Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of June 10, 2019, by and
between William M. Brown (“Brown”) and Altimmune, Inc., a Delaware corporation (“Altimmune”). 

WHEREAS, the Board of Directors of Altimmune (the “Board”) desires to employ Brown, and Brown desires to be employed
by Altimmune pursuant to the terms and conditions set forth in this Agreement; 
 WHEREAS, as of the Effective Date (defined below),
the Consulting Agreement between Brown and Altimmune effective May 8, 2018, as amended via the Amendment to Consulting Agreement dated March 14, 2019 (the “Consulting Agreement”), is superseded and of no further effect,
except as expressly provided in Section 9 of this Agreement. 
 WHEREAS, Brown acknowledges that, in executing this Agreement,
he has had a reasonable opportunity to seek the advice of independent legal and tax counsel, and has read and understood all of the terms and provisions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1.    Titles,
Duties and Responsibilities. 
 (a)    Title and Duties. During the Employment Period (as defined in
Section 2 below), Brown shall serve as Chief Financial Officer of Altimmune and shall have such duties, responsibilities and authority commensurate with such position, and such additional duties and responsibilities commensurate with such
position as shall be determined from time to time by the Board. If requested, Brown shall also serve without additional compensation in such other offices of Altimmune or its subsidiaries or affiliates to which he may be elected or appointed.
Although Brown’s residence is currently located outside of the State of Maryland, Brown shall spend at least 50% of his working time at the Company working from the Company’s Maryland office or traveling on Company business. 

(b)    Reporting Responsibilities. Brown shall report directly to the Chief Executive Officer. 

(c)    Conflicts of Interest and Compliance with Laws. Except as specifically set forth in this Section 1(c),
during the Employment Period, Brown shall devote his entire time, attention, energies and business efforts to the affairs of Altimmune. Except as set forth below, during the Employment Period, Brown shall not, without the prior written consent of
the Board (x) engage, directly or indirectly, in any other business activity that materially interferes with his duties as set forth in this Agreement and/or that creates a conflict of interest, (y) act as a proprietor, partner, director,
officer, executive, consultant, advisor, agent, representative or any other capacity of any entity other than Altimmune and its divisions, subsidiaries and other affiliated entities, regardless of whether such activity is for gain, profit or other
pecuniary advantage, or (z) allow or cause Altimmune to participate in any transaction with Brown, any of his relatives (other than as employees of Altimmune), or any entity in which Brown or any of his relatives has an interest.
Brown further agrees that he shall not knowingly take any action, or authorize the taking of any action, that contravenes any applicable federal, state, municipal or other political subdivision ordinance, statute or rule, regulation or order of any
jurisdiction. Brown agrees to immediately disclose to the Board any relationship, action or activity that may potentially be subject to the provisions of this Section 1(c). Notwithstanding any restrictions contained in this Section 1(c),
it is expressly understood and agreed that Brown may continue to serve as a partner of Brown & Page LLP d/b/a “Redmont CPAs”, for so long as such service does not materially interfere with the performance of his duties and
responsibilities hereunder or does not give rise to a conflict of interest. 
  

 2.    Employment Term. Brown’s
employment with Altimmune under this Agreement shall begin on June 1, 2019 (the “Effective Date”) and shall continue until terminated pursuant to Section 6 hereof (the “Employment Period”). Brown’s
employment with Altimmune is “at-will” and shall continue only so long as mutually agreeable to Brown and Altimmune, in each case subject to Section 6 hereof. 

3.    Salary, Bonus and Other Compensation. During the Employment Period, Altimmune shall
provide the following salary, bonus and other compensation to Brown: 
 (a)    Base Compensation. Altimmune shall
pay Brown an initial annual base salary of Three Hundred-Thirty Thousand Dollars ($330,000) per annum (“Base Salary”), payable in substantially equal installments in accordance with Altimmune’s normal payroll practices.
Brown’s compensation shall be evaluated and adjusted by the Compensation Committee of the Board (the “Committee”) on at least an annual basis, provided that in no event shall Brown’s Base Salary be reduced while this
Agreement is in effect. 
 (b)    Annual Bonus. In addition to the Base Salary, during each year of the
Employment Period, Brown will be eligible for an annual cash bonus (“Annual Bonus”) with a target award equal to thirty percent (30%) of the Base Salary. The Annual Bonus will be subject to all of the terms and conditions of
the applicable bonus plan, except that Brown’s Annual Bonus will not be prorated based on his hire date. The actual Annual Bonus payouts will be based on achievement of the individual and/or Altimmune performance criteria established for the
applicable fiscal year by the Committee in its sole and absolute discretion. Brown must be actively employed on December 31st of the applicable fiscal year to be eligible for an Annual Bonus
payment. The Annual Bonus shall be paid no later than the March 15th of the fiscal year immediately following the fiscal year in which such Annual Bonus was earned. 

(c)    Signing Bonus. Subject to Brown’s commencement of employment with Altimmune on the Effective Date,
Altimmune shall pay Brown a lump sum cash bonus of Sixty Thousand Dollars ($60,000) (the “Signing Bonus”), payable on the first payroll date following the Effective Date. If Brown’s employment with Altimmune is terminated for
any reason prior to the payment of the Signing Bonus, Brown will not be eligible to receive the Signing Bonus. If Brown’s employment with Altimmune terminates for any reason other than (i) by Altimmune without Cause (as defined below) or
(ii) by reason of Brown’s resignation for Good Reason (as defined below), in each case, on or prior to the 12-month anniversary of the Effective Date, then not later than the 60th day
following the date of termination of Brown’s employment, Brown shall repay to Altimmune the full Signing Bonus. 

(d)    Sign-On Incentive Option. As soon as reasonably
practicable following the Effective Date, but in no event later than thirty (30) days following the Effective Date, and subject to the approval of the Committee, Altimmune shall grant Brown an option to purchase Fifty Thousand (50,000) shares
of Altimmune’s common stock (the “Sign-On Incentive Option”) under the Altimmune, Inc. 2017 Omnibus Incentive Plan (the “2017 Plan”). The exercise
price of the Sign-On Incentive Option shall be equal to the Fair Market Value (as defined in the 2017 Plan) of a share of Altimmune’s common stock on the grant date. The Sign-On Incentive Option will be an “incentive stock option” to the extent permitted under the Internal Revenue Code of 1986, as amended (the “Code”). One hundred percent
(100%) of the Sign-On Incentive Option shall be unvested and unexercisable as of the grant date. On the first anniversary of the Effective Date (the “First Vesting Date”),
twenty-five percent (25%) of the unvested portion of the Sign-On Incentive Option shall vest and become exercisable, and the aggregate remaining unvested portion of
the Sign-On Incentive Option shall vest and become exercisable in substantially equal monthly installments over the thirty-six (36) month period
commencing on the first monthly anniversary of the First Vesting Date, subject to Brown’s continued employment with Altimmune on each applicable vesting date. The Sign-On Incentive Option will
be governed by the terms and conditions of the 2017 Plan and the stock option agreement approved by the Committee to evidence the grant of the Sign-On Incentive Option. To avoid doubt, this Sign-On Incentive Option shall not affect Brown’s existing option to purchase Thirty Thousand (30,000) shares of Altimmune’s common stock under the Plan and the applicable option agreement. 

(e)    Additional Equity Awards. Brown will be eligible to participate in the 2017 Plan or such other equity based
long-term incentive compensation plan, program or arrangement generally made available to senior executive officers of Altimmune from time to time, as determined by the Committee in its sole and absolute discretion. 

  
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 4.    Benefits. During the Employment
Period, Brown shall be eligible for participation in and shall receive all benefits under welfare benefit, savings and retirement plans provided by Altimmune (including, but not limited to, life insurance, disability insurance, medical insurance,
dental insurance) to the extent applicable generally to senior executives of Altimmune, and consistent with the following specific agreements: 

(a)    Vacation. Brown will be entitled to twenty (20) days of paid vacation and six (6) days of personal
and sick leave each calendar year during the Employment Period. At the end of each year, Brown is permitted to carry over a maximum of twelve (12) days of vacation, personal and sick leave to the subsequent year, subject to applicable law, and
any additional days shall be forfeited. 
 (b)    Health, Vision and Dental Insurance Brown will be entitled to
participate in all health, vision and dental insurance programs provided by Altimmune to the extent applicable generally to senior executives of Altimmune. 

(c)    Commuting Expense Reimbursement. During the Employment Period, so long as Brown’s primary residence is
located within fifty (50) miles of his current residence in Highlands Ranch, Colorado, Altimmune will reimburse Brown an amount, not to exceed $18,000 in any 12-month period, to cover all of
Brown’s expenses relating to travel to, and lodging near, Altimmune’s corporate offices (“Commuting Expenses”). The stated location may be changed by mutual agreement, and Altimmune’s consent to such change shall not
be unreasonably withheld. On an annual basis on a date determined by the Board in its sole discretion, Altimmune shall make a tax gross-up payment to Brown for any income imputed on Brown as a result
of the reimbursement of Commuting Expenses. 
 5.    Reimbursement of Business
Expenses. Altimmune shall reimburse Brown for all reasonable and customary out-of-pocket business expenses incurred by Brown in the course
of his duties (to include monthly expenses to maintain cellular telephone service, but excluding Commuting Expenses), in accordance with Altimmune’s policies as in effect from time to time. Brown shall be required to submit to Altimmune
appropriate documentation supporting such out-of-pocket business expenses as a prerequisite to reimbursement in accordance with such policies. Notwithstanding
anything herein to the contrary or otherwise, except to the extent any expense or reimbursement described in this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described in this Agreement shall meet the following requirements: (i) the amount of expenses eligible for reimbursement provided to Brown during any
calendar year will not affect the amount of expenses eligible for reimbursement to Brown in any other calendar year; (ii) the reimbursements for expenses for which Brown is entitled to be reimbursed shall be made on or before the last day of
the calendar year following the calendar year in which the applicable expense is incurred; (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or
exchanged for any other benefit; and (iv) the reimbursements shall be made pursuant to objectively determinable and nondiscretionary company policies and procedures regarding such reimbursement of expenses. 

6.    Termination Provisions. 

(a)    Termination by Altimmune for Cause or Termination by Brown without Good Reason. Altimmune may terminate
Brown’s employment immediately for Cause (as defined below) and Brown may terminate his employment at any time without Good Reason upon providing Altimmune at least thirty (30) days advance written notice. Upon such termination,
Altimmune shall provide Brown with the following: (i) payment of any accrued Base Salary through and including the date of Brown’s termination to the extent not theretofore paid; (ii) any accrued and unused vacation pay through and
including the date of Brown’s termination; (iii) any unreimbursed business expenses in accordance with Section 5 hereof; and (iv) such accrued and vested rights or benefits as may be due to Brown under any Altimmune sponsored
employee benefits plans payable in accordance with the terms and conditions of such plans (the payments and benefits referred to in subclauses (i) through (iv) above shall be collectively referred to as the “Accrued
Obligations”). In addition, in the event that Altimmune terminates Brown’s employment for Cause or Brown terminates Brown’s employment without Good Reason, Brown shall be entitled to receive any earned but unpaid prior year’s
Annual Bonus (subject to Section 3(b)), payable by Altimmune to Brown at the same time annual bonuses in respect of the prior year are generally paid to senior executives of Altimmune. Except as provided in this Section 6(a), termination
pursuant to this Section 6(a) shall terminate any other rights Brown may have under this Agreement and shall relieve Altimmune of any other obligations it may have under this Agreement. 

  
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 For purposes of this Agreement, termination for Cause shall mean the termination of
Brown’s employment by Altimmune due to: (i) a material breach by Brown of his fiduciary duties to Altimmune; (ii) a material breach by Brown of this Agreement after being given written notice of such breach and a failure to cure
within thirty (30) days of such notice; (iii) Brown’s willful failure or refusal to follow Altimmune’s written policies after being given written notice of said failure or refusal and a failure to cure within thirty
(30) days of such notice; (iv) Brown’s conviction of, or plea of guilty or nolo contendere, to a felony; and/or (v) Brown’s continuing and willful refusal to act as directed by the Chief Executive
Officer (other than refusal resulting from incapacity due to physical or mental illness), after written notice is delivered to Brown within sixty (60) days of such refusal which identifies said refusal and sets forth a plan of corrective action
and a failure to cure within thirty (30) days of such notice. 
 (b)    Termination by Altimmune without Cause
or Resignation by Brown for Good Reason. Altimmune may terminate Brown’s employment without Cause at any time upon prior written notice to Brown and Brown may terminate his employment for Good Reason (as defined below). Upon such
termination, subject to Brown’s continued compliance with the restrictive covenants set forth in Section 7, Altimmune shall provide Brown with the following: 

(i)    continued payment of the Cash Severance Amount (as defined below) in equal monthly installments during the
applicable severance period (as determined below) following the effective date of such termination and otherwise payable in accordance with Altimmune’s normal payroll practices and subject to Section 6(d) hereof. As used herein, the
“Cash Severance Amount” shall be equal to six (6) months of Brown’s Base Salary existing at the time of such termination payable over the six (6) month period following such termination, except that if such
termination occurs within the one (1) year period commencing on the occurrence of a Change in Control (as defined below), the Cash Severance Amount shall instead be equal to the sum of twelve (12) months of Brown’s Base Salary
(existing at the time of such termination) plus Brown’s target Annual Bonus for the year of termination, payable over the twelve (12) month period following such termination; 

(ii)    subject to Brown’s timely election, and the availability, of continuation coverage under Part 6 of Title I
of the Employment Retirement Income Security Act of 1974 (as amended) and Section 4980B of the Code (“COBRA”), Altimmune will pay monthly, on Brown’s behalf, a portion of the cost of such coverage for the six
(6) months after the date of such termination, which payments will be equal to the amount of the monthly premium for such coverage, less the amount that Brown would have been required to pay if Brown had remained an active employee of Altimmune
(the “COBRA Assistance”); provided, however, that if such termination occurs within the one (1) year period commencing on the occurrence of a Change in Control, the COBRA Assistance shall instead be for
twelve (12) months, and provided, further, that if at any time Altimmune determines that the COBRA Assistance would result in a violation of the non-discrimination rules under
Section 105(h)(2) of the Code or any other applicable laws, statute or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education
Reconciliation Act), then in lieu of providing the COBRA Assistance, Altimmune will instead pay Brown fully taxable cash payments equal to, and paid at the same time as, the COBRA Assistance would have otherwise been paid, subject to applicable tax
withholdings; 
 (iii)    any earned but unpaid prior year’s Annual Bonus (subject to Section 3(b)), payable
by Altimmune to Brown at the same time annual bonuses in respect of the prior year are generally paid to senior executives of Altimmune; 

(iv)    the Accrued Obligations; and 

(v)    if such termination occurs within the one (1) year period commencing on the occurrence of a Change in
Control, accelerated vesting of all unvested equity awards then outstanding and held by Brown (for the avoidance of doubt, if such termination does not occur during such one (1) year period, then any accelerated vesting of unvested equity
awards shall be at the discretion of the Committee). 
 For purposes of this Agreement, resignation for “Good Reason” shall mean
the resignation by Brown of his employment due to: (a) a reduction in Brown’s Base Salary or target Annual Bonus opportunity; (b) a material diminution in Brown’s authority, duties or responsibilities; or (c) a relocation by
Altimmune of Brown’s principal place of business for the performance of his duties under this Agreement to a location that is anywhere outside of a 50-mile radius of Gaithersburg, Maryland;
provided, however, that Brown must notify Altimmune within ninety (90) days of the occurrence of any of the foregoing conditions that he considers to be a “Good Reason” condition and provide Altimmune with thirty (30) days in
which to cure the condition. If Brown fails to provide this notice and cure period prior to his resignation, or resigns more than six (6) months after the initial existence of the condition, his resignation will not be deemed to be for
“Good Reason.” 

  
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 For purposes of this Agreement, “Change in Control” means the occurrence of
either (i) an acquisition from stockholders of Altimmune (including through purchase, reorganization, merger, consolidation or similar transaction), directly or indirectly, in one or more transactions by a Person (as defined below) (other than
any Person or group of Persons consisting solely of shareholders of Altimmune as of the date immediately prior to the consummation of the transaction) of beneficial ownership (within the meaning of
Rule 13d-3 under the Exchange Act) of securities representing 50% or more of the combined voting power of the securities of Altimmune entitled to vote generally in the election of directors of the
Board, calculated on a fully diluted basis after giving effect to such acquisition, or (ii) the sale or other disposition, directly or indirectly, of all or substantially all of the assets of Altimmune and its subsidiaries, taken as a whole, to
any Person (other than any Person or group of Persons consisting solely of shareholders of Altimmune as of the date immediately prior to the consummation of the transaction). For the avoidance of doubt, a transaction effected primarily for the
purpose of (x) an equity financing of Altimmune, (y) the reincorporation of Altimmune in a different state, or (z) the formation of a holding company that will be owned exclusively by Altimmune’s stockholders, shall not be a
Change in Control for purposes of this Agreement. A “Person” means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, other than employee benefit plans sponsored or maintained by Altimmune and by entities controlled by Altimmune or an underwriter of the capital stock of Altimmune in a registered public offering. 

(c)    Death or Disability. Brown’s employment shall terminate automatically upon Brown’s death. Subject
to applicable law, Altimmune may terminate Brown’s employment due to Brown’s Disability (as defined below). Upon any such termination, Altimmune shall provide Brown (or his estate as the case may be) with the Accrued Obligations through
the date of termination. The term “Disability” shall mean Brown becoming physically or mentally disabled such that he is unable to perform his duties to Altimmune for a period of 90 consecutive days. 

(d)    Limits. Notwithstanding anything herein to the contrary, Altimmune’s obligation to make any payments or
benefits to Brown (including without limitation acceleration of equity vesting) upon termination of his employment under the circumstances described in Section 6(b) (other than the Accrued Obligations) is conditioned upon Brown’s
execution, delivery and non-revocation of a valid and enforceable release of claims in a form provided by Altimmune arising in connection with Brown’s employment and termination or resignation
of employment with Altimmune and its affiliates (the “Release”) that becomes effective within the time period provided in the Release but not later than sixty (60) days after the date of such termination or resignation of
employment (and to avoid doubt, the “date of such termination or resignation” shall be the actual last day of Brown’s employment with Altimmune, as opposed to the day notice of termination or resignation is provided, if
earlier). Altimmune shall provide the form of the Release to Brown within seven (7) days following the date of Brown’s termination or resignation of employment. Subject to the foregoing and Section 21 hereof, the Cash Severance Amount
will commence to be paid to Brown on the sixtieth (60th) day following Brown’s termination or resignation of employment, and such first payment shall include payment of any amounts that would otherwise be due prior thereto. On any termination
entitling Brown to the payments and benefits under Section 6(b), Altimmune and its affiliates shall have no further obligation to make payments under this Agreement other than as specifically provided for in such section. 

(e)    Resignation from All Positions. Unless the parties otherwise agree in writing, upon the termination or
resignation of Brown’s employment with Altimmune for any reason, Brown shall be deemed to have resigned, as of the date of such termination or resignation, from and with respect to all positions Brown then holds as an officer, director or
employee with Altimmune and any of its affiliates. 

  
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7.    Secrecy, Non-Solicitation 
and Non-Competition. 
 (a)    Secrecy. During
the Employment Period and thereafter, Brown covenants and agrees that he will not, except in performance of Brown’s obligations to Altimmune, or with the prior written consent of Altimmune pursuant to the authority granted by a resolution of
the Board, directly or indirectly, disclose any secret or confidential information that he may learn or has learned by reason of his association with Altimmune or use any such information. The term “secret or confidential information”
includes, without limitation, information not previously disclosed to the public or to the trade by Altimmune’s management with respect to Altimmune’s products, facilities and methods, trade secrets and other intellectual property,
systems, procedures, manuals, confidential reports, product price lists, customer lists, member lists, financial information (including the revenues, costs or profits associated with any Altimmune’s products), business plans, prospects,
employee or employees, compensation, or opportunities but shall exclude any information already in the public domain which has been disclosed to the public during the normal course of Altimmune’s business. Notwithstanding anything herein to the
contrary, nothing in this Agreement shall be construed to prohibit Brown from reporting possible violations of federal or state law or regulations to any governmental agency or entity, including but not limited to the Department of Justice, the
Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation or protected by other state or federal law.
Brown does not need the prior authorization of Altimmune to make any such reports or disclosures and Brown is not required to notify Altimmune that he made such reports or disclosures. 

(b)    Non-solicitation of Clients and Customers. Brown
covenants and agrees that during the Employment Period and for a period of six (6) months thereafter, he will not solicit, either directly or indirectly, any customer or client of Altimmune on behalf of any direct competitor of Altimmune for
the purpose of diverting business from Altimmune. This Agreement extends to prevent Brown from soliciting on behalf of Brown or any other individual or entity that seeks to compete with Altimmune. 

(c)    Non-solicitation of Employees. Brown covenants
and agrees that during the Employment Period and for a period of six (6) months thereafter, he shall not directly or indirectly, on his behalf or on behalf of any person or other entity, solicit or induce, or attempt to solicit or induce, any
person who is an employee of Altimmune, to terminate his or her employment with Altimmune. 

(d)    Noncompetition. Brown covenants and agrees that during the Employment Period and for a period of six
(6) months thereafter, he will not directly or indirectly work for, or engage in sales, marketing or related activities on behalf of, himself or any other person or entity that is a direct competitor of Altimmune. 

(e)    Equitable Relief. Brown acknowledges and agrees that the services performed by him are special, unique and
extraordinary in that, by reason of Brown’s employment, Brown may acquire confidential information and trade secrets concerning the operation of Altimmune, or that Brown may have contact with or obtain knowledge of Altimmune’s members or
prospects, the use or disclosure of which could cause Altimmune substantial loss and damages, which could not be readily calculated and for which no remedy at law would be adequate. Accordingly, Brown acknowledges and agrees that Altimmune shall be
entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining Brown from engaging in activities prohibited by this Section 7 or such other relief as may be required to specifically enforce any of the
covenants in this Section 7. Brown acknowledges and agrees that Altimmune shall be entitled to its attorneys’ fees and court costs should Altimmune successfully pursue legal action to enforce its rights under this Section 7. 

(f)    Return of Property. Upon termination or resignation of Brown’s employment with Altimmune, Brown shall
promptly supply to Altimmune all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document which
has been produced by, received by or otherwise submitted to Brown during or prior to his employment with Altimmune, and any copies thereof in Brown’s (or capable of being reduced to Brown’s) possession. 

(g)    Survival. Any termination of Brown’s employment, of the Employment Period or of this Agreement (or
breach of this Agreement by Altimmune or Brown) shall have no effect on the continuing operation of this Section 7. 

(h)    Defend Trade Secrets Act of 2016. Brown understands that pursuant to the federal Defend Trade Secrets Act of
2016, Brown shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. 

