Document:

Exhibit 4.3

 

THE SECURITIES REPRESENTED BY THIS WARRANT, AND
THE SECURITIES ISSUABLE UPON EXERCISE HEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS. 

 

FORM OF WARRANT

 

AGRIFY CORPORATION

 

WARRANT TO PURCHASE COMMON STOCK

 

Warrant No.: HTCS-3

 

Number of Shares of Common Stock: 14,227,643

 

Date of Issuance: August __, 2022 (“Issuance
Date”)

 

Agrify Corporation, a corporation
organized under the laws of Nevada (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, High Trail Special Situations
LLC, the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after the Issuance
Date (the “Initial Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined
below), fourteen million two hundred twenty-seven thousand six hundred forty-three (14,227,643) duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock (as defined below), subject to adjustment as provided herein (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common
Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set forth in Section
19. This Warrant is one of the Warrants to Purchase Common Stock (the “Warrants”) issued pursuant to that certain
Securities Exchange Agreement (the “Securities Exchange Agreement”), dated as of August 18, 2022 (the “Subscription
Date”) by and among the Company and the Holder.

 

     

     

    

 

1. EXERCISE
OF WARRANT.

 

(a) Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)
and Section 1(i)), this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date,
in whole or in part, by delivery (whether via electronic mail or otherwise) of a duly completed and executed written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant.
Within two (2) Trading Days following the delivery of the Exercise Notice, if a registration statement covering the issuance or resale
of the applicable Exercise Notice Warrant Shares (as defined below) is available for the issuance or resale, as applicable, of such Exercise
Notice Warrant Shares, the Holder shall make payment to the Company of an amount equal to the Exercise Price in effect on the date of
such exercise multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise
Price”) in cash by wire transfer of immediately available funds or, if the provisions of Section 1(d) are applicable,
by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The
Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder, nor shall any ink-original signature
or medallion guarantee (or other type of guarantee or notarization) with respect to any Exercise Notice be required. Execution and delivery
of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares and the Holder shall not
be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder
and this Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within
three (3) Trading Days of the date on which the final Exercise Notice is delivered to the Company. On or before the first (1st)
Trading Day following the date on which the Holder has delivered the applicable Exercise Notice, the Company shall transmit by electronic
mail a duly executed and completed acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached to the Exercise
Notice, to the Holder and the Company’s transfer agent (the “Transfer Agent”). So long as the Holder delivers
the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) on or prior to the first (1st) Trading Day following
the date on which the Exercise Notice has been delivered (or deemed to have been delivered) to the Company, then on or prior to the earlier
of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period, in each
case following the date on which the Exercise Notice has been delivered (or deemed to have been delivered) to the Company, or, if the
Holder does not deliver the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) on or prior to the first (1st)
Trading Day following the date on which the Exercise Notice has been delivered (or deemed to have been delivered) to the Company, then
on or prior to the first (1st) Trading Day following the date on which the Aggregate Exercise Price (or notice of a Cashless
Exercise, if applicable) is delivered (such earlier date, or if later, the earliest day on which the Company is required to deliver Warrant
Shares pursuant to this Section 1(a), the “Share Delivery Date”), the Company shall (X) provided that the Transfer
Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (“FAST”),
credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its
designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating
in FAST, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the
name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise. The Company
shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant
Shares via DTC, if any, including without limitation for same day processing. Upon delivery (or deemed delivery) of the Exercise Notice,
the Holder shall be deemed for all corporate purposes to have become the holder of record and beneficial owner of the Warrant Shares with
respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC
account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is physically
delivered to the Company in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented
by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company
shall as soon as practicable and in no event later than three (3) Trading Days after any exercise and at its own expense, issue and deliver
to the Holder (or its designee) a new Warrant (in accordance with Section 77(d)) representing the right to purchase the number
of Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which
this Warrant is exercised. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant
Shares to be issued shall be rounded to the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar
taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent) which may be payable with respect to
the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any
tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares
to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such issuance
has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.
The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof
are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof (except for consents and waivers provided pursuant to Section 9), the recovery of any judgment against
any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; provided, however,
that the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of the
Aggregate Exercise Price (or notice of a Cashless Exercise) with respect to such exercise.

 

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(b) Exercise
Price. For purposes of this Warrant, “Exercise Price” means $1.23 per share, subject to adjustment as provided
herein.

 

(c) Company’s
Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason on or prior to the applicable Share
Delivery Date, if (x) the Transfer Agent is not participating in FAST, to issue to the Holder a certificate for the number of shares of
Common Stock to which the Holder is entitled and register such Common Stock on the Company’s share register or (y) the Transfer
Agent is participating in FAST, to credit the Holder’s balance account with DTC, for such number of shares of Common Stock to which
the Holder is entitled upon the Holder’s exercise of this Warrant (such shares to which Holder is entitled being, the “Exercise
Notice Warrant Shares”), then, in addition to all other remedies available to the Holder, if on or prior to the applicable Share
Delivery Date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within five (5) Trading Days after the
Holder’s request, (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by (2) the price at
which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of the Warrant with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, written evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof. As of the Issuance Date, the Company’s current transfer agent participates in FAST. In the event that the Company changes
transfer agents while this Warrant is outstanding, the Company shall use commercially reasonable efforts to select a transfer agent that
participates in FAST. While this Warrant is outstanding, the Company shall request its transfer agent to participate in FAST with respect
to this Warrant. In addition to the foregoing rights, (i) if the Company fails to deliver the applicable number of Warrant Shares upon
an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have the right to rescind such exercise
in whole or in part and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised
pursuant to such Exercise Notice; provided that the rescission of an exercise shall not affect the Company’s obligation to make
any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise. In addition to the
foregoing, if the Company fails for any reason to deliver to the Holder the Warrant Shares subject to an Exercise Notice by the second
Trading Day following the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Common Stock on the date of the
applicable Exercise Notice), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after the Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

(d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the issuance or resale of
the applicable Exercise Notice Warrant Shares is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant
Shares or (ii) if the Requisite Stockholder Approval (as such term is used in the Securities Exchange Agreement) has not yet been obtained,
then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, the Holder may elect to receive upon such exercise the “Net Number” of shares of Common Stock determined according
to the following formula (a “Cashless Exercise”):

 

Net Number = (A
x B) - (A x C)

B

For purposes of the
foregoing formula:

 

A= the total
number of shares with respect to which this Warrant is then being exercised.

 

B= as applicable:
(i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if
such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2)
both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
of the Holder, either (y) the Weighted Average Price on the Trading Day immediately preceding the date of the applicable Exercise Notice
or (z) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise
Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including
until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or
(iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is
a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular
trading hours” on such Trading Day.

 

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C= the Exercise
Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

If Warrant Shares are issued in such a cashless
exercise, the Company acknowledges and agrees that in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities
Act”), the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period
of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position
contrary to this Section 1(d). Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,”
and to receive the cash payments contemplated pursuant to Sections 1(c) and 4(b), in no event will the Company be required
to net cash settle a Warrant exercise. Any Cashless Exercise of this Warrant shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder by an amount equal to the number of Warrant Shares that would be issuable upon exercise of this
Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a Cashless Exercise
and not the number of Warrant Shares actually received by the Holder.

 

(e) Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section
11.

 

(f) Beneficial
Ownership Limitation. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of any
portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions
of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect to such
exercise, the Holder together with the other Attribution Parties collectively would beneficially own in the aggregate in excess of 4.99%
(the “Maximum Percentage”) of the number of shares of Common Stock outstanding immediately after giving effect to such
exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and
the other Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties
plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised
portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants, including any other Warrants) beneficially owned by the Holder or any other Attribution Party subject to
a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section
1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding shares of Common Stock the
Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q,
Current Reports on Form 8-K or other public filing with the Securities and Exchange Commission (the “SEC”), as the
case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company
receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported
Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares of Common Stock then outstanding
and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to
this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to
be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”)
and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm
orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number
was reported. In the event that the issuance of Common Stock to the Holder upon exercise of this Warrant results in the Holder and the
other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding
shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess
Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return
to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder
may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such
notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day
after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution
Parties and not to any other holder of Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of
Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to
exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect
to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph or any portion of this
paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f)
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this
paragraph may not be waived and shall apply to a successor holder of this Warrant. The Holder hereby acknowledges and agrees that the
Company shall be entitled to rely on the representations and other information set forth in any Exercise Notice and shall not be required
to independently verify whether any exercise of this Warrant would cause the Holder (together with the other Attribution Parties) to collectively
beneficially own in excess of the Maximum Percentage of the number of shares of Common Stock outstanding after giving effect to such exercise
or otherwise trigger the provisions of this Section 1(f).

 

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(g) Required
Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this
Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall be necessary
to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without regard to any limitations
on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of shares of Common
Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise of Warrants or such other event
covered by Section 22(b). The Required Reserve Amount (including, without limitation, each increase in the number of shares so
reserved) shall be allocated pro rata among the holders of the Warrants based on the number of shares of Common Stock issuable upon exercise
of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized
Share Allocation”). In the event that a Holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee
shall be allocated a pro rata portion of such Holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated
to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number
of shares of Common Stock issuable upon exercise of the Warrants then held by such holders thereof (without regard to any limitations
on exercise). Each share of Common Stock delivered upon exercise of this Warrant will be a newly issued or treasury share and will be
duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the
extent of any lien or adverse claim created by the action or inaction of the Holder or the Person to whom such share will be delivered).
If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will cause
each share of Common Stock issued upon exercise of this Warrant, when delivered upon such exercise, to be admitted for listing on such
exchange or quotation on such system.

 

(h) Insufficient
Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized
and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance the Required Reserve Amount (an “Authorized
Share Failure”), then the Company shall promptly take all action reasonably necessary to increase the Company’s authorized
shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share
Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting,
the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and the Company’s management shall recommend to the Company’s
Board of Directors that it recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if at any such
time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding
shares of Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation
by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. In addition to the foregoing,
in the event of any Authorized Share Failure that results in the failure of the Company to deliver any shares of Common Stock that would
have otherwise been deliverable pursuant to an Exercise Notice (such shares the “Authorized Shares Failure Shares”),
(1) the Company will promptly pay to the Holder, as liquidated damages and not as a penalty, cash in an amount equal (i) to the product
of (x) the number of such Authorized Shares Failure Shares; and (y) the Daily VWAP per share of Common Stock on the date the Holder delivered
the applicable Exercise Notice hereunder (or, if such date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), minus
(ii) if such exercise is not a cashless exercise the Aggregate Exercise Price applicable to such Authorized Shares Failure Shares, to
the extent not previously paid; and (2) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in settlement of a sale by the Holder of such Authorized Shares Failure Shares, the Company will reimburse the Holder
for (x) any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection with such purchases and
(y) the excess, if any, of (A) the aggregate purchase price of such purchases over (B) an amount equal to (i) the product of (I) the number
of such Authorized Shares Failure Shares purchased by the Holder; and (II) the Daily VWAP per share of Common Stock on the date the Holder
delivered the applicable Exercise Notice hereunder (or, if such date is not a VWAP Trading Day, the immediately preceding VWAP Trading
Day), minus (ii) if such exercise is not a cashless exercise the Aggregate Exercise Price applicable to such Authorized Shares Failure
Shares, to the extent not previously paid.

 

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(i) Stock
Exchange Limitations. Notwithstanding anything to the contrary in this Warrant, if shareholder approval would otherwise be required
under Nasdaq Rule 5635(d) with respect to the issuance of this Warrant, until the Requisite Stockholder Approval is obtained, in no event
will the number of shares of Common Stock issuable upon exercise of this Warrant, together with all shares of Common Stock issued in respect
of the Prior Notes (as defined in the Securities Exchange Agreement), the Exchange Notes (as defined in the Securities Exchange Agreement)
and any other Warrant issued pursuant to the Exchange Agreement, exceed 5,308,578 shares in the aggregate. If, commencing one hundred
and eighty (180) days following the issuance of any Warrants that require the Requisite Stockholder Approval under Nasdaq Rule 5635(d),
one or more shares of Common Stock are not delivered at any time as a result of the operation of the preceding sentence (such shares,
the “Withheld Shares”), then (1) the Company will promptly pay to the Holder, as liquidated damages and not as a penalty,
cash in an amount equal to the product of (x) the number of such Withheld Shares; and (y) the Daily VWAP per share of Common Stock on
the date the Holder delivered the applicable Exercise Notice hereunder (or, if such date is not a VWAP Trading Day, the immediately preceding
VWAP Trading Day); and (2) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in settlement of a sale by the Holder of such Withheld Shares, the Company will reimburse the Holder for (x) any brokerage commissions
and other out-of-pocket expenses, if any, of the Holder incurred in connection with such purchases and (y) the excess, if any, of (A)
the aggregate purchase price of such purchases over (B) the product of (I) the number of such Withheld Shares purchased by the Holder;
and (II) the Daily VWAP per share of Common Stock on the date the Holder delivered the applicable Exercise Notice hereunder (or, if such
date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day).

 

ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to
time as follows:

 

(a) Voluntary
Adjustment by Company. The Company may at any time during the term of this Warrant reduce the then-current Exercise Price to any amount
and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(b) Adjustment
Upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date subdivides (by any stock
split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision
or combination becomes effective.

 

(c) Adjustments
Prior to Qualified Equity Financing.

 

(1) If
at any time from the date of this agreement until the Business Day immediate following the completion of a Qualified Equity Financing
(as defined in the Securities Exchange Agreement), if the Company or any of its Subsidiaries grants issues or sells (or enters into any
agreement to grant, issue or sell), or in accordance with this Section 2(c)(1) is deemed to have granted, issued or sold, any shares of
Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company) for a consideration
per share (the “Effective Price”) less than a price equal to the Exercise Price in effect immediately prior to such
granting, issuance or sale or deemed granting issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable
Price”) (the foregoing a “Degressive Issuance”), then immediately after such Degressive Issuance, the Exercise
Price will be decreased to an amount equal to the Effective Price. For all purposes of the foregoing (including, without limitation, determining
the adjusted Exercise Price and the Effective Price under this Section 2(c)(1)), the following shall be applicable:

 

(2) Issuance
of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any Options
and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon
conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the
terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued
and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 2(c)(2),
the “lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or
upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to
the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to any one share of Common Stock upon the granting, issuance or sale of such Option, upon exercise of such
Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant
to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may
become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of
all amounts paid or payable to the holder of such Option (or any other Person) upon the granting, issuance or sale of such Option, upon
exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or
otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on,
the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made
upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise
pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

 

    - 6 -

     

    

 

(3) Issuance
of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Convertible
Securities and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or
exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be
deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution
of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section
2(c)(3), the “lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or
exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts
of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or
pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such
Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security
for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise
or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such
Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible
Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible
Security (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual
issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to
the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which an adjustment
of the Exercise Price has been or is to be made pursuant to other provisions of this Section 2(c), except as contemplated below, no further
adjustment of the Exercise Price shall be made by reason of such issuance or sale. For purposes of this Section 2(c)(3), any re-pricing
or amendment of any Convertible Securities (including, for the avoidance of doubt, any Convertible Securities existing as of the date
of the Securities Exchange Agreement) will be deemed to be the issuance of additional Convertible Securities, without affecting any prior
adjustments theretofore made to the Exercise Price.

 

(4) Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities
are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other than proportional
changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 2(b)), the Exercise
Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such
time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased
or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 2(c)(4),
if the terms of any Option or Convertible Security that was outstanding as of the date of the Securities Exchange Agreement are increased
or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of
Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such
increase or decrease. No adjustment pursuant to this Section 2(c)(4) shall be made if such adjustment would result in an increase of the
Exercise Price then in effect.

 

(5) Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the issuance
or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”,
and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary Securities” and together with the
Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration per share
of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, and (y)
if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at
any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 2(c)(2) or Section 2(c)(3) above.
If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the
consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of
Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration
received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities,
in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the Daily VWAPs
of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If such parties are unable to reach
agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair
value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event
by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final
and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

 

(6) Notwithstanding
anything to the contrary contained herein, (1) the Exercise Price will not be adjusted pursuant to this Section 2(c) solely as a result
of an Exempt Issuance; (2) in no event will the Exercise Price be increased pursuant to this Section 2(c); and (3) the Company will not
effect any Degressive Issuance that would result in an adjustment to the Exercise Price pursuant to this Section 2(c) that requires the
approval of the Company’s stockholders pursuant to the listing standards of the Company’s primary (measured in terms of trading
volume for its Common Stock) Eligible Exchange (as defined in the Securities Exchange Agreement) on which the Common Stock is traded,
unless the Company has obtained such stockholder approval before such Degressive Issuance.

 

    - 7 -

     

    

 

(7) In
the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are not strictly applicable, or, if
applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions of
this Section 2(c) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation
rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors shall in good faith determine
and implement an appropriate adjustment in the Exercise Price so as to protect the rights of the Holder; provided that no such adjustment
pursuant to this Section 2(c) will increase the Exercise Price as otherwise determined pursuant to this Warrant; provided, further that
if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s
Board of Directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to
make such appropriate adjustments, whose determination shall be final and binding absent manifest error and whose fees and expenses shall
be borne by the Company.

 

(8) For
the avoidance of doubt, in the event the Exercise Price has been adjusted pursuant to this Section 2(c) and the Degressive Issuance
that triggered such adjustment is unwound or is cancelled, for any reason whatsoever, in no event shall the Exercise Price be readjusted
to the Exercise Price that would have been in effect if such Degressive Issuance had not occurred or been consummated.

 

3. RIGHTS
UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2, if, on or after the Subscription Date and
on or prior to the Expiration Date, the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution
of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin-off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum
Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and
beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until
such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage,
at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution
or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).

