Document:

Exhibit 10.1

 

 

FORM OF AMENDMENT AGREEMENT

 

This AMENDMENT AGREEMENT (the “Agreement”),
dated as of [_____], 2017, is by and between Amyris, Inc., a Delaware corporation (the “Company”), and
[________] (the “Investor”).

 

WHEREAS:

 

A.       The
Company and the Investor have entered into that certain Securities Purchase Agreement, dated as of December 1, 2016 (the “2016
Securities Purchase Agreement”), pursuant to which, among other things, the Investor purchased from the Company, at a
closing on December 2, 2016, a convertible note, in the original principal amount of $10,000,000, in the form attached to the 2016
Securities Purchase Agreement as Exhibit A (the “2016 Note”), which 2016 Note is convertible into shares
of Common Stock (as defined below) in accordance with the terms of the 2016 Note. The 2016 Note is entitled to redemption and amortization
payments and certain other amounts, which, at the option of the Company and subject to certain conditions, may be paid in shares
of Common Stock or in cash.

 

B.       The
Company and the Investor have entered into that certain Securities Purchase Agreement, dated as of April 13, 2017 (the “2017
Securities Purchase Agreement” and, together with the 2016 Purchase Agreement, the “Securities Purchase Agreements”),
pursuant to which, among other things, (i) the Investor purchased from the Company, at an initial closing on April 17, 2017, a
convertible note, in the original principal amount of $7,000,000, in the form attached to the 2017 Securities Purchase Agreement
as Exhibit A (the “Initial Note”), which Initial Note is convertible into shares of Common Stock (as
defined below) in accordance with the terms of the Initial Note and (ii) the parties agreed that, upon the election of the Investor
in its sole and absolute discretion and subject to the satisfaction or waiver of certain conditions set forth in the 2017 Securities
Purchase Agreement, the Company shall issue and sell to the Investor, at an Additional Closing (as defined in the 2017 Securities
Purchase Agreement), an additional convertible note, in the original principal amount of $8,000,000, in the form attached to the
2017 Securities Purchase Agreement as Exhibit A (the “Additional Note” and, collectively with the 2016
Note and the Initial Note, the “Notes”), which Additional Note, if any, shall be convertible into shares of
Common Stock in accordance with the terms of the Additional Note. The Notes are entitled to redemption and amortization payments
and certain other amounts, which, at the option of the Company and subject to certain conditions, may be paid in shares of Common
Stock or in cash.

 

C.       “Common
Stock” means (i) the Company’s common stock, par value $0.0001 per share, and (ii) any capital stock into which
such common stock shall have been changed or any share capital resulting from a reclassification of such common stock. The Common
Stock issuable upon conversion, redemption or amortization of the 2016 Note are collectively referred to herein as the “2016
Note Conversion Shares”, the Common Stock issuable upon conversion, redemption or amortization of the Initial Note are
collectively referred to herein as the “Initial Conversion Shares”, and the Common Stock issuable upon conversion,
redemption or amortization of the Additional Note, if any, are collectively referred to herein as the “Additional Conversion
Shares”. The 2016 Note Conversion Shares, the Initial Conversion Shares and the Additional Conversion Shares are collectively
referred to herein as the “Conversion Shares”. The Notes and the Conversion Shares are collectively referred
to herein as the “Securities.”

 

     

     

    

 

D.       The
offer and sale of the Securities by the Company to the Investor under the Securities Purchase Agreements and the Notes were made
pursuant to the Registration Statement (as defined below) that has been declared effective in accordance with the Securities Act
of 1933, as amended (the “Securities Act”), by the United States Securities and Exchange Commission (the “SEC”).
“Registration Statement” means the effective registration statement on Form S-3 (Commission File No. 333-203216)
filed by the Company with the SEC pursuant to the Securities Act for the registration of certain of its securities, including the
Securities, as such Registration Statement has been or may be amended and supplemented from time to time, including all documents
filed as part thereof or incorporated by reference therein, and including all information deemed to be a part thereof at the time
of effectiveness pursuant to Rule 430B of the Securities Act, including any comparable successor registration statement filed by
the Company with the SEC pursuant to the Securities Act for the registration of shares of its Common Stock, including the Securities.

 

E.       The
Company and the Investor desire to enter into this Agreement, pursuant to which, among other things, (i) the Company and the Investor
will amend the 2016 Note by exchanging the 2016 Note for an amended and restated convertible note in the form attached to
this Agreement as Exhibit A, (ii) the Company and the Investor will amend the Initial Note by exchanging the Initial Note
for an amended and restated convertible note in the form attached to this Agreement as Exhibit B, (iii) the Company
and the Investor will amend and restate the form of Additional Note that may be issued to the Investor by the Company under the
2017 Securities Purchase Agreement by replacing such form, in its entirety, with the form of convertible note attached to this
Agreement as Exhibit B, and (iv) the Company and the Investor will amend the 2017 Securities Purchase Agreement to extend
the period within which the Company must file the Cleansing 8-K Filing with the SEC to May 8, 2017.

 

F.       The
exchange of the 2016 Note for the Amended and Restated 2016 Note (as defined below), and the exchange of the Initial Note for the
Amended and Restated Initial Note (as defined below), are each being made in reliance upon the exemption from registration provided
by Section 3(a)(9) of the Securities Act.

 

G.       Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them (i) in the 2016 Securities
Purchase Agreement or the 2016 Note, with respect to matters herein concerning the Amended and Restated 2016 Note and (ii) in the
2017 Securities Purchase Agreement or the Initial Note, with respect to matters herein concerning the Amended and Restated Initial
Note or the Amended and Restated Form of Additional Note.

 

NOW, THEREFORE, the Company and the Investor
hereby agree as follows:

 

1.                 
AMENDMENT OF NOTES; WAIVER OF EVENT OF DEFAULT.

 

    	 	2	 

     

    

 

(a)               
Amendment of 2016 Note and Initial Note. Subject to satisfaction (or waiver) of the conditions set forth in
Sections 5 and 6, at the Closing (as defined below), the Investor shall surrender to the Company (i) its 2016 Note and the Company
shall issue to the Investor an amended and restated convertible note, in the form attached to this Agreement as Exhibit A,
in the principal amount equal to the remaining outstanding Principal under the 2016 Note as of the date of this Agreement (such
amended and restated convertible note, together with any convertible notes issued in replacement thereof in accordance with the
terms thereof, the “Amended and Restated 2016 Note”), and (ii) its Initial Note and the Company shall issue
to the Investor an amended and restated convertible note, in the form attached to this Agreement as Exhibit B, in the principal
amount equal to the remaining outstanding Principal under the Initial Note as of the date of this Agreement (such amended and restated
convertible note, together with any convertible notes issued in replacement thereof in accordance with the terms thereof, the “Amended
and Restated Initial Note”).

 

(b)              
Amendment of Form of Additional Note. The Company and the Investor hereby acknowledge and agree that, effective
as of the Closing, the form of Additional Note that may be issued to the Investor by the Company at the Additional Closing, if
any, under the 2017 Securities Purchase Agreement attached as Exhibit A to the 2017 Securities Purchase Agreement is hereby
amended and restated in its entirety by replacing such form, in its entirety, with the form of convertible note attached to this
Agreement as Exhibit B (the “Amended and Restated Form of Additional Note” and, collectively with the
Amended and Restated 2016 Note and the Amended and Restated Initial Note, the “Amended and Restated Notes”).

 

(c)               
Waiver of Event of Default Under Initial Note. Prior to the Closing, Section 4(i) of the 2017 Securities Purchase
Agreement required the Company to file, among other things, the “Cleansing 8-K Filing” (as defined in the 2017 Securities
Purchase Agreement) with the SEC at or prior to 9:00 a.m., New York time, on April 24, 2017. As of the Closing, the Company had
not filed the Cleansing 8-K Filing with the SEC in accordance with and pursuant to Section 4(i) of the 2017 Securities Purchase
Agreement. Section 4(a)(xv) of the Initial Note provides that “any breach or failure by the Company in any respect to fully
comply with all of its obligations, covenants and agreements contained in Section 4(i) of the Securities Purchase Agreement”
constitutes an Event of Default under the Initial Note. As a result, the Company is requesting the Investor to waive any Event
of Default under Section 4(a)(xv) of the Initial Note, solely with respect to the failure by the Company to file the Cleansing
8-K Filing prior to the Closing. Effective as of the Closing, the Investor hereby waives any
Event of Default under Section 4(a)(xv) of the Initial Note, solely with respect to the failure by the Company to file the Cleansing
8-K Filing prior to the Closing; provided, however, that such waiver shall not be deemed to waive the application of Section 4(a)(xv)
of the Initial Note or any of the Amended and Restated Notes to any other action or failure by the Company to act.

 

(d)              
Closing Date. The date and time of the closing of the transactions contemplated by this Agreement (the “Closing”)
shall be 10:00 a.m., New York Time, on the date hereof, subject to notification of satisfaction (or waiver) of the conditions to
the Closing set forth in Sections 5 and 6 below (or such later date as is mutually agreed to by the Company and the Investor) (the
“Closing Date”). The Closing shall occur on the Closing Date at the offices of Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C., 666 Third Avenue, New York, NY 10017.

 

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(e)               
Deliveries. On the Closing Date, (i) the Company shall issue and deliver to the Investor, the Amended and
Restated 2016 Note and the Amended and Restated Initial Note, each duly executed on behalf of the Company and registered in the
name of the Investor or its designee, and (ii) the Investor shall take such action as is necessary to cause to be delivered
to the Company the 2016 Note and the Initial Note for cancellation.

 

2.                 
AMENDMENTS TO SECURITIES PURCHASE AGREEMENTS.

 

(a)               
2016 Securities Purchase Agreement. The 2016 Securities Purchase Agreement is hereby amended as follows:

 

(i)                
All references to “Note” contained in the 2016 Securities Purchase Agreement are hereby replaced with
“Amended and Restated 2016 Note” for all purposes of the transactions contemplated by the Transaction Documents (as
defined in the 2016 Securities Purchase Agreement);

 

(ii)              
The defined term “Transaction Documents” in the 2016 Securities Purchase Agreement is hereby amended
to include this Agreement.

 

(b)              
2017 Securities Purchase Agreement. The 2017 Securities Purchase Agreement is hereby amended as follows:

 

(i)                
All references to “Initial Note” contained in the 2017 Securities Purchase Agreement are hereby replaced
with “Amended and Restated Initial Note” for all purposes of the transactions contemplated by the Transaction Documents;

 

(ii)              
All references to “Additional Note” contained in the Securities Purchase Agreement shall mean a convertible
note in the original principal amount of $8,000,000, in the form of the Amended and Restated Form of Additional Note, for all purposes
of the transactions contemplated by the Transaction Documents (as defined in the 2017 Securities Purchase Agreement);

 

(iii)            
All references to “Notes” contained in the 2017 Securities Purchase Agreement shall mean the Amended
and Restated Initial Note together with the Additional Note (as such term is amended by this Agreement, and the form of the Additional
Note, if and when issued, shall be the Amended and Restated Form of Additional Note), for all purposes of the transactions contemplated
by the Transaction Documents (as defined in the 2017 Securities Purchase Agreement);

 

(iv)            
The defined term “Transaction Documents” in the 2017 Securities Purchase Agreement is hereby amended
to include this Agreement; and

 

(v)              
Clause (ii) of the first sentence of Section 4(i) of the 2017 Securities Purchase Agreement is hereby amended and
restated in its entirety and shall be replaced with the following: “(ii) by 9:00 a.m., New York time, on May 8, 2017, file
an additional Current Report on Form 8-K with the SEC under the Exchange Act disclosing all material, non-public information, if
any, regarding the Company or any of its Subsidiaries provided to the Investor by the Company or any of its Subsidiaries, or any
of their respective officers, directors, employees or agents, prior to the time of such filing that was not disclosed in the Transaction
8-K Filing and, as applicable, attaching all material transaction documents (including all attachments, the “Cleansing
8-K Filing”).”

 

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3.                 
REPRESENTATIONS AND WARRANTIES.

 

(a)               
Investor Bring Down. The Investor hereby represents and warrants as set forth in Section 2 of each of the
Securities Purchase Agreements as if such representations and warranties were made as of the date hereof and set forth in their
entirety in this Agreement.

 

(b)              
Company Bring Down. The Company represents and warrants to the Investor as set forth in Section 3 of each
of the Securities Purchase Agreements as if such representations and warranties were made as of the date hereof and set forth in
their entirety in this Agreement.

 

4.                 
CERTAIN COVENANTS.

 

(a)               
Disclosure of Transactions and Other Material Information. The Company shall, (i) by 9:00 a.m., New York time,
on the fourth (4th) Business Day after the date of this Agreement, file a Current Report on Form 8-K with the SEC under
the Exchange Act describing all the material terms of the transactions contemplated by this Agreement in the form required by the
Exchange Act and attaching this Agreement and the forms of each of the Amended and Restated Notes (including all attachments, the
“Amendment 8-K Filing”), and (ii) by 9:00 a.m., New York time, on May 8, 2017, file the Cleansing 8-K Filing
with the SEC under the Exchange Act disclosing all material, non-public information, if any, regarding the Company or any of its
Subsidiaries provided to the Investor by the Company or any of its Subsidiaries, or any of their respective officers, directors,
employees or agents, prior to the time of such filing that was not disclosed in the Transaction 8-K Filing (as defined in the 2017
Securities Purchase Agreement) or the Amendment 8-K Filing and, as applicable, attaching all material transaction documents (or
forms thereof). From and after the filing of the Cleansing 8-K Filing with the SEC, the Company shall have disclosed all material,
non-public information (if any) regarding the Company or any of its Subsidiaries provided or delivered to the Investor by the Company
or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents, this Agreement and the Amended and Restated Notes or otherwise. The Company shall not,
and the Company shall cause each of its Subsidiaries and each of its and their respective officers, directors, employees and agents,
not to, provide the Investor with any material, non-public information regarding the Company or any of its Subsidiaries from and
after the time of filing of the Cleansing 8-K Filing without the express prior written consent of the Investor (which may be granted
or withheld in the Investor’s sole discretion). In the event of a breach of any of the foregoing covenants by the Company,
any of its Subsidiaries, or any of its or their respective officers, directors, employees and agents (as determined in the reasonable
good faith judgment of the Investor), in addition to any other remedy provided herein or in the Transaction Documents, the Investor
shall have the right, subject to giving the Company at least one (1) Business Day’s prior written notice, to make a public
disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information without
the prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees or
agents. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of its or their respective officers,
directors, employees, stockholders or agents, for any such disclosure. Subject to the foregoing, neither the Company, its Subsidiaries
nor the Investor shall issue any press releases or any other public statements with respect to the transactions contemplated hereby
without the prior written consent of the other parties hereto; provided, however, the Company shall be entitled, without the prior
approval of the Investor, to make any press release or other public disclosure with respect to such transactions (i) in substantial
conformity with the Transaction 8-K Filing, the Amendment 8-K Filing or the Cleansing 8-K Filing (as applicable) and contemporaneously
therewith and (ii) as is required by applicable law and regulations (provided that the Investor shall be consulted by the Company
in connection with any such press release or other public disclosure prior to its release). Other than with respect to the Transaction
8-K Filing and the Amendment 8-K Filing, without the prior written consent of the Investor (which may be granted or withheld in
the Investor’s sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose
the name of the Investor in any filing, announcement, release or otherwise. Notwithstanding anything contained in this Agreement
to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees
that the Investor has not had, and the Investor shall not have (unless expressly agreed to by the Investor in a written definitive
and binding agreement executed by the Company and the Investor), any duty of confidentiality with respect to, or a duty not to
trade on the basis of, any information regarding the Company or any of its Subsidiaries.

 

    	 	5	 

     

    

 

(b)              
Registration Statement. If required pursuant to the rules and regulations of the Securities Act, the Company
shall prepare, and, as soon as practicable but in no event later than two (2) Business Days after the date hereof, file with the
SEC a supplement to the Prospectus Supplement pursuant to Section 424(b) of the Securities Act reflecting the changes set forth
in this Agreement and the Amended and Restated Notes (the “Additional Prospectus Supplement”). 

 

(c)       Fees.
The Company shall reimburse the Investor or its designee(s) for all costs and expenses incurred by them or their respective affiliates
in connection with the transactions contemplated by this Agreement (including, without limitation, all legal fees and disbursements
in connection therewith, structuring, documentation and implementation of the transactions contemplated by this Agreement and due
diligence and regulatory filings in connection therewith) in an aggregate amount up to $15,000, which amount shall be paid by the
Company prior to the Closing by wire transfer of immediately available funds to an account designated by counsel to the Investors
or paid by the Company on demand by the Investor if the Investor terminates its obligation under this Agreement in accordance with
Section 7 (as the case may be). The Company shall be responsible for the payment of any placement agent’s fees, financial
advisory fees, transfer agent fees, DTC fees or broker’s commissions (other than for Persons engaged by the Investor) relating
to or arising out of the transactions contemplated hereby. The Company shall pay, and hold the Investor harmless against, any liability,
loss or expense (including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising in connection
with any claim relating to any such payment. Except as otherwise set forth in this Agreements, each party to this Agreement shall
bear its own expenses in connection with the transactions contemplated hereby.

 

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5.                 
CONDITIONS TO COMPANY’S OBLIGATIONS HEREUNDER.

 

The obligations of the Company hereunder are
subject to the satisfaction of each of the following conditions, provided that these conditions are for the Company’s sole
benefit and may be waived by the Company at any time in its sole discretion by providing the Investor with prior written notice
thereof:

 

(i)                
Representations and Warranties. The representations and warranties of the Investor contained in this Agreement (x)
that are not qualified by “materiality” shall have been true and correct in all material respects when made and shall
be true and correct in all material respects as of the Closing Date with the same force and effect as if made on such dates, except
to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall
be true and correct in all material respects as of such other date and (y) that are qualified by “materiality”
shall have been true and correct when made and shall be true and correct as of the Closing Date with the same force and effect
as if made on such dates, except to the extent such representations and warranties are as of another date, in which case, such
representations and warranties shall be true and correct as of such other date.

 

(ii)              
Performance of the Investor. The Investor shall have performed, satisfied and complied in all material respects with
all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Investor
at or prior to the Closing Date.

 

(iii)            
Registration Statement Effective. The Registration Statement shall continue to be effective and shall be available
for the sale of all Securities contemplated to be issued and sold pursuant to the Transaction Documents and this Agreement and
no stop order with respect to the Registration Statement shall be pending or threatened by the SEC.

 

(iv)            
No Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered,
promulgated, threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents and this Agreement.

 

(v)              
No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority
shall have been commenced or threatened, and no inquiry or investigation by any governmental authority shall have been commenced
or threatened, against the Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary,
seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents and this Agreement, or seeking
material damages in connection with such transactions.

 

(vi)            
Agreement. The Investor shall have executed this Agreement and delivered the same to the Company.

 

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(vii)          
2016 Note and Initial Note. The Investor shall have delivered to the Company the 2016 Note and the Initial Note for
cancellation.

 

6.                 
CONDITIONS TO INVESTOR’S OBLIGATIONS HEREUNDER.

 

The obligations of the Investor hereunder are
subject to the satisfaction of each of the following conditions, provided that these conditions are for the Investor’s sole
benefit and may be waived by the Investor at any time in its sole discretion by providing the Company with prior written notice
thereof:

 

(i)                
Transaction Documents. The Company shall have executed and delivered to the Investor (i) this Agreement, (ii) the
Amended and Restated 2016 Note and (iii) the Amended and Restated Initial Note.

 

(ii)              
Representations and Warranties. The representations and warranties of the Company contained in this Agreement (x)
that are not qualified by “materiality” or “Material Adverse Effect” shall have been true and correct in
all material respects when made and shall be true and correct in all material respects as of the Closing Date with the same force
and effect as if made on such dates, except to the extent such representations and warranties are as of another date, in which
case, such representations and warranties shall be true and correct in all material respects as of such other date and (y) that
are qualified by “materiality” or “Material Adverse Effect” shall have been true and correct when made
and shall be true and correct as of the Closing Date with the same force and effect as if made on such dates, except to the extent
such representations and warranties are as of another date, in which case, such representations and warranties shall be true and
correct as of such other date.

 

(iii)            
Performance of the Company. The Company shall have performed, satisfied and complied in all material respects with
all covenants, agreements and conditions required by this Agreement and the other Transaction Documents to be performed, satisfied
or complied with by the Company at or prior to the Closing Date. The Company shall have delivered to the Investor on the Closing
Date a written certification by an executive officer of the Company to the foregoing effect.

 

(iv)            
Registration Statement Effective. The Registration Statement shall continue to be effective and shall be available
for the sale of all Securities contemplated to be issued and sold pursuant to the Transaction Documents and this Agreement and
no stop order with respect to the Registration Statement shall be pending or threatened by the SEC. If required under the Securities
Act, the Prospectus Supplement shall have been filed with the SEC within the applicable time period prescribed for such filing
by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act).

 

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(v)              
No Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request
by the SEC or any other federal or state governmental authority for any additional information relating to the Registration Statement,
the Prospectus, the Prospectus Supplement, or any amendment or supplement thereto, or for any amendment of or supplement to the
Registration Statement, the Prospectus, or the Prospectus Supplement; (b) the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending
the use of the Prospectus or the Prospectus Supplement, or of the suspension of qualification or exemption from qualification of
the Securities for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such
purpose; or (c) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a
material fact made in the Registration Statement, the Prospectus or the Prospectus Supplement untrue or which requires the making
of any additions to or changes to the statements then made in the Registration Statement, the Prospectus or the Prospectus Supplement
in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements
then made therein (in the case of the Prospectus or the Prospectus Supplement, in light of the circumstances under which they were
made) not misleading, or which requires an amendment to the Registration Statement or a supplement to the Prospectus or the Prospectus
Supplement to comply with the Securities Act or any other law. The Company shall have no knowledge of any event that could reasonably
be expected to have the effect of causing the suspension of the effectiveness of the Registration Statement or the prohibition
or suspension of the use of the Prospectus or the Prospectus Supplement in connection with the sale of the Securities.

