Document:

Exhibit
4.5

	 	RIGHTS CERTIFICATE #:	NUMBER OF RIGHTS  

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING
ARE SET FORTH IN THE COMPANY’S

PROSPECTUS SUPPLEMENT DATED NOVEMBER __, 2014
(THE “PROSPECTUS”)

AND ARE INCORPORATED HEREIN BY REFERENCE.

 COPIES OF THE PROSPECTUS SUPPLEMENT ARE
AVAILABLE UPON REQUEST FROM D.F. KING & CO., INC. , A DIVISION OF AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

THE INFORMATION AGENT.

 

Incorporated under the laws of the State
of Delaware

 

NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE

 

Evidencing Non-Transferable Subscription Rights
to Purchase Shares of Common Stock of Cosi, Inc.

 

Subscription Price: $1.50 per Share

 

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT
EXERCISED 

ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME,
 

ON DECEMBER 9, 2014, UNLESS EXTENDED BY THE
COMPANY

 

REGISTERED 

OWNER:

 

 

	THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the number of non-transferable subscription rights (“Rights”) set forth above. Each whole Right entitles the holder thereof to subscribe for and purchase 0.5329 share of Common Stock, with a par value of $0.01 per share, of Cosi, Inc., a Delaware corporation, at a subscription price of $1.50 per share (the “Basic Subscription Privilege”), pursuant to a rights offering (the “Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus and the “Instructions as to Use of Cosi, Inc. Subscription Rights Certificates” accompanying this Subscription Rights Certificate. If any shares of Common Stock available for purchase in the Rights Offering are not purchased by other holders of Rights pursuant to	 	the exercise of their Basic Subscription Privilege (the “Excess Shares”), any Rights holder that exercises its Basic Subscription Privilege in full may subscribe for a number of Excess Shares pursuant to the terms and conditions of the Rights Offering, subject to proration, as described in the Prospectus (the “Over-Subscription Privilege”). The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the reverse side hereof and by retuning the full payment of the subscription price for each share of Common Stock in accordance with the “Instructions as to Use of Cosi, Inc. Subscription Rights Certificates” that accompany this Subscription Rights Certificate.		 
	
         

         

         

         

        This
        Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar.
        Witness the seal of Cosi, Inc. and the signatures of its duly authorized officers.

         

        Dated:

         

         

         

         

         
	 	 
	
        President, Chief Executive
        Officer

        and Principal Executive Officer
	 	Vice President & General Counsel, Chief Legal Officer

and Assistant Secretary	 	 

 

    	 

    	 

    
DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS
CERTIFICATE

Delivery other than in the manner or to
the address listed below will not constitute valid delivery.

	 	 	 
	If delivering by mail:

American Stock Transfer & Trust Company, LLC

Operations Center

Attn: Reorganization Department

P. O. Box 2042

New York, New York 10272-2042	 	If delivering by mail:

American Stock Transfer & Trust Company, LLC

Operations Center

Attn: Reorganization Department

6201 15th Avenue

Brooklyn, New York 11219

PLEASE
PRINT ALL INFORMATION CLEARLY AND LEGIBLY.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS	 	FORM 3-DELIVERY TO DIFFERENT ADDRESS
	 	 	 
	To subscribe for shares pursuant to your Basic Subscription Right, please complete lines (a) and (c) and sign under Form 4 below.  To subscribe for shares pursuant to your Over-Subscription Right, please also complete line (b) and sign under Form 4 below.  To the extent you subscribe for more Shares than you are entitled under either the Basic Subscription Right or the Over-Subscription Right, you will be deemed to have elected to purchase the maximum number of shares for which you are entitled to subscribe under the Basic Subscription Right or Over-Subscription Right, as applicable.	 	If you wish for the Common Stock underlying your subscription rights, a certificate representing unexercised subscription rights or the proceeds of any sale of subscription rights to be delivered to an address different from that shown on the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 4 and have your signature guaranteed under Form 5.
	 	 	 