 

4. PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a) Purchase
Rights. In addition to any adjustments pursuant to Section 2, if at any time on or after the Subscription Date and on or prior
to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Common Stock are to be determined for the grant, issuance or sale of such Purchase Rights (provided,
however, that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (and shall not be entitled to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial
ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time
or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which
time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or
on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

    - 8 -

     

    

 

(b) Fundamental
Transaction. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing
all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b), including agreements
to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number of shares
of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for the Company (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to
the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items
still issuable under Sections 3 and 4(a), which shall continue to be receivable thereafter)) issuable upon the exercise
of this Warrant prior to the applicable Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor Entity
(including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction
had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the
exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting
Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section
4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any
other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Common Stock
are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”),
the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this
Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the
shares of the Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3
and 4(a), which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction
had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the
exercise of this Warrant). The provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory
to the Holder. The provisions of this Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and
Corporate Events. Notwithstanding the foregoing, in the event of a Change of Control, at the request of the Holder delivered before the
30th day after such Change of Control, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to
the Holder, within five (5) Business Days after such request (or, if later, on the effective date of the Change of Control), an amount
equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the effective date of such Change of Control,
payable in cash; provided, however, that, if the Change of Control is not within the Company’s control, including not approved by
the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date
of consummation of such Change of Control, the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Change of Control, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders
of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Change of Control;
provided, further, that if holders of Common Stock are not offered or paid any consideration in such Change of Control, such holders of
Common Stock will be deemed to have received common stock of the Successor Entity (which entity may be the Company following such Change
of Control) in such Change of Control.

 

5. NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation or Bylaws, or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issuance or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to
protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the
Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of
Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock as shall from
time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on
exercise).

 

    - 9 -

     

    

 

6. WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of
the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such
Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give
or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the
issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the
Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of
the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

 

7. REISSUANCE
OF WARRANTS.

 

(a) Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall notify the Company and surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The Company shall not be
obligated to pay any tax which may be payable with respect to any transfer (or deemed transfer) arising in connection with the registration
of any certificates for Warrant Shares or Warrants in the name of any Person other than the Holder.

 

(b) Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the
Company in customary form (but without the obligation to post a bond) and, in the case of mutilation, upon surrender and cancellation
of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c) Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company,
for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number
of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant
Shares as is designated by the Holder at the time of such surrender.

 

(d) Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i)
shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the
Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section
7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new
Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall
have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same
rights and conditions as this Warrant.

 

8. Future
Warrants. The Company agrees that for a period commencing on the date hereof and
ending on the Business Day immediately following the completion of a Qualified Equity Financing (the “Restricted Period”),
the Company is prohibited from issuing, or entering into an agreement, directly or indirectly, to issue, any warrants, that contain terms
or provisions that are more favorable or preferable to the terms of this Warrant; provided that the determination of whether such terms
or provisions are more favorable or preferable to the terms of this Warrant shall be in the sole discretion of the Holder. In the event
that the Company desires to issue, or enter into an agreement to issue, warrants during the Restricted Period (the “Other Warrants”),
the Company shall provide the Holder with written notice thereof, together with a copy of all documentation relating to such Other Warrants
and, upon request of the Holder, any additional information related to such Other Warrants as may be reasonably requested by the Holder.
In the sole discretion of the Holder, if the Holder determines that any terms or provisions of the Other Warrants are more favorable or
preferable to the terms of this Warrant, the Holder will notify the Company in writing of the specific terms and/or provisions of the
Other Warrants they have determined to be more favorable or preferable and all such terms and/or provisions shall be prohibited from inclusion
in the Other Warrants. 

 

    - 10 -

     

    

 

9. NOTICES.
Whenever notice is required to be given under this Warrant, including, without limitation, an Exercise Notice, unless otherwise provided
herein, such notice shall be given in writing, (i) if delivered (a) from within the domestic United States, by first-class registered
or certified airmail, or nationally recognized overnight express courier, postage prepaid or electronic mail or (b) from outside the United
States, by International Federal Express or electronic mail, and (ii) will be deemed given (A) if delivered by first-class registered
or certified mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier, one
(1) Business Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days after so mailed and (D) at
the time of transmission, if delivered by electronic mail to each of the email addresses specified in this Section 8 prior to 5:00
p.m. (New York time) on a Trading Day and (E) the next Trading Day after the date of transmission, if delivered by electronic mail to
each of the email addresses specified in this Section 8 on a day that is not a Trading Day or later than 5:00 p.m. (New York time)
on any Trading Day, and will be delivered and addressed as follows:

 

 (i) if to the Company, to:

 

Agrify Corporation

76 Treble Cove Road, Building 3

Billerica, MA 01862

Telephone: (919) 619-7346

Attention: Joshua Savitz, Esq., Associate General Counsel

E-mail: josh.savitz@agrify.com

With a copy (for
informational purposes only) to:

 

Burns & Levinson
LLP

 

125 High Street

Boston, MA 02110

Telephone: (617)
345-3000

Attention: Frank
A. Segall, Esq.

Email: fsegall@burnslev.com

 

(ii) if
to the Holder, at such address or other contact information delivered by the Holder to Company or as is on the books and records of the
Company (provided that, with respect to the Holder, such notice may only be delivered via electronic mail),

 

With a copy (for
informational purposes only) to:

 

Latham
& Watkins LLP

12670
High Bluff Drive

San
Diego, CA 92130

Telephone:
(858) 523-5400

Attention:
Michael E. Sullivan, Esq.

Email: michael.sullivan@lw.com

 

The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason
therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) promptly upon any adjustment
of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment, (ii) at least fifteen (15)
days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the
shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property pro rata to holders of shares of Common Stock or (C) for determining rights to vote with
respect to any Fundamental Transaction, dissolution or liquidation and (iii) ten (10) Business Days (or such shorter period as is reasonably
practicable under the circumstances if the Company does not have 10 Business Days’ prior notice) prior to the consummation of any
Fundamental Transaction; provided in each case that such information shall be made known to the public prior to or in conjunction
with such notice being provided to the Holder but only to the extent the information in such notice constitutes material non-public information
regarding the Company. It is expressly understood and agreed that the time of exercise specified by the Holder in each Exercise Notice
shall be definitive and may not be disputed or challenged by the Company.

 

    - 11 -

     

    

 

10. AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written
consent of the Holder. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not
expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver.
No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

11. GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereto
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan,
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that such party is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address set forth with respect to such
party in Section 8 or such other address as such party subsequently delivers to the other party and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude a party hereto
from bringing suit or taking other legal action against the other party in any other jurisdiction to collect on its obligations to the
other party, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in
favor of the other party. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the
prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

12. DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares,
the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within two (2) Business Days of receipt
of the Exercise Notice or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are
unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such
disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit
via electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the
Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent,
outside accountant. The Company shall cause, at its expense, the investment bank or the accountant, as the case may be, to perform the
determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time
it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

 

    - 12 -

     

    

 

13. REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all
other remedies available under this Warrant and any other Transaction Documents, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder or the Company to pursue actual damages for any
failure by the other party to comply with the terms of this Warrant. Each of the Company and the Holder acknowledges that a breach by
such party of its obligations hereunder will cause irreparable harm to the other party and that the remedy at law for any such breach
may be inadequate. The Company and the Holder therefore agree that, in the event of any such breach or threatened breach, the other party
shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing
economic loss and without any bond or other security being required.

 

14. TRANSFER.
Subject to the transfer conditions referred to in the legend hereon and compliance with Section 7(a), this Warrant and the Warrant
Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company.

 

15. COMPLIANCE
WITH THE SECURITIES ACT.

 

(a) Agreement
to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions
of this Section 14 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder
shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances
that will not result in a violation of the Securities Act. This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless
registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED
BY THIS WARRANT, AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

(b) Representations
of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the
Company by acceptance of this Warrant as follows:

 

(1) The
Holder is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder
is acquiring this Warrant and the shares of Common Stock to be issued upon exercise hereof for investment for its own account and not
with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant
to sales registered or exempted under the Securities Act.

 

(2) The
Holder understands and acknowledges that this Warrant and the shares of Common Stock to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities
Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act,
as presently in effect (“Rule 144”), and understands the resale limitations imposed thereby and by the Securities Act.

 

(3) The
Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant
and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company.

 

    - 13 -

     

    

 

(c) Acknowledgement
of the Company. The Company acknowledges and agrees that the Holder may from time to time pledge pursuant to a bona fide margin agreement
with a registered broker-dealer or grant a security interest in some or all of this Warrant or the Warrant Shares to a financial institution
that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such
arrangement, Holder may transfer any pledged or secured Warrant or Warrant Shares to the pledgees or secured parties. Such a pledge or
transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor
shall be required in connection therewith. Further, no notice shall be required of such pledge. At the Holder’s expense, the Company
will execute and deliver such reasonable documentation as a pledgee or secured party of this Warrants or any Warrant Shares may reasonably
request in connection with a pledge or transfer of this Warrant or any Warrant Shares.

 

(d) Removal
of Legends. This Warrant and the Warrant Shares shall not be required to contain the legend set forth in Section 14(a) or any
other legend (i) following any sale of the Warrant or Warrant Shares pursuant to Rule 144 (assuming the transferor is not an affiliate
of the Company), provided that the Holder furnishes the Company with reasonable assurances that such Warrant or Warrant Shares are eligible
for sale, assignment or transfer under Rule 144 which shall not include an opinion of the Holder’s counsel, (ii) in connection with
a sale, assignment or other transfer (other than under Rule 144), provided that the Holder provides the Company with an opinion in a form
reasonably acceptable to the Company to the effect that such sale, assignment or transfer of the Warrant or Warrant Shares may be made
without registration under the applicable requirements of the Securities Act or (iii) if such legend is not required or customarily included
under applicable provisions of the Securities Act (including, without limitation, controlling judicial interpretations and pronouncements
issued by the SEC). If a legend is not required pursuant to the foregoing, the Company shall no later than two (2) Business Days (or such
earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated
on the date the Holder delivers notice to the Company with respect to this Warrant or any Warrant Shares issued in the form of book-entries
or, if applicable, delivers a legended certificate representing Warrant Shares to the Company) following the delivery by the Holder to
the Company or the Transfer Agent (with notice to the Company) of notice with respect to this Warrant or any Warrant Shares issued in
the form of book-entries or, if applicable, a legended certificate representing any Warrant Shares (endorsed or with stock powers attached,
signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other
deliveries from the Holder as may be reasonably required above in this Section 14(c) (such date, the “Legend Removal Date”),
as directed by the Holder, either: (A) provided that the Transfer Agent is participating in FAST, credit the applicable number of Warrant
Shares to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B)
with respect to this Warrant or if the Transfer Agent is not participating in FAST, issue and deliver (via reputable overnight courier)
to the Holder, an updated form of this Warrant or a certificate representing Warrant Shares, as applicable, in the case of each of clauses
(A) and (B) above, free from all restrictive and other legends, registered in the name of the Holder or its designee. The Company shall
be responsible for any transfer agent fees or DTC fees with respect to any issuance of Warrant Shares or the removal of any legends with
respect to this Warrant or any Warrant Shares in accordance herewith.

 

(e) In
addition to the Holder’s other available remedies hereunder, the Company shall pay to the Holder, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares (based on the Weighted Average Price of the Common Stock on the date the
Holder delivers notice or a legended certificate, as applicable, to the Company or the Transfer Agent with respect to such Warrant Shares
pursuant to Section 14(d)) delivered for removal of the restrictive legend and subject to Section 14(d), $10 per Trading
Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend
Removal Date until such Warrant Shares are delivered without a legend and (ii) if the Company is obligated to remove the restrictive legends
pursuant to Section 14(d) but fails to (a) issue and deliver (or cause to be delivered) Warrant Shares to the Holder by the Legend
Removal Date that are free from all restrictive and other legends and (b) if after the Legend Removal Date the Holder purchases (in an
open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion
of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of
shares of Common Stock, that the Holder anticipated receiving from the Company without any restrictive legend, then an amount equal to
the excess of the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the
shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any) over the product of (A)
such number of Warrant Shares that the Company was required to deliver to the Holder by the Legend Removal Date multiplied by (B) the
price at which the sell order giving rise to such purchase obligation was executed.

 

(f) In
order to facilitate the Company filing a registration statement covering the issuance or resale of any Warrant Shares issued and issuable
upon exercise of this Warrant, the Holder hereby agrees to provide the Company with, following reasonable advance written request by the
Company, an executed selling stockholder questionnaire in a form reasonably acceptable to the Holder and the Company as is customary under
the circumstances.

 

    - 14 -

     

    

 

16. SEVERABILITY;
CONSTRUCTION; HEADINGS. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as
close as possible to that of the prohibited, invalid or unenforceable provision(s). This Warrant shall be deemed to be jointly drafted
by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for
convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

 

17. DISCLOSURE.
Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms of this
Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public
information relating to the Company or any of its subsidiaries, the Company shall on or prior to 9:00 am, New York City time on the Business
Day immediately following such notice delivery date, publicly disclose such material, non-public information on a Current Report on Form
8-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company
or any of its subsidiaries, the Company so shall indicate to the Holder explicitly in writing in such notice (or immediately upon receipt
of notice from the Holder, as applicable), and in the absence of any such written indication in such notice (or notification from the
Company immediately upon receipt of notice from the Holder), the Holder shall be entitled to presume that information contained in the
notice does not constitute material, non-public information relating to the Company or any of its subsidiaries. Nothing contained in this
Section 16 shall limit any obligations of the Company, or any rights of the Holder, under any other agreement by and between the
Company and the Holder.

 

18. ABSENCE
OF TRADING AND DISCLOSURE RESTRICTIONS. The Company acknowledges and agrees that the Holder is not a fiduciary or agent of the Company
and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain
from trading any securities while in possession of such information in the absence of a written non-disclosure agreement signed by the
Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an executed, written non-disclosure
agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company, may possess and use any
information provided by the Company in connection with such trading activity, and may disclose any such information to any third party.

 

19. COUNTERPARTS;
ELECTRONIC SIGNATURES. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant. A party’s electronic
signature (complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from
time to time, or other applicable law) of this Agreement shall have the same validity and effect as a signature affixed by the party’s
hand.

 

    - 15 -

     

    

 

20. CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a) “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 2(c) ) of shares of Common Stock that could result in a decrease in
the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation,
any cash settlement rights, cash adjustment or other similar rights).

 

(b) “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control
with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly
or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(c) “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds
or managed accounts, currently, or from time to time after the Subscription Date, directly or indirectly managed or advised by the Holder’s
investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing,
(iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any other
Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s and the other
Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively
the Holder and all other Attribution Parties to the Maximum Percentage.

 

(d) “Bid
Price” means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where such
security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such
time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of
the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly
Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination
on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security,
then such dispute shall be resolved in accordance with the procedures in Section 11. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

(e) “Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day immediately following the first public announcement of the applicable Change of Control,
or, if the Change of Control is not publicly announced, the date the Change of Control is consummated, for pricing purposes and reflecting
(i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such
date of request, (ii) an expected volatility equal to 75%, (iii) the underlying price per share used in such calculation shall be the
greater of (a) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being
offered in such Change of Control and (b) the greater of (1) the last Weighted Average Price immediately prior to the announcement of
such Change of Control, (2) the Weighted Average Price immediately after the announcement of such Change of Control and (3) the last Weighted
Average Price immediately prior to the consummation of such Change of Control, (iv) a remaining option time equal to the time between
the date of the public announcement of the applicable Change of Control and the Expiration Date and (v) a zero cost of borrow.

 

    - 16 -

     

    

 

(f) “Bloomberg”
means Bloomberg Financial Markets.

 

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

 

(h) “Change
of Control” means any Fundamental Transaction other than (i) any reorganization, recapitalization or reclassification of the
Common Stock in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification
continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly,
are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting power
to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such
reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger effected solely for the purpose of changing
the jurisdiction of incorporation of the Company or (iii) a merger in connection with a bona fide acquisition by the Company of any Person
in which (x) the gross consideration paid, directly or indirectly, by the Company in such acquisition is not equal to or greater than
50% of the Company’s market capitalization as calculated on the date of the announcement of such merger and the date of the consummation
of such merger and (y) such merger does not contemplate a change to the identity of a majority of the Board of Directors of the Company.
Notwithstanding anything herein to the contrary, any transaction or series of transaction that, directly or indirectly, results in the
Company or the Successor Entity not having Common Stock or common stock, as applicable, registered under the 1934 Act and listed on an
Eligible Market shall be deemed a Change of Control.

 

(i) “Closing
Sale Price” means, for any security as of any date, the last closing trade price, respectively, for such security on the Principal
Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the
closing trade price then the last trade price, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if
the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security
on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing
do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the bid prices, or the
ask prices, respectively, of any market makers for such security as reported in the OTC Link or on the “pink sheets” by OTC
Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any
of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by
the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 11. All such determinations to be appropriately adjusted for any stock dividend, stock split,
stock combination, reclassification or other similar transaction during the applicable calculation period.

 

(j) “Common
Stock” means (i) the Company’s Common Stock, par value $0.001 per share, and (ii) any capital stock into which
such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

 

(k) “Convertible
Securities” means any capital stock or other security of the Company or any of its subsidiaries (other than Options) that is
at any time and under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any capital stock or other security of the Company (including, without limitation, shares of Common Stock)
or any of its subsidiaries.

 

(l) “Daily
VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the
heading “Bloomberg VWAP” on Bloomberg page “AGFY <EQUITY> VAP” (or, if such page is not available, its equivalent
successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading
session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock
on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment
banking firm selected by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside
of the regular trading session.

 

(m) “Eligible
Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market, The Nasdaq Global Market or
The New York Stock Exchange, Inc.

 

(n) “Exempt
Issuance” means the issuance of (i) Common Stock, options, restricted stock awards, restricted stock units, stock appreciation
rights or other equity awards to employees, officers, directors of the Company pursuant to an Approved Stock Plan (as defined in the Securities
Exchange Agreement) or any stock or option plan or other agreement duly adopted by the Board of Directors of the Company or the compensation
committee thereof and approved by the stockholders of the Company for the purposes of providing compensation for services provided to
the Company in their capacity as such, or the Board of Directors of the Company or the compensation committee thereof as an inducement
grant in accordance with Nasdaq Listing Rule 5635(c)(4) (or such similar rule of the principal, in terms of volume, Eligible Exchange
on which the Common Stock is listed for trading); (ii) shares of Common Stock issued by the Company pursuant to an “at-the-market”
offering.

 

    - 17 -

     

    

 

(o)
“Expiration Date” means the date that is five (5) years and six (6) months after the Issuance Date or, if such date
falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next day that is not a Holiday.

