Document:

Exhibit

Exhibit 10.23

PERFORMANCE STOCK UNIT AGREEMENT
PURSUANT TO THE 
CELGENE CORPORATION 2008 STOCK INCENTIVE PLAN
(Amended and Restated as of April 15, 2015)
(Amended & Restated as of June 15, 2016)

THIS AGREEMENT (the “Agreement”), is made as of the %%OPTION_DATE,’DD-Month-YYYY’%-% (the “Grant Date”), by and between Celgene Corporation, a Delaware corporation (the “Company”) and %%FIRST_NAME%-%  %%LAST_NAME%-% (the “Participant”).  Capitalized terms in this Agreement that are not defined shall have the meaning set forth in the Celgene Corporation 2008 Stock Incentive Plan, as amended and restated as of April 15, 2015, and as further amended as of June 15, 2016 (the “Plan”).

WHEREAS, the Plan is administered by the Compensation Committee of the Board of Directors of the Company (“Board”), or such other committee or subcommittee appointed from time to time by the Board (the “Committee”); 

WHEREAS, Section 3.2 of the Plan authorizes the Committee to grant Other Stock-Based Awards to Eligible Employees in order to retain and incentivize such individuals;
WHEREAS, Section 9.1 of the Plan provides that Other Stock-Based Awards include performance-vested restricted stock units payable in shares of Common Stock of the Company (“Performance Stock Units”); 
WHEREAS, the Committee wishes to grant awards of Performance Stock Units that vest based on continued service and on the achievement of specified performance criteria during the performance period measured from January 1, 2016 through December 31, 2018 (the “Performance Period”) to selected Eligible Employees in accordance with the Plan; and
WHEREAS, the Committee has designated the Participant as an Eligible Employee eligible to receive an award of Performance Stock Units under the Plan pursuant to the terms and conditions of the Plan and this Agreement.
NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.   Award Grant. Subject to the restrictions and other conditions set forth in the Plan and this Agreement, the Committee, on the Grant Date, authorized this grant %%OPTION_NUMBER%-%  of  %%Total_Shares_Granted,’999,999,999’%-% Performance Stock Units to the Participant (the “Units”), which may become vested and awarded to the Participant upon settlement of the Units following the expiration of the Performance Period based on the Committee’s determination and certification of the extent to which the Performance Goals (as defined in Appendix A) have been achieved with respect to the Performance Period.  The actual number of Units that vest and become payable in accordance with Section 2 are referred to as the “Adjusted Units.”  As set forth in Appendix A, the Adjusted Units may be increased or decreased, as applicable, based upon the Committee’s determination and certification of the achievement of the Performance Goals with respect to the Performance Period.  It is intended that the Units awarded hereunder constitute “performance-based compensation” for purposes of Section 162(m) of the Code.  

2.   Vesting.  

(a)   General. Subject to (b) below (and with respect to Retirement-Eligible Participants (as defined below), (b) and (c) below), following the completion of the Performance Period, the Units shall vest on the later of the third (3rd) anniversary of the Grant Date and the date on which the Committee determines and certifies the extent to which the Performance Goals have been achieved during the Performance Period (such later date, the “Vesting Date”).  The date of certification shall occur as soon as practicable following the third (3rd) anniversary of the Grant Date, but in no event later than the December 31st of the calendar year following the end of the Performance Period. The Committee’s determination and certification of the number of Units that vest and become payable pursuant to this Section 2 shall be final and binding on the Participant.  The portion of the Units, if any, that does not vest in accordance with this Section 2 shall be automatically forfeited in its entirety as of the earliest to occur of the Vesting Date, the Pro Rata Performance Vesting Date (as defined below), and the Participant’s Termination of Employment, except as expressly provided in Sections 2(b) and 2(c).  Consistent with the definition of “Termination of Employment” set forth in Section 2.38 of the Plan, a Termination of Employment shall not be deemed to occur hereunder until the later of (x) the date of the Participant’s termination of employment with the Company and its Affiliates or (y) the termination of any period during which the Participant provides consulting services to the Company or its Affiliates.

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(b)   Death; Disability; CIC Termination. The Participant shall be vested in a percentage of the Units (which percentage shall be determined in accordance with the following sentence) on the earliest to occur of the following dates occurring while employed by (or providing active services to) the Company or an Affiliate and prior to the Vesting Date (such earliest date, the “Pro Rata Performance Vesting Date”): (i) the Participant’s death; (ii) the Participant incurring a Disability; and (iii) the Participant’s involuntary Termination of Employment without Cause at any time during the two (2) year period commencing on a Change in Control (a “CIC Termination”).  The percentage of the Units that shall vest on the Pro Rata Performance Vesting Date shall be the percentage of the Units set forth on Appendix A based on the Committee’s determination and certification of the extent to which the Performance Goals have been achieved as of the last day of the calendar quarter preceding the Pro Rata Performance Vesting Date, except that if the Pro Rata Performance Vesting Date occurs on or after the end of the Performance Period, the determination and certification shall be calculated as of the end of the Performance Period. For the avoidance of doubt, vesting of the Units pursuant to this Section 2(b) shall not be based on the amount of service completed by a Participant during the Performance Period, but shall be based on the extent to which the Performance Goals have been achieved as determined and certified by the Committee in accordance with the foregoing sentence.    