 

(vi)            
No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been
suspended by the SEC, the Principal Market or the Financial Industry Regulatory Authority (except for any suspension of trading
of less than two (2) days, which suspension shall be terminated prior to the Closing Date), the Company shall not have received
any final and non-appealable notice that the listing or quotation of the Common Stock on the Principal Market shall be terminated
on a date certain (unless, prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), trading
in securities generally as reported on the Principal Market shall not have been suspended or limited, nor shall a banking moratorium
have been declared either by the U.S. or New York State authorities (except for any suspension, limitation or moratorium which
shall be terminated prior to the Closing Date), there shall not have been imposed any suspension of electronic trading or settlement
services by DTC with respect to the Common Stock that is continuing, the Company shall not have received any notice from DTC to
the effect that a suspension of electronic trading or settlement services by DTC with respect to the Common Stock is being imposed
or is contemplated (unless, prior to such suspension, DTC shall have notified the Company in writing that DTC has determined not
to impose any such suspension), nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity or crisis that has had or would reasonably be expected to have a material adverse change in any U.S.
financial, credit or securities market that is continuing.

 

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(vii)          
Compliance with Laws. The Company shall have complied with all applicable federal, state and local governmental laws,
rules, regulations and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, including, without limitation,
the Company shall have obtained all permits and qualifications required of the Company by any applicable state securities or “Blue
Sky” laws for the offer and sale of the Securities by the Company to the Investor and the subsequent resale of the Securities
by the Investor (or shall have the availability of exemptions therefrom).

 

(viii)        
No Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered,
promulgated, threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by this Agreement and the other Transaction Documents.

 

(ix)            
No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority
shall have been commenced or threatened, and no inquiry or investigation by any governmental authority shall have been commenced
or threatened, against the Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary,
seeking to restrain, prevent or change the transactions contemplated by this Agreement and the other Transaction Documents, or
seeking material damages in connection with such transactions.

 

(x)              
Listing of Securities. All of the 2016 Note Conversion Shares that may be issued pursuant to the Amended and Restated
2016 Note and all of the Initial Conversion Shares that may be issued pursuant to the Amended and Restated Initial Note shall have
been approved for listing or quotation on the Trading Market as of the Closing Date, subject only to notice of issuance.

 

(xi)            
No Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect
shall have occurred and be continuing.

 

(xii)          
No Restrictive Legends or Stop Transfer Instructions. Certificates and any other instruments evidencing the Securities
shall not bear any restrictive or other legend and no stop transfer Instructions shall be maintained against any of the Securities.

 

(xiii)        
Current Public Information. All reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act, including all
material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, shall have been filed with the SEC
under the Exchange Act.

 

(xiv)        
Secretary Certificate. The Company shall have delivered to the Investor a certificate, executed by the Secretary
of the Company and dated as of the date hereof, as to the resolutions authorizing the transactions set forth herein as adopted
by the Company’s Board of Directors in a form reasonably acceptable to the Investor (the “Resolutions”).

 

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(xv)          
Other Documents, The Company shall have delivered to the Investor such other documents relating to the transactions
contemplated by this Agreement as the Investor or its counsel may reasonably request.

 

7.                 
MISCELLANEOUS.

 

(a)               
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 non-exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, 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.

 

(b)              
Counterparts. This Agreement may be executed in one or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not a facsimile signature.

 

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

 

(d)              
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

    	 	11	 

     

    

 

(e)               
Entire Agreement; Effect on Prior Agreements; Amendments. Except for the Transaction Documents (to the extent
any such Transaction Document is not amended by this Agreement), this Agreement supersedes all other prior oral or written agreements
between the Investor, the Company, their affiliates and Persons acting on their behalf with respect to the matters discussed herein,
and this Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor 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 Company and the Investor.  No provision hereof may be waived
other than by an instrument in writing signed by the party against whom enforcement is sought.  No consideration shall be
offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents,
unless the same consideration also is offered to all of the parties to the Transaction Documents or holders of Notes, as the case
may be.  The Company has not, directly or indirectly, made any agreements with the Investor relating to the terms or conditions
of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents, this Agreement
and the Amended and Restated Notes.

 

(f)               
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, if delivered personally;
(ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept
on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically
or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1)
Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. The addresses, facsimile numbers and/or e-mail addresses for such communications are as follows:

 

If to the Company:

 

Amyris, Inc.

5885 Hollis Street, Suite 100

Emeryville, CA 94608

Telephone Number: (510) 450-0761

Fax: (510) 225-2645

Email: GeneralCounsel@amyris.com

Attention: General Counsel

 

With a copy (for informational purposes only) to:

 

Fenwick & West LLP

Silicon Valley Center

801 California Street

Mountain View, CA 94041

Telephone Number: (650) 988-8500

Fax: (690) 938-5200

Email: dwinnike@fenwick.com

Attention: Daniel J. Winnike, Esq.

 

    	 	12	 

     

    

 

If to the Investor:

 

[

 

 

 

 

 

 

]

 

with a copy (for informational purposes only) to:

 

[

 

 

 

 

]

 

or to such other address, facsimile number or e-mail address and/or
to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5)
days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively.
A copy of the e-mail transmission containing the time, date and recipient e-mail address shall be rebuttable evidence of receipt
by e-mail in accordance with clause (iii) above.

 

(g)              
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the Amended and Restated 2016 Note, the Amended and Restated Initial
Note or any Additional Note, as applicable.  The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Investor, including by merger or consolidation, except pursuant to a Change of Control
(as defined in the Notes) with respect to which the Company is in compliance with Section 5 of the Notes.  The Investor may
assign some or all of its rights hereunder without the consent of the Company, in which event such assignee shall be deemed to
be an Investor hereunder with respect to such assigned rights.

 

(h)              
 No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their
respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other
Person.

 

    	 	13	 

     

    

 

(i)                
Survival. The representations and warranties of the Company and the Investor contained herein, and the agreements
and covenants set forth herein, shall survive the Closing.

 

(j)                
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party
may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

 

(k)              
No Strict 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.

 

(l)                
Remedies. The Investor and each holder of the Securities shall have all rights and remedies set forth in the
Transaction Documents (including this Agreement and the Amended and Restated Notes) and all rights and remedies which such holders
have been granted at any time under any other agreement or contract and all of the rights which such holders have under any law. 
Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise
all other rights granted by law.  Furthermore, the Company recognizes that in the event that it fails to perform, observe,
or discharge any or all of its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor. 
The Company therefore agrees that the Investor shall be entitled to seek temporary and permanent injunctive relief in any such
case without the necessity of proving actual damages and without posting a bond or other security. The remedies provided in this
Agreement and the other Transaction Documents shall be cumulative and in addition to all other remedies available under this Agreement
and the other Transaction Documents, at law or in equity (including, without limitation, a decree of specific performance and/or
other injunctive relief).

 

(m)            
Indemnification. Section 8(k) of the 2016 Securities Purchase Agreement and Section 8(k) of the 2017 Securities
Purchase Agreement are each incorporated herein by reference mutatis mutandis and shall apply to this Agreement, the Amended
and Restated Notes and the transactions contemplated thereby.

 

 

 

[Signature Page Follows]

 

 

 

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the Investor and
the Company have caused this Amendment Agreement to be duly executed as of the date first written above.

 

	COMPANY:	 	INVESTOR:	 
	AMYRIS, INC.	 	[_________]	 
	 	 	 	 	 	 
	By:	 	  	By:	 	 
	 	Name:	 	 	Name:	 
	 	Title: 	 	 	Title:	 

 

 

 

 

 

    	 	15	 

     

    

 

EXHIBITS

 

	Exhibit A	 	Form of Amended and Restated 2016 Note
	Exhibit B	 	Form of Amended and Restated Initial Note and Additional Note
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

    	 	16	 

     

    

 

Exhibit A

 

[FORM OF AMENDED AND RESTATED CONVERTIBLE NOTE]1

 

ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS
OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 16(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE
SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3(c)(iii)
OF THIS NOTE.

 

Amyris, Inc.

 

AMENDED AND RESTATED CONVERTIBLE
NOTE

 

	Issuance Date:  [_______], 2017	              Principal Amount: $[_____________]

 

FOR VALUE RECEIVED, Amyris, Inc., a
Delaware corporation (the “Company”), hereby promises to pay to [_________] or registered assigns (the
“Holder”) in cash and/or in shares of Common Stock (as defined below) the amount set out above as the
Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion, amortization or otherwise, the
“Principal”) when due, whether upon the Maturity Date (as defined below), on any Installment Date (as
defined below) with respect to the Installment Amount (as defined below) due on such Installment Date, acceleration,
redemption or otherwise (in each case in accordance with the terms hereof). This Convertible Note (including all Convertible
Notes issued in exchange, transfer or replacement hereof, this “Note”) is one of a series of Convertible
Notes either (i) originally issued on the Original Issuance Date (as defined below) pursuant to the Securities Purchase
Agreement (as defined below) and amended and restated pursuant to the Amendment Agreement, dated as of
[            ], 2017, by and between the Company and the
initial Holder of this Note (the “Amendment Agreement”), or (ii) issued on another Closing Date (as
defined below) (collectively, the “Notes” and such other Convertible Notes, the “Other
Notes”). Certain capitalized terms used herein are defined in Section 29.

 

1.                 
PAYMENTS OF PRINCIPAL; PREPAYMENT. On each Installment Date, the Company shall pay to the Holder an amount equal
to the Installment Amount due on such Installment Date in accordance with Section 8. On the Maturity Date, the Company shall pay
to the Holder an amount in cash representing all outstanding Principal and accrued and unpaid Late Charges (as defined in Section
22(c)) on such Principal to the extent not otherwise converted into Common Stock pursuant hereto. Other than as specifically permitted
by this Note, the Company may not prepay any portion of the outstanding Principal or accrued and unpaid Late Charges on Principal,
if any. Notwithstanding anything herein to the contrary, if the daily Weighted Average Price of the Common Stock is less than the
Absolute Floor for 10 consecutive Trading Days (an “Acceleration Event”), then an amount equal to 118% of all
outstanding Principal and accrued and unpaid Late Charges on such Principal shall be accelerated and shall become due and payable
by the Company to the Holder in cash within thirty (30) days following such Acceleration Event.

 

______________________________

1
This Note to be exchanged for the December 1, 2016 Note.

 

     

     

    

 

2.                 
COMPANY OPTIONAL REDEMPTION. At any time or times after the Original Issuance Date, the Company shall have the right
to redeem, in whole or in part, the Conversion Amount (as defined below) then remaining under this Note (each, a “Company
Optional Redemption Amount”) on a Company Optional Redemption Date (each as defined below) (each, a “Company
Optional Redemption”). The portion of this Note subject to redemption pursuant to this Section 2 shall be redeemed by
the Company in cash at a price (the “Company Optional Redemption Price”) equal to 118% of the Conversion Amount
being redeemed as of the Company Optional Redemption Date. The Company may exercise its right to require redemption under this
Section 2 by delivering a written notice thereof by facsimile and overnight courier to all, but not less than all, of the holders
of Notes (each, a “Company Optional Redemption Notice” and the date all of the holders of Notes received such
notice is referred to as the “Company Optional Redemption Notice Date”). The Company may deliver only one Company
Optional Redemption Notice hereunder in any twenty (20) Trading Day period and such Company Optional Redemption Notice shall be
irrevocable. The Company Optional Redemption Notice shall (x) state the date on which the Company Optional Redemption shall occur
(the “Company Optional Redemption Date”), which date shall not be less than five (5) Trading Days nor more than
ninety (90) Trading Days following the Company Optional Redemption Notice Date, and (y) state the aggregate Conversion Amount of
the Notes which is being redeemed in such Company Optional Redemption from the Holder and all of the other holders of the Notes
pursuant to this Section 2 on the Company Optional Redemption Date. Notwithstanding anything herein to the contrary, at any time
prior to the date the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted,
in whole or in part, by the Holder into shares of Common Stock pursuant to Section 3. All Conversion Amounts converted by the Holder
after the Company Optional Redemption Notice Date shall reduce the Company Optional Redemption Amount of this Note required to
be redeemed on the Company Optional Redemption Date. In the event of a partial redemption of this Note pursuant hereto, the Principal
amount redeemed shall be deducted in reverse order starting from the final Installment Amount to be paid hereunder on the final
Installment Date, unless the Holder otherwise indicates and allocates among any Installment Dates hereunder in writing to the Company.
Redemptions made pursuant to this Section 2 shall be made in accordance with Section 11. In the event of the Company’s redemption
of any portion of this Note under this Section 2, the Holder’s damages would be uncertain and difficult to estimate because
of the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption
premium due under this Section 2 is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s
actual loss of its investment opportunity and not as a penalty. If the Company elects to cause a Company Optional Redemption of
this Note pursuant to Section 2, then it must simultaneously take the same action with respect to all of the Other Notes.

 

3.                 
CONVERSION OF NOTES. At any time or times after the Original Issuance Date, this Note shall be convertible into validly
issued, fully paid and non-assessable shares of Common Stock on the terms and conditions set forth in this Section 3.

 

    	 	- 2 -	 

     

    

 

(a)               
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Original Issuance
Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into validly issued,
fully paid and non-assessable shares of Common Stock in accordance with Section 3(c), at the Conversion Rate (as defined below).
The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance
of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole
share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Conversion Amount.

 

(b)              
Conversion Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant
to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion
Rate”).

 

(i)                
“Conversion Amount” means the sum of (A) the portion of the Principal to be converted, amortized, deferred,
accelerated, redeemed or otherwise with respect to which this determination is being made and (B) accrued and unpaid Late Charges,
if any, with respect to such Principal.

 

(ii)              
“Conversion Price” means, as of any Conversion Date or other date of determination, $1.90 per share,
subject to adjustment as provided herein.

 

(c)               
Mechanics of Conversion.

 

(i)                
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall (A) transmit by facsimile or electronic mail (or otherwise deliver), for receipt on or prior
to 11:59 p.m., New York time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit
I (the “Conversion Notice”) to the Company and (B) if required by Section 3(c)(iii), surrender this Note
to a common carrier for delivery to the Company as soon as practicable on or following such date (or an indemnification undertaking
with respect to this Note in the case of its loss, theft or destruction). On or before the first (1st) Business Day following the
date of receipt of a Conversion Notice, the Company shall transmit by facsimile or electronic mail a confirmation of receipt of
such Conversion Notice to the Holder and the Transfer Agent. On or before the third (3rd) Trading Day following the date of receipt
of a Conversion Notice (the “Share Delivery Date”), the Company shall (x) provided that the Company's transfer
agent (the “Transfer Agent”) is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled
to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal At Custodian system or (y) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified
in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder shall be entitled. If this Note is physically surrendered for conversion as required by Section 3(c)(iii)
and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then
the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its
own expense, issue and deliver to the Holder a new Note (in accordance with Section 16(d)) representing the outstanding Principal
not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall
be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date, irrespective
of the date such Conversion Shares are credited to the Holder's account with DTC or the date of delivery of the certificates evidencing
such Conversion Shares, as the case may be. In the event that the Holder elects to convert a portion of the Principal amount of
this Note prior to any applicable Installment Date, the Conversion Amount so converted shall be deducted in reverse order starting
from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates and
allocates among any Installment Dates hereunder in the applicable Conversion Notice. Notwithstanding anything to the contrary contained
in this Note, the Company shall cause the Transfer Agent to deliver unlegended shares of Common Stock to the Holder (or its designee)
for delivery via DTC to the transferee in connection with any sale of Conversion Shares with respect to which the Holder has entered
into a contract for sale and for which the Holder has not yet settled.

 

    	 	- 3 -	 

     

    

 

(ii)              
Company's Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the
Share Delivery Date, to issue and deliver a certificate to the Holder, if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, or credit the Holder's balance account with DTC, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, for the number of shares of Common Stock to which the Holder is entitled
upon the Holder's conversion of any Conversion Amount (a “Conversion Failure”), then, in addition to all other
remedies available to the Holder, (1) the Company shall pay in cash to the Holder on each day after such Share Delivery Date that
the issuance of such shares of Common Stock is not timely effected an amount equal to one percent (1%) of the product of (A) the
sum of the number of shares of Common Stock not issued to the Holder on a timely basis and to which the Holder is entitled multiplied
by (B) the Closing Sale Price (as defined below) of the Common Stock on the Trading Day immediately preceding the last possible
date which the Company could have issued such shares of Common Stock to the Holder without violating Section 3(c)(i) and (2) the
Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have returned (as the
case may be) any portion of this Note that has not been converted pursuant to such Conversion Notice, provided that the voiding
of a Conversion Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the date
of such notice pursuant to this Section 3(c)(ii)(1) or otherwise. In addition to the foregoing, if a Conversion Failure shall have
occurred, and if on or after the applicable Share Delivery Date the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such conversion that the
Holder anticipated receiving from the Company (a “Buy-In”), then, in addition to all other remedies available
to the Holder, the Company shall, within three (3) Trading Days after the Holder's request and in the Holder's discretion, either
(x) pay cash to the Holder in an amount equal to the Holder's total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company's
obligation to issue and deliver such certificate or credit the Holder's balance account with DTC for the shares of Common Stock
to which the Holder is entitled upon the Holder's conversion of the applicable Conversion Amount shall terminate, or (y) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit
the Holder's balance account with DTC for such shares of Common Stock and pay cash to the Holder in an amount equal to the excess
(if any) of the Buy-In Price over the product of (I) such number of shares of Common Stock, times (II) the lowest Closing Sale
Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice and ending
on the Trading Day immediately preceding the date of such issuance and payment under this clause (y).

 

    	 	- 4 -	 

     

    

 

(iii)            
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A)
the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written
notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this
Note. The Holder and the Company shall maintain records showing the Principal and Late Charges, if any, converted and the dates
of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require
physical surrender of this Note upon conversion.

 

(iv)            
Disputes. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in connection
with a conversion of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in dispute and resolve
such dispute in accordance with Section 21.

 

(d)              
Limitations on Conversions.

 

    	 	- 5 -	 

     

    

 

(i)                
Beneficial Ownership. The Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties (as defined below)
shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares
of Common Stock issuable upon conversion of this Note with respect to which the determination of such sentence is being made, but
shall exclude shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this
Note beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion
or exercise analogous to the limitation contained in this Section 3(d)(i). For purposes of this Section 3(d)(i), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of determining the number of outstanding
shares of Common Stock the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report
on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be,
(y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any,
setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If
the Company receives a Conversion Notice from the Holder at a time when the actual number of outstanding shares of Common Stock
is less than the Reported Outstanding Share Number, the Company shall notify the Holder in writing of the number of shares of Common
Stock then outstanding and, to the extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership,
as determined pursuant to this Section 3(d)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced
number of shares of Common Stock to be purchased pursuant to such Conversion Notice. For any reason at any time, upon the written
or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail
to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the
Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event
that the issuance of shares of Common Stock to the Holder upon conversion of this Note results in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Common Stock (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer
the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase
not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage
not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply
only to the Holder and the other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the
Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Note in excess of the Maximum
Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or
Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect
on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
3(d)(i) to the extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 3(d)(i) or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall
apply to a successor holder of this Note. For the purpose of this Section 3(d)(i), “Attribution Parties” means,
collectively, the following Persons and entities: (A) any investment vehicle, including, any funds, feeder funds or managed accounts,
currently, or from time to time after the Original Issuance Date, directly or indirectly managed or advised by the Holder’s
investment manager or any of its affiliates or principals, (B) any direct or indirect affiliates of the Holder or any of the foregoing,
(C) any Person acting or who could be deemed to be acting as a “group” (as that term is used in Section 13(d) of the
1934 Act and as defined in Rule 13d-5 thereunder) together with the Holder or any of the foregoing and (D) any other Persons whose
beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s and the other Attribution
Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively
the Holder and all other Attribution Parties to the Maximum Percentage.

 

    	 	- 6 -	 

     

    

 

(ii)              
Principal Market Regulation. The Company shall not issue any shares of Common Stock upon conversion of this Note
or otherwise pursuant to the terms of this Note if the issuance of such shares of Common Stock (taken together with the issuance
of all other shares of Common Stock upon conversion of the Other Notes or otherwise pursuant to the terms of the Notes and taken
together with the issuance of all shares of Common Stock issued and issuable pursuant to any transaction or series of transactions
that may be aggregated with the transactions contemplated by the Securities Purchase Agreement under the rules or regulations of
the Principal Market) would exceed the aggregate number of shares of Common Stock which the Company may issue upon conversion of
the Notes and or otherwise pursuant to the terms of the Notes without breaching the Company’s obligations under the rules
or regulations of the Principal Market (the number of shares which may be issued without violating such rules and regulations,
the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains the
approval of its stockholders as required by the applicable rules of the Principal Market for issuances of shares of Common Stock
in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required,
which opinion shall be reasonably satisfactory to the Holder. Until such approval or such written opinion is obtained, no Holder
shall be issued in the aggregate, upon conversion of any Notes or otherwise pursuant to the terms of the Notes, shares of Common
Stock in an amount greater than the Exchange Cap. In the event that the Company is prohibited from issuing any shares of Common
Stock pursuant to this Section 3(d)(ii) (the “Exchange Cap Shares”), the Company shall pay cash in exchange
for cancellation of the Conversion Amount that is subject to such Conversion Notice in an amount equal to the sum of (i) the product
of (x) such number of Exchange Cap Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during
the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such Exchange Cap Shares
to the Company and ending on the Trading Day immediately preceding the date of such issuance and payment under this Section 3(d)(ii)
and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Holder of Exchange Cap Shares, any brokerage commissions and other reasonable out-of-pocket expenses, if any,
of the Holder incurred in connection therewith.