 

(p)
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the
surviving corporation) another Subject Entity, (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation S-X)
to one or more Subject Entities, (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have
its shares of Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is
accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities
making or party to, such purchase, tender or exchange offer were not outstanding, or (z) such number of shares of Common Stock such that
all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer,
become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common
Stock, (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate,
acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such stock purchase agreement or other business combination were not outstanding, or (z) such number of shares of
Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of
at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its shares of Common Stock, (B)
that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions,
allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender,
tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever,
of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at
least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock not held by all such Subject
Entities as of the Subscription Date calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding,
or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity
securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring
other stockholders of the Company to surrender their Common Stock without approval of the stockholders of the Company, or (C) directly
or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering
into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which
case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition
to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended
treatment of such instrument or transaction.

 

(q) “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

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

 

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

 

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

 

(u) “Principal
Market” means The Nasdaq Capital Market.

 

(v) “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, for the Company’s primary
trading market or quotation system with respect to the Common Stock that is in effect on the date of receipt of an applicable Exercise
Notice.

 

(w) “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

    - 18 -

     

    

 

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

 

(y) “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then
traded.

 

(z) “Transaction
Documents” means any agreement entered into by and between the Company and the Holder, as applicable, in connection with or
pursuant to this Warrant.

 

(aa)“VWAP Market
Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange
on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date;
or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options
contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00
p.m., New York City time, on such date.

 

(bb)“VWAP Trading
Day” means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by notice to the Company,
may waive any such VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or
regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed
or traded, then “VWAP Trading Day” means a Business Day.

 

(cc)“Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal
Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the
official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is
the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does
not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for
such security during the period beginning at 9:30:01 a.m., New York time (or such other time as such market publicly announces is the
official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces is the official
close of trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg
for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average
Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable
to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 11 with the term
“Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation
period.

 

[Signature Page Follows]

 

    - 19 -

     

    

 

IN WITNESS WHEREOF,
each of the Company and the Holder has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out
above.

 

	 	AGRIFY CORPORATION
	 	 	 
	 	By	                 
	 	Name:	Raymond Chang
	 	Title:	Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF,
each of the Company and the Holder has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out
above.

 

	 	HIGH TRAIL SPECIAL SITUATIONS LLC
	 	 	 
	 	By:	 
	 	Name:	Eric Helenek
	 	Title:	Authorized Signatory

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE
THIS

WARRANT TO PURCHASE COMMON
STOCK

 

AGRIFY
CORPORATION

 

The undersigned holder hereby
exercises the right to purchase _________________ shares of Common Stock (“Warrant Shares”) of Agrify Corporation,
a corporation organized under the laws of Delaware (the “Company”), evidenced by the attached Warrant to Purchase Common
Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant.

 

1. Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3. Delivery
of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 

4. Maximum
Percentage Representation. Notwithstanding anything to the contrary contained herein, this Exercise Notice shall constitute a representation
by the Holder of the Warrant submitting this Exercise Notice that, after giving effect to the exercise provided for in this Exercise Notice,
such Holder (together with the other Attribution Parties) will not have beneficial ownership of a number of shares of Common Stock in
excess of the Maximum Percentage of the total outstanding shares of Common Stock of the Company as determined pursuant to the provisions
of Section 1(f) of the Warrant.

  

Date: _______________ __, ______

 

	 	 	 

Name of Registered Holder

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Exercise Notice and hereby directs Broadridge Corporate Issuer Solutions, Inc. to issue the above indicated number of shares of Common
Stock on or prior to the applicable Share Delivery Date.

 

	 	AGRIFY CORPORATION
	 	 
	 	By:	                             
	 	Name:	 
	 	Title:Exhibit 10.1

 

SECURITIES EXCHANGE AGREEMENT

 

This SECURITIES EXCHANGE AGREEMENT (the
“Agreement”), dated as of August 18, 2022, is by and among Agrify Corporation, a Nevada corporation with offices located
at 76 Treble Cove Road, Building 3, Billerica, MA 01862 (the “Company”), and each of the investors listed on the Schedule
of Holders attached hereto (individually, a “Holder” and collectively, the “Holders”).

 

RECITALS

 

A.
The Company and each Holder are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 3(a)(9) of the Securities Act of 1933, as amended (the “1933 Act”).

 

B.
The Company has authorized a new series of Senior Secured Notes in the form attached hereto as Exhibit A (the “Exchange
Notes”).

 

C.
The Company has also authorized the issuance of the Note Exchange Warrants to purchase the Company’s common stock, par value
$0.001 per share (together with any capital stock into which such common stock shall have been changed or any share capital resulting
from a reclassification of such common stock, the “Common Stock”) in the form attached hereto as Exhibit B
(the “Note Exchange Warrants”) and the Warrant Exchange Warrants to purchase the Company’s Common Stock in the
form attached hereto as Exhibit C (the “Warrant Exchange Warrants” and together with the Note Exchange
Warrants, the “Exchange Warrants” and the Exchange Warrants together with the Exchange Notes, the “Exchange
Securities”) (such underlying shares of Common Stock issuable upon exercise of the Exchange Warrants, collectively, the “Warrant
Shares” or the “Underlying Shares”).

 

D.
Each Holder is the beneficial owner of (i) such outstanding principal amount of Senior Secured Notes due 2026 set forth opposite
such Holder’s name in column (3) of the Schedule of Holders (each, a “Prior Note” and collectively, the “Prior
Notes”) and (ii) such certain warrants exercisable for the aggregate number of warrant shares set forth opposite such Holder’s
name in column (9) of the Schedule of Holders (the “Prior Warrants” and together with the Prior Notes, the “Prior
Securities”) issued by the Company pursuant to that certain Securities Purchase Agreement, dated March 14, 2022 (the “Prior
SPA”).

 

E.
Pursuant to the Prior SPA, each Holder and the Company entered into certain transaction documents, which included the Prior SPA,
the Prior Notes, the Prior Warrants, that certain Security Agreement, dated as of March 23, 2022 (the “Security Agreement”),
by and among the Company, each of the subsidiaries of the Company thereto and High Trail Special Situations LLC, a Delaware limited liability
company (the “Initial Collateral Agent”), in its capacity as collateral agent for the benefit of the Holders, that
certain Intellectual Property Security Agreement, dated as of March 23, 2022 by and among the Company, each of the subsidiaries of the
Company thereto and the Initial Collateral Agent (the “IP Security Agreement” and together with the Security Agreement,
the “Security Agreements”), the Security Documents (as defined in the Security Agreements), the Stockholder Agreements
(as defined in the Prior SPA), the Irrevocable Transfer Agent Instructions (in this instance, as defined in the Prior SPA) and each of
the other written agreements and instruments entered into or delivered by any of the parties thereto in connection with the transactions
contemplated thereby, as may be amended from time to time (the “Prior Transaction Documents”).

 

     

     

    

 

F.
Each Holder and the Company wish to exchange such outstanding principal amount of Prior Notes set forth opposite such Holder’s
name in column (6) of the Schedule of Holders for the Exchange Notes and Note Exchange Warrants.

 

G.
Each Holder and the Company wish to exchange the outstanding Prior Warrants exercisable for the aggregate number of Warrant Shares
as set forth opposite such Holder’s name in column (9) on the Schedule of Holders for the Warrant Exchange Warrants.

 

H.
Immediately prior to the Closing (as defined below), both parties agree that, notwithstanding anything to the contrary set forth
in the Prior Notes, the Company shall make a payment under the Prior Notes at the Company Redemption Price (as defined in the Prior Notes)
in the aggregate cash amount as set forth opposite such Holder’s name in column (4) and such payment shall decrease the principal
amount of the Prior Note in the amount as set forth opposite such Holder’s name in column (5) (the “Prior Note Pay Down”).

 

I.
Furthermore, at the Closing (as defined below), the parties hereto shall execute and deliver amendments to the Security Agreements
and that certain Subsidiary Guaranty, dated as of March 23, 2022, by and among the Company, each of the subsidiaries of the Company thereto
and the Initial Collateral Agent, in its capacity as collateral agent for the benefit of the Holders, in the forms attached hereto as
Exhibit D (the “Amendments to Security Documents”), pursuant to which the Company has agreed to grant a first
priority security interest to the Collateral Agent (as defined in the Security Agreements), as collateral agent for the holders of the
Exchange Notes in all assets of the Company.

 

J.
The Exchange Notes, Exchange Warrants, and Warrant Shares are collectively referred to herein as the “Securities.”

 

K.
At or before the Closing, each of the parties set forth on Exhibit E shall execute and deliver a Stockholder Agreement,
in the form attached hereto as Exhibit F (the “Stockholder Agreement”), pursuant to which such parties shall
agree to certain restrictions on the transfer of their shares of the Company’s Common Stock.

 

AGREEMENT

 

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

 

		1.	Exchange of prior Securities.

 

(a)
Exchange of Prior Notes for Exchange Securities. Subject to the satisfaction (or waiver) of the conditions set forth
in Sections 6 and 7, as applicable, the Company shall, in reliance upon the exemptions from securities registration afforded by Section
3(a)(9) of the 1933 Act, issue to each Holder, in exchange for the Prior Securities, (i) an Exchange Note in the aggregate principal amount
of Exchange Notes as set forth opposite such Holder’s name in column (7) on the Schedule of Holders, (ii) a Note Exchange Warrant
exercisable for the aggregate number of Warrant Shares as set forth opposite such Holder’s name in column (8) on the Schedule of
Holders and (iii) a Warrant Exchange Warrant exercisable for the aggregate number of Warrant Shares as set forth opposite such Holder’s
name in column (10) on the Schedule of Holders.

 

    2

     

    

 

(b)
Closing. The closing (the “Closing”) of the exchange of the Exchange Securities by the Company
and the Holders shall occur by electronic transmission or other transmission as mutually acceptable to the parties. The date and time
of the Closing (the “Closing Date”) shall be 10:00 a.m., New York time, on the first (1st) Business Day on which the
conditions to the Closing set forth in Sections 6 and 7 are satisfied or waived (or such other date as is mutually agreed to by the Company
and each Holder). As used herein “Business Day” means any day other than a Saturday, a Sunday or any day on which
commercial banks in The City of New York are authorized or required by law or executive order to close or be closed; provided, however,
for clarification, commercial banks in The City of New York shall not be deemed to be authorized or required by law or executive order
to close or be closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long
as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are open for use by
customers on such day.

 

(c)
Exchange of Prior Securities. On the Closing Date, (i) each Holder shall be deemed to have tendered its Prior Securities
for exchange, and (ii) the Company shall deliver to each Holder an Exchange Note in the aggregate principal amount as is set forth opposite
such Holder’s name in column (7) of the Schedule of Holders, a Note Exchange Warrant exercisable for the aggregate number of Warrant
Shares as set forth opposite such Holder’s name in column (8) on the Schedule of Holders and a Warrant Exchange Warrant exercisable
for the aggregate number of Warrant Shares as set forth opposite such Holder’s name in column (10) on the Schedule of Holders, all
duly executed on behalf of the Company and registered on the books and records of the Company in the name of such Holder or its designee
and any interest then accrued on the portion of the Prior Note being redeemed on the Closing Date. For the avoidance of doubt, no prepayment
penalties, premiums or default payments shall be applicable or due and owing in connection with the exchange of the Prior Securities for
the Exchange Notes. Upon the Closing, each Prior Security shall automatically terminate in all respects, without any further actions by
the Company or the applicable Holder that is the holder of such Prior Security.

 

		2.	HOLDERS’ REPRESENTATIONS AND WARRANTIES.

 

Each Holder, severally and not jointly, represents
and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing Date:

 

(a)
Organization; Authority. Such Holder is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated
by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

    3

     

    

 

(b)
No Public Sale or Distribution. Such Holder (i) is exchanging its Prior Securities for the Exchange Securities, and (ii)
upon exercise of, or otherwise in accordance with, its Exchange Securities will acquire the Underlying Shares issuable upon exercise thereof,
or otherwise in accordance therewith, in each case, for its own account and not with a view towards, or for resale in connection with,
the public sale or distribution thereof in violation of applicable securities laws, except pursuant to sales registered or exempted under
the 1933 Act; provided, however, by making the representations herein, such Holder does not agree, or make any representation or warranty,
to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to a registration statement or an exemption from registration under the 1933 Act. Such Holder does not presently
have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Securities in violation of applicable
securities laws. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any Governmental Entity (as defined below)
or any department or agency thereof.

 

(c)
Good Title; No Liens. Each Holder has good and valid title to its Prior Securities, and owns and holds the entire legal
and beneficial right, title, and interest in and to such Prior Securities (including, without limitation, accrued and unpaid interest
thereon, as applicable), free and clear from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes,
rights of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) and such Prior
Securities are not subject to any contract, agreement, arrangement, commitment or understanding restricting or otherwise relating to the
disposition of such Prior Securities; good and valid title to such Prior Securities (including, without limitation, accrued and unpaid
interest thereon) will pass to the Company upon consummation of the transactions contemplated hereby.

 

(d)
Accredited Investor Status. The Holder qualifies as an “accredited investor” as that term is defined in Rule
501(a) of Regulation D.

 

(e)
Reliance on Exemptions. Such Holder understands that the Prior Securities are being exchanged for the Exchange Securities
in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the
Company is relying in part upon the truth and accuracy of, and such Holder’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of such Holder to acquire the Exchange Securities.

 

    4

     

    

 

(f)
Information. Such Holder and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the exchange of the Prior Securities for the Exchange Securities that have been
requested by such Holder. Such Holder and its advisors, if any, have had (i) the opportunity to review the Transaction Documents and the
SEC Documents (as defined below) and has been afforded the opportunity to ask such questions of the Company as it has deemed necessary
of, and to receive answers from, representatives of the Company concerning the terms and conditions of the exchange of the Prior Securities
for the Exchange Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and
its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its
investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor
any other due diligence investigations conducted by such Holder or its advisors, if any, or its representatives shall modify, amend or
affect such Holder’s right to rely on the Company’s representations and warranties contained herein. Such Holder understands
that its investment in the Securities involves a high degree of risk. Such Holder acknowledges that it can bear the economic risk and
complete loss of its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable
of evaluating the merits and risks of the investment contemplated hereby. Such Holder did not learn of the investment in the Securities
as a result of any general solicitation or general advertising. Such Holder has sought such accounting, legal and tax advice as it has
considered necessary to make an informed investment decision with respect to its acquisition of the Securities. Such Holder is not relying
upon, and has not relied upon, any statement, representation or warranty made by any person, except for statements, representations and
warranties contained in this Agreement, in making its decision to invest in the Company.

 

(g)
No Governmental Review. Such Holder understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the exchange of the Prior Securities for the Exchange
Securities.

 

(h)
Transfer or Resale. Such Holder understands that: (i) the Securities have not been registered under the 1933 Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred by any Holder or any other holder of such Securities
unless (A) subsequently registered thereunder, (B) such Holder shall have delivered to the Company (if requested by the Company) an opinion
of counsel, in a form reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred may
be sold, assigned or transferred pursuant to an exemption from such registration, or (C) such Holder provides the Company with reasonable
assurance that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or
a successor rule thereto) (collectively, “Rule 144”); and (ii) any sale of the Securities made in reliance on Rule
144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of the Securities
under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term
is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC
promulgated thereunder; provided, that, from and after September 23, 2022, at the request of any Holder, the Company shall, if the Company
is then in compliance with Section 4(c) hereof, deliver to such Holder or the Company’s transfer agent, as applicable, an opinion
of counsel to the Company, at the Company’s expense and in a form reasonably acceptable to such Holder, that (A) adequate public
information with respect to the Company is then available (within the meaning of Rule 144(c)) and (B) that a sale of the Securities may
otherwise be made in accordance with the terms of Rule 144. Notwithstanding the foregoing, the Securities may be pledged in connection
with a bona fide margin account or other loan or financing arrangement secured by the Securities and such pledge of Securities shall not
be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Holder effecting a pledge of Securities shall be required
to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction
Document (as defined in Section 3(b)), including, without limitation, this Section 2(h).

 

    5

     

    

 

(i)
Validity; Enforcement. This Agreement and the Amendments to Security Documents have been duly and validly authorized,
executed and delivered on behalf of such Holder and shall constitute the legal, valid and binding obligations of such Holder enforceable
against such Holder in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

(j)
No Conflicts. The execution, delivery and performance by such Holder of this Agreement and the Amendments to Security
Documents and the consummation by such Holder of the transactions contemplated hereby and thereby will not (i) result in a violation
of the organizational documents of such Holder, or (ii) conflict with, or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Holder is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities laws) applicable to such Holder, except in the case of clauses (ii) and
(iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably be
expected to have a material adverse effect on the ability of such Holder to perform its obligations hereunder.

 

(k)
Each Holder acknowledges and agrees that neither the Company nor any Subsidiary of the Company makes or has made any representations
or warranties with respect to the Company or its Subsidiaries, or transactions contemplated hereby, other than those specifically set
forth in Section 3.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and warrants to each of
the Holders that, as of the date hereof and as of the Closing Date:

 

(a)
Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized and validly
existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority
to own their properties and to carry on their business as now being conducted. Each of the Company and each of its Subsidiaries
is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified
or be in good standing would not reasonably be expected to have a Material Adverse Effect (as defined below). As used in this Agreement,
“Material Adverse Effect” means any material adverse effect on (i) the business, properties, assets, liabilities,
operations (including results thereof) or condition (financial or otherwise) of the Company or its Subsidiaries, taken as a whole, (ii) the
transactions contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments entered into in connection
herewith or therewith or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective
obligations under any of the Transaction Documents. Other than the Persons (as defined below) set forth on Schedule 3(a),
the Company has no significant Subsidiaries within the meaning of Rule 1-02(w) of Regulation S-X. “Subsidiaries”
means any Person in which the Company, directly or indirectly, (I) owns any of the outstanding capital stock or holds any equity
or similar interest of such Person or (II) controls or operates all or any part of the business, operations or administration of
such Person, and each of the foregoing, is individually referred to herein as a “Subsidiary.”