	(a) EXERCISE OF BASIC SUBSCRIPTION RIGHT:	 	 
	 	 	 	 	 	 	 	 
	I apply for	 	shares × $	 	=   $	 	 	 
	 	(no. of new shares)	 	(subscription price)	 	(amount enclosed)	 	 
	 	 	FORM 4-SIGNATURE
	(b) EXERCISE OF OVER-SUBSCRIPTION RIGHT	 	TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions specified in the Prospectus.  By signing below I confirm that (1) after giving effect to the exercise of my Rights, I will not beneficially own, as determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, more than 19.9% of the Company’s outstanding shares of Common Stock (calculated immediately upon the closing of the rights offering after giving effect to the Backstop Commitment, as described in the Prospectus) and (2), if I already beneficially own, as determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, in excess of 19.9% of the Company’s outstanding shares of Common Stock I will not, via the exercise of the Rights, increase my proportionate interest in the Company’s Common Stock (with respect to (1) or (2), any such excess shares, the “Excess Shares”). With respect to any such Excess Shares, I hereby (1) irrevocably appoint and constitute the Company, each of its authorized officers and their designees, and each of them, with full power of substitution, as my proxy and attorney in fact with full authority to vote and act by written consent with respect to any such Excess Shares on any matter submitted to shareholders for a vote or action by written consent, in the discretion of such proxy, to the same extent I would have the power to vote or act by written consent, and (2) grant the Company a right for 90 days from the closing of the rights offering to repurchase such Excess Shares at the lesser of the $1.50 per share subscription price and the closing price of the Company’s Common Stock on the NASDAQ on the trading day immediately prior to the date on which notice is sent to the holder of the Company’s intent to exercise such right, which notice must be sent prior to the expiration of such 90 day period. I agree to cooperate with the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the rights granted in the previous sentence,
	 	 
	If you have exercised your Basic Subscription Right in full and wish to subscribe for additional shares of Common Stock pursuant to your Over-Subscription Right:	 
	 	 	 	 	 	 	 
	I apply for	 	shares × $	 	=   $	 	 
	 	(no. of new shares)	 	(subscription price)	 	(amount enclosed)	 
	 	 
	(c) Total Amount of Payment Enclosed   =   $__________________	 
	 	 
	METHOD OF PAYMENT (CHECK ONE)	 
	 	 	 	 	 	 	 	 
	o	Check or bank draft payable to “American Stock Transfer & Trust Company, LLC as Subscription Agent.”	 
	o	Wire transfer of immediately available funds directly to the account maintained by American Stock Transfer & Trust Company, LLC, as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water Street, New York, New York 10005, ABA #021000021, Account # 530-354616 American Stock Transfer FBO Cosi, Inc., with reference to the rights holder’s name.	 
	 	 
	FORM 2-TRANSFER  TO  DESIGNATED  TRANSFEREE	 
	 	 
	To transfer your subscription rights to another person, complete this Form 2 and have your signature guaranteed under Form 5.	 
	 	 
	For value received ______________ of the subscription rights represented by this Subscription Rights Certificate are assigned to:	 
	 	 
	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	Signature(s): 	 
	Social Security #	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	
        IMPORTANT: The signature(s)
        must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without
        alteration or enlargement, or any other change whatsoever.

         

        FORM 5-SIGNATURE GUARANTEE

         

        This form must be completed if you have completed any portion of
        Forms 2 or 3.

	Signature(s):	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement, or any other change whatsoever.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Signature Guaranteed:	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(Name of Bank or Firm)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	By:	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	(Signature of Officer)
	 	 	 
	 	 	IMPORTANT:  The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

FOR INSTRUCTIONS ON THE USE OF COSI, INC.’S
SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT D.F. KING & CO., INC., A DIVISION OF AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC, THE INFORMATION AGENT, AT (866) 751-6312 or (212) 493-3910.Exhibit 4.6

 

 

  

SUBSCRIPTION AGENT AGREEMENT

 

 This SUBSCRIPTION AGENT AGREEMENT (this “Agreement”)
is entered into as of September 16, 2014, by and between American Stock Transfer & Trust Company, LLC (the “Subscription
Agent”) and Cosi, Inc. (the “Company”).

