Document:

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September 19, 2013, between SurePure, Inc.,
a Nevada corporation (the “Company”), and the purchaser signatory hereto (the “Purchaser”).

 

WHEREAS, this Agreement
is made pursuant to the Share Purchase Agreement, dated as of the date hereof, between the Company and the Purchaser (the “Share
Purchase Agreement”).

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Corporation and the Purchaser agree as follows:

 

1.     
Definitions.

 

Capitalized terms
used and not otherwise defined herein that are defined in the Share Purchase Agreement shall have the meanings given such terms
in the Share Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Filing
Date” means, with respect to the Registration Statement required hereunder, the 60th calendar day following the date
on which all Registrable Securities that are required to be purchased by the Purchaser under the Share Exchange Agreement have
been purchased and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c)
or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

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“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) all of the shares of Common Stock issued under the Share
Purchase Agreement and (b) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the shares of Common Stock issued under the Share Purchase Agreement; provided, that any
such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness
of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement
with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such
Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such
Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale
without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written
opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that
such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities
were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon
the advice of counsel to the Company.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments
and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

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“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests
of the Commission staff and (ii) the Securities Act.

 

2.     
Registration.

 

(a)        On or prior the Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except if the
Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall
be on another appropriate form in accordance herewith, subject to the provisions of Section 2(d) and shall contain (unless
otherwise directed by at least a majority in interest of the Holders) substantially the “Plan of Distribution” attached
hereto as Annex A. Subject to the terms of this Agreement, the Company shall use its reasonable best efforts to cause a
Registration Statement filed under this Agreement (including, without limitation, under Section 3(c) to be declared effective
under the Securities Act as promptly as reasonably practical after the filing thereof and shall use its reasonable best efforts
to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by
such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume
or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter
to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”).
The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a trading day.
Notwithstanding the foregoing, the Company shall not have any obligation to file the Registration Statement unless and until the
Purchaser has fully complied with its obligations under the Share Purchase Agreement.

 

 

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(b)        Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of
the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company will promptly inform each of the Holders thereof and use its commercially reasonable
efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of
Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale
the Registrable Securities as a secondary offering, subject to the provisions of Section 2(d) with respect to filing on Form
S-3 or other appropriate form.

  

(c)        Notwithstanding any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the number
of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities
to be registered on such Registration Statement will be reduced by the Company it its sole discretion.

  

(d)        If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register
the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as such form is available; provided, that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared
effective by the Commission.

  

3.     
Registration Procedures. In connection with the Company’s registration obligations under this Agreement:

  

(a)        Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling
Stockholder Questionnaire”) on a date that is not less than two (2) trading days prior to the Filing Date or by the
end of the fourth (4th) trading day following the date on which such Holder receives a request for Annex B from the Company.

 

 

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(b)        (i) The Company shall prepare and file with the Commission such amendments, including post-effective amendments, to a Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective
(subject to any requirement that a post-effective amendment be declared effective by the Commission) as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order
to register for resale under the Securities Act all of the Registrable Securities subject to any SEC Guidance that sets forth a
limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement; (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to
any comments received from the Commission with respect to a Registration Statement or any amendment; and (iv) comply in all
material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of
all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms
of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as
so amended or in such Prospectus as so supplemented.

 

(c)        If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then the Company shall as soon as reasonably practicable file, but in any case
prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the
number of such Registrable Securities.

 

(d)        The Company shall notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through
(vi) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made)
as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) trading day prior to such filing)
and (if requested by any such Person) confirm such notice in writing no later than one (1) trading day following the day (i)(A)
when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed
(but not including (i) any Exchange Act filing or (ii) any supplement or post-effective amendment to a registration statement
that is not related to such Holder’s Registrable Securities), (B) when the Commission notifies the Company

 

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whether there
will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to
a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any
or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence
of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion
therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other
documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence
of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination
of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or
Prospectus; provided, that in no event shall any such notice contain any information which would constitute material, non-public
information regarding the Company or any of its Subsidiaries.

  

(e)        The Company shall use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any
order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)         The Company shall furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each
amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein
by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that
any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

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(g)        Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)        If requested by a Holder, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall
be free, to the extent permitted by the Share Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may request.

  

(i)         Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances
taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of
the premature disclosure of such event, the Company shall prepare a supplement or amendment, including a post-effective amendment,
to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor
such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company
notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of a Registration
Statement and Prospectus for a period not to exceed 90 calendar days (which need not be consecutive days) in any 12-month period.

 

(j)         The Company shall comply with all applicable rules and regulations of the Commission in connection with obtaining and maintaining
the effectiveness of any Registration Statement required to be filed and maintained with the Commission under this Agreement.

  

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(k)        The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common
Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares

  

4.     
Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company
shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants)
(A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any trading
market on which the Common Stock is then listed for trading, (C) in compliance with applicable state securities or Blue Sky
laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company
in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery
expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal
expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit
and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required
hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

5.      Indemnification.

 

(a)   
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold
harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable
Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock) and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls any such Holder (within the

 

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meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title
or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection
with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such
untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed
method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for
use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder
has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified
in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the
Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such
Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent that
following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company
shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with
the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable
Securities by any of the Holders in accordance with Section 6(h).

 

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(b)  
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely
upon: (x) such Holder’s failure to comply with any applicable prospectus delivery requirements of the Securities Act
through no fault of the Company or (y) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating
to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
(in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
(i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished
in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to
the extent, but only to the extent, that such information relates to such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it
being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement
thereto or (iii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), to the extent,
but only to the extent, related to the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the
Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such
Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent that
following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no event
shall the liability of any selling Holder under this Section 5(b) be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)   
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the
defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such
notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only)
to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal
or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party. An Indemnified Party
shall have the right to employ separate counsel in any such

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Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding or (3) the
named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if
the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party
notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than
one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement
of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

Subject to the
terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this
Section) shall be paid to the Indemnified Party, as incurred, within ten trading days of written notice thereof to the Indemnifying
Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees
and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)  
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms.

 

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The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute pursuant to this Section 5(d),
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity and contribution agreements
contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

 

6.     
Miscellaneous.

 

(a)       Remedies. If a breach by the Company or by a Holder of any of their respective obligations under this Agreement occurs,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.

 

(b)       Compliance. Each Holder will comply with the prospectus delivery requirements of the Securities Act as applicable to it
(unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(c)       Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will
forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing
(the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or
amended) may be resumed. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed
as promptly as is practicable. Any periods during which the Holder is required to discontinue the disposition of the Registrable
Securities hereunder shall be subject to the provisions of Section 2(d).

 

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(d)       Piggy-Back Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement
covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written
notice of such determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Holder shall
so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities
such Holder requests to be registered; provided, that the Company shall not be required to register any Registrable Securities
pursuant to this Section 6(d) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public
information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject of a then effective
Registration Statement.

 

(e)       Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall
be in writing and signed by the Company and the Holders of a majority or more of the then outstanding Registrable Securities (for
purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a
Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance
with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata
among all Holders and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from such
Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to
a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or indirectly affect the
rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or
consent relates; provided, that the provisions of this sentence may not be amended, modified, or supplemented except in
accordance with the provisions of the first sentence of this Section 6(f). No consideration shall be offered or paid to any
Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is
offered to all of the parties to this Agreement.

 

    	13

    	 

    

 

(f)        Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be delivered as set forth in the Share Purchase Agreement.

  

(g)       Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights
or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of
the Share Purchase Agreement.

  

(h)       No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall
the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights
with respect to any of its securities to any Person that have not been satisfied in full.

 

(i)        Execution
and Counterparts. 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.

  

    	14

    	 

    

 

(j)        Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be determined in accordance with the provisions of the Share Purchase Agreement.

  

(k)       Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

  

(l)        Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

  

(m)      Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not
be deemed to limit or affect any of the provisions hereof.

 

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

 

(Signature Pages Follow)

 

 

 

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	SUREPURE, INC.
	 	 	 
	 	By:
    /s/ Stephen Robinson
	 	 
	 	Name:
    Stephen Robinson
	 	 
	 	Title:  CFO/Director

 

 

 

 

 

	Name of Holder:   Patrice
    Lahausse de Lalouviere
	Signature of Authorized Signatory of Holder:
     /s/ Patrice
    Lahausse de Lalouviere
	Title of Authorized Signatory: Director

 

 

 

    	16Apollo Investment Corporation

9 W. 57th Street, 37th Floor

New York, New York 10019

 

September 20, 2013

 

Miller Energy Resources, Inc.