  
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 8.    Governing Law. This Agreement is
made and entered into in the State of Maryland, without regard to conflict of laws rules, and the laws of the State of Maryland shall govern its validity and interpretation in the performance by the parties of their respective duties and
obligations. 
 9.    Effect on Consulting Agreement; Entire
Agreement. As of the Effective Date, the Consulting Agreement is superseded and of no further effect, except that (i) Altimmune shall pay Brown for any earned but unpaid amounts owed to him under Section 2 of the
Consulting Agreement in accordance with the Consulting Agreement’s terms; and (ii) Sections 4 through 9 and Sections 12 and 13 of the Consulting Agreement (the “Preserved Provisions”) shall remain in effect in accordance
with their terms. Except as provided in the preceding sentence, Brown acknowledges and agrees that he is not eligible for or entitled to any compensation or benefits under or related to the Consulting Agreement. This Agreement and the Preserved
Provisions constitute the entire agreement between the parties with respect to the matters described herein and supersede all prior agreements and understandings both written and oral, among the parties with respect to the subject matter hereof, and
there are no representation, warranties or commitments, other than those in writing executed by the parties hereto. 

10.    Consent to Venue. Any dispute, controversy, or claim arising out of or relating to this
Agreement or the breach thereof, arising out of or relating in any way to the employment of Brown or termination thereof, shall be brought in the Federal courts located in the State of Maryland; provided, however, that if any of the aforementioned
courts is found to lack subject matter jurisdiction, then to the exclusive jurisdiction of the state courts in the State of Maryland. By executing and delivering this Agreement, each party, for itself or himself and in connection with its or his
properties, irrevocably (a) accepts generally and unconditionally the exclusive jurisdiction and venue of such courts; (b) waives any defense of forum non conveniens; (c) agrees that service of all process in any such
proceeding in any such court may be made by registered or certified mail, return receipt requested, to the applicable party at its address provided herein; and (d) agrees that service as provided in clause (c) above is sufficient to confer
personal jurisdiction over the applicable party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect. 

11.    WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT TO TRIAL BY JURY IN ANY DISPUTE, CONTROVERSY OR CLAIM, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING IN ANY WAY TO THE EMPLOYMENT OF BROWN OR TERMINATION THEREOF OR FOR ANY COUNTERCLAIM
THEREIN. THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT OF COMPETENT JURISDICTION AS PROVIDED HEREIN AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. 
 12.    Assistance in Litigation. Brown shall make himself available, upon the
request of Altimmune, to testify or otherwise assist in litigation, arbitration, or other disputes involving Altimmune, or any of the directors, officers, executives, subsidiaries, or parent corporations of Altimmune, at no additional cost during
the Employment Period and at any time following the termination of Brown’s employment for any reason; provided, however, in the event such request is made by Altimmune after the Employment Period, Brown shall be reimbursed for any reasonable out-of-pocket expenses incurred with respect thereto and shall also be paid a reasonable daily stipend based on his Base Salary at the time of
termination. 
 13.    Notices. Any notice or communication required or permitted to be
given to the parties shall be delivered personally or sent by registered or certified mail, postage prepaid and return receipt requested, and addressed or delivered as follows, or to such other address as the party addressed may have substituted by
notice pursuant to this Section. 
  

	 	(a)	 If to Altimmune, to: 

Altimmune, Inc. 
 910 Clopper
Road, Suite 201S 
 Gaithersburg, Maryland 20878 

Attention: Chief Executive Officer 
  

	 	(b)	 If to Brown, to: 

The last address on file with Altimmune at the time of Notice. 

  
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 14.    Binding Agreement. This
Agreement shall inure to the benefit of and be enforceable by Brown and his personal or legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees. This Agreement shall inure to the benefit of and be
enforceable by Altimmune and any of its successors and assigns. Altimmune will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
Altimmune to assume expressly and agree to satisfy all of the obligations under this Agreement in the same manner and to the same extent that Altimmune would be required to satisfy such obligations if no such succession had taken place. As used in
this Agreement, “Altimmune” shall mean “Altimmune” as hereinbefore defined and any successor to its respective businesses and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or
otherwise. 
 15.    Amendment. This Agreement may not be amended or modified otherwise
than by a written agreement executed by Brown and the Chief Executive Officer or other person authorized by the Board or their respective successors and legal representatives. 

16.    Construction. This Agreement shall not be construed against any party by reason of
the drafting or preparation hereof. 
 17.    Captions. The captions of this Agreement
are inserted for convenience and are not part of the Agreement. 

18.    Severability. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any other respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. This Agreement shall be construed as if
such invalid, illegal or unenforceable provision had never been part of the Agreement and there shall be deemed substituted therefore such other provision as will most nearly accomplish the intent of the parties to the extent permitted by the
applicable law. 
 19.    Survivorship. Upon the expiration or other termination of
this Agreement or termination of Brown’s employment for any reason, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the
parties under this Agreement. 
 20.    Withholding. Altimmune may withhold from any
amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

21.    Section 409A. 

(a)    Although Altimmune does not guarantee the tax treatment of any payments or benefits provided under this Agreement,
it is intended that this Agreement will comply with, or be exempt from, Code Section 409A to the extent this Agreement (or any benefit or payment provided hereunder) is subject thereto, and this Agreement shall be interpreted on a basis
consistent with such intent. 
 (b)    Notwithstanding any provision to the contrary in this Agreement, if Brown is
deemed on the date of his “separation from service” (within the meaning of Treas. Reg. Section 1.409A-1(h)) with Altimmune to be a “specified employee” (within the meaning of
Treas. Reg. Section 1.409A-1(i)), then with regard to any payment or benefit that is considered non-qualified deferred compensation under Code
Section 409A payable on account of a “separation from service” that is required to be delayed pursuant to Code Section 409A(a)(2)(B) of the Code (after taking into account any applicable exceptions to such requirement), such
payment or benefit shall be made or provided on the date that is the earlier of (i) the date immediately following the expiration of the six-month period measured from the date of Brown’s
“separation from service,” and (ii) the date of Brown’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 21(b) (whether
they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Brown in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein. 

  
 8 

 (c)    Notwithstanding any provision of this Agreement to the contrary,
for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered deferred compensation under Code Section 409A, references to Brown’s
“termination of employment” (and corollary terms) with Altimmune shall be construed to refer to Brown’s “separation from service” (within the meaning of Treas.
Reg. Section 1.409A-1(h)) with Altimmune. 
 (d)    Whenever
payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Code Section 409A. Whenever a payment under this Agreement specifies a payment period with reference to
a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of Altimmune. Notwithstanding
anything herein, Brown shall be responsible for payment of any applicable personal tax liabilities associated with the receipt of income or benefits pursuant to this Agreement. 

22.    Section 280G. 

(a)    Notwithstanding anything contained in this Agreement to the contrary, (i) to the extent that any payment or
distribution of any type to or for the benefit of Brown by Altimmune, any affiliate thereof, any person or entity who acquires ownership or effective control of Altimmune or ownership of a substantial portion of Altimmune’s assets (within the
meaning of Section 280G of the Code and the regulations thereunder), or any affiliate of such person or entity, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the
“Payments”) constitutes “parachute payments” (within the meaning of Section 280G of the Code), and if (ii) such aggregate Payments would, if reduced by all federal, state and local taxes applicable thereto,
including the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), be less than the amount Brown would receive, after all taxes, if Brown received aggregate Payments equal (as valued under Section 280G of
the Code) to only three times Brown’s “base amount” (within the meaning of Section 280G of the Code), less $1.00, then (iii) such Payments shall be reduced (but not below zero) if and to the extent necessary so that no
Payments to be made or benefit to be provided to Brown shall be subject to the Excise Tax. 
 (b)    The determination
of whether the Payments shall be reduced as provided in Section 22(a) hereof and the amount of such reduction shall be made at Altimmune’s expense by an independent public accounting firm of national reputation selected by Altimmune (the
“Accounting Firm”). The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation, to Altimmune and Brown within ten (10) days after
Brown’s final day of employment. If the Accounting Firm determines that no Excise Tax is payable by Brown with respect to the Payments, it shall furnish Brown with an opinion reasonably acceptable to the him that no Excise Tax will be imposed
with respect to any such payments and, absent manifest error, such Determination shall be binding, final and conclusive upon Altimmune and Brown. 

23.    Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which shall together constitute one in the same Agreement. 

  
 9 

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

									
	ALTIMMUNE, INC.:	 		 	WILLIAM M. BROWN:
				
	By:	 	/s/ Vipin K. Garg	 		 	/s/ William Brown
		 	Vipin K. Garg, Chief Executive Officer	 		 	
				
	Date:	 	June 10, 2019	 		 	Date: June 10, 2019

  
 10Exhibit 10.1

 

Execution Copy

  

AGREEMENT AND PLAN OF MERGER

 

By and Among

 

THEMAVEN, INC.,

 

TST ACQUISITION CO., INC.

 

and

 

THESTREET, INC.

 

Dated as of June 11, 2019

 

    	 

     

    

 

Table of Contents

 

	 		Page
	 	 	 
	Article I DEFINITIONS	2
	 	 	 
	Section 1.1	Definitions	2
	 	 	 
	Article II THE MERGER	2
	 	 	 
	Section 2.1	The Merger	2
	 	 	 
	Section 2.2	Closing	2
	 	 	 
	Section 2.3	Effective Time	2
	 	 	 
	Section 2.4	Certificate of Incorporation and Bylaws	2
	 	 	 
	Section 2.5	Board of Directors	3
	 	 	 
	Section 2.6	Officers	3
	 	 	 
	Article III EFFECT OF THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES	3
	 	 	 
	Section 3.1	Effect on Securities	3
	 	 	 
	Section 3.2	Exchange of Certificates	4
	 	 	 
	Section 3.3	Stock Options	7
	 	 	 
	Section 3.4	Lost Certificates	7
	 	 	 
	Section 3.5	Dissenting Shares	7
	 	 	 
	Section 3.6	Transfers; No Further Ownership Rights	7
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY	8
	 	 	 
	Section 4.1	Organization and Qualification; Subsidiaries	8
	 	 	 
	Section 4.2	Certificate of Incorporation and Bylaws	8
	 	 	 
	Section 4.3	Capitalization	9
	 	 	 
	Section 4.4	Authority Relative to Agreement	10
	 	 	 
	Section 4.5	No Conflict; Required Filings and Consents	10
	 	 	 
	Section 4.6	Permits and Licenses	11
	 	 	 
	Section 4.7	Compliance with Laws	11
	 	 	 
	Section 4.8	Company SEC Documents; Financial Statements	11
	 	 	 
	Section 4.9	Information Supplied	12
	 	 	 
	Section 4.10	Disclosure Controls and Procedures	12
	 	 	 
	Section 4.11	Absence of Certain Changes or Events	13
	 	 	 
	Section 4.12	No Undisclosed Liabilities	13

 

    	-i- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 4.13	Absence of Litigation	13
	 	 	 
	Section 4.14	Employee Benefit Plans	13
	 	 	 
	Section 4.15	Labor Matters	15
	 	 	 
	Section 4.16	Intellectual Property	15
	 	 	 
	Section 4.17	Taxes	16
	 	 	 
	Section 4.18	Material Contracts	17
	 	 	 
	Section 4.19	Property	18
	 	 	 
	Section 4.20	Takeover Statutes	18
	 	 	 
	Section 4.21	Vote Required	18
	 	 	 
	Section 4.22	Brokers	18
	 	 	 
	Section 4.23	No Other Representations or Warranties	19
	 	 	 
	Section 4.24	Prior Transactions	19
	 	 	 
	Section 4.25	Key Personnel	19
	 	 	 
	Article V REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB	19
	 	 	 
	Section 5.1	Organization and Qualification; Subsidiaries	20
	 	 	 
	Section 5.2	Certificate of Incorporation, Bylaws, and Other Organizational Documents	20
	 	 	 
	Section 5.3	Authority Relative to Agreement	20
	 	 	 
	Section 5.4	No Conflict; Required Filings and Consents	21
	 	 	 
	Section 5.5	Absence of Litigation	21
	 	 	 
	Section 5.6	Absence of Certain Agreements	21
	 	 	 
	Section 5.7	Parent SEC Documents; Financial Statements; Information Supplied	22
	 	 	 
	Section 5.8	Capitalization of Merger Sub	22
	 	 	 
	Section 5.9	Brokers	23
	 	 	 
	Section 5.10	Sufficient Funds; Solvency	23
	 	 	 
	Section 5.11	DGCL Section 203	23
	 	 	 
	Section 5.12	Parent Ownership of Company Securities	24
	 	 	 
	Section 5.13	WARN Act	24
	 	 	 
	Section 5.14	Management Agreements	24

 

    	-ii- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.15	No Parent Vote Required	24
	 	 	 
	Section 5.16	Acknowledgement of Disclaimer of Other Representations and Warranties	24
	 	 	 
	Article VI COVENANTS AND AGREEMENTS	25
	 	 	 
	Section 6.1	Conduct of Business by the Company Pending the Merger	25
	 	 	 
	Section 6.2	Proxy Statement	27
	 	 	 
	Section 6.3	Stockholders’ Meeting	28
	 	 	 
	Section 6.4	Appropriate Action; Consents; Filings	28
	 	 	 
	Section 6.5	Access to Information; Confidentiality	29
	 	 	 
	Section 6.6	Non-Solicitation; Acquisition Proposals	30
	 	 	 
	Section 6.7	Directors’ and Officers’ Indemnification and Insurance	33
	 	 	 
	Section 6.8	Notification of Certain Matters	34
	 	 	 
	Section 6.9	Public Announcements	35
	 	 	 
	Section 6.10	Employee Matters	35
	 	 	 
	Section 6.11	Merger Sub	36
	 	 	 
	Section 6.12	No Control of the Company’s Business	36
	 	 	 
	Section 6.13	Rule 16b-3 Matters	36
	 	 	 
	Section 6.14	CVR Agreement	36
	 	 	 
	Section 6.15	Resignation of Directors	37
	 	 	 
	Section 6.16	Recapitalization; Pre-Merger Special Distribution; Tax Characterization	37
	 	 	 
	Section 6.17	RWI Policy	37
	 	 	 
	Section 6.18	Tax Reporting	38
	 	 	 
	Article VII CONDITIONS TO THE MERGER 	38
	 	 	 
	Section 7.1	Conditions to the Obligations of Each Party	38
	 	 	 
	Section 7.2	Conditions to the Obligations of Parent and Merger Sub	39
	 	 	 
	Section 7.3	Conditions to the Obligations of the Company	39
	 	 	 
	Section 7.4	Frustration of Conditions	40
	 	 	 
	Article VIII TERMINATION, AMENDMENT AND WAIVER 	40
	 	 	 
	Section 8.1	Termination	40
	 	 	 
	Section 8.2	Effect of Termination	42

 

    	-iii- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 8.3	Termination Fees	42
	 	 	 
	Section 8.4	Amendment	43
	 	 	 
	Section 8.5	Waiver	43
	 	 	 
	Section 8.6	Expenses; Transfer Taxes	43
	 	 	 
	Article IX GENERAL PROVISIONS 	44
	 	 	 
	Section 9.1	Non-Survival of Representations, Warranties and Agreements	44
	 	 	 
	Section 9.2	Notices	44
	 	 	 
	Section 9.3	Interpretation; Certain Definitions	45
	 	 	 
	Section 9.4	Severability	45
	 	 	 
	Section 9.5	Assignment	45
	 	 	 
	Section 9.6	Entire Agreement	46
	 	 	 
	Section 9.7	No Third-Party Beneficiaries	46
	 	 	 
	Section 9.8	Governing Law; Consent to Jurisdiction	46
	 	 	 
	Section 9.9	Specific Performance	47
	 	 	 
	Section 9.10	Counterparts	47
	 	 	 
	Section 9.11	WAIVER OF JURY TRIAL	47

 

Appendix A – Definitions

 

Exhibit A – Form of CVR Agreement

 

    	-iv- 

     

    

 

INDEX

(continued)

 

	 	Page
	 	 
	1	 
	 	 
	1998 Plan	50
	 	 
	2	 
	 	 
	2007 Plan	50
	 	 
	A	 
	 	 
	Acceptable Confidentiality Agreement	50
	Adverse Recommendation Change	31
	Aggregate Merger Consideration	50
	Agreement	1
	Alternative Acquisition Agreement	30
	 	 
	B	 
	 	 
	Balance Sheet Date	13
	Blue Sky Laws	50
	Book-Entry Shares	3
	Business Day	50
	 	 
	C	 
	 	 
	Capitalization Date	9
	Certificate of Merger	2
	Certificates	3
	Chosen Courts	46
	Closing	2
	Closing Date	2
	Code	50
	Committee	30
	Company	1
	Company Benefit Plan	50
	Company Common Stock	1
	Company Disclosure Schedule	8
	Company Employees	15, 35
	Company Intellectual Property Rights	15
	Company Lease	50
	Company Material Adverse Effect	39, 51
	Company Material Contract	17
	Company Option	50
	Company Permits	11
	Company Plans	50
	Company Preferred Stock	9
	Company Recommendation	52

 

    	-v- 

     

    

 

INDEX

(continued)

 

	 	Page
	 	 
	Company Related Parties	43
	Company SEC Documents	11
	Company Securities	9
	Competing Proposal	32
	Confidentiality Agreement	52
	Contract	52
	CVR Agreement	36
	 	 
	D	 
	 	 
	D&O Insurance	34
	DGCL	52
	Dissenting Shares	7
	Distribution	52
	 	 
	E	 
	 	 
	Effective Time	2
	Electronic Data Room	19
	ERISA	52
	ERISA Affiliate	53
	Escrow Account	4
	Escrow Agent	4
	Escrow Deposit	4
	Excess Cash Amount	53
	Exchange Act	53
	Exchange Fund	4
	Expenses	53
	 	 
	G	 
	 	 
	GAAP	53
	Governmental Authority	53
	 	 
	I	 
	 	 
	Indemnitee	53
	Intellectual Property Rights	15
	IRS	53
	 	 
	K	 
	 	 
	Knowledge	53
	 	 
	L	 
	 	 
	Law	53
	Lien	54

 

    	-vi- 

     

    

 

INDEX

(continued)

 

	 	Page
	 	 
	M	 
	 	 
	Merger	1
	Merger Consideration	3
	Merger Sub	1
	 	 
	N	 
	 	 
	New Plans	35
	Notice of Superior Proposal	31
	 	 
	O	 
	 	 
	Order	54
	 	 
	P	 
	 	 
	Parent	1
	Parent Disclosure Schedule	19
	Parent Material Adverse Effect	39, 54
	Parent Organizational Documents	20
	Parent SEC Documents	22
	Paying Agent	4
	Per Share Amount	54
	Permitted Lien	54
	Person	54
	Proxy Statement	12
	 	 
	R	 
	 	 
	Recapitalization	1
	Representatives	55
	Requisite Stockholder Approval	18
	RWI Policy	37
	 	 
	S	 
	 	 
	Sarbanes-Oxley Act	11
	SEC	55
	Secretary of State	55
	Securities Act	55
	Stockholders’ Meeting	28
	Subsidiary	55
	Superior Proposal	31
	Surviving Corporation	2
	 	 
	T	 
	 	 
	Takeover Statutes	18
	Tax	55

 

    	-vii- 

     

    

 

INDEX

(continued)

 

	 	Page
	 	 
	Tax Returns	55
	Termination Date	40
	Termination Fee	42
	Third Party	55
	Transaction Litigation	55
	Treasury Regulations	55
	 	 
	U	 
	 	 
	Union	15
	 	 
	W	 
	 	 
	WARN Act	55

 

    	-viii- 

     

    

 

THIS AGREEMENT AND PLAN OF MERGER, dated
as of June 11, 2019 (this “Agreement”), is made by and among TheMaven, Inc., a Delaware corporation (“Parent”),
TST Acquisition Co., Inc., a Delaware corporation and wholly owned Subsidiary of Parent (“Merger Sub”), and
TheStreet, Inc., a Delaware corporation (the “Company”).

 

WITNESSETH:

 

WHEREAS, the respective boards of directors
of Parent, Merger Sub and the Company have each approved and declared advisable, this Agreement and the merger of Merger Sub with
and into the Company (the “Merger”) upon the terms and subject to the conditions and limitations set forth in
this Agreement and in accordance with the DGCL, whereby each issued and outstanding share of common stock, par value $0.01 per
share, of the Company (the “Company Common Stock”) shall be converted into the right to receive the Merger Consideration;

 

WHEREAS, each of Parent, Merger Sub and
the Company desire to make certain representations, warranties, covenants and agreements in connection with the Merger and also
to prescribe various conditions to the Merger;

 

WHEREAS, each of Eric Lundberg, Chief Executive
Officer and Chief Financial Officer of the Company, and Margaret De Luna, President and Chief Operating Officer of the Company,
have entered into letter agreements with the Company in which they have agreed to continue their service with the Surviving Corporation
for a minimum of three months following Closing;

 

WHEREAS, concurrently with the execution
and delivery of this Agreement, as a condition and inducement to the willingness of Parent and Merger Sub to enter into this Agreement,
180 Degree Capital Corp. and TheStreet SPV Series - a Series of 180 Degree Capital Management, LLC, solely in their capacities
as stockholders of the Company, are entering into a Voting Agreement with Parent and Merger Sub (the “Voting Agreement”)
pursuant to which each such stockholder is agreeing, upon the terms and subject to the conditions of such Voting Agreement, to
vote at the Stockholders’ Meeting the shares of Company Common Stock beneficially owned by it in favor of the adoption of
this Agreement and the approval of the Merger at the Stockholders’ Meeting; and

 

WHEREAS, prior to the Effective Time, the
Company intends to either (a) distribute the Excess Cash Amount in exchange for a portion of the Company Common Stock by conducting
a recapitalization of the Company Common Stock (the “Recapitalization”), in accordance with the DGCL and subject
to the limitations under this Agreement, or (b) pay a cash distribution on the Company Common Stock equal to the Excess Cash Amount
(the “Pre-Merger Special Distribution”) to holders of record of issued and outstanding shares of Company Common
Stock immediately prior to the Effective Time.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties and covenants and subject to the conditions herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

    	 

     

    

 

Article I

DEFINITIONS

 

Section 1.1           Definitions.
Defined terms used in this Agreement have the respective meanings ascribed to them by definition in this Agreement or in Appendix A.

 

Article II

THE MERGER

 

Section 2.1           The
Merger. Upon the terms and subject to the conditions of this Agreement, and in accordance with the DGCL, at the Effective
Time, Merger Sub shall be merged with and into the Company, whereupon the separate existence of Merger Sub shall cease, and the
Company shall continue under the name “TheStreet, Inc.” as the surviving corporation (the “Surviving Corporation”)
and shall continue to be governed by the laws of the State of Delaware.

 

Section 2.2           Closing.
Subject to the satisfaction or, if permissible, waiver of the conditions set forth in Article VII, the closing of
the Merger (the “Closing”) will take place by teleconference and the exchange of deliverables (in counterparts
or otherwise) by electronic transmission in PDF format or by facsimile, at 10:00 a.m. (Eastern time) on a date to be specified
by the parties hereto, but no later than the second Business Day after the satisfaction or waiver of the conditions set forth
in Article VII (other than those conditions that by their terms are to be satisfied at the Closing, but subject to
the satisfaction or waiver of such conditions), unless another time, date or place is agreed to in writing by the parties hereto
(such date being the “Closing Date”).

 

Section 2.3           Effective
Time.

 

(a)          Concurrently
with the Closing, the Company, Parent and Merger Sub shall cause a certificate of merger, or a certificate of ownership and merger,
as applicable (the “Certificate of Merger”), with respect to the Merger to be executed and filed with the Secretary
of State as provided under the DGCL. The Merger shall become effective upon the later of (a) the date and time at which the
Certificate of Merger has been duly filed with the Secretary of State, or (b) if applicable, such other date and time as is
agreed between the parties and specified in the Certificate of Merger (such date and time being hereinafter referred to as the
 “Effective Time”).

