Document:

Restricted Share Unit Agreement

 Exhibit 10.27 
 GLOBAL POWER EQUIPMENT GROUP INC. 
 RESTRICTED SHARE UNIT AGREEMENT

 Notice of Restricted Share Unit Award 
 Global Power Equipment Group Inc. (the “Company”) grants to the Grantee named below, in accordance with the terms of the Global Power Equipment Group Inc. 2011 Equity Incentive Plan (the
“Plan”) and this Restricted Share Unit Agreement (the “Agreement”), the following number of Restricted Share Units, as of the Date of Grant set forth below. Capitalized terms used in this Agreement without definition shall have
the meanings assigned to them in the Plan. 
 Name of Grantee: 

Date of Grant: 

Number of Restricted Share Units: 
 Vesting Schedule: 
  

					
	Date	  	 Time-Based
 RSUs
	  	 Performance-Based
 RSUs

	                     ,
20        
	  		  	
	                     ,
20        
	  		  	
	                     ,
20        
	  		  	
	                     ,
20        
	  		  	

  

			
	Performance Periods:	  	Calendar years 20        , 20        , 20        , and
20        .
		
	Performance-Based Vesting Target:	  	Subject to the stated Performance Objective. For the 20         Performance Period, the Performance Objective is described in Attachment
A.
		
	Required Service Date:	  	                    ,
20        

 Terms of Agreement 
 1. Grant of Restricted Share Units. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee as of
the Date of Grant, the total number of restricted share units (the “Restricted Share Units” or “RSUs”) set forth above. Each Restricted Share Unit shall represent the contingent right to receive one Share and shall at all times
be equal in value to one Share. The Restricted Share Units shall be credited in a book entry account established for the Grantee until payment in accordance with Section 2 hereof. 

2. Vesting and Payment of Restricted Share Units. 
 (a) In General. 

 (i) Time-Based RSUs. Fifty percent (50%) of the Restricted Share Units shall
vest in four installments (each consisting of 12.5% of the Restricted Share Units) on each of the Vesting Dates (each a “Vesting Date”) as set forth above in the Vesting Schedule, provided that the Grantee shall have remained in the
continuous employ of the Company or a Subsidiary through the applicable Vesting Date (the “Time-Based RSUs”). The Company shall deliver to the Grantee the Shares underlying the vested Time-Based RSUs within ten (10) days following
each Vesting Date. 
 (ii) Performance-Based RSUs. Fifty percent (50%) of the Restricted Share Units shall vest in
four installments (each consisting of 12.5% of the Restricted Share Units) on each of the Vesting Dates as set forth above in the Vesting Schedule, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary
through the applicable Vesting Date, and based on the extent to which the Company achieves the Performance-Based Vesting Target described above for the Performance Period that concluded immediately prior to such Vesting Date (the
“Performance-Based RSUs”). Not later than             following each Performance Period, the Committee shall certify in writing the extent to which the Company has achieved the
Performance-Based Vesting Target for the Performance Period and the number of Restricted Share Units, if any, earned by the Grantee. The Company shall deliver to the Grantee the Shares underlying the vested Restricted Share Units following the
Committee’s certification of the Performance-Based Vesting Target and within ten (10) days following each Vesting Date. 
 (iii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and
the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his employment among the Company and its Subsidiaries. 

(b) Involuntary Termination or Termination for Good Reason. 

(i) If the Company or a Subsidiary terminates the Grantee’s employment without Cause (as defined in Section 21 of this
Agreement) or the Grantee terminates his employment for Good Reason (as defined in Section 21 of this Agreement), in either case, prior to the Required Service Date set forth above, or if the Company or a Subsidiary terminates the
Grantee’s employment by reason of the Grantee’s Disability (as defined in Section 21 of this Agreement) or the Grantee dies, then, except as otherwise provided in Section 12: 

(A) The Grantee shall become vested in a number of Time-Based RSUs equal to: (x) the number of Time-Based RSUs that would have
become vested had the Grantee remained employed with the Company or a Subsidiary through             of the calendar year immediately following the calendar year in which the Grantee’s
employment terminated, multiplied by (y) the Pro-Ration Factor (as defined in Section 21 of this Agreement). The Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares underlying the vested
Time-Based RSUs within thirty (30) days following the date of the Grantee’s termination of employment. 
 (B) The
Grantee shall become vested in a number of Performance-Based RSUs equal to: (x) the number of Performance-Based RSUs that would have become vested had the Grantee remained employed with the Company or a Subsidiary through
            of the calendar year immediately following the calendar year in which the Grantee’s employment terminated, based on the extent to which the Company achieves the
Performance-Based Vesting Target for the Performance Period in which the Grantee’s employment terminates, multiplied by (y) the Pro-Ration Factor. The Company shall deliver to the Grantee (or the Grantee’s estate in the event of
death) the Shares underlying the vested Performance-Based RSUs, if any, within seventy (70) days after the end of the Performance Period. 