9721 Cogdill Road, Suite 302

Knoxville, TN 37932

Attention:    Scott M. Boruff

Chief Executive Officer

 

	Re: 	Revised and Restated Consent and Amendment No. 7 (this “Amendment”)

 

Ladies and Gentlemen:

 

We refer to that certain
Loan Agreement dated as of June 29, 2012 (as heretofore amended or otherwise modified, the “Loan Agreement”),
by and among Miller Energy Resources, Inc., a Tennessee corporation (the “Borrower”), the financial institutions
party thereto from time to time as Lenders and Apollo Investment Corporation, as Administrative Agent for the Lenders (in such
capacity, the “Administrative Agent”). Capitalized terms used but not otherwise defined herein shall have the
meanings given such terms in the Loan Agreement, as amended hereby. References herein to any Section shall be to a Section of the
Loan Agreement, as amended hereby, unless otherwise specifically provided.

 

The Borrower has informed
the Administrative Agent that it wishes to make certain amendments to the Loan Agreement, and the Administrative Agent and the
Lenders have agreed, subject to the terms and conditions contained in this Amendment, to make such amendments. These amendments
include (i) permitting the designation and issuance of a new series of preferred stock by the Borrower, as described in the attached
Exhibit A (the “Series D Preferred Stock”) and (ii) amending the definition of “Permitted Lien”
to account for the rescheduling of the arbitration between Borrower and Voorhees Equipment and Consulting, Inc., now expected to
occur on or about January 7, 2014.

 

In connection with
this, Borrower, the Administrative Agent and the Lenders previously agreed to a Consent and Amendment No. 7, dated September 20,
2013 (“Original Amendment No. 7”). Later on that same day, Borrower requested adjustments, to which Administrative
Agent and the Lenders have agreed. By this Amendment, the parties intend to replace Original Amendment No. 7, in its entirety,
with this Amendment.

 

Accordingly, the Borrower,
the Administrative Agent and the Lenders (or at least the required percentage thereof) hereby agree as follows:

 

    	 

    	 

    

 

1.Effect of
Original Amendment No. 7. Original Amendment No. 7 is hereby replaced in its entirety with the terms of this Amendment. No
consents, amendments, modifications, waivers or agreements contained in Original Amendment No. 7 shall have any force or effect,
or shall operate to amend any of the terms of the Loan Agreement, except to the extent such consent, amendment, modification, waiver
or agreement is separately and expressly set forth in this Amendment. For the avoidance of doubt, and without limitation, no amendment
to clause (g) of Section 6.17 shall have occurred as a result of Original Amendment No. 7, which shall remain in the form they
existed immediately prior to the execution of that Original Amendment No. 7.

 

2.Consent to
Amendment of Borrower’s Articles of Incorporation. Borrower’s filing of the amendment to its articles of incorporation
substantially in the form attached hereto as “Exhibit A” shall not be deemed to be “materially adverse”
to the Administrative Agent or the Lenders for purposes of Section 7.19(c) of the Loan Agreement, as amended hereby.

 

3.Treatment
of the Series D Preferred Stock. The Series D Preferred Stock shall not constitute Disqualified Stock for purposes of the Loan
Agreement, as amended hereby, solely as a result of the Series D Preferred Stock being redeemable within thirty (30) days after
Security Termination; provided that the foregoing acknowledgement shall not in any way limit, modify or waive the restrictions
set forth in Section 7.10, as amended hereby. All proceeds from the issuance of Series D Preferred Stock (other than amounts on
deposit in the Special Dividend Account) shall constitute Excluded Equity Proceeds and shall be used solely for the purposes permitted
by the Loan Agreement, as amended hereby. In addition, and for the avoidance of doubt, it is further agreed that the Series D Preferred
Stock shall not be treated as Indebtedness for the purposes of the Loan Agreement, as amended hereby, in the event it shall be
classified as debt, temporary equity or mezzanine equity for accounting purposes.

 

4.Amendments
to Loan Agreement. On and as of the date hereof, the Loan Agreement is amended as specified below.

 

(a)Amendments
to Definitions.

 

(1)New
Defined Terms. The following new defined terms are added to Section 1.1, in the appropriate alphabetical order:

 

 

“‘Series D Preferred
Dividend’ means a 10.5% per annum for cash payment paid quarterly, subject to prior payment in full of accrued but unpaid
dividends on any other senior securities, if any, that may be issued with dividend rights senior to the Series D Preferred Stock.”

 

“‘Series D Preferred
Stock’ means the class of equity of the Borrower to be designated “10.5% Series D Cumulative Redeemable Preferred
Stock”, provided that no more than 4,000,000 shares of such Stock shall be authorized or outstanding at any time.”

 

    	2

    	 

    

 

(2)Amendments
to Existing Definitions. The following existing defined terms in the Loan Agreement are hereby amended
as follows:

 

(A)“Consolidated
Permitted Expenses”. In the definition of “Consolidated Permitted Expenses,” clause (n) is hereby replaced
with the following:

 

“(n) only to the extent
(i) permitted under Section 7.10 and (ii) no funds remain on deposit in the Special Dividend Account, payment of the Series B Preferred
Dividend, Series C Preferred Dividend, and Series D Preferred Dividend.”

 

(B)“Permitted
Liens” In the definition of “Permitted Liens,” clause (r) is hereby replaced with the following:

 

“(r) those certain Liens
claimed by Voorhees Equipment and Consulting, Inc. filed of record on (i) November 20, 2012 with the Anchorage Recording District
under file number 2012 68296-0 and (ii) November 15, 2012, in the Anchorage Recording District, Alaska, File No. 2012 066917-0;
provided that, (x) the value of the asserted claims secured by those certain Liens shall, in the aggregate, not exceed $728,230.00
and (y) the Liens permitted under this clause (r) shall cease to be “Permitted Liens” on the earlier of March 31, 2014,
or the thirtieth (30th) day after the arbitrator issues an award in the arbitration expected to begin on or about January 7, 2014
regarding the dispute between the Borrower and Voorhees Equipment and Consulting, Inc. which gave rise to these liens.”

 

(b)Amendment
to Section 7.10. Clause (e) of Section 7.10 is hereby replaced with the following:

 

“(e) payments of the Series
B Preferred Dividend, the Series C Preferred Dividend or the Series D Preferred Dividend so long as immediately prior to and after
giving effect to each such payment, no Default or Event of Default shall have occurred and be continuing and either:

 

    	3

    	 

    

 

(i) such payment is made from
Excluded Equity Proceeds so long as such use of Excluded Equity Proceeds is permitted in accordance with Section 7.24; or

 

(ii) each such payment is made
during a Capital Covenant Compliance Period and immediately after giving effect to each such payment, the Borrower is in pro forma
compliance with the Capital Covenants; or”

 

(c)Amendment
to Section 7.29. Section 7.29 is hereby replaced, in its entirety, with the following:

 

“7.29    Series
B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock.

 

(a)    Borrower
covenants and agrees that it shall not redeem any of the Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred
Stock prior to the date that is 30 days after the date on which Security Termination occurs. The foregoing covenant and agreement
shall survive the termination of the Loan Documents and repayment of the Obligations.

 

(b)    Borrower
shall not amend or otherwise modify the terms and/or conditions of the Series B Preferred Stock, the Series C Preferred Stock,
or the Series D Preferred Stock (including without limitation the Series B Preferred Dividend, the Series C Preferred Dividend,
or the Series D Preferred Dividend) without the prior written consent of the Administrative Agent.”