(c)   Retirement.   Solely with respect to Participants who are or may become eligible for a Termination of Employment due to Retirement prior to the end of the Performance Period (each, a “Retirement-Eligible Participant”), if such Participant incurs a Termination of Employment prior to the Vesting Date by reason of Retirement and the Participant provides the Committee or its designee with not less than six (6) months written notice of the Participant's intent to terminate the Participant's service with the Company, the Participant shall, at the end of the Performance Period, be eligible to become vested in the number of Units determined by multiplying (x) the Achievement of the Performance Goals during the Performance Period, as determined in accordance with Appendix A, by (y) a fraction, the numerator of which is the number of full months of the Performance Period during which the Participant was employed by (or providing active services to) the Company or an Affiliate and the denominator of which is thirty-six (36).  Any payments shall be made in accordance with Section 3 and subject to Section 4.  Notwithstanding the definition of “Retirement” set forth in the Plan, for purposes of the Units and this Agreement, the term “Retirement” shall mean a Participant’s Termination of Employment due to a voluntary resignation at or after the earlier of: (1) the attainment of age fifty-five (55) and the completion of five (5) years of service, and (2) the attainment of an age plus completed years of service that equals sixty-five (65) and the completion of a minimum of two (2) years of service.

3.   Payment. Subject to the terms of this Agreement and the Plan, the Participant shall receive one share of Common Stock with respect to each of the Adjusted Units within thirty (30) days following the earlier to occur of the Vesting Date and the Pro Rata Performance Vesting Date (such earlier date, the “Payment Date”), provided, that with respect to Retirement-Eligible Participants, in the event of a CIC Termination, the Payment Date shall be subject to a six (6) month delay provided under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Code Section 409A”) and under the Plan, in each case, solely to the extent required by Code Section 409A.  For clarity, for a Participant who incurs a Termination of Employment due to Retirement, the Payment Date shall occur within thirty (30) days of the Vesting Date.  Shares of Common Stock a Participant receives as payment for Adjusted Units are subject to the provisions of Section 4.

		
	4.   
	Disposition of Common Stock Acquired upon Settlement.

(a)   Other than with respect to any shares of Common Stock used to cover tax withholdings as expressly permitted under Section 14, the Participant hereby irrevocably agrees not to, directly or indirectly, (i) sell, offer for sale, pledge or otherwise dispose of (except as otherwise provided herein) any shares of the Subject Securities (as defined below) issued to the Participant hereunder, or (ii) enter into any swap or other derivative transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of the Subject Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise (such restrictions in clauses (i) and (ii), the “Sale Restrictions”).  The aggregate number of shares of Common Stock issuable in respect of the Performance Stock Units as of the Grant Date shall be referred to as the “Subject Securities.”  Notwithstanding the foregoing, “Subject Securities” shall not include any portion of the Performance Stock Units that have been forfeited or canceled under the terms of this Agreement.

(b)   One hundred percent (100%) of the Subject Securities shall be released from, and no longer subject to, the Sale Restrictions on the second day after the first anniversary of the Vesting Date.  Notwithstanding the foregoing, one hundred percent (100%) of the Subject Securities shall be released from, and no longer subject to, the Sale Restrictions immediately upon the Participant’s death, Disability or CIC Termination after the Vesting Date.

(c)   In all events, the holding and disposition of any shares of Common Stock acquired hereunder shall be subject to any limitation under Section 10 hereof, any applicable policies of the Company and the terms of applicable law.

5.   Dividend Equivalents.  Cash dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to the maximum Adjusted Units that could be granted to the Participant, provided 

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that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and will be held uninvested and without interest.  The Participant’s right to receive any such cash dividends shall vest if and when the related Unit vests, and such cash dividends shall be paid in cash to the Participant if and when the related Adjusted Unit is paid to the Participant.  Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to the maximum Adjusted Units that could be granted to the Participant.  The Participant’s right to receive any such stock dividends shall vest if and when the related Unit vests, and such stock dividends shall be paid in stock to the Participant if and when the related Adjusted Unit is paid to the Participant.

6.   Rights as a Stockholder.  The Participant shall have no rights as a stockholder with respect to any shares of Common Stock subject to the Units unless and until the Participant has become the holder of record of such shares of Common Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in this Agreement or the Plan.

7.   Restrictions on Transfer.  The Units, and any part thereof, may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.

8.   Plan Provisions Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including any amendments thereto, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof.  

9.   Amendment.  To the extent applicable, the Participant hereby agrees that the Committee may at any time and from time to time amend, in whole or in part, any or all of the provisions of this Agreement to comply with Code Section 409A, or any other applicable law and may otherwise amend, suspend or terminate this Agreement subject to the terms of the Plan.  Except as otherwise provided in the Plan, no modification or waiver of any of the provisions of this Agreement shall be effective unless it is in writing and signed by the party against whom it is sought to be enforced.

10.   Securities Representations.  The grant of the Units and issuance of shares of Common Stock upon settlement of the Adjusted Units shall be subject to, and in compliance with, all applicable requirements of federal, state or foreign securities law.  No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which such shares may then be listed.  As a condition to the settlement of the Adjusted Units, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation.