 

(b)          From
and after the Effective Time, the Surviving Corporation shall possess all properties, rights, privileges, powers and franchises
of the Company and Merger Sub, and all of the claims, obligations, liabilities, debts and duties of the Company and Merger Sub
shall become the claims, obligations, liabilities, debts and duties of the Surviving Corporation.

 

Section 2.4           Certificate
of Incorporation and Bylaws. Subject to Section 6.7, at the Effective Time, the certificate of incorporation and
bylaws of the Surviving Corporation shall be amended to be identical to the certificate of incorporation and bylaws, respectively,
of Merger Sub, as in effect immediately prior to the Effective Time, until thereafter amended in accordance with applicable Law
and the applicable provisions of the certificate of incorporation and bylaws; provided that at the Effective Time, Article I
of the certificate of incorporation of the Surviving Corporation shall be amended and restated in its entirety to read as
follows: “The name of the corporation is TheStreet, Inc.; and provided further that at the Effective Time, the title
of the Bylaws of the Surviving Corporation shall be amended and restated in its entirety to read as follows: “Bylaws of
TheStreet, Inc.”.

 

    	2 

     

    

 

Section 2.5           Board
of Directors. Subject to applicable Law, each of the parties hereto shall take all necessary action to ensure that the board
of directors of the Surviving Corporation effective as of, and immediately following, the Effective Time shall consist of the
members of the board of directors of Merger Sub immediately prior to the Effective Time, each to hold office in accordance with
the certificate of incorporation and bylaws of the Surviving Corporation until their respective successors shall have been duly
elected, designated or qualified, or until their earlier death, resignation or removal in accordance with the certificate of incorporation
and bylaws of the Surviving Corporation.

 

Section 2.6           Officers.
From and after the Effective Time, the officers of the Surviving Corporation shall be the officers designated by the board of
directors of Merger Sub prior to the Effective Time, each to hold office in accordance with the certificate of incorporation and
bylaws of the Surviving Corporation until their respective successors are duly elected or appointed and qualified in accordance
with applicable Law.

 

Article III

EFFECT OF THE MERGER ON CAPITAL STOCK;

EXCHANGE OF CERTIFICATES

 

Section 3.1           Effect
on Securities. At the Effective Time, by virtue of the Merger and without any action on the part of the Company, Merger Sub
or the holders of any securities of the Company or Merger Sub:

 

(a)          Cancellation
of Company Securities. Each share of Company Common Stock held by the Company as treasury stock, held by a wholly owned Subsidiary
of the Company or held by Parent or Merger Sub immediately prior to the Effective Time shall automatically be canceled and retired
and shall cease to exist, and no consideration or payment shall be delivered in exchange therefor or in respect thereof.

 

(b)          Conversion
of Company Securities. Except as otherwise provided in this Agreement, each share of Company Common Stock issued and outstanding
immediately prior to the Effective Time (after giving effect to the Recapitalization or Pre-Merger Special Distribution, as the
case may be, other than shares canceled pursuant to Section 3.1(a) and Dissenting Shares) shall be converted into the
right to receive (i) an amount in cash equal to the Per Share Amount and (ii) one contractual contingent value right per share
of Company Common Stock (each, a “CVR”), subject to and in accordance with the CVR Agreement (collectively,
the “Merger Consideration”), in each case, without any interest thereon and subject to any withholding
of Taxes in accordance with Section 3.2(i). Each share of Company Common Stock to be converted into the right to receive
the Merger Consideration as provided in this Section 3.1(b) shall be automatically canceled and shall cease to exist,
and the holders of certificates (the “Certificates”) or book-entry shares (“Book-Entry Shares”)
which immediately prior to the Effective Time represented such Company Common Stock shall cease to have any rights with respect
to such Company Common Stock other than the right to receive, upon surrender of such Certificates or Book-Entry Shares in accordance
with Section 3.2, the Merger Consideration, without interest thereon.

 

    	3 

     

    

 

(c)          Conversion
of Merger Sub Capital Stock. At the Effective Time, by virtue of the Merger and without any action on the part of the holder
thereof, each share of common stock, par value of $0.01 per share, of Merger Sub issued and outstanding immediately prior to the
Effective Time shall be converted into and become one (1) fully paid share of common stock, par value $0.01 per share,
of the Surviving Corporation and constitute the only outstanding shares of capital stock of the Surviving Corporation.

 

(d)          Adjustments.
Without limiting the other provisions of this Agreement and subject to Section 6.1(c), if at any time during the period
between the date of this Agreement and the Effective Time, any change in the number of outstanding shares of Company Common Stock
shall occur as a result of a reclassification, recapitalization, stock split (including the 1-for-10 reverse stock split of the
Company Common Stock approved by the Company’s board of directors in connection the Distribution and any other reverse stock
split), or combination, exchange or readjustment of shares, or any stock dividend or stock distribution with a record date during
such period, the Merger Consideration shall be equitably adjusted to reflect such change; provided that the parties acknowledge
that the Distribution and the Pre-Merger Special Distribution shall not require an adjustment to the Merger Consideration.

 

Section 3.2           Exchange
of Certificates.

 

(a)          Escrow
of Aggregate Cash Merger Consideration. As of the date of this Agreement, Parent has caused to be deposited an amount in cash
equal to the Aggregate Cash Merger Consideration (the “Escrow Deposit”) with Citibank, N.A., as escrow agent
(“Escrow Agent”), as collateral and security for the payment of the Aggregate Cash Merger Consideration, which
amount shall be held in a segregated account (the “Escrow Account”) by Escrow Agent in accordance with the terms
and conditions of the escrow and paying agent agreement entered by the parties hereto and the Escrow Agent into prior to the execution
of this Agreement.

 

(b)          Designation
of Paying Agent; Deposit of Exchange Fund. The Escrow Agent hereby is designated as the paying agent (the “Paying
Agent”) for the payment of the Merger Consideration as provided in Section 3.1(b). Immediately after the
Effective Time, the Escrow Deposit shall be deposited with the Paying Agent (such deposit, the “Exchange Fund”).
In the event the Aggregate Cash Merger Consideration portion of the Exchange Fund shall be insufficient to make the payments contemplated
by Section 3.1(b)(i) Parent shall promptly deposit, or cause to be deposited, additional funds with the Paying Agent
in an amount that is equal to the deficiency in the amount required to make such payment. Following the Effective Time, if not
already paid, Parent shall promptly cause the Paying Agent to make, and the Paying Agent shall make, payments of the Aggregate
Cash Merger Consideration to the holders of Company Common Stock pursuant to Section 3.1(b). The Exchange Fund shall
not be used for any purpose other than to fund payments pursuant to Section 3.1, except as expressly provided for in
this Agreement.

 

    	4 

     

    

 

(c)          As
promptly as practicable following the Effective Time and in any event not later than the second Business Day thereafter, the Surviving
Corporation shall cause the Paying Agent to mail (and to make available for collection by hand) to each holder of record of a Certificate
or Book-Entry Share that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (x) a
letter of transmittal, which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry
Shares, as applicable, shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry
Shares to the Paying Agent and which shall be in the form and have such other provisions as Parent may reasonably specify and (y) instructions
for use in effecting the surrender of the Certificates or Book-Entry Shares in exchange for the Merger Consideration into which
the number of shares of Company Common Stock previously represented by such Certificate or Book-Entry Shares shall have been converted
pursuant to this Agreement (which instructions shall provide that, at the election of the surrendering holder, (1) Certificates
or Book-Entry Shares may be surrendered by hand delivery or otherwise or (2) the Merger Consideration in exchange therefor
may be collected by hand by the surrendering holder or by wire transfer to the surrendering holder). The CVRs shall not be evidenced
by a certificate or other instrument.

 

(d)          Upon
surrender of a Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share for cancellation to the Paying Agent, together
with a letter of transmittal duly completed and validly executed in accordance with the instructions thereto, and such other documents
as may be required pursuant to such instructions (including, without limitation, any necessary Tax forms), the holder of such Certificate
or Book-Entry Share shall be entitled to receive in exchange therefor the Merger Consideration for each share of Company Common
Stock formerly represented by such Certificate or Book-Entry Share, to be mailed, made available for collection by hand or delivered
by wire transfer, as elected by the surrendering holder, within two (2) Business Days following the later to occur of (i) the
Effective Time or (ii) the Paying Agent’s receipt of such Certificate (or affidavit of loss in lieu thereof) or Book-Entry
Share, and the Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share so surrendered shall be forthwith canceled.
The Paying Agent shall accept such Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares upon compliance with
such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal
exchange practices. Until surrendered as contemplated by this Section 3.2(d), each Certificate (or affidavit of loss in lieu
thereof) or Book-Entry Share shall be deemed, at any time after the Effective Time, to represent only the right to receive, upon
proper surrender, the Merger Consideration as contemplated by this Article III. No interest shall be paid or accrued
for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender of the
Certificates or Book-Entry Shares.

 

(e)          In
the event of a transfer of ownership of shares of Company Common Stock that is not registered in the transfer records of the Company,
it shall be a condition of payment that any Certificate surrendered in accordance with the procedures set forth in this Section 3.2
shall be properly endorsed or shall be otherwise in proper form for transfer, or any Book-Entry Share shall be properly transferred,
and that the person requesting such payment shall have paid any transfer taxes and other Taxes required by reason of the payment
of the Merger Consideration (including, for the avoidance of doubt, payment in the form of or with respect to the CVRs) to a person
other than the registered holder of the Certificate or Book-Entry Share surrendered or shall have established to the satisfaction
of Parent that such Tax either has been paid or is not applicable.

 

    	5 

     

    

 

(f)          Termination
of Exchange Fund. Any portion of the Exchange Fund which remains undistributed to the holders of the Certificates or Book-Entry
Shares for one (1) year after the Effective Time shall be delivered to Parent (including, without limitation, all interest
and other income received by the Paying Agent in respect of all funds made available to it), upon demand, and any such holders
prior to the Merger who have not theretofore complied with this Article III shall thereafter look only to Surviving
Corporation and Parent (subject to abandoned property, escheatment or other similar Laws) as general creditor thereof for payment
of their claims for cash, without interest, to which such holders may be entitled under or pursuant to this Agreement.

 

(g)          No
Liability. None of Parent, Merger Sub, the Company, the Surviving Corporation or the Paying Agent shall be liable to any person
in respect of any cash held in the Exchange Fund delivered to a public official pursuant to any applicable abandoned property,
escheat or similar Law. If any Certificates or Book-Entry Shares shall not have been surrendered immediately prior to the date
on which any cash in respect of such Certificate or Book-Entry Share would otherwise escheat to or become the property of any Governmental
Authority, any such cash in respect of such Certificate or Book-Entry Share shall, to the extent permitted by applicable Law, become
the property of Parent, free and clear of all claims or interest of any person previously entitled thereto.

 

(h)          Investment
of Exchange Fund. The Paying Agent shall invest any cash included in the Exchange Fund as directed by Parent or, after the
Effective Time, the Surviving Corporation; provided that (i) no such investment shall relieve Parent or the Paying
Agent from making the Aggregate Cash Merger Consideration payments required by this Article III, and, to the extent
that there are losses with respect to such investments, or the Exchange Fund diminishes for other reasons below the level required
to make prompt payments of the Aggregate Cash Merger Consideration as contemplated hereby, Parent shall promptly replace or restore
the portion of the Exchange Fund lost through investments or other events so as to ensure that the Exchange Fund is reasonably
maintained at a level sufficient to make the Aggregate Cash Merger Consideration payments, (ii) no such investment shall have
maturities that could prevent or delay payments to be made pursuant to this Agreement, and (iii) such investments shall be
in short-term obligations of the United States of America with maturities of no more than thirty (30) days or guaranteed by
the United States of America and backed by the full faith and credit of the United States of America. Any interest or income produced
by such investments will be payable to Parent.

 

(i)          Withholdings.
Parent, the Surviving Corporation and the Paying Agent shall be, subject to Section 2.4(b) of the CVR Agreement, entitled to deduct
and withhold from the Merger Consideration and any amounts otherwise payable pursuant to this Agreement or the CVR Agreement to
any holder of shares of Company Common Stock such amounts as Parent, the Surviving Corporation or the Paying Agent are required
to deduct and withhold with respect to the making of such payment under the Code or any provision of applicable Tax Law. To the
extent that amounts are so withheld and paid over to the appropriate taxing authority by Parent, the Surviving Corporation or the
Paying Agent, such withheld amounts shall be treated for all purposes of this Agreement and the CVR Agreement as having been paid
to the person in respect of which such deduction and withholding was made by Parent, the Surviving Corporation or the Paying Agent.

 

    	6 

     

    

 

Section 3.3           Stock
Options. By virtue of the Merger, each Company Option (whether vested or unvested) that is outstanding and unexercised immediately
prior to Effective Time shall be canceled as of the Effective Time for no consideration. The Company shall take such actions at
it reasonably determines are necessary such that no Company Option shall be outstanding effective as of the Effective Time.

 

Section 3.4           Lost
Certificates. If any Certificate shall have been lost, stolen or destroyed, then upon the making of an affidavit of that fact
by the person claiming such Certificate to be lost, stolen or destroyed and, if required by the Surviving Corporation, the posting
by such person of a bond, in such reasonable amount as the Surviving Corporation may direct, as indemnity against any claim that
may be made against it with respect to such Certificate, the Paying Agent will issue in exchange for such lost, stolen or destroyed
Certificate the Merger Consideration to which the holder thereof is entitled pursuant to this Article III.

 

Section 3.5           Dissenting
Shares. Notwithstanding anything in this Agreement to the contrary, to the extent that holders thereof are entitled to appraisal
rights under Section 262 of the DGCL, shares of Company Common Stock issued and outstanding immediately prior to the Effective
Time and held by a holder who has properly exercised and perfected his or her demand for appraisal rights under Section 262
of the DGCL (the “Dissenting Shares”), shall not be converted into the right to receive the Merger Consideration,
but the holders of such Dissenting Shares shall be entitled to receive such consideration as shall be determined pursuant to Section 262
of the DGCL (and at the Effective Time, such Dissenting Shares shall no longer be outstanding and shall automatically be cancelled
and shall cease to exist, and such holder shall cease to have any rights with respect thereto, except the rights set forth in
Section 262 of the DGCL); provided, however, that if any such holder shall have failed to perfect or shall
have effectively withdrawn or lost his or her right to appraisal and payment under the DGCL, such holder’s shares of Company
Common Stock shall thereupon be deemed to have been converted as of the Effective Time into the right to receive the Merger Consideration,
without any interest thereon, and such shares shall not be deemed to be Dissenting Shares. The Company shall give Parent notice
of any written demands for appraisal or payment of the fair value of any shares of Company Common Stock or withdrawals of such
demands.

 

Section 3.6           Transfers;
No Further Ownership Rights. Subject to Section 3.2, from and after the Effective Time, the holders of shares
of Company Common Stock, outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such
Company Common Stock, except as otherwise provided herein and by applicable Law. The Aggregate Cash Merger Consideration paid
in respect of shares of Company Common Stock, upon the surrender for exchange of Certificates or Book-Entry Shares in accordance
with the terms of this Article III shall be deemed to have been paid in full satisfaction of all rights pertaining
to the shares of Company Common Stock previously represented by such Certificates or Book-Entry Shares. From and after the Effective
Time, the stock transfer books of the Company shall be closed with respect to Company Common Stock that were outstanding immediately
prior to the Effective Time, and there shall be no further registration of transfers on the stock transfer books of the Surviving
Corporation with respect to the Company Common Stock outstanding immediately prior to the Effective Time. After the Effective
Time, Company Common Stock presented to the Surviving Corporation or the Paying Agent for any reason, shall be canceled and exchanged
as provided in this Article III.

 

    	7 

     

    

 

 

Article IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Except (a) as disclosed in the separate
disclosure letter which has been delivered by the Company to Parent and Merger Sub prior to the execution of this Agreement (the
 “Company Disclosure Schedule”), which contains specific references to the particular Article or Section of this
Agreement to which the information set forth in such schedule relates (which disclosures shall also apply to any other Article
or Section to the extent the relevance of the disclosure is readily apparent) or (b) as and to the extent set forth in the
Company SEC Documents filed with, or furnished by the Company to, the SEC on or after January 1, 2018 and prior to the date
hereof, to the extent the relevance of the disclosure is reasonably apparent (excluding any forward-looking disclosures, whether
or not contained under the heading “forward-looking statements,” other than any specific factual information contained
therein), the Company hereby represents and warrants to Parent and Merger Sub as follows:

 

Section 4.1           Organization
and Qualification; Subsidiaries.

 

(a)          Each
of the Company and its Subsidiaries is a corporation or legal entity duly organized or formed, validly existing and in good standing,
under the laws of its jurisdiction of organization or formation. Each of the Company and its Subsidiaries has the requisite corporate,
partnership or limited liability company power and authority and all necessary governmental approvals to own, lease and operate
its properties and to carry on its business as it is now being conducted, except where the failure to have such power, authority
and governmental approvals would not have, individually or in the aggregate, a Company Material Adverse Effect. Each of the Company
and its Subsidiaries is duly qualified or licensed as a foreign corporation to do business, and is in good standing, in each jurisdiction
in which the character of the properties owned, leased or operated by it or the nature of its business makes such qualification
or licensing necessary, except where the failure to be so qualified or licensed or to be in good standing would not have, individually
or in the aggregate, a Company Material Adverse Effect.

 

(b)          The
Company has no “significant subsidiaries” (as such term is defined in Rule 1-02 of Regulation S-X promulgated under
the Securities Act). Except for the capital stock and other equity interests of its Subsidiaries, the Company does not own, directly
or indirectly, any capital stock or other equity interest in any other person (including through participation in any joint venture
or similar arrangement).

 

Section 4.2           Certificate
of Incorporation and Bylaws. The Company has made available to Parent true, correct and complete copies of the current Restated
Certificate of Incorporation and the Bylaws or other equivalent organizational or governing documents of the Company and each
of its Subsidiaries, each as amended to date. The Restated Certificate of Incorporation and the Bylaws of the Company and the
equivalent organizational or governing documents of each of the Company’s Subsidiaries are in full force and effect. None
of the Company or any of its Subsidiaries or, to the knowledge of the Company, any of the other parties thereto, is in violation
of any material provision of such organizational or governing documents, except as would not have, individually or in the aggregate,
a Company Material Adverse Effect.

 

    	8 

     

    

 

Section 4.3           Capitalization.

 

(a)          The
authorized capital stock of the Company consists of (i) 10,000,000 shares of Company Common Stock and (iii) 10,000,000
shares of preferred stock, par value $0.01 per share (the “Company Preferred Stock”). As of June 9, 2019
(such date, the “Capitalization Date”), (A) 6,407,273 shares of Company Common Stock were issued and 5,336,639
shares of Company Common Stock were outstanding; (B) no shares of Company Preferred Stock were issued and outstanding; and
(C) 1,070,634 shares of Company Common Stock were held by the Company as treasury shares. All outstanding shares of Company
Common Stock are validly issued, fully paid, nonassessable and free of any preemptive rights. From the Capitalization Date to the
date hereof, the Company has not issued or granted any Company Securities other than pursuant to the exercise of Company Options
granted prior to the date hereof.

 

(b)          Except
as set forth in this Section 4.3(b) of the Company Disclosure Schedule, as of the Capitalization Date there were (i) other
than the Company Common Stock, no outstanding shares of capital stock of, or other equity or voting interest in, the Company; (ii) no
outstanding securities of the Company convertible into or exchangeable or exercisable for shares of capital stock of, or other
equity or voting interest (including voting debt) in, the Company; (iii) no outstanding options, warrants or other rights
or binding arrangements to acquire from the Company, or that obligate the Company to issue, any capital stock of, or other equity
or voting interest in, or any securities convertible into or exchangeable for shares of capital stock of, or other equity or voting
interest (including voting debt) in, the Company; (iv) no obligations of the Company to grant, extend or enter into any subscription,
warrant, right, convertible, exchangeable or exercisable security, or other similar Contract relating to any capital stock of,
or other equity or voting interest (including any voting debt) in, the Company; (v) no outstanding shares of restricted stock,
restricted stock units, stock appreciation rights, performance shares, contingent value rights, “phantom” stock or
similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or
price of, any capital stock of, or other securities or ownership interests in, the Company (the items in clauses (i), (ii),
(iii), (iv) and (v), collectively with the Company Common Stock, the “Company Securities”); (vi) no voting
trusts, proxies or similar arrangements or understandings to which the Company is a party or by which the Company is bound with
respect to the voting of any shares of capital stock of, or other equity or voting interest in, the Company; (vii) no obligations
or binding commitments of any character restricting the transfer of any shares of capital stock of, or other equity or voting interest
in, the Company to which the Company is a party or by which it is bound; and (viii) no other obligations by the Company to
make any payments based on the price or value of any Company Securities.

 

    	9 

     

    

 

Section 4.4           Authority
Relative to Agreement. The Company has all necessary corporate power and authority to execute and deliver this Agreement and
the other agreements referred to in this Agreement to which it is or will be a party, to perform its obligations hereunder and,
subject to receipt of the Requisite Stockholder Approval, to consummate the transactions contemplated hereby and thereby, including
the Merger. The execution and delivery of this Agreement and the CVR Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby, including the Merger, have been duly and validly authorized by all necessary
corporate action, and no other corporate proceedings on the part of the Company are necessary to authorize the execution of this
Agreement or the CVR Agreement or to consummate the transactions contemplated hereby or thereby, including the Merger (other than,
with respect to the Merger, the receipt of the Requisite Stockholder Approval, as well as the filing of the Certificate of Merger
with the Secretary of State, and other than the declaration of the Pre-Merger Special Distribution or the approval of the Recapitalization
(and the filing of a related certificate of amendment of the Company’s Restated Certificate of Incorporation with the Secretary
of State)). The Company’s board of directors has unanimously approved this Agreement the CVR Agreement, declared this Agreement
to be advisable, approved the transactions contemplated hereby, determining them to be fair and in the best interest of the Company
and its stockholders, and resolved to recommend to the stockholders of the Company the Company Recommendation that they vote in
favor of the adoption of this Agreement in accordance with the DGCL. This Agreement has been duly and validly executed and delivered
by the Company and, assuming the due authorization, execution and delivery by Parent and Merger Sub, this Agreement constitutes
a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (except as
such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar
laws of general applicability relating to or affecting creditor’s rights, and to general equitable principles).

 

Section 4.5           No
Conflict; Required Filings and Consents.

