Purchased Assets or any
of the Membership Interests or Common Stock may be bound or affected. For purposes of this Agreement, "Governmental Authority"
means any foreign governmental authority, the United States of America, any state of the United States, and any political subdivision
of any of the foregoing, and any agency, department, commission, board, bureau, court, or similar entity, having jurisdiction over
the parties hereto or their respective assets or properties. For purposes of this Agreement, "Legal Requirement"
means any law, statute, injunction, decree, order or judgment (or interpretation of any of the foregoing) of, and the terms of
any license or permit issued by, any Governmental Authority.

 

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Section 3.6Consents.
No permit, consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or any
other person or entity is required on the part of Foster or any of the Asset Sellers or Companies in connection with the execution
and delivery by Foster or any of the Asset Sellers or Companies of this Agreement or the consummation and performance of the transactions
contemplated hereby.

 

Section 3.7Pending
Claims. Except as set forth in Exhibit 3.7, there is no claim, suit, arbitration, investigation, action, litigation or other
proceeding, whether judicial, administrative or otherwise, now pending or, to Foster’s or any of the Asset Sellers’
or Companies’ knowledge, contemplated or threatened against Foster or any of the Asset Sellers or Companies before any court,
arbitration, administrative or regulatory body or any governmental agency which may result in any judgment, order, award, decree,
liability or other determination which will or could reasonably be expected to have any material effect upon Foster or any of the
Asset Sellers or Companies or the transfer by Foster to JAI of the Membership Interests and Common Stock or the transfer by the
Asset Sellers to the Asset Purchasers of the Purchased Assets, under this Agreement, nor is there any basis known to Foster or
any of the Asset Sellers or Companies for any such action. No litigation is pending, or, to Foster’s or any of the Asset
Sellers’ or Companies’ knowledge, threatened against Foster or any of the Asset Sellers or Companies, or their assets
or properties which seeks to restrain or enjoin the execution and delivery of this Agreement or any of the documents referred to
herein or the consummation of any of the transactions contemplated thereby or hereby. Neither Foster nor any of the Asset Sellers
or Companies is subject to any judicial injunction or mandate or any quasi-judicial or administrative order or restriction directed
to or against them or which would affect any of the Asset Sellers or Companies or any of the Purchased Assets or any of the Common
Stock or Membership Interests to be transferred under this Agreement, except for litigation involving the Texas Patron Tax.

 

Section 3.8Taxes.
Each of the Asset Sellers and each of the Companies has timely and accurately prepared and filed all federal, state, foreign and
local tax returns and reports required to be filed prior to such dates and have timely paid all taxes shown on such returns as
owed for the periods of such returns, including all sales taxes and withholding or other payroll related taxes shown on such returns.
None of the Asset Sellers and none of the Companies is delinquent in the payment of any tax or governmental charge of any nature.
Foster has no knowledge of any liability for any tax to be imposed by any taxing authorities as of the date of this Agreement and
as of the Closing that is not adequately provided for. No assessments or notices of deficiency or other communications have been
received by Foster or any of the Asset Sellers or the Companies with respect to any tax return which has not been paid, discharged
or fully reserved against and no amendments or applications for refund have been filed or are planned with respect to any such
return. None of the federal, state, foreign and local tax returns of any of the Asset Sellers or the Companies has been audited
by any taxing authority. Foster has no knowledge of any additional assessments, adjustments or contingent tax liability (whether
federal or state) of any nature whatsoever, whether pending or threatened against any of the Companies for any period, nor of any
basis for any such assessment, adjustment or contingency. There are no agreements between any of the Asset Sellers or the Companies
and any taxing authority, including, without limitation, the Internal Revenue Service, waiving or extending any statute of limitations
with respect to any tax return, except for the Texas Patron Tax.

 

 

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Section
3.9Financial Statements. Foster and each of the Asset Sellers and each of the Companies, respectively, has or will
deliver to JAI the unaudited balance sheets of each of the Asset Sellers and each of the Companies as of June 30, 2012, together
with the related unaudited statements of income, for the periods then ended (collectively referred to as the “Financial
Statements”). Such Financial Statements, including the related notes, are in accordance with the books and records of
each of the Asset Sellers and each of the Companies and fairly represent the financial position of each of the Asset Sellers and
each of the Companies and the results of operations and changes in financial position of each of the Asset Sellers and each of
the Companies as of the dates and for the periods indicated, in each case in conformity with generally accepted accounting principles
applied on a consistent basis. Except as, and to the extent reflected or reserved against in the Financial Statements, each of
the Asset Sellers and each of the Companies, as of the date of the Financial Statements, has no material liability or obligation
of any nature, whether absolute, accrued, continued or otherwise, not fully reflected or reserved against in the Financial Statements.

 

Section
3.10No Material Adverse Change. Since the dates of the Financial Statements, each of the Asset Sellers and each of
the Companies has conducted its business in the ordinary course, consistent with past practice, and there has been no (i) change
that has had or would reasonably be expected to have a material adverse effect upon the assets, properties or business or the
financial condition or other operations of any of the Asset Sellers or Companies; (ii) acquisition or disposition of any material
asset by any of the Asset Sellers or any of the Companies or any contract or arrangement therefore, otherwise then for fair value
in the ordinary course of business; (iii) material change in any of the Asset Sellers’ or any of the Companies’ accounting
principles, practices or methods; (iv) incurrence of any indebtedness or lending of money to any person or entity involving more
than $5,000; (v) acceleration, termination, modification or cancellation or any agreement, contract, lease or license (or series
of related agreements, contracts, leases or licenses) involving more than $5,000, either individually or in the aggregate to which
any of the Asset Sellers or any of the Companies is a party; or (vi) delay or postponement in the payment of any accounts payable
or other liabilities.

 

Section
3.11Labor Matters. None of the Asset Sellers and none of the Companies is a party or otherwise subject to any collective
bargaining agreement with any labor union or association. There are no discussions, negotiations, demands or proposals that are
pending or have been conducted or made with or by any labor union or association, and there are not pending or threatened against
any of the Asset Sellers or Companies any labor disputes, strikes or work stoppages. To the best of Foster’s and each of
the Asset Sellers’ and each of the Companies’ knowledge, each of the Asset Sellers and each of the Companies is in
compliance with all federal and state laws respecting employment and employment practices, terms and conditions of employment
and wages and hours, and, to their knowledge, is not engaged in any unfair labor practices. Neither Foster nor any of the Asset
Sellers or Companies is aware of any claim of alleged misclassification of entertainers as independent contractors by any individual
or government agency. None of the Asset Sellers or Companies is a party to any written or oral contract, agreement or understanding
for the employment of any officer, director or employee of any of the Asset Sellers or Companies.

 

    	JAI Purchase Agreement - Page 13

    	 

    
 

 

Section 3.12Compliance
with Laws. Each of the Asset Sellers and each of the Companies is, and at all times prior to the date hereof has been in compliance
with all statutes, orders, rules, ordinances and regulations applicable to it or to the ownership of its assets or the operation
of its businesses, except for failures to be in compliance that would not have a material adverse effect on the business, properties,
condition (financial or otherwise) or prospects of such company. Neither Foster nor any of the Asset Sellers or Companies has any
basis to expect, nor has is received, any order or notice of any such violation or claim of violation of any such statute, order,
rule, ordinance or regulation by such company. Exhibit 3.12 sets forth all licenses and permits held by each of the Asset Sellers
and each of the Companies used in the operation of its businesses, all of which are in good standing and in effect as of the Closing
Date. These licenses and permits represent all of the licenses and permits required by each of the Asset Sellers and each of the
Companies for the operation of its business.