The shares of Common Stock are being issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant acknowledges, represents and warrants that:
(a)    He or she has been advised that he or she may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933, as amended (the “Act”) and in this connection the Company is relying in part on his or her representations set forth in this Section.
(b)    If he or she is deemed an affiliate within the meaning of Rule 144 of the Act, the Shares must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of Common Stock and the Company is under no obligation to register the shares (or to file a “re-offer prospectus”).
(c)    If he or she is deemed an affiliate within the meaning of Rule 144 of the Act, he or she understands that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sales of the shares of Common Stock may be made only in limited amounts in accordance with such terms and conditions.
11.   Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Common Stock issued pursuant to this Agreement.  The 

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Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 11.

12.   Not an Agreement of Employment.  Neither the execution of this Agreement nor the grant of the Units constitutes an agreement by the Company to engage or continue to engage the Participant as an employee of the Company for any period.

13.   Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company of any personal data information related to the Units, for legitimate business purposes (including, without limitation, the administration of the Plan) out of the Participant’s home country and including to countries with less data protection than the data protection provided by the Participant’s home country.  This authorization/consent is freely given by the Participant.

14.   Withholding Taxes.  The Company shall, with respect to any taxable event concerning the Participant as a result of the Plan or this Agreement, deduct any Federal, state, local or foreign taxes required by law to be withheld by reducing the number of shares of Common Stock otherwise deliverable.  Any fraction of a share of Common Stock required to satisfy such tax obligations shall also be reduced. 

15.   Section 409A.  Although the Company does not guarantee the tax treatment of any payments under this Agreement, the intent of the parties is that payments under this Agreement be exempt from, or comply with, Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance with the foregoing.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant as a result of Code Section 409A or any damages for failing to comply with Code Section 409A.  The Units are intended to be subject to the terms and conditions of the Plan with respect to Code Section 409A.  Whenever a payment under this Agreement may be paid within a specified period, the actual date of payment within the specified period shall be within the Company’s sole discretion.

		
	16.   
	Miscellaneous.

(a)    This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise), provided that any successor assumes the Company’s obligations under this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement.
(b)    This Agreement may be executed in one or more counterparts, including via facsimile, each of which shall constitute an original copy, and all of which taken together shall constitute one contract.
(c)    The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.
(d)    The headings of the Sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.
(e)    This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.
[Remainder of page intentionally left blank]
NO ACQUIRED RIGHTS.
THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT: (A) THE COMPANY MAY TERMINATE OR AMEND THE PLAN AT ANY TIME; (B) THE AWARD OF PERFORMANCE STOCK UNITS MADE UNDER THIS AGREEMENT IS COMPLETELY INDEPENDENT OF ANY OTHER AWARD OR GRANT AND IS MADE AT THE SOLE DISCRETION OF THE COMPANY; AND (C) NO PAST GRANTS OR AWARDS (INCLUDING, WITHOUT LIMITATION, THE PERFORMANCE STOCK UNITS AWARDED HEREUNDER) GIVE THE PARTICIPANT ANY RIGHT TO ANY GRANTS OR AWARDS IN THE FUTURE WHATSOEVER.

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This Agreement will or may be electronically accepted.  Your electronic signature indicates your Agreement to comply with the Plan and this Agreement and all applicable laws and regulations.

CELGENE CORPORATION

 Mark Alles
Chief Executive Officer

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Appendix A

A.  VESTING.

The percentage of the Participant’s Units that vests will be determined based upon the Company’s Achievement (as defined below) of the performance goals set forth in the Vesting Chart below (the “Performance Goals”) during the performance period measured from January 1, 2016 to December 31, 2018 (the “Performance Period”) in accordance with this Section A, provided that the Participant has not had a Termination of Employment for any reason other than Retirement at any time prior to or on the last day of the Performance Period.  “Achievement” means the Committee’s determination and certification of the extent to which the Company achieved the Performance Goals during the Performance Period.  As soon as reasonably practicable after the third (3rd) anniversary of the Grant Date, but in no event later than the December 31st of the calendar year following the end of the Performance Period, the Committee shall determine and certify the extent to which the Performance Goals have been achieved, and, based on such determination and certification, the Committee shall determine the number of the Participant’s Units that are vested on the Vesting Date and payable in accordance with Section 3 of the Agreement (i.e., the Participant’s Adjusted Units).  It is intended that the Units awarded to the Participant pursuant to Section 1 of the Agreement will constitute “performance-based compensation” for purposes of Section 162(m) of the Code.      
	
			
	Vesting Chart
(See the Glossary below for the meaning of acronyms used in the Vesting Chart)

	Achievement Level
	Performance Goals
	Percentage of Units Vested

	Threshold
	Revenue (37.5% weighting): $12,617.1
EPS (37.5% weighting): $7.29/share
RTSR (25% weighting): 35th percentile
	50%

	Target
	Revenue (37.5% weighting): $14,019.0
EPS (37.5% weighting): $8.10/share
RTSR (25% weighting): 50th percentile
	100%

	Maximum
	Revenue (37.5% weighting): $15,420.9
EPS (37.5% weighting): $8.91/share
RTSR (25% weighting): 80th percentile
	200%

If, at the end of the Performance Period, the Achievement Level is between Threshold and Target or between Target and Maximum, for each Performance Goal, the Committee will determine the percentage of the Participant’s Units that will become vested by interpolating the percentage of Units awarded for achievement of each applicable Performance Goal between each applicable Achievement Level, which percentage will be calculated to the nearest one-hundredth percent.  Any fractional Units resulting from the achievement of any of the Performance Goals will be aggregated and any resulting fractional Units resulting from such aggregation will be eliminated.