 

(a)          None
of the execution and delivery of this Agreement or the CVR Agreement by the Company, the consummation by the Company of the Merger
or any other transaction contemplated by this Agreement or the CVR Agreement, or the Company’s compliance with any of the
provisions of this Agreement or the CVR Agreement, will (i) subject to obtaining the Requisite Stockholder Approval, conflict
with, violate or breach (x) any provision of the Restated Certificate of Incorporation, as amended, or the Bylaws, as amended,
of the Company or (y) any provision of the organizational or governing documents of any of the Company’s Subsidiaries,
(ii) assuming the consents, approvals and authorizations specified in Section 4.5(b) have been received, and any
condition precedent to such consent, approval, authorization, or waiver has been satisfied, conflict with or violate any Law, judgment,
writ or injunction of any Governmental Authority applicable to the Company or by which any property or asset of the Company is
bound or affected, or (iii) result in any breach of, or constitute a default (with or without notice or lapse of time, or
both) under, or give rise in others any right of termination, amendment, acceleration or cancellation of, any Company Material
Contract or accelerate the Company’s obligations under any such Company Material Contract, or result in the creation of a
Lien, other than any Permitted Lien, upon any of the properties or assets of the Company, other than, in the case of clauses (ii)
and (iii), any such violation, breach, default, right, termination, amendment, acceleration, cancellation or Lien that would not
reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

    	10 

     

    

 

(b)          Except
for (i) the filing of the Proxy Statement with the SEC and other filings required under, and in compliance with the other
applicable requirements of, the Exchange Act, the Securities Act, or Blue Sky Laws, (ii) filings required by the rules of
The Nasdaq Capital Market and (iii) the filing of the Certificate of Merger with the Secretary of State of the State of Delaware
pursuant to the DGCL, no consent or approval of, or filing, license, waiver, permit or authorization, declaration, registration
or filing with or notification to, any Governmental Authority or any stock market or stock exchange on which shares of Company
Common Stock are listed for trading are necessary for the execution and delivery of this Agreement or the CVR Agreement by the
Company, the performance by the Company of its obligations hereunder or thereunder and the consummation by the Company of the transactions
contemplated hereby and thereby, other than such consents, approvals, filings, licenses, permits or authorizations, declarations,
registrations or filings or notifications that, if not obtained, made or given, would not reasonably be expected to have, individually
or in the aggregate, a Company Material Adverse Effect.

 

Section 4.6           Permits
and Licenses. The Company is in possession of all franchises, grants, authorizations, licenses, permits, easements, variances,
exceptions, consents, certificates, approvals and orders necessary for the Company to own, lease and operate the properties of
the Company and to lawfully conduct its business as they are now being conducted (the “Company Permits”), and
no suspension or cancellation of any of the Company Permits is pending, except where the failure to have, or the suspension or
cancellation of, any of the Company Permits would not reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect.

 

Section 4.7           Compliance
with Laws. Except as disclosed in Section 4.7 of the Company Disclosure Schedule, the Company is in compliance with, since
January 1, 2018 has not breached or violated, and has not received written notice of any default or violation of, any Laws applicable
to the Company or by which any property or asset of the Company is bound or affected, in each case except for instances of non-compliance,
breach, default or violation that would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect.

 

Section 4.8           Company
SEC Documents; Financial Statements.

 

(a)          Since
January 1, 2018, the Company has filed with the SEC, on a timely basis, all required registration statements, forms, documents,
proxy statements and reports required to be filed or furnished prior to the date hereof by it with the SEC (collectively, and in
each case including all exhibits and schedules thereto and documents incorporated by reference therein, including any amendments
thereto, the “Company SEC Documents”). As of their respective dates, or, if amended, as of the date of the last
such amendment, the Company SEC Documents complied in all material respects with the requirements of the Securities Act, the Exchange
Act and the Sarbanes-Oxley Act of 2002 (as amended and including the rules and regulations promulgated thereunder (the “Sarbanes-Oxley
Act”), as the case may be, and the applicable rules and regulations promulgated thereunder, and none of the Company SEC
Documents at the time it was filed contained any untrue statement of a material fact or omitted to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, or
are to be made, not misleading. As of the date of this Agreement, there are no outstanding or unresolved comments in comment letters
received from the SEC or its staff.

 

    	11 

     

    

 

(b)          The
consolidated financial statements (including all related notes and schedules) of the Company included or incorporated by reference
in the Company SEC Documents complied as to form, as of their respective dates of filing with the SEC, in all material respects
with all applicable accounting requirements and with the published rules and regulations of the SEC with respect thereto, have
been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except (i) with respect to
financial statements included in Company SEC Documents filed as of the date of this Agreement, as may be indicated in the notes
thereto or (ii) as permitted by Regulation S-X under the Securities Act) and fairly present in all material respects the consolidated
financial position of the Company and its consolidated Subsidiaries as at the respective dates thereof and their consolidated results
of operations and consolidated cash flows for the respective periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments, to the absence of notes and to any other adjustments described therein, including in any
notes thereto) in conformity with GAAP (except as may be indicated therein or in the notes thereto).

 

Section 4.9           Information
Supplied. None of the information supplied or to be supplied by or on behalf of the Company or any of its Subsidiaries expressly
for inclusion or incorporation by reference in the proxy statement relating to the adoption by the stockholders of the Company
of this Agreement (together with any amendments or supplements thereto, the “Proxy Statement”) will, at the
date it is first mailed to the stockholders of the Company and at the time of the Stockholders’ Meeting, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they are made, not misleading. For the avoidance of doubt, the Company makes
no representation or warranty with respect to any information supplied by Parent or Merger Sub or any of their respective Representatives
or any other third party for inclusion or incorporation by reference in the Proxy Statement.

 

Section 4.10         Disclosure
Controls and Procedures. The Company has established and maintains a system of internal controls over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) designed to provide reasonable assurances regarding the
reliability of financial reporting. The Company (i) has designed and maintains disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) to ensure that material information required to be disclosed by the Company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms and is accumulated and communicated to the Company’s management as
appropriate to allow timely decisions regarding required disclosure and (ii) since January 1, 2018 has disclosed to the Company’s
auditors and the audit committee of the Company’s board of directors (and made any such written summaries of such disclosures
that were so provided available to Parent) (A) any significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting that are reasonably likely to adversely affect in any material respect the Company’s
ability to record, process, summarize and report financial information and (B) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s internal controls over financial reporting.

 

    	12 

     

    

 

Section 4.11         Absence
of Certain Changes or Events. From January 1, 2019 through the date of this Agreement, except for the sale of the Company’s
institutional business, the declaration by the Company’s board of directors of the Distribution and actions taken to effect
the same or as otherwise contemplated or permitted by this Agreement, (a) the businesses of the Company and its Subsidiaries
have been conducted in the ordinary course of business consistent with past practice, and (b) there has not been any event,
development or state of circumstance that, individually or in the aggregate has had or, would reasonably be expected to have a
Material Adverse Effect.

 

Section 4.12         No
Undisclosed Liabilities. Except (a) as disclosed in the balance sheet of the Company as of December 31, 2018 (the “Balance
Sheet Date”) (including the notes thereto) included in the Company SEC Documents, (b) for liabilities or obligations
incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date, (c) for liabilities
or obligations incurred or arising under the terms of any Contract or Permit binding upon the Company or any of its Subsidiaries
(including any contingent indemnification obligations), (d) for liabilities permitted or contemplated by this Agreement,
(e) for liabilities or obligations which have been discharged or paid in full in the ordinary course of business consistent
with past practice, as of the date of this Agreement and (f) for liabilities related to the Distribution, neither the Company
nor any of its Subsidiaries has any liabilities or obligations of any nature, whether or not accrued, contingent or otherwise,
and whether due or to become due, that would be required by GAAP to be reflected or reserved against on a consolidated balance
sheet (or the notes thereto) of the Company and its Subsidiaries, other than those which would not reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect. There are no unconsolidated Subsidiaries of the Company or
any off-balance sheet arrangements of any type (including any off-balance sheet arrangement required to be disclosed pursuant
to Item 303(a)(4) of Regulation S-K promulgated under the Securities Act) that have not been so described in the Company SEC Documents
nor any obligations to enter into any such arrangements.

 

Section 4.13         Absence
of Litigation. Except as disclosed in Section 4.13 of the Company Disclosure Schedule, as of the date hereof there is no claim,
action, suit, arbitration, proceeding or investigation pending or, to the knowledge of the Company, threatened in writing against
the Company or any of its Subsidiaries, or any of their respective properties or assets at law or in equity, and there are no
Orders, by or before any arbitrator or Governmental Authority, in each case as would reasonably be expected to have, individually
or in the aggregate, a Company Material Adverse Effect.

 

Section 4.14         Employee
Benefit Plans.

 

(a)          Company
has furnished to Parent true and complete copies of each of the Company Benefit Plans and material documentation related thereto.
With respect to each Company Benefit Plan that is subject to ERISA reporting requirements, Company has provided copies of the Form
5500 reports filed for the last three plan years. Company has furnished Parent with the most recent Internal Revenue Service determination
or opinion letter issued with respect to each such Company Benefit Plan, and to the Company’s knowledge nothing has occurred
since the issuance of each such letter that could reasonably be expected to cause the loss of the tax qualified status of any Company
Benefit Plan subject to Code Section 401(a).

 

    	13 

     

    

 

(b)          Each
Company Benefit Plan has been operated and administered in accordance with its terms and applicable Law, including, but not limited
to, ERISA and the Code, except for instances of noncompliance that would not have, individually or in the aggregate, a Company
Material Adverse Effect. There are no pending investigations by any Governmental Authority, termination proceedings or other claims
(except routine claims for benefits payable under the Company Benefit Plans) against or involving any Company Benefit Plan or asserting
any rights to or claims for benefits under any Company Benefit Plan, other than any such investigations, proceedings, or claims
that would not have, individually or in the aggregate, a Company Material Adverse Effect.

 

(c)          Neither
Company nor any ERISA Affiliate has ever maintained, established, sponsored, participated in, contributed to, or is obligated to
contribute to, or otherwise incurred any obligation or liability (including without limitation any contingent liability) under
any “multiemployer plan” (as defined in Section 3(37) of ERISA) or to any “pension plan” (as defined
in Section 3(2) of ERISA) subject to Title IV of ERISA or Section 412 of the Code. None of Company or any ERISA Affiliate
has any actual or potential withdrawal liability (including without limitation any contingent liability) for any complete or partial
withdrawal (as defined in Sections 4203 and 4205 of ERISA) from any multiemployer plan.

 

(d)          Each
Company Benefit Plan intended to be qualified under Section 401(a) of the Code, and the trust (if any) forming a part thereof,
has received a favorable determination or opinion letter from the Internal Revenue Service as to its qualification under the Code
and to the effect that each such trust is exempt from taxation under Section 501(a) of the Code, and, to the knowledge of
the Company, nothing has occurred since the date of such determination or opinion letter that could reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect on such qualification or tax-exempt status.

 

(e)          No
Company Benefit Plan provides benefits, including without limitation death or medical benefits (whether or not insured), with respect
to current or former employees or directors of the Company or its Subsidiaries beyond their retirement or other termination of
service, other than (i) coverage mandated solely by applicable Law, (ii) death benefits or retirement benefits under
any “employee pension benefit plan” (within the meaning of Section 3(2) of ERISA), (iii) deferred compensation
benefits accrued as liabilities on the books of the Company or any of its Subsidiaries, (iv) benefits the full costs of which
are borne by the current or former employee or director or his or her beneficiary or (v) certain rights to exercise stock
options for a period of time beyond such recipient’s last day of service with the Company.

 

(f)          Each
 “nonqualified deferred compensation plan” (within the meaning of Section 409A of the Code) is in material compliance
with the requirements of 409A of the Code and guidance promulgated thereunder by its terms and has been operated in material compliance
with such requirements. All Company Options were granted with an exercise price at least equal to the fair market value of the
Company’s common stock (as determined pursuant to the applicable provisions of Section 409A and 422 of the Code and
the Regulations promulgated thereunder) on the date such options were granted by the Company’s board of directors (or a committee
thereof), and the Company has not incurred any liability or obligation to withhold taxes under Section 409A of the Code upon
the vesting of any Company Options, nor would the vesting or settlement of such awards reasonably be expected to result in a violation
of Section 409A of the Code.

 

    	14 

     

    

 

(g)          There
is no agreement, plan, arrangement or other contract covering any current or former employee or other service provider of the Company
or any Subsidiary that, considered individually or considered collectively with any other such agreements, plans, arrangements
or other contracts, will, or could reasonably be expected to, as a result of the transactions and agreements contemplated hereby
(whether alone or upon the occurrence of any additional or subsequent events), give rise directly or indirectly to the payment
of any amount that could reasonably be characterized as a “parachute payment” within the meaning of Section 280G
of the Code.

 

Section 4.15         Labor
Matters.

 

(a)          Neither
the Company nor any of its Subsidiaries is a party to or bound by any collective bargaining agreement, work rules or other agreement
with any labor union, labor organization, employee association, or works council (each, a “Union”) applicable
to employees of the Company or any of its Subsidiaries (“Company Employees”). None of the Company Employees
is represented by any Union with respect to his or her employment with the Company or any of its Subsidiaries.

 

(b)          The
Company and its Subsidiaries are, and since January 1, 2018 have been, in compliance with all applicable state, federal, and local
Laws respecting labor and employment, including all Laws relating to discrimination, disability, labor relations, unfair labor
practices, hours of work, payment of wages, employee benefits, retirement benefits, compensation, immigration, workers’ compensation,
working conditions, occupational safety and health, family and medical leave, reductions in force, plant closings, notification
of employees, and employee terminations, except as would not reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect, and to the knowledge of the Company, the Company does not have any liabilities under the WARN
Act or any state or local Laws requiring notice with respect to such layoffs or terminations.

 

(c)          The
representations and warranties set forth in Section 4.14 and Section 4.15 are the Company’s sole
and exclusive representations and warranties regarding employee, employee benefit plan and labor matters.

 

Section 4.16         Intellectual
Property.

 

(a)          Except
as would not have, individually or in the aggregate, a Company Material Adverse Effect, (i) the Company and its Subsidiaries
own or have the right to use in the manner currently used all patents, trademarks, trade names, copyrights, Internet domain names,
service marks and trade secrets (the “Intellectual Property Rights”) that are material to the business of the
Company and its Subsidiaries as currently conducted (the “Company Intellectual Property Rights”), and other
than trade secrets, all as listed in Section 4.16(a) of the Company Disclosure Schedule, and (ii) neither the Company nor
any of its Subsidiaries has received since January 1, 2018 any written charge, complaint, claim, demand or notice challenging the
validity of any of the Company Intellectual Property Rights. All rights whatsoever in or to, or control over, any of the Company’s
subscriber or similar data, including customer lists, are owned, and will be owned immediately after the Effective Time, solely
by the Company and are not owned by, and immediately after the Effective Time will not be owned by, any employee or former employee
of the Company.

 

    	15 

     

    

 

(b)          To
the Company’s knowledge, the conduct of the business of the Company and its Subsidiaries as currently conducted does not
infringe upon any Intellectual Property Rights of any other Person, except for any such infringement that is not reasonably likely
to have, individually or in the aggregate, a Company Material Adverse Effect. To the Company’s knowledge, no Person is infringing
any Company Intellectual Property Rights.

 

(c)          [intentionally
omitted].

 

(d)          Except
as is not reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect, to the Company’s
knowledge, the Company’s data, privacy and security practices conform in all material respects to all of the Privacy Commitments
(as defined below) and each Law applicable to the protection or processing or both of the name, street address, telephone number,
e-mail address, photograph, social security number, driver’s license number, passport number or customer or account number,
or any other piece of information that allows the identification of a natural Person (“Personal Data”), including
Laws applicable direct marketing, e-mails, text messages or telemarketing. Except as is not reasonably likely to have, individually
or in the aggregate, a Company Material Adverse Effect, to the Company’s knowledge, the Company as of the date of this Agreement:
(A) provides notice and obtains any necessary consents from data subjects required for the processing of Personal Data as conducted
by or for the Company; and (B) abides by any privacy choices (including opt-out preferences) of data subjects relating to Personal
Data (such obligations along with the obligations contained in the Company’s data privacy and security policies, or published
on the Company’s websites or otherwise made available by the Company to any Person (“Privacy Commitments”).

 

(e)          The
representations and warranties set forth in Section 4.16 are the Company’s sole and exclusive representations
and warranties intellectual property matters.

 

Section 4.17         Taxes.

 

(a)          Since
January 1, 2018, the Company has timely filed (taking into account any extension of time within which to file), all material income
Tax Returns and other material Tax Returns required to be filed by it, and all such filed Tax Returns are true, correct, complete
in all material respects. To the knowledge of the Company, all Taxes due and owing by the Company (whether or not shown on such
Tax Returns) have been fully and timely paid, except where the failure to pay or timely pay any such Tax is not reasonably likely
to have, individually or in the aggregate, a Company Material Adverse Effect.

 

    	16 

     

    

 

(b)          The
unpaid Taxes of the Company did not materially, as of the date of the financial statements for the year-ended December 31, 2018
contained in the Company SEC Documents, exceed by a material amount the amount of Tax liability (exclusive of any reserve for deferred
Taxes established to reflect timing differences between book and Tax income) set forth on the face of the balance sheet therein
(rather than in any notes thereto).

 

(c)          No
deficiency with respect to Taxes has been proposed, asserted or assessed against the Company in writing by a taxing authority that
has not been satisfied by payment, settled or withdrawn, or reserved on the Company’s financial statements.

 

(d)          The
Company has not constituted either a “distributing corporation” or a “controlled corporation” (within the
meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock occurring during the last two (2) years intended to
qualify for tax-free treatment under Section 355 or Section 361 of the Code.

 

(e)          The
Company and its subsidiaries have complied in all material respects with all applicable Laws relating to the payment of withholding
Taxes and have duly and timely withheld and paid over to the appropriate Tax authority (in all material respects) all amounts required
to be so withheld and paid under all applicable Tax Laws, including any Taxes in connection with any amounts paid or owing to any
present or former employee, officer, director, independent contractor, creditor, stockholder or any other third party.

 

(f)          To
the knowledge of the Company, there are no Liens for Taxes on any of the assets of the Company, other than Permitted Liens.

 

(g)          Since
January 1, 2018, neither the Company nor any of its Subsidiaries has waived any statute of limitations in respect of Taxes or agreed
to any extension of time with respect to a Tax assessment or deficiency, in either case that is still outstanding.

 

Section 4.18         Material
Contracts.

 

(a)          Except
as set forth in Section 4.18 of the Company Disclosure Schedule, as of the date hereof, neither the Company nor any of its Subsidiaries
is a party to or bound by any “Company Material Contract.” For purposes of this Agreement, “Company Material
Contract” means all Contracts to which the Company or any of its Subsidiaries is a party or by which the Company, any
of its Subsidiaries or any of their respective properties or assets is bound (other than Company Plans or Company Benefit Plans)
that are or would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation
S-K, except for (A) forms related to Company Benefit Plans, (B) the Company’s form of change in control agreement
(and any amendments thereto), and (C) the Company’s form of indemnification agreement, under the Securities Act or disclosed
by the Company on a Current Report on Form 8-K.

 

For the avoidance of doubt, all expired
or terminated Contracts for which the Company no longer has any obligations under are excluded from the definition of Company Material
Contract.

 

    	17 

     

    

 

(b)          Neither
the Company nor any Subsidiary of the Company is in breach of or default under the terms of any Company Material Contract where
such breach or default would have, individually or in the aggregate, a Company Material Adverse Effect. To the knowledge of the
Company, no other party to any Company Material Contract is in breach of or default under the terms of any Company Material Contract
where such breach or default would have, individually or in the aggregate, a Company Material Adverse Effect. Neither the Company
nor any Subsidiary has received notice of any breach or default under any Company Material Contract, except for breaches or defaults
that would not, individually or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect. Each Company
Material Contract is a valid and binding obligation of the Company and, to the knowledge of the Company, is in full force and effect,
except as would not have, individually or in the aggregate, a Company Material Adverse Effect; provided, however,
that (i) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
Laws, now or hereafter in effect, relating to creditors’ rights generally and (ii) equitable remedies of specific performance
and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before
which any proceeding therefor may be brought.

 

Section 4.19         Property.
As of the date hereof (a) the Company has a good and valid leasehold interest in each material Company Lease, free and clear
of all Liens (other than Permitted Liens), and (b) owns or leases all of the material tangible personal property shown to
be owned or leased by the Company or any of its Subsidiaries reflected in the latest audited financial statements included in
the Company SEC Documents or acquired after the date thereof, free and clear of all Liens (other than Permitted Liens), except
to the extent disposed of in the ordinary course of business since the date of the latest audited financial statements included
in the Company SEC Documents or otherwise no longer held due to casualty or destruction.

 

Section 4.20         Takeover
Statutes. Assuming the accuracy of the representation contained in Section 5.11, the board of directors of the
Company has taken all actions and votes as are necessary to render the provisions of any “fair price,” “moratorium,”
 “control share acquisition” or any other restriction on business combinations contained in any applicable state takeover
or anti-takeover statute or similar federal or state Law (collectively, “Takeover Statutes”) inapplicable to
this Agreement, the CVR Agreement, the Merger or any other transaction contemplated by this Agreement or the CVR Agreement.

 

Section 4.21         Vote
Required. The affirmative vote of the holders of outstanding Company Common Stock representing at least a majority of all
the votes entitled to be cast thereupon by holders of Company Common Stock (the “Requisite Stockholder Approval”)
is the only vote of holders of securities of the Company that is necessary to adopt this Agreement and approve the transactions
contemplated hereby, including the Merger and but excluding the Recapitalization. For the avoidance of doubt, the Requisite Stockholder
Approval is the only vote of holders of securities of the Company that is necessary to effect the Recapitalization if the same
if submitted to the holders of Company Common Stock for approval.

 

Section 4.22         Brokers.
No broker, finder or investment banker other than Moelis & Company LLC or Lake Street Capital Markets, LLC is entitled to
any brokerage, finder’s or other fee or commission in connection with the Merger and any of the other transactions contemplated
by this Agreement or the CVR Agreement.

 

    	18 

     

    

 

Section 4.23         No
Other Representations or Warranties. Except for the representations and warranties contained in this Article IV,
Parent and Merger Sub acknowledge that neither the Company nor any other person on behalf of the Company makes any express or
implied representation or warranty with respect to the Company or with respect to any other information provided to Parent or
Merger Sub in connection with the transactions contemplated hereby, including the accuracy, completeness or currency thereof.
Neither the Company nor any other person will have or be subject to any liability or indemnification obligation to Parent, Merger
Sub or any other person resulting from the distribution or failure to distribute to Parent or Merger Sub, or Parent’s or
Merger Sub’s use of, any such information, including any information, documents, projections, forecasts of other material
made available to Parent or Merger Sub in the electronic data room for Project Boulevard maintained by the Company for purposes
of the Merger and the other transactions contemplated by this Agreement (the “Electronic Data Room”), management
presentations in expectation of the transactions contemplated by this Agreement or otherwise, unless and to the extent any such
information is expressly included in a representation or warranty contained in this Article IV.

 

Section 4.24         Prior
Transactions. Each Prior Transaction was completed in compliance with all applicable Laws, including the applicable requirements
of the Exchange Act and Securities Act, and the applicable rules of The Nasdaq Capital Market, except for instances of non-compliance
that would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. Each Prior
Transaction received the requisite approval of the Company’s board of directors and stockholders in accordance with the
Company’s Restated Certificate of Incorporation, as amended, Bylaws, as amended, and the DGCL. Except as set forth on Section
4.24 of the Company Disclosure Schedule, no claims have been made, or to the Company’s knowledge, threatened, against the
Company by the buyer in either Prior Transaction alleging breach of the Definitive Agreements by the Company or seeking indemnification
pursuant to the Definitive Agreements. Except as set forth on Section 4.24 of the Company Disclosure Schedule, to the knowledge
of the Company’s, all fees and expenses, including legal fees and expenses, incurred by the Company for third party advisors
engaged by the Company in connection with the Prior Transactions have been paid in full or accrued.