  
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 (C) In addition to the Restricted Share Units that may become vested in accordance with
Sections 2(b)(i)(A) and (B) above, if the Grantee’s termination of employment occurs between             and
            of a calendar year, the Grantee shall become vested in the unvested Time-Based and Performance-Based RSUs, if any, that would have become vested had the Grantee remained
employed with the Company or a Subsidiary through             of that calendar year. The Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares
underlying such vested Time-Based and Performance-Based RSUs within thirty (30) days following the date of the Grantee’s termination of employment. 
 (ii) If the Company or a Subsidiary terminates the Grantee’s employment other than for Cause or Disability, or the Grantee terminates his employment for Good Reason, in either case on or after the
Required Service Date and prior to a Vesting Date, then all of the Restricted Share Units that have not yet vested under this Section 2 shall become fully vested. Except as otherwise provided in Section 12, the Company shall deliver to the
Grantee the Shares underlying such vested Time-Based and Performance-Based RSUs within thirty (30) days following the date of the Grantee’s termination of employment. 

(c) Change of Control. If a Change of Control occurs while the Grantee is employed by the Company or any Subsidiary and prior to a
Vesting Date, then all of the Restricted Share Units that have not yet vested under this Section 2 shall become fully vested, effective as of the date of such Change of Control. Except as otherwise provided in Section 12, the Company shall
deliver to the Grantee the Shares underlying such vested Restricted Share Units within thirty (30) days following the date of the Change in Control. 
 3. Forfeiture of Restricted Share Units. 
 (a) Forfeiture of
Unvested Awards. The Restricted Share Units that have not yet vested pursuant to Section 2 (and any right to unpaid Dividend Equivalents under Section 6 with respect to the Restricted Share Units), shall be forfeited automatically
without further action or notice if (i) the Grantee ceases to be employed by the Company or a Subsidiary prior to a Vesting Date, except as otherwise provided in Section 2(b) or 2(c), or (ii) with respect to Performance-Based RSUs
allocated to a particular Performance Period, the Company fails to achieve the Threshold Level for the Performance-Based Vesting Target for that Performance Period, except as otherwise provided in Section 2(b)(ii) or 2(c), but only with respect
to the percentage of the Restricted Share Units allocated to such Performance Period. 
 (b) Repayment of Awards. The
Restricted Share Units shall be subject to the provisions of Section 19 of the Plan regarding forfeiture and repayment of awards in the event of termination of the Grantee’s employment for Cause or as provided pursuant to the
Company’s Compensation Recovery Policy. This Section 3(b) shall survive and continue in full force in accordance with its terms and the terms of the Plan notwithstanding any termination of the Grantee’s employment or the payment of
the Restricted Share Units as provided herein. 
 4. Transferability. The Restricted Share Units may not be
transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, unless otherwise provided under the Plan. Any purported transfer or encumbrance in violation
of the provisions of this Section 4 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Share Units. 

  
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 5. Dividend, Voting and Other Rights. The Grantee shall not possess any
incidents of ownership (including, without limitation, dividend and voting rights) in the Shares underlying the Restricted Share Units until such Shares have been delivered to the Grantee in accordance with Section 2 hereof. The obligations of
the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Shares in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the
Company will be held or set aside as security for the obligations of the Company under this Agreement. 
 6. Payment
of Dividend Equivalents. Upon payment of a vested Restricted Share Unit, the Grantee shall be entitled to a cash payment (without interest) equal to the aggregate cash dividends declared and payable with respect to one (1) Share for each
record date that occurs during the period beginning on the Date of Grant and ending on the date the vested Restricted Share Unit is paid (the “Dividend Equivalent”). The Dividend Equivalents shall be forfeited to the extent that the
underlying Restricted Share Unit is forfeited and shall be paid to the Grantee, if at all, at the same time that the related vested Restricted Share Unit is paid to the Grantee in accordance with Section 2. 

7. No Employment Contract. Nothing contained in this Agreement shall confer upon the Grantee any right with respect to
continuance of employment by the Company and its Subsidiaries, nor limit or affect in any manner the right of the Company and its Subsidiaries to terminate the employment or adjust the compensation of the Grantee, in each case with or without Cause.

 8. Relation to Other Benefits. Any economic or other benefit to the Grantee under this Agreement or the Plan
shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and shall not affect the amount of
any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary. 
 9. Taxes and Withholding. The Grantee is responsible for any federal, state, local or other taxes with respect to the Restricted Share Units and the Dividend Equivalents. The Company does
not guarantee any particular tax treatment or results in connection with the grant or vesting of the Restricted Share Units, the delivery of Shares or the payment of Dividend Equivalents. To the extent the Company or any Subsidiary is required to
withhold any federal, state, local, foreign or other taxes in connection with the delivery of Shares under this Agreement, then, except as otherwise provided below, the Company or Subsidiary (as applicable) shall retain a number of Shares otherwise
deliverable hereunder with a value equal to the required withholding (based on the Fair Market Value of the Shares on the date of delivery); provided that in no event shall the value of the Shares retained exceed the minimum amount of taxes required
to be withheld or such other amount that will not result in a negative accounting impact. Notwithstanding the preceding sentence, the Grantee may elect, on a form provided by the Company and subject to any terms and conditions imposed by the
Company, to pay or provide for payment of the required tax withholding. If the Company or any Subsidiary is required to withhold any federal, state, local or other taxes at any time other than upon delivery of the Shares under this Agreement, then
the Company or Subsidiary (as applicable) shall have the right in its sole discretion to (a) require the Grantee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of
salary, bonus, incentive compensation or other amounts otherwise payable in cash to the Grantee (other than deferred compensation subject to Section 409A of the Code). If the Company or any Subsidiary is required to withhold any federal, state,
local or other taxes with respect to Dividend Equivalents, then the Company or Subsidiary (as applicable) shall have the right in its sole discretion to reduce the cash payment related to the Dividend Equivalent by the applicable tax withholding.