 

Section 3.13No
Conflicts. The execution and delivery of this Agreement by the Asset Sellers and each of the Companies does not, and the performance
and consummation of the transactions contemplated hereby by the Asset Sellers and the Companies, will not (i) conflict with the
Articles of Incorporation or Organization or Regulations of the Asset Sellers or the Companies, as appropriate; (ii) conflict with
or result in a breach or violation of, or default under, or give rise to any right of acceleration or termination of, any of the
terms, conditions or provisions of any note, bond, lease, license, agreement or other instrument or obligation to which the Asset
Sellers or the Companies is a party or by which the Asset Sellers or the Companies assets or properties are bound; or (iii) result
in the creation of any encumbrance on any of the assets or properties of the Asset Sellers or the Companies.

 

Section 3.14Title
to Properties; Encumbrances. Each of the Asset Sellers has good and marketable title to all of the Purchased Assets set forth
in Section 1.1 herein, and each of the Companies has good and marketable title to all of its properties and assets, real and personal,
tangible and intangible, that are material to the condition (financial or otherwise), business, operations or prospects of such
company, free and clear of all mortgages, claims, liens, security interests, charges, leases, encumbrances and other restrictions
of any kind and nature, except (i) as disclosed in the Financial Statements of the Asset Sellers and Companies, (ii) statutory
liens not yet delinquent, and (iii) such liens consisting of zoning or planning restrictions, imperfections of title, easements
and encumbrances, if any, as do not materially detract from the value or materially interfere with the present use of the property
or assets subject thereto or affected thereby. At the time of Closing, the assets of each of the Companies will include, but will
not be limited to, the assets set forth in each of the Companies’ 2011 corporate income tax return, along with all equipment
and fixtures located on the premises of the Adult Cabaret of that Asset Seller or Company as of the Closing Date.

 

Section 3.15No
Liabilities. As of the Closing Date, each of the Asset Sellers and each of the Companies does not and will not have any obligation
or liability (contingent or otherwise) or unpaid bill to any third party except as expressly
set forth herein in Exhibit 3.15 and Article VIII.

 

Section
3.16Contracts and Leases. Except as disclosed on Exhibit 3.16, each of the Asset Sellers
and each of the Companies does not (i) have any leases of personal property relating to the assets of such company, whether as
lessor or lessee and (ii) have any contractual or other obligations relating to the assets of such company, whether written or
oral. None of any of the Asset Sellers or Companies has given any power of attorney to any person or organization for any purpose
relating to the business or assets of such company. Each of the Asset Sellers and each of the Companies shall provide to JAI prior
to Closing each and every contract, lease or other document relating to its assets to which it is subject or is a party or a beneficiary.
To Foster’s, the Asset Sellers’ and the Companies’ knowledge, such contracts, leases or other documents are
valid and in full force and effect according to their terms and constitute legal, valid and binding obligations of such company
and the other respective parties thereto and are enforceable in accordance with their terms. Foster, the Asset Sellers and the
Companies have no knowledge of any default or breach under such contracts, leases or other documents or of any pending or threatened
claims under any such contracts, leases or other documents. Neither the execution of this Agreement, nor the consummation of all
or any of the transactions contemplated under this Agreement, will constitute a breach or default under any such contracts, leases
or other documents which would have a material adverse effect on the financial condition of any of the Asset Sellers or any of
the Companies or the operation of any of the Adult Cabarets after Closing.

 

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Section 3.17No
Pending Transactions. Except for the transactions contemplated by this Agreement and the Related Transactions contemplated
in Section 2.3 herein, neither Foster nor any of the Asset Sellers or Companies is a party to or bound by or the subject of any
agreement, undertaking, commitment or discussions or negotiations with any person that could result in: (i) the sale, merger, consolidation
or recapitalization of any of the Asset Sellers or Companies; (ii) the sale of any of the assets of any of the Asset Sellers or
Companies; (iii) the sale of any outstanding capital stock or other securities of any of the Asset Sellers or any of the Companies;
(iv) the acquisition by any of the Asset Sellers or Companies of any operating business or the capital stock of any other person
or entity; (v) the borrowing of money; (vi) any agreement with any of the respective officers, managers or affiliates of any of
the Asset Sellers or Companies; or (vii) the expenditure of more than $5,000, in the aggregate, or the performance by any of the
Asset Sellers or Companies extending for a period more than one year from the date hereof, other than in the ordinary course of
business.

 

Section 3.18Material
Agreements; Action. Except for the transactions contemplated by this Agreement and the Related Transactions contemplated in
Section 2.3 herein, there are no material contracts, agreements, commitments, understandings or proposed transactions, whether
written or oral, to which Foster or any of the Asset Sellers or Companies is a party or by which he or it is bound that involve
or relate to (i) any of the respective officers, directors or stockholders of any of the Asset Sellers or Companies or (ii) covenants
of Foster or any of the Asset Sellers or Companies not to compete in any line of business or with any person in any geographical
area or covenants of any other person not to compete with any of the Asset Sellers or Companies in any line of business or in any
geographical area.

 

Section 3.19Insurance Policies.
Copies of all insurance policies maintained by each of the Asset Sellers and each of the Companies will be delivered to JAI prior
to Closing. The policies of insurance held by any of the Asset Sellers or Companies are in such amounts, and insure against such
losses and risks, as each of the Asset Sellers and each of the Companies reasonably deems appropriate for its property and business
operations. All such insurance policies are in full force and effect, and all premiums due thereon have been paid. Valid policies
for such insurance will be outstanding and duly in force at all times prior to the Closing.

 

Section 3.20No
Default. Neither Foster nor any of the Asset Sellers or Companies is in default under any term or condition of any instrument
evidencing, creating or securing any indebtedness of any of the Asset Sellers or Companies, and there has been no default in any
material obligation to be performed by Foster or any of the Asset Sellers or Companies under any other contract, lease, agreement,
commitment or undertaking to which any of the Asset Sellers or Companies is a party or by which it or its assets or properties
are bound, nor has Foster or any of the Asset Sellers or Companies waived any material right under any such contract, lease, agreement,
commitment or undertaking.

 

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Section
3.21Books and Records. The books of account, minute books, stock record books and other records of each of the Asset
Sellers and each of the Companies, all of which will be made available to the JAI prior to Closing, are and will be accurate and
complete and have been maintained in accordance with sound business practices. Upon Closing, all books and records of the Companies
will be in the possession of JAI.

 

Section
3.22Banks and Brokerage Accounts. Exhibit 3.22 sets forth (a) a true and complete list of the names and locations of
all banks, trust companies, securities brokers and other financial institutions at which any of the Companies has an account or
safe deposit box or maintains a banking, custodial, trading or other similar relationship, and (b) a true and complete list and
description of each such account, box and relationship, indicating in each case the account number and the names of the respective
officers, employees, agents or other similar representatives having signatory power with respect thereto.