 

		1.	The Company is offering (the “Rights Offering”) to the holders of shares of its common
stock, par value $0.01 per share (“Common Stock”), on October 31, 2014 (the “Record Date”), the right (“Rights”)
to subscribe for units (“Units”), each Unit consisting of 0.5329 shares. Except as set forth in Sections 9 and 10 below,
Rights shall cease to be exercisable at 5:00 P.M., New York City time, on December 9, 2014, or such later date of which the Company
notifies the Subscription Agent orally and confirms in writing (the “Expiration Date”). One (1)_ Right is being issued
for One (1) share of Common Stock held on the Record Date. Each Right will entitle the Rights holder to purchase one (1) Unit (0.5329
shares of Common Stock) at the subscription price of $1.50 (the “Subscription Price”). Payment in full of the Subscription
Price is required to subscribe Units. Rights are evidenced by non-transferable subscription certificates in registered form (“Subscription
Certificates”). Each holder of Subscription Certificate(s) who exercises the holder’s right to subscribe for all Units
that can be subscribed for with the Rights evidenced by such Subscription Certificate(s) (the “Basic Subscription Right”)
will have the right to subscribe for additional Units, if any, available as a result of any unexercised Rights (such additional
subscription right being referred to hereafter as the “Additional Subscription Privileged”). The Rights Offering will
be conducted in the manner and upon the terms set forth in the Company’s Prospectus dated [_______________], 2014 (the “Prospectus”).

 

		2.	The Subscription Agent is hereby appointed to affect the Rights Offering as set forth herein. The
Subscription Agent may rely on, and shall be protected in acting upon, any certificate, instrument, opinion, representation, notice
letter or other document delivered to it and believed by it to be genuine and to have been signed by the proper party or parties.

 

		3.	Enclosed herewith, or to be delivered to you once finalized, are the following, the receipt of
which the Subscription Agent acknowledges by its execution hereof:

  

		(a)	a copy of the Prospectus;

  

		(b)	the form of Subscription Certificate (with instructions);

 

		(c)	resolutions adopted by the board of directors of the Company in connection with the Rights Offering,
certified by the secretary or assistant secretary of the Company; and

    	1

    	 

    

		(d)	notice of guaranteed delivery (“Notice of Guaranteed Delivery”).

 

		4.	As soon as is reasonably practical, the Subscription Agent shall mail or cause to be mailed to
each holder of Common Stock at the close of business on the Record Date a Subscription Certificate evidencing the Rights to which
such holder is entitled, a Notice of Guaranteed Delivery, a Prospectus and an envelope addressed to the Subscription Agent. Prior
to mailing, the Company shall provide the Subscription Agent with blank Subscription Certificates which the Subscription Agent
shall prepare and issue in the names of holders of Common Stock of record at the close of business on the Record Date and for the
number of Rights to which they are entitled. The Company shall also provide the Subscription Agent with a sufficient number of
copies of each of the documents to be mailed with the Subscription Certificates.

 

		5.	Subscription Procedure.

 

		(a)	Upon the Subscription Agent’s receipt prior to 5:00 P.M., New York City time, on the Expiration
Date (by mail or delivery) of (ii) any Subscription Certificate completed and endorsed for exercise, as provided on the reverse
side of the Subscription Certificate (except as provided in Section 9 hereof), and (ii) payment in full of the Subscription Price
in U.S. funds by check, bank draft or money order payable at par (without deduction for bank service charges or otherwise) to the
order of “American Stock Transfer & Trust Company, LLC” the Subscription Agent shall as soon as practicable
after the Expiration Date, but after performing the procedures described in subsections (b) and (c) below, mail to the subscriber’s
registered address on the books of the Company certificates representing the securities underlying each Unit duly subscribed for
(pursuant to the Basic Subscription Right and the Additional Subscription Privilege) and furnish a list of all such information
to the Company.