 10. Adjustments. The number and kind of shares of stock deliverable pursuant to the Restricted Share Units are
subject to adjustment as provided in Section 15 of the Plan. 

  
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 11. Compliance with Law. The Company shall make reasonable efforts to comply
with all applicable federal and state securities laws and listing requirements with respect to the Restricted Share Units; provided that, notwithstanding any other provision of this Agreement, and only to the extent permitted under Section 409A
of the Code, the Company shall not be obligated to deliver any Shares pursuant to this Agreement if the delivery thereof would result in a violation of any such law or listing requirement. 

12. Section 409A of the Code. It is intended that the Restricted Share Units and any Dividend Equivalents provided
pursuant to this Agreement shall be exempt from, or comply with, the requirements of Section 409A of the Code, and this Agreement shall be interpreted, administered and governed in accordance with such intent. To the extent necessary to give
effect to such intent, the Grantee’s termination of employment shall mean, for purposes of this Agreement, the Grantee’s “separation from service” within the meaning of Section 409A of the Code. In particular, it is intended
that the Restricted Share Units and any Dividend Equivalents shall be exempt from Section 409A of the Code, to the maximum extent possible, pursuant to the “short-term deferral” exception thereto. However, to the extent that the
Restricted Share Units or any Dividend Equivalents constitute a deferral of compensation subject to the requirements of Section 409A of the Code (for example, because the Grantee’s governing employment agreement defines “Good
Reason” in a manner such that the Grantee’s termination of employment for Good Reason would not be treated as an involuntary separation from service for purposes of Section 409A of the Code), then the following rules shall apply,
notwithstanding any other provision of this Agreement to the contrary: 
 (a) The Company will deliver the Shares underlying any
Restricted Share Units that become vested in accordance with Section 2(b) or 2(c) of this Award Agreement and pay any Dividend Equivalents with respect to those vested Restricted Share Units within thirty (30) days after the first to occur
of (i) the applicable Vesting Date for the Restricted Share Units; (ii) the occurrence of a Change of Control that is also a “change in the ownership,” a “change in the effective control,” or a “change in the
ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code; or (iii) the Grantee’s “separation from service” within the meaning of Section 409A of the Code;
and 
 (b) If the Restricted Share Units (and any related Dividend Equivalents) become payable as a result of the Grantee’s
separation from service (other than as a result of the Grantee’s death) and the Grantee is a “specified employee” at that time within the meaning of Section 409A of the Code (as determined pursuant to the Company’s policy
for identifying specified employees), the Company will deliver the Shares underlying the vested Restricted Share Units and pay any related Dividend Equivalents to the Grantee on the first business day that is at least six months after the date of
the Grantee’s separation from service (or upon the Grantee’s death if the Grantee dies before the end of that six-month period). 
 13. Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the Grantee. Any amendment to the Plan shall be deemed to be an amendment to
this Agreement to the extent that the amendment is applicable hereto. Notwithstanding the foregoing, no amendment of the Plan or this Agreement shall adversely affect in a material way the rights of the Grantee under this Agreement without the
Grantee’s consent unless the Committee determines, in good faith, that such amendment is required for the Agreement to either be exempt from the application of, or comply with, the requirements of Section 409A of the Code, or as otherwise
may be provided in the Plan. 

  
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 14. Severability. In the event that one or more of the provisions of this
Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and
fully enforceable. 
 15. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan.
This Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in
respect thereto. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided
otherwise herein, have the right to determine any questions that arise in connection with the grant of the Restricted Share Units. 
 16. Successors and Assigns. Without limiting Section 4, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal
representatives and assigns of the Grantee, and the successors and assigns of the Company. 
 17. Governing Law.
The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof. 

18. Use of Grantee’s Information. Information about the Grantee and the Grantee’s participation in the Plan may
be collected, recorded and held, used and disclosed for any purpose related to the administration of the Plan. The Grantee understands that such processing of this information may need to be carried out by the Company and its Subsidiaries and by
third-party administrators whether such persons are located within the Grantee’s country or elsewhere, including the United States of America. The Grantee consents to the processing of information relating to the Grantee and the Grantee’s
participation in the Plan in any one or more of the ways referred to above. 
 19. Electronic Delivery. The
Grantee hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements,
annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the VP
of Human Resources of the Company, this consent shall be effective for the duration of the Agreement. The Grantee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all
materials referred to above at no charge. The Grantee hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may
elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a
third party engaged by the Company to provide administrative services related to the Plan. 
 20. No Fractional
Shares. Fractional Shares or units will be subject to rounding conventions adopted by the Company from time to time; provided that in no event will the total shares issued exceed the total units granted under this award. 