 

5.Ratification,
Reaffirmation and Representations of Loan Parties. By its signature below, each Loan Party hereby (a) acknowledges and agrees
that, except as expressly provided herein, the Loan Agreement, as amended hereby, and each of the other Loan Documents are hereby
ratified and confirmed in all respects and shall remain in full force and effect; (b) ratifies and reaffirms its obligations under,
and acknowledges, renews and extends its continued liability under, the Loan Agreement, as amended hereby, and each other Loan
Document to which it is a party; (c) ratifies and reaffirms all of the Liens securing the payment and performance of the Obligations;
and (d) represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof, (i) after giving effect
to this Amendment, all of the representations and warranties contained in the Loan Agreement, as amended hereby, and each other
Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations
and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be
true and correct in all material respects as of such specified earlier date, (ii) after giving effect to this Amendment, no Default
or Event of Default has occurred and is continuing, and (iii) the execution, delivery, and performance of this Amendment by such
Loan Party have been duly authorized by all necessary action on the part of such Loan Party. This Amendment shall be deemed to
constitute a Loan Document for all purposes and in all respects. From and after the date hereof, all references to the Loan Agreement
and the Loan Documents shall mean such Loan Agreement and such Loan Documents as amended by this Amendment. By its signature below,
each Loan Party agrees that, except as expressly set forth herein, nothing herein shall be construed as (a) an amendment, alteration,
modification, waiver or continuing waiver of the provisions of the Loan Agreement or any other Loan Document or (b) a waiver of
any Default or Event of Default now existing or hereafter arising under the Loan Agreement or any other Loan Document. Nothing
contained herein shall obligate the Lenders to (i) grant any additional or future consents, amendments or waivers under any provision
of the Loan Agreement or any other Loan Document or (ii) waive any Default or Event of Default now existing or hereafter arising
under the Loan Agreement or any other Loan Document.

 

    	4

    	 

    

 

6.Conditions
to Effectiveness. This Amendment shall become effective as of the date first written above (the “Effective Date”)
when and only when the Administrative Agent shall have received duly executed counterparts of this Amendment signed by each Loan
Party and the Lenders (or at least the required percentage thereof).

 

7.No
Changes to Governing Documents. Borrower represents and warrants to the Administrative Agent and the Lenders that the resolutions
and Governing Documents certified to the Administrative Agent and the Lenders by Borrower on June 29, 2012, remain in full force
and effect and have not been amended or otherwise modified, except for the changes to its Charter designating the Series B Preferred
Stock and Series C Preferred Stock and Series D Preferred Stock. By its respective signature below, each of the Loan Parties (other
than the Borrower) represents and warrants to the Administrative Agent and the Lenders that its respective resolutions and Governing
Documents certified to the Administrative Agent and the Lenders by such Loan Party on June 29, 2012 remain in full force and effect
and have not been amended or otherwise modified.

 

8.Governing
Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

 

9.Miscellaneous.
In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment.
This Amendment shall be binding upon and inure to the benefit of the Administrative Agent, the Lenders and the Borrower and their
respective successors and assigns permitted pursuant to the Loan Agreement. This Amendment may be executed in counterparts with
each counterpart constituting an original and all of the counterparts, once executed, constituting but one original. Delivery of
an executed counterpart by facsimile or other electronic means shall be effective as delivery of an original executed counterpart.

 

[Signature Pages Follow]

 

    	5

    	 

    

 

If the foregoing is
acceptable to you, please execute a copy of this letter agreement in the spaces provided below to evidence your acceptance and
approval of the foregoing and return a fully-executed counterpart of this letter to the attention of the undersigned.

 

	 	Very truly yours,
	 	 	 	 	 
	 	APOLLO INVESTMENT CORPORATION, as 

Administrative Agent for the Lenders
	 	 	 	 	 
	 	 	By:  	Apollo Investment Management, L.P.
	 	 	 	 	 
	 	 	 	By:	ACC Management, LLC, as its 

General Partner
	 	 	 	 	 
	 	By: /s/ Ted Goldthorpe                                                 
	 	Name:  	Ted Goldthorpe
	 	Title:     	President	 

 

Amendment No. 7— Miller Energy Resources,
Inc.

 

Signature Page

 

    	 

    	 

    

 

	 	Acknowledged, agreed and accepted as of the 20th day of September, 2013.
	 	 	 
	 	BORROWER:
	 	 	 
	 	MILLER ENERGY RESOURCES, INC.,
	 	a Tennessee corporation
	 	 	 
	 	By:  	/s/ Scott M. Boruff                        
	 	 	Name:  Scott M. Boruff
	 	 	Title:    Chief Executive Officer    
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	MILLER DRILLING, TN LLC
	 	 	 
	 	By:	MILLER ENERGY RESOURCES, INC.,
	 	 	its Sole Member
	 	 	 
	 	 	By: /s/ Scott M. Boruff                        
	 	 	Name: Scott M. Boruff
	 	 	Title: Chief Executive Officer
	 	 	 
	 	MILLER ENERGY SERVICES, LLC
	 	 	 
	 	By:	MILLER ENERGY RESOURCES, INC.,
	 	 	its Sole Manager
	 	 	 
	 	 	By: /s/ Scott M. Boruff                        
	 	 	Name: Scott M. Boruff
	 	 	Title: Chief Executive Officer
	 	 	 
	 	MILLER ENERGY GP, LLC
	 	 	 
	 	By:	MILLER ENERGY RESOURCES, INC.,
	 	 	its Sole Manager
	 	 	 
	 	 	By: /s/ Scott M. Boruff                        
	 	 	Name: Scott M. Boruff
	 	 	Title: Chief Executive Officer

 

Amendment No. 7— Miller Energy Resources,
Inc.

 

Signature Page

 

    	 

    	 

    

 

	 	MILLER RIG & EQUIPMENT, LLC
	 	 	 
	 	By:	MILLER ENERGY RESOURCES, INC.,
	 	 	its Sole Manager
	 	 	 
	 	 	By: /s/ Scott M. Boruff                        
	 	 	Name: Scott M. Boruff
	 	 	Title: Chief Executive Officer
	 	 	 
	 	COOK INLET ENERGY, LLC
	 	 	 
	 	By: /s/ David M. Hall                        
	 	 	Name: David M. Hall
	 	 	Title: Manager and Chief Executive Officer
	 	 	 
	 	EAST TENNESSEE CONSULTANTS, INC.
	 	 	 
	 	By: /s/ Eugene D. Lockyear                        
	 	 	Name: Eugene Lockyear
	 	 	President
	 	 	 
	 	EAST TENNESSEE CONSULTANTS II, L.L.C.
	 	 	 
	 	By: /s/ Eugene D. Lockyear                        
	 	 	Name:Eugene Lockyear
	 	 	Title:Manager and President

  

Amendment No. 7— Miller Energy Resources,
Inc.

 

Signature Page

 

    	 

    	 

    

 

EXHIBIT A

 

ARTICLES OF AMENDMENT TO THE CHARTER OF

 

MILLER ENERGY RESOURCES, INC.

 

Pursuant to the provisions of the Tennessee
Business Corporation Act, §48-20-201 et. seq. the undersigned Corporation adopted the following Articles of Amendment
to its Charter:

 

The name of the Corporation is Miller Energy
Resources, Inc.

 

The amendment is adopted is: Article Six
of the Corporation’s Amended and Restated Charter is hereby amended by adding the following:

 

In accordance with Sections 48-20-102 and
48-20-106 of the Tennessee Business Corporation Act (“TBCA”), the undersigned corporation adopts the following
Articles of Amendment (the “Articles of Amendment”) to its Charter (the “Charter”):

 

1.The name of this corporation is Miller Energy Resources,
Inc. (the “Corporation”)

 

2.Article Six of the Charter is hereby amended, pursuant
to the authority granted to the Board of Directors (the “Board”) of this corporation by Section 6(c) of the
Charter, by adding the following subsection (f) to Article Six of the Charter, which subsection states the number, designation,
relative rights, preferences and limitations of a new series of preferred stock as fixed by the Board and shall read in its entirety
as follows:

 

(f)10.5%
Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock.

 

(i)Designation and Amount. The
shares of such series shall be designated as “10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock”
(the “Series D Preferred Stock”) and the number of shares initially authorized constituting such series shall
be 4,000,000 shares, par value $0.0001 per share. Such number of shares may be increased or decreased by resolution of the Board;
provided, that no decrease shall reduce the number of shares of Series D Preferred Stock to a number less than the number
of shares then outstanding.

 

(ii)Maturity. The Series D Preferred
Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. Shares of Series D Preferred
Stock will remain outstanding indefinitely unless the Corporation decides to redeem or otherwise repurchase them pursuant to Section
6(f)(vi) hereof or converted pursuant to Section 6(f)(vii) hereof. The Corporation is not required to set aside funds to redeem
the Series D Preferred Stock.