 

    	 	- 7 -	 

     

    

 

4.                 
RIGHTS UPON EVENT OF DEFAULT.

 

(a)               
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)                
the suspension from trading or failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market
for a period of three (3) consecutive Trading Days or for more than an aggregate of ten (10) Trading Days in any 365-day period;

 

(ii)              
the Company's (A) failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock (or
cash amount in accordance with Section 3(d)(ii), if applicable) within five (5) Business Days after the applicable Conversion Date
or (B) notice, written or oral, to the Holder or any holder of the Other Notes or Separate Notes, including by way of public announcement
or through any of its agents, at any time, of its intention not to comply with a request for conversion of this Note or any Other
Notes or any Separate Notes into shares of Common Stock that is tendered in accordance with the provisions of this Note or the
Other Notes or the Separate Notes, other than pursuant to Section 3(d) (and analogous provisions under the Other Notes and Separate
Notes);

 

(iii)            
except to the extent the Company is in compliance with Section 10(b) below, at any time following the tenth (10th)
consecutive Business Day that the Company does not have reserved out of its authorized and unissued shares of Common Stock the
number of shares of Common Stock that the Holder would be entitled to receive upon a conversion of the full Conversion Amount of
this Note (without regard to any limitations on conversion set forth in Section 3(d) or otherwise);

 

(iv)            
the Company's failure to pay to the Holder any amount of Principal, Late Charges or other amounts when and as due under
this Note (including, without limitation, the Company's failure to pay any redemption, Late Charges or other amounts), or any other
Transaction Document (as defined in the Securities Purchase Agreement), or any other agreement, document, certificate or other
instrument delivered in connection with the transactions contemplated hereby and thereby to which the Holder is a party, if such
failure continues for a period of at least an aggregate of five (5) Business Days;

 

    	 	- 8 -	 

     

    

 

(v)              
any restrictive legend is placed on any certificate evidencing, or any stop transfer order is maintained against, any shares
of Common Stock issued to the Holder upon conversion of the Notes;

 

(vi)            
the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal,
foreign or state law for the relief of debtors (collectively, “Bankruptcy Law”), (A) commences a voluntary case
or proceeding, (B) consents to the entry of an order for relief against it in an involuntary case or proceeding, (C) consents to
the appointment of a receiver, trustee, assignee, liquidator or similar official (a “Custodian”), (D) makes
a general assignment for the benefit of its creditors, (E) admits in writing that it is generally unable to pay its debts as they
become due, (F) taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar
action under federal, state or foreign law or (G) the taking of corporate action by the Company or any Subsidiary in furtherance
of any of the foregoing;

 

(vii)          
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the
Company or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Subsidiaries,
or (C) orders the liquidation of the Company or any of its Subsidiaries;

 

(viii)        
a final judgment or judgments for the payment of money aggregating in excess of $10,000,000 are rendered against the Company
or any of its Subsidiaries and which judgments are not; provided, however, that any judgment which is covered by
insurance or an indemnity from a credit worthy party shall not be included in calculating the $10,000,000 amount set forth above
so long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement
shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity;

 

(ix)            
the Company and/or any Subsidiary, individually or in the aggregate, fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $10,000,000 due to any third party (other than, with respect
to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by
proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP)
or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $10,000,000, which breach
or violation results in the acceleration of amounts due thereunder;

 

(x)              
other than as specifically set forth in another clause of this Section 4(a), the Company or any of its Subsidiaries breaches
any representation or warranty in any material respect (except with respect to any representation or warranty qualified by material
or material adverse effect, in any respect) or breaches any covenant or other term or condition of this Note, any Other Note or
any Separate Note, any other Transaction Document or any other agreement, document, certificate or other instrument delivered in
connection with the transactions contemplated thereby and hereby to which the Holder is a party, except, in the case of a breach
of a representation, warranty, covenant or other term or condition, as applicable, which is curable, only if such breach continues
for a period of at least an aggregate of ten (10) consecutive Business Days after notice thereof;

 

    	 	- 9 -	 

     

    

 

(xi)            
any breach or failure in any respect to comply with any of Sections 1, 3, 4(b), 5(b), 8, 13(a), 13(b), 13(c) or 13(d) of
this Note;

 

(xii)          
a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that the Equity
Conditions are satisfied or that there has been no Equity Conditions Failure or as to whether any Event of Default or Change of
Control has occurred;

 

(xiii)        
any Event of Default (as defined in any Other Note or Separate Note) occurs with respect to any Other Notes or Separate
Notes;

 

(xiv)        
any Material Adverse Effect (as defined in the Securities Purchase Agreement) has occurred and is continuing; or

 

(xv)          
any breach or failure by the Company in any respect to fully comply with all of its obligations, covenants and agreements
contained in Section 4(i) of the Securities Purchase Agreement, as amended by the Amendment Agreement.

 

(b)              
Event of Default Redemption Right. Upon the occurrence of an Event of Default with respect to this Note, any Other
Note or any Separate Note, the Company shall within one (1) Business Day of obtaining knowledge thereof deliver written notice
thereof via facsimile or electronic mail and overnight courier (an “Event of Default Notice”) to the Holder.
At any time after the earlier of the Holder's receipt of an Event of Default Notice and the Holder becoming aware of an Event of
Default, the Holder may require the Company to redeem (an “Event of Default Redemption”) all or any portion
of this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company,
which Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to require the Company
to redeem. Each portion of this Note subject to redemption by the Company pursuant to this Section 4(b) shall be redeemed by the
Company in cash by wire transfer of immediately available funds at a price equal to the greater of (x) 118% of the Conversion Amount
being redeemed and (y) the product of (A) the Conversion Amount being redeemed and (B) the quotient determined by dividing (I)
the greatest Closing Sale Price of the shares of Common Stock during the period beginning on the date immediately preceding such
Event of Default and ending on the Trading Day immediately preceding the date Company makes the entire payment required to be made
under this Section 4(b), by (II) the lowest Installment Conversion Price in effect during such period (the “Event of Default
Redemption Price”). Redemptions required by this Section 4(b) shall be made in accordance with the provisions of Section
11. To the extent redemptions required by this Section 4(b) are deemed or determined by a court of competent jurisdiction to be
prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything
to the contrary in this Section 4, but subject to Section 3(d), until the Event of Default Redemption Price (together with any
Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section 4(b) (together with any
Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to Section 3. In the event
of a partial redemption of this Note pursuant hereto, the Principal amount redeemed shall be deducted in reverse order starting
from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates and
allocates among any Installment Dates hereunder in the applicable Event of Default Redemption Notice. The parties hereto agree
that in the event of the Company's redemption of any portion of the Note under this Section 4(b), the Holder's damages would be
uncertain and difficult to estimate because of the uncertainty of the availability of a suitable substitute investment opportunity
for the Holder. Accordingly, any Event of Default redemption premium due under this Section 4(b) is intended by the parties to
be, and shall be deemed, a reasonable estimate of the Holder's actual loss of its investment opportunity and not as a penalty.

 

    	 	- 10 -	 

     

    

 

5.                 
RIGHTS UPON FUNDAMENTAL TRANSACTION AND CHANGE OF CONTROL.

 

(a)               
Assumption. The Company shall not enter into or be party to a Fundamental Transaction unless (i)  the Successor
Entity assumes in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance
with the provisions of this Section 5(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder prior to such Fundamental Transaction, including agreements, if so requested by the Holder, to deliver
to each holder of Notes in exchange for such Notes a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to the Notes, including, without limitation, having a principal amount equal to the principal amounts
of the Notes then outstanding held by such holder, having similar conversion rights and having similar ranking and security to
the Notes, and reasonably satisfactory to the Holder and (ii) except with respect to a Change of Control in which the Company (or
the Successor Entity, as applicable) complies with Section 5(b) in all respects, the Successor Entity (including its Parent Entity)
is a publicly traded corporation whose common capital stock is quoted on or listed for trading on an Eligible Market (a “Public
Company”). Any security issuable or potentially issuable to the Holder pursuant to the terms of this Note on the consummation
of a Fundamental Transaction shall be registered and freely tradable by the Holder without any restriction or limitation or the
requirement to be subject to any holding period pursuant to any applicable law. Upon the occurrence of any Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Note and the other Transaction Documents referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein. If the Successor Entity (or its Parent Entity) is a Public Company and the Company (or the Successor Entity), as applicable,
complies with Section 5(b) below in all respects, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver
to the Holder confirmation that there shall be issued upon conversion or redemption of this Note at any time after the consummation
of such Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except
such items still issuable under Section 6 which shall continue to be receivable thereafter) issuable upon the conversion or redemption
of the Notes prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the
Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such
Fundamental Transaction had this Note been converted immediately prior to such Fundamental Transaction (without regard to any limitations
on the conversion of this Note), as adjusted in accordance with the provisions of this Note. Notwithstanding the foregoing, the
Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 5(a) to permit the Fundamental
Transaction without the assumption of this Note. In addition to and not in substitution for any other rights hereunder, prior to
the occurrence or consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled
to receive securities, cash, assets or other property with respect to or in exchange for shares of Common Stock (a “Corporate
Event”), the Company shall make appropriate provision to insure that, and any applicable Successor Entity or Successor
Entities shall ensure that the Holder will thereafter have the right to receive upon conversion of this Note at any time after
the occurrence or consummation of the Corporate Event, shares of Common Stock or Successor capital stock or, if so elected by the
Holder, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) purchasable upon the conversion
of this Note prior to such Corporate Event (but not in lieu of such items still issuable under Sections 6(a) and 6(b), which shall
continue to be receivable on the Common Stock or on such shares of stock, securities, cash, assets or any other property otherwise
receivable with respect to or in exchange for shares of Common Stock), such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription rights and any shares of Common Stock) which the Holder
would have been entitled to receive upon the occurrence or consummation of such Corporate Event or the record, eligibility or other
determination date for the event resulting in such Corporate Event, had this Note been converted immediately prior to such Corporate
Event or the record, eligibility or other determination date for the event resulting in such Corporate Event (without regard to
any limitations on conversion of this Note) (the “Change of Control Consideration”). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section
5(a) shall apply similarly and equally to successive Fundamental Transactions.

 

    	 	- 11 -	 

     

    

 

(b)              
Change of Control Redemption Right. Promptly after the public announcement of such Change of Control, the Company
shall deliver written notice thereof via facsimile or electronic mail and overnight courier to the Holder (a “Change of
Control Notice”). At any time during the period beginning on the earlier to occur of (x) any oral or written agreement
by the Company or any of its Subsidiaries, upon consummation of which the transaction contemplated thereby would reasonably be
expected to result in a Change of Control, (y) the Holder becoming aware of a Change of Control and (z) the Holder's receipt of
a Change of Control Notice and ending twenty-five (25) Trading Days after the date of the consummation of such Change of Control,
the Holder may require the Company to redeem (a “Change of Control Redemption”) all or any portion of this Note
by delivering written notice thereof (“Change of Control Redemption Notice”) to the Company, which Change of
Control Redemption Notice shall indicate the Conversion Amount the Holder is electing to require the Company to redeem. The portion
of this Note subject to redemption pursuant to this Section 5(b) shall be redeemed by the Company in cash by wire transfer of immediately
available funds at a price equal to the greatest of (x) 118% of the Conversion Amount being redeemed, (y) the product of (A) the
Conversion Amount being redeemed and (B) the quotient determined by dividing (I) the greatest Closing Sale Price of the shares
of Common Stock during the period beginning on the date immediately preceding the earlier to occur of (x) the consummation of the
Change of Control and (y) the public announcement of such Change of Control and ending on the date the Holder delivers the Change
of Control Redemption Notice, by (II) the lowest Installment Conversion Price in effect during such period and (z) the product
of (A) the Conversion Amount being redeemed multiplied by (B) the quotient of (I) the aggregate cash consideration and the aggregate
cash value of any non-cash consideration per share of Common Stock to be paid to the holders of the shares of Common Stock upon
consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities shall be valued
at the highest of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation of such
Change of Control, the Closing Sale Price of such securities on the Trading Day immediately following the public announcement of
such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the public
announcement of such proposed Change of Control) divided by (II) the lowest Installment Conversion Price in effect during such
period (the “Change of Control Redemption Price”). Redemptions required by this Section 5 shall be made in accordance
with the provisions of Section 11. To the extent redemptions required by this Section 5(b) are deemed or determined by a court
of competent jurisdiction to be prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments.
Notwithstanding anything to the contrary in this Section 5, but subject to Section 3(d), until the Change of Control Redemption
Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section
5(b) (together with any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock (or, if after
the date of consummation of such Change of Control, into the applicable Change of Control Consideration) pursuant to Section 3.
In the event of a partial redemption of this Note pursuant hereto, the Principal amount redeemed shall be deducted in reverse order
starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates
and allocates among any Installment Dates hereunder in the applicable Change of Control Redemption Notice. The parties hereto agree
that in the event of the Company's redemption of any portion of the Note under this Section 5(b), the Holder's damages would be
uncertain and difficult to estimate because of the uncertainty of the availability of a suitable substitute investment opportunity
for the Holder. Accordingly, any Change of Control redemption premium due under this Section 5(b) is intended by the parties to
be, and shall be deemed, a reasonable estimate of the Holder's actual loss of its investment opportunity and not as a penalty.

 

    	 	- 12 -	 

     

    

 

6.                 
DISTRIBUTION OF ASSETS; RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)               
Distribution of Assets. If the Company shall declare or make any dividend or other distributions of its assets (or
rights to acquire its assets) to all or substantially all of the holders of shares of Common Stock, by way of return of capital
or otherwise (including without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the “Distributions”),
then the Holder will be entitled to such Distributions as if the Holder had held the number of shares of Common Stock acquirable
upon complete conversion of this Note (without taking into account any limitations or restrictions on the convertibility of this
Note) immediately prior to the date on which a record is taken for such Distribution or, if no such record is taken, the date as
of which the record holders of Common Stock are to be determined for such Distributions (provided, however, that
to the extent that the Holder's right to participate in any such Distribution would result in the Holder and its Affiliates exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not
be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership)
to such extent) and the portion of such Distribution shall be held in abeyance for the Holder until such time or times as its right
thereto would not result in the Holder and its Affiliates exceeding the Maximum Percentage, at which time or times the Holder shall
be granted such rights (and any rights under this Section 6(a) on such initial rights or on any subsequent such rights to be held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	 	- 13 -	 

     

    

 

(b)              
Purchase Rights. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights
to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete conversion of this Note (without taking into account any limitations or restrictions on the convertibility of this Note)
immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, that to the extent that the Holder's right to participate in any
such Purchase Right would result in the Holder and its Affiliates exceeding the Maximum Percentage, then the Holder shall not be
entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares
of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time or times as its right thereto would not result in the Holder and its Affiliates
exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted,
issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same
extent as if there had been no such limitation).

 

7.                 
RIGHTS UPON ISSUANCE OF OTHER SECURITIES.

 

(a)               
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company at any time on or
after the Original Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to
such subdivision will be proportionately reduced. If the Company at any time on or after the Original Issuance Date combines (by
combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number
of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased. Any adjustment
pursuant to this Section 7(a) shall become effective immediately after the effective date of such subdivision or combination.

 

    	 	- 14 -	 

     

    

 

(b)              
Voluntary Adjustment by Company. The Company may at any time during the term of this Note, with the prior written
consent of the Holder, reduce the then current Conversion Price to any amount and for any period of time deemed appropriate by
the Board of Directors of the Company. The Company may at any time during the term of this Note, without the prior written consent
of the Holder, either (i) reduce the Floor Price (as defined below) to any amount and for any period of time deemed appropriate
by the Board of Directors of the Company or (ii) waive the application of the Floor Price to the Installment Conversion (defined
below) and any Acceleration (defined below) by the Holder pursuant to Section 8 with respect to the entire applicable Installment
Period (defined below).

 

8.                 
INSTALLMENT CONVERSION OR REDEMPTION.

 

(a)               
General. On each applicable Installment Date (as defined below), provided there has been no Equity Conditions Failure
(as defined below), the Company shall pay to the Holder of this Note the Installment Amount due on such date by the conversion
of all or some of such Installment Amount into Common Stock, in accordance with this Section 8 (a “Installment Conversion”);
provided, however, that the Company may, at its option following notice to the Holder as set forth below, pay the
Installment Amount by redeeming such Installment Amount in cash (a “Installment Redemption”) or by any combination
of an Installment Conversion and an Installment Redemption so long as all of the outstanding applicable Installment Amount due
on any Installment Date shall be converted and/or redeemed by the Company on the applicable dates set forth in this Section 8,
subject to the provisions of this Section 8. On or prior to the date which is the fifth (5th) Trading Day prior to each Installment
Date (each, an “Installment Notice Due Date”), the Company shall deliver written notice (each, a “Company
Installment Notice” and the date all of the Holders receive such notice is referred to as the “Company Installment
Notice Date”), to each holder of Notes which Company Installment Notice shall (i) either (A) confirm that the applicable
Installment Amount of the Holder's Note shall be converted to Common Stock in whole or in part pursuant to an Installment Conversion
(such amount to be converted, the “Installment Conversion Amount”) or (B) (1) state that the Company elects
to redeem for cash, or is required to redeem for cash in accordance with the provisions of the Notes, in whole or in part, the
applicable Installment Amount pursuant to an Installment Redemption and (2) specify the portion (including Late Charges, if any,
on such amount) which the Company elects or is required to redeem pursuant to an Installment Redemption (such amount to be redeemed,
the “Installment Redemption Amount”) and the portion (including Late Charges, if any, on such amount) that is
the Installment Conversion Amount, which amounts, when added together, must equal the applicable Installment Amount and (ii) if
the Installment Amount is to be paid, in whole or in part, in Common Stock pursuant to an Installment Conversion, certify that
there has been no Equity Conditions Failure as of the Company Installment Notice Date. Each Company Installment Notice shall be
irrevocable. If the Company does not timely deliver a Company Installment Notice in accordance with this Section 8, then the Company
shall be deemed to have delivered an irrevocable Company Installment Notice confirming an Installment Conversion and shall be deemed
to have certified that there has been no Equity Conditions Failure in connection with any such conversion on the Company Installment
Notice Date and Installment Date. Except as expressly provided in this Section 8(a), the Company shall convert and/or redeem the
applicable Installment Amount of this Note pursuant to this Section 8 and the corresponding Installment Amounts of the Other Notes
pursuant to the corresponding provisions of the Other Notes in the same ratio of the Installment Amount being converted and/or
redeemed hereunder. The Installment Conversion Amount (whether set forth in the Company Installment Notice or by operation of this
Section 8) shall be converted in accordance with Section 8(b) and the Installment Redemption Amount shall be redeemed in accordance
with Section 8(c) and Section 11. Notwithstanding anything herein to the contrary, except in the case of an Acceleration, in the
event of any partial conversion or redemption of this Note, the Principal amount converted or redeemed shall be deducted in reverse
order starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise
indicates and allocates among any Installment Dates hereunder in the applicable Conversion Notice or Redemption Notice, as applicable.

 

    	 	- 15 -	 

     

    

 

(b)  
Mechanics of Installment Conversion. If the Company delivers a Company Installment Notice and confirms, or is deemed
to have confirmed, in whole or in part, an Installment Conversion in accordance with Section 8(a), then on the applicable Installment
Date, the Company (i) shall confirm in writing to the Investor the applicable Floor Price for the applicable Installment Period
and (ii) shall, or shall direct the Transfer Agent to, credit the Holder's account with DTC (or if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder a certificate) for a number of shares of
Common Stock equal to 125% of the quotient of (x) the applicable Installment Conversion Amount as of the applicable Installment
Date divided by (y) the Installment Conversion Price calculated as of the applicable Installment Date (collectively, the “Initial
Installment Shares”); provided, that there has been no Equity Conditions Failure (or such Equity Conditions Failure
is not waived in writing by the Holder) on each day during the period commencing on such Company Installment Notice Date through
and including the applicable Installment Date. During the period commencing on the applicable Installment Date and ending on the
Trading Day immediately prior to the next Installment Date (each, an “Installment Period”), the Holder may elect,
at its option and in its sole discretion, at one or more times during such Installment Period, to convert the applicable Installment
Conversion Amount into a number of shares of Common Stock equal to the quotient of (x) the applicable Installment Conversion Amount
as of the applicable Installment Date divided by (y) the Installment Conversion Price then in effect on such date of conversion
(collectively, the “Installment Shares”), in accordance with the conversion procedures set forth in Section
3 hereunder (except as provided in this Section 8 with respect to delivery of Conversion Shares), mutatis mutandis (with
“Installment Conversion Price” replacing “Conversion Price” for all purposes hereunder with respect to
an Installment Conversion); provided, that there has been no Equity Conditions Failure (or such Equity Conditions Failure
is not waived in writing by the Holder) on each day during the Installment Period. The Installment Shares to be issued to the Holder
pursuant to this Section 8(b) with respect to any Installment Period shall be credited against the Initial Installment Shares issued
to the Holder on the applicable Installment Date. If, as of 4:00 p.m., New York time, on the last Trading Day of the applicable
Installment Period, the number of Installment Shares to be issued to the Holder pursuant to this Section 8(b) with respect to such
Installment Period exceeds the number of Initial Installment Shares previously issued to the Holder on the applicable Installment
Date, then, not later than 4:00 p.m., New York time, on the second (2nd) Trading Day immediately following the last
Trading Day of the applicable Installment Period, the Company shall, or shall direct the Transfer Agent to, credit the Holder's
account with DTC (or if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and
deliver to the Holder a certificate) for a number of shares of Common Stock equal to the amount by which the number of Installment
Shares to be issued to the Holder pursuant to this Section 8(b) with respect to such Installment Period exceeds the number of Initial
Installment Shares previously issued to the Holder on the applicable Installment Date. If, as of 4:00 p.m., New York time, on the
last Trading Day of the applicable Installment Period, the number of Installment Shares to be issued to the Holder pursuant to
this Section 8(b) with respect to such Installment Period is less than the number of Initial Installment Shares previously issued
to the Holder on the applicable Installment Date, then, such excess Initial Installment Shares shall be credited to the number
of Initial Installment Shares the Company shall be required to issue to the Holder on the next applicable Installment Date with
respect to which the Company delivers a Company Installment Notice and confirms, or is deemed to have confirmed, in whole or in
part, an Installment Conversion in accordance with Section 8(a). Notwithstanding anything herein to the contrary, any portion of
an Installment Conversion Amount that is not converted by the Holder pursuant to this Section 8(b) shall not be deducted from the
Principal amount outstanding under this Note, but rather all of such non-converted Installment Conversion Amount shall be added
to the next Installment Amount to be paid hereunder; provided, however, that the par value of any Initial Installment
Shares delivered with respect to such Installment Conversion Amount that is not so converted shall be deducted from the Principal
amount outstanding under this Note and shall be netted against any future Installment Conversions with respect to such Initial
Installment Shares; provided, further, that any Installment Conversion Amount outstanding on the Maturity Date will
be automatically converted into shares of Common Stock at the Installment Conversion Price in effect on the Maturity Date, provided
that such Installment Conversion Price is above the Absolute Floor.