 

    6

     

    

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform
its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof
and thereof. Each Subsidiary has the requisite power and authority to enter into and perform its obligations under the Transaction
Documents to which it is a party. The execution and delivery of this Agreement and the other Transaction Documents by the Company,
and the consummation by the Company and its Subsidiaries of the transactions contemplated hereby and thereby (including, without limitation,
the issuance of the Exchange Notes and the Exchange Warrants and the reservation for issuance and issuance of the Underlying Shares issuable
pursuant to the Exchange Warrants), have been duly authorized by the Company’s board of directors (the “Board of Directors”),
and (other than (i) any filings as may be required by any state securities agencies and (ii) a Listing of Additional Shares
Notification with the Principal Market (as defined below) (collectively, the “Required Filings”)) no further filing,
consent or authorization is required by the Company, its Subsidiaries, their respective boards of directors or their stockholders or other
governing body in connection therewith. This Agreement has been, and the other Transaction Documents to which it is a party will
be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of
the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and
to contribution may be limited by federal or state securities law. “Transaction Documents” means, collectively,
this Agreement, the Exchange Notes, the Exchange Warrants, the Amendments to Security Documents, the Stockholder Agreements, the Irrevocable
Transfer Agent Instructions (as defined below) and each of the other written agreements and instruments entered into or delivered by any
of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

(c)
Issuance of Securities. The issuance of the Securities is duly authorized and when issued and delivered in accordance
with the terms of the Transaction Documents, the Securities shall be validly issued, fully paid and non-assessable and free from all Liens
with respect to the issuance thereof. As of the Closing Date, the Company shall have not less than a number of shares of authorized
but unissued Common Stock equal to the sum of (x) 100% of the maximum number of shares of Common Stock as shall be necessary to satisfy
the Company’s obligation to issue shares of Common Stock under the Exchange Warrants, reserved for the purposes of issuance pursuant
to the Exchange Warrants, plus (y) an additional twenty million (20,000,000) unreserved shares of Common Stock. Upon issuance in
accordance with the Exchange Warrants, the Underlying Shares will be validly issued, fully paid and nonassessable and free from all preemptive
or similar rights or Liens with respect to the issuance thereof, with the holders being entitled to all rights accorded to a holder of
Common Stock. Subject to the accuracy of the representations and warranties of the Holders in this Agreement, the offer and issuance by
the Company of the Securities is exempt from registration under the 1933 Act. The Company acknowledges that the holding period for purposes
of Rule 144(d)(1) with respect to the Exchange Notes and the shares underlying the Exchange Warrants commenced on March 23, 2022 and,
therefore, such holding period will expire September 23, 2022. The Company further acknowledges and agrees that it will neither assert
nor maintain a contrary position with respect to the date of commencement of the holding period under Rule 144 with respect to the Exchange
Notes and the shares underlying the Exchange Warrants.

 

    7

     

    

 

(d)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Exchange Notes,
the Exchange Warrants and the Underlying Shares and the reservation for issuance of the Underlying Shares) will not (i) result in
a violation of the Articles of Incorporation (as defined below), Bylaws (as defined below), certificate of formation, memorandum of association,
articles of association, bylaws or other organizational documents of the Company or any of its Subsidiaries, or any capital stock or other
securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) in any respect under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) assuming
the accuracy of the representations and warranties in Section 2, result in a violation of any law, rule, regulation, order, judgment
or decree (including, without limitation, foreign, federal and state securities laws and regulations and the rules and regulations
of the Nasdaq Capital Market (the “Principal Market”) and including all applicable foreign, federal and state laws,
rules and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any
of its Subsidiaries is bound or affected, assuming, with respect to clauses (ii) and (iii) above, the making of the Required Filings
and except in the case of clauses (ii) and (iii) above, for such breaches, violations or conflicts as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

(e)
Consents. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of,
or make any filing or registration with (other than the Required Filings, filings necessary to perfect the Liens granted under the Security
Documents, as amended by the Amendments to Security Documents and such consents, authorizations, filings or registrations the absence
of which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect), any Governmental Entity
or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective obligations
under or contemplated by the Transaction Documents, in each case, in accordance with the terms hereof or thereof. To the Company’s
knowledge, other than the Required Filings, all consents, authorizations, orders, filings and registrations which the Company or any Subsidiary
is required to obtain pursuant to the preceding sentence have been or will be obtained or effected on or prior to the Closing Date, and
neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any of its
Subsidiaries from obtaining or effecting any of the registration, application or filings contemplated by the Transaction Documents. 
The Company is not in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances which could
reasonably lead to delisting or suspension of the Common Stock. “Governmental Entity” means any nation, state,
county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other
government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official,
or entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing,
including any entity or enterprise owned or controlled by a government or a public international organization or any of the foregoing.

 

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(f)
Acknowledgment Regarding Each Holder’s Acquisition of Securities. The Company acknowledges and agrees that each
Holder is acting solely in the capacity of an arm’s length acquirer with respect to the Transaction Documents and the transactions
contemplated hereby and thereby and that no Holder is (i) an officer or director of the Company or any of its Subsidiaries, (ii) an
“affiliate” (as defined in Rule 144) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial
owner” of more than 4.99% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange Act
of 1934, as amended (the “1934 Act”)). The Company further acknowledges that no Holder is acting as a financial
advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated hereby and thereby, and any advice given by a Holder or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Holder’s acquisition
of the Securities. The Company further represents to each Holder that the Company’s and each Subsidiary’s decision to
enter into the Transaction Documents to which it is a party has been based solely on the independent evaluation by the Company, each Subsidiary
and their respective representatives.

 

(g)
No General Solicitation; No Placement Agent. Neither the Company, nor any of its Subsidiaries or affiliates, nor any
Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Securities. Except for A.G.P./Alliance Global Partners, neither the Company nor any of
its Subsidiaries has engaged any placement agent in connection with the exchange of the Prior Securities for the Exchange Securities.
Neither the Company nor any of its Subsidiaries has paid or given, directly or indirectly any commission or other remuneration for soliciting
the exchange of the Prior Securities for the Exchange Securities. The Company shall pay, and hold each Holder harmless against, any liability,
loss or expense (including, without limitation, attorney’s fees and reasonable and documented out-of-pocket expenses) arising in
connection with any claim for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions
(other than for Persons engaged by any Holder) relating to or arising out of the transactions contemplated hereby.

 

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(h)
No Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on
their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of the issuance of any of the Securities under the 1933 Act, whether through integration
with prior offerings or otherwise, or cause this offering of the Securities to require approval of stockholders of the Company in connection
with the offering of the Securities for purposes of the 1933 Act or under any applicable stockholder approval provisions, including, without
limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company
are listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor any Person acting on their behalf
has taken or will take any action or steps that would require registration of the issuance of any of the Securities under the 1933 Act
or cause the offering of any of the Securities to be integrated with other offerings of securities of the Company.

 

(i)
Dilutive Effect. The Company understands and acknowledges that the number of Underlying Shares will increase in certain
circumstances. The Company further acknowledges that its obligation to issue the Underlying Shares pursuant to the terms of the
Exchange Notes and the Exchange Warrants in accordance with this Agreement is absolute and unconditional regardless of the dilutive effect
that such issuance may have on the ownership interests of other stockholders of the Company.

 

(j)
Application of Takeover Protections. The Company and its Board of Directors have taken or will take prior to the Closing
Date all necessary action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination,
poison pill, stockholder rights plan or other similar anti-takeover provision under the Articles of Incorporation, Bylaws or other organizational
documents or the laws of the jurisdiction of its incorporation which is or could become applicable to any Holder as a result of the
transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and any Holder’s
ownership of the Securities. 

 

(k)
Financial Statements. Except as set forth on Schedule 3(k), during the one (1) year prior to the date hereof
and the Closing Date, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents required
to be filed by it with the SEC (other than Section 16 ownership filings) pursuant to the reporting requirements of the 1934 Act (reports
filed in compliance with the time period specified in Rule 12b-25 promulgated under the 1934 Act shall be considered timely for this
purpose) (all of the foregoing filed prior to the date hereof and the Closing Date and all exhibits and appendices included therein and
financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the
“SEC Documents”). The Company has delivered or has made available to the Holders or their respective representatives
true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates,
the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective dates,
the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto as in effect as of the time of filing. Such financial
statements have been prepared in accordance with generally accepted accounting principles (“GAAP”), consistently applied,
during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in
the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly
present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash
flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be
material, either individually or in the aggregate). No other information provided by or on behalf of the Company to any of the Holders
which is not included in the SEC Documents (including, without limitation, information referred to in Section 2(f) of this Agreement or
in the disclosure schedules to this Agreement) contains any untrue statement of a material fact or omits to state any material fact necessary
in order to make the statements therein not misleading, in the light of the circumstance under which they are or were made. The
Company is not currently contemplating to amend or restate any of the financial statements (including, without limitation, any notes or
any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents (the “Financial
Statements”), nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate
any of the Financial Statements, in each case, in order for any of the Financials Statements to be in material compliance with GAAP and
the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend
that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of
the Financial Statements.

 

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(l)
Absence of Certain Changes. Since the date of the Company’s most recent audited financial statements contained
in a Form 10-K, there has been no Material Adverse Effect. Since the date of the Company’s most recent audited financial
statements contained in a Form 10-K, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends,
(ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business, (iii) made any capital expenditures,
individually or in the aggregate, outside of the ordinary course of business or (iv) made any revaluation of any of their respective assets,
including, without limitation, writing down the value of capitalized inventory or writing off notes or accounts receivable or any sale
of assets other than in the ordinary course of business.

 

(m)
Insolvency. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any
law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any
Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings
or any actual knowledge of any fact which would reasonably lead a creditor to do so. The Company and its Subsidiaries, individually
and on a consolidated basis, are not as of the date hereof and as of the Closing Date, and after giving effect to the transactions contemplated
hereby to occur on the Closing Date, will not be Insolvent (as defined below). For purposes of this Section 3(m), “Insolvent”
means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of
the Company’s and its Subsidiaries’ assets is less than the amount required to pay the Company’s and its Subsidiaries’
total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company and its Subsidiaries intend
to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature; and (ii) with respect
to the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company’s or such Subsidiary’s
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such Subsidiary
(as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to incur or believes that it will
incur debts that would be beyond its respective ability to pay as such debts mature.

 

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(n)
Regulatory Permits. During the one year prior to the date hereof and prior to the Closing Date, (i) the Common
Stock has been listed or designated for quotation on the Principal Market, (ii) trading in the Common Stock has not been suspended
by the SEC or the Principal Market and (iii) the Company has received no communication, written or oral, from the SEC or the Principal
Market regarding the suspension or delisting of the Common Stock from the Principal Market. The Company and each of its Subsidiaries
possess all material certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their
respective businesses and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permit.

 

(o)
Foreign Corrupt Practices. Neither the Company, any of the Company’s Subsidiaries, nor any director, officer,
employee thereof, nor, to the Company’s knowledge, any agent or any other person acting for or on behalf of the foregoing (individually
and collectively, a “Company Affiliate”) have violated the U.S. Foreign Corrupt Practices Act or any other applicable
anti-bribery or anti-corruption laws (individually and collectively, “Anti-Corruption Laws”), nor, to the Company’s
knowledge, has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised
to give, or authorized the giving of anything of value, to any officer, employee or any other person acting in an official capacity for
any Governmental Entity to any political party or official thereof or to any candidate for political office (individually and collectively,
a “Government Official”) or to any person under circumstances where such Company Affiliate knew or was aware of a high
probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any
Government Official, for the purpose of:

 

(i)
(A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government
Official to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing
such Government Official to influence or affect any act or decision of any Governmental Entity, or

 

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(ii)
assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company
or its Subsidiaries.

 

Neither of the Company nor any of its Subsidiaries
will use, directly or indirectly, any part of the proceeds of the offering in any manner that would constitute a violation of Anti-Corruption
Laws.

 

(p)
Sarbanes-Oxley Act. The Company and each of its Subsidiaries is in material compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002, as amended, and any and all applicable rules and regulations promulgated by the SEC
thereunder.

 

(q)
Transactions With Affiliates. Except as set forth on Schedule 3(q), no current or former employee, partner, director,
officer or shareholder (direct or indirect) of the Company or its Subsidiaries, or any associate, or, to the knowledge of the Company,
any affiliate of any thereof, or any immediate family member of any of the foregoing, is presently, or during the one-year period prior
to the date with respect to which this representation is being made, was, (i) a party to any transaction with the Company or its Subsidiaries
(including any contract, agreement or other arrangement providing for the furnishing of services by, or rental of real or personal property
from, or otherwise requiring payments to, any such director, officer or shareholder or such associate or affiliate or relative Subsidiaries
(other than for ordinary course services as employees, officers or directors of the Company or any of its Subsidiaries)) or (ii) the direct
or indirect owner of an interest in any corporation, firm, association or business organization which is a competitor, supplier or customer
of the Company or its Subsidiaries (except for a passive investment (direct or indirect) in less than 5% of the common stock or ordinary
shares, as applicable, of a company whose securities are traded on or quoted through an Eligible Market (as defined below)), nor does
any such Person receive income from any source other than the Company or its Subsidiaries which relates to the business of the Company
or its Subsidiaries or should properly accrue to the Company or its Subsidiaries. Except as set forth on Schedule 3(q), no employee, officer,
shareholder or director of the Company or any of its Subsidiaries or member of his or her immediate family is indebted to the Company
or its Subsidiaries, as the case may be, nor is the Company or any of its Subsidiaries indebted (or committed to make loans or extend
or guarantee credit) to any of them, other than (i) for payment of salary for services rendered, (ii) reimbursement for reasonable expenses
incurred on behalf of the Company or its Subsidiaries, as the case may be, and (iii) for other standard employee benefits made generally
available to all employees or executives (including share option agreements outstanding under any share option plan approved by the Board
of Directors of the Company).

 

(r)
Equity Capitalization.

 

(i)
Authorized and Outstanding Capital Stock. As of the date of this Agreement and as of the Closing, the authorized capital
stock of the Company consists of (A) 100,000,000 shares of Common Stock, of which, 26,591,438 are issued and outstanding and 15,742,606
shares are reserved for issuance pursuant to Convertible Securities (as defined below) (other than the Exchange Notes and the Exchange
Warrants) exercisable or exchangeable for, or convertible into, shares of Common Stock and (B) 3,000,000 shares of Preferred Stock,
of which no shares are issued and outstanding, 105,000 shares of the Preferred Stock are designated Series A Convertible Preferred Stock. 
No shares of Common Stock are held in the treasury of the Company. “Convertible Securities” means any capital stock
or other security of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible
into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any capital stock or other security
of the Company (including, without limitation, Common Stock and any rights, warrants or options to subscribe for or purchase shares of
Common Stock or Convertible Securities (collectively, “Options”)) or any of its Subsidiaries.

 

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(ii)
Valid Issuance; Available Shares; Affiliates. All of the Company’s outstanding shares are duly authorized and
have been validly issued and are fully paid and nonassessable. Schedule 3(r)(ii) sets forth the number of shares of
Common Stock that are (A) reserved for issuance pursuant to Convertible Securities (other than the Exchange Warrants and the Exchange
Notes) as of the date hereof and as of the Closing and (B) as of the date hereof and as of the Closing, owned by Persons who are
“affiliates” (as defined in Rule 405 of the 1933 Act and calculated based on the assumption that only officers, directors
and holders of at least 10% of the Company’s issued and outstanding Common Stock are “affiliates” without conceding
that any such Persons are “affiliates” for purposes of federal securities laws) of the Company or any of its Subsidiaries. 
To the Company’s knowledge, as of the date hereof and the Closing Date no Person owns 10% or more of the Company’s issued
and outstanding shares of Common Stock (calculated based on the assumption that all Convertible Securities, whether or not presently exercisable
or convertible, have been fully exercised or converted (as the case may be) taking account of any limitations on exercise or
conversion (including “blockers”) contained therein without conceding that such identified Person is a 10% stockholder for
purposes of federal securities laws).

 

(iii)
Existing Securities; Obligations. Except as set forth on Schedule 3(r)(iii): (A) none of the Company’s
or any Subsidiary’s shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) other than stock options and restricted stock awarded to employees, directors
and consultants of the Company under equity incentive plans adopted by the Board of Directors of the Company and described in the SEC
Documents, there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or capital stock of the
Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares, interests or capital stock of the Company or any of its Subsidiaries or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries; (C) there are
no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities
under the 1933 Act; (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or
any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (E) there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities; and (F) neither
the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar plan
or agreement.

 

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(iv)
Organizational Documents. The Company has furnished to the Holders true, correct and complete copies of the Company’s
Articles of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”) and the
Company’s bylaws, as amended and as in effect on the date hereof and the Closing Date (the “Bylaws”), and the
terms of all Convertible Securities and the material rights of the holders thereof in respect thereto.

 

(s)
Indebtedness and Other Contracts. Except as set forth on Schedule 3(s), neither the Company nor any of its
Subsidiaries (i) has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents
or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is
or may become bound, (ii) has any financing statements securing obligations in any amounts filed against the Company or any of its
Subsidiaries or with respect to any of their respective assets; (iii) is in violation of any term of, or in default under, any contract,
agreement or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually or in the
aggregate, in a Material Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness,
the performance of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. 
Neither the Company nor any of its Subsidiaries have any liabilities or obligations required to be disclosed in the SEC Documents which
are not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries’
respective businesses consistent with past practices and which, individually or in the aggregate, do not or could not have a Material
Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of any Person means, without duplication,
(A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of
property or services (including, without limitation, “capital leases” in accordance with GAAP) (other than trade payables
entered into in the ordinary course of business consistent with past practice), (C) all reimbursement or payment obligations with
respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures
or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses,
(E) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing,
in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies
of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all
monetary obligations under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered
thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by
(or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any
property or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation”
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease,
dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary
effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with
respect thereto.