Revenue, EPS and RTSR shall be defined in accordance with the Committee’s definitions of such terms under the Company’s 2016-2018 Long-Term Incentive Plan and as approved by the Committee.  Without limiting the generality of the foregoing, Revenue and EPS shall be determined on a non-GAAP basis and, in determining the Performance Goals, the following items shall be disregarded: (i) restructuring, discontinued operations, extraordinary items or events, corporate transactions (including dispositions or acquisitions) and other unusual or nonrecurring items and (ii) changes in tax law or accounting standards required by GAAP.

GLOSSARY
EPS - Non-GAAP diluted earnings per share
GAAP - Generally Accepted Accounting Principles
RTSR - Relative Total Shareholder Return (based on S&P 500 Biotechtechnology & Pharmaceuticals Index)

6Exhibit 10.1

 

EXECUTION COPY

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (the “Agreement”)
is dated February 8, 2017, by and between Cinedigm Corp., a Delaware corporation (the “Company”), BlueMountain
Equity Alternatives Master Fund L.P., a Cayman Islands exempted limited partnership (“BMEA”), BlueMountain Logan Opportunities
Master Fund L.P., a Cayman Islands exempted limited partnership (“BMLO”), Blue Mountain Credit Alternatives Master
Fund L.P., a Cayman Islands exempted limited partnership (“BMCA”), BlueMountain Montenvers Master Fund SCA SICAV-SIF,
a Luxembourg corporate partnership limited by shares (“BMMF”), and BlueMountain Foinaven Master Fund L.P., a Cayman
Islands exempted limited partnership (“BMFV” and, collectively with BMEA, BMLO, BMCA, and BMMF, the “Holders”
and each, a “Holder”).

 

RECITALS:

 

WHEREAS, the Holders hold and aggregate
of $4,000,000 principal amount (the “Notes”) of the Company’s 5.5% convertible notes due 2035 (“Convertible
Notes”) as set forth on Schedule A attached hereto;

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement, the Company and the Holders desire to exchange the Holders’ Notes for,
as set forth on Schedule A attached hereto, an aggregate of 450,000 shares (the “Shares”) of Class A
common stock of the Company, par value $0.001 per share (the “Common Stock”) (of which an aggregate of 277,244
Shares will be treasury stock of the Company as set forth on Schedule A) and $1,400,000 aggregate principal amount of notes
(the “Second Lien Notes”) pursuant to the Company’s Second Lien Loan Agreement dated as of July 14, 2016
among the Company, Cortland Capital Market Services LLC, as Agent (the “Agent”), and the lenders party thereto
(the “Loan Agreement”).

 

NOW, THEREFORE, IN CONSIDERATION of the
mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and each Holder hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Affiliate”
has the meaning ascribed thereto in Rule 405 promulgated under the Securities Act.

 

“Agent” has
the meaning ascribed thereto in the recitals.

 

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

 

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

 

     

     

    

   

“Certificate of Incorporation”
means the Company’s Fourth Amended and Restated Certificate of Incorporation, as amended to date.

 

“Closing” means
the closing of the Exchange pursuant to Article 2.

 

“Closing Date”
means the date of this Agreement, or such other date as is mutually agreed by the Company and the Holder.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
has the meaning ascribed thereto in the recitals.

 

“Company 2016 Balance
Sheet” has the meaning ascribed thereto in Section 3.6.

 

“Company Consolidated
Financial Statements” has the meaning ascribed thereto in Section 3.6.

 

“Convertible Notes”
has the meaning ascribed thereto in the recitals.

 

“Exchange”
means the exchange of the Convertible Notes for the Exchange Consideration.

 

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

 

“Exchange Consideration”
means the Shares and the Second Lien Notes issued to the Holders in the Exchange in consideration for its Convertible Notes pursuant
to this Agreement.

 

“GAAP” has
the meaning ascribed thereto in Section 3.6.

 

“Indenture”
means the Indenture dated as of April 29, 2015 between the Company and U.S. Bank National Association as Trustee.

 

“Interest Due”
means, with respect to the Convertible Notes exchanged by the Holder, the amount of accrued but unpaid interest thereon, accrued
through the Closing Date.

 

“Material Adverse Effect”
means an event that results in or causes a material adverse change in any of (a) the condition (financial or otherwise), business,
performance, operations or property of the Company and its material subsidiaries, taken as a whole, (b) the ability of any of the
Company to perform its obligations under the Transaction Documents or (c) the validity or enforceability of any Transaction Document
or the rights and remedies of the Holder.

 

“Notes” has
the meaning ascribed thereto in the recitals.

 

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“Person” means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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

 

“SEC Reports”
has the meaning ascribed thereto in Section 3.6.

 

“Second Lien Loan Agreement”
means the Second Lien Loan Agreement, dated as of July 14, 2016, among the Company, the Lenders party thereto, and Cortland Capital
Market Services LLC, as Agent, as amended to date and from time to time.

 

“Second Lien Notes”
has the meaning ascribed thereto in the recitals.

 

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

 

“Shares” has
the meaning ascribed thereto in the recitals.

 

“Trading Market”
means the primary one of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the New York Stock Exchange, NYSE MKT, the Nasdaq Global Market, the Nasdaq Capital Market, or any other recognized
exchange or automated quotation system (or any successors to any of the foregoing), and which is initially the Nasdaq Global Market.