 

    	 	- 16 -	 

     

    

 

All Installment Shares shall be fully paid and nonassessable
shares of Common Stock (rounded to the nearest whole share). If an Event of Default occurs during the period commencing on the
applicable Company Installment Notice Date through the expiration of the applicable Installment Period, the Holder may elect an
Event of Default Redemption in accordance with Section 4(b). If there is an Equity Conditions Failure as of the Company Installment
Notice Date, then unless the Company has elected to redeem such Installment Amount, the Company Installment Notice shall indicate
that unless the Holder waives the Equity Conditions Failure, the Installment Amount shall be redeemed for cash. If the Company
confirmed (or is deemed to have confirmed by operation of Section 8(a)) the conversion of the applicable Installment Conversion
Amount, in whole or in part, and there was no Equity Conditions Failure as of the applicable Company Installment Notice Date (or
is deemed to have certified that there has been no Equity Conditions Failure in connection with any such conversion have been satisfied
by operation of Section 8(a)) but an Equity Conditions Failure occurred at any time during the period commencing on the applicable
Company Installment Notice Date and ending on the expiration of the applicable Installment Period, the Company shall provide the
Holder a subsequent notice to that effect. If there is an Equity Conditions Failure (or such Equity Conditions Failure is not waived
in writing by the Holder) during the period commencing on the applicable Company Installment Notice Date ending on the expiration
of the applicable Installment Period, then at the option of the Holder designated in writing to the Company, the Holder may require
the Company to do either one or both of the following: (i) the Company shall redeem all or any part designated by the Holder of
the Installment Conversion Amount (such designated amount is referred to as the “Equity Conditions Failure Redemption
Amount”) on or prior to the third (3rd) Trading Day after written notice thereof (the “Equity Conditions
Failure Redemption Notice”) is provided to the Company (the “Equity Conditions Failure Redemption Date”)
and the Company shall pay to the Holder on such Equity Conditions Failure Redemption Date, by wire transfer of immediately available
funds, an amount in cash equal to 118% of such Equity Conditions Failure Redemption Amount (the “Equity Conditions Failure
Redemption Price”) and/or (ii) the Installment Conversion shall be null and void with respect to all or any part designated
by the Holder of the unconverted Installment Conversion Amount and the Holder shall be entitled to all the rights of a holder of
this Note with respect to such amount of the Installment Conversion Amount; provided, however, that the Installment
Conversion Price for such unconverted Installment Conversion Amount shall thereafter be adjusted to equal the lesser of (A) the
Installment Conversion Price as in effect on the date on which the Holder voided the Installment Conversion and (B) the Installment
Conversion Price as in effect on the date on which the Holder delivers a Conversion Notice relating thereto. If the Company fails
to redeem any Equity Conditions Failure Redemption Amount on or before the applicable Equity Conditions Failure Redemption Date
by payment of such amount on the applicable Equity Conditions Failure Redemption Date, then the Holder shall have the rights set
forth in Section 11 as if the Company failed to pay the applicable Company Installment Redemption Price (as defined below) and
all other rights under this Note (including, without limitation, such failure constituting an Event of Default described in Section
4(a)(xi)).

 

    	 	- 17 -	 

     

    

 

(c)   
Mechanics of Installment Redemption. If the Company elects an Installment Redemption in accordance with Section 8,
then the Installment Redemption Amount which is to be paid to the Holder on the applicable Installment Date shall be redeemed by
the Company and the Company shall pay to the Holder on such Installment Date, by wire transfer of immediately available funds,
an amount in cash (the “Company Installment Redemption Price”) equal to 118% of the Installment Redemption Amount.
If the Company fails to redeem the Installment Redemption Amount on the applicable Installment Date by payment of the Company Installment
Redemption Price on such date, then at the option of the Holder designated in writing to the Company (any such designation shall
be deemed a “Conversion Notice” pursuant to Section 3(c) for purposes of this Note), (i) the Holder shall have the
rights set forth in Section 11 as if the Company failed to pay the applicable Company Installment Redemption Price and all other
rights as a Holder of Notes (including, without limitation, such failure constituting an Event of Default described in Section
4(a)(xi)) and (ii) the Holder may, at its option and in its sole discretion, at one or more times during the Installment Period,
require the Company to convert all or any part of the Installment Redemption Amount into Installment Shares at the Installment
Conversion Price then in effect at the time of such conversion. Conversions required by this Section 8(c) shall be made in accordance
with the provisions of Section 8(b) and, with respect to issuances of Installment Shares, Section 3(c), but subject to Section
3(d). Notwithstanding anything to the contrary in this Section 8(c), but subject to Section 3(d), until the Company Installment
Redemption Price (together with any Late Charges thereon) is paid in full, the Installment Redemption Amount (together with any
Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to Section 3. In the event
the Holder elects to convert all or any portion of the Installment Redemption Amount prior to the applicable Installment Date as
set forth in the immediately preceding sentence, the Installment Redemption Amount so converted shall be deducted in reverse order
starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates
and allocates among any Installment Dates hereunder in the applicable Conversion Notice.

 

    	 	- 18 -	 

     

    

 

(d)  
Deferred Installment Amount. Notwithstanding any provision of this Section 8 to the contrary, the Holder may, at
its option and in its sole discretion, deliver a written notice to the Company no later than the Trading Day immediately prior
to the applicable Installment Date electing to have the payment of all or any portion of an Installment Amount payable on such
Installment Date deferred (such amount(s) deferred, the “Holder Deferral Amount”) until any subsequent Installment
Date selected by the Holder, in its sole discretion, in which case, the Holder Deferral Amount shall be added to, and become part
of, the Installment Amount to be paid on such subsequent Installment Date. Any notice delivered by the Holder pursuant to this
Section 8(d) shall be irrevocable and shall set forth (i) the Holder Deferral Amount and (ii) the date that such Holder Deferral
Amount shall now be payable.

 

(e)   
Accelerated Installment Amount. Notwithstanding any provision of this Section 8 to the contrary, if the Company delivers
a Company Installment Notice and confirms, or is deemed to have delivered and confirmed, in whole or in part, an Installment Conversion
in accordance with Section 8(a) with respect to an Installment Date, then, in each case, during the applicable Installment Period,
the Holder may elect, at its option and in its sole discretion, at one or more times during such Installment Period (each, an “Acceleration”,
and each such election date, an “Acceleration Date”), to convert all or any portion of any applicable Acceleration
Amount, in addition to any applicable Installment Conversion Amount with respect to which the Holder may elect to convert into
Installment Shares pursuant to Section 8(b), into a number of shares of Common Stock equal to the quotient of (x) the applicable
Acceleration Amount as of the applicable Acceleration Date divided by (y) the Installment Conversion Price then in effect on such
applicable Acceleration Date (the “Acceleration Shares”), in accordance with the conversion procedures set forth
in Section 3 hereunder, mutatis mutandis (with “Installment Conversion Price” replacing “Conversion Price”
for all purposes hereunder with respect to such Acceleration). The Acceleration Shares to be issued to the Holder pursuant to this
Section 8(e) with respect to any Installment Period, as applicable, shall not be credited against the Initial Installment Shares
issued to the Holder on the applicable Installment Date, but rather shall be issued to the Holder in accordance with Section 3(c),
but subject to Section 3(d). All Acceleration Shares shall be fully paid and nonassessable shares of Common Stock (rounded to the
nearest whole share). Notwithstanding anything herein to the contrary, in the event of any partial conversion of this Note by the
Holder pursuant to an Acceleration, the Principal amount converted or redeemed shall not be deducted in reverse order starting
from the final Installment Amount to be paid hereunder on the final Installment Date, but rather a pro rata amount of the Principal
amount converted pursuant to such Acceleration shall be deducted from each of the remaining Installment Amounts to be paid hereunder.

 

9.                 
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note.

 

10.             
RESERVATION OF AUTHORIZED SHARES.

 

    	 	- 19 -	 

     

    

 

(a)               
Reservation. The Company shall initially reserve out of its authorized and unissued shares of Common Stock a number
of shares of Common Stock for each of this Note and the Other Notes equal to 150% of the Conversion Rate with respect to the Conversion
Amount of each such Note as of the Issuance Date. So long as any of this Note and the Other Notes are outstanding, the Company
shall take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose
of effecting the conversion of this Note and the Other Notes, the number of shares of Common Stock specified above in this Section
10(a) as shall from time to time be necessary to effect the conversion of all of the Notes then outstanding; provided, that
at no time shall the number of shares of Common Stock so reserved be less than the number of shares required to be reserved pursuant
hereto (in each case, without regard to any limitations on conversions) (the “Required Reserve Amount”).

 

(b)              
Insufficient Authorized Shares. If at any time while any of the Notes remain outstanding the Company does not have
a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon
conversion of the Notes at least a number of shares of Common Stock equal to the Required Reserve Amount (an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company's authorized shares
of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall
either (x) obtain the written consent of its stockholders for the approval of an increase in the number of authorized shares of
Common Stock and provide each stockholder with an information statement with respect thereto or (y) hold a meeting of its stockholders
for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company
shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders' approval of such
increase in authorized shares of Common Stock and to cause its Board of Directors to recommend to the stockholders that they approve
such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon any conversion due to the failure
by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such
unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu of delivering such Authorized
Failure Shares to the Holder, the Company shall pay cash in exchange for the redemption of such portion of the Conversion Amount
convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorized
Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the
date the Holder delivers the applicable Conversion Notice with respect to such Authorized Failure Shares to the Company and ending
on the Trading Day immediately preceding the date of such issuance and payment under this Section 10(b) and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of Authorized Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred
in connection therewith. Nothing contained in Section 10(a) or this Section 10(b) shall limit any obligations of the Company under
any provision of the Securities Purchase Agreement.

 

    	 	- 20 -	 

     

    

 

11.             
REDEMPTIONS. The Company shall deliver the applicable Company Optional Redemption Price to the Holder in cash on
the applicable Company Optional Redemption Date. The Company shall deliver the applicable Event of Default Redemption Price to
the Holder within three (3) Business Days after the Company's receipt of the Holder's Event of Default Redemption Notice. If the
Holder has submitted a Change of Control Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable
Change of Control Redemption Price to the Holder (i) concurrently with the consummation of such Change of Control if such notice
is received on or prior to third (3rd) Business Day prior to the consummation of such Change of Control and (ii) within
three (3) Business Days after the Company's receipt of such notice otherwise. The Company shall deliver the applicable Equity Conditions
Failure Redemption Price to the Holder on the applicable Equity Conditions Failure Redemption Date. The Company shall deliver the
applicable Company Installment Redemption Price to the Holder on the applicable Installment Date. The Company shall pay the applicable
Redemption Price to the Holder in cash by wire transfer of immediately available funds pursuant to wire instruction provided by
the holder in writing to the Company on the applicable due date. In the event of a redemption of less than all of the Conversion
Amount of this Note, if requested by the Holder and upon delivery by the Holder to the Company of this Note, the Company shall
promptly cause to be issued and delivered to the Holder a new Note (in accordance with Section 16(d)) representing the outstanding
Principal which has not been redeemed which shall be calculated as if no Redemption Notice has been delivered. Notwithstanding
anything herein to the contrary, in connection with any redemption hereunder at a time the Holder is entitled to receive a cash
payment under any of the other Transaction Documents and the Company does not timely pay such amounts as required by such Transaction
Documents, at the option of the Holder delivered in writing to the Company, the applicable Redemption Price hereunder shall be
increased by the amount of such cash payment owed to the Holder under such other Transaction Document and, upon payment in full
or conversion in accordance herewith, shall satisfy the Company’s payment obligation under such other Transaction Document.
In the event that the Company does not pay the applicable Redemption Price to the Holder within the time period required, at any
time thereafter and until the Company pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption,
to require the Company to promptly return to the Holder all or any portion of this Note representing the Conversion Amount that
was submitted for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been
paid. Upon the Company's receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such
Conversion Amount, and (y) the Company shall immediately return this Note, or issue a new Note (in accordance with Section 16(d))
to the Holder representing such Conversion Amount to be redeemed. The Holder's delivery of a notice voiding a Redemption Notice
and exercise of its rights following such notice shall not affect the Company's obligations to make any payments of Late Charges
which have accrued prior to the date of such notice with respect to the Conversion Amount subject to such notice.

 

12.             
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law and as
expressly provided in this Note.

 

    	 	- 21 -	 

     

    

 

13.             
COVENANTS.

 

(a)               
Rank.All payments due under this Note shall rank pari passu with all Other Notes and Separate Notes and
all other unsecured indebtedness of the Company.

 

(b)              
Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, engage in any material line of business substantially different from those lines of business conducted
by the Company and each of its Subsidiaries on the Original Issuance Date or any business substantially related or incidental thereto.

 

(c)               
Preservation of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which
the transaction of its business makes such qualification necessary, except to the extent that the failure to be so qualified or
in good standing would not reasonably be expected to have a Material Adverse Effect (as defined in the Securities Purchase Agreement);
provided, however, that any wholly-owned Subsidiary may merge with or into another wholly-owned Subsidiary or the Company.

 

(d)              
Maintenance of Properties, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, all of its material properties which are necessary in the proper conduct of its business in good working order and
condition, ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times in all material
respects with the provisions of all material leases to which it is a party as lessee or under which it occupies property, so as
to prevent any loss or forfeiture thereof or thereunder.

 

(e)               
Maintenance of Insurance. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with
responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability,
hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned
by it) and business, in such amounts and covering such risks as is required by any governmental authority having jurisdiction with
respect thereto or as management determines is appropriate in light of the risks faced by the business.

 

(f)               
Independent Investigation. At the request of the Holder, at no more than one time in any twelve month period, either
(x) at any time when an Event of Default has occurred and is continuing, (y) upon the occurrence of an event that with the passage
of time or giving of notice would constitute an Event of Default or (z) at any time the Holder reasonably believes an Event of
Default may have occurred or be continuing, the Company shall hire an independent, reputable investment bank selected by the Company
and approved by the Holder to investigate as to whether any breach of this Note has occurred (the “Independent Investigator”).
If the Independent Investigator determines that such breach of this Note has occurred, the Independent Investigator shall notify
the Company of such breach and the Company shall deliver written notice to each holder of a Note of such breach. In connection
with such investigation, the Independent Investigator may, during normal business hours and upon signing a confidentiality agreement
in a form reasonably acceptable to the Company, inspect all contracts, books, records, personnel, offices and other facilities
and properties of the Company and its Subsidiaries and, to the extent available to the Company after the Company uses reasonable
efforts to obtain them, the records of its legal advisors and accountants (including the accountants’ work papers) and any
books of account, records, reports and other papers not contractually required of the Company to be confidential or secret, or
subject to attorney-client or other evidentiary privilege, and the Independent Investigator may make such copies and inspections
thereof as the Independent Investigator may reasonably request. The Company shall furnish the Independent Investigator with such
financial and operating data and other information with respect to the business and properties of the Company as the Independent
Investigator may reasonably request. The Company shall permit the Independent Investigator to discuss the affairs, finances and
accounts of the Company with, and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors,
key employees and independent public accountants or any of them (and by this provision the Company authorizes said accountants
to discuss with such Independent Investigator the finances and affairs of the Company and any Subsidiaries), all at such reasonable
times, upon reasonable notice, and as often as may be reasonably requested.

 

    	 	- 22 -	 

     

    

 

14.             
AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder and the Company shall be required for any
change or amendment to this Note.

 

15.             
TRANSFER. This Note and any shares of Common Stock issued upon conversion of this Note may be offered, sold, assigned
or transferred by the Holder without the consent of the Company; provided, however, that any purchaser, assignee or transferee
of this Note shall agree in writing to be bound by the terms of the Securities Purchase Agreement and this Note.

 

16.             
REISSUANCE OF THIS NOTE.

 

(a)               
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 16(d)), registered as the
Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 16(d)) to the Holder representing the outstanding Principal
not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions
of Section 3(c)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented by this
Note may be less than the Principal stated on the face of this Note.

 

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 16(d)) representing the
outstanding Principal.

 

    	 	- 23 -	 

     

    

 

(c)               
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Note or Notes (in accordance with Section 16(d) and in Principal amounts of at
least $1,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such
portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such
new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 16(a) or Section 16(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Late Charges, if any, on the Principal
of this Note, from the Issuance Date.

 

17.             
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Note. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to seek
an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being
required. The Company shall provide all information and documentation to the Holder that is reasonably requested by the Holder
to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Note.

 

18.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors' rights and involving a claim under this Note, then the Company
shall pay the reasonable out-of-pocket costs incurred by the Holder for such collection, enforcement or action or in connection
with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, reasonable attorneys’
fees and disbursements. The Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or
limited, by the fact that the purchase price paid for this Note was less than the original Principal amount hereof.

 

    	 	- 24 -	 

     

    

 

19.  CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include
the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note. Terms used in this Note and not otherwise defined herein but defined in the other Transaction Documents shall have
the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing
by the Holder. In the event that one or more events have occurred that would permit either the Company or the Holder to redeem
or accelerate, or cause the redemption or acceleration of, or would otherwise result in the acceleration of, all or a portion of
this Note, and there is a conflict between the redemption or acceleration prices or amounts relating to such event(s) under this
Note, the greater of such redemption or acceleration prices or amounts shall govern and control.

 

20.             
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder or the Company in the exercise of
any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party. Notwithstanding the foregoing,
nothing contained in this Section 20 shall permit any waiver of any provision of Section 3(d).

 

21.             
DISPUTE RESOLUTION.

 

(a)   
Submission to Dispute Resolution.

 

(i)                
In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, an Installment Conversion
Price, a Weighted Average Price or a fair market value or the arithmetic calculation of a Conversion Rate or the applicable Redemption
Price (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the
Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile (A) if by the Company, at
any time after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder
learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute
relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such Installment Conversion Price, such Weighted
Average Price or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price
(as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or
the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its
sole option, select an independent, reputable investment bank with the consent of the Company, not to be unreasonably withheld,
to resolve such dispute.

 

    	 	- 25 -	 

     

    

 

(ii)              
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 21 and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).

 

(iii)            
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company
and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The
fees and expenses of such investment bank shall be borne by the Company and such investment bank’s resolution of such dispute
shall be final and binding upon all parties absent manifest error.

 

(b)  
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 21 constitutes an agreement to
arbitrate between the Company and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York
Civil Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration
pursuant to CPLR § 7503(a) in order to compel compliance with this Section 21, (ii) the terms of this Note and each other
applicable Transaction Document shall serve as the basis for the selected investment bank’s resolution of the applicable
dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the
like that such investment bank determines are required to be made by such investment bank in connection with its resolution of
such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms
of this Note and any other applicable Transaction Documents, (iii) the Holder (and only the Holder), in its sole discretion, shall
have the right to submit any dispute described in this Section 21 to any state or federal court sitting in The City of New York,
Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 21 and (iv) nothing in this Section 21 shall
limit the Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect
to any matters described in this Section 21).

 

    	 	- 26 -	 

     

    

 

22.             
NOTICES; CURRENCY; PAYMENTS.

 

(a)               
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with Section 8(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the
reason therefore. Without limiting the generality of the foregoing, the Company shall give written notice to the Holder (i) promptly
upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Common Stock, (B) with respect to any pro rata subscription offer to holders of Common
Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in
each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to
the Holder.

 

(b)              
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S.
Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed
that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date
of such period of time).

 

(c)               
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment
shall be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight
courier service to such Person at such address as previously provided to the Company in writing (which address, in the case of
each of the Purchasers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement);
provided, that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing
the Company with prior written notice setting out such request and the Holder's wire transfer instructions. Whenever any amount
expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the
next succeeding day which is a Business Day. Any amount of Principal or other amounts due under the Transaction Documents which
is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on
such amount at the rate of eighteen percent (18.0%) per annum from the date such amount was due until the same is paid in full
(“Late Charge”).

 

    	 	- 27 -	 

     

    

 

23.   CANCELLATION.
After all Principal, Late Charges and other amounts at any time owed on this Note have been paid in full, this Note shall automatically
be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

24.             
WAIVER OF NOTICE. To the extent permitted by law and except as expressly set forth herein, the Company hereby irrevocably
waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Securities Purchase Agreement.

 

25.  GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Note shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Note 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. The Company
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby 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. The Company 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 it set forth
on the signature page hereto 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. Nothing
contained herein (i) shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained
herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in
any other jurisdiction to collect on the Company's obligations to the Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Holder or (ii) shall limit, or shall be deemed
or construed to limit, any provision of Section 21. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE OF THIS NOTE, THE HOLDER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

26.  Severability.
If any provision of this Note 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 Note so long as this Note 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).

 

    	 	- 28 -	 

     

    

 

27.  DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries, the Company shall within two (2) Business Days after any such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to such Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries. Nothing
contained in this Section 27 shall limit any obligations of the Company, or any rights of the Holder, under Section 4(i) of the
Securities Purchase Agreement, as amended by the Amendment Agreement.