 

Section
3.23Environmental. To the best of Foster’s, the Asset Sellers’ and the Companies’ knowledge, the
none of the premises where the Adult Cabarets are located is in violation of any state, local or federal statutes, laws, regulations,
ordinances or rules pertaining to health or the environment requirements affecting such premises. Neither Foster nor any of the
Asset Sellers or Companies has received any citation, directive, letter or other communication, written or oral, or any notice
of any proceeding, claim or lawsuit relating to any environmental issue arising out of the ownership or occupation of the premises
of the any of the Adult Cabarets, and there is no basis known to Foster, or any of the Asset Sellers or Companies for any such
action.

 

Section
3.24Notices. Neither Foster nor any of the Asset Sellers or Companies or any representative of such have received any
written notice (i) from any insurance companies, governmental agencies or from any other parties of any condition, defects or
inadequacies with respect to the premises of the any of the Adult Cabarets, which, if not corrected, would result in termination
of insurance coverage or increase its cost, (ii) from any governmental agencies or any other third parties with respect to any
violations of any building codes and/or zoning ordinances or any other governmental laws, regulations or orders affecting such
premises, including, without limitation, the Americans With Disabilities Act, (iii) of any pending or threatened condemnation
proceedings with respect to such premises, or (iv) of any proceedings which could or would cause the change, redefinition or other
modification of the zoning classification of such premises.

 

Section
3.25Proceedings Relating to the Adult Cabaret Premises. Except as set forth in Exhibit 3.25, there is no pending, or
to the best knowledge of Foster or any of the Asset Sellers or Companies or any representative of Foster or any of the Asset Sellers
or Companies, contemplated or threatened judicial, municipal or administrative proceedings with respect to, or in any manner affecting
the premises of any of the Adult Cabarets or any portion thereof, including, without limitation, proceedings for or involving
tenant evictions, collections, condemnations, eminent domain, alleged building code or zoning violations, personal injuries or
property damage alleged to have occurred on such premises or by reason of the use and operation of the premises, or written notice
of any attachments, executions, assignments for the benefit of creditors, receiverships, conservatorships or voluntary or involuntary
proceedings in bankruptcy or pursuant to any other debtor relief laws pending or threatened against Foster or any of the Asset
Sellers or Companies or the premises of any of the Adult Cabarets itself, or the taking of such premises for public needs.

    	JAI Purchase Agreement - Page 16

    	 

    
 

Section
3.26Public Improvements. Neither Foster nor any of the Asset Sellers or Companies, nor any representative of Foster
or any of the Asset Sellers or Companies has knowledge of any existing or proposed public improvements which involve or which
may result in any charge being levied or assessed against the premises of any of the Asset Sellers or Companies or which will
or could result in the creation of any lien upon the premises of any of the Asset Sellers or Companies or any part thereof.

 

Section
3.27Certificates. To the best knowledge of Foster and each of the Asset Sellers and each of the Companies, and any
representative of any such parties, all certificates of occupancy, licenses, permits, authorizations and approvals required by
law or by any governmental authority having jurisdiction over the premises of any of the Asset Sellers or Companies have been
obtained and are in full force and effect, including any licenses or permits required for the operation and conduct of a sexually
oriented business on the premises and the sale of liquor at JGC Phoenix, LLC and Willie’s.

 

Section
3.28Material Defect. To the best knowledge of Foster and each of the Asset Sellers and each of the Companies, and any
representative of such parties, there are no material defects to the premises of the any of the Asset Sellers or Companies which
have not been disclosed in writing to JAI.

 

Section
3.29Flooding. To the best knowledge of Foster, each of the Asset Sellers and each of the Companies, and any representative
of such parties, no flooding has occurred on the premises of any of the Asset Sellers or Companies.

 

Section
3.30Necessary Permits and Licenses. Except for any sexually oriented business licenses or necessary liquor licenses
for Willie’s and JGC Phoenix, LLC, there are no other specialized licenses or permits
required to allow JAI and/or the Asset Purchasers to operate, conduct and manage their business in a manner identical to the operation,
conduct and management presently conducted on the premises of each of the Adult Cabarets.

 

Section 3.31Disclosure.
No representation or warranty of Foster or any of the Asset Seller or Companies contained in this Agreement (including the exhibits
hereto) contains any untrue statement or omits to state a material fact necessary in order to make the statements contained herein
or therein, in light of the circumstances under which they were made, not misleading.

 

Section 3.32Employee
Benefit Plans. None of the Asset Sellers or Companies is a party to any employee-benefit plan.

 

Section 3.33Brokerage
Commission. No broker or finder has acted on behalf of Foster or any of the Asset Sellers or Companies in connection with this
Agreement or the transactions contemplated hereby and no person is entitled to any brokerage or finder’s fee or compensation
in respect thereto based in any way on agreements, arrangements or understandings made by or on behalf of Foster or any of the
Asset Sellers or Companies.

 

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES

OF JAI

 

JAI hereby make the
following representations and warranties to Foster, the Asset Sellers and the Companies, which representations and warranties shall
be true and correct on the date hereof and on and as of the Closing Date

 

Section 4.1Organization,
Good Standing and Qualification. JAI (i) is an entity duly organized, validly existing and in good standing under the laws
of the state of Texas, (ii) has all requisite power and authority to carry on its business, and (iii) is duly qualified to transact
business and is in good standing in all jurisdictions where its ownership, lease or operation of property or the conduct of its
business requires such qualification, except where the failure to do so would not have a material adverse effect to JAI or the
Asset Purchasers.

 

Section 4.2Authorization.
All corporate action on the part of JAI necessary for the authorization, execution, delivery and performance of this Agreement
by it has been taken or will be taken prior to Closing. JAI has the requisite corporate power and authority to execute, deliver
and perform this Agreement. This Agreement, when duly executed and delivered in accordance with its terms, will constitute legal,
valid, and binding obligations of JAI enforceable against it in accordance with its terms, except as may be limited by bankruptcy,
insolvency, and other similar laws affecting creditors' rights generally or by general equitable principles.

 

Section 4.3Organization
of Subsidiaries.

 

(a)Immediately
prior to the Closing Date, JAI will organize and form, as wholly owned subsidiaries, the Asset Purchasers as set forth in Exhibit
A and will take all necessary steps and actions to ensure that each of the Asset Purchasers have taken all necessary corporate
action to perform the obligations pursuant to this Agreement; and

 

(b)At Closing,
each of the Asset Purchasers will be (i) a Texas corporation duly organized, validly existing and in good standing under the laws
of the state of Texas, (ii) will have all requisite power and authority to carry on its business, and (iii) will be duly qualified
to transact business and will be in good standing in all jurisdictions where its ownership, lease or operation of property or the
conduct of its business requires such qualification, except where the failure to do so would not have a material adverse effect
to JAI or the Asset Purchasers.

 

Section 4.4No
Breaches or Defaults. The execution, delivery, and performance of this Agreement by JAI does not: (i) conflict with, violate,
or constitute a breach of or a default under or (ii) require any authorization, consent, approval, exemption, or other action by
or filing with any third party or Governmental Authority under any provision of: (a) any applicable Legal Requirement, or (b) any
credit or loan agreement, promissory note, or any other agreement or instrument to which JAI is a party. 