  

		(b)	As soon as practicable after the Expiration Date the Subscription Agent shall calculate the number
of Units to which each subscriber is entitled pursuant to the Additional Subscription Privilege. The Additional Subscription Privilege
may only be exercised by holders who subscribe to all the Units that can be subscribed for under the Basic Subscription Right.
The Units available for additional subscriptions will be those that have not been subscribed and paid for pursuant to the Basic
Subscription Right (the “Remaining Units”). Where there are sufficient Remaining Units to satisfy all additional subscriptions
by holders exercising their rights under the Additional Subscription Privilege, each holder shall be allotted the number of Additional
Units subscribed for. If the aggregate number of Units subscribed for under the Additional Subscription Privilege exceeds the number
of Remaining Units, the number of Remaining Units allotted to each participant in the Additional Subscription Privilege shall be
the product (disregarding fractions) obtained by multiplying the number of Remaining Units by a fraction of which the numerator
is the number of Units subscribed for by that participant under the Additional Subscription Privilege and the denominator is the
aggregate number of Remaining Units subscribed for by all participants under the Additional Subscription Privilege. Any fractional
Unit to which persons exercising their Additional Subscription Privilege would otherwise be entitled pursuant to such allocation
shall be rounded to the next whole Unit.

 

    	2

    	 

    

		(c)	Upon calculating the number of Units to which each subscriber is entitled pursuant to the Additional
Subscription Privilege and the amount overpaid, if any, by each subscriber, the Subscription Agent shall, as soon as practicable,
furnish a list of all such information to the Company.

  

		(d)	Upon calculating the number of Units to which each subscriber is entitled pursuant to the Additional
Subscription Privilege and assuming payment for the additional Units subscribed for has been delivered, the Subscription Agent
shall mail, as contemplated in subsection (a) above, the certificates representing the additional securities which the subscriber
has been allotted. If a lesser number of Units is allotted to a subscriber under the Additional Subscription Privilege than the
subscriber has tendered payment for, the Subscription Agent shall remit the difference to the subscriber without interest or deduction
at the same time as certificates representing the securities allotted pursuant to the Additional Subscription Privilege are mailed.

 

		(e)	Funds received by the Subscription Agent pursuant to the Basic Subscription Right and the Additional
Subscription Privilege shall be held by it in a segregated account. Upon mailing certificates representing the securities and refunding
subscribers for additional Units subscribed for but not allocated, if any, the Subscription Agent shall promptly remit to the Company
all funds received in payment of the Subscription Price for Units issued in the Rights Offering. The Subscription Agent will not
be obligated to calculate or pay interest to any holder or party.

 

		6.	Until 5:00 P.M., New York City time, on the third Business Day (as defined below) prior to the
Expiration Date, the Subscription Agent shall facilitate subdivision or transfers of Subscription Certificates by issuing new Subscription
Certificates in accordance with the instructions set forth on the reverse side of the Subscription Certificates. As used in herein,
“Business Day” shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to close. This Section is not applicable to non-transferable
Rights.

  

		7.	The Company shall have the absolute right to reject any defective exercise of Rights or to waive
any defect in exercise. Unless requested to do so by the Company, the Subscription Agent shall not be under any duty to give notification
to holders of Subscription Certificates of any defects or irregularities in subscriptions. Subscriptions will not be deemed to
have been made until any such defects or irregularities have been cured or waived within such time as the Company shall determine.
The Subscription Agent shall as soon as practicable return Subscription Certificates with the defects or irregularities which have
not been cured or waived to the holder of the Rights. If any Subscription Certificate is alleged to have been lost, stolen or destroyed,
the Subscription Agent should follow the same procedures followed for lost stock certificates representing Common Stock it uses
in its capacity as transfer agent for the Company’s Common Stock.

    	3

    	 

    

		8.	If prior to 5:00 P.M., New York City time, on the Expiration Date the Subscription Agent receives
(i) payment in full of the Subscription Price for the Units being subscribed for and (ii) a guarantee notice substantially in the
form of the notice of guaranteed delivery (“Notice of Guaranteed Delivery”) delivered with the Subscription Certificate,
from a financial institution having an office or correspondent in the United States, or a member firm of any registered United
States national securities exchange or of FINRA stating the certificate number of the Subscription Certificate relating to the
Rights, the name and address of the exercising subscriber, the number of Rights represented by the Subscription Certificate held
by such exercising subscriber, the number of Units being subscribed for pursuant to the Rights and guaranteeing the delivery to
the Subscription Agent of the Subscription Certificate evidencing such Rights within three (3) Nasdaq Capital Markettrading days
(“Trading Days”) following the date of the Notice of Guaranteed Delivery, then the Rights may be exercised even though
the Subscription Certificate was not delivered to the Subscription Agent prior to 5:00 P.M., New York City time, on the Expiration
Date, provided that within three Trading Days following the date of the Notice of Guaranteed Delivery the Subscription Agent receives
the properly completed Subscription Certificate evidencing the Rights being exercised, with signatures guaranteed if required.