 

28.             
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against
amounts owed by the Company to the Holder and thus refunded to the Company.

 

29.             
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)               
“Acceleration Amount” means, with respect to any Installment Period, as applicable, an amount equal to
50% of the cumulative sum of all Excess Trading Volume Amounts for all Trading Days during such Installment Period.

 

(b)              
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise.

 

(c)               
“Bloomberg” means Bloomberg Financial Markets.

 

(d)              
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.

 

(e)               
“Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any
of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the Common Stock in which holders of the Company's voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly
traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity
(or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than
a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification or (iii) pursuant to
a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company.

 

    	 	- 29 -	 

     

    

 

(f)               
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date,
the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price
or the closing trade price, as the case may be, then the last bid price or last trade price, respectively, of such security prior
to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do
not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively,
is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets
Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved pursuant to Section 21. All such determinations to
be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction during
the applicable calculation period.

 

(g)              
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(h)              
“Common Stock” means (i) the Company's shares of common stock, par value $0.0001 per share, and
(ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(i)                
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto.

 

    	 	- 30 -	 

     

    

 

(j)                
“Conversion Shares” means shares of Common Stock issuable by the Company pursuant to the terms of any
of the Notes, including any related Late Charges so converted, amortized or redeemed.

 

(k)              
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(l)               “Eligible Market” means the Principal Market, The New York Stock Exchange, The Nasdaq
Global Market, The NASDAQ Capital Market or the NYSE MKT.

 

(m)            
“Equity Conditions” means each of the following conditions: (i) on each day during the Equity Conditions
Measuring Period, all Conversion Shares issuable upon conversion of the Notes shall be eligible for sale without restriction under
the Securities Act and any applicable state securities laws; (ii) on each day during the Equity Conditions Measuring Period, the
Common Stock is listed for trading on the Principal Market or any other Eligible Market and shall not have been suspended from
trading on such exchange or market (other than suspensions of not more than two (2) days and occurring prior to the applicable
date of determination due to business announcements by the Company) nor shall the Company have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Principal Market shall be terminated on a date certain (unless,
prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market); (iii) during the one (1) year period
ending on and including the date immediately preceding the applicable date of determination, the Company shall have delivered the
Conversion Shares upon conversion of the Notes to the Holders on a timely basis as set forth in Section 3(c)(ii) hereof; (iv) the
shares of Common Stock issuable upon conversion of the Installment Conversion Amount and Acceleration Amount (if any) that is subject
to the applicable Installment Conversion requiring the satisfaction of the Equity Conditions may be issued in full without violating
Section 3(d) hereof and the rules or regulations of the Principal Market or any other applicable Eligible Market; (v) during the
Equity Conditions Measuring Period, the Company shall not have failed to timely make any payments within five (5) Business Days
of when such payment is due pursuant to any Transaction Document; (vi) during the Equity Conditions Measuring Period, there shall
not have occurred either (A) the public announcement of a pending, proposed or intended Fundamental Transaction which has not been
abandoned, terminated or consummated or (B) an Event of Default; (vii) the Company shall have no knowledge of any fact that would
cause any Conversion Shares issuable upon conversion of the Notes not to be eligible for sale without restriction pursuant to the
Securities Act and any applicable state securities laws; (viii) during the Equity Conditions Measuring Period, the Company otherwise
shall have been in compliance with and shall not have breached any provision, covenant, representation or warranty of any Transaction
Document; (ix) the Holder shall not be in possession of any material, nonpublic information received from the Company, any Subsidiary
or its respective agent or Affiliates; (x) the shares of Common Stock issuable upon conversion of the Installment Conversion Amount
and Acceleration Amount (if any) that is subject to the applicable Installment Conversion requiring the satisfaction of the Equity
Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market; and (xi) the daily
dollar value trading volume of the Common Stock as reported by Bloomberg for each Trading Day during the ten (10) Trading Day period
ending on the Trading Day immediately prior to the applicable date of determination shall be at least $125,000.

 

    	 	- 31 -	 

     

    

 

(n)              
“Equity Conditions Failure” means that on any day during the period commencing ten (10) Trading Days
prior to the applicable date of determination through the applicable date of determination, the Equity Conditions have not each
been satisfied (or waived in writing by the Holder).

 

(o)              
“Equity Conditions Measuring Period” means each day during the period beginning twenty (20) Trading Days
prior to the applicable date of determination and ending on and including the applicable date of determination.

 

(p)              
“Equity Interests” means (a) all shares of capital stock (whether denominated as common capital stock
or preferred capital stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations
or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual),
whether voting or non-voting and (b) all securities convertible into or exchangeable for any of the foregoing and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible,
exchangeable or exercisable.

 

(q)              
“Excess Trading Volume Amount” means, with respect to any Trading Day during an Installment Period, as
applicable, the amount, if any, by which the daily dollar value trading volume of the Common Stock as reported by Bloomberg for
such Trading Day exceeds $200,000.

 

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

 

(s)               
“Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly,
in one or more related transactions, (1) consolidate or merge with or into any other Person unless the Company or any of its Subsidiaries
is the surviving corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the
Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (5) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize
or reclassify the Common Stock (which shall not include a reverse stock split), or (ii) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting
power represented by issued and outstanding Voting Stock of the Company.

 

    	 	- 32 -	 

     

    

 

(t)                
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

(u)              
“Holiday” means a day other than a Business Day or on which trading does not take place on the Principal
Market.

 

(v)              
“Indebtedness” of any Person means, without duplication (i) all indebtedness for borrowed money, (ii)
all obligations issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation)
“capital leases” in accordance with GAAP (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv)
all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (vi) all monetary obligations under any leasing or similar arrangement which,
in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (vii) all indebtedness
referred to in clauses (i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

(w)            
“Installment Amount” means an amount equal to the sum of (i) the lesser of (A) $[__________] (as such
amount may be increased pursuant to Section 8(b) hereof) and (B) the Principal outstanding on such Installment Date, (ii) any Holder
Deferral Amount deferred pursuant to Section 8(d) and included in such Installment Amount, (iii) any Acceleration Amount that increases
(and is included in) such Installment Amount pursuant to Section 8(e) and (iv) accrued and unpaid Late Charges, if any, with respect
to such Principal, as any such Installment Amount for each Holder may be reduced pursuant to the terms hereof, whether upon conversion,
redemption or otherwise. In the event the Holder shall sell or otherwise transfer or assign any portion of this Note, the transferee
shall be allocated a pro rata portion of each unpaid Installment Amount hereunder.

 

(x)              
“Installment Conversion Price” means as of any date of determination, that price which shall be the lower
of (i) the Conversion Price then in effect and (ii) the Market Price as of such date of determination.

 

    	 	- 33 -	 

     

    

 

(y)              
“Installment Date” means each of [________], 2017, [________], 2017 and every calendar month anniversary
thereafter through and including the Maturity Date, or, if any such date falls on a Holiday, the next day that is not a Holiday.

 

(z)               
“Issuance Date” means [___________], 2017.

 

(aa)           
“Market Price” means, as of any applicable date of determination, the higher of (i) 80% of the lesser
of (a) the arithmetic average of the lowest four (4) daily Weighted Average Prices of the Common Stock during the seven (7) consecutive
Trading Day period ending on the Trading Day immediately preceding the applicable date of determination and (b) the daily Weighted
Average Price of the Common Stock on the Trading Day immediately preceding the applicable date of determination and (ii) $1.00
(in each case, as adjusted for any stock split, stock dividend, stock combination, reclassification or other similar transaction)
(the “Floor Price”); provided, however, that in the event that the arithmetic average of the five
(5) daily Weighted Average Prices of the Common Stock during the five (5) consecutive Trading Day period ending on the Trading
Day immediately preceding any such Installment Date, as applicable, is less than $1.00 (as adjusted for any stock split, stock
dividend, stock combination, reclassification or other similar transaction), then the Floor Price for the applicable Installment
Period shall be the lesser of (A) 70% of the arithmetic average of the five (5) daily Weighted Average Prices of the Common Stock
during the five (5) consecutive Trading Day period ending on the Trading Day immediately preceding such Installment Date and (B)
such price deemed appropriate by the Board of Directors of the Company and set forth in writing to the Investor on such Trading
Day (in each case as adjusted for any stock split, stock dividend, stock combination, reclassification or other similar transaction);
provided, further, however, that under no circumstances shall the Floor Price for any Installment Period be less
than $0.25 (which upon any stock split, stock dividend, stock combination, reclassification or other similar transaction shall
be adjusted to the lower of (i) the adjusted price and (ii) $0.25) (the “Absolute Floor”).

 

(bb)          
“Maturity Date” shall mean [________] (as such date may be accelerated pursuant to Section 1; provided,
however, the Maturity Date may be extended at the option of the Holder (i) in the event that, and for so long as, an Event of Default
shall have occurred and be continuing or any event shall have occurred and be continuing that with the passage of time and the
failure to cure would result in an Event of Default or (ii) through the date that is twenty (20) Business Days after the consummation
of a Fundamental Transaction in the event that a Fundamental Transaction is publicly announced or a Change of Control Notice is
delivered prior to the Maturity Date, and (iii) if a Holder elects to convert some or all of this Note pursuant to Section 3 hereof,
and the Conversion Amount would be limited pursuant to Section 3(d) hereunder, until such time as such provision shall not limit
the conversion of this Note.

 

(cc)           
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

(dd)         
“Original Issuance Date” means December 2, 2016, which date is the date the Company initially issued
this Note pursuant to the terms of the Securities Purchase Agreement.

 

    	 	- 34 -	 

     

    

 

(ee)           
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common capital stock or equivalent equity security is quoted or listed on an Eligible Market (or, if
so elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity,
the Person or entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public
market capitalization as of the date of consummation of the Fundamental Transaction.

 

(ff)            
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(gg)          
“Principal Market” means The NASDAQ Global Select Market.

 

(hh)          
“Redemption Notices” means, collectively, the Company Optional Redemption Notices, the Event of Default
Redemption Notices, the Change of Control Redemption Notices, the Company Installment Notices and the Equity Conditions Failure
Redemption Notices, each of the foregoing, individually, a “Redemption Notice”.

 

(ii)              
“Redemption Prices” means, collectively, the Company Optional Redemption Price, the Event of Default
Redemption Price, the Change of Control Redemption Price, the Company Installment Redemption Price and the Equity Conditions Failure
Redemption Price, each of the foregoing, individually, a “Redemption Price”.

 

(jj)              
“SEC” means the United States Securities and Exchange Commission.

 

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

 

(ll)              
“Securities Purchase Agreement” means that certain securities purchase agreement, dated as of December
1, 2016, by and between the Company and [_______], as may be amended from time to time.

 

(mm)      
“Separate Notes” means the convertible note originally issued on April 17, 2017 and any other convertible
notes that may be issued pursuant to the Separate Securities Purchase Agreement, as such convertible notes may be amended from
time to time.

 

(nn)          
“Separate Securities Purchase Agreement” means that certain securities purchase agreement, dated as of
April 13, 2017, by and between the Company and [_______], as may be amended from time to time.

 

(oo)          
“Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company
or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so
elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

    	 	- 35 -	 

     

    

 

(pp)          
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common
Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from
trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time) unless such
day is otherwise designated as a Trading Day in writing by the Holder.

 

(qq)          
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers, trustees or other similar governing body of such Person (irrespective of whether or not at the time capital
stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

 

(rr)             
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York Time (or such other time as the
Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other
time as the Principal Market publicly announces is the official close of trading) as reported by Bloomberg through its “Volume
at Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the
over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York
Time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York
Time (or such other time as such market publicly announces is the official close of trading) as reported by Bloomberg, or, if no
dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing
bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or “pink
sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved pursuant to Section 21. All such determinations to
be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction during
the applicable calculation period.

 

[Signature Page Follows]

 

 

 

    	 	- 36 -	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed as of the Issuance Date set out above.

 

	 	Amyris, Inc.	 
	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

     

     

    

 

EXHIBIT I

AMYRIS, inc.

 

 

CONVERSION NOTICE

 

Reference is made to the Senior Convertible Note (the “Note”)
issued to the undersigned by Amyris, Inc., a Delaware corporation (the “Company”). In accordance with and pursuant
to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below
into shares of Common Stock, par value $0.0001 per share (the “Common Stock”), of the Company, as of the date
specified below. Capitalized terms not defined herein shall have the meaning as set forth in the Note.

 

	 	Date of Conversion:	 
	 	 	 	 
	 	Aggregate Conversion Amount to be converted:	 
	 	 	 
	Please confirm the following information:
	 
	 	Conversion Price:	 
	 	 	 	 
	 	Number of shares of Common Stock to be issued:	 
	 	 	 
	☐   	If this Conversion Notice is being delivered with respect to an Installment Conversion or an Acceleration, check here if Holder is electing to use the following Installment Conversion Price:____________ on the following date:_______________.

 

	Please issue the Common Stock into which the Note is being converted to Holder, or for its benefit, as follows:
	 	 	 	 
	 	☐	Check here if requesting delivery as a certificate to the following name and to the following address:
	 	 	 	 
	 	Issue to:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	☐	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:
	 	 	 	 
	 	DTC Participant:	 
	 	 	 
	 	DTC Number:	 

 

     

     

    

 

	 	Account Number:	 

 

	Installment Amounts to be reduced (or accelerated) and amount of reduction (or acceleration):	 
	 	 	 
	 	 	 
	Date: _____________ __,  ______	 	 
	 	 	 
	____________________________	 	 
	Name of Registered Holder	 	 
	 	 	 
	By:   ________________________	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Tax ID:_______________________	 
	Facsimile:_____________________	 

 

 

 

 

 

 

 

     

     

    

 

[INSERT AMYRIS, INC. LETTERHEAD]

 

 

 

ACKNOWLEDGMENT AND INSTRUCTION LETTER

 

 

 

The Company hereby acknowledges this Conversion
Notice and hereby directs Wells Fargo Shareowner Services to issue the above indicated number of shares of Common Stock in accordance
with the Transfer Agent Instructions dated [__________], 201[__] from the Company and acknowledged and agreed to by Wells Fargo
Shareowner Services.

 

 

	 	Amyris, Inc.	 
	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT B

 

[FORM OF [AMENDED AND RESTATED]2
CONVERTIBLE NOTE]

 

ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS
OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 16(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE
SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3(c)(iii)
OF THIS NOTE.

 

Amyris,
Inc.

 

[AMENDED AND RESTATED]
CONVERTIBLE NOTE

 

	Issuance Date:  [___________], 2017	[Original] Principal Amount: $[_____________]

 

FOR VALUE RECEIVED, Amyris, Inc., a
Delaware corporation (the “Company”), hereby promises to pay to [________] or registered assigns (the
“Holder”) in cash and/or in shares of Common Stock (as defined below) the amount set out above as the
[Original] Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion, amortization or
otherwise, the “Principal”) when due, whether upon the Maturity Date (as defined below), on any
Installment Date (as defined below) with respect to the Installment Amount (as defined below) due on such Installment Date,
acceleration, redemption or otherwise (in each case in accordance with the terms hereof). This Convertible Note (including
all Convertible Notes issued in exchange, transfer or replacement hereof, this “Note”) is one of a series
of Convertible Notes either (i) originally issued on the Original Issuance Date (as defined below) pursuant to the Securities
Purchase Agreement (as defined below) and amended and restated pursuant to the Amendment Agreement, dated as of
[             ], 2017, by and between the Company and
the initial Holder of this Note (the “Amendment Agreement”), or (ii) issued on the Additional Closing
Date (as defined below) (collectively, the “Notes” and such other Convertible Notes, the “Other
Notes”). Certain capitalized terms used herein are defined in Section 29.

 

30.             
PAYMENTS OF PRINCIPAL; PREPAYMENT. On each Installment Date, the Company shall pay to the Holder an amount equal
to the Installment Amount due on such Installment Date in accordance with Section 8. On the Maturity Date, the Company shall pay
to the Holder an amount in cash representing all outstanding Principal and accrued and unpaid Late Charges (as defined in Section
22(c)) on such Principal to the extent not otherwise converted into Common Stock pursuant hereto. Other than as specifically permitted
by this Note, the Company may not prepay any portion of the outstanding Principal or accrued and unpaid Late Charges on Principal,
if any. Notwithstanding anything herein to the contrary, if the daily Weighted Average Price of the Common Stock is less than the
Absolute Floor for 10 consecutive Trading Days (an “Acceleration Event”), then an amount equal to 118% of all
outstanding Principal and accrued and unpaid Late Charges on such Principal shall be accelerated and shall become due and payable
by the Company to the Holder in cash within thirty (30) days following such Acceleration Event.

 

__________________________

2
References to “Amended and Restated” and “Original Issuance Date” apply to the Initial Note, as
amended and restated pursuant to the Amendment Agreement. Edit terms as appropriate for the Additional Note, when and if issued
pursuant to the Securities Purchase Agreement (“Original Principal Amount” applies to the Additional Note).

     

     

    

 

31.             
COMPANY OPTIONAL REDEMPTION. At any time or times after the [Original] Issuance Date, the Company shall have the
right to redeem, in whole or in part, the Conversion Amount (as defined below) then remaining under this Note (each, a “Company
Optional Redemption Amount”) on a Company Optional Redemption Date (each as defined below) (each, a “Company
Optional Redemption”). The portion of this Note subject to redemption pursuant to this Section 2 shall be redeemed by
the Company in cash at a price (the “Company Optional Redemption Price”) equal to 118% of the Conversion Amount
being redeemed as of the Company Optional Redemption Date. The Company may exercise its right to require redemption under this
Section 2 by delivering a written notice thereof by facsimile and overnight courier to all, but not less than all, of the holders
of Notes (each, a “Company Optional Redemption Notice” and the date all of the holders of Notes received such
notice is referred to as the “Company Optional Redemption Notice Date”). The Company may deliver only one Company
Optional Redemption Notice hereunder in any twenty (20) Trading Day period and such Company Optional Redemption Notice shall be
irrevocable. The Company Optional Redemption Notice shall (x) state the date on which the Company Optional Redemption shall occur
(the “Company Optional Redemption Date”), which date shall not be less than five (5) Trading Days nor more than
ninety (90) Trading Days following the Company Optional Redemption Notice Date, and (y) state the aggregate Conversion Amount of
the Notes which is being redeemed in such Company Optional Redemption from the Holder and all of the other holders of the Notes
pursuant to this Section 2 on the Company Optional Redemption Date. Notwithstanding anything herein to the contrary, at any time
prior to the date the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted,
in whole or in part, by the Holder into shares of Common Stock pursuant to Section 3. All Conversion Amounts converted by the Holder
after the Company Optional Redemption Notice Date shall reduce the Company Optional Redemption Amount of this Note required to
be redeemed on the Company Optional Redemption Date. In the event of a partial redemption of this Note pursuant hereto, the Principal
amount redeemed shall be deducted in reverse order starting from the final Installment Amount to be paid hereunder on the final
Installment Date, unless the Holder otherwise indicates and allocates among any Installment Dates hereunder in writing to the Company.
Redemptions made pursuant to this Section 2 shall be made in accordance with Section 11. In the event of the Company’s redemption
of any portion of this Note under this Section 2, the Holder’s damages would be uncertain and difficult to estimate because
of the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption
premium due under this Section 2 is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s
actual loss of its investment opportunity and not as a penalty. If the Company elects to cause a Company Optional Redemption of
this Note pursuant to Section 2, then it must simultaneously take the same action with respect to all of the Other Notes.

 

    	 	- 2 -	 

     

    

 

32.             
CONVERSION OF NOTES. At any time or times after the [Original] Issuance Date, this Note shall be convertible into
validly issued, fully paid and non-assessable shares of Common Stock on the terms and conditions set forth in this Section 3.

 

(a)               
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the [Original] Issuance
Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into validly issued,
fully paid and non-assessable shares of Common Stock in accordance with Section 3(c), at the Conversion Rate (as defined below).
The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance
of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole
share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Conversion Amount.

 

(b)              
Conversion Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant
to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion
Rate”).

 

(i)                
“Conversion Amount” means the sum of (A) the portion of the Principal to be converted, amortized, deferred,
accelerated, redeemed or otherwise with respect to which this determination is being made and (B) accrued and unpaid Late Charges,
if any, with respect to such Principal.

 

(ii)              
“Conversion Price” means, as of any Conversion Date or other date of determination, $1.90 per share,
subject to adjustment as provided herein.

 

(c)               
Mechanics of Conversion.

 

(i)                
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall (A) transmit by facsimile or electronic mail (or otherwise deliver), for receipt on or prior
to 11:59 p.m., New York time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit
I (the “Conversion Notice”) to the Company and (B) if required by Section 3(c)(iii), surrender this Note
to a common carrier for delivery to the Company as soon as practicable on or following such date (or an indemnification undertaking
with respect to this Note in the case of its loss, theft or destruction). On or before the first (1st) Business Day following the
date of receipt of a Conversion Notice, the Company shall transmit by facsimile or electronic mail a confirmation of receipt of
such Conversion Notice to the Holder and the Transfer Agent. On or before the third (3rd) Trading Day following the date of receipt
of a Conversion Notice (the “Share Delivery Date”), the Company shall (x) provided that the Company's transfer
agent (the “Transfer Agent”) is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled
to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal At Custodian system or (y) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified
in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder shall be entitled. If this Note is physically surrendered for conversion as required by Section 3(c)(iii)
and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then
the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its
own expense, issue and deliver to the Holder a new Note (in accordance with Section 16(d)) representing the outstanding Principal
not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall
be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date, irrespective
of the date such Conversion Shares are credited to the Holder's account with DTC or the date of delivery of the certificates evidencing
such Conversion Shares, as the case may be. In the event that the Holder elects to convert a portion of the Principal amount of
this Note prior to any applicable Installment Date, the Conversion Amount so converted shall be deducted in reverse order starting
from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates and
allocates among any Installment Dates hereunder in the applicable Conversion Notice. Notwithstanding anything to the contrary contained
in this Note, the Company shall cause the Transfer Agent to deliver unlegended shares of Common Stock to the Holder (or its designee)
for delivery via DTC to the transferee in connection with any sale of Conversion Shares with respect to which the Holder has entered
into a contract for sale and for which the Holder has not yet settled.