  
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 21. Definitions. As used in this Agreement, the following definitions shall
apply. 
 (a) Cause has the meaning given such term in the Plan. 

(b) Disability has the meaning set forth in the long-term disability plan of the Company or a Subsidiary applicable to the
Grantee. 
 (c) Good Reason has the meaning given to it in the Grantee’s governing employment agreement, if any. If
the Grantee’s governing employment agreement does not include such a definition, or if the Grantee is not subject to an employment agreement, then Good Reason shall mean (i) material diminution in Grantee’s base salary;
(ii) material diminution in Grantee’s authority, duties or responsibilities (or the authority, duties or responsibilities of the person to whom the Grantee reports); (iii) requirement that the Grantee report to a corporate officer or
employee instead of reporting to the Company’s Board of Directors, if applicable; (iv) material diminution in the budget over which the Grantee retains authority; (v) material change in the geographic location at which Grantee must
perform services; or (vi) action or inaction by the Company that constitutes a material breach of the Grantee’s employment agreement, if any; provided, in any case, that the Grantee provides notice to the Company of the existence of the
condition constituting Good Reason within 90 days after the initial existence of such condition and the Company fails to remedy such condition within 30 days after the receipt of such notice from the Grantee. 

(d) Pro-Ration Factor means a fraction, the numerator of which is the number of days of continuous employment completed by the
Grantee during the calendar year in which the Grantee’s employment terminates, and the denominator of which is 365. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Date of Grant. 
  

			
	GLOBAL POWER EQUIPMENT GROUP INC.
		
	By:	 	 
	Name:	 	David L. Keller
	Title:	 	President and CEO

 By executing this Agreement, you acknowledge that a copy of the Plan, Plan Summary and Prospectus,
and the Company’s most recent Annual Report and Proxy Statement (the “Prospectus Information”) either have been received by you or are available for viewing on the Company’s internet site at www.globalpower.com, and you consent
to receiving this Prospectus Information electronically, or, in the alternative, agree to contact Lori McCauley at 918-274-2446, to request a paper copy of the Prospectus Information at no charge. 

 

			
	GRANTEE
	
	 
	Name:	 	 

  
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 Attachment A 
 The Committee has determined that the Performance-Based Vesting Target for the 20            Performance Period will be the Company’s net
income from continuing operations, as defined under U.S. generally accepted accounting principles, of $            . 
 If, upon the conclusion of each Performance Period, the Company achieves less than 90% of the Performance-Based Vesting Target, then the Grantee shall not earn any of the Performance-Based RSUs allocated
to the Performance Period, and those Performance-Based RSUs shall be forfeited immediately without further action or notice. If, upon the conclusion of each Performance Period, the Company achieves 90% (“Threshold Level”) or more of the
Performance-Based Vesting Target, then the Grantee shall be entitled to receive the number of Performance-Based RSUs allocated to that Performance Period equal to the product of (A) the Performance-Based RSUs allocated to that Performance
Period, multiplied by (B) the applicable payout percentage set forth on the Performance Matrix below: 
  

											
	 Percentage of Performance-Based
 Vesting Target Attained for the
 Each
Performance Period
	  	Percentage of the Performance-
Based RSUs allocated to Each
Performance Period Earned	 	 
	 90% but less than 95%
	  	50%*	 	
	 95% but less than 100%
	  	75%*	 	
	 100% or more
	  	100%	 	

  

	*	The Performance-Based RSUs allocated to each Performance Period that are not earned in accordance with this Performance Matrix shall be forfeited immediately without
further action or notice. 

 If the Committee determines that a change in the business, operations, corporate structure or capital
structure of the Company, the manner in which it conducts business or other events or circumstances render the Performance-Based Vesting Target for a Performance Period to be unsuitable, the Committee may modify the Performance-Based Vesting Target,
or the applicable achievement levels in the Performance Matrix, in whole or in part, as the Committee deems appropriate; provided, however, that no such action may result in the loss of any otherwise available exemption of the award under
Section 162(m) of the Code. 
 The same Performance-Based Vesting Target and Performance Matrix will apply to determine the extent to which
Performance-Based RSUs issued in prior years, and that were allocated to the 20            Performance Period, have been earned (regardless of whether those awards were issued pursuant to
the 2011 Equity Incentive Plan or the 2008 Management Incentive Plan). 
 Not later than
            of each Performance Period commencing on or after             , 20        ,
the Committee shall establish the Performance-Based Vesting Target for the Performance Period and communicate the same to the Grantee in writing. 