 

Section 4.25         Key
Personnel. To the knowledge of the Company, neither Eric Lundberg nor Margaret De Luna have entered into any agreement or
understanding, verbal or written, with James Cramer or any other executive officer of the Company, directly or indirectly, to
work for any Person other than the Company.

 

Article V

 

REPRESENTATIONS
AND WARRANTIES OF PARENT AND MERGER SUB

 

Except as disclosed in the separate disclosure
letter which has been delivered by Parent to the Company prior to the execution of this Agreement (the “Parent Disclosure
Schedule”), Parent and Merger Sub hereby jointly and severally represent and warrant to the Company as of the date hereof
as follows:

 

    	19 

     

    

 

Section 5.1           Organization
and Qualification; Subsidiaries. Each of Parent and Merger Sub is a corporation duly organized, validly existing and in good
standing, under the laws of the State of Delaware. Each of Parent and Merger Sub has the requisite corporate power and authority
and all necessary governmental approvals to own, lease and operate its properties and to carry on its business as it is now being
conducted, except where the failure to have such power, authority and governmental approvals would not have, individually or in
the aggregate, a Parent Material Adverse Effect. Each of Parent and Merger Sub is duly qualified or licensed as a foreign corporation
to do business, and, in the case of Merger Sub only, is in good standing, in each jurisdiction where the character of the properties
owned, leased or operated by it or the nature of its business makes such qualification or licensing necessary, except where the
failures to be so qualified or licensed or to be in good standing would not have, individually or in the aggregate, a Parent Material
Adverse Effect.

 

Section 5.2           Certificate
of Incorporation, Bylaws, and Other Organizational Documents. Parent has made available to the Company true, correct and complete
copies of the certificate of incorporation, bylaws (or equivalent organizational or governing documents), and other organizational
or governing documents, agreements or arrangements, each as amended to date, of each of Parent and Merger Sub (collectively, “Parent
Organizational Documents”). The Parent Organizational Documents are in full force and effect. None of Parent, Merger
Sub or, to the knowledge of Parent, any of the other parties thereto are in violation of any provision of the Parent Organizational
Documents, as applicable, except as would not have, individually or in the aggregate, a Parent Material Adverse Effect.

 

Section 5.3           Authority
Relative to Agreement. Each of Parent and Merger Sub has all necessary power and authority to execute and deliver this Agreement
and the other agreements referred to in this Agreement to which Parent and Merger Sub is or will be a party, to perform its obligations
hereunder and to consummate the transactions contemplated hereby, including the Merger. The execution and delivery of this Agreement
by Parent and Merger Sub and the CVR Agreement in the case of Parent, and the consummation by Parent and Merger Sub of the transactions
contemplated hereby and thereby, including the Merger, have been duly and validly authorized by all necessary corporate action
of Parent and Merger Sub, and no other corporate proceedings on the part of Parent or Merger Sub are necessary to authorize the
execution of this Agreement or the CVR Agreement or to consummate the transactions contemplated hereby or thereby, including the
Merger (other than, with respect to the Merger, the filing of the Certificate of Merger with the Secretary of State). This Agreement
has been duly and validly executed and delivered by Parent and Merger Sub and, assuming the due authorization, execution and delivery
by the Company, this Agreement constitutes a legal, valid and binding obligation of Parent and Merger Sub, enforceable against
Parent and Merger Sub in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor’s
rights, and to general equitable principles).

 

    	20 

     

    

 

Section 5.4           No
Conflict; Required Filings and Consents.

 

(a)          None
of the execution and delivery of this Agreement by Parent and Merger Sub, the execution and delivery of CVR Agreement by Parent,
the consummation by Parent or Merger Sub of the transactions contemplated by this Agreement, including the Merger, or compliance
by Parent or Merger Sub with any of the provisions of this Agreement or the CVR Agreement will (i) conflict with, violate
or breach any provision of the certificate of incorporation or bylaws (or equivalent organizational or governing documents) of
(x) Parent or (y) Merger Sub, (ii) assuming the consents, approvals and authorizations specified in Section 5.4(b)
have been received and the waiting periods referred to therein have expired, and any condition precedent to such consent, approval,
authorization, or waiver has been satisfied, conflict with or violate any Law, judgment, writ or injunction or any Governmental
Authority applicable to Parent or Merger Sub or by which any property or asset of Parent or Merger Sub is bound or affected or
(iii) result in any breach of or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any right of termination, amendment, acceleration or cancellation of, or result in the creation
of a Lien on any property or asset of Parent or Merger Sub pursuant to, any Contract to which Parent or Merger Sub is a party or
by which Parent or Merger Sub or any property or asset of Parent or Merger Sub is bound, other than, in the case of clauses (ii)
and (iii), for any such violations, breaches, defaults, rights, terminations, amendments, accelerations, or cancellations which
would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect.

 

(b)          Except
for (i) compliance with the applicable requirements of the Exchange Act, the Securities Act or Blue Sky Laws or (ii) the
filing of the Certificate of Merger with the Secretary of State of the State of Delaware pursuant to the DGCL, no consent or approval
of, or filing, license, waiver, permit or authorization, declaration, registration or filing with or notification to, any Governmental
Authority or any stock market or stock exchange are necessary for the execution and delivery of this Agreement by Parent and Merger
Sub, the execution and delivery of the CVR Agreement by Parent, the performance by the Parent and Merger Sub of their obligations
hereunder and the consummation by the Parent and Merger Sub of the transaction contemplated hereby or thereby, other than such
consent, approval, filings, license permits, authorizations, declarations, registrations or filings with or notification that,
if not obtained, made or given, would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse
Effect.

 

Section 5.5           Absence
of Litigation. As of the date hereof, there is no claim, action, suit, arbitration, proceeding, or investigation pending or,
to the knowledge of Parent, threatened in writing against Parent, Merger Sub or any of their respective affiliates or any of their
respective properties or assets at law or in equity, and there are no Orders by or before any arbitrator or Governmental Authority,
in each case as would have, individually or in the aggregate, a Parent Material Adverse Effect.

 

Section 5.6           Absence
of Certain Agreements. Except as set forth in Section 5.6 of the Parent Disclosure Schedule, neither Parent nor any
of its affiliates has entered into any Contract, arrangement or understanding (in each case, whether oral or written), or authorized,
committed or agreed to enter into any Contract, arrangement or understanding (in each case, whether oral or written), pursuant
to which: any stockholder of the Company would be entitled to receive consideration of a different amount or nature than the Merger
Consideration or pursuant to which any stockholder of the Company (i) agrees to vote to adopt this Agreement or the Merger
or (ii) agrees to vote against any Superior Proposal.

 

    	21 

     

    

 

Section 5.7           Parent
SEC Documents; Financial Statements; Information Supplied.

 

(a)          Except
as set forth in Section 5.7(a) of the Parent Disclosure Schedule, since January 1, 2018, Parent has filed with the SEC,
on a timely basis, all required registration statements, forms, documents, proxy statements and reports required to be filed or
furnished prior to the date hereof by it with the SEC (collectively, and in each case including all exhibits and schedules thereto
and documents incorporated by reference therein, including any amendments thereto, the “Parent SEC Documents”).
As of their respective dates, or, if amended, as of the date of the last such amendment, the Parent SEC Documents complied in all
material respects with the requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be,
and the applicable rules and regulations promulgated thereunder, and none of the Parent SEC Documents at the time it was filed
contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, or are to be made, not misleading. As
of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the SEC or its
staff.

 

(b)          Except
as set forth in Section 5.7(b) of the Parent Disclosure Schedule, the consolidated financial statements (including all related
notes and schedules) of Parent included or incorporated by reference in the Parent SEC Documents complied as to form, as of their
respective dates of filing with the SEC, in all material respects with all applicable accounting requirements and with the published
rules and regulations of the SEC with respect thereto, have been prepared in accordance with GAAP applied on a consistent basis
during the periods involved (except (i) with respect to financial statements included in Company SEC Documents filed as of
the date of this Agreement, as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X under the Securities
Act) and fairly present in all material respects the consolidated financial position of Parent and its consolidated subsidiaries
as at the respective dates thereof and their consolidated results of operations and consolidated cash flows for the respective
periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments, to the absence of notes
and to any other adjustments described therein, including in any notes thereto) in conformity with GAAP (except as may be indicated
therein or in the notes thereto.

 

(c)          None
of the information supplied or to be supplied by or on behalf of Parent or Merger Sub expressly for inclusion or incorporation
by reference in the Proxy Statement will, at the date it is first mailed to the stockholders of the Company and at the time of
the Stockholders’ Meeting, contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading.

 

Section 5.8           Capitalization
of Merger Sub. As of the date of this Agreement, the authorized share capital of Merger Sub consists of 1,000 shares, par
value $0.01 per share, of which 100 are validly issued and outstanding. All of the issued and outstanding share capital of Merger
Sub is, and at the Effective Time will be, owned by Parent or a direct or indirect wholly owned Subsidiary of Parent. Merger Sub
was formed solely for the purpose of engaging in the transactions contemplated hereby, and it has not conducted any business prior
to the date hereof and has no, and prior to the Effective Time will have no, assets, liabilities or obligations of any nature
other than those incident to its formation and pursuant to this Agreement and the Merger and the other transactions contemplated
by this Agreement.

 

    	22 

     

    

 

Section 5.9           Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the Merger and any of the other transactions contemplated by this Agreement based upon arrangements made by or on behalf of Parent.

 

Section 5.10         Sufficient
Funds; Solvency. The Escrow Deposit is an amount in cash equal to the Aggregate Cash Merger Consideration. Parent has and,
at the Effective Time will have, sufficient funds available (through a capital contribution or debt financing from B Riley FBR,
Inc.) to (a) pay all costs, fees and expenses related to this Agreement and the transactions contemplated hereby and (b)
to satisfy the working capital needs and other general corporate requirements of Parent and the Surviving Corporation following
the Merger. Parent has delivered to the Company a letter addressed to Parent and the Company, dated as of June 7, 2019, to the
effect that B Riley FBR, Inc. is highly confident of its ability to underwrite, arrange and/or place financing sufficient to provide
to Parent, as of the date hereof and at and following the Effective Time, with such funds. Parent and Merger Sub acknowledge and
agree that their obligations hereunder are not subject to any conditions regarding Parent’s, Merger Sub’s or any other
person’s ability to obtain financing for the consummation of the transactions contemplated by this Agreement. As of the
Effective Time, assuming satisfaction of the conditions to the Parent’s obligation to consummate the Merger or waiver
of such conditions, and after giving effect to the transactions contemplated by this Agreement, including receipt of any funding
from B Riley FBR, Inc., payment of the Aggregate Cash Merger Consideration, payment by Parent of all amounts required to be paid
in connection with the consummation of the transactions contemplated hereby, payment by Parent of all related fees and expenses
and satisfaction by Parent of the working capital needs of Parent and the Surviving Corporation following the Merger, Parent will
be Solvent as of the Effective Time and immediately following the transactions contemplated hereby. For purposes of this Section 5.10,
 “Solvent” with respect to Parent means that, as of any date of determination, (i) the amount of the “fair
saleable value” of the assets of Parent and its Subsidiaries (including the Surviving Corporation), taken as a whole, exceeds,
as of such date, the sum of (A) the value of all “liabilities of Parent and such Subsidiaries, taken as a whole, including
contingent and other liabilities,” as of such date, as such quoted terms are generally determined in accordance with the
applicable federal Laws governing determinations of the insolvency of debtors and (B) the amount that will be required to
pay the probable liabilities of Parent and such Subsidiaries taken as a whole on its existing debts (including contingent and
other liabilities) as such debts become absolute and mature; (ii)  Parent and such Subsidiaries will collectively not have,
as of such date, an unreasonably small amount of capital for the operation of the business in which it is engaged or proposed
to be engaged following the Closing Date; and (iii) Parent and such Subsidiaries will collectively be able to pay their liabilities,
including contingent and other liabilities, as they mature.

 

Section 5.11         DGCL
Section 203. Neither Parent nor Merger Sub is, nor at any time has either Parent or Merger Sub been, an “interested
stockholder” of the Company as defined in Section 203 of the DGCL or as defined in the Company’s Restated Certificate
of Incorporation, as amended.

 

    	23 

     

    

 

Section 5.12         Parent
Ownership of Company Securities. Parent and its Subsidiaries do not beneficially own (as such term is used in Rule 13d-3 promulgated
under the Exchange Act) any shares of Company Common Stock or other securities of the Company or any options, warrants or other
rights to acquire Company Common Stock or other securities of, or any other economic interest (through derivative securities or
otherwise) in, the Company.

 

Section 5.13         WARN
Act. Parent and Merger Sub are neither planning nor contemplating, and Parent and Merger Sub have neither made nor taken,
any decisions or actions concerning the Company Employees after the Closing that would require the service of notice under the
WARN Act or similar local laws.

 

Section 5.14         Management
Agreements. Other than this Agreement and the Voting Agreement, there are no Contracts, undertakings, commitments, agreements
or obligations or understandings between Parent or Merger Sub or any of their respective affiliates, on the one hand, and any
member of the Company’s management or the board of directors or any of the Company’s affiliates, on the other hand,
relating in any way to the transactions contemplated by this Agreement or the operations of the Company after the Effective Time.

 

Section 5.15         No
Parent Vote Required. No approval of the holders of the Parent’s shares is required by applicable Law, the Parent Organizational
Documents, or otherwise for Parent and Merger Sub to approve and adopt this Agreement and to consummate the transactions contemplated
hereby, including the Merger.

 

Section 5.16         Acknowledgement
of Disclaimer of Other Representations and Warranties. Parent and Merger Sub acknowledge that, as of the date hereof, they
and their Representatives (a) have received access to (i) the Electronic Data Room, and (ii) such books and records,
Contracts and other assets of the Company which they and their Representatives, as of the date hereof, have requested to review,
and (b) have had the opportunity to meet with the management of the Company and to discuss the business and assets of the
Company. Parent and Merger Sub each acknowledges and agrees that, except for the representations and warranties expressly set
forth in this Agreement (a) neither the Company nor any of its Subsidiaries makes, or has made, any representation or warranty
relating to itself or its business or otherwise in connection with the Merger and Parent and Merger Sub are not relying on any
representation or warranty except for those expressly set forth in this Agreement, (b) no person has been authorized by the
Company or any of its Subsidiaries to make any representation or warranty relating to itself or its business or otherwise in connection
with the Merger, and if made, such representation or warranty must not be relied upon by Parent or Merger Sub as having been authorized
by such entity, and (c) any estimate, projection, prediction, data, financial information, memorandum, presentation or any
other materials or information provided by the Company or addressed to Parent, Merger Sub or any of their Representatives, are
not and shall not be deemed to be or include representations or warranties unless and to the extent any such materials or information
is the subject of any express representation or warranty set forth in Article IV. Each of Parent and Merger Sub acknowledges
that it has conducted, to its satisfaction, its own independent investigation of the condition, operations and business of the
Company and its Subsidiaries and, in making its determination to proceed with the transactions contemplated by this Agreement,
including the Merger.

 

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Article VI

COVENANTS AND AGREEMENTS

 

Section 6.1           Conduct
of Business by the Company Pending the Merger. The Company covenants and agrees that, between the date of this Agreement and
the earlier of the Effective Time and the date, if any, on which this Agreement is terminated pursuant to Section 8.1,
except (a) as may be required by Law, (b) as may be agreed in writing by Parent (which consent shall not be unreasonably
withheld, delayed or conditioned), (c) as may be expressly permitted pursuant to this Agreement, including effecting the
Recapitalization or Pre-Merger Special Distribution, as the case may be, or (d) as set forth in Section 6.1 of the Company
Disclosure Schedule, (x) the business of the Company and its Subsidiaries shall be conducted only in, and such entities shall
not take any action except in the ordinary course of business and in a manner consistent with past practice in all material respects
and the Company and its Subsidiaries shall use their respective commercially reasonable efforts to preserve their business organizations
substantially intact and maintain existing relations with Governmental Authorities, top customers, suppliers, distributors, licensees,
licensors, creditors, landlords, employees and other person with whom the Company maintains a material business relationship;
provided, however, that no action by the Company or its Subsidiaries with respect to matters specifically addressed
by any provision of this Section 6.1 shall be deemed a breach of this sentence unless such action would constitute
a breach of such specific provision; and (y) the Company shall not (except for any actions taken in connection with the Distribution
or the Recapitalization or Pre-Merger Special Distribution, as the case may be):

 

(a)          except
as set forth in Section 6.16 to effect the Recapitalization or Pre-Merger Special Distribution, as the case may be, amend
or otherwise change the Restated Certificate of Incorporation, as amended, or the Bylaws, as amended, of the Company (or such equivalent
organizational or governing documents of any of its Subsidiaries);

 

(b)          except
for transactions among the Company and its wholly owned Subsidiaries or among the Company’s wholly owned Subsidiaries, including
any actions taken in connection with the Recapitalization or Pre-Merger Special Distribution, as the case may be, issue, sell,
pledge, dispose, encumber, grant, confer or award any shares of its or its Subsidiaries’ capital stock, or any options, warrants,
restricted stock units, convertible securities or other rights of any kind to acquire any shares of its or its Subsidiaries’
capital stock or take any action not otherwise contemplated by this Agreement to cause to be exercisable any otherwise unexercisable
option under any existing stock plan (except as otherwise provided by the terms of any unexercisable options or other equity awards
outstanding on the date hereof or otherwise permitted to be granted under clause (iii), (iv) or (v) below); provided,
however that (i) the Company may issue shares upon the exercise of any Company Option outstanding as of the date hereof;

 

(c)          
except as necessary to effect the Recapitalization or Pre-Merger Special Distribution, as the case may be, (i) declare, authorize,
make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to the Company’s
or any of its Subsidiaries’ capital stock, other than dividends paid by any Subsidiary of the Company to the Company or any
wholly owned Subsidiary of the Company, or (ii) split, combine, or reclassify any of its capital stock or other equity of
the Company, or issue or authorize the issuance of any other securities in respect of, in lieu of, or in substitution of shares
of capital stock of the Company;

 

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(d)          except
as required pursuant to existing written agreements or Company Benefit Plans in effect as of the date hereof, or written agreements
for newly hired employees entered into in the ordinary course of business, or as otherwise required by Law, (i) materially
increase the compensation or other benefits payable or to become payable to employees, directors or executive officers of the Company
or any of its Subsidiaries except in the ordinary course of business consistent with past practice (including, for this purpose,
the normal salary, bonus and equity compensation review process conducted each year), (ii) grant any severance or termination
pay to, or enter into any severance agreement with, any employee, director or executive officer of the Company or any of its Subsidiaries,
other than in the ordinary course of business consistent with past practice, (iii) enter into any employment agreement with
any employee or executive officer of the Company (except (x) to the extent necessary to replace a departing employee, (y) for
employment agreements terminable on less than thirty (30) days’ notice without penalty, and (z) for extension of
employment agreements in the ordinary course of business consistent with past practice), or (iv) establish, adopt, enter into
or amend any collective bargaining agreement except as may be required by Law;

 

(e)          acquire,
whether by purchase, merger, consolidation, or acquisition of stock, assets, properties, interests or businesses or make any investment
in (whether by purchase of stock or securities, contributions to capital, loans to or property transfers), any corporation, partnership,
limited liability company, other business organization or any division or any material amount of assets thereof, or a material
license therefor, except in the ordinary course of business, consistent with past practice or pursuant to existing Contracts to
which the Company is a party;

 

(f)          except
in the ordinary course of business consistent with past practice, enter into, amend or terminate any lease or sublease of real
property, including any Company Lease (whether as a lessor, sublessor, lessee or sublessee) or fail to exercise any right to renew
any lease or sublease of real property;

 

(g)          sell
or grant a license in or otherwise subject to any encumbrance or otherwise dispose of any material properties or assets, including
Company Intellectual Property Rights, other than the granting of nonexclusive licenses in the ordinary course of business consistent
with past practice;

 

(h)          grant
any sublicense rights to any customer of the Company with respect to any Company product or services;

 

(i)          make
any loans or advances, otherwise incur any long-term indebtedness for borrowed money or guarantee any such indebtedness for any
person (other than a Company subsidiary) except for indebtedness (i) for borrowed money incurred pursuant to agreements in
effect prior to the execution of this Agreement or (ii) as otherwise required in the ordinary course of business consistent
with past practice (including advances / reimbursements to employees for routine business and travel expenses);

 

    	26 

     

    

 

(j)          (i) enter
into a Contract which would be considered a Company Material Contract, (ii) modify, amend or terminate any Company Material
Contract where such modification, amendment or termination would have a value in excess of $10,000, or (iii) waive, release
or assign any rights or claims having a value in excess of $10,000 under a Company Material Contract, in each case, other than
in the ordinary course of business;

 

(k)          
(i) pay, discharge, settle or satisfy any claims or legal proceedings with a settlement value in excess of $150,000, (ii) waive,
release, grant or transfer any right of material value other than in the ordinary course of business consistent with past practice,
or (iii) commence any legal action or proceeding where the amount claimed is in excess of $50,000, except in each case for
any settlement solely for cash and for which the Company has no liability or material ongoing obligation (other than execution
of a customary release; or

 

(l)           enter
into any Contract to do any of the foregoing.

 

Section 6.2           Proxy
Statement.

 

(a)          Preparation
and Filing of Proxy Statement. The Company shall, with the assistance of Parent, as soon as reasonably practicable following
the date hereof, prepare and file with the SEC the Proxy Statement. The Company shall promptly notify Parent upon the receipt of
any comments from the SEC (or the staff of the SEC) or any request from the SEC (or the staff of the SEC) for amendments or supplements
to the Proxy Statement, and shall provide Parent with copies of all correspondence between the Company and its Representatives,
on the one hand, and the SEC (or the staff of the SEC), on the other hand with respect to this Agreement. The Company shall use
its reasonable best efforts to respond as promptly as reasonably practicable to any comments of the SEC (or the staff of the SEC)
with respect to the Proxy Statement.

 

(b)          Mailing
of Proxy Statement; Amendments. The Company shall cause the Proxy Statement to be mailed or delivered to the holders of Company
Common Stock as of the record date established for the Stockholders’ Meeting as promptly as reasonably practicable after
the date on which the SEC (or the staff of the SEC) confirms that it has no further comments on the Proxy Statement. If at any
time prior to the Effective Time any event or circumstance relating to the Company or Parent or any of the Company’s or Parent’s
Subsidiaries, or their respective officers or directors, should be discovered by the Company or Parent, respectively, which, pursuant
to the Exchange Act, should be set forth in an amendment or a supplement to the Proxy Statement, such party shall promptly inform
the others. Except for annual, quarterly and current reports filed or furnished with the SEC under the Exchange Act, which may
be incorporated by reference therein, no filing of, or amendment or supplement to the Proxy Statement relating to the Merger will
be made by the Company without providing Parent the opportunity to review and comment thereon. Each of Parent, Merger Sub and the
Company agree to correct any information provided by it for use in the Proxy Statement which shall have become false or misleading.