 

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(t)
Litigation. There is no material action, suit, arbitration, proceeding, or, to the knowledge of the Company, inquiry
or investigation before or by the Principal Market, any court, public board, other Governmental Entity, self-regulatory organization or
body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Common Stock
or any of the Company’s or its Subsidiaries’ officers or directors, whether of a civil or criminal nature or otherwise, in
their capacities as such, except as set forth in Schedule 3(t). To the knowledge of the Company, no director, officer or
employee of the Company or any of its Subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation in reasonable
anticipation of litigation. Without limitation of the foregoing, there has not been, and to the knowledge of the Company, there
is not pending, contemplated or anticipated, any inquiry or investigation by the SEC involving the Company, any of its Subsidiaries or
any current or former director or officer of the Company or any of its Subsidiaries. The SEC has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company under the 1933 Act or the 1934 Act. After
reasonable inquiry of its officers (as defined in Rule 16a-1(f) promulgated under the 1934 Act) and members of its Board of
Directors, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration, investigation,
inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment, injunction,
decree, determination or award of any Governmental Entity.

 

(u)
Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses
in which the Company and its Subsidiaries are engaged. Neither the Company nor any of its Subsidiaries has been refused any insurance
coverage sought or applied for, and neither the Company nor any of its Subsidiaries has any reason to believe that it will be unable to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not have a Material Adverse Effect.

 

(v)
Employee Relations. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement
or employs any member of a union. The Company and its Subsidiaries believe that their relations with their employees are good. 
No executive officer (as defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any
of its Subsidiaries has notified the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary
or otherwise terminate such officer’s employment with the Company or any such Subsidiary. To the knowledge of the Company,
no executive officer or other key employee of the Company or any of its Subsidiaries is, or is now expected to be, in violation of any
material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement,
or any other contract or agreement or any restrictive covenant, and the continued employment of each such executive officer or other key
employee (as the case may be) does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in material compliance with all applicable federal, state, local and foreign laws
and regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours,
except where failure to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.

 

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(w)
Title. Each of the Company and its Subsidiaries holds good title to, or a valid leasehold interests in, all real property,
leases in real property, facilities or other interests in real property owned or held by the Company or any of its Subsidiaries that is
material to the business of the Company (the “Real Property”). The Real Property is free and clear of all Liens
and is not subject to any rights of way, building use restrictions, exceptions, variances, reservations, or limitations of any nature
except for (a) Liens for current taxes not yet due, (b) zoning laws and other land use restrictions that do not impair the present
or anticipated use of the property subject thereto,(c) those that are not likely, individually or in the aggregate, to result in
a Material Adverse Effect, and (d) other Permitted Liens (as defined in the Senior Convertible Notes). Any Real Property held under
lease by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as
are not material and do not interfere in any material respect with the use made and proposed to be made of such property and buildings
by the Company or any of its Subsidiaries.

 

(x)
Fixtures and Equipment. Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold
interest in, the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are
used by the Company and its Subsidiaries to conduct their respective businesses (the “Fixtures and Equipment”). The
Fixtures and Equipment are structurally sound, are in good operating condition and repair (ordinary wear and tear excepted), are adequate
for the uses to which they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs
and are sufficient for the conduct of the Company’s and/or its Subsidiaries’ businesses (as applicable) in the manner as conducted
prior to the date hereof and the Closing Date. Except as set forth on Schedule 3(x), each of the Company and its Subsidiaries owns
all of its Fixtures and Equipment free and clear of all Liens except for (i) Liens for current taxes not yet due,(ii) zoning laws and
other land use restrictions that do not impair the present or anticipated use of the property subject thereto and (iii) other Permitted
Liens (as defined in the Exchange Notes).

 

(y)
Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all
trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights,
copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all
applications and registrations therefor (“Intellectual Property Rights”) necessary to conduct their respective businesses
as now conducted. The Company does not have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual
Property Rights of others. There is no claim, action or proceeding being made or brought, or to the knowledge of the Company or
any of its Subsidiaries, being threatened, against the Company or any of its Subsidiaries regarding its Intellectual Property Rights,
except where such claim, action or proceeding is not reasonably likely to result in a Material Adverse Effect. Neither the Company
nor any of its Subsidiaries has received any notice alleging any such infringement or claim, action or proceeding.

 

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(z)
Environmental Laws. (i) The Company and its Subsidiaries (A) are in compliance with any and all Environmental
Laws (as defined below), (B) have received all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses and (C) are in compliance with all terms and conditions of any such permit, license or
approval where, except in each of the foregoing clauses (A), (B) and (C), where the failure to so comply or having such permits,
licenses or other approval would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
The term “Environmental Laws” means all federal, state, local or foreign laws or regulations relating to pollution
or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface
or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous materials, substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of, or exposure to, Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions,
judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(i)
No Hazardous Materials:

 

(A)
to the Company’s knowledge, have been disposed of or otherwise released from any Real Property of the Company or any of its
Subsidiaries in violation of any Environmental Laws; or

 

(B)
to the Company’s knowledge, are present on, over, beneath, in or upon any Real Property or any portion thereof in quantities
that would constitute a violation of any Environmental Laws or in quantities, a manner or location that would reasonably be expected to
require remedial action pursuant to any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property
has occurred that violates any Environmental Laws, which violation would have a Material Adverse Effect on the business of the Company
or any of its Subsidiaries.

 

(ii)
To the Company’s knowledge, neither the Company nor any of its Subsidiaries knows of any other Person that has stored, treated,
recycled, disposed of or otherwise located on any Real Property any Hazardous Materials, including, without limitation, such substances
as asbestos and polychlorinated biphenyls.

 

(iii)
To the knowledge of the Company, none of the Real Property is on any federal or state “Superfund” list or Comprehensive
Environmental Response, Compensation and Liability Information System (“CERCLIS”) list or any state environmental agency
list of sites under consideration for CERCLIS, nor subject to any environmental related Liens.

 

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(iv)
Neither the Company nor its Subsidiaries is subject to any pending or, to the knowledge of the Company and its Subsidiaries, threatened
claim or proceeding to any Environmental Laws, except for any claims or proceeding that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

(aa)
Tax Status. Except as set forth on Schedule 3(aa), the Company and each of its Subsidiaries (i) has timely made
or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which
it is subject through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, individually
or in the aggregate, have a Material Adverse Effect) and (ii) has timely paid all taxes and other governmental assessments and charges
shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and for which reserves
required by GAAP have been created in the financial statements of the Company or for cases in which the failure to pay would not have
a Material Adverse Effect. There is no tax deficiency that has been determined adversely to the Company or any of its Subsidiaries
which has had a Material Adverse Effect, nor does the Company or its Subsidiaries have any knowledge or notice of any tax deficiency which
could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have
a Material Adverse Effect.

 

(bb)
Internal Accounting and Disclosure Controls. The Company and each of its Subsidiaries maintains internal control over
financial reporting (as such term is defined in Rule 13a-15(f) under the 1934 Act) that is effective to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
GAAP, including that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability,
(iii) access to assets or incurrence of liabilities is permitted only in accordance with management’s general or specific authorization
and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable
intervals and appropriate action is taken with respect to any difference. Except as set forth on Schedule 3(bb), the Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the 1934 Act) that are effective in ensuring
that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed,
summarized and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under
the 1934 Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers
and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Since
the filing of the Annual Report on Form 10-K for the year ended December 31, 2019, neither the Company nor any of its Subsidiaries has
received any notice or correspondence from any accountant, Governmental Entity or other Person relating to any potential material weakness
or significant deficiency in any part of the internal controls over financial reporting of the Company or any of its Subsidiaries.

 

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(cc)
Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or
any of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its
1934 Act filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

(dd)
Investment Company Status. The Company is not an “investment company,” or a company controlled by
an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

(ee)
Acknowledgement Regarding Holders’ Trading Activity. It is understood and acknowledged by the Company that (i) following
the public disclosure of the transactions contemplated by the Transaction Documents in the Press Release (as defined below), none of the
Holders have been asked by the Company or any of its Subsidiaries to agree, nor has any Holder agreed with the Company or any of its Subsidiaries,
to desist from effecting any transactions in or with respect to (including, without limitation, purchasing or selling, long and/or short)
any securities of the Company, or “derivative” securities based on securities issued by the Company or to hold any of the
Securities for any specified term; (ii) any Holder, and counterparties in “derivative” transactions to which any such Holder
is a party, directly or indirectly, presently may have a “short” position in the Common Stock which was established prior
to such Holder’s knowledge of the transactions contemplated by the Transaction Documents; (iii) each Holder shall not be deemed
to have any affiliation with or control over any arm’s length counterparty in any “derivative” transaction; and (iv) each
Holder may rely on the Company’s obligation to timely deliver shares of Common Stock as and when required pursuant to the Transaction
Documents for purposes of effecting trading in the Common Stock of the Company. The Company
further understands and acknowledges that following the public disclosure of the transactions contemplated by the Transaction Documents
pursuant to the Press Release one or more Holders may engage in hedging and/or trading activities (including, without limitation, the
location and/or reservation of borrowable shares of Common Stock) at various times prior to or during the period that the Securities are
outstanding, including, without limitation, during the periods that the value and/or number of the Underlying Shares deliverable with
respect to the Securities are being determined and such hedging and/or trading activities (including, without limitation, the location
and/or reservation of borrowable shares of Common Stock), if any, can reduce the value of the existing stockholders’ equity interest
in the Company both at and after the time the hedging and/or trading activities are being conducted. The Company acknowledges that such
aforementioned hedging and/or trading activities do not constitute a breach of this Agreement, the Exchange Notes, the Exchange Warrants
or any other Transaction Document or any of the documents executed in connection herewith or therewith.

 

(ff)
Manipulation of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company,
no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization
or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the
Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, (iii) paid
or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries
or (iv) paid or agreed to pay any Person for research services with respect to any securities of the Company or any of its Subsidiaries.

 

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(gg)
U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and
so long as any of the Securities are held by any of the Holders, shall become, a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended (the “Code”), and the Company and each Subsidiary
shall so certify upon any Holder’s request.

 

(hh)
Transfer Taxes. All stock transfer or other taxes (other than income or similar taxes) which are required to be paid
in connection with the issuance, delivery, exercise and transfer of the Securities to be acquired by each Holder hereunder will be, or
will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied with; provided
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery
of any Underlying Shares pursuant to the Exchange Warrants, in a name other than that of the Holder of such Exchange Warrants or Exchange
Notes, and the Company shall not be required to issue or deliver such Underlying Shares unless or until the Person or Persons requesting
the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

 

(ii)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal
Reserve”). Neither the Company nor any of its Subsidiaries owns or controls, directly or indirectly, five percent (5%)
or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries
exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation
by the Federal Reserve.

 

(jj)
Shell Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

(kk)
Illegal or Unauthorized Payments; Political Contributions. Neither the Company nor any of its Subsidiaries nor, to
the best of the Company’s knowledge (after reasonable inquiry of its officers and directors), any of the officers, directors, employees,
agents or other representatives of the Company or any of its Subsidiaries or affiliates, has, directly or indirectly, made or authorized
any payment, contribution or gift of money, property, or services, whether or not in contravention of applicable law, (i) as a kickback
or bribe to any Person or (ii) to any political organization, or the holder of or any aspirant to any elective or appointive public
office to influence official action or secure an improper advantage, except for personal political contributions not involving the direct
or indirect use of funds of the Company or any of its Subsidiaries.

 

    21

     

    

 

(ll)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in material
compliance with the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations.

 

(mm)
Sanctions. None of the Company, any of its Subsidiaries or any director, officer, employee or, to the knowledge of
the Company and its Subsidiaries, agent or other person acting for or on behalf of the foregoing is the subject or target of any economic
or financial sanctions imposed, administered or enforced by the United States (including the U.S. Department of the Treasury Office of
Foreign Assets Control and the U.S. Department of State) or other relevant sanctions authority (collectively, “Sanctions”
and each such Person, a “Sanctioned Person”). The operations of the Company and its Subsidiaries are, and have been
conducted within the past five (5) years, in compliance with applicable Sanctions.

 

(nn)
Management. During the past one year period, no current or former officer or director, to the knowledge of the Company,
has been the subject of:

 

(i)
a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal
agent or similar officer for such Person, or any partnership in which such person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation or business association of which such person was an executive officer
at or within two years before the time of the filing of such petition or such appointment;

 

(ii)
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);

 

(iii)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1)
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker,
leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct
or practice in connection with such activity;

 

(2)
Engaging in any particular type of business practice; or

 

(3)
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation
of securities laws or commodities laws;

 

    22

     

    

 

(iv)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;

 

(v)
a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)
a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or vacated.

 

(oo)
Stock Option Plans. Each stock option granted by the Company was granted (i) in accordance with the terms of
the applicable stock option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common
Stock on the date such stock option would be considered granted under GAAP and applicable law. To the Company’s knowledge,
no stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and
there is no and has been no policy or practice of the Company to knowingly grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries
or their financial results or prospects.

 

(pp)
Cybersecurity. The information technology assets and equipment, computers, systems, networks, hardware,
software, websites, applications, and databases used or owned by, or leased or licensed to, the Company or any of its Subsidiaries (collectively,
“IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the
operation of the business of the Company and its Subsidiaries as currently conducted, to the Company’s knowledge, free and clear
of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its Subsidiaries have
implemented and maintained commercially reasonable physical, technical and administrative controls, policies, procedures, and safeguards
to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all
IT Systems and data, including “Personal Data,” used in connection with their businesses. “Personal Data”
means (i) a natural person’s name, street address, telephone number, e-mail address, photograph, social security number or tax
identification number, driver’s license number, passport number, credit card number, bank information, or customer or account number;
(ii) any information which would qualify as “personally identifying information” under the Federal Trade Commission Act,
as amended; (iii) any information which would qualify as “protected health information” under the Health Insurance Portability
and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”);
and (iv) any other piece of information that allows the identification of such natural person, or his or her family, or permits the collection
or analysis of any data related to an identified person’s health or sexual orientation. To the Company’s knowledge, there
have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without
material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating
to the same. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from
unauthorized use, access, misappropriation or modification.

 

    23

     

    

 

(qq)
Compliance with Data Privacy Laws. The Company and its Subsidiaries are, and at all prior times were, in material
compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA (collectively,
the “Privacy Laws”) and, to the Company’s knowledge, the Company and its Subsidiaries are not subject to any
material requirements of the European Union General Data Protection Regulation (EU 2016/679). To ensure compliance with the Privacy Laws,
the Company and its Subsidiaries have in place, comply with, and take appropriate steps reasonably designed to ensure compliance in all
material respects with their policies and procedures relating to data privacy and security and the collection, storage, use, disclosure,
handling, and analysis of Personal Data (the “Policies”). The Company and its Subsidiaries have at all times made all
disclosures to users or customers required by applicable laws and regulatory rules or requirements, and none of such disclosures made
or contained in any Policy have, to the knowledge of the Company, been inaccurate or in violation of any applicable laws and regulatory
rules or requirements in any material respect. Neither the Company nor any Subsidiary: (i) has received notice of any actual or potential
liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and has no knowledge of any event or condition
that would reasonably be expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation,
remediation, or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes
any obligation or liability under any Privacy Law.

 

(rr)
No Other Inducements. Except as set forth in this Agreement, the Company has not directly or indirectly, offered any Holder
or any affiliate thereof any inducement to enter into this Agreement or to exchange any Holder’s Prior Securities for Exchange Notes
and Exchange Warrants.

 

(ss)
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided any of the
Holders or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement
and the other Transaction Documents. The Company understands and confirms that each of the Holders have relied on and will rely
on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided in this Agreement
and the other Transaction Documents to the Holders regarding the Company and its Subsidiaries, their businesses and the transactions contemplated
hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is true and correct
and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. All of the written information furnished
after the date hereof by or on behalf of the Company or any of its Subsidiaries to each Holder pursuant to or in connection with this
Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which
such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The
Company acknowledges and agrees that no Holder makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 2. Except for the representations and warranties contained in this Section
3 (including the related portions of the disclosure schedules), neither the Company nor any other Person has made or makes any other express
or implied representation or warranty, either written or oral, on behalf of the Company or any Subsidiary of the Company.

 

    24

     

    

 

(tt)
No Additional Agreements. The Company does not have any agreement or understanding with any Holder with respect to
the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

		4.	COVENANTS.

 

(a)
Best Efforts. Each Holder shall use reasonable best efforts to timely satisfy each of the covenants hereunder and
conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company shall use reasonable best efforts
to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 7 of this Agreement.

 

(b)
Blue Sky. The Company shall, on or before the Closing Date take such action as the Company shall reasonably determine
is necessary in order to obtain an exemption for, or to, qualify the Securities to be acquired by the Holders at the Closing pursuant
to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to obtain an exemption
from such qualification), and shall provide evidence of any such action so taken to the Holders on or prior to the Closing Date. 
Without limiting any other obligation of the Company under this Agreement, the Company shall timely make all filings and reports relating
to the issuance of the Securities required under all applicable securities laws (including, without limitation, all applicable federal
securities laws and all applicable “Blue Sky” laws), and the Company shall comply with all applicable foreign, federal, state
and local laws, statutes, rules, regulations and the like relating to the issuance and exchange of the Securities to the Holders.

 

(c)
Reporting Status. Until the earlier of (i) the date upon which the Holders shall have sold all of the Securities and
(ii) the one-year anniversary of the termination of the Exchange Notes and full exercise or expiration of the Exchange Warrants (the “Reporting
Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act (reports filed
in compliance with the time period specified in Rule 12b-25 promulgated under the 1934 Act shall be considered timely for this purpose),
and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules
and regulations thereunder would no longer require or otherwise permit such termination.

 

(d)
Financial Information. The Company agrees to send the following to each Holder during the Reporting Period (i) unless
the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, within one (1) Business Day
after the filing thereof with the SEC, a copy of its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, any interim reports
or any consolidated balance sheets, income statements, stockholders’ equity statements and/or cash flow statements for any period
other than annual, any Current Reports on Form 8-K and any registration statements (other than on Form S-8 or Form S-4) or amendments
filed pursuant to the 1933 Act, (ii) unless the following are either filed with the SEC through EDGAR or are otherwise widely disseminated
via a recognized news release service (such as PR Newswire), on the same day as the release thereof, facsimile copies of all press releases
issued by the Company or any of its Subsidiaries and (iii) unless the following are filed with the SEC through EDGAR, copies of any notices
and other information made available or given to the stockholders of the Company generally, contemporaneously with the making available
or giving thereof to the stockholders.