  
 8Form of Senior Promissory Note

 Exhibit 4.1 
 THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT, OR APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

AUTHENTIDATE HOLDING CORP. 
 SENIOR SECURED PROMISSORY NOTE 
  

					
	No. 2012-    	 		  	                    , 2012
			
		 		  	U.S.$        

 1. Senior Secured Promissory Note. 

This Senior Secured Promissory Note is one of a duly authorized series of obligations (individually, the “Note” and
collectively, the “Notes”) of Authentidate Holding Corp., a Delaware corporation (the “Company”). This Note is being issued pursuant to a Securities Purchase Agreement (the “Purchase
Agreement”) among the Company and the original holders of the Notes pursuant to which the Company has issued an aggregate principal amount of at least $[            ] of Notes. By
its acceptance of this Note, each Holder agrees to be bound by the terms of the Purchase Agreement. The Notes are secured obligations of the Company, to the extent provided for in the Security Agreement dated as of the date of the Purchase Agreement
(the “Security Agreement”) entered into among the Company and the holders of the Notes, and shall be senior in right of payment to all other Indebtedness of the Company and its Subsidiaries subject to the terms herein. This note is
a direct obligation of the Company and ranks pari passu in right of payment with all other Notes now or hereafter issued in accordance with the Purchase Agreement under the terms set forth herein. All payments on the Notes shall be made pro
rata to the Holders thereof based upon the principal amount of each Note then outstanding. 
 Capitalized terms used and not
otherwise defined herein, shall have the respective meanings given to those terms in Section 8 hereof. Other capitalized terms used in this Note that are not defined herein shall have the respective meanings ascribed to such terms as set forth
in the Purchase Agreement. 
 2. Principal and Interest. 

(a) The Company for value received, hereby promises to pay to
                                         or its
registered assigns (the “Holder”), the principal sum of          DOLLARS (U.S. $        .00) on the first to occur of
(i)                     , 201     [10 months from issue date] (the “Maturity Date”) or (ii) the
consummation of the Next Financing (as defined below), subject to early redemption (if any), as provided in Section 5 below. No interest shall accrue on this Note. 

  
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 (b) Payment of the principal of this Note shall be made upon the surrender of this Note to
the Company, at its chief executive office (or such other office within the United States as shall be designated by the Company to the Holder hereof) (the “Designated Office”), in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts. Payment of principal and all other amounts payable with respect to the Notes shall be made by wire transfer in immediately available funds to
the Holder; provided that if the Holder entitled thereto shall not have furnished wire instructions in writing to the Company on or prior to the third Business Day immediately prior to the date on which the Company makes such payment, such
payment may be made by U.S. dollar check mailed to the address of the Holder entitled thereto as such address shall appear on the signature page herewith. 
 3. Seniority and Security. 
 (a) Seniority of Note. This Note shall
rank senior to any and all other Indebtedness, as defined below, of the Company, unless the Company receives the prior written consent of the Holders of a Majority in Interest, to otherwise incur Indebtedness senior to this Note. This Note is issued
subject to the provisions of this Section 3 and each person taking or holding this Note, accepts and agrees to be bound by these provisions. 
 (b) Security Interest. As security for the full, prompt and complete payment and performance of the Company’s obligations hereunder, the Company hereby grants to the Holder of this Note,
equally and ratably with the security interests granted to the other Holders of other Notes issued under the Purchase Agreement, a security interest in and to the Collateral (as defined in the Security Agreement) in accordance with and subject to
the terms and conditions of the Security Agreement and subject in all respects to the holders of the Permitted Liens. Except in accordance with the terms and conditions set forth in the Security Agreement, the Holder will not individually exercise
any remedy with respect to any of the Collateral secured by the Permitted Liens, nor will the Holder commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against the Company with respect to the
Collateral secured by Permitted Liens. 
 4. Redemption. At any time and from time to time prior to the Maturity Date,
upon no less than 20 days’ written notice by the Company to the Holder (the “Redemption Notice”), all or a portion of the then outstanding Notes may be redeemed by payment of the principal amount of the Notes to be redeemed at
the end of such 20-day notice period (the “Redemption Amount”). The last day of such 20 day notice period shall be the “Redemption Date”. Provided the Company tenders the Redemption Amount on the Redemption Date,
the principal amount of the Notes noticed for prepayment shall, after the Redemption Date, represent only the right to receive the Redemption Amount and shall not be considered outstanding for any other purposes. 

5. Covenants of the Company. The Company covenants and agrees that, so long as this Note remains outstanding and unpaid, in whole
or in part: 
 (a) Payment of Principal and Interest. The Company will duly and punctually pay or cause to be paid
the principal of this Note, at the time and in the manner provided for herein. 
 (b) Preservation of Business.
Unless otherwise permitted herein, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the rights (charter and statutory) of the Company; provided, however, that
the Company shall not be required to preserve any such right if (a) the Company shall determine in good faith that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holder or (b) the Company shall no longer continue to have such right as a result of a good faith, arms-length transaction with a Person that is not an Affiliate of the Company. 