 

    	 	- 3 -	 

     

    

 

(ii)              
Company's Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the
Share Delivery Date, to issue and deliver a certificate to the Holder, if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, or credit the Holder's balance account with DTC, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, for the number of shares of Common Stock to which the Holder is entitled
upon the Holder's conversion of any Conversion Amount (a “Conversion Failure”), then, in addition to all other
remedies available to the Holder, (1) the Company shall pay in cash to the Holder on each day after such Share Delivery Date that
the issuance of such shares of Common Stock is not timely effected an amount equal to one percent (1%) of the product of (A) the
sum of the number of shares of Common Stock not issued to the Holder on a timely basis and to which the Holder is entitled multiplied
by (B) the Closing Sale Price (as defined below) of the Common Stock on the Trading Day immediately preceding the last possible
date which the Company could have issued such shares of Common Stock to the Holder without violating Section 3(c)(i) and (2) the
Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have returned (as the
case may be) any portion of this Note that has not been converted pursuant to such Conversion Notice, provided that the voiding
of a Conversion Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the date
of such notice pursuant to this Section 3(c)(ii)(1) or otherwise. In addition to the foregoing, if a Conversion Failure shall have
occurred, and if on or after the applicable Share Delivery Date the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such conversion that the
Holder anticipated receiving from the Company (a “Buy-In”), then, in addition to all other remedies available
to the Holder, the Company shall, within three (3) Trading Days after the Holder's request and in the Holder's discretion, either
(x) pay cash to the Holder in an amount equal to the Holder's total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company's
obligation to issue and deliver such certificate or credit the Holder's balance account with DTC for the shares of Common Stock
to which the Holder is entitled upon the Holder's conversion of the applicable Conversion Amount shall terminate, or (y) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit
the Holder's balance account with DTC for such shares of Common Stock and pay cash to the Holder in an amount equal to the excess
(if any) of the Buy-In Price over the product of (I) such number of shares of Common Stock, times (II) the lowest Closing Sale
Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice and ending
on the Trading Day immediately preceding the date of such issuance and payment under this clause (y).

 

    	 	- 4 -	 

     

    

 

(iii)            
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A)
the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written
notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this
Note. The Holder and the Company shall maintain records showing the Principal and Late Charges, if any, converted and the dates
of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require
physical surrender of this Note upon conversion.

 

(iv)            
Disputes. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in connection
with a conversion of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in dispute and resolve
such dispute in accordance with Section 21.

 

(d)              
Limitations on Conversions.

 

    	 	- 5 -	 

     

    

 

(i)                
Beneficial Ownership. The Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties (as defined below)
shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares
of Common Stock issuable upon conversion of this Note with respect to which the determination of such sentence is being made, but
shall exclude shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this
Note beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion
or exercise analogous to the limitation contained in this Section 3(d)(i). For purposes of this Section 3(d)(i), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of determining the number of outstanding
shares of Common Stock the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report
on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be,
(y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any,
setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If
the Company receives a Conversion Notice from the Holder at a time when the actual number of outstanding shares of Common Stock
is less than the Reported Outstanding Share Number, the Company shall notify the Holder in writing of the number of shares of Common
Stock then outstanding and, to the extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership,
as determined pursuant to this Section 3(d)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced
number of shares of Common Stock to be purchased pursuant to such Conversion Notice. For any reason at any time, upon the written
or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail
to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the
Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event
that the issuance of shares of Common Stock to the Holder upon conversion of this Note results in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Common Stock (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer
the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase
not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage
not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply
only to the Holder and the other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the
Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Note in excess of the Maximum
Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or
Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect
on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
3(d)(i) to the extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 3(d)(i) or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall
apply to a successor holder of this Note. For the purpose of this Section 3(d)(i), “Attribution Parties” means,
collectively, the following Persons and entities: (A) any investment vehicle, including, any funds, feeder funds or managed accounts,
currently, or from time to time after the [Original] Issuance Date, directly or indirectly managed or advised by the Holder’s
investment manager or any of its affiliates or principals, (B) any direct or indirect affiliates of the Holder or any of the foregoing,
(C) any Person acting or who could be deemed to be acting as a “group” (as that term is used in Section 13(d) of the
1934 Act and as defined in Rule 13d-5 thereunder) together with the Holder or any of the foregoing and (D) any other Persons whose
beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s and the other Attribution
Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively
the Holder and all other Attribution Parties to the Maximum Percentage.

 

    	 	- 6 -	 

     

    

 

(ii)              
Principal Market Regulation. The Company shall not issue any shares of Common Stock upon conversion of this Note
or otherwise pursuant to the terms of this Note if the issuance of such shares of Common Stock (taken together with the issuance
of all other shares of Common Stock upon conversion of the Other Notes or otherwise pursuant to the terms of the Notes and taken
together with the issuance of all shares of Common Stock issued and issuable pursuant to any transaction or series of transactions
that may be aggregated with the transactions contemplated by the Securities Purchase Agreement under the rules or regulations of
the Principal Market) would exceed the aggregate number of shares of Common Stock which the Company may issue upon conversion of
the Notes and or otherwise pursuant to the terms of the Notes without breaching the Company’s obligations under the rules
or regulations of the Principal Market (the number of shares which may be issued without violating such rules and regulations,
the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains the
approval of its stockholders as required by the applicable rules of the Principal Market for issuances of shares of Common Stock
in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required,
which opinion shall be reasonably satisfactory to the Holder. Until such approval or such written opinion is obtained, no Holder
shall be issued in the aggregate, upon conversion of any Notes or otherwise pursuant to the terms of the Notes, shares of Common
Stock in an amount greater than the Exchange Cap. In the event that the Company is prohibited from issuing any shares of Common
Stock pursuant to this Section 3(d)(ii) (the “Exchange Cap Shares”), the Company shall pay cash in exchange
for cancellation of the Conversion Amount that is subject to such Conversion Notice in an amount equal to the sum of (i) the product
of (x) such number of Exchange Cap Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during
the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such Exchange Cap Shares
to the Company and ending on the Trading Day immediately preceding the date of such issuance and payment under this Section 3(d)(ii)
and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Holder of Exchange Cap Shares, any brokerage commissions and other reasonable out-of-pocket expenses, if any,
of the Holder incurred in connection therewith.

 

    	 	- 7 -	 

     

    

 

33.             
RIGHTS UPON EVENT OF DEFAULT.

 

(a)               
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)                
the suspension from trading or failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market
for a period of three (3) consecutive Trading Days or for more than an aggregate of ten (10) Trading Days in any 365-day period;

 

(ii)              
the Company's (A) failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock (or
cash amount in accordance with Section 3(d)(ii), if applicable) within five (5) Business Days after the applicable Conversion Date
or (B) notice, written or oral, to the Holder or any holder of the Other Notes or Separate Note, including by way of public announcement
or through any of its agents, at any time, of its intention not to comply with a request for conversion of this Note or any Other
Notes or any Separate Note into shares of Common Stock that is tendered in accordance with the provisions of this Note or the Other
Notes or any Separate Note, other than pursuant to Section 3(d) (and analogous provisions under the Other Notes and Separate Note);

 

(iii)            
except to the extent the Company is in compliance with Section 10(b) below, at any time following the tenth (10th)
consecutive Business Day that the Company does not have reserved out of its authorized and unissued shares of Common Stock the
number of shares of Common Stock that the Holder would be entitled to receive upon a conversion of the full Conversion Amount of
this Note (without regard to any limitations on conversion set forth in Section 3(d) or otherwise);

 

(iv)            
the Company's failure to pay to the Holder any amount of Principal, Late Charges or other amounts when and as due under
this Note (including, without limitation, the Company's failure to pay any redemption, Late Charges or other amounts), or any other
Transaction Document (as defined in the Securities Purchase Agreement), or any other agreement, document, certificate or other
instrument delivered in connection with the transactions contemplated hereby and thereby to which the Holder is a party, if such
failure continues for a period of at least an aggregate of five (5) Business Days;

 

    	 	- 8 -	 

     

    

 

(v)              
any restrictive legend is placed on any certificate evidencing, or any stop transfer order is maintained against, any shares
of Common Stock issued to the Holder upon conversion of the Notes;

 

(vi)            
the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal,
foreign or state law for the relief of debtors (collectively, “Bankruptcy Law”), (A) commences a voluntary case
or proceeding, (B) consents to the entry of an order for relief against it in an involuntary case or proceeding, (C) consents to
the appointment of a receiver, trustee, assignee, liquidator or similar official (a “Custodian”), (D) makes
a general assignment for the benefit of its creditors, (E) admits in writing that it is generally unable to pay its debts as they
become due, (F) taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar
action under federal, state or foreign law or (G) the taking of corporate action by the Company or any Subsidiary in furtherance
of any of the foregoing;

 

(vii)          
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the
Company or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Subsidiaries,
or (C) orders the liquidation of the Company or any of its Subsidiaries;

 

(viii)        
a final judgment or judgments for the payment of money aggregating in excess of $10,000,000 are rendered against the Company
or any of its Subsidiaries and which judgments are not; provided, however, that any judgment which is covered by
insurance or an indemnity from a credit worthy party shall not be included in calculating the $10,000,000 amount set forth above
so long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement
shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity;

 

(ix)            
the Company and/or any Subsidiary, individually or in the aggregate, fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $10,000,000 due to any third party (other than, with respect
to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by
proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP)
or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $10,000,000, which breach
or violation results in the acceleration of amounts due thereunder;

 

(x)              
other than as specifically set forth in another clause of this Section 4(a), the Company or any of its Subsidiaries breaches
any representation or warranty in any material respect (except with respect to any representation or warranty qualified by material
or material adverse effect, in any respect) or breaches any covenant or other term or condition of this Note, any Other Note or
any Separate Note, any other Transaction Document or any other agreement, document, certificate or other instrument delivered in
connection with the transactions contemplated thereby and hereby to which the Holder is a party, except, in the case of a breach
of a representation, warranty, covenant or other term or condition, as applicable, which is curable, only if such breach continues
for a period of at least an aggregate of ten (10) consecutive Business Days after notice thereof;

 

    	 	- 9 -	 

     

    

 

(xi)            
any breach or failure in any respect to comply with any of Sections 1, 3, 4(b), 5(b), 8, 13(a), 13(b), 13(c) or 13(d) of
this Note;

 

(xii)          
a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that the Equity
Conditions are satisfied or that there has been no Equity Conditions Failure or as to whether any Event of Default or Change of
Control has occurred;

 

(xiii)        
any Event of Default (as defined in any Other Note or Separate Note) occurs with respect to any Other Note or Separate Note;

 

(xiv)        
any Material Adverse Effect (as defined in the Securities Purchase Agreement) has occurred and is continuing; or

 

(xv)          
any breach or failure by the Company in any respect to fully comply with all of its obligations, covenants and agreements
contained in Section 4(i) of the Securities Purchase Agreement, as amended by the Amendment Agreement.

 

(b)              
Event of Default Redemption Right. Upon the occurrence of an Event of Default with respect to this Note, any Other
Note or any Separate Note, the Company shall within one (1) Business Day of obtaining knowledge thereof deliver written notice
thereof via facsimile or electronic mail and overnight courier (an “Event of Default Notice”) to the Holder.
At any time after the earlier of the Holder's receipt of an Event of Default Notice and the Holder becoming aware of an Event of
Default, the Holder may require the Company to redeem (an “Event of Default Redemption”) all or any portion
of this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company,
which Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to require the Company
to redeem. Each portion of this Note subject to redemption by the Company pursuant to this Section 4(b) shall be redeemed by the
Company in cash by wire transfer of immediately available funds at a price equal to the greater of (x) 118% of the Conversion Amount
being redeemed and (y) the product of (A) the Conversion Amount being redeemed and (B) the quotient determined by dividing (I)
the greatest Closing Sale Price of the shares of Common Stock during the period beginning on the date immediately preceding such
Event of Default and ending on the Trading Day immediately preceding the date Company makes the entire payment required to be made
under this Section 4(b), by (II) the lowest Installment Conversion Price in effect during such period (the “Event of Default
Redemption Price”). Redemptions required by this Section 4(b) shall be made in accordance with the provisions of Section
11. To the extent redemptions required by this Section 4(b) are deemed or determined by a court of competent jurisdiction to be
prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything
to the contrary in this Section 4, but subject to Section 3(d), until the Event of Default Redemption Price (together with any
Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section 4(b) (together with any
Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to Section 3. In the event
of a partial redemption of this Note pursuant hereto, the Principal amount redeemed shall be deducted in reverse order starting
from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates and
allocates among any Installment Dates hereunder in the applicable Event of Default Redemption Notice. The parties hereto agree
that in the event of the Company's redemption of any portion of the Note under this Section 4(b), the Holder's damages would be
uncertain and difficult to estimate because of the uncertainty of the availability of a suitable substitute investment opportunity
for the Holder. Accordingly, any Event of Default redemption premium due under this Section 4(b) is intended by the parties to
be, and shall be deemed, a reasonable estimate of the Holder's actual loss of its investment opportunity and not as a penalty.

 

    	 	- 10 -	 

     

    

 

34.             
RIGHTS UPON FUNDAMENTAL TRANSACTION AND CHANGE OF CONTROL.

 

(a)               
Assumption. The Company shall not enter into or be party to a Fundamental Transaction unless (i)  the Successor
Entity assumes in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance
with the provisions of this Section 5(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder prior to such Fundamental Transaction, including agreements, if so requested by the Holder, to deliver
to each holder of Notes in exchange for such Notes a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to the Notes, including, without limitation, having a principal amount equal to the principal amounts
of the Notes then outstanding held by such holder, having similar conversion rights and having similar ranking and security to
the Notes, and reasonably satisfactory to the Holder and (ii) except with respect to a Change of Control in which the Company (or
the Successor Entity, as applicable) complies with Section 5(b) in all respects, the Successor Entity (including its Parent Entity)
is a publicly traded corporation whose common capital stock is quoted on or listed for trading on an Eligible Market (a “Public
Company”). Any security issuable or potentially issuable to the Holder pursuant to the terms of this Note on the consummation
of a Fundamental Transaction shall be registered and freely tradable by the Holder without any restriction or limitation or the
requirement to be subject to any holding period pursuant to any applicable law. Upon the occurrence of any Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Note and the other Transaction Documents referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein. If the Successor Entity (or its Parent Entity) is a Public Company and the Company (or the Successor Entity), as applicable,
complies with Section 5(b) below in all respects, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver
to the Holder confirmation that there shall be issued upon conversion or redemption of this Note at any time after the consummation
of such Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except
such items still issuable under Section 6 which shall continue to be receivable thereafter) issuable upon the conversion or redemption
of the Notes prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the
Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such
Fundamental Transaction had this Note been converted immediately prior to such Fundamental Transaction (without regard to any limitations
on the conversion of this Note), as adjusted in accordance with the provisions of this Note. Notwithstanding the foregoing, the
Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 5(a) to permit the Fundamental
Transaction without the assumption of this Note. In addition to and not in substitution for any other rights hereunder, prior to
the occurrence or consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled
to receive securities, cash, assets or other property with respect to or in exchange for shares of Common Stock (a “Corporate
Event”), the Company shall make appropriate provision to insure that, and any applicable Successor Entity or Successor
Entities shall ensure that the Holder will thereafter have the right to receive upon conversion of this Note at any time after
the occurrence or consummation of the Corporate Event, shares of Common Stock or Successor capital stock or, if so elected by the
Holder, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) purchasable upon the conversion
of this Note prior to such Corporate Event (but not in lieu of such items still issuable under Sections 6(a) and 6(b), which shall
continue to be receivable on the Common Stock or on such shares of stock, securities, cash, assets or any other property otherwise
receivable with respect to or in exchange for shares of Common Stock), such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription rights and any shares of Common Stock) which the Holder
would have been entitled to receive upon the occurrence or consummation of such Corporate Event or the record, eligibility or other
determination date for the event resulting in such Corporate Event, had this Note been converted immediately prior to such Corporate
Event or the record, eligibility or other determination date for the event resulting in such Corporate Event (without regard to
any limitations on conversion of this Note) (the “Change of Control Consideration”). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section
5(a) shall apply similarly and equally to successive Fundamental Transactions.

 

    	 	- 11 -	 

     

    

 

(b)              
Change of Control Redemption Right. Promptly after the public announcement of such Change of Control, the Company
shall deliver written notice thereof via facsimile or electronic mail and overnight courier to the Holder (a “Change of
Control Notice”). At any time during the period beginning on the earlier to occur of (x) any oral or written agreement
by the Company or any of its Subsidiaries, upon consummation of which the transaction contemplated thereby would reasonably be
expected to result in a Change of Control, (y) the Holder becoming aware of a Change of Control and (z) the Holder's receipt of
a Change of Control Notice and ending twenty-five (25) Trading Days after the date of the consummation of such Change of Control,
the Holder may require the Company to redeem (a “Change of Control Redemption”) all or any portion of this Note
by delivering written notice thereof (“Change of Control Redemption Notice”) to the Company, which Change of
Control Redemption Notice shall indicate the Conversion Amount the Holder is electing to require the Company to redeem. The portion
of this Note subject to redemption pursuant to this Section 5(b) shall be redeemed by the Company in cash by wire transfer of immediately
available funds at a price equal to the greatest of (x) 118% of the Conversion Amount being redeemed, (y) the product of (A) the
Conversion Amount being redeemed and (B) the quotient determined by dividing (I) the greatest Closing Sale Price of the shares
of Common Stock during the period beginning on the date immediately preceding the earlier to occur of (x) the consummation of the
Change of Control and (y) the public announcement of such Change of Control and ending on the date the Holder delivers the Change
of Control Redemption Notice, by (II) the lowest Installment Conversion Price in effect during such period and (z) the product
of (A) the Conversion Amount being redeemed multiplied by (B) the quotient of (I) the aggregate cash consideration and the aggregate
cash value of any non-cash consideration per share of Common Stock to be paid to the holders of the shares of Common Stock upon
consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities shall be valued
at the highest of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation of such
Change of Control, the Closing Sale Price of such securities on the Trading Day immediately following the public announcement of
such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the public
announcement of such proposed Change of Control) divided by (II) the lowest Installment Conversion Price in effect during such
period (the “Change of Control Redemption Price”). Redemptions required by this Section 5 shall be made in accordance
with the provisions of Section 11. To the extent redemptions required by this Section 5(b) are deemed or determined by a court
of competent jurisdiction to be prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments.
Notwithstanding anything to the contrary in this Section 5, but subject to Section 3(d), until the Change of Control Redemption
Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section
5(b) (together with any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock (or, if after
the date of consummation of such Change of Control, into the applicable Change of Control Consideration) pursuant to Section 3.
In the event of a partial redemption of this Note pursuant hereto, the Principal amount redeemed shall be deducted in reverse order
starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates
and allocates among any Installment Dates hereunder in the applicable Change of Control Redemption Notice. The parties hereto agree
that in the event of the Company's redemption of any portion of the Note under this Section 5(b), the Holder's damages would be
uncertain and difficult to estimate because of the uncertainty of the availability of a suitable substitute investment opportunity
for the Holder. Accordingly, any Change of Control redemption premium due under this Section 5(b) is intended by the parties to
be, and shall be deemed, a reasonable estimate of the Holder's actual loss of its investment opportunity and not as a penalty.

 

    	 	- 12 -	 

     

    

 

35.             
DISTRIBUTION OF ASSETS; RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)               
Distribution of Assets. If the Company shall declare or make any dividend or other distributions of its assets (or
rights to acquire its assets) to all or substantially all of the holders of shares of Common Stock, by way of return of capital
or otherwise (including without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the “Distributions”),
then the Holder will be entitled to such Distributions as if the Holder had held the number of shares of Common Stock acquirable
upon complete conversion of this Note (without taking into account any limitations or restrictions on the convertibility of this
Note) immediately prior to the date on which a record is taken for such Distribution or, if no such record is taken, the date as
of which the record holders of Common Stock are to be determined for such Distributions (provided, however, that
to the extent that the Holder's right to participate in any such Distribution would result in the Holder and its Affiliates exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not
be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership)
to such extent) and the portion of such Distribution shall be held in abeyance for the Holder until such time or times as its right
thereto would not result in the Holder and its Affiliates exceeding the Maximum Percentage, at which time or times the Holder shall
be granted such rights (and any rights under this Section 6(a) on such initial rights or on any subsequent such rights to be held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	 	- 13 -	 

     

    

 

(b)              
Purchase Rights. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights
to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete conversion of this Note (without taking into account any limitations or restrictions on the convertibility of this Note)
immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, that to the extent that the Holder's right to participate in any
such Purchase Right would result in the Holder and its Affiliates exceeding the Maximum Percentage, then the Holder shall not be
entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares
of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time or times as its right thereto would not result in the Holder and its Affiliates
exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted,
issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same
extent as if there had been no such limitation).

 

36.             
RIGHTS UPON ISSUANCE OF OTHER SECURITIES.

 

(a)               
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company at any time on or
after the [Original] Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to
such subdivision will be proportionately reduced. If the Company at any time on or after the [Original] Issuance Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased. Any adjustment
pursuant to this Section 7(a) shall become effective immediately after the effective date of such subdivision or combination.