 

“Transaction Documents”
means this Agreement and the Second Lien Loan Agreement.

 

“Transactions”
means the Exchange including the issuance of the Shares and Second Lien Notes.

 

“Transfer Agent”
means American Stock Transfer & Trust Co., the current transfer agent of the Company, and any successor transfer agent of the
Company.

 

“Trustee” means
U.S. Bank, National Association, as Trustee under the Indenture.

 

ARTICLE
II

EXCHANGE

 

2.1           The
Exchange. At the Closing of the Exchange contemplated hereby, the Holders shall surrender to the Company the Notes in exchange
for the Shares and the Second Lien Notes. Upon such date as is mutually agreed upon by the parties, the Closing shall occur at
the offices of Company Counsel or such other location as the parties shall mutually agree.

 

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2.2           Interest
Due. Effective upon the Closing, the Company shall pay to the Holders in cash the Interest Due on the Notes as of the Closing
Date.

 

2.3           Closing
Deliveries.

 

(a)          At
the Closing, the Company shall deliver or cause to be delivered to the Holders the following:

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         irrevocable
instructions to the Transfer Agent to issue the Shares required to be issued under Section 2.1, registered to the Holders or their
designees;

 

(iii)        the
Second Lien Notes, which may be in book entry form unless a physical note is requested by the Holders, required to be issued under
Section 2.1, registered to the Holder or its designee;

 

(iv)        a
joinder to the Second Lien Loan Agreement duly executed by the Company and the Agent; and

 

(v)         the
Interest Due to each Holder as of the Closing Date.

 

(b)          At
the Closing, the Holders shall deliver or cause to be delivered to the Company, the following:

 

(i)          this
Agreement duly executed by each Holder;

 

(ii)         irrevocable
instructions to the Trustee under the Indenture with respect to the surrender to the Company of the Holders’ Notes or other
proof of DWAC transfer of the Notes to the Company or the Company’s designee; and

 

(iii)        a
joinder to the Second Lien Loan agreement duly signed by each Holder.

 

2.4           No
Additional Consideration. The Exchange Consideration shall be issued to the Holders solely in exchange for the surrender of
the Notes by the Holders, and the Holders shall not pay or be required to pay any additional consideration to the Company in order
to effectuate the issuance of the Exchange Consideration due to the Holders.

 

2.5           Extinguishment
of Notes. It is intended that, upon the consummation of the Exchange:

 

(i)          the
Company will surrender the Notes to the Trustee under the Indenture for cancellation; and

  

(ii)         the
Notes surrendered hereunder shall be cancelled and shall be null and void, and any and all rights arising thereunder shall be extinguished
and the Company shall no longer be required to reserve shares of Common Stock for issuance upon the conversion of such Notes.

 

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ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

3.1           Authorization
and Binding Obligation. The Company has the requisite power and authority to enter into and perform its obligations under the
Transaction Documents and to complete the Transactions, in accordance with the terms thereof. The execution and delivery of the
Transaction Documents by the Company and the consummation by the Company of the Transactions, have been duly authorized by all
necessary corporate action by the Company and no further filing, consent, or authorization is required by the Company, its Board
of Directors or its stockholders. The Transaction Documents have been duly executed and delivered by the Company, and each constitutes
the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities laws.

 

3.2           No
Conflict. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the Transactions will not (i) result in a violation of the Certificate of Incorporation, or other organizational document of
the Company or any of its subsidiaries, any capital stock of the Company or any of its subsidiaries or bylaws of the Company or
any of its subsidiaries, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its subsidiaries is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including foreign, federal and state securities laws) and applicable to the Company
or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected except,
in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a material
adverse effect on the Company or its subsidiaries.

 

3.3           Securities
Law Exemption. Assuming the accuracy of the representations and warranties of the Holders contained herein, the offer and issuance
by the Company of the Shares and the Second Lien Notes as contemplated by the Transaction Documents are exempt from registration
under the Securities Act.

 

3.4           Issuance
of Shares. Upon issuance of the Shares in accordance with the terms of this Agreement, the Shares will be validly issued, fully
paid and non-assessable and free from all taxes, liens, charges and other encumbrances with respect to the issuance thereof and
shall not be subject to any preemptive, participation, rights of first refusal and other similar rights.

  

3.5           No
Integrated Offering. Except as contemplated by this Agreement and in connection with the exchange of Convertible Notes held
by other holders, the Company has not sold or issued, nor will sell or issue any securities that would be integrated with the offering
of the Shares and Second Lien Notes contemplated by this Agreement pursuant to the Securities Act and the rules and regulations
or the interpretations thereunder of the Commission.

 

    5 

     

    

 

		3.6	SEC Reports; Financial Statements.

 

The Company has timely filed, or cured any
defect relating to timely filing, all registration statements, forms, reports, definitive proxy statements, schedules and other
documents and filings required to be filed by it under the Securities Act or the Exchange Act, as the case may be (the “SEC
Reports”) since January 1, 2016. None of the Company’s subsidiaries is required to file periodic reports with the
Commission pursuant to the Exchange Act. Each SEC Report (i) as of the time it was filed (or if subsequently amended, when amended),
complied in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and (ii)
did not, at the time it was filed (or if subsequently amended or superseded by an amendment or other SEC Report, then, on the date
of such subsequent filing), contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not
misleading.