 

Section 4.5Consents.
No permit, consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or any
other person or entity is required on the part of either of JAI in connection with the execution and delivery of this Agreement
or the consummation and performance of the transactions contemplated hereby other than as required under the federal securities
laws.

 

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Section 4.6 Disclosure.
No representation or warranty of JAI contained in this Agreement (including the exhibits hereto) contains any untrue statement
or omits to state a material fact necessary in order to make the statements contained herein or therein, in light of the circumstances
under which they were made, not misleading.

 

Section 4.7Brokerage
Commission. No broker or finder has acted on behalf of JAI in connection with this Agreement or the transactions contemplated
hereby.

 

ARTICLE V

COVENANTS OF FOSTER

THE ASSET SELLERS
AND THE COMPANIES

 

Section 5.1Stand
Still. To induce JAI to proceed with this Agreement, Foster and each of the Companies and Asset Sellers agree that until the
Closing Date or the termination of this Agreement, neither Foster or any representative of any of the Companies, Asset Sellers
or Foster will offer to sell or solicit any offer to purchase or engage in any discussions or activities of any nature whatsoever,
directly or indirectly, involving in any manner the actual or potential sale, transfer, encumbrance, pledge, collateralization
or hypothecation of any ownership interest in or assets of any of the Companies or Asset Sellers. Foster and each of the Companies
and the Asset Sellers hereby agree to advise JAI of any contact from any third party regarding the acquisition or other investment
in any of the Companies or Asset Sellers, or of any contact which would relate to the transactions contemplated by this Agreement.

 

Section
5.2Access; Due Diligence. Between the date of this Agreement and the Closing Date (the “Due Diligence Period”),
Foster shall cause each of the Companies and the Asset Sellers to (a) provide JAI and their authorized representatives reasonable
access to all its clubs, offices, warehouse and other facilities and properties, and to its books and records; (b) permit JAI
to make inspections thereof; and (c) cause its officers and advisors to furnish JAI with such financial and operating data and
other information with respect to its business and properties and to discuss with JAI and their authorized representatives its
affairs as JAI may from time to time reasonably request.

 

Section 5.3Conduct
of Business. From the date of the execution hereof until the Closing Date, each of the Companies and Asset Sellers shall operate
itself and the Adult Cabarets in the ordinary course consistent with past practices, and:

 

		(a)	None of the Companies or Asset Sellers will authorize, declare, pay or effect any dividends or
liquidate or distribute any common stock or other equity interest or undertake any direct or indirect redemption, purchase or other
acquisition of any equity interest;

 

		(b)	None of the Companies or Asset Sellers will make any changes in its condition (financial or otherwise),
liabilities, assets, or business or in any of its business relationships, including relationships with suppliers or customers,
that, when considered individually or in the aggregate, might reasonably be expected to have a material adverse effect on it;

 

    	JAI Purchase Agreement - Page 19

    	 

    
 

 

		(c)	None of the Companies or Asset Sellers will increase the salary or other compensation payable or
to become payable by it to any employee, or the declaration, payment, or commitment or obligation of any kind for the payment by
it of a bonus or other additional salary or compensation to any such person except in the normal course of business, consistent
with its past practices;

 

		(d)	None of the Companies or Asset Sellers will sell, lease, transfer or assign any of their assets,
tangible or intangible, other than inventory for a fair consideration, in the ordinary course of business;

 

		(e)	None of the Companies or Asset Sellers will accelerate, terminate, modify or cancel any agreement,
contract, lease or license (or series of related agreements, contracts, leases and licenses) involving more than $5,000, either
individually or in the aggregate, to which it is a party, absent the consent of JAI;

 

		(f)	None of the Companies or Asset Sellers will make any loans to any person or entity, or guarantee
any loan, absent the consent of JAI;

 

		(g)	None of the Companies or Asset Sellers will waive or release any right or claim held by it, absent
the consent of JAI;

 

 

		(h)	Each of the Companies and the Asset Sellers will operate its business in the ordinary course and
consistent with past practices so as to preserve its business organization intact, to retain the services of their employees and
to preserve their goodwill and relationships with suppliers, creditors, customers, and others having business relationships with
them;

 

		(i)	None of the Companies or Asset Sellers will issue any note, bond or other debt security or create,
incur or assume, or guarantee any indebtedness for borrowed money or capitalized lease obligations;

 

		(j)	None of the Companies or Asset Sellers will delay or postpone the payment of accounts payable and
other liabilities outside the ordinary course of business;

 

		(k)	None of the Companies or Asset Sellers will make any loan to, enter into an employment agreement
with, or enter into any other transaction with, any of its directors, officers, and employees;

 

		(l)	None of the Companies or Asset Sellers will make any change in any method, practice, or principle
of accounting involving its business or assets;

 

		(m)	None of the Companies or Asset Sellers will issue, sell or otherwise dispose of any of its capital
stock or create, sell or dispose of any options, rights, conversion rights or other agreements or commitments of any kind relating
to the issuance, sale or disposition of any of its equity interests;

 

    	JAI Purchase Agreement - Page 20

    	 

    
 

 

		(n)	None of the Companies or Asset Sellers will reclassify, split up or otherwise change any of its
common stock or capital structure;

 

		(o)	None of the Companies or Asset Sellers will be a party to any merger, consolidation or other business
combination; and

 

		(p)	Each of the Companies and Asset Sellers shall perform in all material respects all of its obligations
under material contracts, leases and other documents relating to or affecting any of its assets, property or its business or the
business of the Adult Cabarets.

 

ARTICLE VI

CONDITIONS TO CLOSING OF

FOSTER, THE ASSET SELLERS AND THE COMPANIES

 

Each obligation of
Foster and each of the Asset Sellers and Companies to be performed on the Closing Date shall be subject to the satisfaction of
each of the conditions stated in this Article VI, except to the extent that such satisfaction is waived by Foster, the Asset Sellers
and the Companies in writing:

 

Section 6.1Representations
and Warranties Correct. The representations and warranties made by JAI contained in this Agreement will be true and correct
as of the Closing Date.

 

Section 6.2Covenants.
All covenants, agreements and conditions contained in this Agreement to be performed by JAI or the Asset Purchasers on or prior
to the Closing Date will have been performed or complied with in all respects.

 

Section 6.3Delivery
of Certificate. JAI shall provide to Foster, the Asset Sellers and the Companies certificates, dated the Closing Date and signed
by the President of JAI, to the effect set forth in Section 6.1 and 6.2 for the purpose of verifying the accuracy of such representations
and warranties and the performance and satisfaction of such covenants and conditions.

 

Section 6.4Payment
of Purchase Price. JAI and the Asset Purchasers shall have tendered the Purchase Price as referenced in Section 1.9 to Foster
and the Asset Sellers concurrently with the Closing.

 

Section 6.5Related
Transactions. The Related Transactions set forth in Section 2.3 will be consummated concurrently with the Closing.

 

Section 6.6Corporate
Resolutions. JAI and each of the Asset Purchasers shall provide corporate resolutions of the Board of Directors of each which
approve the transactions contemplated herein and authorize the execution, delivery and performance of this Agreement and the documents
referred to herein to which it is or is to be a party dated as of the Closing Date.

 

Section 6.7Absence
of Proceedings. No action, suit or proceeding by or before any court or any governmental or regulatory authority shall have
been commenced and no investigation by any governmental or regulatory authority shall have been commenced seeking to restrain,
prevent or challenge the transactions contemplated hereby or seeking judgments against JAI or any Asset Purchaser.