 

    25

     

    

 

(e)
Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of
the Underlying Shares upon each national securities exchange and automated quotation system, if any, upon which the Common Stock is then
listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing or designation
for quotation (as the case may be) of all Underlying Shares from time to time issuable under the terms of the Transaction Documents on
such national securities exchange or automated quotation system. The Company shall maintain the Common Stock’s listing or
authorization for quotation (as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE American, the Nasdaq Global
Market or the Nasdaq Global Select Market (each, an “Eligible Market”). Neither the Company nor any of its Subsidiaries
shall take any action which could be reasonably expected to result in the delisting or suspension of the Common Stock on an Eligible Market. 
The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 4(e).

 

(f)
Fees. The Company shall pay for the reasonable and documented due diligence and legal fees and expenses incurred by
the Holders in connection with the structuring, documentation, negotiation, and closing of the transactions contemplated by the Transaction
Documents (and the enforcement thereof by the Holders), including, without limitation, all consultant fees, all reasonable legal fees
and disbursements of Latham & Watkins LLP, counsel to the Holders, and due diligence and regulatory filings in connection therewith
(the “Transaction Expenses”). The Company shall be responsible for the payment of any placement agent’s fees,
financial advisory fees, transfer agent fees, The Depository Trust Company (“DTC”) fees or broker’s commissions
incurred solely by the Company and not for Persons engaged by any Holder relating to or arising out of the transactions contemplated hereby.
The Company shall pay, and hold each Holder harmless against, any liability, loss or expense (including, without limitation, reasonable
attorneys’ fees and reasonable and documented out-of-pocket expenses) arising in connection with any claim relating to any such
payment incurred by the Company. Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its
own expenses in connection with the exchange of the Exchange Securities to the Holders.

 

(g)
Pledge of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges
and agrees that the Securities may be pledged by a Holder in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities
hereunder, and no Holder effecting a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise
make any delivery to the Company pursuant to this Agreement or any other Transaction Document, including, without limitation, Section
2(h) hereof; provided that a Holder and its pledgee shall be required to comply with the provisions of Section 2(h) hereof in order to
effect a sale, transfer or assignment of Securities to such pledgee. The Company hereby agrees to execute and deliver such documentation
as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee by a Holder.

 

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(h)
Disclosure of Transactions and Other Material Information.

 

(i)
Disclosure of Transaction. No later than 9:30 a.m., New York time, on the date of this Agreement, the Company
shall issue a press release (the “Press Release”) reasonably acceptable to the Holders disclosing all the material
terms of the transactions contemplated by the Transaction Documents. No later than 5:30 p.m., New York time, on the fourth (4th)
Business Day after the date of this Agreement, the Company shall file a Current Report on Form 8-K describing all the material terms
of the transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the material Transaction
Documents (the “8-K Filing”). From and after the issuance of the Press Release, the Company shall have disclosed
all material, non-public information (if any) provided to any of the Holders by the Company or any of its Subsidiaries or any of their
respective officers, directors, employees or agents. In addition, effective upon the issuance of the Press Release, the Company
acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between
the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand,
and any of the Holders or any of their affiliates, on the other hand, terminated and none of the Holders have been subject to any such
obligation since the issuance of the Press Release.

 

(ii)
Limitations on Disclosure. Other than as required under the Transaction Documents (but subject to any other disclosure
obligations of the Company with respect thereto), the Company shall not, and the Company shall cause each of its Subsidiaries and each
of its and their respective officers, directors, employees and agents not to, provide any Holder with any material, non-public information
regarding the Company or any of its Subsidiaries from and after the date hereof unless prior thereto such Holder shall have consented
in writing to the receipt of such information and agreed with the Company to keep such information confidential. If any material,
non-public information is required to be provided by the Company or any of its Subsidiaries to any Holder pursuant to the Transaction
Documents, the Company shall obtain each Holder’s prior written consent prior to providing such information to such Holder, and
if any Holder fails to provide such written consent, the Company shall not be deemed to be in breach of any of the Transaction Documents
as a result of the failure to provide such information. To the extent that the Company delivers any material, non-public information to
a Holder without such Holder’s prior written consent in breach of the foregoing sentence, the Company hereby covenants and agrees
that such Holder shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public
information, provided that the Holder shall remain subject to applicable law. Subject to the foregoing, neither the Company, its
Subsidiaries nor any Holder shall issue any press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, the Company shall be entitled, without the prior approval of any Holder, to make any press release or other
public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and (ii) as is required
by applicable law and regulations (provided that in the case of clause (i) above, each Holder shall be consulted by the Company in
connection with any such press release or other public disclosure prior to its release). Without the prior written consent of the
applicable Holder (which may be granted or withheld in such Holder’s sole discretion), the Company shall not (and shall cause each
of its Subsidiaries and affiliates to not) disclose the name of such Holder in any filing, announcement, release or otherwise, except
in the 8-K Filing and as otherwise may be required by applicable law or regulations. Notwithstanding anything contained in this
Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees
that no Holder shall have (unless expressly agreed to by a particular Holder after the date hereof in a written definitive and binding
agreement executed by the Company and such particular Holder (it being understood and agreed that no Holder may bind any other Holder
with respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public
information regarding the Company or any of its Subsidiaries.

 

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(i)
Additional Issuance of Securities. 

 

(i)
The Company agrees that for the period commencing on the date hereof and ending on the date immediately following the 90th calendar
day after the Closing Date (the “Restricted Period”), neither the Company nor any of its Subsidiaries shall directly
or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or register or amend any outstanding
registration statements or file any shelf registration statements or announce any issuance, offer, sale, grant of any option or right
to purchase or other disposition of) any equity security or any equity-linked or related security (including, without limitation, any
“equity security” (as that term is defined under Rule 405 promulgated under the 1933 Act), any Convertible Securities, any
preferred stock or any purchase rights). Notwithstanding the foregoing, this Section 4(i)(i) shall not apply (A) during a Restricted Period
in respect of (i) the issuance of Options or Convertible Securities issued under any Approved Stock Plan, so long as the aggregate number
of shares issued and issuable pursuant thereto does not exceed 5% of the Common Stock issued and outstanding immediately prior to the
date hereof or (ii) the issuances of Underlying Shares, (B) to Common Stock issued as consideration in acquisitions approved by the Board
of Directors; provided such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its
subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company
additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities; and provided further that
such Common Stock is subject to restrictions on transfer during the Restricted Period and are not registered for resale during the Restricted
Period, (C) to the issuance of shares during the Restricted Periods pursuant to any “at-the-market” program within the meaning
of Rule 415(a)(4) of the Securities Act or (D) to the Qualified Equity Financing (as defined in the Note). An “Approved Stock Plan”
means any security-based compensation plan which has been approved by the Board of Directors of the Company prior to the date hereof,
or any security-based compensation plan which is approved by the Board of Directors or the compensation committee thereof and the stockholders
of the Company after the date hereof, pursuant to which shares of Common Stock, options to purchase Common Stock and other incentive equity
awards may be issued to any employee, officer, consultant or director for services provided to the Company in their capacity as such,
and not for the purpose of raising capital, pursuant to any consulting agreement, advisory agreement or independent contractor agreement
approved by the Board of Directors or the compensation committee thereof.

 

(ii)
So long as any Exchange Notes remain outstanding, the Company and each Subsidiary shall be prohibited from effecting, or entering
into an agreement directly or indirectly to effect a Variable Rate Transaction. “Variable Rate Transaction” means a
transaction in which the Company or any Subsidiary (i) issues or sells any Convertible Securities either (A) at a conversion, exercise
or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock
at any time after the initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange price that is subject
to being reset at some future date after the initial issuance of such Convertible Securities or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock, other than pursuant to customary
adjustments for stock splits, stock dividends, stock combinations, recapitalizations and similar events or (ii) enters into any agreement
(including, without limitation, an equity line of credit) whereby the Company or any Subsidiary may sell securities at a future determined
price; provided that, for avoidance of doubt (x) the entry into any “at-the-market” offering within the meaning of
Rule 415(a)(4) of the Securities Act (an “ATM Issuance”) whereby the Company or any Subsidiary may sell securities
at a future determined price and any issuance of any securities pursuant thereto, shall not be considered a “Variable Rate Transaction”.

 

(iii)
So long as any Exchange Notes or Exchange Warrants remain outstanding, the Company will not, without the prior written consent
of the Required Holders (as defined below), issue any Exchange Notes or Exchange Warrants (other than to the Holders as contemplated hereby)
and the Company shall not issue any other securities that would cause a breach or default under the Exchange Notes or the Exchange Warrants.

 

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(iv)
Each Holder shall be entitled to obtain injunctive relief against the Company and its Subsidiaries to preclude any issuance prohibited
by this Section 4(i), which remedy shall be in addition to any right to collect damages.

 

(j)
Reservation of Shares. So long as any of the Exchange Warrants or the Exchange Notes remain outstanding, the Company
shall at all times have no less than a number of shares of authorized but unissued Common Stock equal to the sum of (x) 100% of the maximum
number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under
the Exchange Warrants then outstanding, reserved for the purposes of issuance pursuant to the Exchange Warrants, plus (y) an additional
twenty million (20,000,000) unreserved shares of Common Stock (collectively, the “Required Reserve Amount”); provided
that at no time shall the number of shares of Common Stock reserved pursuant to this Section 4(j) be reduced other than in connection
with any stock combination, reverse stock split or other similar transaction or proportionally in connection with any issuance of Underlying
Shares pursuant to the Exchange Warrants. The amounts set forth in clause (x) of the definition of Required Reserve Amount (including,
without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Exchange Notes
based on the number of shares of Common Stock issuable upon conversion of the Exchange Warrants held by each holder thereof on the
date of issuance of the Exchange Notes (without regards to any limitations on conversion) (collectively, the “Authorized Share
Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Exchange Notes, each transferee
shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated
to any Person which ceases to hold any Exchange Notes shall be allocated to the remaining holders of the Exchange Notes, pro rata based
on the number of shares of Common Stock issuable upon conversion of the Exchange Warrants then held by such holders thereof (without regard
to any limitations on conversion). If at any time the number of shares of Common Stock authorized and reserved for issuance is
not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize and reserve
a sufficient number of shares, including, without limitation, calling a special meeting of stockholders to authorize additional shares
to meet the Company’s obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares,
obtain stockholder approval (if required) of an increase in such authorized number of shares, and voting the management shares of the
Company in favor of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to
meet the Required Reserve Amount.

 

(k)
Requisite Stockholder Approval. Following the Closing, the Company agrees to use reasonable best efforts to obtain, at the
next meeting (annual or special) of the stockholders of the Company (at which a quorum is present), but in no event later than June 30,
2023 (the “Stockholder Meeting”), the Requisite Stockholder Approval (as defined below). The Company will prepare and
file with the SEC a proxy statement to be sent to the Company’s stockholders in connection with the Stockholder Meeting (the “Proxy
Statement”). The Proxy Statement shall include the Board of Directors’ recommendation that the holders of shares of the
Company’s Common Stock vote in favor of the Requisite Stockholder Approval. If the Requisite Stockholder Approval is not obtained
at or prior to the Stockholder Meeting, the Company will hold a special meeting of the stockholders of the Company for the purposes of
obtaining such Requisite Stockholder Approval no less often than every ninety (90) days following the date of the Stockholder Meeting
until the Requisite Stockholder Approval is obtained, and the Board of Directors will recommend that the holders of shares of the Company’s
Common Stock vote in favor of the Requisite Stockholder Approval at each such meeting. As used herein, “Requisite Stockholder
Approval” means the stockholder approval contemplated by Nasdaq Listing Rule 5635(d) with respect to the issuance of shares
of Common Stock pursuant to the Exchange Warrants in excess of the limitations imposed by such rule; provided, however, that the Requisite
Stockholder Approval will be deemed to be obtained if, due to any amendment or binding change in the interpretation of the applicable
listing standards of the Nasdaq Capital Market, such stockholder approval is no longer required for the Company to issue shares Common
Stock pursuant to the Warrants.

 

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(l)
Compliance with Laws. None of the Company or any of its Subsidiaries shall violate any law, ordinance or regulation
of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate,
in a Material Adverse Effect.

 

(m)
Passive Foreign Investment Company. The Company shall conduct its business, and shall cause its Subsidiaries to conduct
their respective businesses, in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment
company within the meaning of Section 1297 of the Code.

 

(n)
Restriction on Redemption and Cash Dividends. So long as any of the Exchange Notes are outstanding, except as otherwise
permitted under the Exchange Notes, the Company shall not, directly or indirectly, redeem, or declare or pay any cash dividend or distribution
on, any securities of the Company without the prior express written consent of the Required Holders (other than as required by the Exchange
Notes or as required by the terms thereof as in effect on the date hereof); provided, however, that such written consent shall not be
required for any repurchases, forfeitures, withholdings or transfers of securities pursuant to a net exercise of a Convertible Security
to cover the payment of the exercise prices or the payment of withholding of taxes associated with the exercise or vesting of equity awards
under any equity compensation plan of the Company or repurchases of Common Stock upon an employee’s, contractor’s or consultant’s
termination of services pursuant to agreements outstanding as of the date of this Agreement.

 

(o)
Corporate Existence. So long as any Exchange Notes or Exchange Warrants remain outstanding, the Company shall not
be party to any Fundamental Change (as defined in the Exchange Notes) or a Fundamental Transaction (as defined in the Exchange Warrants)
unless the Company is in compliance with the applicable provisions governing Fundamental Changes set forth in the Exchange Notes and the
applicable provisions governing Fundamental Transactions set forth in the Exchange Warrants.

 

(p)
Exercise Procedures. The form of exercise notice included in the Exchange Warrants sets forth the totality of the
procedures required of the Holders in order to exercise the Exchange Warrants. Except as set forth in Section 5(c), no additional
legal opinion, other information or instructions shall be required of the Holders to exercise their Exchange Warrants. The Company
shall honor exercises of the Exchange Warrants and shall deliver the Underlying Shares in accordance with the terms, conditions and time
periods set forth in the Exchange Warrants. Except as explicitly set forth in the Exchange Warrants, no legal opinion, information or
instructions shall be required of the Holders to receive Underlying Shares pursuant to the Exchange Warrants.

 

(q)
Regulation M. The Company will not take any action prohibited by Regulation M under the 1934 Act, in connection with
the distribution of the Securities contemplated hereby.

 

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(r)
Integration. None of the Company, any of its affiliates (as defined in Rule 501(b) under the 1933 Act),
or any person acting on behalf of the Company or such affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate
in respect of any security (as defined in the 1933 Act) which will be integrated with the issuance of the Securities in a manner which
would require the registration of the Securities under the 1933 Act or require stockholder approval under the rules and regulations
of the Principal Market and the Company will take all action that is appropriate or necessary to assure that its offerings of other securities
will not be integrated for purposes of the 1933 Act or the rules and regulations of the Principal Market, with the issuance of Securities
contemplated hereby.

 

(s)
Right to Participate. Until the date the Exchange Notes are no longer outstanding the Company will not, directly or indirectly,
offer, sell, grant any option to purchase, or otherwise dispose of (or announce any offer, sale, grant or any option to purchase or other
disposition of) any of its or any Subsidiaries’ debt, equity (other than an offering of solely Common Stock), or equity-linked securities,
including without limitation any debt, preferred stock or other instrument or security (any such offer, sale, grant, disposition or announcement
being referred to as a “Subsequent Placement”), unless the Company shall have first complied with this Section 4(s).

 

(A)
The Company shall deliver to each Holder an irrevocable written notice (the “Offer Notice”) of any proposed
or intended issuance or sale or exchange (the “Offer”) of the securities being offered (the “Offered
Securities”) in a Subsequent Placement, which Offer Notice shall (v) include any offering documents and definitive documentation
in connection with such Offer, (w) identify and describe the Offered Securities, (x) describe the price and other terms upon which
they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued, sold or exchanged, (y) identify
the persons or entities to which or with which the Offered Securities are to be offered, issued, sold or exchanged and (z) offer to issue
and sell to or exchange with such Holders up to an aggregate of thirty percent (30%) of the Offered Securities, allocated among such Holders
based on such Holder’s pro rata portion of the aggregate principal amount of Exchange Notes purchased hereunder (the “Basic
Amount”). The terms and conditions upon which any Offer of the Offered Securities pursuant to any Offer Notice shall be identical
for each Holder. For the avoidance of doubt, each Holder hereby acknowledges that any Offer Notice may constitute or contain material,
non-public information, and each Holder hereby consents to the receipt of any Offer Notice and any material, non-public information that
may be included in an Offer Notice. If a Holder notifies the Company that it does not consent to the receipt of an Offer Notice and any
material, non-public information that may be included in an Offer Notice, then such Holder shall be deemed to have waived its right to
participate in such Subsequent Placement, and the Company shall be deemed to have complied with this Section 4(s).

 

(B)
To accept an Offer, in whole or in part, such Holder must deliver a written notice to the Company prior to the end of the second
(2nd) Trading Day after such Holder’s receipt of the Offer Notice (the “Offer Period”), setting forth
the portion of such Holder’s Basic Amount that such Holder, or an affiliate of such Holder that it designates, elects to purchase
and, if such Holder or its designee shall elect to purchase all of its Basic Amount, the amount, if any, of the other Holders’ allocations
that such Holder is offering to purchase in the event that such other Holders do not elect to purchase their full Basic Amounts (in either
case, the “Notice of Acceptance”). Notwithstanding anything to the contrary contained herein, if the Company desires
to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver to the Holders
a new Offer Notice and the Offer Period shall expire at the end of the second (2nd) Trading Day following such Holder’s
receipt of such new Offer Notice.

 

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(C)
The Company shall have two (2) Trading Days from the expiration of the Offer Period to offer, issue, sell or exchange all or any
part of such Offered Securities as to which a Notice of Acceptance has not been given by the Holders (the “Refused Securities”)
pursuant to a definitive agreement (the “Subsequent Placement Agreement”), but only to the offerees described in the
Offer Notice (if so described therein) and only upon terms and conditions (including, without limitation, prices and interest rates) that
are not more favorable to the acquiring Person or Persons or less favorable to the Company than those set forth in the Offer Notice and
to publicly announce (a) the execution of such Subsequent Placement Agreement and (b) either (x) the consummation of the transactions
contemplated by such Subsequent Placement Agreement or (y) the termination of such Subsequent Placement Agreement, which shall be filed
with the SEC on a Current Report on Form 8-K with such Subsequent Placement Agreement and any documents contemplated therein filed as
exhibits thereto.