 

(c)          Cooperation.
Parent shall furnish to the Company all information concerning Parent and Merger Sub required by the Exchange Act and the rules
and regulations promulgated thereunder to be set forth in the Proxy Statement and shall otherwise assist and cooperate with the
Company in the preparation of the Proxy Statement and the resolution of comments from the SEC (or the staff of the SEC). Prior
to filing or mailing the Proxy Statement (or any amendment or supplement thereto) or responding to any comments of the SEC (or
the staff of the SEC) with respect thereto, the Company shall provide Parent a reasonable opportunity to review and to propose
comments on such document or response to the extent related to this Agreement.

 

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Section 6.3           Stockholders’
Meeting. The Company shall, as promptly as reasonably practicable following the date on which the SEC (or the staff of the
SEC) confirms that it has no further comments on the Proxy Statement, take all action necessary in accordance with applicable
Law, the rules of The Nasdaq Capital Market and the Restated Certificate of Incorporation, as amended, and the Bylaws, as amended,
of the Company to duly call, give notice of, convene and hold a meeting of its stockholders (the “Stockholders’
Meeting”) for the purpose of obtaining the Requisite Stockholder Approval. Subject to the ability of the board of directors
of the Company to make an Adverse Recommendation Change in accordance with Section 6.6(c), the board of directors
of the Company shall make the Company Recommendation with respect to the adoption of this Agreement and the approval of the transactions
contemplated hereby, including the Merger, and shall include such recommendation in the Proxy Statement. Parent shall vote (or
cause to be voted) all shares of Company Common Stock beneficially owned by Parent or Merger Sub, if any, in favor of the adoption
of this Agreement and the approval of the Merger at the Stockholders’ Meeting and the approval of the Recapitalization if
the same is submitted to the holders of Company Common Stock for approval at the Stockholders’ Meeting. Notwithstanding
anything to the contrary contained in this Agreement, the Company, after consultation with Parent, may adjourn or postpone the
Stockholders’ Meeting (i) as necessary to ensure that any required supplement or amendment to the Proxy Statement is
provided to the Company’s stockholders within a reasonable amount of time in advance of the Stockholders’ Meeting,
(ii) if as of the time for which the Stockholders’ Meeting is originally scheduled (as set forth in the Proxy Statement)
there are insufficient shares of Company Common Stock represented (either in person or by proxy) to constitute a quorum necessary
to conduct business at the Stockholders’ Meeting, (iii) if required by applicable Law or (iv) if in the good faith
judgment of the board of directors of the Company (after consultation with legal counsel), an adjournment or postponement of the
Stockholders’ Meeting would be consistent with the fiduciary duties of the members of the board of directors of the Company
under applicable Law. Subject to the provisions of this Agreement, the Company will use reasonable best efforts to solicit from
holders of Company Common Stock proxies in favor of the adoption of this Agreement and the approval of the transactions contemplated
hereby, including the Merger, and to take all other action necessary or advisable to secure the vote or consent of holders of
Company Common stock required by the rules of The Nasdaq Capital Market or applicable Laws to obtain such approvals.

 

Section 6.4           Appropriate
Action; Consents; Filings.

 

(a)          Subject
to Section 6.6, the parties hereto will use their respective reasonable best efforts to consummate and make effective
the transactions contemplated hereby and to cause the conditions to the Merger set forth in Article VII to be satisfied,
including (i) the obtaining of all necessary actions or nonactions, consents and approvals from Governmental Authorities or
other persons necessary in connection with the consummation of the transactions contemplated by this Agreement, including the Merger,
and the making of all necessary registrations and filings (including filings with Governmental Authorities, if any) and the taking
of all reasonable steps as may be necessary to obtain an approval from, or to avoid an action or proceeding by, any Governmental
Authority or other persons necessary in connection with the consummation of the transactions contemplated by this Agreement, including
the Merger, (ii) the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging
this Agreement or the consummation of the transactions, including the Merger, performed or consummated by such party in accordance
with the terms of this Agreement, including seeking to have any stay or temporary restraining order entered by any court or other
Governmental Authority vacated or reversed, and (iii) the execution and delivery of any additional instruments necessary to
consummate the Merger and any other transactions to be performed or consummated by such party in accordance with the terms of this
Agreement and to carry out fully the purposes of this Agreement.

 

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(b)          Each
of Parent and the Company shall give (or shall cause its respective Subsidiaries to give) any notices to third parties, and Parent
shall use, and cause each of its affiliates to use, its reasonable best efforts, and the Company shall use its reasonable best
efforts to cooperate with Parent in its efforts, to obtain any third party consents not covered by subsection (a) above
that are necessary, proper or advisable to consummate the Merger. Each of the parties hereto will furnish to the other such necessary
information and reasonable assistance as the other may request in connection with the preparation of any required governmental
filings or submissions and will cooperate in responding to any inquiry from a Governmental Authority, including immediately informing
the other party of such inquiry, consulting in advance before making any presentations or submissions to a Governmental Authority,
and supplying each other with copies of all material correspondence, filings or communications between either party and any Governmental
Authority with respect to this Agreement. Notwithstanding the foregoing, obtaining any third party consents pursuant to this Section 6.4(b)
shall not be considered a condition to the obligations of the Parent and Merger Sub to consummate the Merger.

 

(c)          Following
the Effective Time, each of Parent, Merger Sub and the Company agrees to cooperate fully with the other parties to this Agreement,
to execute such further instruments, documents and agreements, to give such further written assurances, as may be reasonably requested
by any other party to this Agreement and to carry into effect the intents and purposes of this Agreement.

 

Section 6.5           Access
to Information; Confidentiality.

 

(a)          From
the date hereof to the Effective Time or the earlier termination date of this Agreement, if any, pursuant to Section 8.1,
to the extent permitted by applicable Law and Contracts, the Company will provide to Parent and its Representatives reasonable
access during normal business hours to the Company’s and its Subsidiaries’ properties, books, Contracts and records
and other information as Parent may reasonably request regarding the business, assets, liabilities, properties, employees and other
aspects of the Company and its Subsidiaries, but only to the extent that such access does not unreasonably interfere with the business
or operations of the Company and its Subsidiaries or could otherwise result in significant interference with the discharge by employees
of the Company or its Subsidiaries of their material duties; provided, however, that the Company shall not be required
to provide access to any information or documents which would, in the reasonable judgment of the Company, (i) breach any agreement
with any Third Party, (ii) constitute a waiver of the attorney-client or other privilege held by the Company, or (iii) otherwise
violate any applicable Laws, including data privacy laws.

 

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(b)          The
parties shall comply with, and shall cause their respective Representatives to comply with, all of their respective obligations
under the Confidentiality Agreement, which shall remain in full force and effect.

 

Section 6.6           Non-Solicitation;
Acquisition Proposals.

 

(a)          Except
as expressly permitted by this Section 6.6, the Company agrees that it shall not, and the Company shall not authorize
any of its Representatives to, from the date hereof until the earlier of the Effective Time or the date, if any, on which this
Agreement is terminated pursuant to Section 8.1, directly or indirectly, (x) solicit, initiate, seek, knowingly
encourage or knowingly facilitate (including by way of furnishing information) any inquiry, discussion, offer or request that constitutes,
or could reasonably be expected to lead to, a Competing Proposal, (y) engage in, continue or otherwise participate in any
discussions or negotiations with (other than to state they are not permitted to engage discussions), or furnish any non-public
information relating to the Company or any of its Subsidiaries to, or afford access to the books or records of the Company or its
Subsidiaries to, any Third Party that, to the knowledge of the Company, is seeking to make, or has made, a Competing Proposal,
or (z) approve, endorse, recommend or enter into any letter of intent, memorandum of understanding, agreement in principle,
acquisition agreement, merger agreement or similar definitive agreement (other than an Acceptable Confidentiality Agreement) with
respect to any Competing Proposal (an “Alternative Acquisition Agreement”).

 

(b)          At
any time after the date hereof and prior to obtaining the Requisite Stockholder Approval, the Company, its board of directors or
the strategic committee of such board of directors (the “Committee”), directly or indirectly through its Representatives,
may (i) furnish nonpublic information to any Third Party making an unsolicited, written Competing Proposal (provided,
however, that prior to so furnishing such information, the Company receives from the Third Party an executed Acceptable
Confidentiality Agreement), and (ii) engage in discussions or negotiations with such Third Party with respect to the Competing
Proposal if: (x) such Third Party has submitted an unsolicited, written Competing Proposal which the board of directors of
the Company or the Committee determines in good faith, after consultation with its financial and legal advisors, constitutes, or
could reasonably be expected to lead to, a Superior Proposal, and (y) the board of directors of the Company or the Committee
determines in good faith, after consultation with legal counsel, that failure to take such action would likely be inconsistent
with the directors’ fiduciary duties under applicable Law; provided, however, (a) such Competing Proposal
did not result from a breach of this Section 6.6, and (b) the Company gives Parent the notice required by Section 6.6(e).
Prior to taking any of the actions referred to in this Section 6.6(b), and in accordance with Section 6.6(e)
below, the Company shall notify Parent and Merger Sub orally and in writing that it proposes to furnish non-public information
and/or enter into discussions or negotiations as provided in this Section 6.6(b).

 

    	30 

     

    

 

(c)          Except
as expressly permitted by this Section 6.6(c), neither the board of directors of the Company nor the Committee shall
(i) withdraw, change, qualify or modify, or publicly propose to withdraw, change, qualify or modify, in a manner adverse to
Parent or Merger Sub, the Company Recommendation; (ii) approve, adopt or recommend, or publicly propose to approve, adopt
or recommend, any Competing Proposal or Alternative Acquisition Agreement made or received after the date hereof (any of the actions
described in clauses (i) and (ii) of this Section 6.6(c), an “Adverse Recommendation Change”);
or (iii) cause or permit the Company to enter into any Alternative Acquisition Agreement. Notwithstanding anything to the
contrary set forth in this Agreement, at any time prior to obtaining the Requisite Stockholder Approval, the board of directors
of the Company, upon recommendation of the Committee, shall be permitted (x) to terminate this Agreement to enter into a definitive
agreement with respect to a Superior Proposal, subject to compliance with Section 6.6(d) and Section 8.3,
if the board of directors of the Company or the Committee (A) has received a Competing Proposal that, in the good faith determination
of the board of directors of the Company, upon recommendation of the Committee, constitutes, or could reasonably be expected to
lead to, a Superior Proposal, after having complied with, and giving effect to all of the adjustments which may be offered by Parent
and Merger Sub pursuant to, Section 6.6(d), and (B) determines in good faith, upon recommendation of the Committee
and after consultation with its legal advisors, that failure to take such action may be inconsistent with the directors’
fiduciary duties under applicable Law, or (y) to effect an Adverse Recommendation Change described in clause (i) of such
definition, if the board of directors of the Company determines in good faith, upon recommendation of the Committee and after consultation
with its legal advisors, that failure to take such action may be inconsistent with the directors’ fiduciary duties under
applicable Law.

 

(d)          The
Company shall not be entitled to effect an Adverse Recommendation Change or to terminate this Agreement as permitted under Section 6.6(c)
with respect to a Superior Proposal unless (i) the Company has provided a written notice (a “Notice of Superior Proposal”)
to Parent and Merger Sub that the Company intends to take such action and provides a copy of the Superior Proposal and a copy of
any transaction agreements, (ii) during the three (3) Business Day period following Parent’s and Merger Sub’s
receipt of the Notice of Superior Proposal, the Company shall, and shall cause its Representatives to, negotiate with Parent and
Merger Sub in good faith (to the extent Parent and Merger Sub desire to negotiate) to make such adjustments in the terms and conditions
of this Agreement so that such Superior Proposal ceases to constitute a Superior Proposal; and (iii) following the end of
such three (3) Business Day period, the board of directors of the Company shall have determined in good faith, upon recommendation
of the Committee and taking into account any changes to this Agreement proposed in writing by Parent and Merger Sub in response
to the Notice of Superior Proposal or otherwise, that the Superior Proposal giving rise to the Notice of Superior Proposal continues
to constitute a Superior Proposal. Any material amendment to the financial terms or any other material amendment of such Superior
Proposal shall require a new Notice of Superior Proposal and the Company shall be required to comply again with the requirements
of this Section 6.6(d); provided, however, that references to the three (3) Business Day period
above shall be deemed to be references to a two (2) Business Day period; and provided, further that (x) the
Company has complied in all material respects with its obligations under this Section 6.6, (y) any purported termination
is in accordance with Section 8.1, and (z) the Company pays Parent the applicable Termination Fee in accordance
with Section 8.3 prior to or concurrently with such termination.

 

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(e)          From
and after the date hereof, the Company shall, as promptly as reasonably practicable (and in any event within two (2) days),
advise Parent and Merger Sub of receipt by the Company of any Competing Proposal or any request for non-public information in connection
with any Competing Proposal, the material terms and conditions of any such Competing Proposal or request, including a copy of the
Competing Proposal and any related draft agreements, and shall as promptly as reasonably practicable (and in any event within two
(2) days) advise Parent and Merger Sub of any material amendments to any such Competing Proposal or request.

 

(f)          Nothing
contained in this Agreement shall prohibit the Company or its board of directors, directly or indirectly, from (a) taking
and disclosing to the Company’s stockholders a position contemplated by Rule 14e-2(a) promulgated under the Exchange Act
(or any similar communication to the Company’s stockholders in connection with the making or amendment of a tender offer
or exchange offer), or from making a statement contemplated by Item 1012(a) of Regulation M-A or Rule 14d-9 promulgated under the
Exchange Act, (b) making any other disclosure to the Company’s stockholders with regard to this Agreement and the transactions
contemplated hereby, including the Merger, that such board of directors determines (after consultation with its outside legal counsel)
is required by applicable Law or stock exchange rule (in which event the Company shall give Parent notice of such requirement as
soon as reasonably practicable prior to such disclosure), or (c) issuing a “stop, look and listen” statement pending
disclosure of its position with respect to any tender offer or exchange offer; provided, however, that any disclosures
permitted under this Section 6.6(f) shall not be a basis, in themselves, for Parent to terminate this Agreement pursuant
to Section 8.1(d)(i).

 

(g)         For
purposes of this Agreement:

 

(i)          “Competing
Proposal” shall mean, other than the transactions contemplated by this Agreement, any bona fide proposal or offer (other
than a proposal or offer by Parent or any of its Subsidiaries) from a Third Party relating to (i) a merger, reorganization,
sale of assets, share exchange, consolidation, business combination, recapitalization, dissolution, liquidation, joint venture
or similar transaction involving the Company or any of its Subsidiaries whose assets, individually or in the aggregate, constitute
twenty-five percent (25%) or more of the consolidated assets of the Company as determined on a book-value basis; (ii) the
acquisition (whether by merger, consolidation, equity investment, joint venture or otherwise) by any person of twenty-five percent
(25%) or more of the assets of the Company and its Subsidiaries, taken as a whole as determined on a book-value basis; (iii) the
acquisition in any manner, directly or indirectly, by any person of twenty-five percent (25%) or more of the issued and outstanding
shares of Company Common Stock, (iv) any purchase, acquisition, tender offer or exchange offer that, if consummated, would
result in any person beneficially owning twenty-five percent (25%) or more of the Company Common Stock or any class of equity or
voting securities of the Company or any of its Subsidiaries whose assets, individually or in the aggregate, constitute twenty-five
percent (25%) or more of the consolidated assets of the Company as determined on a book-value basis.

 

(ii)         “Superior
Proposal” shall mean a Competing Proposal (with all percentages in the definition of Competing Proposal increased to
fifty percent (50%)) made by a Third Party on terms that the board of directors of the Company determines in good faith, after
upon the recommendation of the Committee and consultation with the Company’s financial and legal advisors, and considering
such factors as the board of directors of the Company considers to be appropriate (including the conditionality and the timing
and likelihood of consummation of such proposal), are more favorable to the Company and its stockholders than the transactions
contemplated by this Agreement (after giving effect to all adjustments to the terms thereof which may be offered by Parent in writing
(including pursuant to Section 6.6(d)).

 

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Section 6.7           Directors’
and Officers’ Indemnification and Insurance.

 

(a)          Parent
and Merger Sub agree that all rights to exculpation and indemnification for acts or omissions occurring at or prior to the Effective
Time, whether asserted or claimed prior to, at or after the Effective Time (including any matters arising in connection with the
transactions contemplated by this Agreement), now existing in favor of the current or former directors, officers or employees,
as the case may be, of the Company or its Subsidiaries as provided in the Company’s or each of the Company’s Subsidiaries’
respective articles or certificates of incorporation or bylaws (or comparable organizational or governing documents) or in any
agreement shall survive the Merger and shall continue in full force and effect. For a period of six (6) years from the Effective
Time, Parent and the Surviving Corporation shall (and Parent shall cause the Surviving Corporation to) (i) fulfill and honor
all obligations of the Company to the Indemnitees with respect to all acts or omissions by them in their capacities as such at
any time prior to the Effective Time, to the fullest extent permitted by the Laws of the State of Delaware and required by: (x) the
Restated Certificate of Incorporation, as amended, or Bylaws, as amended (or equivalent organizational or governing documents),
of the Company or any of its Subsidiaries or affiliates as in effect on the date of this Agreement and (y) the indemnification
agreement(s) of the Company or its Subsidiaries or other applicable Contract(s) as in effect on the date of this Agreement, and
(ii) not amend, repeal or otherwise modify any such provisions referenced in subsections (i)(x) and (y) above in
any manner that would adversely affect the rights thereunder of any Indemnitees, unless such modification is required by the Laws
of the State of Delaware.

 

(b)          Without
limiting the provisions of Section 6.7(a), during the period commencing as of the Effective Time and ending on the
sixth (6th) anniversary of the Effective Time, Parent and the Surviving Corporation will to the extent permitted by the Laws of
the State of Delaware: (i) indemnify and hold harmless each Indemnitee against and from any costs or expenses (including reasonable
attorneys’ fees), judgments, inquiries, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection
with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, to the extent
such claim, action, suit, proceeding or investigation arises out of or pertains to: (x) any action or omission or alleged
action or omission in such Indemnitee’s capacity as a director, officer, employee, fiduciary or agent of the Company or any
of its Subsidiaries or affiliates; or (y) the Distribution, the Recapitalization or Pre-Merger Special Distribution, as the
case may be, the Merger, the Merger Agreement and any transactions contemplated hereby; and (ii) pay in advance of the final
disposition of any such claim, action, suit, proceeding or investigation the expenses (including reasonable attorneys’ fees)
of any Indemnitee upon receipt of an undertaking by or on behalf of such Indemnitee to repay such amount if it shall ultimately
be determined that such Indemnitee is not entitled to be indemnified. Notwithstanding anything to the contrary contained in this
Section 6.7(b) or elsewhere in this Agreement, neither Parent nor the Surviving Corporation shall (and Parent shall
cause the Surviving Corporation not to) settle or compromise or consent to the entry of any judgment or otherwise seek termination
with respect to any claim, action, suit, proceeding or investigation of a covered person for which indemnification may be sought
under this Section 6.7(b) unless such settlement, compromise, consent or termination includes an unconditional release
of such covered person from all liability arising out of such claim, action, suit, proceeding or investigation, and does not include
an admission of fault or wrongdoing by any Indemnitee or such Indemnitee otherwise consents in writing to such settlement, compromise,
consent or termination.

 

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(c)          Prior
to the Effective Time, the Company shall obtain and fully pay the premium for the non-cancellable extension of the directors’
and officers’ liability coverage of the Company’s existing directors’ and officers’ insurance policies
and the Company’s existing fiduciary liability insurance policies (collectively, the “D&O Insurance”),
in each case for a claims reporting or discovery period of at least six (6) years from and after the Effective Time with respect
to any claim related to any period of time at or prior to the Effective Time from an insurance carrier with the same or better
credit rating as the Company’s current insurance carrier with respect to D&O Insurance with terms, conditions, retentions
and limits of liability that are no less favorable than the coverage provided under the Company’s existing policies.

 

(d)          The
Indemnitees to whom this Section 6.7 applies shall be third party beneficiaries of this Section 6.7. The
provisions of this Section 6.7 are intended to be for the benefit of each Indemnitee and his or her successors, heirs
or Representatives.

 

(e)          The
rights of each Indemnitee under this Section 6.7 shall be in addition to any rights such person may have under the
certificate of incorporation or bylaws of the Company, the Surviving Corporation or any of its Subsidiaries, or under any applicable
Law or under any agreement of any Indemnitee with the Company or any of its Subsidiaries.

 

(f)          Notwithstanding
anything contained in Section 9.1 or Section 9.7 to the contrary, this Section 6.7 shall survive
the consummation of the Merger indefinitely and shall be binding, jointly and severally, on all successors and assigns of Parent,
the Surviving Corporation and its Subsidiaries, and shall be enforceable by the Indemnitees and their successors, heirs or representatives.
In the event that Parent or the Surviving Corporation or any of its successors or assigns consolidates with or merges into any
other person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or transfers or
conveys all or a majority of its properties and assets to any person, then, and in each such case, proper provision shall be made
so that the successors and assigns of Parent or the Surviving Corporation, as applicable, shall succeed to the obligations set
forth in this Section 6.7.

 

Section 6.8           Notification
of Certain Matters. The Company shall give prompt notice to Parent, and Parent shall give prompt notice to the Company, of
(a) any notice or other communication received by such party from any Governmental Authority in connection with the this
Agreement, the Merger or the transactions contemplated hereby, or from any person alleging that the consent of such person is
or may be required in connection with the Merger or the transactions contemplated hereby, if the subject matter of such communication
or the failure of such party to obtain such consent is reasonably likely to result in a Company Material Adverse Effect, (b) any
actions, suits, written claims, investigations or proceedings commenced or, to such party’s knowledge, threatened against,
relating to or involving or otherwise affecting such party or any of its Subsidiaries which relate to this Agreement, the Merger
or the transactions contemplated hereby and (c) or the discovery by a party to this Agreement of any fact, circumstance or
event, the occurrence or non-occurrence of which, would reasonably be expected to cause any of the conditions of the obligations
of such party to consummate the Merger as set forth in Article VII not to be satisfied or the satisfaction of which
to be materially delayed in material breach of this Agreement.

 

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Section 6.9           Public
Announcements. The Company, Parent and Merger Sub shall consult with each other before issuing any press release or otherwise
making any public statements with respect to this Agreement or the transactions contemplated hereby, and none of the parties shall
issue any such press release or make any public statement prior to obtaining the other parties’ written consent (which consent
shall not be unreasonably withheld or delayed), except that no such consent shall be necessary to the extent disclosure may be
required by Law, Order or applicable stock exchange rule or any listing agreement of any party hereto.

 

Section 6.10         Employee
Matters.

 

(a)          Parent
shall provide or shall cause the Surviving Corporation to provide to employees of the Company and any of its Subsidiaries (the
 “Company Employees”) compensation (base salary and bonus opportunity) that is, in the aggregate, no less favorable
than the compensation provided by the Company immediately prior to Closing and benefits that are, in the aggregate, no less favorable
than the benefits Parent to its similarly situated employees.