 

 

    	JAI Purchase Agreement - Page 21

    	 

    

 

ARTICLE
VII

CONDITIONS TO CLOSING OF 

JAI

 

Each obligation of
JAI to be performed on the Closing Date will be subject to the satisfaction of each of the conditions stated in this Article VII,
except to the extent that such satisfaction is waived by JAI in writing.

 

Section 7.1Representations and
Warranties Correct. The representations and warranties made by Foster and each of the Asset Sellers and Companies shall be
true and correct as of the Closing Date.

 

Section 7.2Covenants.
All covenants, agreements and conditions contained in this Agreement to be performed by Foster and each of the Asset Sellers and
Companies on or prior to the Closing Date will have been performed or complied with in all respects.

 

Section 7.3Delivery
of Certificate. Foster and each of the Asset Sellers and Companies will each provide to JAI certificates, dated the Closing
Date and signed by Foster and by the President of each of the Asset Sellers and Companies to the effect set forth in Section 7.1
and 7.2 for the purpose of verifying the accuracy of such representations and warranties and the performance and satisfaction of
such covenants and conditions.

 

Section 7.4Delivery
of Certificates. Foster shall have delivered certificates evidencing the Common Stock and Membership Interests of the Companies
duly endorsed to JAI or accompanied by duly executed stock powers in form and substance satisfactory to JAI.

 

Section 7.5Corporate
Resolutions. Each of the Asset Purchasers and Companies shall provide to JAI a corporate or membership resolution of the Managers,
Members or Board of Directors of each of the Asset Sellers or Companies, respectively, which approve all of the transactions contemplated
herein and authorizes the execution, delivery and performance of this Agreement and the documents referred to herein to which it
is or is to be a party dated as of the Closing Date.

 

Section 7.6Consents;
Status of Permits and Licenses. JAI and/or the Asset Purchasers shall have obtained all required approvals and authorizations
to conduct their business as is presently being conducted on the premises of each Adult Cabaret, including, but not limited to
any and all necessary sexually oriented business licenses or liquor licenses.

 

Section 7.7Related
Transactions. The Related Transactions set forth in Section 2.3 will be consummated concurrently with the Closing.

 

Section
7.8Ability to Audit. The financial records of each of the Asset Sellers and Companies will be maintained and exist
in such a manner as to allow for a certified audit as determined by JAI.

 

 

    	JAI Purchase Agreement - Page 22

    	 

    

 

Section
7.9Satisfactory Diligence. Within the Due Diligence Period, JAI will have concluded its due diligence investigation
of the Asset Sellers and Companies and the businesses of Adult Cabarets and the Asset Sellers’ and Companies’ respective
assets and properties and all other matters related to the foregoing, and will be satisfied, in their sole discretion, with the
results thereof.

 

Section 7.10 Resignations.
All of the officers, directors and managers of each of the Companies shall have provided to JAI their written resignations.

 

Section 7.11Termination
of Existing Leases. Any and all existing lease agreements for the premises of all the Adult Cabarets will have been terminated
and new leases entered into.

 

Section 7.12No
Liabilities Outstanding. None of the Companies will have any obligations or liabilities (contingent or otherwise) or unpaid
bill to any third party as of the Closing Date.

 

Section 7.13No
Assumption of Liabilities. Neither JAI nor any of the Asset Purchasers will assume any liabilities of any of the Asset Sellers
or the businesses of any of the Asset Sellers’ Adult Cabarets as of the date of Closing.

 

Section 7.14Absence
of Proceedings. No action, suit or proceeding by or before any court or any governmental or regulatory authority will have
been commenced and no investigation by any governmental or regulatory authority will have been commenced seeking to restrain, prevent
or challenge the transactions contemplated hereby or seeking judgments against any of the Asset Sellers or Companies or any of
their assets.

 

ARTICLE VIII

TAX COVENANTS; CLOSING ADJUSTMENTS

 

Section 8.1Tax
Covenants.

 

(a)Foster and the
Asset Sellers, jointly and severally, shall be responsible for, and shall pay or cause to be paid, and shall indemnify and hold
JAI and the Asset Purchasers harmless from and against any and all federal, state and local income and property (real and personal)
taxes, including penalties and interest, if any, thereon, and for any taxes or obligations or liabilities that may be due pursuant
to the Texas Patron Tax, which Texas Patron Tax was implemented by the Texas legislature, or any obligations or liabilities pursuant
to any amendments or legislation passed in connection therewith relating to the obligation of any of the Asset Sellers or the Companies
to make payment of the Texas Patron Tax that may be imposed on or assessed against any of the Companies and/or Asset Purchasers
or JAI on account of taxes created or imposed upon any of the Companies or Asset Sellers or their assets for any period of time
prior to the Closing Date, including all taxes due on income received by any of the Asset Sellers or the Companies prior to the
Closing Date and real property taxes due under any lease agreement for the Real Estate Sellers (individually, a “Tax”
and collectively, “Taxes”). Foster and the Asset Sellers shall also pay or cause to be paid and shall indemnify
and hold harmless each of JAI, the Companies and Asset Purchasers against all losses, damages and reasonable third party costs
and expenses (including reasonable attorney, accountant and expert witness fees and disbursements) (“Related Costs”)
incurred in connection with the Taxes for which Foster and the Asset Sellers indemnify each of JAI, the Companies and Asset Purchasers
pursuant to this Section 8.1 (a) (or any asserted deficiency, claim demand or assessment, including the defense or settlement thereof)
or the enforcement of this Section 8.1(a). Any payment required to be made pursuant to this Section 8.1(a) shall be made within
30 days of written notice from JAI.

 

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(b)JAI
and the Asset Purchasers, jointly and severally, shall be responsible for, and shall pay or cause to be paid, and shall indemnify
and hold Foster and the Asset Sellers harmless from and against, any and all Taxes that may be imposed on or assessed against
Foster or the Asset Sellers on account of Taxes created and/or imposed on any of the Companies or the Asset Purchasers or their
assets for any period of time following the Closing Date, which arose from any activities undertaken by JAI, the Companies or
the Asset Purchasers which occurred subsequent to the Closing Date, including all taxes due on income received by any of the Companies
or the Asset Purchasers beginning after the Closing Date. JAI and the Asset Purchasers shall also pay or cause to be paid and
shall indemnify and hold harmless Foster and the Asset Sellers from and against all Related Costs of Foster or the Asset Sellers
incurred in connection with the Taxes for which JAI and the Asset Purchasers indemnify Foster and the Asset Sellers pursuant to
this Section 8.1(b) (or any asserted deficiency, claim, demand or assessment, including the defense or settlement thereof) or
the enforcement of this Section 8.1(b). Any payment required to be made pursuant to this Section 8.1(b) shall be made within 30
days of written notice from Foster.

 

(c)For
purposes of this Article VIII, Taxes for the period up to and including the Closing Date shall be determined on the basis of an
interim closing of the books as of the Closing Date; provided, however, that in the case of any Tax not based on income
or receipts, such Taxes shall be equal to the amount of such Tax for the taxable year multiplied by a fraction, the numerator
of which shall be the number of days from the beginning of the taxable year through the day prior to the Closing Date, and
the denominator of which shall be the number of days in the taxable year.