 

		9.	The Subscription Agent shall deliver to the Company the exercised Subscription Certificates in
accordance with written directions received from the Company and shall deliver to the subscribers who have duly exercised Rights
at their registered addresses certificates representing the securities subscribed for as instructed on the reverse side of the
Subscription Certificates.

 

		10.	The Subscription Agent shall notify the Company by telephone on an before the close of business
on each Business Day during the period commencing five (5) Business Days after the mailing of the Rights and ending at the Expiration
Date (and in the case of guaranteed deliveries ending three (3) Trading Days after the Expiration Date) (a “daily notice”),
which notice shall thereafter be confirmed in writing, of (i) the number of Rights exercised and the day covered by such daily
notice, (ii) the number of Rights subject to guaranteed exercises on the day covered by such daily notice, (iii) the number of
Rights for which defective exercises have been received on the day covered by such daily notice, and (iv) the cumulative total
of the information set forth in clauses (i) through (iii) above. At or before 5:00 P.M., New York City time, on the first Trading
Day following the Expiration Date, the Subscription Agent shall certify in writing to the Company the cumulative total through
the Expiration Date of all the information set forth in clauses (i) through (iii) above. At or before 10:00 A.M., New York City
time, on the fifth Trading Day following the Expiration Date the Subscription Agent will execute and deliver to the Company a certificate
setting forth the number of Rights exercised pursuant to a Notice of Guaranteed Delivery and as to which Subscription Certificates
have been timely received. The Subscription Agent shall also maintain and update a listing of holders who have fully or partially
exercised their Rights, holders who have transferred their Rights and their transferees, and holders who have not exercised their
Rights. The Subscription Agent shall provide the Company or its designees with such information compiled by the Subscription Agent
pursuant to this Section 10 as any of them shall request.

    	4

    	 

    

		11.	With respect to notices or instructions to be provided by the Company hereunder, the Subscription
Agent may rely and act on any written instruction signed by any one or more of the following authorized officers or employees of
the Company:

 

	 	Name	Title
	 	R. J. Dourney	CEO & President
	 	Scott Carlock	CFO
	 	Vicki Baue	VP & General Counsel, CCO

 

		12.	Whether or not the Rights Offering is consummated, the Company agrees to pay the Subscription Agent
for services rendered hereunder, as set forth in the schedule attached to this Agreement.

 

		13.	The Subscription Agent may employ or retain such agents (including but not limited to, vendors,
advisors and subcontractors) as it reasonably requires to perform its duties and obligations hereunder; may pay reasonable remuneration
for all services so performed by such agents; shall not be responsible for any misconduct on the part of such agents; and in the
case of counsel, may rely on the written advice or opinion of such counsel, which shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by the Subscription Agent hereunder in good faith and in accordance
with such advice or opinion. Additionally, the Subscription Agent shall identify, report and deliver any unclaimed property and/or
payments to all states and jurisdictions for the Company in accordance with applicable abandoned property law. The Subscription
Agent shall also provide information agent services to the Company on terms to be mutually agreed upon by the parties hereto.

 

		14.	The Company hereby covenants and agrees to indemnify, reimburse and hold the Subscription Agent
and its officers, directors, employees and agents harmless against any loss, liability or reasonable expense (including reasonable
legal and other fees and expenses) incurred by the Subscription Agent with respect to any third-party claim arising out of or in
connection with entering into this Agreement or the performance of its duties hereunder, except for such losses, liabilities or
expenses incurred as a result of its gross negligence, bad faith or willful misconduct. The Company shall not be liable under this
indemnity with respect to any claim against the Subscription Agent unless the Company is notified of the written assertion of a
claim against it, or of any action commenced against it, promptly after it shall have received any such written information as
to the nature and basis of the claim; provided, however, that failure by the Subscription Agent to provide such notice shall not
relieve the Company of any liability hereunder if no prejudice occurs.