 

    	1

    	 

    

 

(iii) Ranking. The Series D Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of
assets in the event of any liquidation, dissolution or winding up of the Corporation, (A) senior to all classes or series of the
Corporation’s common stock (the “Common Stock”), and to all other equity securities issued by the Corporation
other than equity securities referred to in clauses (B) and (C) of this Section (iii); (B) junior to the Series B Preferred Stock
and to all equity securities issued by the Corporation which have terms specifically providing that those equity securities rank
senior to the Series D Preferred Stock with respect to rights to the distribution of assets upon any liquidation, dissolution
or winding up of the Corporation; and (C) on parity with the Series C Preferred Stock and all other equity securities issued by
the Corporation with terms specifically providing that those equity securities rank on parity with the Series D Preferred Stock
with respect to rights to the distribution of assets upon any liquidation, dissolution or winding up of the Corporation. The term
“equity securities” shall not include convertible debt securities.

 

(iv)Dividends.

 

(A)Payment.
Holders of shares of the Series D Preferred Stock are entitled to receive, when, as and if declared by the Board, out of funds
of the Corporation legally available for the payment of dividends, cumulative cash dividends at an annual rate (the “Regular
Dividend Rate”) of (i) 10.5% during the Fixed Rate Period (defined below), based on the $25.00 per share liquidation
preference per annum (equivalent to $2.625 per annum per share during such period) and (ii) during the Floating Rate Period (defined
below), the sum of (a) Three-Month LIBOR (as defined below) as calculated on each applicable date of determination and (b) the
Applicable Spread (as defined below), based on the $25.00 per share liquidation preference per annum; provided that this stated
dividend rate shall be subject to the increases required under Section 6(f)(iv)(F).

 

The term “Fixed Rate Period” means the period from and including the date of original issuance of the Series
D Preferred Stock to, but not including, December 1, 2018.

 

The term “Floating Rate Period” means the period from and including December 1, 2018 and thereafter until such
time as the Series D Preferred Stock is redeemed pursuant to Section 6(f)(vi) hereof or is converted pursuant to Section 6(f)(vii)
hereof.

 

The term “Three-Month
LIBOR” means, on any date of determination, the rate (expressed as a percentage per year) for deposits in U.S. dollars
for a three-month period as appears on Bloomberg, L.P. page US0003M, as set by the British Bankers Association at 11 am (London
time) on such date of determination. If the appropriate page is replaced or service ceases to be available,
the Corporation, acting reasonably, may select another page or service displaying the appropriate rate.

 

The term “Applicable
Spread” means a rate of [_____]% per annum.

 

Dividends on the Series D Preferred Stock issued in connection with the Corporation’s initial public offering of Series
D Preferred Stock shall accumulate daily and shall be cumulative from, and including, the date on which the first such shares
are first sold to any purchaser and shall be payable quarterly in arrears on the first day of each December, March, June and September
of each year (each, a “Series D Dividend Payment Date”); provided, that if any Series D Dividend Payment
Date is not a Business Day (as defined below), then the dividend which would otherwise have been payable on that Series D Dividend
Payment Date may be paid on the next succeeding Business Day with the same force and effect as if paid on such Series D Dividend
Payment Date and no interest, additional dividends or other sums will accumulate on the amount so payable for the period from
and after such Series D Dividend Payment Date to such next succeeding Business Day.

 

    	2

    	 

    

 

For dividend periods beginning on and after December 1, 2018, the Three-Month LIBOR shall be determined quarterly on the Series
D Dividend Payment Date, which determination will apply to each day during the Series D Dividend Period in which that determination
is made. “Series D Dividend Period” means a quarterly dividend period beginning on and including a Series D
Dividend Payment Date to, but not including, the following Series D Dividend Payment Date.

 

Any dividend payable
on the Series D Preferred Stock, including dividends payable for any partial dividend period, will be computed on the basis of
a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as they appear in the stock
records of the Corporation for the Series D Preferred Stock at the close of business on the applicable record date, which shall
be the 15th day of each calendar month immediately preceding the relevant Series D Dividend Payment Date, whether or not a Business
Day (each, a “Series D Dividend Record Date”). The dividends payable on any Series D Dividend Payment Date
shall include dividends accumulated to, but not including, such Series D Dividend Payment Date.

 

(B)Restrictions
on Payment. No dividends on shares of Series D Preferred Stock shall be authorized by the Board or paid or set apart for payment
by the Corporation at any time when the terms and provisions of any agreement of the Corporation, including any other classes
or series of equity securities issued by the Corporation or any agreement relating to any indebtedness of the Corporation
(including, but not limited to, the Loan Agreement, dated June 29, 2012, between the Corporation, as borrower, Apollo Investment
Corporation, as administrative agent, and the other lenders party thereto from time to time, as the same may be amended from time
to time, with such loan agreement, securities and other agreements being referred to herein as the “Limiting Documents”),
prohibit the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or setting
apart for payment thereof would constitute a breach of the Limiting Documents or a default under the Limiting Documents, or if
the authorization, payment or setting apart for payment shall be restricted or prohibited by law.

 

(C)Accumulation. Notwithstanding
anything to the contrary contained herein, dividends on the Series D Preferred Stock will accumulate whether or not the Corporation
has earnings, whether or not there are funds legally available for the payment of those dividends and whether or not those dividends
are declared. No interest, or sum in lieu of interest, will be payable in respect of any dividend payment or payments on the Series
D Preferred Stock which may be in arrears, and holders of the Series D Preferred Stock will not be entitled to any dividends in
excess of full cumulative dividends described in Section 6(f)(iv)(A). Any dividend payment made on the Series D Preferred Stock
shall first be credited against the earliest accumulated but unpaid dividend due with respect to the Series D Preferred Stock.

 

    	3

    	 

    

 

(D)Other Classes
or Series of Equity. Except as provided in Section 6(f)(iv)(E), unless full cumulative dividends on the Series D Preferred
Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart
for payment for all past dividend periods, (i) no dividends (other than in shares of Common Stock or in shares of any classes
or series of equity securities that the Corporation may issue ranking junior to the Series D Preferred Stock as to dividends
and upon liquidation) shall be declared or paid or set aside for payment upon shares of Common Stock or preferred stock that the
Corporation may issue ranking junior to or on parity with the Series D Preferred Stock as to dividends or upon liquidation, (ii)
no other distribution shall be declared or made upon shares of Common Stock or preferred stock that the Corporation may issue
ranking junior to or on parity with the Series D Preferred Stock as to dividends or upon liquidation, and (iii) any shares of
Common Stock or preferred stock that the Corporation may issue ranking junior to or on parity with the Series D Preferred Stock
as to dividends or upon liquidation shall not be redeemed, purchased or otherwise acquired for any consideration (or any moneys
be paid to or made available for a sinking fund for the redemption of any such shares) by the Corporation (except (x) as mandatorily
required by the terms of such equity security or (y) by conversion into or exchange for other capital stock of the Corporation
that it may issue ranking junior to the Series D Preferred Stock as to dividends and upon liquidation).

 

(E)Partial
Payment. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series
D Preferred Stock and the shares of any other series of preferred stock that the Corporation may issue ranking on parity as to
dividends with the Series D Preferred Stock, all dividends declared upon the Series D Preferred Stock and any Series C Preferred
Stock or other series of preferred stock the Corporation may issue ranking on parity as to dividends with the Series D Preferred
Stock shall be declared pro rata so that the amount of dividends declared per share of Series D Preferred Stock and such other
series of preferred stock shall in all cases bear to each other the same ratio that accumulated (or accrued with respect to the
other classes or series) dividends per share on the Series D Preferred Stock and such other series of preferred stock (which shall
not include any accrual in respect of unpaid dividends for prior dividend periods if any such equity securities do
not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect
of any dividend payment or payments on the Series D Preferred Stock which may be in arrears.