 

The Company’s consolidated financial
statements (including, in each case, any notes thereto) contained in the Form 10-K for the fiscal year ended March 31, 2016 (the
“Company Consolidated Financial Statements”) were prepared in accordance with generally accepted accounting
principles as in effect in the United States of America (“GAAP”), applied on a consistent basis throughout the
periods indicated (except as may be indicated in the notes thereto or as may have been required by regulatory accounting principles
applicable to the Company or, in the case of interim consolidated financial statements, where information and footnotes contained
in such financial statements are not required to be in compliance with GAAP), and in each case such Company Consolidated Financial
Statements fairly presented, in all material respects, the consolidated financial position, results of operations, cash flows and
shareholders’ equity of the Company and its consolidated subsidiaries as of the respective dates thereof and for the respective
periods covered thereby (subject, in the case of unaudited financial statements, to normal year-end adjustments which were not
and which are not expected to be, individually or in the aggregate, material to the Company and its consolidated subsidiaries taken
as a whole).

 

Except as set forth in the SEC Reports,
including without limitation, the risk factors contained therein, and except as and to the extent set forth on the consolidated
balance sheet of the Company as of March 31, 2016 (the “Company 2016 Balance Sheet”), between March 31, 2016
and the date hereof neither the Company nor any of its consolidated subsidiaries has incurred any debts, liabilities or obligations
(whether accrued, absolute, contingent, liquidated or otherwise, whether due or to become due) of a nature that would be required
to be reflected on a balance sheet or in notes thereto prepared in accordance with GAAP consistently applied, except for liabilities
or obligations (i) that, in the aggregate, are adequately provided for in the Company 2016 Balance Sheet, or (ii) incurred in the
ordinary course of business between March 31, 2016 and the date hereof that would not, individually or in the aggregate, have any
material adverse effect on (x) the business, financial condition, results of operations or assets of the Company and its subsidiaries
taken as a whole, or (y) the ability of the Company to consummate the transactions contemplated by this Agreement.

 

    6 

     

    

  

		3.7	Exchange Act Registration, Trading Market.

 

The Common Stock is registered pursuant
to Section 12(b) of the Exchange Act and is listed on the Trading Market, and other than as disclosed in the SEC Reports, the Company
has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange
Act or delisting the Common Stock from the Trading Market, nor has the Company received any notification that the Securities and
Exchange Commission or the Trading Market is contemplating terminating such registration or listing.

 

3.8           Proceedings.
The Company knows of no proceedings relating to the Convertible Notes that are pending or threatened before any court, arbitrator
or administrative or governmental body that would adversely affect such the completion of the Transactions.

 

3.9           Absence
of Broker’s Fees. Neither the Company nor any of its officers or directors has retained or authorized any investment
banker, broker, finder or other intermediary to act on behalf of the Company or incurred any liability for any banker’s,
broker’s or finder’s fees or commissions in connection with the Exchange.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF the holders

 

As a material inducement to the Company
to enter into this Agreement and consummate the exchange, each Holder represents, warrants and covenants, on behalf of itself and
no other Holder, with and to the Company as follows:

 

4.1           Authorization
and Binding Obligation. The Holder has the requisite legal capacity, power and authority to enter into, and perform is obligations
under, each Transaction Document to which it is a party. Each of the execution, delivery and performance of each such Transaction
Document by the Holder, and the consummation by the Holder of the Transactions to which it is a party, have been duly authorized
by all requisite corporate action on the part of the Holder, as applicable, and no further consent or authorization is required.
Each Transaction Document to which the Holder is a party has been duly authorized, executed and delivered by such Holder, and constitutes
the legal, valid and binding obligations of the Holder, enforceable against such Holder in accordance with its terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities laws.

 

		4.2	Beneficial Owner.

 

(a)          The
Holder owns, beneficially and of record, good and marketable title to Notes being exchanged pursuant to this Agreement, free and
clear of any taxes or encumbrances; and at the Closing, the Holder will convey to the Company good and marketable title to the
Notes surrendered by the Holder in their entirety, free and clear of any security interests, liens, adverse claims, taxes or encumbrances.

 

    7 

     

    

  

(b)          The
Holder is not, and has not been for the preceding three months, an Affiliate of the Company. The Holder has beneficially owned
Notes having the principal amount set forth opposite such Holder’s name on Schedule A, fully paid, for at least one
year as of the date hereof.

 

4.3           Experience
of Investor. The Holder, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the Exchange, and has evaluated the
merits and risks thereof. Such Holder is able to bear the economic risk of an investment in the Exchange Consideration and, at
the present time, is able to afford a complete loss of such investment. The Holder qualifies as a qualified institutional buyer
as defined in Rule 144A of the Securities Act.

 

4.4           Disclosure
of Information. The Holder has access to and has reviewed the Company’s SEC Reports, including the “Risk Factors”
contained therein. The Holder has had the opportunity to ask questions of and receive answers from the Company regarding the Company,
its business and the terms and conditions of the offering of the Shares and Second Lien Notes.

 

4.5           Restricted
Securities. The Holder understands that the Shares and Second Lien Notes are characterized as “restricted securities”
as that term is defined under Rule 144 of the Securities Act and have not been registered under the Securities Act or any applicable
state securities law, and may not be resold without registration under the Securities Act or the existence of an exemption therefrom.
The Holder represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. The Holder agrees and acknowledges that, in connection with the transfer of any portion of,
or all of, the Exchange Consideration, the Company may require the Holder to provide the Company an opinion of counsel selected
by the Holder and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of such transferred Shares or Second Lien Notes
under the Securities Act.