 

(d)JAI
shall be responsible for filing or causing to be filed all tax returns required to be filed by or on behalf of the Companies after
the Closing Date (other than tax returns for periods ending on or before the Closing Date but not due until after the Closing
Date).

 

(e)The
Parties shall cooperate fully with each other and make available to each other in a timely fashion such Tax data and other information
and personnel as may be reasonably required for the payment of any estimated Taxes and the preparation of any tax returns required
to be prepared hereunder. The Parties shall make available to each other, as reasonably requested, all information, records or
documents in their possession relating to Tax liabilities of any of the Companies or the Asset Sellers for all taxable periods
thereof ending on, before or including the Closing Date and shall preserve all such information, records and documents until the
expiration of any applicable Tax statute of limitations or extensions thereof; provided, however, that if a proceeding
has been instituted for which the information, records or documents are required prior to the expiration of the applicable statute
of limitations, then such information, records or documents shall be retained until there is a final determination with respect
to such proceeding.

 

(f)The
Parties shall promptly notify each other in writing upon receipt by a Party, as the case may be, of any notice of any tax audits
of or assessments against any of the Companies or Asset Sellers for taxable periods ending on or before the Closing Date. The
failure of one party promptly to notify the other party of any such audit or assessment shall not forfeit the right to indemnity
except to the extent that a party is materially prejudiced as a result. JAI shall have the right to represent any of the Companies’
interests in any tax proceeding relating to such tax audits or assessments and to employ counsel of its choice at its expense
provided, however, that Foster may, at his own cost and expense, participate in such proceedings relating to such tax audits or
assessments. The Parties each agree to cooperate fully with the other and its or their respective counsel in the defense against
or compromise of any claim in any tax proceeding.

 

    	JAI Purchase Agreement - Page 24

    	 

    

 

(g)Notwithstanding
anything to the contrary contained elsewhere in this Agreement, all obligations under this Article VIII will survive the Closing
hereunder and continue until 30 days following the expiration of the statute of limitations on assessment of the relevant Tax.

 

Section
8.2Closing Adjustments. Foster and JAI agree that there will be an adjustment made within ninety (90) days of the Closing
Date to adjust for any liabilities that are found to exist of any of the Companies or, as such liabilities may relate to the Purchased
Assets or the business of the Asset Sellers, so that Foster and the Asset Sellers shall be responsible and liable to JAI and the
Asset Purchasers for any such liabilities that exist as of the Closing Date, less any credit which Foster and the Asset Sellers
would be entitled to for cash on hand, credit card receivables or pro rata portion of prepaid items.

 

ARTICLE IX

INDEMNIFICATION

 

Section 9.1Indemnification
from Foster and the Asset Sellers. Foster and each of the Asset Sellers, jointly and severally, agree to and shall indemnify,
defend (with legal counsel reasonably acceptable to JAI), and hold JAI and each of the Asset Purchasers, its officers, directors,
shareholders, employees, affiliates, parent, agents, legal counsel, successors and assigns (collectively, the “Purchaser
Group”) harmless at all times after the date of this Agreement, from and against any and all actions, suits, claims,
demands, debts, liabilities, obligations, losses, damages, costs, expenses, penalties or injury (including reasonable attorneys=
fees and costs of any suit related thereto) suffered or incurred by any of the Purchaser Group arising from: (a) any misrepresentation
by, or breach of any covenant or warranty of Foster or any of the Asset Sellers or Companies contained in this Agreement, or any
exhibit, certificate, or other instrument furnished or to be furnished by Foster or any of the Asset Sellers or Companies hereunder;
(b) any nonfulfillment of any agreement on the part of Foster or any of the Asset Sellers or Companies under this Agreement; (c)
any liability or obligation due to any third party by any of the Asset Sellers or Companies incurred at or prior to the Closing
Date, including but not limited to any liability pursuant to the Texas Patron Tax; (d) any suit, action, proceeding, claim or investigation
against JAI or any of the Asset Purchasers which arises from or which is based upon or pertaining to Foster’s or any of the
Asset Sellers’ or Companies’ conduct or the operation or liabilities of the business of any of the Asset Sellers or
Companies prior to the Closing Date, including, but not limited to any claim of alleged misclassification of entertainers as independent
contractors by any individual or governmental agency or any other claim alleging violations of any labor laws by any individual
or government agency or (e) any suit, action, proceeding, claim or investigation against any of the Purchaser Group arising out
of or resulting in any claims by any landlord that the any of the Asset Sellers or Companies failed to fulfill any of its obligations
under any lease agreement at any time prior to the Closing Date of this Agreement.

 

Section 9.2Indemnification
from JAI. JAI agrees to and shall indemnify, defend (with legal counsel reasonably acceptable to Foster) and hold Foster and
his affiliates, agents, legal counsel, successors and assigns and the Asset Sellers, its members, managers, officers, directors,
shareholders, employees, affiliates, parent, agents, legal counsel, successors and assigns (collectively, the "Foster Group")
harmless at all times after the date of the Agreement from and against any and all actions, suits, claims, demands, debts, liabilities,
obligations, losses, damages, costs, expenses, penalties or injury (including reasonable attorneys’ fees and costs of any
suit related thereto) suffered or incurred by any of Foster Group, arising from (a) any misrepresentation by, or breach of any
covenant or warranty of JAI contained in this Agreement or any exhibit, certificate, or other agreement or instrument furnished
or to be furnished by JAI hereunder; (b) any nonfulfillment of any agreement on the part of JAI under this Agreement; (c) any liability
or obligation due to any third party by JAI or any of the Companies or the Asset Purchasers which arose from any activities undertaken
by JAI, the Companies or the Asset Purchasers which occurred subsequent to the Closing Date, including any liability pursuant to
the Texas Patron Tax; or (d) any suit, action, proceeding, claim or investigation against Foster or the Asset Sellers which arises
from any activities undertaken by JAI, the Companies or the Asset Purchasers which occurred subsequent to the Closing Date.

 

    	JAI Purchase Agreement - Page 25

    	 

    
 

 

Section 9.3Defense
of Claims. If any lawsuit, enforcement action or any attempt to collect on an alleged liability
is filed against any party entitled to the benefit of indemnity hereunder, written notice thereof shall be given to the indemnifying
party within ten (10) business days after receipt of notice or other date by which action must be taken; provided that the failure
of any indemnified party to give timely notice shall not affect rights to indemnification hereunder except to the extent that the
indemnifying party demonstrates damage caused by such failure. After such notice, the indemnifying party shall be entitled, if
it so elects, to take control of the defense and investigation of such lawsuit or action and to employ and engage attorneys of
its own choice to handle and defend the same, at the indemnifying party's cost, risk and expense; and such indemnified party shall
cooperate in all reasonable respects, at its cost, risk and expense, with the indemnifying party and such attorneys in the investigation,
trial and defense of such lawsuit or action and any appeal arising therefrom; provided, however, that the indemnified party may,
at its own cost, participate in such investigation, trial and defense of such lawsuit or action and any appeal arising therefrom,
but the fees and expenses of such counsel shall be at the expense of such indemnified party, except to the extent that (i) the
employment thereof has been specifically authorized by the indemnifying party in writing, (ii) the indemnifying party has failed
after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable
opinion of such separate counsel, a material conflict of any material issue between the position of the indemnifying party and
the position of such indemnified party, in which case the indemnifying party shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel. The indemnifying party shall not, without the prior written consent of the indemnified
party, effect any settlement of any proceeding in respect of which any indemnified party is a party and indemnity has been sought
hereunder unless such settlement of a claim, investigation, suit, or other proceeding only involves a remedy for the payment of
money by the indemnifying party and includes an unconditional release of such indemnified party from all liability on claims that
are the subject matter of such proceeding.