 

(F)Penalty
Events. Whenever (I) a Series D Listing Event (as defined hereafter) has occurred or (II) dividends on any shares of Series
D Preferred Stock are in arrears for four or more quarterly dividend periods, whether or not consecutive (the events in clause
(I) and (II) each being a “Penalty Event”), the dividend rate specified in Section 6(f)(iv)(A) shall be increased
by 2.00% per annum (which, during the Fixed Rate Period, will be the equivalent of a 12.5% rate per annum based on the $25.00
per share liquidation preference, which is equivalent to $3.125 per share per annum) (the “Penalty Rate”).
For purposes hereof a “Series D Listing Event” shall have occurred if, on or after October 31, 2013 the Series
D Preferred Stock is not listed for trading on the New York Stock Exchange LLC (the “NYSE”), the NYSE MKT LLC
(the “NYSE MKT”) or the NASDAQ Stock Market (“NASDAQ”), or listed or quoted on an exchange
or quotation system that is a successor to the NYSE, the NYSE MKT or NASDAQ (each a “National Exchange”) for
180 or more consecutive days. This Penalty Rate shall remain in effect until (x) shares of the Series D Preferred Stock are listed
for trading on a National Exchange and (y) all accrued but unpaid dividends on the Series D Preferred Stock have been paid in
full and the Corporation shall have paid all dividends due on the Series D Preferred Stock for the two most recently ended quarterly
dividend payment periods, at which time the dividend rate shall revert to the rate as specified in Section 6(f)(iv)(A) for the
next occurring dividend payment period (unless a new Penalty Event shall have occurred prior to and shall be continuing at the
start of, such next occurring dividend payment period).

 

    	4

    	 

    

 

(G)Business
Day Defined. “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions in New York, New York or Knoxville, Tennessee are authorized or required by law,
regulation or executive order to close.

 

(v)
Liquidation Preference.

 

(A)
Liquidation Payment. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation,
the holders of shares of Series D Preferred Stock will be entitled to be paid out of the assets the Corporation has legally available
for distribution to its stockholders, subject to the preferential rights of the holders of the Series B Redeemable Preferred Stock
and any class or series of equity securities of the Corporation ranking senior to the Series D Preferred Stock with respect to
the distribution of assets upon liquidation, dissolution or winding up, a liquidation preference of $25.00 per share, plus an
amount equal to any accumulated and unpaid dividends to, but not including, the date of payment, before any distribution of assets
is made to holders of Common Stock or any other class or series of equity securities the Corporation may issue which ranks junior
to the Series D Preferred Stock as to liquidation rights.

 

(B)Partial
Distribution in Liquidation. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding
up, the available assets of the Corporation are insufficient to pay the amount of the liquidating distributions on all outstanding
shares of Series D Preferred Stock and the corresponding amounts payable on all shares of other classes or series of equity securities
the Corporation may issue ranking on parity with the Series D Preferred Stock in the distribution of assets, then the holders
of the Series D Preferred Stock and all other such classes or series of equity securities shall share ratably in any such distribution
of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.

 

(C)Notice
of Liquidation. Holders of Series D Preferred Stock will be entitled to written notice of any such liquidation, dissolution
or winding up no fewer than 30 days and no more than 60 days prior to the payment date for the liquidating distributions payable
under Section 6(f)(v)(A).

 

    	5

    	 

    

 

(D)Other
Rights on Liquidation. After payment of the full amount of the liquidating distributions to which they are entitled, the holders
of Series D Preferred Stock will have no right or claim to any of the remaining assets of the Corporation.

 

(E)Events
Deemed Not to Be Liquidations. The consolidation or merger of the Corporation with or into any other corporation, trust or
entity or of any other entity with or into the Corporation, or the sale, lease, transfer or conveyance of all or substantially
all of the property or business the Corporation, shall not be deemed to constitute a liquidation, dissolution or winding up of
the Corporation.

 

(vi)Redemption.

 

(A)Restriction
on Redemption. The Series D Preferred Stock is not redeemable by the Corporation prior to the fifth anniversary of the date
the Series D Preferred Stock is initially issued by the Company (the “Series D Initial Permitted Redemption Date”)
except in accordance with Sections 6(f)(vi)(C); provided, however, that no redemption by the Corporation of the Series
D Preferred Stock otherwise permitted in this Section 6(f)(vi) shall occur if any term or condition contained in any Limiting
Document shall prohibit it or if such redemption shall result in a default thereunder.

 

(B)Optional
Redemption Right. On and after the Series D Initial Permitted Redemption Date, the Corporation may, at its option, upon not
less than 30 nor more than 60 days’ written notice, redeem the Series D Preferred Stock, in whole or in part, at any time
or from time to time, for cash at a redemption price of Twenty-Five Dollars ($25.00) per share, plus any accumulated and unpaid
dividends thereon to, but not including, the date fixed for redemption. If the Corporation elects to redeem any shares of Series
D Preferred Stock as described in this Section 6(f)(vi)(B), it may use any available cash to pay the redemption price, and it
will not be required to pay the redemption price only out of the proceeds from the issuance of other equity securities or any
other specific source.

 

(C)Special
Optional Redemption Right. Upon the occurrence of a Change of Control (as defined below), provided no Limiting Document may
prohibit it, the Corporation may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the
Series D Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred,
for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date
fixed for redemption. If, prior to the Series D Change of Control Conversion Date (as defined below), the Corporation has provided
notice of our election to redeem some or all of the shares of Series D Preferred Stock (whether pursuant to Sections 6(f)(vi)(B)
or (C)), the holders of Series D Preferred Stock will not have the Series D Change of Control Conversion Right (as defined below)
with respect to the shares of Series D Preferred Stock called for redemption. If the Corporation elects to redeem any shares of
Series D Preferred Stock as described in this Section 6(f)(vi)(C), it may use any available cash to pay the redemption price,
and it will not be required to pay the redemption price only out of the proceeds from the issuance of other equity securities
or any other specific source.

 

    	6

    	 

    

 

(D)A
“Change of Control” is deemed to occur when, after the original issuance of the Series D Preferred Stock, the
following have occurred and are continuing: (i) the acquisition by any person, including any syndicate or group deemed to be a
“person” under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases,
mergers or other acquisition transactions of our stock entitling that person to exercise more than 50% of the total voting power
of all our stock entitled to vote generally in the election of our directors (except that such person will be deemed to have beneficial
ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable
only upon the occurrence of a subsequent condition); and (ii) following the closing of any transaction referred to in the bullet
point above, neither the Corporation nor the acquiring or surviving entity has a class of common securities (or American depositary
receipts representing such securities) listed on a National Exchange.

 

(E)Series
D Change of Control Conversion Right Redemption Procedures. In the event the Corporation elects to redeem Series D Preferred
Stock, the notice of redemption will be mailed by the Corporation, postage prepaid, not less than 30 nor more than 60 days prior
to the redemption date, to each holder of record of Series D Preferred Stock called for redemption at such holder’s address
as it appears on the stock transfer records of the Corporation and shall state: (I) the redemption date; (II) the number of shares
of Series D Preferred Stock to be redeemed; (III) the redemption price; (IV) the place or places where certificates (if any) for
the Series D Preferred Stock are to be surrendered for payment of the redemption price; (V) that dividends on the shares to be
redeemed will cease to accumulate on the redemption date; (VI) whether such redemption is being made pursuant to Section 6(f)(vi)(B)
or Section 6(f)(vi)(C); (VII) if applicable, that such redemption is being made in connection with a Change of Control and, in
that case, a brief description of the transaction or transactions constituting such Change of Control; and (VIII) if such redemption
is being made in connection with a Change of Control, that the holders of the shares of Series D Preferred Stock being so called
for redemption will not be able to tender such shares of Series D Preferred Stock for conversion in connection with the Change
of Control and that each share of Series D Preferred Stock tendered for conversion that is called, prior to the Series D Change
of Control Conversion Date (as defined below), for redemption will be redeemed on the related date of redemption instead of converted
on the Series D Change of Control Conversion Date. If less than all of the shares of Series D Preferred Stock held by any holder
are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series D Preferred Stock held
by such holder to be redeemed. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the
validity of the proceedings for the redemption of any shares of Series D Preferred Stock except as to the holder to whom notice
was defective or not given.

 

(F)Surrender
and Payment. Holders of Series D Preferred Stock to be redeemed shall surrender the Series D Preferred Stock at the place
designated in the notice of redemption and shall be entitled to the redemption price and any accumulated and unpaid dividends
payable upon the redemption following the surrender.

 

    	7

    	 

    

 

(G)Cessation
of Dividends after Redemption Notice. If notice of redemption of any shares of Series D Preferred Stock has been given and
if the Corporation irrevocably sets aside the funds necessary for redemption in trust for the benefit of the holders of the shares
of Series D Preferred Stock so called for redemption, then from and after the redemption date (unless the Corporation shall default
in providing for the payment of the redemption price plus accumulated and unpaid dividends, if any), dividends will cease to accumulate
on those shares of Series D Preferred Stock, those shares of Series D Preferred Stock shall no longer be deemed outstanding and
all rights of the holders of those shares will terminate, except the right to receive the redemption price plus accumulated and
unpaid dividends, if any, payable upon redemption.