    	5

    	 

    

In no event shall the Subscription
Agent or the Company have any liability to the other for any incidental, special, statutory, indirect or consequential damages,
or for any loss of profits, revenue, data or cost of cover.

 

All provisions regarding indemnification,
liability and limits thereon shall survive the resignation or removal of the Subscription Agent or the termination of this Agreement.

 

		15.	Any notice or communication by the Subscription Agent or the Company to the other is duly given
if in writing and delivered in person or via first class mail (postage prepaid), or overnight air courier to the other’s
address.

  

If to the Company:

 

Cosi, Inc.

294 Washington Street, Suite 510

Boston, MA 02108

Attn: CFO

(857) 415-5000

 

With a copy to:

 

Cosi, Inc.

294 Washington Street, Suite 510

Boston, MA 02108

Attn: General Counsel

(857) 415-5000

 

If to the Subscription Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attn: Corporate Actions

Tel: (718)
921.8200

 

with copy
to:

 

American
Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York
11219

Attn: General
Counsel

Tel: (718) 921.8200

 

The Subscription Agent and the
Company may, by notice to the other, designate additional or different addresses for subsequent notices or communications.

    	6

    	 

    

		16.	If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any court,
this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement
between us to the full extent permitted by applicable law.

  

		17.	This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to principles of conflicts of law, and shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto.

 

		18.	Neither this Agreement, nor any rights or obligations hereunder, may be assigned by either party
without the written consent of the other party. However, either party may assign this Agreement or any rights granted hereunder,
in whole or in part, either to affiliates, another division, subsidiaries or in connection with its reorganization or to successors
of all or a majority of such party’s assets or business without the prior written consent of the other party.

 

		19.	No provision of this Agreement may be amended, modified or waived, except in writing signed by
all of the parties hereto. This Agreement may be executed in counterparts, each of which shall be for all purposes deemed an original,
but all of which together shall constitute one and the same instrument.

 

		20.	Nothing herein contained shall amend, replace or supersede any agreement between the Company and
the Subscription Agent to act as the Company’s transfer agent, which agreement shall remain of full force and effect.

  

[signature page follows]

    	7

    	 

    

This Subscription Agent
Agreement has been executed by the parties hereto as of the date first written above.

 

	 	COSI, INC.
	 	 
	 	 
	 	 
	 	By:  	/s/ Vicki Baue              
	 	 	Name:  Vicki Baue
	 	 	Title:   Vice President

 

Agreed & Accepted:

 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

 

 

	By:  	__________________________________
	 	Name:
	 	Title:

    	8

    	 

    

 

Fee Schedule

 

 

 Flat fee of $ 14,000.00 

Plus reasonable out-of-pocket expenses.

 

Additional fee equal to $2,500.00 for each extension of the
Rights Offering, plus reasonable out-of-pocket expenses associated with such extension.

 

The party below is responsible for payment
of the fees:

 

Name: Cosi, Inc.

Attention: Vicki Baue,
VP & General Counsel

Address: 294 Washington
Street, Ste. 510

Address: Boston, MA
02108

Address:

Facsimile: (847) 580-4964

Phone: (857) 415-5000

Email: vbaue@getcosi.com

 

The fees quoted in this schedule apply
to services ordinarily rendered by American Stock Transfer & Trust Company, LLC (“AST”) as subscription agent and
are subject to reasonable adjustment based on final review of documents, or when AST is called upon to undertake unusual duties
or responsibilities, or as changes in law, procedures, or the cost of doing business demand. Furthermore, the fees quoted in this
schedule are based upon information provided to AST and are subject to change upon modification or supplementation of such information
resulting in the provision of additional services by AST. Services in addition to and not contemplated in this Agreement, including,
but not limited to, document amendments and revisions, calculations, notices and reports, legal fees and unanticipated transaction
costs (including charges for wire transfers, checks, internal transfers and securities transactions) will be billed as extraordinary
expenses.

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