 

Section 9.4Default
of Indemnification Obligation. If an entity or individual having an indemnification, defense and hold harmless obligation,
as above provided, shall fail to assume such obligation, then the party or entities or both, as the case may be, to whom such indemnification,
defense and hold harmless obligation is due shall have the right, but not the obligation, to assume

and maintain such defense (including reasonable
counsel fees and costs of any suit related thereto) and to make any settlement or pay any judgment or verdict as the individual
or entities deem necessary or appropriate in such individuals or entities absolute sole discretion and to charge the cost of any
such settlement, payment, expense and costs, including reasonable attorneys=
fees, to the entity or individual that had the obligation to provide such indemnification, defense and hold harmless obligation
and same shall constitute an additional obligation of the entity or of the individual or both, as the case may be.

 

    	JAI Purchase Agreement - Page 26

    	 

    
 

 

Section
9.5Right to Offset. In the event that JAI or any of the Asset Purchasers are entitled to indemnification in accordance
with Article VIII or this Article IX, including the payment by JAI or any of the Companies or Asset Purchasers of any debts of
liabilities resulting from the purchase of the Common Stock, the Membership Interests or the Purchased Assets which were incurred
prior to the Closing Date, including any obligations or liabilities to pay the Texas Patron Tax, then JAI or the Asset Purchasers,
or JHI, an affiliate of JAI and the Asset Purchasers, who has entered into certain Related Transactions contemporaneously with
the Closing of the Acquisition, shall have the right to offset any such amount from any obligations that are then due and payable
to either Foster, the Asset Sellers or the Real Estate Sellers. Prior to any offset provided for pursuant to this Section 9.5,
JAI, JHI or any of the Asset Purchasers shall provide written notice to Foster and/or the Asset Sellers of any intended offset
and provide them the opportunity to defend pursuant to Section 9.3 (if not already done). If neither Foster nor the Asset Sellers
undertake the defense against such liability within ten days of written notice or fail to pay amounts due, then such liability
amount will be offset as provided for pursuant to this Section 9.5. The offset shall be applied through a principal reduction
of the Promissory Note.

 

Section
9.6Survival of Representations and Warranties. The respective representations, warranties and indemnities given by
the parties to each other pursuant to this Agreement shall survive the Closing for a period ending 48 months from the Closing
Date (“Survival Date”). Notwithstanding anything to the contrary contained herein, no claim for indemnification
may be made against the party required to indemnify (the “Indemnitor”) under this Agreement unless the party
entitled to indemnification (the “Indemnitee”) shall have given the Indemnitor written notice of such claim
as provided herein on or before the Survival Date. Any claim for which notice has been given prior to the expiration of the Survival
Date shall not be barred hereunder.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1Amendment;
Waiver. Neither this Agreement nor any provision hereof may be amended, modified or supplemented unless in writing, executed
by all the parties hereto. Except as otherwise expressly provided herein, no waiver with respect to this Agreement shall be enforceable
unless in writing and signed by the party against whom enforcement is sought. Except as otherwise expressly provided herein, no
failure to exercise, delay in exercising, or single or partial exercise of any right, power or remedy by any party, and no course
of dealing between or among any of the parties, shall constitute a waiver of, or shall preclude any other or further exercise of,
any right, power or remedy.

 

Section 10.2Notices.
Any notices or other communications required or permitted hereunder shall be sufficiently given if in writing and delivered in
person or sent by registered or certified mail (return receipt requested) or nationally recognized overnight delivery service,
postage pre-paid, addressed as follows, or to such other address has such party may notify to the other parties in writing:

 

 

    	JAI Purchase Agreement - Page 27

    	 

    
 

 

	(a)	If to Foster:	Bryan S. Foster
	 	 	7000 Stinnet Drive
	 	 	Plano, Texas 75024
	 	 	 
	 	with a copy to:	Roger Albright
	 	 	3301 Elm Street
	 	 	Dallas, Texas 75226-2562
	 	 	 
	(b)	If to an Asset Seller	[Name of Asset Seller or Company]
	 	or Company:	Attn: Bryan S. Foster.
	 	 	7000 Stinnet Drive
	 	 	Plano, Texas 75024
	 	 	 
	 	with a copy to:	Roger Albright
	 	 	3301 Elm Street
	 	 	Dallas, Texas 75226-2562
	 	 	 
	(c)	If to JAI:	Jaguars Acquisition, Inc.
	 	 	Attn:  Eric Langan, President
	 	 	10959 Cutten Road
	 	 	Houston, Texas  77066
	 	 	 
	 	 	 
	 	with a copy to:	Robert D. Axelrod
	 	 	Axelrod, Smith & Kirshbaum
	 	 	5300 Memorial Drive, Suite 700
	 	 	Houston, Texas  77007

 

 

A notice or communication will be effective
(i) if delivered in person or by overnight courier, on the business day it is delivered and (ii) if sent by registered or certified
mail, three (3) business days after dispatch.

 

Section 10.3Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

Section 10.4Assignment;
Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors and permitted assigns of the parties hereto. No party hereto may assign its rights or delegate its
obligations under this Agreement without the prior written consent of the other parties hereto, which consent will not be unreasonably
withheld.

 

Section 10.5Public
Announcements. The parties hereto agree that prior to making any public announcement or statement with respect to the transactions
contemplated by this Agreement, the party desiring to make such public announcement or statement shall consult with the other parties
hereto and exercise their best efforts to agree upon the text of a public announcement or statement to be made by the party desiring
to make such public announcement; provided, however, that if any party hereto is required by law to make such public announcement
or statement, then such announcement or statement may be made without the approval of the other parties.

 

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Section 10.6Entire
Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties with regard to the subject matter hereof and thereof and supersede and cancel all prior representations,
alleged warranties, statements, negotiations, undertakings, letters, acceptances, understandings, contracts and communications,
whether verbal or written among the parties hereto and thereto or their respective agents with respect to or in connection with
the subject matter hereof.

 

Section 10.7Choice
of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas, without regard
to principles of conflict of laws. In any action between or among any of the parties, whether arising out of this Agreement or
otherwise, each of the parties irrevocably consents to the exclusive jurisdiction and venue of the federal and state courts located
in Harris County, Texas.

 

Section 10.8Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

Section 10.9Costs
and Expenses. Each party shall pay their own respective fees, costs and disbursements incurred in connection with this Agreement.

 

Section 10.10Section
Headings. The section and subsection headings in this Agreement are used solely for convenience of reference, do not constitute
a part of this Agreement, and shall not affect its interpretation.

 

Section 10.11No
Third-Party Beneficiaries. Nothing in this Agreement will confer any third party beneficiary or other rights upon any person
(specifically including any employees of the Company) or any entity that is not a party to this Agreement, other than the Asset
Purchasers.