 

(D)
In the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the
terms specified in Section 4(s)(C) above), then each Holder may, at its sole option and in its sole discretion, reduce the number or amount
of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered
Securities that such Holder or its designee elected to purchase pursuant to Section 4(s)(B) above multiplied by a fraction, (i) the numerator
of which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered
Securities to be issued or sold to Holders or their designees pursuant to Section 4(s)(C) above prior to such reduction, but giving effect
to the Refused Securities that the Company has determined not to issue, sell or exchange) and (ii) the denominator of which shall be the
original amount of the Offered Securities. In the event that any Holder so elects to reduce the number or amount of Offered Securities
specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered
Securities unless and until such securities have again been offered to the Holders in accordance with Section 4(s)(A) above.

 

(E)
Upon the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, the Holders or their designees
shall acquire from the Company, and the Company shall issue to the Holders, the number or amount of Offered Securities specified in the
Notices of Acceptance, as reduced pursuant to Section 4(s)(D) above if the Holders have so elected, upon the terms and conditions specified
in the Offer. Notwithstanding anything to the contrary contained in this Agreement, if the Company does not consummate the closing of
the issuance, sale or exchange of all or less than all of the Refused Securities, within two (2) Business Days of the expiration of the
Offer Period, the Company shall issue to the Holders or their designees, the number or amount of Offered Securities specified in the Notice
of Acceptance, as reduced pursuant to Section 4(s)(D) above if the Holders have so elected, upon the terms and conditions specified in
the Offer. The purchase by the Holders of any Offered Securities is subject in all cases to the preparation, execution and delivery by
the Company and the Holders of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance
to the Holders and their respective counsel.

 

    32

     

    

 

(F)
Any Offered Securities not acquired by the Holders or other persons in accordance with Section 4(s)(C) above may not be issued,
sold or exchanged until they are again offered to the Holders under the procedures specified in this Section 4(s).

 

(G)
The Company and the Holders agree that if any Holder elects to participate in the Offer, (x) neither the Subsequent Placement Agreement
with respect to such Offer nor any other transaction documents related thereto shall include any term or provisions whereby any Holder
shall be required to agree to any restrictions in trading as to any securities of the Company owned by such Holder prior to such Subsequent
Placement, (y) neither the Subsequent Placement Agreement with respect to such Offer nor any other transaction documents related thereto
shall include any term or provisions more restrictive to the investors in such Subsequent Placement than those contained in the Transaction
Documents and (z) the Holders or their designees shall be entitled to the same registration rights provided to other investors in the
Subsequent Placement. In addition, the Company and each Holder agree that, in connection with a Subsequent Placement, the transaction
documents related to the Subsequent Placement shall include a requirement for the Company to issue a widely disseminated press release
by 9:30 a.m. (New York City time) on the Trading Day of execution of the transaction documents in such Subsequent Placement (or, if the
date of execution is not a Trading Day, or if the time of execution is after 4:00 p.m. (New York City time) on a Trading Day, on the immediately
following Trading Day) that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent
Placement.

 

(H)
Notwithstanding anything to the contrary in this Section 4(s) and unless otherwise agreed to by the Holders, the Company shall
either confirm in writing to the Holders that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly
disclose its intention to issue the Offered Securities, in either case in such a manner such that such Holder will not be in possession
of any material, non-public information, by the second (2nd) Trading Day following the date of delivery of the Offer Notice.
If by such second (2nd) Trading Day no public disclosure regarding a transaction with respect to the Offered Securities has
been made, and no notice regarding the abandonment of such transaction has been received by the Holders, such transaction shall be deemed
to have been abandoned and the Holders shall not be deemed to be in possession of any material, nonpublic information with respect to
the Company. Should the Company decide to pursue such transaction with respect to the Offered Securities, the Company shall provide each
Holder with another Offer Notice and each Holder will again have the right of participation set forth in this Section 4(s). The Company
shall not be permitted to deliver to the Holders, in any 30-day period, more than one such Offer Notice, other than the Offer Notices
contemplated by the last sentence of Section 4(s)(B) of this Agreement.

 

    33

     

    

 

(I)
The restrictions contained in this Section 4(s) shall not apply in connection with any of the following; (x) Options or Convertible
Securities issued under any Approved Stock Plan, or (y) the issuance of Common Stock upon the exercise of Options or warrants, the settlement
or vesting of restricted stock units, stock appreciation rights or restricted stock awards (including shares of Common Stock withheld
by the Company for the purpose of paying on behalf of the holder thereof the exercise price of stock options or for paying taxes due as
a result of such exercise or lapse of forfeiture restrictions), or the conversion of outstanding preferred stock or other outstanding
Convertible Securities which are outstanding on the Closing Date or granted pursuant to an Approved Stock Plan after the Closing Date;
provided, that such issuance of Common Stock upon exercise of such Options or Convertible Securities is made pursuant to the terms of
either: (I) such Approved Stock Plan or (II) such Options or Convertible Securities in effect on the Closing Date and, in the case of
(II), such Options or Convertible Securities are not amended, modified or changed on or after the Closing Date to increase the number
of such securities or to decrease the exercise price, exchange price or conversion price of such securities. Notwithstanding the foregoing,
the Holders shall not have a right to participate in a Subsequent Placement pursuant to this Section 4(s) if the Holders shall also have
the right to participate in a Subsequent Placement (as defined in the Prior SPA) pursuant to the Prior SPA. An “Approved Stock
Plan” means any security-based compensation plan which has been approved by the Board of Directors of the Company prior to the
date hereof, or any security-based compensation plan which is approved by the Board of Directors or the compensation committee thereof
and the stockholders of the Company after the date hereof, pursuant to which shares of Common Stock, options to purchase Common Stock
and other incentive equity awards may be issued to any employee, officer, consultant or director for services provided to the Company
in their capacity as such, and not for the purpose of raising capital, pursuant to any consulting agreement, advisory agreement or independent
contractor agreement approved by the Board of Directors or the compensation committee thereof.

 

(t)
Rule 144. The Company shall cause the Securities and any shares of Common Stock issuable pursuant to the Exchange
Warrants or the Exchange Notes to be eligible to be offered, sold or otherwise transferred by the Holders pursuant to Rule 144 under the
Securities Act, without any requirements as to volume, manner of sale, availability of current public information (whether or not then
satisfied) or notice under the Securities Act and without any requirement for registration under any state securities or “blue sky”
law, on and after September 23, 2022, with respect to the Exchange Securities and the Underlying Shares with respect thereto.

 

(u)
Press Releases. The Company shall not, and shall not permit any of its Subsidiaries to, issue or disseminate to the
public (by advertisement, press release or otherwise), submit for publication or otherwise cause or seek to publish any information naming
any of the Holders without the prior written consent of such Holder; provided that, nothing in the foregoing shall be construed to prohibit
the Company from making any submission or filing (i) which it is required to make by applicable law or pursuant to judicial process, (ii)
as required by federal securities law in connection with the filing of final Transaction Documents with the SEC, or (iii) to the extent
such disclosure is required by law or the Principal Market regulations; provided further, that (i) such filing or submission shall contain
only such information as is necessary to comply with applicable law or judicial process and (ii) unless specifically prohibited by applicable
law or court order, the Company shall promptly notify the Holders of the requirement to make such submission or filing and provide the
Holders with a copy thereof.

 

    34

     

    

 

(v)
Registration Rights. The Company shall:

 

(i)
file a registration statement with the SEC as soon as practicable but in no event later than forty-five (45) days after the Closing
Date with respect to the Exchange Securities ( the “Filing Date”) to register all Shares underlying the Exchange Securities
(the “Registrable Shares”) on Form S-1 or Form S-3 under the Securities Act (providing for shelf registration of such
Registrable Shares under SEC Rule 415) (such registration statement, including any preliminary prospectus, final prospectus, exhibit or
amendment included in or relating to such registration statement being the “Resale Registration Statement”);

 

(ii)
use its commercially reasonable efforts to cause such Resale Registration Statement to be declared effective as soon as practicable
and in any event within 30 days of the filing thereof (or, in the event the staff of the SEC (the “Staff”) reviews
and has written comments to such Resale Registration Statement, within 60 days of the filing thereof), such efforts to include, without
limiting the generality of the foregoing, preparing and filing with the SEC any financial statements or other information that is required
to be filed prior to the effectiveness of such Resale Registration Statement;

 

(iii)
not less than two (2) Trading Days prior to the filing of such Resale Registration Statement or any related prospectus or any amendment
or supplement thereto, furnish via email to the Holders copies of all such documents proposed to be filed, which documents (other than
any document that is incorporated or deemed to be incorporated by reference therein) will be subject to the review of the Holders. The
Company shall reflect in each such document when so filed with the SEC such comments regarding the Holders and the plan of distribution
as the Holders may reasonably and promptly propose no later than two (2) Trading Days after the Holders has been so furnished with copies
of such documents as aforesaid;

 

(iv)
promptly prepare and file with the SEC such amendments and supplements to such Resale Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Resale Registration Statement continuously effective and free from any material
misstatement or omission to state a material fact therein until termination of such obligation as provided in Section 4(y) below, subject
to the Company’s right to suspend pursuant to Section 4(x) below;

 

(v)
furnish to the Holders such number of copies of prospectuses in conformity with the requirements of the Securities Act and such
other documents as the Holders may reasonably request, in order to facilitate the public sale or other disposition of all or any of the
Registrable Shares by the Holders;

 

    35

     

    

 

(vi)
file such documents as may be required of the Company for normal securities law clearance for the resale of the Registrable Shares
in such states of the United States as may be reasonably requested by the Holders and use its commercially reasonable efforts to maintain
such blue sky qualifications during the period the Company is required to maintain effectiveness of such Resale Registration Statement;
provided, however, that the Company shall not be required in connection with this Section 4(v)(vi) to qualify as a foreign corporation
or execute a general consent to service of process in any jurisdiction in which it is not now so qualified or has not so consented;

 

(vii)
upon notification by the SEC that the Resale Registration Statement will not be reviewed or is not subject to further review by
the SEC, the Company shall within three (3) Trading Days following the date of such notification request acceleration of such Resale Registration
Statement (with the requested effectiveness date to be not more than two (2) Trading Days later);

 

(viii)
upon notification by the SEC that a Resale Registration Statement has been declared effective by the SEC, the Company shall file
the final prospectus under Rule 424 of the Securities Act (“Rule 424”) within the applicable time period prescribed
by Rule 424;

 

(ix)
advise the Holders promptly (and in any event within two (2) Trading Days thereof):

 

(A)
of the effectiveness of the Resale Registration Statement or any post-effective amendments thereto;

 

(B)
of any request by the SEC for amendments to the Resale Registration Statement or amendments to the prospectus or for additional
information relating thereto;

 

(C)
of the issuance by the SEC of any stop order suspending the effectiveness of the Resale Registration Statement under the Securities
Act or of the suspension by any state securities commission of the qualification of the Registrable Shares for offering or sale in any
jurisdiction, or the initiation of any proceeding for any of the preceding purposes; and;

 

(D)
of the existence of any fact and the happening of any event that makes any statement of a material fact made in the Resale Registration
Statement, the prospectus and amendment or supplement thereto, or any document incorporated by reference therein, untrue, or that requires
the making of any additions to or changes in the Resale Registration Statement or the prospectus in order to make the statements therein
not misleading;

 

(x)
cause all Registrable Shares to be listed on each securities exchange, if any, on which equity securities by the Company are then
listed; and

 

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(xi)
bear all expenses in connection with the procedures in paragraphs (i) through (x) of this Section 4(v) and the registration of
the Registrable Shares on such Resale Registration Statement and the satisfaction of the blue sky laws of such states.

 

(w)
Registration Rights Indemnification.

 

(i)
The Company agrees to indemnify and hold harmless the Holders and their respective affiliates, partners, members, officers, directors,
agents and representatives, and each person, if any, who controls a Holder within the meaning of Section 15 of the Securities Act or Section
20 the 1934 Act (each, a “Purchaser Party” and collectively the “Purchaser Parties”), to the fullest
extent permitted by applicable law, from and against any losses, claims, damages or liabilities (collectively, “Losses”)
to which they may become subject (under the Securities Act or otherwise) insofar as such Losses (or actions or proceedings in respect
thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Resale
Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading or arise out of any failure by
the Company to fulfill any undertaking included in the Resale Registration Statement and the Company will, as incurred, reimburse the
Purchaser Parties for any legal or other expenses reasonably incurred in investigating, defending or preparing to defend any such action,
proceeding or claim; provided, however, that the Company shall not be liable in any such case to the extent that such Loss arises out
of, or is based upon an untrue statement or omission or alleged untrue statement or omission made in the Resale Registration Statement
in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holders specifically for use
in preparation of the Resale Registration Statement; provided further, however, that the Company shall not be liable to any Purchaser
Party (or any partner, member, officer, director or controlling person of a Holder) to the extent that any such Loss is caused by an untrue
statement or omission or alleged untrue statement or omission made in any preliminary prospectus if either (i) (A) the Holders failed
to send or deliver a copy of the final prospectus with or prior to, or the Holders failed to confirm that a final prospectus was deemed
to be delivered prior to (in accordance with Rule 172 of the Securities Act), the delivery of written confirmation of the sale by the
Holders to the person asserting the claim from which such Loss resulted and (B) the final prospectus corrected such untrue statement or
omission, or (ii) (X) such untrue statement or omission is corrected in an amendment or supplement to the prospectus and (Y) having previously
been furnished by or on behalf of the Company with copies of the prospectus as so amended or supplemented or notified by the Company that
such amended or supplemented prospectus has been filed with the SEC, in accordance with Rule 172 of the Securities Act, the Holders thereafter
fails to deliver such prospectus as so amended or supplemented, with or prior to or the Holders fails to confirm that the prospectus as
so amended or supplemented was deemed to be delivered prior to (in accordance with Rule 172 of the Securities Act), the delivery of written
confirmation of the sale by the Holders to the person asserting the claim from which such Loss resulted.

 

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(ii)
The Holders agree to indemnify and hold harmless the Company and its officers, directors, affiliates, agents and representatives
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the 1934 Act
(each a “Company Party” and collectively the “Company Parties”), to the fullest extent permitted
by applicable law, from and against any Losses to which the Company Parties may become subject (under the Securities Act or otherwise),
insofar as such Losses (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged
untrue statement of a material fact contained in the Resale Registration Statement (or any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading in each case, on the effective date thereof), if, and only to the extent, such untrue statement or omission
or alleged untrue statement or omission was made in reliance upon and in conformity with written information furnished by or on behalf
of the Holders specifically for use in preparation of the Resale Registration Statement, and the Holders will, as incurred, reimburse
each Company Party for any legal or other expenses reasonably incurred in investigating, defending or preparing to defend any such action,
proceeding or claim; provided, however, that in no event shall any indemnity under this Section 4(w) be greater in amount than the dollar
amount of the net proceeds received by the Holders upon their sale of the Registrable Shares included in the Resale Registration Statement
giving rise to such indemnification obligation.

 

(iii)
Promptly after receipt by any indemnified person of a notice of a claim or the beginning of any action in respect of which indemnity
is to be sought against an indemnifying person pursuant to this Section 4(w), such indemnified person shall notify the indemnifying person
in writing of such claim or of the commencement of such action, and, subject to the provisions hereinafter stated, in case any such action
shall be brought against an indemnified person and such indemnifying person shall have been notified thereof, such indemnifying person
shall be entitled to participate therein, and, to the extent that it shall wish, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified person. After notice from the indemnifying person to such indemnified person of its election to assume
the defense thereof, such indemnifying person shall not be liable to such indemnified person for any legal expenses subsequently incurred
by such indemnified person in connection with the defense thereof; provided, however, that if there exists or shall exist a conflict of
interest that would make it inappropriate in the reasonable judgment of the indemnified person for the same counsel to represent both
the indemnified person and such indemnifying person or any affiliate or associate thereof, the indemnified person shall be entitled to
retain its own counsel at the expense of such indemnifying person; provided, further, that no indemnifying person shall be responsible
for the fees and expense of more than one separate counsel for all indemnified parties. The indemnifying party shall not settle an action
without the consent of the indemnified party, which consent shall not be unreasonably withheld.

 

(iv)
If after proper notice of a claim or the commencement of any action against the indemnified party, the indemnifying party does
not choose to participate, then the indemnified party shall assume the defense thereof and upon written notice by the indemnified party
requesting advance payment of a stated amount for its reasonable defense costs and expenses, the indemnifying party shall advance payment
for such reasonable defense costs and expenses (the “Advance Indemnification Payment”) to the indemnified party. In
the event that the indemnified party’s actual defense costs and expenses exceed the amount of the Advance Indemnification Payment,
then upon written request by the indemnified party, the indemnifying party shall reimburse the indemnified party for such difference;
in the event that the Advance Indemnification Payment exceeds the indemnified party’s actual costs and expenses, the indemnified
party shall promptly remit payment of such difference to the indemnifying party.

 

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(v)
If the indemnification provided for in this Section 4(w) is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified
party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other, as well as any other relevant equitable considerations; provided, that
in no event shall any contribution by an indemnifying party hereunder be greater in amount than the dollar amount of the proceeds received
by such indemnifying party upon the sale of such Registrable Shares.

 

(x)
Suspensions. The Holders acknowledge that there may be times when the Company must suspend the use of the prospectus forming
a part of the Resale Registration Statement until such time as an amendment to such Resale Registration Statement has been filed by the
Company and declared effective by the SEC, or until such time as the Company has filed an appropriate report with the SEC pursuant to
the Exchange Act. The Holders hereby covenant that they will not sell any Registrable Shares pursuant to said prospectus during the period
commencing at the time at which the Company gives the Holders notice of the suspension of the use of said prospectus and ending at the
time the Company gives the Holders notice that the Holders may thereafter effect sales pursuant to said prospectus; provided, that such
suspension periods shall in no event exceed 30 days in any 12 month period and that, in the good faith judgment of the Board of Directors,
the Company would, in the absence of such delay or suspension hereunder, be required under state or federal securities laws to disclose
any corporate development, a potentially significant transaction or event involving the Company, or any negotiations, discussions, or
proposals directly relating thereto, in either case the disclosure of which would reasonably be expected to have a Material Adverse Effect
upon the Company or its stockholders.