 

(H)Redemption
on Non-Business Day. If any redemption date is not a Business Day, then the redemption price and accumulated and unpaid dividends,
if any, payable upon redemption may be paid on the next Business Day and no interest, additional dividends or other sums will
accumulate on the amount payable for the period from and after that redemption date to that next Business Day.

 

(I)Partial
Redemption. If less than all of the outstanding Series D Preferred Stock is to be redeemed, the Series D Preferred Stock to
be redeemed shall be selected pro rata (as nearly as may be practicable without creating fractional shares) or by lot.

 

(J)Unpaid
Dividends. Immediately prior to any redemption of Series D Preferred Stock, the Corporation shall pay, in cash, any accumulated
and unpaid dividends through and including the redemption date, unless a redemption date falls after a Series D Dividend Record
Date and prior to the corresponding Series D Dividend Payment Date, in which case each holder of Series D Preferred Stock at the
close of business on such Series D Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding
Series D Dividend Payment Date notwithstanding the redemption of such shares before such Series D Dividend Payment Date. Except
as provided in this paragraph, the Corporation will make no payment or allowance for unpaid dividends, whether or not in arrears,
on shares of the Series D Preferred Stock to be redeemed.

 

(K)Additional
Limitation on Redemption. Unless full cumulative dividends on all shares of Series D Preferred Stock shall have been or contemporaneously
are declared and paid or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for
payment for all past dividend periods, no shares of Series D Preferred Stock shall be redeemed unless all outstanding shares of
Series D Preferred Stock are simultaneously redeemed and the Corporation shall not purchase or otherwise acquire directly or indirectly
any shares of Series D Preferred Stock (except by exchanging it for its capital stock ranking junior to the Series D Preferred
Stock as to dividends and upon liquidation); provided, however, that the foregoing shall not prevent the purchase or acquisition
by the Corporation of shares of Series D Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holders
of all outstanding shares of Series D Preferred Stock.

 

(L)Purchase
of Shares by Corporation Permitted. Subject to applicable law, the Corporation may purchase shares of Series D Preferred Stock
in the open market, by tender or by private agreement. Any shares of Series D Preferred Stock that the Corporation acquires may
be retired and re-classified as authorized but unissued shares of preferred stock, without designation as to class or series,
and may thereafter be reissued as any class or series of preferred stock.

 

    	8

    	 

    

 

(vii)Series
D Change of Control Conversion Rights. Shares of Series D Preferred Stock are not convertible into or exchangeable for any
other property or securities of the Corporation, except as provided in this Section 6(f)(vii).

 

(A)[Reserved.]

 

(B)[Reserved.]

 

(C)Series
D Change of Control Conversion Right. Upon the occurrence of a Change of Control, each holder of Series D Preferred
Stock will have the right (unless, prior to the Series D Change of Control Conversion Date, the Corporation has provided notice
of its election to redeem some or all of the shares of Series D Preferred Stock held by such holder as described in Sections 6(f)(vi)(B)
and 6(f)(vi)(C) above, in which case such holder will have the right only with respect to shares of Series D Preferred Stock that
are not called for redemption), to convert some or all of the Series D Preferred Stock held by such holder (the “Series
D Change of Control Conversion Right”) on the Series D Change of Control Conversion Date into a number of shares of
the Corporation’s common stock per share of Series D Preferred Stock (the “Series D/Common Stock Conversion Consideration”)
equal to the lesser of: (i) the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series
D Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Series D Change of
Control Conversion Date (unless the Series D Change of Control Conversion Date is after a Series D Dividend Record Date (as defined
herein) and prior to the corresponding Series D Dividend Payment Date (as defined herein) for the Series D Preferred Stock, in
which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price
(as defined below); and (ii) [ ] (the “Share Cap”), subject to adjustments to the Share Cap for any splits,
subdivisions or combinations of our common stock; in each case, on the terms and subject to the conditions described in this Section
6(f)(vii).

 

(D)[Reserved.]

 

(E)Share
Cap Adjustments. If the Corporation, at any time while Series D Preferred Stock is outstanding: (i) pays a stock dividend
in the Common Stock with respect to the then-outstanding Common Stock; (ii) subdivides outstanding Common Stock into a larger
number of shares; or (iii) combines (including by way of a reverse stock split) outstanding Common Stock into a smaller number
of shares (in each case, a “Share Split”), then the Share Cap will subject to pro
rata adjustments as follows: the adjusted Share Cap as the result of a Share Split will be the number of shares of Common Stock
that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such Share Split by
(ii) a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after giving effect to
such Share Split and the denominator of which is the number of shares of Common Stock outstanding immediately prior to such Share
Split. For the avoidance of doubt, subject to the immediately succeeding sentence, the aggregate number of shares of Common Stock
(or equivalent Alternative Conversion Consideration (as defined below), as applicable) issuable or deliverable, as applicable,
in connection with the exercise of the Series D Change of Control Conversion Right will not exceed [____________] shares of Common
Stock (or equivalent Alternative Conversion Consideration, as applicable).

 

    	9

    	 

    

 

(F)Series
D Change of Control Conversion Date Defined. The “Series D Change of Control Conversion Date” is
the date the Series D Preferred Stock is to be converted, which will be a Business Day selected by the Corporation that is no
fewer than 20 days nor more than 35 days after the date on which it provides the notice of the related Change of Control described
in Section 6(f)(vii)(K) (or in Section 6(f)(vi)(E) if the relevant Change of Control is described therein) to the holders of Series
D Preferred Stock.

 

(G)Common
Stock Price Defined. The “Common Stock Price” is (i) if the consideration to be received in the Change
of Control by the holders of Common Stock is solely cash, the amount of cash consideration per share of Common Stock or (ii) if
the consideration to be received in the Change of Control by holders of Common Stock is other than solely cash (x) the average
of the closing sale prices per share of Common Stock (or, if no closing sale price is reported, the average of the closing bid
and ask prices per share or, if more than one in either case, the average of the average closing bid and the average closing ask
prices per share) for the ten consecutive trading days immediately preceding, but not including, the date on which such Change
of Control occurred as reported on the principal U.S. securities exchange on which Common Stock is then traded, or (y) the average
of the last quoted bid prices for Common Stock in the over-the-counter market as reported by Pink OTC Markets Inc. or similar
organization for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control
occurred, if Common Stock is not then listed for trading on a U.S. securities exchange.

 

(H)Alternative
Consideration. In the case of a Change of Control pursuant to which Common Stock is or will be converted into cash, securities
or other property or assets (including any combination thereof) (the “Alternative Form Consideration”), a holder
of Series D Preferred Stock will receive upon conversion of such Series D Preferred Stock the kind and amount of Alternative Form
Consideration which such holder would have owned or been entitled to receive upon the Change of Control had such holder held a
number of shares of Common Stock equal to the Series D/Common Stock Conversion Consideration immediately prior to the effective
time of the Change of Control (the “Alternative Conversion Consideration”; the Series D/Common Stock Conversion
Consideration or the Alternative Conversion Consideration, whichever shall be applicable to a Change of Control, is referred to
as the “Conversion Consideration”).

 

(I)Deemed
Election of Conversion Consideration. If the holders of Common Stock have the opportunity to elect the form of consideration
to be received in the Change of Control, the Conversion Consideration in respect of such Change of Control will be deemed to be
the kind and amount of consideration actually received by holders of a majority of the outstanding shares of Common Stock that
made or voted for such an election (if electing between two types of consideration) or holders of a plurality of the outstanding
shares of Common Stock that made or voted for such an election (if electing between more than two types of consideration), as
the case may be, and will be subject to any limitations to which all holders of Common Stock are subject, including, without limitation,
pro rata reductions applicable to any portion of the consideration payable in such Change of Control.

 

    	10

    	 

    

 

(J)No
Fractional Shares Issued. No fractional shares of Common Stock upon the conversion of the Series D Preferred Stock in connection
with a Change of Control will be issued. Instead, the Corporation will make a cash payment equal to the value of such fractional
shares based upon the Common Stock Price used in determining the Series D/Common Stock Conversion Consideration for such Change
of Control.