 

4.6           Legends.
Except as set forth in Section 6.3 hereof, the Holder agrees to the imprinting of a legend on the Shares and Second Lien Notes,
or certificates evidencing such securities, in substantially the following form:

 

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”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY
A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

    8 

     

    

  

4.7           Proceedings.
The Holder knows of no proceedings relating to the Convertible Notes that are pending or threatened before any court, arbitrator
or administrative or governmental body that would adversely affect the completion of the Transactions.

 

4.8           Tax
Consequences. The Holder acknowledges that the Exchange may involve tax consequences to such Holder, and that the contents
of this Agreement do not contain tax advice. Such Holder acknowledges that it has not relied and will not rely upon the Company
or any other Holder with respect to any tax consequences related to the Exchange. The Holder assumes full responsibility for all
such consequences and for the preparation and filing of any tax returns and elections which may or must be filed in connection
with its beneficial ownership of the Notes or the Exchange.

 

4.9           Absence
of Broker’s Fees. Neither the Holder nor any of its officers, directors, partners, managers or similar Persons has retained
or authorized any investment banker, broker, finder or other intermediary to act on behalf of such Holder or incurred any liability
for any banker’s, broker’s or finder’s fees or commissions in connection with the Exchange.

 

4.10         Reliance
on Exemptions. The Holder understands that the Shares and the Second Lien Notes are being offered and exchanged in reliance
on specific exemptions from the registration requirements of United States federal and state securities laws, and that the Company
is relying in part upon the truth and accuracy of, and the Holder’s representations, and compliance with, the representations,
warranties, agreements, acknowledgments and understandings of the Holder set forth herein in order to determine the availability
of such exemptions and the eligibility of the Holder to acquire the Shares and the Second Lien Notes.

 

ARTICLE
V

Second Lien Notes

 

5.1           Second
Lien Notes. The Second Lien Notes shall have the terms set forth in the Second Lien Loan Agreement, and upon the exchange,
each Holder shall become a party to the Second Lien Loan Agreement by execution of a joinder thereto.

 

5.2           Waiver
of Shares under Second Lien Loan Agreement. In light of the issuance of the Shares pursuant to this Exchange Agreement, the
Holders hereby irrevocably waive their rights under Section 2.1(b) of the Second Lien Loan Agreement to receive shares of Common
Stock thereunder.

 

    9 

     

    

  

ARTICLE
VI

COVENANTS AND OTHER AGREEMENTS

 

6.1           Holding
Period. For the purposes of Rule 144, the Company acknowledges that each Holder’s holding period of the Notes may be
tacked onto the holding period of the Shares, and the Company agrees not to take a position contrary to this Section 6.1.

 

6.2           Acceptance
of Holder’s Counsel’s Rule 144 Opinion. The Company covenants that it shall give specific authorization to the
Transfer Agent and its legal counsel that the Transfer Agent may accept a Holder’s legal counsel’s Rule 144 opinion
with regard to sale of the Shares, in accordance with and subject to the review process in the last sentence of this Section 6.2,
as long as such Holder holds any of the Shares; provided that the Transfer Agent shall be instructed to contact the Company for
approval of all opinions before giving effect to the removal of any restrictive legends therefrom. The Company shall be allowed
two (2) Business Days to review an opinion and if no objection is affirmatively raised then the Company’s approval shall
be deemed given.

 

6.3           Removal
of Restrictive Legends. Notwithstanding Section 4.6 hereof, Shares may be issued or reissued, as applicable, without a restrictive
legend as follows:

 

(a)          the
Shares shall be issued at Closing without any restrictive legend, based on the available tacking of the holding period under Section
6.1 of aggregate principal amount of $4,000,000 of Notes, in reliance on representations made by the Holders in Section 4 hereof;
and

 

(b)          the
Holders represent that with respect to Shares, if a Holder subsequently becomes an Affiliate of the Company, the Holder will submit
any Shares then held by such Holder that are not at such time marked with a restrictive legend relating to transfers under the
Securities Act, to the Company for legending.

 

6.4           No
Resale Registration. In light of Section 6.3(a), the Holders hereby irrevocably waive their rights under Section 2.3(b)(i)(4)
of the Second Lien Loan Agreement to registration rights with respect to resale of the Shares.

 

    10 

     

    

 

ARTICLE
VII

MISCELLANEOUS 

 

7.1           Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City and County of New York, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

7.2           Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement, to the
extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”),
shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other
party hereto shall re-execute original forms hereof and deliver them in person to all other parties. No party hereto shall raise
the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever
waives any such defense, except to the extent such defense related to lack of authenticity.

 

7.3           Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

7.4           Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    11 

     

    

  

7.5           Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Holder, the Company,
their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement (together
with the other Transaction Documents), contains the entire understanding of the parties with respect to the matters covered herein
and, except as specifically set forth herein, neither the Company nor the Holder makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be amended other than by an instrument in writing
signed by the Parties, and any amendment to this Agreement made in conformity with the provisions of this Section shall be binding
upon the parties. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement
is sought.

 

7.6           Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Exchange Consideration.

 

7.7           Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

Cinedigm Corp.