 

Section 10.12Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

 

Section
10.13Further Assurances. Each party covenants that at any time, and from time to time, after the Closing Date, it will
execute such additional instruments and take such actions as may be reasonably requested by the other parties to confirm or perfect
or otherwise to carry out the intent and purposes of this Agreement.

 

Section
10.14Exhibits Not Attached. Any exhibits not attached hereto on the date of execution of this Agreement shall be deemed
to be and shall become a part of this Agreement as if executed on the date hereof upon each of the parties initialing and dating
each such exhibit, upon their respective acceptance of its terms, conditions and/or form.

 

 

    	JAI Purchase Agreement - Page 29

    	 

    

 

Section
10.15 Termination of Agreement. This Agreement shall terminate and be of no force and effect and all other agreements
executed herewith shall be of no force and effect if: (i) the transactions contemplated by this Agreement are not consummated
on or before October 15, 2012, unless all of the parties hereto agree in writing to extend the Agreement or (ii) all of the parties
agree in writing to terminate this Agreement sooner.

 

Section 10.16Attorney
Review - Construction. In connection with the negotiation and drafting of this Agreement, the parties represent and warrant
to each other that they have had the opportunity to be advised by attorneys of their own choice and, therefore, the normal rule
of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement or any amendments hereto.

 

Section 10.17Gender.
All personal pronouns used in this Agreement shall include the other genders, whether used in the masculine, feminine or neuter
gender and the singular shall include the plural and vice versa, wherever appropriate.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

 

    	JAI Purchase Agreement - Page 30

    	 

    

 

 

 

IN WITNESS WHEREOF,
the undersigned have executed this Purchase Agreement to become effective as of the date first set forth above.

 

	 	JAGUARS ACQUISITION, INC.
	 	 	 
	 	/s/ Eric Langan
	 	By:  Eric Langan, President
	 	 	 
	 	 	 
	 	BRYAN S. FOSTER:
	 	 	 
	 	By:	/s/ Bryan S. Foster
	 	Bryan S. Foster, Individually
	 	 	 
	 	 	 
	 	JGC Tye, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Lubbock Gold, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Odessa Gold, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	Gold Suit, Inc.
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Harlingen, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 

 

    	JAI Purchase Agreement - Page 31

    	 

    
 

 

	 	 	 
	 	JGC Longview, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Edinburg, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Phoenix, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	TI Club, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	C. A. Ault Investments,
    Inc.
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	Sadco, Inc.
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	 	 
	 	JGC Beaumont, LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________
	 	 	 
	 	S Willy’s Lubbock
    LLC
	 	 	 
	 	By:	/s/ Bryan S. Foster 
	 	 	Bryan S. Foster, __________

 

    	JAI Purchase Agreement - Page 32

    	 

    

Exhibit A

 

	Asset Seller	Adult Cabaret	Asset Purchaser
	 	 	 
	JGC Tye, LLC	“Jaguars Gold Club”	JAI Dining Services (Tye), Inc.
	 	126 South Access Road	 
	 	126 Tye, Texas 79563	 
	 	 	 
	 	 	 
	JGC Lubbock Gold, LLC	“Jaguars Gold Club”	JAI Dining Services (Lubbock), Inc.
	 	12913 US 87	 
	 	126 Lubbock, Texas 79423	 
	 	 	 
	 	 	 
	JGC Odessa Gold, LLC	“Jaguars Gold Club”	JAI Dining Services (Odessa), Inc.
	 	6824 Cargo Rd.	 
	 	126 Odessa, Texas 79762	 
	 	 	 
	 	 	 
	Gold Suit, Inc.	“Jaguars Gold Club”	JAI Dining Services (El Paso), Inc.
	 	11377 Gateway Boulevard	 
	 	126 El Paso, Texas 79936	 
	 	 	 
	 	 	 
	JGC Harlingen, LLC	“Jaguars Gold Club”	JAI Dining Services (Harlingen), Inc.
	 	14286 US Highway 83	 
	 	126 Harlingen, Texas 78552	 
	 	 	 
	 	 	 
	JGC Longview, LLC	“Jaguars Gold Club”	JAI Dining Services (Longview), Inc.
	 	4750 Estes Parkway	 
	 	126 Longview, Texas 75603	 
	 	 	 
	 	 	 
	JGC Edinburg, LLC	“Jaguars Gold Club”	JAI Dining Services (Edinburg), Inc.
	 	5021 W. University Drive	 
	 	126 Edinburg, Texas 78539	 
	 	 	 
	 	 	 
	JGC Phoenix, LLC	“Jaguars Gold Club”	JAI Dining Services (Phoenix), Inc.
	 	1902 N. Black Canyon Highway	 
	 	126 Phoenix, Arizona 85009	 
	 	 	 
	 	 	 
	TI Club, LLC	Dormant Adult Cabaret	JAI Dining Services (Odessa II), Inc.
		(formerly “Tijuana Iguana”) 	 
	 	101 Solo Road	 
	 	126 Odessa, Texas 79762	 

 

    	JAI Purchase Agreement - Page 33

    	 

    

 

Exhibit B

 

	 	 
	Real Estate Seller	Real Estate Property
	 	 
	Expensive Soil Tye, LLC	126 South Access Road
	 	Tye, Texas 79563
	 	 
	Golden Productions, LLC	12913 US 87
	 	Lubbock, Texas 79423
	 	 
	Expensive Soil Odessa, LLC	6824 Cargo Rd.
	 	Odessa, Texas 79762
	 	 
	Expensive Soil El Paso, LLC	11377 Gateway Boulevard
	 	El Paso, Texas 79936
	 	 
	Expensive Soil Harlingen, LLC	14286 US Highway 83
	 	Harlingen, Texas 78552
	 	 
	Expensive Soil Longview, LLC	4750 Estes Parkway
	 	Longview, Texas 75603
	 	 
	Expensive Soil Edinburg, LLC	5021 W. University Drive
	 	Edinburg, Texas 78539
	 	 
	Black Canyon Highway, LLC	1902 N. Black Canyon Highway
	 	Phoenix, Arizona 85009
	 	 
	Expensive Soil Beaumont, LLC	5900 College Street
	 	Beaumont, Texas 77707
	 	 
	Highway Lot Beaumont, LLC	______________
	 	Beaumont, Texas 77707
	 	 
	Expensive Soil Solo Road, LLC	101 Solo Road
	 	Odessa, Texas 79762
	 	 
	Lubbock Flat Land LLC	102 E. CR 7200
	 	Lubbock, Texas 79423

 

    	JAI Purchase Agreement - Page 34

    	 

    

Exhibit C

 

	Asset Seller	Asset Seller’s pro rata interest
	 	in the Promissory Note
	 	 
	JGC Tye, LLC	_____%
	 	 
	JGC Lubbock Gold, LLC	_____%
	 	 
	JGC Odessa Gold, LLC	_____%
	 	 
	Gold Suit, Inc.	_____%
	 	 
	JGC Harlingen, LLC	_____%
	 	 
	JGC Longview, LLC	_____%
	 	 
	JGC Edinburg, LLC	_____%
	 	 
	JGC Phoenix, LLC	_____%
	 	 
	TI Club, LLC	_____%
	 	 

 

    	JAI Purchase Agreement - Page 35

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