  
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 (c) Payment of Taxes. The Company will, and will cause each of its Subsidiaries to,
promptly pay and discharge all lawful taxes, assessments and governmental charges or levies imposed upon it, its income and profits, or any of its property, before the same shall become in default, as well as all lawful claims for labor, materials
and supplies, which amounts if unpaid, might become a material lien or charge upon such properties or any part thereof. However, the Company or such Subsidiary shall not be required to pay and discharge any such tax, assessment, charge, levy or
claim so long as the validity thereof shall be contested in good faith by appropriate proceedings and the Company or such Subsidiary, as the case may be, shall set aside on its books adequate reserves with respect to any such tax, assessment,
charge, levy or claim so contested. 
 (d) Maintenance of Property. The Company will, and will cause each of its
Subsidiaries to, at all times maintain, preserve, protect and keep its property used or useful in the conduct of its business in good repair, working order and condition and will, from time to time, make all necessary and proper repairs, renewals,
replacements, betterments and improvements thereto. 
 (e) Insurance. The Company will, and will cause each of its
Subsidiaries to, keep adequately insured, by financially sound reputable insurers, all property of a character usually insured by similar corporations and carry such other insurance as is usually carried by similar corporations. 

(f) Books and Records. The Company will, and will cause each of its Subsidiaries to, at all times maintain books of account in
which all of its financial transactions are duly recorded in conformance with generally accepted accounting principles. 
 (g)
Other Indebtedness. Unless the Holders of at least a Majority in Interest shall have otherwise given prior written consent, the Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, incur or guarantee,
assume or suffer to exist any Indebtedness, other than (i) the Indebtedness evidenced by this Note and the other Notes issued under the Purchase Agreement and (ii) Permitted Indebtedness. 

(h) Existence of Liens. Unless the Holders of at least a Majority in Interest shall have otherwise given prior written consent, so
long as this Note is outstanding or upon the earlier termination of the Security Agreement, the Company shall not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly, allow or suffer to exist any Liens upon or in any
property or assets owned by the Company or any of its Subsidiaries other than Permitted Liens. 
 6. Events of Default.

 (a) “Event of Default”, wherever used herein, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) the Company defaults in the payment of the principal (a “Defaulted Payment”) on any of the Notes
when the same becomes due and payable at the Maturity Date, and such default continues for 15 days or longer; 
 (2) the
Company fails to perform or observe any other material term, covenant or agreement contained in this Note or the Purchase Agreement, and the default continues for a period of 30 days after written notice of such failure, requiring the Company to
remedy the same, shall have been given to the Company by the holders of at least a Majority in Interest of the outstanding Notes; 

  
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 (3) any representation or warranty made or deemed made by or on behalf of the Company
in or in connection with the Purchase Agreement or in the other agreements entered into in connection herewith, shall prove to have been incorrect in any material respect when made or deemed made; 

(4) any proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law relating to
the Company or to all or any material part of its properties is instituted against the Company without its consent and continues undismissed or unstayed for sixty (60) calendar days, or any order for relief is entered in any such proceeding or
there is an entry by a court having competent jurisdiction of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or
other similar law or (B) a decree or order adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, under any
applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of
its affairs; or 
 (5) the commencement by the Company of a voluntary case or proceeding under any applicable U.S. federal
or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company to the entry of a decree or order for relief in respect of the Company
in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company, or the consent
by the Company to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by the Company of
an assignment for the benefit of creditors. 
 (b) Acceleration of Payment. If an Event of Default (other than an
Event of Default specified in Section 6(a)(4) or 6(a)(5) hereof with respect to the Company) occurs and is continuing, the Holders of at least a Majority in Interest of the Notes, by written notice to the Company, may declare due and payable
the principal of this Note and all other outstanding Notes. Upon a declaration of acceleration, such principal shall be immediately due and payable. If an Event of Default specified in Section 6(a)(4) or 6(a)(5) occurs with respect to the
Company, the principal of this Note shall become and be immediately due and payable, without any declaration or other act on the part of the Holder. 
 The Holders of not less than a Majority in Interest of the principal of the outstanding Notes may, on behalf of the Holders of all of the Notes, rescind and annul an acceleration and its consequences
(including waiver of any defaults) if: (1) all existing Events of Default, other than the nonpayment of a Defaulted Payment on this Note and any of the other Notes that have become due solely because of the acceleration, have been remedied,
cured or waived, and (2) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 
 (c) Collections. If an Event of Default with respect to this Note occurs and is continuing, the Holder may pursue any available remedy by proceeding at law or in equity to collect the
Defaulted Payment or to enforce the performance of any provision of this Note. 
 (d) Right to Receive Payment Upon
Default. Notwithstanding any other provision in this Note, the Holder of this Note shall have the right, which is absolute and unconditional, to receive 