 

    	 	- 14 -	 

     

    

 

(b)              
Voluntary Adjustment by Company. The Company may at any time during the term of this Note, with the prior written
consent of the Holder, reduce the then current Conversion Price to any amount and for any period of time deemed appropriate by
the Board of Directors of the Company. The Company may at any time during the term of this Note, without the prior written consent
of the Holder, either (i) reduce the Floor Price (as defined below) to any amount and for any period of time deemed appropriate
by the Board of Directors of the Company or (ii) waive the application of the Floor Price to the Installment Conversion (defined
below) and any Acceleration (defined below) by the Holder pursuant to Section 8 with respect to the entire applicable Installment
Period (defined below).

 

37.             
INSTALLMENT CONVERSION OR REDEMPTION.

 

(a)               
General. On each applicable Installment Date (as defined below), provided there has been no Equity Conditions Failure
(as defined below), the Company shall pay to the Holder of this Note the Installment Amount due on such date by the conversion
of all or some of such Installment Amount into Common Stock, in accordance with this Section 8 (a “Installment Conversion”);
provided, however, that the Company may, at its option following notice to the Holder as set forth below, pay the
Installment Amount by redeeming such Installment Amount in cash (a “Installment Redemption”) or by any combination
of an Installment Conversion and an Installment Redemption so long as all of the outstanding applicable Installment Amount due
on any Installment Date shall be converted and/or redeemed by the Company on the applicable dates set forth in this Section 8,
subject to the provisions of this Section 8. On or prior to the date which is the fifth (5th) Trading Day prior to each Installment
Date (each, an “Installment Notice Due Date”), the Company shall deliver written notice (each, a “Company
Installment Notice” and the date all of the Holders receive such notice is referred to as the “Company Installment
Notice Date”), to each holder of Notes which Company Installment Notice shall (i) either (A) confirm that the applicable
Installment Amount of the Holder's Note shall be converted to Common Stock in whole or in part pursuant to an Installment Conversion
(such amount to be converted, the “Installment Conversion Amount”) or (B) (1) state that the Company elects
to redeem for cash, or is required to redeem for cash in accordance with the provisions of the Notes, in whole or in part, the
applicable Installment Amount pursuant to an Installment Redemption and (2) specify the portion (including Late Charges, if any,
on such amount) which the Company elects or is required to redeem pursuant to an Installment Redemption (such amount to be redeemed,
the “Installment Redemption Amount”) and the portion (including Late Charges, if any, on such amount) that is
the Installment Conversion Amount, which amounts, when added together, must equal the applicable Installment Amount and (ii) if
the Installment Amount is to be paid, in whole or in part, in Common Stock pursuant to an Installment Conversion, certify that
there has been no Equity Conditions Failure as of the Company Installment Notice Date. Each Company Installment Notice shall be
irrevocable. If the Company does not timely deliver a Company Installment Notice in accordance with this Section 8, then the Company
shall be deemed to have delivered an irrevocable Company Installment Notice confirming an Installment Conversion and shall be deemed
to have certified that there has been no Equity Conditions Failure in connection with any such conversion on the Company Installment
Notice Date and Installment Date. Except as expressly provided in this Section 8(a), the Company shall convert and/or redeem the
applicable Installment Amount of this Note pursuant to this Section 8 and the corresponding Installment Amounts of the Other Notes
pursuant to the corresponding provisions of the Other Notes in the same ratio of the Installment Amount being converted and/or
redeemed hereunder. The Installment Conversion Amount (whether set forth in the Company Installment Notice or by operation of this
Section 8) shall be converted in accordance with Section 8(b) and the Installment Redemption Amount shall be redeemed in accordance
with Section 8(c) and Section 11. Notwithstanding anything herein to the contrary, except in the case of an Acceleration, in the
event of any partial conversion or redemption of this Note, the Principal amount converted or redeemed shall be deducted in reverse
order starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise
indicates and allocates among any Installment Dates hereunder in the applicable Conversion Notice or Redemption Notice, as applicable.

 

    	 	- 15 -	 

     

    

 

(b)  
Mechanics of Installment Conversion. If the Company delivers a Company Installment Notice and confirms, or is deemed
to have confirmed, in whole or in part, an Installment Conversion in accordance with Section 8(a), then on the applicable Installment
Date, the Company (i) shall confirm in writing to the Investor the applicable Floor Price for the applicable Installment Period
and (ii) shall, or shall direct the Transfer Agent to, credit the Holder's account with DTC (or if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder a certificate) for a number of shares of
Common Stock equal to 125% of the quotient of (x) the applicable Installment Conversion Amount as of the applicable Installment
Date divided by (y) the Installment Conversion Price calculated as of the applicable Installment Date (collectively, the “Initial
Installment Shares”); provided, that there has been no Equity Conditions Failure (or such Equity Conditions Failure
is not waived in writing by the Holder) on each day during the period commencing on such Company Installment Notice Date through
and including the applicable Installment Date. During the period commencing on the applicable Installment Date and ending on the
Trading Day immediately prior to the next Installment Date (each, an “Installment Period”), the Holder may elect,
at its option and in its sole discretion, at one or more times during such Installment Period, to convert the applicable Installment
Conversion Amount into a number of shares of Common Stock equal to the quotient of (x) the applicable Installment Conversion Amount
as of the applicable Installment Date divided by (y) the Installment Conversion Price then in effect on such date of conversion
(collectively, the “Installment Shares”), in accordance with the conversion procedures set forth in Section
3 hereunder (except as provided in this Section 8 with respect to delivery of Conversion Shares), mutatis mutandis (with
“Installment Conversion Price” replacing “Conversion Price” for all purposes hereunder with respect to
an Installment Conversion); provided, that there has been no Equity Conditions Failure (or such Equity Conditions Failure
is not waived in writing by the Holder) on each day during the Installment Period. The Installment Shares to be issued to the Holder
pursuant to this Section 8(b) with respect to any Installment Period shall be credited against the Initial Installment Shares issued
to the Holder on the applicable Installment Date. If, as of 4:00 p.m., New York time, on the last Trading Day of the applicable
Installment Period, the number of Installment Shares to be issued to the Holder pursuant to this Section 8(b) with respect to such
Installment Period exceeds the number of Initial Installment Shares previously issued to the Holder on the applicable Installment
Date, then, not later than 4:00 p.m., New York time, on the second (2nd) Trading Day immediately following the last
Trading Day of the applicable Installment Period, the Company shall, or shall direct the Transfer Agent to, credit the Holder's
account with DTC (or if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and
deliver to the Holder a certificate) for a number of shares of Common Stock equal to the amount by which the number of Installment
Shares to be issued to the Holder pursuant to this Section 8(b) with respect to such Installment Period exceeds the number of Initial
Installment Shares previously issued to the Holder on the applicable Installment Date. If, as of 4:00 p.m., New York time, on the
last Trading Day of the applicable Installment Period, the number of Installment Shares to be issued to the Holder pursuant to
this Section 8(b) with respect to such Installment Period is less than the number of Initial Installment Shares previously issued
to the Holder on the applicable Installment Date, then, such excess Initial Installment Shares shall be credited to the number
of Initial Installment Shares the Company shall be required to issue to the Holder on the next applicable Installment Date with
respect to which the Company delivers a Company Installment Notice and confirms, or is deemed to have confirmed, in whole or in
part, an Installment Conversion in accordance with Section 8(a). Notwithstanding anything herein to the contrary, any portion of
an Installment Conversion Amount that is not converted by the Holder pursuant to this Section 8(b) shall not be deducted from the
Principal amount outstanding under this Note, but rather all of such non-converted Installment Conversion Amount shall be added
to the next Installment Amount to be paid hereunder; provided, however, that the par value of any Initial Installment
Shares delivered with respect to such Installment Conversion Amount that is not so converted shall be deducted from the Principal
amount outstanding under this Note and shall be netted against any future Installment Conversions with respect to such Initial
Installment Shares; provided, further, that any Installment Conversion Amount outstanding on the Maturity Date will
be automatically converted into shares of Common Stock at the Installment Conversion Price in effect on the Maturity Date, provided
that such Installment Conversion Price is above the Absolute Floor.

 

    	 	- 16 -	 

     

    

 

All Installment Shares shall be fully paid and nonassessable
shares of Common Stock (rounded to the nearest whole share). If an Event of Default occurs during the period commencing on the
applicable Company Installment Notice Date through the expiration of the applicable Installment Period, the Holder may elect an
Event of Default Redemption in accordance with Section 4(b). If there is an Equity Conditions Failure as of the Company Installment
Notice Date, then unless the Company has elected to redeem such Installment Amount, the Company Installment Notice shall indicate
that unless the Holder waives the Equity Conditions Failure, the Installment Amount shall be redeemed for cash. If the Company
confirmed (or is deemed to have confirmed by operation of Section 8(a)) the conversion of the applicable Installment Conversion
Amount, in whole or in part, and there was no Equity Conditions Failure as of the applicable Company Installment Notice Date (or
is deemed to have certified that there has been no Equity Conditions Failure in connection with any such conversion have been satisfied
by operation of Section 8(a)) but an Equity Conditions Failure occurred at any time during the period commencing on the applicable
Company Installment Notice Date and ending on the expiration of the applicable Installment Period, the Company shall provide the
Holder a subsequent notice to that effect. If there is an Equity Conditions Failure (or such Equity Conditions Failure is not waived
in writing by the Holder) during the period commencing on the applicable Company Installment Notice Date ending on the expiration
of the applicable Installment Period, then at the option of the Holder designated in writing to the Company, the Holder may require
the Company to do either one or both of the following: (i) the Company shall redeem all or any part designated by the Holder of
the Installment Conversion Amount (such designated amount is referred to as the “Equity Conditions Failure Redemption
Amount”) on or prior to the third (3rd) Trading Day after written notice thereof (the “Equity Conditions
Failure Redemption Notice”) is provided to the Company (the “Equity Conditions Failure Redemption Date”)
and the Company shall pay to the Holder on such Equity Conditions Failure Redemption Date, by wire transfer of immediately available
funds, an amount in cash equal to 118% of such Equity Conditions Failure Redemption Amount (the “Equity Conditions Failure
Redemption Price”) and/or (ii) the Installment Conversion shall be null and void with respect to all or any part designated
by the Holder of the unconverted Installment Conversion Amount and the Holder shall be entitled to all the rights of a holder of
this Note with respect to such amount of the Installment Conversion Amount; provided, however, that the Installment
Conversion Price for such unconverted Installment Conversion Amount shall thereafter be adjusted to equal the lesser of (A) the
Installment Conversion Price as in effect on the date on which the Holder voided the Installment Conversion and (B) the Installment
Conversion Price as in effect on the date on which the Holder delivers a Conversion Notice relating thereto. If the Company fails
to redeem any Equity Conditions Failure Redemption Amount on or before the applicable Equity Conditions Failure Redemption Date
by payment of such amount on the applicable Equity Conditions Failure Redemption Date, then the Holder shall have the rights set
forth in Section 11 as if the Company failed to pay the applicable Company Installment Redemption Price (as defined below) and
all other rights under this Note (including, without limitation, such failure constituting an Event of Default described in Section
4(a)(xi)).

 

    	 	- 17 -	 

     

    

 

(c)   
Mechanics of Installment Redemption. If the Company elects an Installment Redemption in accordance with Section 8,
then the Installment Redemption Amount which is to be paid to the Holder on the applicable Installment Date shall be redeemed by
the Company and the Company shall pay to the Holder on such Installment Date, by wire transfer of immediately available funds,
an amount in cash (the “Company Installment Redemption Price”) equal to 118% of the Installment Redemption Amount.
If the Company fails to redeem the Installment Redemption Amount on the applicable Installment Date by payment of the Company Installment
Redemption Price on such date, then at the option of the Holder designated in writing to the Company (any such designation shall
be deemed a “Conversion Notice” pursuant to Section 3(c) for purposes of this Note), (i) the Holder shall have the
rights set forth in Section 11 as if the Company failed to pay the applicable Company Installment Redemption Price and all other
rights as a Holder of Notes (including, without limitation, such failure constituting an Event of Default described in Section
4(a)(xi)) and (ii) the Holder may, at its option and in its sole discretion, at one or more times during the Installment Period,
require the Company to convert all or any part of the Installment Redemption Amount into Installment Shares at the Installment
Conversion Price then in effect at the time of such conversion. Conversions required by this Section 8(c) shall be made in accordance
with the provisions of Section 8(b) and, with respect to issuances of Installment Shares, Section 3(c), but subject to Section
3(d). Notwithstanding anything to the contrary in this Section 8(c), but subject to Section 3(d), until the Company Installment
Redemption Price (together with any Late Charges thereon) is paid in full, the Installment Redemption Amount (together with any
Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to Section 3. In the event
the Holder elects to convert all or any portion of the Installment Redemption Amount prior to the applicable Installment Date as
set forth in the immediately preceding sentence, the Installment Redemption Amount so converted shall be deducted in reverse order
starting from the final Installment Amount to be paid hereunder on the final Installment Date, unless the Holder otherwise indicates
and allocates among any Installment Dates hereunder in the applicable Conversion Notice.

 

    	 	- 18 -	 

     

    

 

(d)  
Deferred Installment Amount. Notwithstanding any provision of this Section 8 to the contrary, the Holder may, at
its option and in its sole discretion, deliver a written notice to the Company no later than the Trading Day immediately prior
to the applicable Installment Date electing to have the payment of all or any portion of an Installment Amount payable on such
Installment Date deferred (such amount(s) deferred, the “Holder Deferral Amount”) until any subsequent Installment
Date selected by the Holder, in its sole discretion, in which case, the Holder Deferral Amount shall be added to, and become part
of, the Installment Amount to be paid on such subsequent Installment Date. Any notice delivered by the Holder pursuant to this
Section 8(d) shall be irrevocable and shall set forth (i) the Holder Deferral Amount and (ii) the date that such Holder Deferral
Amount shall now be payable.

 

(e)   
Accelerated Installment Amount. Notwithstanding any provision of this Section 8 to the contrary, if the Company delivers
a Company Installment Notice and confirms, or is deemed to have delivered and confirmed, in whole or in part, an Installment Conversion
in accordance with Section 8(a) with respect to an Installment Date, during the applicable Installment Period, the Holder may elect,
at its option and in its sole discretion, at one or more times during such Installment Period (each, an “Acceleration”,
and each such election date, an “Acceleration Date”), to convert all or any portion of any applicable Acceleration
Amount, in addition to any applicable Installment Conversion Amount with respect to which the Holder may elect to convert into
Installment Shares pursuant to Section 8(b), into a number of shares of Common Stock equal to the quotient of (x) the applicable
Acceleration Amount as of the applicable Acceleration Date divided by (y) the Installment Conversion Price then in effect on such
applicable Acceleration Date (the “Acceleration Shares”), in accordance with the conversion procedures set forth
in Section 3 hereunder, mutatis mutandis (with “Installment Conversion Price” replacing “Conversion Price”
for all purposes hereunder with respect to such Acceleration). The Acceleration Shares to be issued to the Holder pursuant to this
Section 8(e) with respect to any Installment Period shall not be credited against the Initial Installment Shares issued to the
Holder on the applicable Installment Date, but rather shall be issued to the Holder in accordance with Section 3(c), but subject
to Section 3(d). All Acceleration Shares shall be fully paid and nonassessable shares of Common Stock (rounded to the nearest whole
share). Notwithstanding anything herein to the contrary, in the event of any partial conversion of this Note by the Holder pursuant
to an Acceleration, the Principal amount converted or redeemed shall not be deducted in reverse order starting from the final Installment
Amount to be paid hereunder on the final Installment Date, but rather a pro rata amount of the Principal amount converted pursuant
to such Acceleration shall be deducted from each of the remaining Installment Amounts to be paid hereunder.

 

38.             
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note.

 

    	 	- 19 -	 

     

    

 

39.             
RESERVATION OF AUTHORIZED SHARES.

 

(a)               
Reservation. The Company shall initially reserve out of its authorized and unissued shares of Common Stock a number
of shares of Common Stock for each of this Note and the Other Notes equal to 150% of the Conversion Rate with respect to the Conversion
Amount of each such Note as of the Issuance Date. So long as any of this Note and the Other Notes are outstanding, the Company
shall take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose
of effecting the conversion of this Note and the Other Notes, the number of shares of Common Stock specified above in this Section
10(a) as shall from time to time be necessary to effect the conversion of all of the Notes then outstanding; provided, that
at no time shall the number of shares of Common Stock so reserved be less than the number of shares required to be reserved pursuant
hereto (in each case, without regard to any limitations on conversions) (the “Required Reserve Amount”).

 

(b)              
Insufficient Authorized Shares. If at any time while any of the Notes remain outstanding the Company does not have
a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon
conversion of the Notes at least a number of shares of Common Stock equal to the Required Reserve Amount (an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company's authorized shares
of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall
either (x) obtain the written consent of its stockholders for the approval of an increase in the number of authorized shares of
Common Stock and provide each stockholder with an information statement with respect thereto or (y) hold a meeting of its stockholders
for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company
shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders' approval of such
increase in authorized shares of Common Stock and to cause its Board of Directors to recommend to the stockholders that they approve
such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon any conversion due to the failure
by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such
unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu of delivering such Authorized
Failure Shares to the Holder, the Company shall pay cash in exchange for the redemption of such portion of the Conversion Amount
convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorized
Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the
date the Holder delivers the applicable Conversion Notice with respect to such Authorized Failure Shares to the Company and ending
on the Trading Day immediately preceding the date of such issuance and payment under this Section 10(b) and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of Authorized Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred
in connection therewith. Nothing contained in Section 10(a) or this Section 10(b) shall limit any obligations of the Company under
any provision of the Securities Purchase Agreement.

 

    	 	- 20 -	 

     

    

 

40.             
REDEMPTIONS. The Company shall deliver the applicable Company Optional Redemption Price to the Holder in cash on
the applicable Company Optional Redemption Date. The Company shall deliver the applicable Event of Default Redemption Price to
the Holder within three (3) Business Days after the Company's receipt of the Holder's Event of Default Redemption Notice. If the
Holder has submitted a Change of Control Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable
Change of Control Redemption Price to the Holder (i) concurrently with the consummation of such Change of Control if such notice
is received on or prior to third (3rd) Business Day prior to the consummation of such Change of Control and (ii) within
three (3) Business Days after the Company's receipt of such notice otherwise. The Company shall deliver the applicable Equity Conditions
Failure Redemption Price to the Holder on the applicable Equity Conditions Failure Redemption Date. The Company shall deliver the
applicable Company Installment Redemption Price to the Holder on the applicable Installment Date. The Company shall pay the applicable
Redemption Price to the Holder in cash by wire transfer of immediately available funds pursuant to wire instruction provided by
the holder in writing to the Company on the applicable due date. In the event of a redemption of less than all of the Conversion
Amount of this Note, if requested by the Holder and upon delivery by the Holder to the Company of this Note, the Company shall
promptly cause to be issued and delivered to the Holder a new Note (in accordance with Section 16(d)) representing the outstanding
Principal which has not been redeemed which shall be calculated as if no Redemption Notice has been delivered. Notwithstanding
anything herein to the contrary, in connection with any redemption hereunder at a time the Holder is entitled to receive a cash
payment under any of the other Transaction Documents and the Company does not timely pay such amounts as required by such Transaction
Documents, at the option of the Holder delivered in writing to the Company, the applicable Redemption Price hereunder shall be
increased by the amount of such cash payment owed to the Holder under such other Transaction Document and, upon payment in full
or conversion in accordance herewith, shall satisfy the Company’s payment obligation under such other Transaction Document.
In the event that the Company does not pay the applicable Redemption Price to the Holder within the time period required, at any
time thereafter and until the Company pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption,
to require the Company to promptly return to the Holder all or any portion of this Note representing the Conversion Amount that
was submitted for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been
paid. Upon the Company's receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such
Conversion Amount, and (y) the Company shall immediately return this Note, or issue a new Note (in accordance with Section 16(d))
to the Holder representing such Conversion Amount to be redeemed. The Holder's delivery of a notice voiding a Redemption Notice
and exercise of its rights following such notice shall not affect the Company's obligations to make any payments of Late Charges
which have accrued prior to the date of such notice with respect to the Conversion Amount subject to such notice.

 

    	 	- 21 -	 

     

    

 

41.             
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law and as
expressly provided in this Note.

 

42.             
COVENANTS.

 

(a)               
Rank.All payments due under this Note shall rank pari passu with all Other Notes, the Separate Note and
all other unsecured indebtedness of the Company.

 

(b)              
Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, engage in any material line of business substantially different from those lines of business conducted
by the Company and each of its Subsidiaries on the [Original] Issuance Date or any business substantially related or incidental
thereto.

 

(c)               
Preservation of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which
the transaction of its business makes such qualification necessary, except to the extent that the failure to be so qualified or
in good standing would not reasonably be expected to have a Material Adverse Effect (as defined in the Securities Purchase Agreement);
provided, however, that any wholly-owned Subsidiary may merge with or into another wholly-owned Subsidiary or the Company.

 

(d)              
Maintenance of Properties, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, all of its material properties which are necessary in the proper conduct of its business in good working order and
condition, ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times in all material
respects with the provisions of all material leases to which it is a party as lessee or under which it occupies property, so as
to prevent any loss or forfeiture thereof or thereunder.

 

(e)               
Maintenance of Insurance. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with
responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability,
hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned
by it) and business, in such amounts and covering such risks as is required by any governmental authority having jurisdiction with
respect thereto or as management determines is appropriate in light of the risks faced by the business.