902 Broadway, 9th Floor

New York, NY 10010

Telephone: (212) 206-8600

Facsimile: (212) 598-4895

Attention: General Counsel

Email: gloffredo@cinedigm.com

 

With a copy to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Telephone: (212) 808-7800

Facsimile: (212) 808-7897

Attention: Jonathan K. Cooperman, Esq.

Email: jcooperman@kelleydrye.com

 

If to the Holder:

 

C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Telephone: (212) 905-3900

Attention: General Counsel

Email: legalnotices@bmcm.com

 

    12 

     

    

  

7.8           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
a majority of the Holders. Each Holder may assign some or all of its rights hereunder without the consent of the Company, except
as may be inconsistent with the terms of this Agreement.

 

7.9           Construction.

 

The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied
against any party. No specific representation or warranty shall limit the generality or applicability of a more general representation
or warranty.

 

For purposes of this Agreement, whenever the
context requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine
and neutral genders; the feminine gender shall include the masculine and neutral genders; and the neutral gender shall include
the masculine and feminine genders.

 

Each and every reference to share prices and
shares of Common Stock in the Transaction Documents shall be subject to adjustment for reverse and forward stock splits, stock
dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

[signature pages follow]

 

    13 

     

    

 

IN WITNESS WHEREOF, the Holders and
the Company have caused their respective signature pages to this Agreement to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	CINEDIGM CORP.
	 	 	 
	 	By:	/s/ Gary S. Loffredo
	 		Name:	Gary S. Loffredo
	 		Title:	Executive Vice President

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

	 	HOLDER:
	 	 
	 	BlueMountain Equity Alternatives Master Fund L.P.
	 	By: BlueMountain Capital Management, LLC, its investment manager
	 	 	 
	 	By:	/s/ David M. O’Mara
	 	 	Name: David M. O'Mara
	 	 	Title: Deputy General Counsel

 

For Issuance of Shares and Second Lien Notes:

 

Registered Name: BlueMountain Equity Alternatives Master Fund
L.P.

 

Address: C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

 

Federal Tax ID: 43-2098588

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

	 	HOLDER:
	 	 	 
	 	BlueMountain Logan Opportunities Master Fund L.P.
	 	By: BlueMountain Capital Management, LLC, its investment manager
	 	 	 
	 	By:	/s/ David M. O’Mara
	 	 	Name: David M. O'Mara
	 	 	Title: Deputy General Counsel

 

For Issuance of Shares and Second Lien Notes:

 

Registered Name: BlueMountain Logan Opportunities Master Fund
L.P.

 

Address: C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

 

Federal Tax ID: 98-1209299

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

	 	HOLDER:
	 	 	 
	 	Blue Mountain Credit Alternatives Master Fund L.P.
	 	By: BlueMountain Capital Management, LLC, its investment manager
	 	 	 
	 	By:	/s/ David M. O’Mara
	 	 	Name: David M. O'Mara
	 	 	Title: Deputy General Counsel

 

For Issuance of Shares and Second Lien Notes:

 

Registered Name: Blue Mountain Credit Alternatives Master Fund
L.P.

 

Address: C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

 

Federal Tax ID: 98-0406591

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

	 	HOLDER:
	 	 
	 	BlueMountain Montenvers Master Fund SCA SICAV-SIF
	 	By: BlueMountain Capital Management, LLC, its investment manager
	 	 	 
	 	By:	/s/ David M. O’Mara
	 	 	Name: David M. O'Mara
	 	 	Title: Deputy General Counsel

 

For Issuance of Shares and Second Lien Notes:

 

Registered Name: BlueMountain Montenvers Master Fund SCA SICAV-SIF

 

Address: C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

 

Federal Tax ID: 98-1093881

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

	 	HOLDER:
	 	 
	 	BlueMountain Foinaven Master Fund L.P.
	 	By: BlueMountain Capital Management, LLC, its investment manager
	 	 	 
	 	By:	/s/ David M. O’Mara
	 	 	Name: David M. O'Mara
	 	 	Title: Deputy General Counsel

 

For Issuance of Shares and Second Lien Notes:

 

Registered Name: BlueMountain Foinaven Master Fund L.P.

 

Address: C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

 

Federal Tax ID: 98-1231054

 

[Signature Page to Exchange Agreement]

 

     

     

    

  

SCHEDULE A

 

	Holder	 	Principal of
 Convertible
 Notes to be
 surrendered	 	 	Total
 Number of
 Shares to be
 Issued	 	 	Number of
 Shares which
 will be
 treasury stock	 	 	Principal
 Amount
 Second Lien
 Notes	 
	BlueMountain Equity Alternatives Master Fund L.P.	 	$	314,000	 	 	 	35,325	 	 	 	21,764	 	 	$	110,000	 
	BlueMountain Logan Opportunities Master Fund L.P.	 	$	150,000	 	 	 	16,875	 	 	 	10,397	 	 	$	53,000	 
	Blue Mountain Credit Alternatives Master Fund L.P.	 	$	3,010,000	 	 	 	338,625	 	 	 	208,626	 	 	$	1,053,000	 
	BlueMountain Montenvers Master Fund SCA SICAV-SIF	 	$	301,000	 	 	 	33,863	 	 	 	20,862	 	 	$	105,000	 
	BlueMountain Foinaven Master Fund L.P.	 	$	225,000	 	 	 	25,312	 	 	 	15,595	 	 	$	79,000

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