 

(K)Notice
of Change of Control. Within 15 days following the occurrence of a Change of Control, provided that the Corporation has not
then exercised its right to redeem all shares of Series D Preferred Stock pursuant to Section 6(f)(vi), the Corporation will provide
to holders of Series D Preferred Stock a notice of occurrence of the Change of Control that describes the resulting Series D Change
of Control Conversion Right, which notice shall be delivered to the holders of record of the shares of the Series D Preferred
Stock in their addresses as they appear on the stock transfer records of the Corporation and shall state: (i) the events constituting
the Change of Control; (ii) the date of the Change of Control; (iii) the last date on which the holders of Series D Preferred
Stock may exercise their Series D Change of Control Conversion Right; (iv) the method and period for calculating the Common Stock
Price; (v) the Series D Change of Control Conversion Date; (vi) that if, prior to the Series D Change of Control Conversion Date,
the Corporation has provided notice of its election to redeem all or any shares of Series D Preferred Stock, holders will not
be able to convert the shares of Series D Preferred Stock called for redemption and such shares will be redeemed on the related
redemption date, even if such shares have already been tendered for conversion pursuant to the Series D Change of Control Conversion
Right; (vii) if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series
D Preferred Stock; (viii) the name and address of the paying agent, transfer agent and conversion agent for the Series D Preferred
Stock; (ix) the procedures that the holders of Series D Preferred Stock must follow to exercise the Series D Change of Control
Conversion Right (including procedures for surrendering shares for conversion through the facilities of a Depositary (as defined
below)), including the form of conversion notice to be delivered by such holders as described below; and (x) the last date on
which holders of Series D Preferred Stock may withdraw shares surrendered for conversion and the procedures that such holders
must follow to effect such a withdrawal.

 

(L)Publication
of Notice. The Corporation shall also issue a press release containing such notice provided for in the preceding Section 6(f)(vii)(K)
for publication on either of Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these
organizations are not in existence at the time of issuance of the press release, such other news or press organization as is reasonably
calculated to broadly disseminate the relevant information to the public), and post a notice on its website, in any event prior
to the opening of business on the first Business Day following any date on which it provides the notice provided for in Section
6(f)(vii)(K) to the holders of Series D Preferred Stock.

 

    	11

    	 

    

 

(M)Procedures
for Exercise of Series D Change of Control Conversion Right. To exercise the Series D Change of Control Conversion Right,
the holders of Series D Preferred Stock will be required to deliver, on or before the close of business on the Series D Change
of Control Conversion Date, the certificates (if any) representing the shares of Series D Preferred Stock to be converted, duly
endorsed for transfer (or, in the case of any shares of Series D Preferred Stock held in book-entry form through a Depositary,
to deliver, on or before the close of business on the Series D Change of Control Conversion Date, the shares of Series D Preferred
Stock to be converted through the facilities of such Depositary), together with a written conversion notice in the form provided
by the Corporation, duly completed, to its transfer agent. The conversion notice must state: (i) the relevant Series D Change
of Control Conversion Date; (ii) the number of shares of Series D Preferred Stock to be converted; and (iii) that the Series D
Preferred Stock is to be converted pursuant to the applicable provisions of the Series D Preferred Stock.

 

(N)Withdrawal
of Election of Series D Change of Control Conversion Right. Holders of Series D Preferred Stock may withdraw any notice of
exercise of a Series D Change of Control Conversion Right (in whole or in part) by a written notice of withdrawal delivered to
the transfer agent of the Corporation prior to the close of business on the Business Day prior to the Series D Change of Control
Conversion Date. The notice of withdrawal delivered by any holder must state: (i) the number of withdrawn shares of Series D Preferred
Stock; (ii) if certificated Series D Preferred Stock has been surrendered for conversion, the certificate numbers of the withdrawn
shares of Series D Preferred Stock; and (iii) the number of shares of Series D Preferred Stock, if any, which remain subject to
the holder’s conversion notice.

 

(O)Compliance
with Depositary Requirements. Notwithstanding anything to the contrary contained in Sections 6(f)(vii)(M) and (N), if any
shares of Series D Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”)
or a similar depositary (each, a “Depositary”), the conversion notice and/or the notice of withdrawal, as applicable,
must comply with applicable procedures, if any, of the applicable Depositary.

 

(P)Conversion
following Election of Series D Change of Control Conversion Right. Series D Preferred Stock as to which the Series D Change
of Control Conversion Right has been properly exercised and for which the conversion notice has not been properly withdrawn will
be converted into the applicable Conversion Consideration in accordance with the Series D Change of Control Conversion Right on
the Series D Change of Control Conversion Date, unless prior to the Series D Change of Control Conversion Date the Corporation
has provided notice of its election to redeem some or all of the shares of Series D Preferred Stock pursuant to Section 6(f)(vi),
in which case only the shares of Series D Preferred Stock properly surrendered for conversion and not properly withdrawn that
are not called for redemption will be converted as aforesaid. If the Corporation elects to redeem shares of Series D Preferred
Stock that would otherwise be converted into the applicable Conversion Consideration on a Series D Change of Control Conversion
Date, such shares of Series D Preferred Stock will not be so converted and the holders of such shares will be entitled to receive
on the applicable redemption date the redemption price as provided in Section 6(f)(vi).

 

    	12

    	 

    

 

(Q)Delivery of Conversion Consideration.
The Corporation shall deliver all securities, cash and any other property owing upon conversion no later than the third Business
Day following the Series D Change of Control Conversion Date. Notwithstanding the foregoing, the persons entitled to receive any
shares of Common Stock or other securities delivered on conversion will be deemed to have become the holders of record thereof
as of the Series D Change of Control Conversion Date.

(R)Compliance with
Laws. In connection with the exercise of any Series D Change of Control Conversion Right, the Corporation shall comply with
all federal and state securities laws and stock exchange rules in connection with any conversion of Series D Preferred Stock into
shares of Common Stock or other property.

(S)Certain Dividends
Payable Following Conversion. Notwithstanding anything to the contrary herein and except as otherwise required by law, the
persons who are the holders of record of shares of Series D Preferred Stock at the close of business on a Series D Dividend Record
Date will be entitled to receive the dividend payable on the corresponding Series D Dividend Payment Date notwithstanding the
conversion of those shares (pursuant to a Series D Change of Control Conversion Right or otherwise) after such Series D Dividend
Record Date and on or prior to such Series D Dividend Payment Date and, in such case, the full amount of such dividend shall be
paid on such Series D Dividend Payment Date to the persons who were the holders of record at the close of business on such Series
D Dividend Record Date. Except as provided in this paragraph (S), the Corporation will make no allowance for unpaid dividends
that are not in arrears on the shares of Series D Preferred Stock to be converted.

 

(viii)[Reserved.]

 

(ix)Voting Rights.

 

(A)Voting Rights
Generally. Holders of the Series D Preferred Stock will not have any voting rights, except as set forth in this Section 6(f)(ix)
or as otherwise required by law. On each matter on which holders of Series D Preferred Stock are entitled to vote, each share
of Series D Preferred Stock will be entitled to one vote, except that when shares of any other class or series of equity securities
the Corporation may issue have the right to vote with the Series D Preferred Stock as a single class on any matter, the Series
D Preferred Stock and the shares of each such other class or series will have one vote for each $25.00 of liquidation preference
(excluding accumulated dividends).

 

(B)Board Representation
Right. Upon the occurrence of a Penalty Event, the number of directors constituting the Board will be automatically increased
by two, subject to the maximum number authorized under the bylaws then in effect (if not already increased by two by reason of
the election of directors by the holders of any other class or series of equity securities the Corporation may issue upon which
like voting rights have been conferred and are exercisable and with which the Series D Preferred Stock is entitled to vote as
a class with respect to the election of those two directors) and the holders of Series D Preferred Stock (voting separately as
a class with all other classes or series of equity securities the Corporation may issue upon which like voting rights have been
conferred and are exercisable and which are entitled to vote as a class with the Series D Preferred Stock in the election of those
two directors) will be entitled to vote for the election of those two additional directors at a special meeting called by the
Corporation at the request of the holders of record of at least 25% of the outstanding shares of Series D Preferred Stock or by
the holders of any other class or series of equity securities the Corporation may issue upon which like voting rights have been
conferred and are exercisable and which are entitled to vote as a class with the Series D Preferred Stock in the election of those
two directors (unless the request is received less than 90 days before the date fixed for the next annual or special meeting of
stockholders of the Corporation, in which case, such vote will be held at the earlier of the next annual or special meeting of
stockholders of the Corporation), and at each subsequent annual meeting until a Correction Event (as defined hereafter) has occurred
with respect to each Penalty Event then continuing. In that case, the right of holders of the Series D Preferred Stock to elect
any directors will cease and, unless there are other classes or series of equity securities the Corporation may issue upon which
like voting rights have been conferred and are exercisable, any directors elected by holders of the Series D Preferred Stock shall
immediately resign and the number of directors constituting the Board shall be reduced accordingly.