 

(f)               
Independent Investigation. At the request of the Holder, at no more than one time in any twelve month period, either
(x) at any time when an Event of Default has occurred and is continuing, (y) upon the occurrence of an event that with the passage
of time or giving of notice would constitute an Event of Default or (z) at any time the Holder reasonably believes an Event of
Default may have occurred or be continuing, the Company shall hire an independent, reputable investment bank selected by the Company
and approved by the Holder to investigate as to whether any breach of this Note has occurred (the “Independent Investigator”).
If the Independent Investigator determines that such breach of this Note has occurred, the Independent Investigator shall notify
the Company of such breach and the Company shall deliver written notice to each holder of a Note of such breach. In connection
with such investigation, the Independent Investigator may, during normal business hours and upon signing a confidentiality agreement
in a form reasonably acceptable to the Company, inspect all contracts, books, records, personnel, offices and other facilities
and properties of the Company and its Subsidiaries and, to the extent available to the Company after the Company uses reasonable
efforts to obtain them, the records of its legal advisors and accountants (including the accountants’ work papers) and any
books of account, records, reports and other papers not contractually required of the Company to be confidential or secret, or
subject to attorney-client or other evidentiary privilege, and the Independent Investigator may make such copies and inspections
thereof as the Independent Investigator may reasonably request. The Company shall furnish the Independent Investigator with such
financial and operating data and other information with respect to the business and properties of the Company as the Independent
Investigator may reasonably request. The Company shall permit the Independent Investigator to discuss the affairs, finances and
accounts of the Company with, and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors,
key employees and independent public accountants or any of them (and by this provision the Company authorizes said accountants
to discuss with such Independent Investigator the finances and affairs of the Company and any Subsidiaries), all at such reasonable
times, upon reasonable notice, and as often as may be reasonably requested.

 

    	 	- 22 -	 

     

    

 

43.             
AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder and the Company shall be required for any
change or amendment to this Note.

 

44.             
TRANSFER. This Note and any shares of Common Stock issued upon conversion of this Note may be offered, sold, assigned
or transferred by the Holder without the consent of the Company; provided, however, that any purchaser, assignee or transferee
of this Note shall agree in writing to be bound by the terms of the Securities Purchase Agreement and this Note.

 

45.             
REISSUANCE OF THIS NOTE.

 

(a)               
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 16(d)), registered as the
Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 16(d)) to the Holder representing the outstanding Principal
not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions
of Section 3(c)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented by this
Note may be less than the Principal stated on the face of this Note.

 

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 16(d)) representing the
outstanding Principal.

 

    	 	- 23 -	 

     

    

 

(c)               
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Note or Notes (in accordance with Section 16(d) and in Principal amounts of at
least $1,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such
portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such
new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 16(a) or Section 16(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the [Original] Issuance Date of this Note, (iv)
shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Late Charges, if any, on the
Principal of this Note, from the [Original] Issuance Date.

 

46.             
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Note. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to seek
an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being
required. The Company shall provide all information and documentation to the Holder that is reasonably requested by the Holder
to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Note.

 

47.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors' rights and involving a claim under this Note, then the Company
shall pay the reasonable out-of-pocket costs incurred by the Holder for such collection, enforcement or action or in connection
with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, reasonable attorneys’
fees and disbursements. The Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or
limited, by the fact that the purchase price paid for this Note was less than the original Principal amount hereof.

 

    	 	- 24 -	 

     

    

 

48.  CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include
the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note. Terms used in this Note and not otherwise defined herein but defined in the other Transaction Documents shall have
the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing
by the Holder. In the event that one or more events have occurred that would permit either the Company or the Holder to redeem
or accelerate, or cause the redemption or acceleration of, or would otherwise result in the acceleration of, all or a portion of
this Note, and there is a conflict between the redemption or acceleration prices or amounts relating to such event(s) under this
Note, the greater of such redemption or acceleration prices or amounts shall govern and control.

 

49.             
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder or the Company in the exercise of
any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party. Notwithstanding the foregoing,
nothing contained in this Section 20 shall permit any waiver of any provision of Section 3(d).

 

50.             
DISPUTE RESOLUTION.

 

(c)   
Submission to Dispute Resolution.

 

(i)                
In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, an Installment Conversion
Price, a Weighted Average Price or a fair market value or the arithmetic calculation of a Conversion Rate or the applicable Redemption
Price (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the
Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile (A) if by the Company, at
any time after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder
learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute
relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such Installment Conversion Price, such Weighted
Average Price or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price
(as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or
the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its
sole option, select an independent, reputable investment bank with the consent of the Company, not to be unreasonably withheld,
to resolve such dispute.

 

    	 	- 25 -	 

     

    

 

(ii)              
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 21 and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).

 

(iii)            
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company
and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The
fees and expenses of such investment bank shall be borne by the Company and such investment bank’s resolution of such dispute
shall be final and binding upon all parties absent manifest error.

 

(d)  
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 21 constitutes an agreement to
arbitrate between the Company and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York
Civil Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration
pursuant to CPLR § 7503(a) in order to compel compliance with this Section 21, (ii) the terms of this Note and each other
applicable Transaction Document shall serve as the basis for the selected investment bank’s resolution of the applicable
dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the
like that such investment bank determines are required to be made by such investment bank in connection with its resolution of
such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms
of this Note and any other applicable Transaction Documents, (iii) the Holder (and only the Holder), in its sole discretion, shall
have the right to submit any dispute described in this Section 21 to any state or federal court sitting in The City of New York,
Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 21 and (iv) nothing in this Section 21 shall
limit the Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect
to any matters described in this Section 21).

 

    	 	- 26 -	 

     

    

 

51.             
NOTICES; CURRENCY; PAYMENTS.

 

(a)               
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with Section 8(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the
reason therefore. Without limiting the generality of the foregoing, the Company shall give written notice to the Holder (i) promptly
upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Common Stock, (B) with respect to any pro rata subscription offer to holders of Common
Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in
each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to
the Holder.

 

(b)              
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S.
Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed
that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date
of such period of time).

 

(c)               
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment
shall be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight
courier service to such Person at such address as previously provided to the Company in writing (which address, in the case of
each of the Purchasers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement);
provided, that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing
the Company with prior written notice setting out such request and the Holder's wire transfer instructions. Whenever any amount
expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the
next succeeding day which is a Business Day. Any amount of Principal or other amounts due under the Transaction Documents which
is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on
such amount at the rate of eighteen percent (18.0%) per annum from the date such amount was due until the same is paid in full
(“Late Charge”).

 

    	 	- 27 -	 

     

    

 

52.  CANCELLATION.
After all Principal, Late Charges and other amounts at any time owed on this Note have been paid in full, this Note shall automatically
be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

53.             
WAIVER OF NOTICE. To the extent permitted by law and except as expressly set forth herein, the Company hereby irrevocably
waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Securities Purchase Agreement.

 

54.  GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Note shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Note 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. The Company
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby 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. The Company 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 it set forth
on the signature page hereto 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. Nothing
contained herein (i) shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained
herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in
any other jurisdiction to collect on the Company's obligations to the Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Holder or (ii) shall limit, or shall be deemed
or construed to limit, any provision of Section 21. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE OF THIS NOTE, THE HOLDER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

55.  Severability.
If any provision of this Note 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 Note so long as this Note 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).

 

    	 	- 28 -	 

     

    

 

56.  DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries, the Company shall within two (2) Business Days after any such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to such Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries. Nothing
contained in this Section 27 shall limit any obligations of the Company, or any rights of the Holder, under Section 4(i) of the
Securities Purchase Agreement, as amended by the Amendment Agreement.

 

57.             
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against
amounts owed by the Company to the Holder and thus refunded to the Company.

 

58.             
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)               
“Acceleration Amount” means, with respect to any Installment Period, an amount equal to 50% of the cumulative
sum of all Excess Trading Volume Amounts for all Trading Days during such Installment Period.

 

(b)              
“Additional Closing Date” shall have the meaning set forth in the Securities Purchase Agreement, which
date is the date the Company initially issued Additional Note (as defined in the Securities Purchase Agreement) pursuant to the
terms of the Securities Purchase Agreement.

 

(c)               
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise.

 

    	 	- 29 -	 

     

    

 

(d)              
“Bloomberg” means Bloomberg Financial Markets.

 

(e)               
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.

 

(f)               
“Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any
of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the Common Stock in which holders of the Company's voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly
traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity
(or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than
a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification or (iii) pursuant to
a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company.

 

(g)              
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date,
the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price
or the closing trade price, as the case may be, then the last bid price or last trade price, respectively, of such security prior
to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do
not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively,
is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets
Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved pursuant to Section 21. All such determinations to
be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction during
the applicable calculation period.

 

(h)              
“Common Stock” means (i) the Company's shares of common stock, par value $0.0001 per share, and
(ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(i)                
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto.

 

    	 	- 30 -	 

     

    

 

(j)                
“Conversion Shares” means shares of Common Stock issuable by the Company pursuant to the terms of any
of the Notes, including any related Late Charges so converted, amortized or redeemed.

 

(k)              
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(l)    
“Eligible Market” means the Principal Market, The New York Stock Exchange, The Nasdaq
Global Market, The NASDAQ Capital Market or the NYSE MKT.

 

(m)            
“Equity Conditions” means each of the following conditions: (i) on each day during the Equity Conditions
Measuring Period, all Conversion Shares issuable upon conversion of the Notes shall be eligible for sale without restriction under
the Securities Act and any applicable state securities laws; (ii) on each day during the Equity Conditions Measuring Period, the
Common Stock is listed for trading on the Principal Market or any other Eligible Market and shall not have been suspended from
trading on such exchange or market (other than suspensions of not more than two (2) days and occurring prior to the applicable
date of determination due to business announcements by the Company) nor shall the Company have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Principal Market shall be terminated on a date certain (unless,
prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market); (iii) during the one (1) year period
ending on and including the date immediately preceding the applicable date of determination, the Company shall have delivered the
Conversion Shares upon conversion of the Notes to the Holders on a timely basis as set forth in Section 3(c)(ii) hereof; (iv) the
shares of Common Stock issuable upon conversion of the Installment Conversion Amount and Acceleration Amount (if any) that is subject
to the applicable Installment Conversion requiring the satisfaction of the Equity Conditions may be issued in full without violating
Section 3(d) hereof and the rules or regulations of the Principal Market or any other applicable Eligible Market; (v) during the
Equity Conditions Measuring Period, the Company shall not have failed to timely make any payments within five (5) Business Days
of when such payment is due pursuant to any Transaction Document; (vi) during the Equity Conditions Measuring Period, there shall
not have occurred either (A) the public announcement of a pending, proposed or intended Fundamental Transaction which has not been
abandoned, terminated or consummated or (B) an Event of Default; (vii) the Company shall have no knowledge of any fact that would
cause any Conversion Shares issuable upon conversion of the Notes not to be eligible for sale without restriction pursuant to the
Securities Act and any applicable state securities laws; (viii) during the Equity Conditions Measuring Period, the Company otherwise
shall have been in compliance with and shall not have breached any provision, covenant, representation or warranty of any Transaction
Document; (ix) the Holder shall not be in possession of any material, nonpublic information received from the Company, any Subsidiary
or its respective agent or Affiliates; (x) the shares of Common Stock issuable upon conversion of the Installment Conversion Amount
and Acceleration Amount (if any) that is subject to the applicable Installment Conversion requiring the satisfaction of the Equity
Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market; and (xi) the daily
dollar value trading volume of the Common Stock as reported by Bloomberg for each Trading Day during the ten (10) Trading Day period
ending on the Trading Day immediately prior to the applicable date of determination shall be at least $125,000.

 

    	 	- 31 -	 

     

    

 

(n)              
“Equity Conditions Failure” means that on any day during the period commencing ten (10) Trading Days
prior to the applicable date of determination through the applicable date of determination, the Equity Conditions have not each
been satisfied (or waived in writing by the Holder).

 

(o)              
“Equity Conditions Measuring Period” means each day during the period beginning twenty (20) Trading Days
prior to the applicable date of determination and ending on and including the applicable date of determination.

 

(p)              
“Equity Interests” means (a) all shares of capital stock (whether denominated as common capital stock
or preferred capital stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations
or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual),
whether voting or non-voting and (b) all securities convertible into or exchangeable for any of the foregoing and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible,
exchangeable or exercisable.

 

(q)              
“Excess Trading Volume Amount” means, with respect to any Trading Day during an Installment Period, the
amount, if any, by which the daily dollar value trading volume of the Common Stock as reported by Bloomberg for such Trading Day
exceeds $200,000.

 

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

 

(s)               
“Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly,
in one or more related transactions, (1) consolidate or merge with or into any other Person unless the Company or any of its Subsidiaries
is the surviving corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the
Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (5) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize
or reclassify the Common Stock (which shall not include a reverse stock split), or (ii) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting
power represented by issued and outstanding Voting Stock of the Company.

 

    	 	- 32 -	 

     

    

 

(t)                
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

(u)              
“Holiday” means a day other than a Business Day or on which trading does not take place on the Principal
Market.

 

(v)              
“Indebtedness” of any Person means, without duplication (i) all indebtedness for borrowed money, (ii)
all obligations issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation)
“capital leases” in accordance with GAAP (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv)
all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (vi) all monetary obligations under any leasing or similar arrangement which,
in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (vii) all indebtedness
referred to in clauses (i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

(w)            
“Installment Amount” means an amount equal to the sum of (i) the lesser of (A) $[__________] (as such
amount may be increased pursuant to Section 8(b) hereof) and (B) the Principal outstanding on such Installment Date, (ii) any Holder
Deferral Amount deferred pursuant to Section 8(d) and included in such Installment Amount, (iii) any Acceleration Amount that increases
(and is included in) such Installment Amount pursuant to Section 8(e) and (iv) accrued and unpaid Late Charges, if any, with respect
to such Principal, as any such Installment Amount for each Holder may be reduced pursuant to the terms hereof, whether upon conversion,
redemption or otherwise. In the event the Holder shall sell or otherwise transfer or assign any portion of this Note, the transferee
shall be allocated a pro rata portion of each unpaid Installment Amount hereunder.

 

    	 	- 33 -	 

     

    

 

(x)              
“Installment Conversion Price” means as of any date of determination, that price which shall be the lower
of (i) the Conversion Price then in effect and (ii) the Market Price as of such date of determination.

 

(y)              
“Installment Date” means each of [________], 2017, [________], 2017 and every calendar month anniversary
thereafter through and including the Maturity Date, or, if any such date falls on a Holiday, the next day that is not a Holiday.

 

(z)               
“Issuance Date” means [___________], 201[__].

 

(aa)           
“Market Price” means, as of any applicable date of determination, the higher of (i) 80% of the lesser
of (a) the arithmetic average of the lowest four (4) daily Weighted Average Prices of the Common Stock during the seven (7) consecutive
Trading Day period ending on the Trading Day immediately preceding the applicable date of determination and (b) the daily Weighted
Average Price of the Common Stock on the Trading Day immediately preceding the applicable date of determination and (ii) $1.00
(in each case, as adjusted for any stock split, stock dividend, stock combination, reclassification or other similar transaction)
(the “Floor Price”); provided, however, that in the event that the arithmetic average of the five
(5) daily Weighted Average Prices of the Common Stock during the five (5) consecutive Trading Day period ending on the Trading
Day immediately preceding such Installment Date is less than $1.00 (as adjusted for any stock split, stock dividend, stock combination,
reclassification or other similar transaction), then the Floor Price for the applicable Installment Period shall be the lesser
of (A) 70% of the arithmetic average of the five (5) daily Weighted Average Prices of the Common Stock during the five (5) consecutive
Trading Day period ending on the Trading Day immediately preceding such Installment Date and (B) such price deemed appropriate
by the Board of Directors of the Company and set forth in writing to the Investor on such Trading Day (in each case as adjusted
for any stock split, stock dividend, stock combination, reclassification or other similar transaction); provided, further,
however, that under no circumstances shall the Floor Price for any Installment Period be less than $0.10 (which upon any stock
split, stock dividend, stock combination, reclassification or other similar transaction shall be adjusted to the lower of (i) the
adjusted price and (ii) $0.10) (the “Absolute Floor”).

 

(bb)          
“Maturity Date” shall mean [___________]3 (as such
date may be accelerated pursuant to Section 1; provided, however, the Maturity Date may be extended at the option of the Holder
(i) in the event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred
and be continuing that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the
date that is twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction
is publicly announced or a Change of Control Notice is delivered prior to the Maturity Date, and (iii) if a Holder elects to convert
some or all of this Note pursuant to Section 3 hereof, and the Conversion Amount would be limited pursuant to Section 3(d) hereunder,
until such time as such provision shall not limit the conversion of this Note.

 

______________________________

3
18-month anniversary of [Original] Issuance Date.

    	 	- 34 -	 

     

    

 

(cc)           
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

(dd)         
[“Original Issuance Date” means [______], which date is the date the Company initially issued the Initial
Note (as defined in the Securities Purchase Agreement) pursuant to the terms of the Securities Purchase Agreement.]4

 

(ee)           
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common capital stock or equivalent equity security is quoted or listed on an Eligible Market (or, if
so elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity,
the Person or entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public
market capitalization as of the date of consummation of the Fundamental Transaction.

 

(ff)            
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(gg)          
“Principal Market” means The NASDAQ Global Select Market.

 

(hh)          
“Redemption Notices” means, collectively, the Company Optional Redemption Notices, the Event of Default
Redemption Notices, the Change of Control Redemption Notices, the Company Installment Notices and the Equity Conditions Failure
Redemption Notices, each of the foregoing, individually, a “Redemption Notice”.

 

(ii)              
“Redemption Prices” means, collectively, the Company Optional Redemption Price, the Event of Default
Redemption Price, the Change of Control Redemption Price, the Company Installment Redemption Price and the Equity Conditions Failure
Redemption Price, each of the foregoing, individually, a “Redemption Price”.

 

(jj)              
“SEC” means the United States Securities and Exchange Commission.

 

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

 

(ll)              
“Securities Purchase Agreement” means that certain securities purchase agreement, dated as of April 13,
2017, by and between the Company and [_________], as may be amended from time to time.

 

__________________________

4
For amended Initial Note only.

    	 	- 35 -	 

     

    

 

(mm)      
“Separate Note” means the convertible note originally issued on December 2, 2016 pursuant to the Separate
Securities Purchase Agreement, as such convertible note may be amended from time to time.

 

(nn)          
“Separate Securities Purchase Agreement” means that certain securities purchase agreement, dated as of
December 1, 2016, by and between the Company and [__________], as may be amended from time to time.

 

(oo)          
“Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company
or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so
elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

(pp)          
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common
Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from
trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time) unless such
day is otherwise designated as a Trading Day in writing by the Holder.

 

(qq)          
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers, trustees or other similar governing body of such Person (irrespective of whether or not at the time capital
stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

 

    	 	- 36 -	 

     

    

 

(rr)             
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York Time (or such other time as the
Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other
time as the Principal Market publicly announces is the official close of trading) as reported by Bloomberg through its “Volume
at Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the
over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York
Time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York
Time (or such other time as such market publicly announces is the official close of trading) as reported by Bloomberg, or, if no
dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing
bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or “pink
sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved pursuant to Section 21. All such determinations to
be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction during
the applicable calculation period.

 

[Signature Page Follows]

 

 

 

 

    	 	- 37 -	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed as of the Issuance Date set out above.

 

	 	Amyris, Inc.	 
	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT I

AMYRIS, inc.

 

 

CONVERSION NOTICE

 

Reference is made to the Senior Convertible Note (the “Note”)
issued to the undersigned by Amyris, Inc., a Delaware corporation (the “Company”). In accordance with and pursuant
to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below
into shares of Common Stock, par value $0.0001 per share (the “Common Stock”), of the Company, as of the date
specified below. Capitalized terms not defined herein shall have the meaning as set forth in the Note.

 

	 	Date of Conversion:	 	 
	 	 	 	 
	 	Aggregate Conversion Amount to be converted:	 
	 	 	 
	Please confirm the following information:
	 
	 	Conversion Price:	 	 
	 	 	 	 
	 	Number of shares of Common Stock to be issued:	 
	 	 	 
	☐  	If this Conversion Notice is being delivered with respect to an Installment Conversion or an Acceleration, check here if Holder is electing to use the following Installment Conversion Price:____________ on the following date:_______________.

 

	Please issue the Common Stock into which the Note is being converted to Holder, or for its benefit, as follows:
	 	 	 	 
	 	☐	Check here if requesting delivery as a certificate to the following name and to the following address:
	 	 	 	 
	 	Issue to:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	☐	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:
	 	 	 	 
	 	DTC Participant:	 
	 	 	 
	 	DTC Number:	 

 

     

     

    

 

	 	Account Number:	 

 

	Installment Amounts to be reduced (or accelerated) and amount of reduction (or acceleration):	 
	 	 	 
	 	 	 
	Date: _____________ __, ______	 	 
	 	 	 
	____________________________	 	 
	Name of Registered Holder	 	 
	 	 	 
	By:   ________________________	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Tax ID:_______________________	 
	Facsimile:_____________________	 

 

 

 

 

 

     

     

    

 

[INSERT AMYRIS, INC. LETTERHEAD]

 

 

 

ACKNOWLEDGMENT AND INSTRUCTION LETTER

 

 

 

The Company hereby acknowledges this Conversion
Notice and hereby directs Wells Fargo Shareowner Services to issue the above indicated number of shares of Common Stock in accordance
with the Transfer Agent Instructions dated [__________], 2017 from the Company and acknowledged and agreed to by Wells Fargo Shareowner
Services.

 

 

	 	Amyris, Inc.	 
	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:Exhibit 10.1

 

Pluristem Ltd.

March 22, 2017

To:

Sosei Corporate Venture Capital Ltd.

Attn: Mr. Peter Bains

Re: Extension of Term Sheet Period

Reference is hereby made to a certain Term Sheet dated December 19, 2016, by and between Pluristem Ltd. and Sosei Corporate Venture Capital Ltd. (the "Term Sheet").

Pursuant to the "Timing and Expenses" clause in the Term Sheet, the parties hereby extend the term sheet period by additional 90 days starting from March 31, 2017 and ending on June 30, 2017.

 

	
 

	

Very truly yours,

 

Pluristem Ltd.

 

By: /s/ Zami Aberman

Name: Zami Aberman

Title: Chairman and CEO

 

The abovementioned decision is agreed and accepted by:

 

Sosei Corporate Venture Capital Ltd.

By: /s/ Peter Bains

Name: Peter Bains

Title: Representative Director and President

Date: March 31, 2017

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