  
 4 

 
payment of the principal in respect of the Notes held by the Holder, on or after the final Maturity Date, or to bring suit for the enforcement of any such payment on or after such date, and such
rights shall not be impaired or affected adversely without the consent of the Holder. 
 (e) No Exclusive Right or
Remedy. Except as otherwise provided herein, no right or remedy conferred in this Note upon the Holder is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 (f) No Waiver of Right or Remedy. No delay or omission of
the Holder of this Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by
this Section 6 or by law to the Holder may be exercised from time to time, and as often as may be deemed expedient, by the Holder. 
 7. Restrictions on Transfer. 
 (a) This Note has not been registered under
the Securities Act, or the securities laws of any state or other jurisdiction. Neither this Note nor any interest or participation herein may be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of (a
“Transfer”) in the absence of such registration or unless (i) such transaction is exempt from, or not subject to, registration under the Securities Act or the securities laws of any state or other jurisdiction and (ii) is
made in compliance with applicable federal and state statutory resale restrictions, if any. The Holder by its acceptance of this Note agrees that it shall not offer, sell, assign, transfer, pledge, encumber or otherwise dispose of this Note or
any portion thereof or interest therein other than in a minimum denomination of $50,000 principal amount (or any integral multiple of $10,000 in excess thereof) and then (other than with respect to a Transfer pursuant to a registration statement
that is effective at the time of such Transfer) only (a) to the Company, (b) to an Affiliate of the Holder, (c) to a Person it reasonably believes to be an “accredited investor” within the meaning of
Rule 501(a) under the Securities Act, or (d) pursuant to a transaction in compliance with Rule 144 or Rule 144A under the Securities Act, and in the case of (b), (c) and (d) above in which the transferor furnishes the
Company with such certifications, legal opinions or other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act as applicable.
 (b) The Holder represents that it is an “accredited investor” within the
meaning of Rule 501 of the Securities Act. The Holder has been advised that this Note has not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless it is registered under the
Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Holder is aware that the Company is under no obligation to effect any such registration or to file for or comply
with any exemption from registration. The Holder has not been formed solely for the purpose of making this investment and is acquiring the Note for its own account for investment, and not with a view to, or for resale in connection with, the
distribution thereof. 
 (c) The Company shall cooperate with the Holder and take all actions reasonably necessary to effectuate
any Transfer of this Note by the Holder that is permitted under Section 7(a) above. 

  
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 8. Definitions.

Unless otherwise defined in this Note, the following capitalized terms shall have the following respective meanings when used herein.

 “Defaulted Payment” has the meaning set forth in Section 6 hereof. 

“Holder” means the person in whose name this Note is registered on the Note Register. 

“Lien” shall have the meaning ascribed to such term as set forth in the Purchase Agreement. 

“Maturity Date” has the meaning set forth in Section 2 hereof. 

“Next Financing” shall mean the closing of a sale of equity or convertible debt securities by the Company or any
Subsidiary, or series of closings, as part of the same transaction, of equity or convertible debt securities within a period of three months, in the gross amount of at least $6,000,000. 

“Note Register” means the register or other ledger maintained by the Company that records the record owners of the
Notes. 
 “Permitted Indebtedness” means (A) Indebtedness incurred by the Company that is made expressly
subordinate in right of payment to the Indebtedness evidenced by this Note, which Indebtedness does not provide at any time for the payment, prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal or premium, if
any, thereon until after the Maturity Date; (B) Indebtedness secured by Permitted Liens, including without limitation Indebtedness incurred in connection with arrangements contemplated by clauses (v) through (vii) of the definition of
the term “Permitted Liens”; (C) Indebtedness to trade creditors or for professional services incurred in the ordinary course of business; (D) extensions, refinancings and renewals of any items of Permitted Indebtedness described
above, provided that the principal amount is not increased or the terms modified to impose more burdensome terms upon the Company or its Subsidiaries, as the case may be; and (E) Indebtedness outstanding immediately prior to the execution of
this Agreement. Permitted Indebtedness shall include, without limitation, (i) the principal amount of such Indebtedness, (ii) unpaid accrued interest thereon, and (iii) subject to clause (D) of this definition, all other
obligations of the Company arising out of the Permitted Indebtedness now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing
after the commencement by or against the Company of any bankruptcy, reorganization or similar proceeding. 
 “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect to a liability that is not yet due
or delinquent, (iii) any Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business with respect to a liability that is not yet due or delinquent
or that are being contested in good faith, (iv) Liens securing the Company’s obligations under the Notes, (v) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase
price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the
property so acquired and improvements thereon, and the proceeds of such equipment, (vi) any Lien securing debt obligations consisting of working capital credit facilities, whether or not revolving, obtained on commercially reasonable terms and
secured only by the Company’s and/or its Subsidiaries’ accounts receivable and/or inventory; (vii) Liens in existence prior to the execution of 

  
 6 

 
this Agreement; (viii) Liens securing Permitted Indebtedness; (ix) leases or subleases and licenses and sublicenses granted to others in the ordinary course of the Company’s
business, not interfering in any material respect with the business of the Company and its Subsidiaries taken as a whole, (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom duties in
connection with the importation of goods, (xi) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default, and (xii) Liens incurred in connection with the extension, renewal or refinancing of
the indebtedness secured by Liens of the type described above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended,
renewed or refinanced does not increase. 
 “Purchase Agreement” means the Securities Purchase Agreement, dated
as of March     , 2012, among the Company and the initial holders of the Notes. 
 9. Miscellaneous.