 

    	13

    	 

    

 

For purposes hereof a
“Correction Event” means, (I) with respect to any Series D Listing Event, the listing of the Series D Preferred
Stock for trading on a National Exchange and (II) with respect to a Penalty Event consisting of the non-payment of dividends for
four or more quarters, the payment in full of all dividends accumulated on the Series D Preferred Stock for all past dividend
periods and the then current dividend period (or the declaration of such dividends provided that a sum sufficient for the payment
thereof is set aside for such payment).

 

For the avoidance of doubt, in no event shall the total number of directors elected by holders of the Series D Preferred Stock
(voting separately as a class with all other classes or series of equity securities the Corporation may issue upon which like
voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series D Preferred Stock
in the election of such directors) pursuant to the voting rights under this Section 6(f)(ix)(B) exceed two.

 

(C)Special Provision
for Election of Directors; Costs. If a special meeting is not called by the Corporation within 30 days after request from
the requisite holders of Series D Preferred Stock as described in Section 6(f)(ix)(B), then the holders of record of at least
25% of the outstanding Series D Preferred Stock may designate a holder to call the meeting at the expense of the Corporation and
such meeting may be called by the holder so designated upon notice similar to that required for annual meetings of stockholders
and shall be held at the place designated by the holder calling such meeting. The Corporation shall pay all costs and expenses
of calling and holding any meeting and of electing directors pursuant to Section 6(f)(ix)(B) or (C), including, without limitation,
the cost of preparing, reproducing and mailing the notice of such meeting, the cost of renting a room for such meeting to be held,
and the cost of collecting and tabulating votes.

 

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(D)Resignation
of Directors Elected by Holder of Series D Preferred Stock. If, at any time when the voting rights conferred upon the Series
D Preferred Stock pursuant to Section 6(f)(ix)(B) are exercisable, any vacancy in the office of a director elected pursuant to
Section 6(f)(ix)(B) or this paragraph (D) shall occur, then such vacancy may be filled only by the remaining such director or
by vote of the holders of record of the outstanding Series D Preferred Stock and any other classes or series of equity securities
the Corporation may issue upon which like voting rights have been conferred and are exercisable and which are entitled to vote
as a class with the Series D Preferred Stock in the election of directors pursuant to Section 6(f)(ix)(B). Any director elected
or appointed pursuant to Section 6(f)(ix)(B) or this paragraph (D) may be removed only by the affirmative vote of holders of the
outstanding Series D Preferred Stock and any other classes or series of equity securities the Corporation may issue upon which
like voting rights have been conferred and are exercisable and which classes or series of equity securities the Corporation may
issue are entitled to vote as a class with the Series D Preferred Stock in the election of directors pursuant to Section 6(f)(ix)(B),
such removal to be effected by the affirmative vote of a majority of the votes entitled to be cast by the holders of the outstanding
Series D Preferred Stock and any such other classes or series of equity securities the Corporation may issue, and may not be removed
by the holders of the Common Stock.

 

(E)Matters Requiring
the Consent of Holders of the Series D Preferred Stock. So long as any shares of Series D Preferred Stock remain outstanding,
the Corporation will not, without the affirmative vote or consent of the holders of at least two-thirds of the shares of the Series
D Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting together as
a series and also together with all other classes or series of equity securities the Corporation may issue upon which like voting
rights have been conferred and are exercisable), (i) authorize or create, or increase the authorized or issued amount of, any
class or series of equity securities ranking senior to the Series D Preferred Stock with respect to payment of dividends or the
distribution of assets upon liquidation, dissolution or winding up or reclassify any of the authorized capital stock of the Corporation
into such shares, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase
any such shares; or (ii) amend, alter or repeal the provisions of the Charter, whether by merger, consolidation or otherwise,
so as to materially and adversely affect any right, preference, privilege or voting power of the Series D Preferred Stock (each,
an “Event”); provided, however, with respect to the occurrence of any Event set forth in clause (ii),
so long as the Series D Preferred Stock remains outstanding with the terms thereof materially unchanged, taking into account that,
upon an occurrence of an Event, the Corporation may not be the surviving entity, the occurrence of any such Event shall not be
deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders of the Series D Preferred
Stock and, provided, further, that any increase in the amount of the authorized Common Stock or other equity securities
the Corporation may issue, including the Series D Preferred Stock, or the creation or issuance of any additional shares of Common
Stock or Series D Preferred Stock or other class or series of equity securities that the Corporation may issue, or any increase
in the amount of authorized shares of such class or series, in each case ranking on parity with or junior to the Series D Preferred
Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, shall not
be deemed to materially and adversely affect such rights, preferences, privileges or voting powers.

 

    	15

    	 

    

 

(F)Exception to
Required Consent. The voting rights provided for in this Section 6(f)(ix) will not apply if, at or prior to the time when
the act with respect to which voting by holders of the Series D Preferred Stock would otherwise be required pursuant to this Section
6(f)(ix) shall be effected, all outstanding shares of Series D Preferred Stock shall have been redeemed or called for redemption
upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption pursuant to Section 6(f)(vi).

 

(G)No Other Voting
Rights. Except as expressly stated in this Section 6(f)(ix) or as may be required by applicable law, the Series D Preferred
Stock will not have any relative, participating, optional or other special voting rights or powers and the consent of the holders
thereof shall not be required for the taking of any corporate action.

 

(x)Information Rights.
During any period in which the Corporation is not subject to Section 13 or 15(d) of the Exchange Act and any shares of Series
D Preferred Stock are outstanding, the Corporation will use its best efforts to (i) transmit by mail (or other permissible means
under the Exchange Act) to all holders of Series D Preferred Stock, as their names and addresses appear on the record books of
the Corporation and without cost to such holders, copies of the annual reports on Form 10-K and quarterly reports on Form 10-Q
that the Corporation would have been required to file with the Securities and Exchange Commission (the “SEC”)
pursuant to Section 13 or 15(d) of the Exchange Act if it were subject thereto (other than any exhibits that would have been required);
and (ii) promptly, upon request, supply copies of such reports to any holders or prospective holder of Series D Preferred Stock.
The Corporation will use its best efforts to mail (or otherwise provide) the information to the holders of the Series D Preferred
Stock within 15 days after the respective dates by which a periodic report on Form 10-K or Form 10-Q, as the case may be, in respect
of such information would have been required to be filed with the SEC, if the Corporation were subject to Section 13 or 15(d)
of the Exchange Act, in each case, based on the dates on which the Corporation would be required to file such periodic reports
if it were a “non-accelerated filer” within the meaning of the Exchange Act.

 

(xi)No Preemptive
Rights. No holders of the Series D Preferred Stock will, as holders of Series D Preferred Stock, have any preemptive rights
to purchase or subscribe for Common Stock or any other security of the Corporation.

 

(xii)Record Holders.
The Corporation and the transfer agent for the Series D Preferred Stock may deem and treat the record holder of any Series D Preferred
Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor the transfer agent shall be affected
by any notice to the contrary.

 

(xiii)Office or
Agency. For so long as any shares of Series D Preferred Stock are outstanding, the Corporation shall at all times maintain
an office or agency in one of the 48 contiguous states of the United States of America where shares of Series D Preferred Stock
may be surrendered for payment (including upon redemption), registration of transfer or exchange.

 

(xiv)Certain Defined
Terms. The definitions of terms which are included in this Section 6(f) shall apply solely to this Section and not to any
other Section of this Charter. In the event of any conflict or inconsistency between a definition included in this Section 6(f)
and a definition of the same term elsewhere in this Charter, the definition contained in this Section 6(f) shall control, but
solely for purposes of the interpretation and enforcement of this Section 6(f).

 

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