 

(b)          For
purposes of eligibility, vesting, benefit accrual and determination of level of benefits under the compensation and benefit plans,
programs, agreements and arrangements of Parent, the Company, the Surviving Corporation or any respective subsidiary and affiliate
thereof providing benefits to any Company Employees after the Closing (the “New Plans”), including for purposes
of accrual of vacation and other paid time off and severance benefits under New Plans, each Company Employee shall be credited
with his or her years of service with the Company, the Company Subsidiaries and their respective affiliates (and any additional
service with any predecessor employer) before the Closing, to the same extent as such Company Employee was entitled, before the
Closing, to credit for such service under any similar Company Benefit Plan. Parent shall continue to maintain Company Benefit Plans
providing medical, dental, pharmaceutical and/or vision benefits until the end of the applicable plan year in which the Closing
occurs. In addition, and without limiting the generality of the foregoing, Parent shall, to the extent permitted by applicable
Law, take all reasonable steps to (x) waive all limitations as to pre-existing conditions exclusions, evidence of insurability
requirements, waiting periods and actively-at-work or similar requirements with respect to participation and coverage requirements
applicable to the Company Employees under any medical, dental, pharmaceutical, vision and/or disability benefit plans that such
employees may be eligible to participate in after the Closing Date; and (y) provide Company Employees and their eligible dependents
with credit for any co-payments, deductibles, out-of-pocket requirements and offsets (or similar payments) made under the Company
Benefit Plans for the plan year in which the Closing occurs under the New Plans for the purposes of satisfying any applicable deductible,
out-of-pocket, or similar requirements thereunder as if such amounts had been paid in accordance with such New Plans.

 

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(c)          Any
vacation or paid time off accrued but unused by a Company Employee as of immediately prior to the Closing Date shall be credited
to such Company Employee following the Closing Date (“Carry Over Vacation”). All future vacation accruals shall
be subject to the terms of Parent’s vacation policies, taking into account the balance of any Carry Over Vacation; provided
that no Carry Over Vacation shall be subject to forfeiture.

 

(d)          From
the date hereof until the Closing Date, Parent shall have reasonable access, during normal business hours, to all of the Company’s
employees in order to discuss possible employment with the Surviving Corporation or Parent (or any of Parent’s Subsidiaries)
after the Closing Date.

 

Section 6.11         Merger
Sub. Parent will take all actions necessary to (a) cause Merger Sub to perform its obligations under this Agreement and
to consummate the Merger on the terms and conditions set forth in this Agreement, (b) cause the Surviving Corporation to
perform its obligations under this Agreement and (c) ensure that, prior to the Effective Time, Merger Sub shall not conduct
any business or make any investments other than as specifically contemplated by this Agreement, or incur or guarantee any indebtedness.

 

Section 6.12         No
Control of the Company’s Business. Nothing contained in this Agreement is intended to give Parent, directly or indirectly,
the right to control or direct the Company’s or its Subsidiaries’ operations prior to the Effective Time. Prior to
the Effective Time, the Company shall exercise, consistent with the terms and conditions of this Agreement, complete control and
supervision over its and its Subsidiaries’ operations.

 

Section 6.13         Rule
16b-3 Matters. Prior to the Effective Time, the Company may take such further actions, if any, as may be necessary or appropriate
to ensure that the dispositions of equity securities of the Company (including derivative securities) pursuant to the transactions
contemplated by this Agreement by any officer or director of the Company who is subject to Section 16 of the Exchange Act
are exempt under Rule 16b-3 promulgated under the Exchange Act.

 

Section 6.14         CVR
Agreement. At or immediately prior to the Effective Time, the Company shall execute and deliver, and the Company shall ensure
that a duly qualified agent (the “CVR Agent”) executes and delivers, a Contingent Value Rights Agreement in
substantially the form attached hereto as Exhibit A (the “CVR Agreement”), subject to any reasonable
revisions to the CVR Agreement that are requested by the CVR Agent and approved by Parent (which approval shall not be unreasonably
withheld, conditioned or delayed). Parent and the Company shall cooperate, including by making changes to the form of CVR Agreement
attached hereto as Exhibit A, as necessary to ensure that the CVRs are not subject to registration under the Securities
Act, the Exchange Act or any applicable state securities or Blue Sky Laws. Notwithstanding any other provision of this Agreement,
prior to the Closing Date, the Company shall use reasonable best efforts to arrange, and the Company shall be entitled to take
all actions necessary to arrange, the assignment of the Company’s right to receive the Escrows to the CVR Agent concurrently
with the execution and delivery of the CVR Agreement. If the Company receives any Escrow Payment (as defined in the CVR Agreement)
prior to the Closing Date that is not included in the Recapitalization or the Pre-Merger Special Distribution, as the case may
be, the Company shall (a) deposit such Escrow Payment into a separate account, (b) not encumber such Escrow Payment
or otherwise subject such Escrow Payment to any Lien and (c) at the Closing, deposit such Escrow Payment into the CVR Escrow
Account (as defined in the CVR Agreement). Notwithstanding the foregoing or any other provision of this Agreement, the Company’s
board of directors shall have the right to elect that, if so determined, CVRs shall not be included in the Merger Consideration
pursuant to this Agreement and shall instead be distributed as a part of the Recapitalization or the Pre-Merger Special Distribution,
as the case may be. Prior to the Closing, Parent and the Company will agree in good faith in a side written letter agreement on
mutually acceptable principles to (a) allow Parent to recover from the Escrows prior to their distribution to holders of CVRs
the reasonable and documented cost of any counsel and other reasonable and documented costs of defending any dispute, claim or
litigation relating to, arising out of or in connection with the CVR Agreement from the Escrows prior to their distribution to
holders of CVRs (an “Escrow Claim”) and (b) allow a representative of the holders of CVRs to dispute any Escrow
Claim through a mutually agreed arbitration process (it being agreed that the costs of such arbitration and costs of any counsel
engaged by such representative would be recoverable by such representative from the Escrows ahead of any amount recoverable by
Parent from the Escrows). The maximum amount recoverable by Parent for Escrow Claims shall not exceed the amount of the Escrows
not distributed to holders of CVRs at the time of submission of Parent’s claim.

 

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Section 6.15         Resignation
of Directors. The Company shall use reasonable best efforts to obtain and deliver to Parent prior to and in connection with
the Closing (to be effective as of the Effective Time) the resignation of each director of the Company and each of its Subsidiaries
(in each case, in their capacities as directors and not employees).

 

Section 6.16         Recapitalization;
Pre-Merger Special Distribution; Tax Characterization. Prior to the Closing, subject to applicable Laws, the board of directors
of the Company either (a) shall declare, and the Company shall pay, the Pre-Merger Special Distribution to holders of record of
issued and outstanding shares of Company Common Stock immediately prior to the Effective Time, or (b) shall, subject to obtaining
the Requisite Stockholder Approval, instruct the Company to effect the Recapitalization by filing a certificate of amendment of
the Restated Certificate of Incorporation of the Company in substantially the form attached hereto as Exhibit B (the “Recapitalization
Certificate”); provided that payment of the Pre-Merger Special Distribution or the effectuation of the Recapitalization,
as the case may be, shall be contingent on the effectiveness of the Merger and Parent, Merger Sub and the Company acknowledge
and agree that the Recapitalization is both a condition to, and part of a plan that includes, the consummation of the Merger.
Accordingly, Parent, Merger Sub and the Company shall treat, and shall cause their affiliates to treat, such Recapitalization
and the conversion of Company Common Stock described in Section 3.1(b) as a single integrated transaction for U.S.
federal income Tax purposes governed by Zenz v. Quinlivan, 213 F.2d 914 (6th Cir. 1954) and Revenue Ruling
54-458, 1954-2 C.B. 167, and shall file all Tax Returns and reports consistent with such treatment, shall not treat any portion
of the Recapitalization as a dividend for U.S. federal income Tax purposes, and shall take no position inconsistent therewith
in any such Tax Return or report or in any proceeding in respect of Taxes.

 

Section 6.17         RWI
Policy. Parent may obtain after the date hereof (and not as a condition to Closing), and with the commercially reasonable
assistance of the Company, at Parent’s sole cost and expense, a buyer-side representation and warranty insurance policy
from an insurance provider (the “RWI Policy”).

 

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Section 6.18         Tax
Reporting. The parties hereto agree that the Surviving Corporation shall join the consolidated income Tax Return group of
which Parent is the common parent corporation for U.S. federal income tax purposes (and for purposes of any similar state, local
or foreign Tax Law) at the end of the Closing Date pursuant to Treasury Regulation Section 1.1502-76(b)(1)(ii)(A), and as a result,
the Company will have a short Tax year ending on (and including) the Closing Date and will be included in Parent’s consolidated
U.S. federal (and similar state, local or foreign) income Tax Returns starting the day after the Closing Date. The parties hereto
acknowledge and agree that any income Tax deduction arising from the bonuses, option cashouts, restricted stock units, or other
compensation and transaction expenses payments made by the Company in connection with the Merger prior to or on the Closing Date
or which constitute Excluded Liabilities shall be allocable to the Tax period ending on or prior to the Closing Date. In addition,
the Company’s Tax year for U.S. federal and state income Tax purposes was changed to end on March 31 each year, starting
with its Tax year ending March 31, 2019, and further the Company made a cash distribution on the Company Common Stock on April
22, 2019 that was intended to be treated as a distribution in partial liquidation of the Company pursuant to Section 302(e)
of the Code. In preparing its Tax Returns, the Company shall elect out of the installment method of reporting gain with respect
to the Escrows in accordance with Section 453(d) of the Code and applicable Treasury Regulations and report the entire amount
of the gain in the year of the applicable sales, using the maximum amount payable on the Escrows in reporting the amount of the
resulting gain (excluding the amount treated as imputed interest to the Company). Furthermore, in the event that the right to
receive payments from the Escrows due to the CVRs are distributed as a part of the Recapitalization or the Pre-Merger Special
Distribution, as the case may be, the amount of the distribution attributable to the Escrows for income tax purposes shall be
equal to the maximum amount payable on the Escrows as of the time of distribution (excluding the amount treated as imputed interest
to the recipients). Each of Parent, the Company and the Surviving Corporation shall file all Tax Returns, and conduct all Tax
investigations, audits, claims, procedures or proceedings consistently with this Section 6.18 unless otherwise required
pursuant to a final determination within the meaning of Section 1313 of the Code.

 

Article VII

CONDITIONS TO THE MERGER

 

Section 7.1           Conditions
to the Obligations of Each Party. The respective obligations of each party to consummate the Merger are subject to the satisfaction
or (to the extent permitted by Law) waiver by the Company and Parent at or prior to the Effective Time of the following conditions:

 

(a)          the
Requisite Stockholder Approval approving the Merger and the Recapitalization (if submitted to holders of Company Common Stock for
approval) shall have been obtained; and

 

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(b)          no
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or Order which is then in effect and
has the effect of enjoining, limiting, restricting, restraining, or otherwise prohibiting the consummation of the Merger.

 

(c)          The
Pre-Merger Special Distribution shall have occurred or the Recapitalization shall have been effectuated.

 

Section 7.2           Conditions
to the Obligations of Parent and Merger Sub. The respective obligations of Parent and Merger Sub to consummate the Merger
are subject to the satisfaction or (to the extent permitted by Law) waiver by Parent at or prior to the Effective Time of the
following further conditions:

 

(a)          each
of the representations and warranties of the Company contained in this Agreement, without giving effect to any materiality or “Company
Material Adverse Effect” qualifications therein, shall be true and correct as of the date hereof and as of the Closing
Date as though made on or as of such date, except for (i) any such representation and warranty expressly speaking as of an
earlier date, in which case such representation and warranty shall be true and correct as of such earlier date, and (ii) such
failures of such representations and warranties to be true and correct (as of any date) has not had and would not reasonably be
expected to have, individually or in the aggregate, a Company Material Adverse Effect as of the Effective Time with the same effect
as though made as of the Effective Time;

 

(b)          the
Company shall have performed or complied in all material respects with all agreements and covenants required by this Agreement
to be performed or complied with by it on or prior to the Effective Time;

 

(c)          the
Company shall have delivered to Parent a certificate, dated the Effective Time and signed by its chief executive officer or another
senior officer on behalf of the Company, certifying to such officer’s knowledge on behalf of the Company to the effect that
the conditions set forth in Section 7.2(a) and Section 7.2(b) have been satisfied; and

 

(d)          since
the date hereof, there shall not have been any effect, change, event or occurrence that has had or would reasonably be expected
to have, individually or in the aggregate, a Company Material Adverse Effect.

 

Section 7.3           Conditions
to the Obligations of the Company. The obligations of the Company to consummate the Merger are subject to the satisfaction
or (to the extent permitted by Law) waiver by the Company at or prior to the Effective Time of the following further conditions:

 

(a)          each
of the representations and warranties of Parent and Merger Sub contained in this Agreement (without giving effect to any materiality
or “Parent Material Adverse Effect” qualifications) shall be true and correct as of the date hereof and as of
the Closing Date as though made on or as of such date, except for (i) any such representation and warranty expressly speaking
as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date, and (ii) such
failures of such representations and warranties to be true and correct (as of any date) has not had and would not reasonably be
expected to have, individually or in the aggregate, a Parent Material Adverse Effect as of the Effective Time with the same effect
as though made on and as of the Effective Time;

 

    	39 

     

    

 

(b)          Parent
and Merger Sub shall have performed or complied in all material respects with all agreements and covenants required by this Agreement
to be performed or complied with by them on or prior to the Effective Time; and

 

(c)          Parent
shall have delivered to the Company a certificate, dated the Effective Time and signed by its chief executive officer or another
senior officer on behalf of Parent, certifying to such officer’s knowledge on behalf of Parent to the effect that the conditions
set forth in Section 7.3(a) and Section 7.3(b) have been satisfied.

 

Section 7.4           Frustration
of Conditions. None of the Company, Parent or Merger Sub may rely on the failure of any condition set forth in this Article VII
to be satisfied if such failure was caused by such party’s failure to comply with or perform any of its covenants or
obligations set forth in this Agreement.

 

Article VIII

TERMINATION, AMENDMENT AND WAIVER

 

Section 8.1           Termination.
Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be terminated at any time prior to the
Effective Time, whether before or after the Requisite Stockholder Approval is obtained (except as otherwise expressly noted),
as follows:

 

(a)          by
mutual written consent of each of Parent and the Company duly authorized by each of their respective boards of directors (as well
as the Committee in the case of the Company); or

 

(b)          by
either Parent or the Company, if:

 

(i)          the
Effective Time shall not have occurred on or before October 31, 2019 (the “Termination Date”); provided,
however, that the right to terminate this Agreement pursuant to this Section 8.1(b)(i) shall not be available
to any party if the failure of such party (including, in the case of Parent, the failure of Merger Sub) to perform any of its obligations
under this Agreement, the failure to act in good faith or the failure to use its reasonable best efforts to consummate the Merger
and the other transactions contemplated by this Agreement has been a principal cause of or resulted in the failure of the Merger
to be consummated on or before such date; or

 

(ii)         (A) a
Law shall have been enacted, entered or promulgated prohibiting the consummation of the Merger on the terms contemplated hereby
or (B) any Governmental Authority of competent jurisdiction shall have issued an Order or taken any other action permanently
restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and such Order or other action
shall have become final and non-appealable; provided, however, that the party seeking to terminate this Agreement
pursuant to this Section 8.1(b)(ii)(B) shall have used its reasonable best efforts to remove such Order or other action;
and provided, further, that the right to terminate this Agreement under this Section 8.1(b)(ii)(B) shall
not be available to a party if the issuance of such final, non-appealable Order was primarily due to the failure of such party,
and in the case of Parent, including the failure of Merger Sub, to perform any of its obligations under this Agreement;

 

    	40 

     

    

 

(iii)        if
the Requisite Stockholder Approval shall not have been obtained by the Company at the Stockholders’ Meeting duly convened
therefor or at any adjournment or postponement thereof; or

 

(c)          by
the Company if:

 

(i)          Parent
or Merger Sub shall have breached or failed to perform in any material respect any of its representations, warranties, covenants
or other agreements set forth in this Agreement, which breach or failure to perform (x) would result in a failure of a condition
set forth in Section 7.3(a) or Section 7.3(b) and (y) cannot be cured on or before the Termination
Date or, if curable, is not cured by Parent within thirty (30) days of receipt by Parent of written notice of such breach
or failure; provided, however, that the Company shall not have the right to terminate this Agreement pursuant to
this Section 8.1(c)(i) if: the Company is then in material breach of any of its representations, warranties, covenants
or agreements set forth in this Agreement, which breach would result in a failure of a condition set forth in Section 7.1(a),
Section 7.1(a), or Error! Reference source not found.; or

 

(ii)         Prior
to receipt of the Requisite Stockholder Approval (x) the board of directors of the Company has determined to enter into a
definitive agreement with respect to a Superior Proposal to the extent permitted by, and subject to the terms and conditions of,
Section 6.6(c) and Section 6.6(d), and (y) concurrently with such termination, the Company pays to
Parent the fee specified in Section 8.3(a)(ii)); or

 

(iii)        all
of the conditions set forth in Section 7.1 and Section 7.2 have been satisfied (other than those conditions
that by their nature are to be satisfied by actions taken at the Closing), and Parent and Merger Sub fail to consummate the Merger
within two (2) Business Days following the date the Closing should have occurred; or

 

(d)          by
Parent if:

 

(i)          the
Company shall have breached or failed to perform in any material respect any of its representations, warranties, covenants or other
agreements set forth in this Agreement, which breach or failure to perform (x) would result in a failure of any condition
set forth in Section 7.2(a), Section 7.2(b) or Section 7.2(c), and (y) cannot be cured
on or before the Termination Date (giving effect to the possible extension thereof pursuant to Section 8.1(b)(i)) or,
if curable, is not cured by the Company within thirty (30) days of receipt by the Company of written notice of such breach
or failure; provided, however, that Parent shall not have the right to terminate this Agreement pursuant to this
Section 8.1(d)(i) if: Parent or Merger Sub is then in material breach of any of its representations, warranties, covenants
or agreements set forth in this Agreement, which breach would result in a failure of a condition set forth in Section 7.3(a)
or Section 7.3(b); or

 

    	41 

     

    

 

(ii)         (x) the
board of directors of the Company shall have made an Adverse Recommendation Change; (y) the Company enters into an Alternative
Acquisition Agreement; or (z) the board of directors of the Company fails to include the Company Recommendation in the Proxy
Statement.

 

Section 8.2           Effect
of Termination. In the event that this Agreement is terminated and the Merger abandoned pursuant to Section 8.1,
written notice thereof shall be given to the other party or parties, specifying the provisions hereof pursuant to which such termination
is made and the basis therefor described in reasonable detail, and this Agreement shall forthwith become null and void and of
no effect without liability on the part of any party hereto (or any of its Representatives), and all rights and obligations of
any party hereto shall cease; provided, however, that, except as otherwise provided in Section 8.3 or
in any other provision of this Agreement, no such termination shall relieve any party hereto of any liability or damages resulting
from any breach of this Agreement prior to such termination, in which case the aggrieved party shall be entitled to all remedies
available at Law or in equity; and provided further, that the Confidentiality Agreement, and the provisions of Section 6.5(b),
Section 6.9, this Section 8.2, Section 8.3, Section 8.6, Article IX
and Appendix A shall survive any termination of this Agreement pursuant to Section 8.1.

 

Section 8.3           Termination
Fees.

 

(a)          If,
but only if, the Agreement is terminated by:

 

(i)          (x) either
Parent or the Company pursuant to Section 8.1(b)(i) or Section 8.1(b)(iii), or by Parent pursuant to Section 8.1(d)(i),
Section 8.1(d)(ii)(x) or Section 8.1(d)(ii)(z) and (y) the Company (A) receives or has received
a Competing Proposal from a Third Party after the date hereof, which Competing Proposal becomes publicly known, and (B) within
twelve (12) months of the termination of this Agreement, enters into, agrees to or consummates a transaction regarding such
Competing Proposal or any Competing Proposal, then the Company shall pay, or cause to be paid, to Parent an amount equal to Three
Hundred Thirty Dollars ($330,000) (the “Termination Fee”), not later than the third (3rd) Business
Day following the execution of the agreement relating to such transaction arising from such Competing Proposal (provided,
however, that for purposes of this Section 8.1(c)(ii), the references to “twenty-five percent (25%)” in
the definition of Competing Proposal shall be deemed to be references to “fifty percent (50%)”); or

 

(ii)         the
Company pursuant to Section 8.1(c)(ii) or Parent pursuant to Section 8.1(d)(ii)(y), then the Company shall
pay, or cause to be paid, to Parent the Termination Fee;

 

(b)          Notwithstanding
anything to the contrary set forth in this Agreement:

 

(i)          the
parties agree that in no event shall the Company be required to pay the Termination Fee on more than one occasion; and

 

(ii)         the
parties agree that the Termination Fee shall be reduced by any amounts as may be required to be deducted or withheld therefrom
under applicable Tax Law.

 

    	42 

     

    

 

(c)          Notwithstanding
anything to the contrary set forth in this Agreement, but subject to Section 9.9, Parent’s right to receive payment
from the Company of the Termination Fee pursuant to Section 8.3(a) shall constitute the sole and exclusive remedy of
Parent and Merger Sub against the Company and its Subsidiaries and any of their respective former, current or future general or
limited partners, stockholders, members, managers, directors, officers, employees, agents, affiliates or assignees (collectively,
the “Company Related Parties”) for all losses and damages suffered as a result of the failure of the transactions
contemplated by this Agreement to be consummated or for a breach or failure to perform hereunder or otherwise, and upon payment
of such amount, none of the Company Related Parties shall have any further liability or obligation relating to or arising out of
this Agreement or the transactions contemplated thereby (except that the Company shall also be obligated with respect to Section 8.3(d)).

 

(d)          Each
of the parties hereto acknowledges that (i) the agreements contained in this Section 8.3 are an integral part
of the transactions contemplated by this Agreement, (ii) the Termination Fee is not a penalty, but is liquidated damages,
in a reasonable amount that will compensate Parent in the circumstances in which such fee is payable for the efforts and resources
expended and opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of
the consummation of the transactions contemplated hereby, which amount would otherwise be impossible to calculate with precision,
and (iii) without these agreements, the parties would not enter into this Agreement.

 

Section 8.4           Amendment.
This Agreement may be amended by mutual agreement of the parties hereto by action taken by or on behalf of their respective boards
of directors at any time whether before or after receipt of the Requisite Stockholder Approval; provided, however,
that after the Requisite Stockholder Approval has been obtained, there shall not be any amendment that by Law or in accordance
with the rules of any stock exchange requires further approval by the stockholders of the Company without such further approval
of such stockholders nor any amendment or change not permitted under applicable Law. This Agreement may not be amended except
by an instrument in writing signed by each of the parties hereto.

 

Section 8.5           Waiver.
At any time prior to the Effective Time, subject to applicable Law, any party hereto may (a) extend the time for the performance
of any obligation or other act of any other party hereto, (b) waive any inaccuracy in the representations and warranties
of the other party contained herein or in any document delivered pursuant hereto, and (c) subject to the proviso of Section 8.4,
waive compliance with any agreement or condition contained herein. Any such extension or waiver shall only be valid if set forth
in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay
by the Company, Parent or Merger Sub in exercising any right hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise of any other right hereunder. Any agreement on the part of
a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of
such party.

 

Section 8.6           Expenses;
Transfer Taxes. All Expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement
shall be paid by the party incurring such expenses.