 (a) Payment. No provision of this Note shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of this Note at the times, places and rate, and in the coin or currency, herein prescribed. This Note is issued upon the express condition, to which each successive holder expressly assents and by receiving the
same agrees, that no recourse under or upon any obligation, covenant or agreement of the Note, or for the payment of the principal of the Note, or for any claim based on the Note, or otherwise in respect hereof, shall be had against any incorporator
or any past, present or future stockholder, officer or director, as such, of the Company or of any successor corporation, whether by virtue of the constitution, statute or rule of law or by any assessment or penalty or otherwise howsoever, all such
individual liability being hereby expressly waived and released as a condition of and as a part of the consideration for the execution and issue of the Note. 
 (b) Notice. The Company will give prompt written notice to the Holder of this Note of any change in the location of the Designated Office. Any notice to the Company or to the Holder of this
Note shall be given in the manner set forth in the Purchase Agreement; provided that the Holder of this Note, if not a party to such Purchase Agreement, may specify alternative notice instructions to the Company. 

(c) Transfer. (1) The transfer of this Note is registrable on the Note Register upon surrender of this Note for registration
of transfer at the Designated Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and
thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Such Notes are issuable only in registered form without coupons in
denominations of $10,000. No service charge shall be made for any such registration of transfer, but the Company may require payment of a sum sufficient to recover any tax or other governmental charge payable in connection therewith. Prior
to due presentation of this Note for registration of transfer, the Company and any agent of the Company may treat the Person in whose name this Note is registered as the owner thereof for all purposes, whether or not this Note be overdue, and
neither the Company nor any such agent shall be affected by notice to the contrary. 
 (2) Upon presentation of this Note
for registration of transfer at the Designated Office accompanied by (i) certification by the transferor that such transfer is in compliance with the terms hereof and (ii) by a written instrument of transfer in a form approved by the
Company executed by the Holder, in person or by the Holder’s attorney thereunto duly authorized in writing, and including the name, address and telephone and fax numbers of the transferee and name of the contact

  
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person of the transferee, such Note shall be transferred on the Note Register, and a new Note of like tenor and bearing the same legends shall be issued in the name of the transferee and sent to
the transferee at the address and c/o the contact person so indicated. Transfers and exchanges of Notes shall be subject to such additional restrictions as are set forth in the legends on the Notes and to such additional reasonable regulations
as may be prescribed by the Company as specified in Section 7 hereof. Successive registrations of transfers as aforesaid may be made from time to time as desired, and each such registration shall be noted on the Note register.

 (3) Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Note, and in the case of loss, theft or destruction, receipt of indemnity reasonably satisfactory to the Company and upon surrender and cancellation of this Note, if mutilated, the Company will deliver a new Note of like tenor and dated as
of such cancellation, in lieu of such Note. 
 (d) Amendments; Waivers. Neither this Note nor any term hereof may be
amended or waived orally or in writing, except that any term of this Note and the other Notes may be amended and the observance of any term of this Note and the other Notes may be waived (either generally or in a particular instance and either
retroactively or prospectively), and such amendment or waiver shall be applicable to all of the Notes, upon the approval of the Company and the holders of fifty-one percent (51%) or more of the outstanding principal amount of all then
outstanding Notes (a “Majority in Interest”); provided, however, that any amendment that would (i) reduce the principal amount of any Note, (ii) reduce the percentage in aggregate principal amount of Notes outstanding
necessary to modify or amend the Notes; or (iii) modify this Section 9(d) shall, in each case, require the approval of the holder of each Note to which such amendment shall apply. The Company may, without the consent of any holder of the
Notes, amend the Notes for the purpose curing any ambiguity or correcting or supplementing any defective provision contained in the Notes; provided that such modification or amendment does not, in the good faith opinion of the Board of Directors,
adversely affect the interests of the Holders of the Notes in any material respect, or adding or modifying any other provisions with respect to matters or questions arising under the Notes which the Company may deem necessary or desirable and which
will not adversely affect the interests of the Holders of the Notes. The Company will not amend any provision of any other Note in a manner favorable to any Holder thereof unless a similar amendment is made or offered with respect to all of the
Notes. 
 (e) Governing Law. THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. 
 (f) Headings. Article and Section headings used herein are for convenience of reference only,
are not part of this Note and shall not affect the construction of, or be taken into consideration in interpreting, this Note. 

(g) Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in
effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. This Note is subject to the express condition that at no time shall the Company be obligated
or required to pay interest hereunder. If the Company is at any time required or obligated to pay interest hereunder at a rate that would be in excess of a statutory or legally permitted rate, then the rate of interest shall be deemed to be
immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and any prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the
principal balance of this Note.

  
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 (h) Execution; Entirety. This Note may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Note by telecopy shall be
effective as delivery of a manually executed counterpart of this Note. This Note constitutes the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed on the date first
written above. 
  

			
	AUTHENTIDATE HOLDING CORP.
		
	By:	 	  

 

			
	Name:	 	O’Connell Benjamin
	Title:	 	Chief Executive Officer

  
 10

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