 

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Article IX

GENERAL PROVISIONS

 

Section 9.1           Non-Survival
of Representations, Warranties and Agreements. The representations, warranties, covenants and agreements in this Agreement
and any certificate delivered pursuant hereto by any party hereto shall terminate at the Effective Time or, except as provided
in Section 8.2, upon the termination of this Agreement pursuant to Section 8.1, as the case may be, except
that this Section 9.1 shall not limit any covenant or agreement of the parties which by its terms contemplates performance
after the Effective Time or after termination of this Agreement, including those contained in Section 6.7 and Section 6.14.

 

Section 9.2           Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (iii) when delivered by FedEx, UPS or other nationally recognized overnight
delivery service, or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed),
addressed as follows:

 

if to Parent or Merger Sub:

 

TheMaven, Inc.

1500 Fourth Avenue, Suite 200

Seattle, Washington 98101

Attention: James C. Heckman

E-mail: jch@maven.io

 

with a copy (which shall not constitute notice) to:

 

Golenbock Eiseman Assor Bell & Peskoe LLP

711 Third Avenue, 17th Floor

New York, New York 10017

Attention: Andrew D. Hudders

E-mail: ahudders@golenbock.com

 

if to the Company:

 

TheStreet, Inc.

14 Wall Street, 15th Floor

New York, New York 10005

Attention: Eric Lundberg

E-mail: ericlundberg@thestreet.com

 

    	44 

     

    

 

with a copy (which shall not constitute
notice) to each of:

 

Orrick, Herrington & Sutcliffe LLP

The Orrick Building

405 Howard Street

San Francisco, CA 94105

Attention: Karen Dempsey; Richard Vernon Smith

E-mail: kdempsey@orrick.com; rsmith@orrick.com

 

Section 9.3           Interpretation;
Certain Definitions. The parties have participated jointly in the negotiation and drafting of this Agreement. Consequently,
in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement. When a reference is made in this Agreement to an Article, Section, subsection, Appendix, Annex
or Exhibit, such reference shall be to an Article, Section or subsection of, or an Appendix, Annex or Exhibit to, this Agreement,
unless otherwise indicated. The table of contents and headings for this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All terms defined in
this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any Law defined or referred
to herein or in any agreement or instrument that is referred to herein means such Law as from time to time amended, modified or
supplemented, including (in the case of statutes) by succession of comparable successor Laws. References to a person are also
to its successors and permitted assigns. All references to “dollars” or “$” refer to currency of the United
States of America.

 

Section 9.4           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any present or future
Law, or public policy, (a) such term or other provision shall be fully separable, (b) this Agreement shall be construed
and enforced as if such invalid, illegal or unenforceable provision had never comprised a part hereof, (c) all other conditions
and provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
term or other provision or by its severance herefrom so long as the economic or legal substance of the Merger is not affected
in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the Merger be consummated as originally
contemplated to the fullest extent possible.

 

Section 9.5           Assignment.
Neither this Agreement nor any rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether
by operation of Law or otherwise) without the prior written consent of the other parties hereto.

 

    	45 

     

    

 

Section 9.6           Entire
Agreement. This Agreement (including the exhibits, annexes and appendices hereto) constitutes, together with the CVR Agreement,
Confidentiality Agreement, the Company Disclosure Schedule and the Parent Disclosure Schedule, the entire agreement, and supersedes
all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject
matter hereof.

 

Section 9.7           No
Third-Party Beneficiaries. This Agreement is not intended to and shall not confer any rights or remedies upon any person other
than the parties hereto and their respective successors and permitted assigns, except for (a) the rights of the Company’s
stockholders to receive the Merger Consideration at the Effective Time, (b) the right of the Company, on behalf of its stockholders
to collect the Aggregate Cash Merger Consideration (or any portion thereof) and/or pursue damages (which shall include, to the
extent proven, the total amount that could have been claimed by the Company’s stockholders if such stockholders brought
an action against Parent and Merger Sub and were recognized as intended third-party beneficiaries hereunder) in the event of Parent’s
or Merger Sub’s breach of this Agreement or fraud, which right is hereby acknowledged and agreed by Parent and Merger Sub,
(c) the provisions of Section 6.7, and (d) the provisions of Section 6.14, Error! Reference
source not found. and Section 6.18. The representations and warranties in this Agreement are the product of negotiations
among the parties hereto and are for the sole benefit of the parties hereto. Any inaccuracies in such representations and warranties
are subject to waiver by the parties hereto in accordance with Section 8.5 without notice or liability to any other
person. The representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated
with particular matters regardless of the knowledge of any of the parties hereto. Accordingly, persons other than the parties
hereto may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances
as of the date of this Agreement or as of any other date.

 

Section 9.8           Governing
Law; Consent to Jurisdiction. This Agreement and all actions, proceedings or counterclaims (whether based on Contract, tort
or otherwise) arising out of or relating to this Agreement or the actions of Parent, Merger Sub or the Company in the negotiation,
administration, performance and enforcement thereof, shall be governed by, and construed in accordance with the laws of the State
of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any
other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. Each of
the parties (i) irrevocably consents to the service of the summons and complaint and any other process (whether inside or
outside the territorial jurisdiction of the Chosen Courts) in any action, proceeding or counterclaim relating to the Merger, for
and on behalf of itself or any of its properties or assets, in accordance with Section 9.2 or in such other manner
as may be permitted by applicable Law, and nothing in this Section 9.8 will affect the right of any party to serve
legal process in any other manner permitted by applicable Law; (ii) irrevocably and unconditionally consents and submits
itself and its properties and assets in any action, proceeding or counterclaim to the exclusive general jurisdiction of the Court
of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of
Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State
of Delaware) (the “Chosen Courts”) in the event that any dispute or controversy arises out of this Agreement
or the transactions contemplated hereby, including the Merger; (iii) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court; (iv) agrees that any action, proceeding or
counterclaim arising in connection with this Agreement or the transactions contemplated hereby, including the Merger, will be
brought, tried and determined only in the Chosen Courts; (v) waives any objection that it may now or hereafter have to the
venue of any such action, proceeding or counterclaim in the Chosen Courts or that such action, proceeding or counterclaim was
brought in an inconvenient court and agrees not to plead or claim the same; and (vi) agrees that it will not bring any action,
proceeding or counterclaim relating to this Agreement or the transactions contemplated hereby, including the Merger, in any court
other than the Chosen Courts. Each of Parent, Merger Sub and the Company agrees that a final judgment in any action, proceeding
or counterclaim in the Chosen Courts will be conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by applicable Law.

 

    	46 

     

    

 

Section 9.9           Specific
Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate
remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement (including failing to
take such actions as are required of it hereunder to consummate this Agreement) in accordance with its specified terms or otherwise
breach such provisions. Accordingly, the parties acknowledge and agree that the parties shall be entitled to an injunction, specific
performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions
hereof, in addition to any other remedy to which they are entitled at Law or in equity. Each of the parties agrees that it will
not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has
an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for any reason at Law or in equity.
Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or
injunction.

 

Section 9.10         Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a .pdf attachment
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 9.11         WAIVER
OF JURY TRIAL. EACH OF PARENT, MERGER SUB AND THE COMPANY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
ACTIONS OF PARENT, MERGER SUB OR THE COMPANY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF.

 

[Remainder of page intentionally left
blank; signature page follows.]

 

    	47 

     

    

 

IN WITNESS WHEREOF, Parent, Merger Sub and
the Company have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	Parent:
	 	 	 	 
	 	THEMAVEN, INC.
	 	 	 	 
	 	By:	/s/ James C. Heckman
	 	 	Name:	James C. Heckman
	 	 	Title:	CEO
	 	 	 	 
	 	merger sub:
	 	 	 	 
	 	TST Acquisition Co., Inc.
	 	 	 	 
	 	By:	/s/ James C. Heckman
	 	 	Name:	James C. Heckman
	 	 	Title:	CEO

 

[Signature Page to Merger Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, Parent, Merger Sub and
the Company have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	Company:
	 	 	 	 
	 	THESTREET, INC.
	 	 	 	 
	 	By:	/s/ Eric F. Lundberg
	 	 	Name:	Eric F. Lundberg
	 	 	Title:	CEO and CFO

 

[Signature Page to Merger Agreement]

 

    	 	 	 

     

    

 

Appendix A

 

As used in the Agreement, the following
terms shall have the following meanings:

 

“1998 Plan” shall mean
the Company’s 1998 Stock Incentive Plan, as amended and restated.

 

“2007 Plan” shall mean
the Company’s 2007 Performance Incentive Plan, as amended and restated.

 

“Acceptable Confidentiality Agreement”
shall mean a customary confidentiality agreement containing terms no less favorable to the Company in the aggregate than the terms
set forth in the Confidentiality Agreement; provided, however, that such confidentiality agreement shall not prohibit
compliance by the Company with any of the provisions of Section 6.6.

 

“Aggregate Cash Merger Consideration”
shall mean Sixteen Million Five Hundred Thousand Dollars ($16,500,000.00) in cash.

 

“Blue Sky Laws” shall
mean state securities, takeover or “blue sky” laws.

 

“Business Day” shall
mean any day other than a Saturday, Sunday or a day on which all banking institutions in New York, New York or Los Angeles, California
are authorized or obligated by Law or executive order to close.

 

“Code” shall mean the
Internal Revenue Code of 1986, as amended.

 

“Company Benefit Plan”
shall mean each material “employee pension benefit plan” (as defined in Section 3(2) of ERISA), each material
 “employee welfare benefit plan” (as defined in Section 3(1) of ERISA), and each other material plan, agreement,
arrangement or policy (written or oral) relating to stock options, stock purchases, deferred compensation, bonus, severance, retention,
fringe benefits or other employee benefits, in each case maintained or contributed to, or required to be maintained or contributed
to, by the Company or its ERISA Affiliates for the benefit of any current or former employee or director of the Company or any
of its subsidiaries, other than any plan, arrangement or policy mandated by applicable Law.

 

“Company Lease” shall
mean any lease, sublease, sub-sublease, license and other agreement under which the Company or any of its Subsidiaries leases,
subleases, licenses, uses or occupies (in each case whether as landlord, tenant, sublandlord, subtenant or by other occupancy arrangement),
or has the right to use or occupy, now or in the future, any real property.

 

    	50 

     

    

 

“Company Material Adverse Effect”
shall mean any change, event, violation, inaccuracy, effect or circumstance (each, an “Effect”) that, individually
or taken together with all other Effects that have occurred prior to the date of determination of the occurrence of the Company
Material Adverse Effect, (A) is or would reasonably be expected to be materially adverse to the business, financial condition
or results of operations of the Company; or (B) would reasonably be expected to prevent or materially impair the consummation
by the Company of the Merger prior to the Termination Date, and shall include the termination of the employment of either or both
of Eric Lundberg or Margaret De Luna prior to Closing by the Company; provided, however, that, with respect to clause (A) only,
none of the following (by itself or when aggregated) will be deemed to be or constitute a Company Material Adverse Effect or will
be taken into account when determining whether a Company Material Adverse Effect has occurred or may, would or could occur (subject
to the limitations set forth below): (i) changes in general economic conditions in the United States or any other country
or region in the world, or changes in conditions in the global economy generally; (ii) changes in conditions in the financial
markets, credit markets or capital markets in the United States or any other country or region in the world, including (1) changes
in interest rates or credit ratings in the United States or any other country; (2) changes in exchange rates for the currencies
of any country; or (3) any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) generally
on any securities exchange or over-the-counter market operating in the United States or any other country or region in the world;
(iii) changes in conditions in the markets or industries in which the Company generally conducts business; (iv) changes
in regulatory, legislative or political conditions in the United States or any other country or region in the world; (v) any
geopolitical conditions, outbreak of hostilities, acts of war, sabotage, terrorism or military actions (including any escalation
or general worsening of any such hostilities, acts of war, sabotage, terrorism or military actions) in the United States or any
other country or region in the world; (vi) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or
other natural disasters, weather conditions and other force majeure events in the United States or any other country or region
in the world; (vii) any Effect resulting from the announcement of this Agreement, the pendency of the Merger, the cessation
or termination of the employment of any of Eric Lundberg and/or Margaret De Luna due to death or Disability or termination of the
employment of James C. Cramer for any reason, including the impact of any of the foregoing on or loss of the relationships, contractual
or otherwise of the Company with employees (except to the extent that such loss is due to Company employee terminations or departures
the positions for which have not been filled or replaced through and as of the Closing and which exceed, in the aggregate since
the public announcement of this Agreement, thirty percent (30%) of the total number of individuals employed by the Company as of
the date hereof), suppliers, advertisers, sponsors, customers (including subscribers to digital subscription newsletters), partners,
vendors or any other third person; (viii) the compliance by any party with the terms of this Agreement, including any action
taken or refrained from being taken pursuant to or in accordance with this Agreement; (ix) any action taken or refrained from
being taken, in each case to which Parent has expressly approved, consented to or requested in writing following the date hereof;
(x) changes or proposed changes in GAAP or other accounting standards or in any applicable Laws (or the enforcement or interpretation
of any of the foregoing); (xi) changes in the price or trading volume of the Company Common Stock, in and of itself (it being
understood that any cause of such change may be deemed to constitute, in and of itself, a Company Material Adverse Effect and may
be taken into consideration when determining whether a Company Material Adverse Effect has occurred); (xii) any failure, in
and of itself, by the Company to meet (A) any public estimates or expectations of the Company’s revenue, earnings or
other financial performance or results of operations for any period; or (B) any internal budgets, plans, projections or forecasts
of its revenues, earnings or other financial performance or results of operations (it being understood that any cause of any such
failure may be deemed to constitute, in and of itself, a Company Material Adverse Effect and may be taken into consideration when
determining whether a Company Material Adverse Effect has occurred); (xiii) the availability or cost of equity, debt or other
financing to Parent or Merger Sub; (xiv) any Transaction Litigation or other claim, action, suit, arbitration, proceeding
or investigation threatened, commenced, made or brought by any of the current or former stockholders of the Company (on their own
behalf or on behalf of the Company) against the Company, any of its directors, officers or employees arising out of or related
to the Merger or any other transaction contemplated by this Agreement; and (xv) any matters disclosed in the Company Disclosure
Letter; except, with respect to clauses (i), (ii), (iii), (iv), (v), (vi) and (x) to the extent that such Effect has
had a materially disproportionate adverse effect on the Company relative to other companies of a similar size operating in the
industries in which the Company conducts business, in which case only the incremental disproportionate adverse impact may be taken
into account in determining whether there has occurred a Company Material Adverse Effect.

 

    	51 

     

    

 

“Company Option” shall
mean each outstanding option to purchase shares of Company Common Stock under any of the Company Plans.

 

“Company Plans” shall
mean the 1998 Plan and 2007 Plan.

 

“Company Recommendation”
shall mean the recommendation of the board of directors of the Company that the stockholders of the Company adopt this Agreement
and approve the transactions contemplated hereby, including the Merger.

 

“Confidentiality Agreement”
shall mean the mutual confidentiality agreement, dated as January 28, 2019, between Parent and the Company.

 

“Contract” shall mean
any written contract, subcontract, note, bond, mortgage, indenture, lease, license, sublicense or other binding agreement.

 

“Disability” shall mean
the inability of an individual to engage in any substantially gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period
of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code and will be determined by
the board of directors of the Company on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

“DGCL” shall mean the
General Corporation Law of the State of Delaware.

 

“Distribution” shall
mean the special cash distribution in the amount of approximately $94.3 million declared by the Company’s board of directors,
the 1-for-10 reverse stock split of the Company Common Stock approved by the Company’s board of directors in connection therewith
and all actions taken or to be taken by the Company to effect the foregoing, including payment of such special cash distribution
to the Company’s stockholders and amendment of the Company’s Restated Certificate of Incorporation, as amended, to
effect such reverse stock split (which distribution was paid on April 22, 2019 to the stockholders of record and which reverse
stock-split was effective on April 26, 2019).

 

“ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended.

 

    	52 

     

    

 

“ERISA Affiliate” shall
mean any trade or business that, together with the Company, would be treated as a single employer pursuant to Section 4001(b)
of ERISA.

 

“Escrows” means, collectively,
(i) the escrows established pursuant to the Escrow Agreement, dated as of June 20, 2018, by and among The Street, Inc., Bankers
Financial Products Corporation, S&P Global Market Intelligence Inc. and Citibank, National Association, as escrow agent; and
(ii) the escrows established pursuant to the Escrow Agreement, dated as of February 14, 2019, by and among TheStreet, Inc., Euromoney
Institutional Investor PLC and Citibank, National Association, as escrow agent.

 

“Excess Cash Amount”
shall mean in an amount in cash, as determined in good faith by the Company immediately prior to the Effective Time and in accordance
with GAAP, equal to (a) the aggregate amount of cash and cash equivalents of the Company and its subsidiaries immediately
prior to the Effective Time minus (b) the aggregate amount of Excluded Liabilities (determined in accordance with Section 6.16
of the Company Disclosure Schedule).

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended.

 

“Expenses” shall mean
all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment bankers, experts and consultants
to a party hereto and its affiliates) incurred by a party or on its behalf in connection with or related to the authorization,
preparation, negotiation, execution and performance of this Agreement, the preparation, printing, filing and mailing of the Proxy
Statement and all SEC and other regulatory filing fees incurred in connection with the Proxy Statement, the solicitation of stockholder
approvals, engaging the services of the Escrow Agent, the Paying Agent and the Rights Agent, obtaining third party consents, any
other filings with the SEC and all other matters related to the closing of the Merger and the other transactions contemplated by
this Agreement or the CVR Agreement.

 

“GAAP” shall mean the
United States generally accepted accounting principles.

 

“Governmental Authority”
shall mean any United States (federal, state or local) or foreign government, or any governmental, regulatory, judicial or administrative
authority, agency or commission.

 

“Indemnitee” shall mean
any individual who, on or prior to the Effective Time, was an officer, director or employee of the Company or served on behalf
of the Company as an officer, director or employee of any of the Company’s Subsidiaries or affiliates or any of their predecessors
in all of their capacities (including as stockholder, controlling or otherwise) and the heirs, executors, trustees, fiduciaries
and administrators of such officer, director or employee.

 

“IRS” shall mean the
U.S. Internal Revenue Service.

 

“knowledge” shall mean
the actual knowledge of the executive officers of the Company or Parent, as applicable.

 

“Law” shall mean any
and all domestic (federal, state or local) or foreign laws, rules, regulations, statutes, orders, ordinance, judgments or decrees
or other pronouncements by any Governmental Authority.

 

    	53 

     

    

 

“Lien” shall mean liens,
claims, mortgages, encumbrances, pledges, security interests or charges of any kind, other than licenses of or other grants of
rights to use Intellectual Property Rights.

 

“Order” shall mean any
decree, order, judgment, ruling, writ, injunction, temporary restraining order or other formal order in any suit or proceeding
by or with any Governmental Authority.

 

“Parent Material Adverse Effect”
shall mean any change, effect or circumstance that individually or in the aggregate, would reasonably be expected to prevent or
materially delay or impair the ability of Parent to consummate the Merger and the other transactions contemplated by this Agreement.

 

“Per Share Amount” shall
mean a cash amount equal to the quotient of (a) the Aggregate Cash Merger Consideration divided by (b) the number of
shares of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than those shares canceled
or retired pursuant to Section 3.1(a)).

 

“Permitted Lien” shall
mean (i) any Lien for Taxes not yet delinquent or for Taxes being contested in good faith for which adequate accruals or reserves
have been established, (ii) Liens securing indebtedness or liabilities that are reflected in the Company SEC Documents or
incurred in the ordinary course of business since the date of the most recent Annual Report on Form 10-K filed with the SEC by
the Company and Liens securing indebtedness or liabilities that have otherwise been disclosed to Parent in writing, (iii) such
Liens or other imperfections of title, if any, that do not have, individually or in the aggregate, a Company Material Adverse Effect,
including (A) covenants, conditions and restrictions, easements, rights of way, licenses or claims of the same, whether or
not shown by the public records (B) boundary line disputes, overlaps, encroachments and other matters, whether or not of record,
that would be disclosed by an accurate survey or a personal inspection of the property, (C) rights of parties in possession,
(D) any supplemental Taxes or assessments not shown by the public records and (E) title to any portion of the premises
lying within the right of way or boundary of any public road or private road, (iv) Liens imposed or promulgated by Laws with
respect to real property and improvements, including zoning regulations, (v) Liens that would be disclosed on current title
reports or existing surveys, (vi) mechanics’, materialmen’s, carriers’, workmen’s, repairmen’s,
warehousemen’s and similar Liens incurred in the ordinary course of business, (vii) Liens securing acquisition financing
with respect to the applicable asset, including refinancings thereof, and (viii) leases, subleases, licenses or sublicenses
granted to others in the ordinary course of business which do not ‎materially interfere with the ordinary conduct of the business
of the Company and do not secure any indebtedness‎.

 

“person” shall mean an
individual, a corporation, a limited liability company, a partnership, an association, a trust or any other entity or organization,
including a Governmental Authority.

 

“Prior Transactions”
means, collectively, the transactions consummated pursuant to (a) the Membership Interest Purchase Agreement, dated as of December
6, 2018, by and between Euromoney Institutional Investor PLC and the Company, and (b) the Asset Purchase Agreement, dated as of
June 20, 2018, by and among the Company, Bankers Financial Products Corporation and S&P Global Market Intelligence Inc.

 

    	54 

     

    

 

“Representatives” means
a party’s directors, officers, employees, consultants, advisors (including, without limitation, attorneys, accountants, consultants,
investment bankers, and financial advisors), agents and other representatives.

 

“SEC” shall mean the
Securities and Exchange Commission.

 

“Secretary of State”
shall mean the Secretary of State of the State of Delaware.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended.

 

“Subsidiary” of any person,
shall mean any corporation, partnership, joint venture or other legal entity of which such person (either above or through or together
with any other subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests, the holders of
which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or
other legal entity. For the avoidance of doubt, any reference to Subsidiaries of the Company refers to the Subsidiaries of the
Company as of the date of this Agreement.

 

“Tax” or “Taxes”
shall mean any and all taxes, fees, levies, duties, tariffs, imposts, and other similar charges (together with any and all interest,
penalties and additions to tax) imposed by any governmental or taxing authority including without limitation taxes or other charges
on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll,
employment, social security, workers’ compensation, unemployment compensation, or net worth; taxes or other charges in the
nature of excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license, registration and documentation
fees; customs’ duties, tariffs, and similar charges.

 

“Tax Returns” shall mean
returns, reports and information statements, including any schedule or attachment thereto, with respect to Taxes required to be
filed with the IRS or any other governmental or taxing authority.

 

“Third Party” shall mean
any person or group other than Parent, Merger Sub and their respective affiliates.

 

“Transaction Litigation”
shall mean any claim, action, suit, arbitration, proceeding or investigation commenced or threatened in writing against a party
or any of its Subsidiaries or Affiliates or otherwise relating to, involving or affecting such party or any of its Subsidiaries
or Affiliates, in each case in connection with, arising from or otherwise relating to or regarding the Merger or any other transaction
contemplated by this Agreement, including any claim, action, suit, arbitration, proceeding or investigation alleging or asserting
any misrepresentation or omission in the Proxy Statement, any Other Required Company Filing or any other communications to the
stockholders of the Company.

 

“Treasury Regulations” shall mean the
United States Federal Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations).

 

“WARN Act” shall mean
the Worker Adjustment and Retraining Notification Act of 1988.

 

    	55

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