 

(y)
Termination of Registration Rights. The obligations of the Company pursuant to Section 4(v) hereof shall cease and terminate,
with respect to any Registrable Shares, upon such time as such Registrable Shares have been resold.

 

		5.	REGISTER; TRANSFER AGENT INSTRUCTIONS.

 

(a)
Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to each holder of Securities), a register for the registration of the Securities in which the Company shall
record the name and address of the Person in whose name the Exchange Securities have been issued (including the name and address of each
transferee), the aggregate amount of the Exchange Notes and the Exchange Warrants held by such Person, and the number of Warrant Shares
issuable pursuant to the terms of the Exchange Warrants held by such Person. The Company shall keep the register open and available
at all times during business hours for inspection of any Holder or its legal representatives. This provision shall be construed such that
the Securities, the Exchange Notes, and the Exchange Warrants are at all times maintained in “registered form” within the
meanings of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any Treasury Regulations promulgated thereunder.

 

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(b)
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent and any subsequent
transfer agent (as applicable) (the “Transfer Agent”) in a form acceptable to each of the Holders (the “Irrevocable
Transfer Agent Instructions”) to credit shares to each such Holder’s (or its designee’s) account at DTC through
its Deposit/Withdrawal At Custodian (“DWAC”) System, provided that the Transfer Agent is participating in the DTC Fast
Automated Securities Transfer Program (“FAST”) and the shares are then eligible for transfer through the DWAC System,
or, if the Transfer Agent is not participating in FAST or if the shares are not then eligible for transfer through the DWAC system, issue
and dispatch by overnight courier to the address as specified in the exercise notice of the Exchange Warrant a certificate, registered
in the name of such Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise,
for the Underlying Shares in such amounts as specified from time to time by each Holder to the Company pursuant to the Exchange Warrants,
and that if such Underlying Shares shall be issued on or after September 23, 2022, with respect to the Exchange Securities, and the Company
is then in compliance with its obligations under Section 4(c) hereof (or if such Underlying Shares shall be issued on or after March 23,
2023, with respect to the Exchange Securities regardless of whether the Company is then in compliance with its obligations under Section
4(c) hereof) such shares shall not bear any legend referring to transfer restrictions under the Securities Act or other securities law. 
The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5(b),
and stop transfer instructions to give effect to Section 2(h) hereof, will be given by the Company to the Transfer Agent with respect
to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the Company, as applicable,
to the extent provided in this Agreement and the other Transaction Documents. If a Holder effects a sale, assignment or transfer
of the Securities in accordance with Section 2(h), the Company shall permit the transfer and shall promptly instruct the Transfer Agent
to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name and in such denominations as
specified by such Holder to effect such sale, transfer or assignment. In the event that such sale, assignment or transfer involves
Underlying Shares sold, assigned or transferred pursuant to an effective registration statement or in compliance with Rule 144, the Transfer
Agent shall issue such shares to such Holder, assignee or transferee (as the case may be) without any restrictive legend in accordance
with Section 5(d). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to a Holder. 
Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5(b) will be
inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section 5(b), that
a Holder shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring
immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other security being required. 
Any fees (with respect to the Transfer Agent, counsel to the Company or otherwise) associated with the removal of any legends on any of
the Securities shall be borne by the Company.

 

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(c)
Legends. Each Holder understands that the Securities have been issued (or will be issued in the case of the Underlying
Shares) pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities laws, and except
as set forth herein, the Securities shall bear any legend as required by the “blue sky” laws of any state and a restrictive
legend in substantially the following form (and a stop-transfer order may be placed against transfer of such stock certificates):

 

Exchange Note Legend

 

THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE
SECURITIES LAWS. UNTIL MARCH 23, 2023, THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
AND PROSPECTUS-DELIVERY REQUIREMENTS OF THE SECURITIES ACT.

 

Underlying Shares Legend

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY
ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

Exchange Warrant Legend

 

THE SECURITIES REPRESENTED BY THIS WARRANT, AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION
OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES
LAWS.

 

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(d)
Removal of Legends. Certificates evidencing Securities shall not be required to contain the legend set forth in Section
5(c) or any other legend (i) while a registration statement covering the resale of such Securities is effective under the 1933 Act, (ii)
following any sale of such Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the Company), provided that
a Holder furnishes the Company with reasonable assurances that such Securities are eligible for sale, assignment or transfer under Rule
144, which shall not include an opinion of Holder’s counsel, (iii) if such Securities are eligible to be sold, assigned or transferred
under Rule 144 free of the current public information reporting requirement contained in Rule 144(c)(1), (iv) in connection with a sale,
assignment or other transfer (other than under Rule 144), provided that such Holder provides the Company with an opinion of counsel to
such Holder, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Securities may be made without
registration under the applicable provisions of the 1933 Act or (v) if such legend is not required under applicable requirements of the
1933 Act (including, without limitation, controlling judicial interpretations and pronouncements issued by the SEC). If a legend is not
required pursuant to the foregoing, the Company shall no later than two (2) Business Days (or such earlier date as required pursuant to
the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the date such Holder delivers such
legended certificate representing such Securities to the Company) following the delivery by a Holder to the Company or the Transfer Agent
(with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock powers attached, signatures
guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries
from such Holder as may be reasonably required above in this Section 5(d) (such date, the “Legend Removal Date”), as
directed by such Holder, either: (A) provided that the Transfer Agent is participating in FAST, credit the applicable number of shares
of Common Stock to which such Holder shall be entitled to such Holder’s or its designee’s balance account with DTC through
its DWAC system or (B) if the Transfer Agent is not participating in FAST, issue and deliver (via reputable overnight courier) to such
Holder, a certificate representing such Exchange Securities that is free from all restrictive and other legends, registered in the name
of such Holder or its designee. The Company shall be responsible for any transfer agent fees or DTC fees with respect to any issuance
of Securities or the removal of any legends with respect to any Securities in accordance herewith and the Holder shall not be required
to deliver or cause to be delivered a legal opinion in connection with a sale of such Securities pursuant to Rule 144.

 

(e)
If the Company or the Transfer Agent fails to deliver shares to a Holder or an applicable assignee or transferee (as the case may
be) without any restrictive legend in accordance with Section 5(b) or Section 5(d), then in addition to such Holder’s other available
remedies hereunder, the Company shall pay to such Holder, in cash, (1) as partial liquidated damages and not as a penalty, for each $1,000
of Underlying Shares (based on the Weighted Average Price (as defined in the Exchange Warrants) of the Common Stock on the date such Holder
delivers notice or a legended certificate, as applicable, to the Company or the Transfer Agent) for which the Company or the Transfer
Agent fails to deliver shares without any restrictive legend an amount equal to $10 per Trading Day (increasing to $20 per Trading Day
five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such undelivered
shares are delivered without a legend; and (2) if the Company is obligated to remove the restrictive legends pursuant to Section 5(d)
but fails to (a) issue and deliver (or cause to be delivered) shares to a Holder by the Legend Removal Date that are free from all restrictive
and other legends and (b) if after the Legend Removal Date a Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in settlement of a sale by the Holder of all or any portion of the number of shares of Common Stock, or a sale of a number
of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, that the Holder anticipated receiving from
the Company without any restrictive legend, then an amount equal to the excess of the Holder’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and
other out-of-pocket expenses, if any) over the product of (A) such number of shares of Common Stock that the Company was required to deliver
to the Holder by the Legend Removal Date multiplied by (B) the price at which the sell order giving rise to such purchase obligation was
executed. For avoidance of doubt, this Section 5(e) shall not be duplicative with any provisions in the Exchange Notes or the Exchange
Warrants addressing any failure to deliver shares without restrictive legends.

 

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(f)
FAST Compliance. While any Exchange Notes or Exchange Warrants remain outstanding, the Company shall maintain a transfer
agent that participates in FAST.

 

		6.	CONDITIONS TO THE COMPANY’S OBLIGATION TO EXCHANGE the PRIOR Securities FOR THE EXCHANGE securities.

 

(a)
The obligation of the Company hereunder to issue the Exchange Securities to each Holder at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion by providing each Holder with prior written notice thereof:

 

(i)
Such Holder shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

 

(ii)
Such Holder and each other Holder shall have been deemed to have delivered to the Company its Prior Securities in accordance with
Section 1.

 

(iii)
The representations and warranties of such Holder shall be true and correct in all material respects (except for such representations
and warranties that are qualified by materiality or material adverse effect, which shall be true and correct in all respects) as of the
date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak
as of a specific date, which shall be true and correct as of such specific date), and such Holder shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by such Holder at or prior to the Closing Date.

 

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		7.	CONDITIONS TO EACH HOLDER’S OBLIGATION TO EXCHANGE the pRIOR Securities FOR THE EXCHANGE securities.

 

(a)
The obligation of each Holder hereunder to exchange its Prior Securities for the Exchange Securities at the Closing is subject
to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for each Holder’s
sole benefit and may be waived by such Holder at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(i)
The Company and each Subsidiary (as the case may be) shall have duly executed and delivered to such Holder each of the Transaction
Documents to which it is a party and the Company shall have duly executed and delivered to such Holder the Exchange Securities set forth
across from such Holder’s name on the Schedule of Holders at the Closing pursuant to this Agreement.

 

(ii)
Such Holder shall have received the opinion of Burns & Levinson LLP, the Company’s counsel, dated as of the Closing Date,
in the form acceptable to such Holder.

 

(iii)
Such Holder shall have received the opinion of Sherman & Howard LLC, in its capacity as the Company’s Nevada counsel,
dated as of the Closing Date, in the form acceptable to such Holder.

 

(iv)
Such Holder shall have received the opinion of Sherman & Howard LLC, in its capacity as the Company’s Colorado counsel,
dated as of the Closing Date, in the form acceptable to such Holder.

 

(v)
The Company shall have delivered to such Holder a copy of the Irrevocable Transfer Agent Instructions, dated as of the Closing
Date, in the form acceptable to such Holder, which instructions shall have been delivered to and acknowledged in writing by the Transfer
Agent.

 

(vi)
The Company shall have delivered to such Holder a certificate evidencing the formation and good standing of the Company in such
entity’s jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction of formation as
of a date within ten (10) days of the Closing Date.

 

(vii)
The Company shall have delivered to such Holder a certificate, in the form acceptable to such Holder, executed by the Secretary
of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the Company’s
Board of Directors or a committee thereof in a form reasonably acceptable to such Holder, (ii) the Articles of Incorporation of the
Company and (iii) the Bylaws of the Company, each as in effect at the Closing, or with respect to clauses (ii) and (iii), certifying
that there have been no changes to the Articles of Incorporation of the Company or the Bylaws of the Company since last delivered to the
Holders.

 

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(viii)
Each and every representation and warranty of the Company shall be true and correct in all material respects (except for such representations
and warranties that are qualified by materiality or material adverse effect, which shall be true and correct in all respects) as of the
date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak
as of a specific date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied
in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or
prior to the Closing Date. Such Holder shall have received a certificate, duly executed by the Chief Executive Officer or Chief
Financial Officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably
requested by such Holder in the form acceptable to such Holder.

 

(ix)
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall
not have been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension
by the SEC or the Principal Market have been threatened, as of the Closing Date, either (1) in writing by the SEC or the Principal
Market or (2) by falling below the minimum maintenance requirements of the Principal Market.

 

(x)
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Exchange Securities, including without limitation, those required by the Principal Market, if any.

 

(xi)
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

(xii)
Since the date of execution of this Agreement, no event or series of events shall have occurred that would have or result in a
Material Adverse Effect.

 

(xiii)
The Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Underlying
Shares for the Exchange Securities and confirmation from the Principal Market that no stockholder vote or other conditions under the rules
of the Principal Market shall apply to the sale of the Exchange Securities or the issuance of such Underlying Shares.

 

(xiv)
All costs, fees, expenses (including, without limitation legal fees and expenses) contemplated hereby to be payable to the Holders
shall have been paid to the extent due and, in the case of expenses of the Holders that are reimbursable in accordance herewith, invoiced
at least one day prior to the Closing Date.

 

(xv)
The Company shall have delivered to such Holder executed copies of the Stockholder Agreements executed by each of the parties set
forth on Exhibit F.

 

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(xvi)
The Company shall have paid to the Holder the Prior Note Pay Down along with all accrued but unpaid interest, to, and including
the Closing Date, on the amount of principal being repaid.

 

(xvii)
The Company shall have paid to the Holder all accrued but unpaid interest, to, and including, the Closing Date, on the amount of
principal being exchanged hereunder.

 

(xviii)
The Company and its Subsidiaries shall have delivered to such Holder such other documents, instruments or certificates relating
to the transactions contemplated by the Transaction Documents as such Holder or its counsel may reasonably request.

 

		8.	TERMINATION.

 

In the event that the Closing shall not have occurred
with respect to a Holder within five (5) Business Days of the date hereof, then such Holder shall have the right to terminate its
obligations under this Agreement with respect to itself at any time on or after the close of business on such date without liability of
such Holder to any other party; provided, however, (i) the right to terminate this Agreement under this Section 8 shall not
be available to such Holder if the failure of the transactions contemplated by this Agreement to have been consummated by such date is
the result of such Holder’s breach of this Agreement and (ii) the abandonment of the exchange of the Exchange Securities shall
be applicable only to such Holder providing such written notice; provided further that no such termination shall affect any obligation
of the Company under this Agreement to reimburse such Holder for the expenses described in Section 4(f) above. Nothing contained
in this Section 8 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions
of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party
of its obligations under this Agreement or the other Transaction Documents. In the event that this Agreement is terminated prior to Closing,
then neither this Agreement nor any of the other Transaction Documents will have any impact on the Prior SPA or the Transaction Documents
(as defined in the Prior SPA).

 

		9.	MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of Delaware. The Company and each Holder hereby irrevocably submits to the exclusive jurisdiction
of the Court of Chancery of the State of Delaware for the adjudication of any dispute hereunder or in connection herewith or under any
of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. 
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude any Holder
from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to such Holder or to enforce a judgment or other court ruling in favor of such Holder. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION
DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY
OR THEREBY.

 

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(b)
Counterparts; Electronic Signatures. This Agreement may be executed in two or more identical counterparts, all of
which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable
document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an
original thereof. A party’s electronic signature (complying with the New York Electronic Signatures and Records Act (N.Y. State
Tech. §§ 301-309), as amended from time to time, or other applicable law) of this Agreement shall have the same validity and
effect as a signature affixed by the party’s hand.

 

(c)
Headings; Gender; Interpretation. The headings of this Agreement are for convenience of reference and shall not form
part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall
be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.” 
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found. Unless the context otherwise requires, references herein: (x) to Articles, Sections,
Schedules and Exhibits mean the Articles and Sections of, and Schedules and Exhibits attached to, this Agreement; (y) to an agreement,
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time
to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any
successor legislation thereto and any regulations promulgated thereunder.

 

(d)
Severability; Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined
to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. 
The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid
provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding
anything to the contrary contained in this Agreement or any other Transaction Document (and without implication that the following is
required or applicable), it is the intention of the parties that in no event shall amounts and value paid by the Company and/or any of
its Subsidiaries (as the case may be), or payable to or received by any of the Holders, under the Transaction Documents (including without
limitation, any amounts that would be characterized as “interest” under applicable law) exceed amounts permitted under any
applicable law. Accordingly, if any obligation to pay, payment made to any Holder, or collection by any Holder pursuant the Transaction
Documents is finally judicially determined to be contrary to any such applicable law, such obligation to pay, payment or collection shall
be deemed to have been made by mutual mistake of such Holder, the Company and its Subsidiaries and such amount shall be deemed to have
been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by
the applicable law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of such
Holder, the amount of interest or any other amounts which would constitute unlawful amounts required to be paid or actually paid to such
Holder under the Transaction Documents. For greater certainty, to the extent that any interest, charges, fees, expenses or other
amounts required to be paid to or received by such Holder under any of the Transaction Documents or related thereto are held to be within
the meaning of “interest” or another applicable term to otherwise be violative of applicable law, such amounts shall be pro-rated
over the period of time to which they relate.

 

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(e)
Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached
hereto and thereto and the instruments referenced herein and therein, and the Prior Transaction Documents and the schedules and exhibits
attached thereto and the instruments referenced therein supersede all other prior oral or written agreements between the Holders, the
Company, its Subsidiaries, their affiliates and Persons acting on their behalf, including, without limitation, any transactions by any
Holder with respect to Common Stock or the Securities, and the other matters contained herein and therein, and this Agreement, the other
Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein, and the
Prior Transaction Documents, the schedules and exhibits attached thereto and the instruments referenced therein contain the entire understanding
of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained in this Agreement or
any other Transaction Document or the Prior Transaction Documents shall (or shall be deemed to) (i) have any effect on any agreements
any Holder has entered into with, or any instruments any Holder has received from, the Company or any of its Subsidiaries prior to the
date hereof with respect to any prior investment (other than in connection with the Prior Transaction Documents) made by such Holder in
the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights
of or benefits to any Holder or any other Person, in any agreement entered into prior to the date hereof between or among the Company
and/or any of its Subsidiaries and any Holder, or any instruments any Holder received from the Company and/or any of its Subsidiaries
prior to the date hereof, and all such agreements and instruments (other than the Prior Securities, which for the avoidance of doubt shall
automatically terminate in all respects upon the Closing) shall continue in full force and effect. For the avoidance of doubt, except
for the matters expressly set forth in the Transaction Documents, all other terms of the Prior Transaction Documents are hereby ratified
and shall remain unchanged and in full force and effect. Except as specifically set forth herein or therein, neither the Company nor any
Holder makes any representation, warranty, covenant or undertaking. For clarification purposes, the Recitals are part of this Agreement. 
No provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Holders, and
any amendment to any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding
on all Holders and holders of Securities, as applicable; provided that no such amendment shall be effective to the extent that it (A) applies
to less than all of the holders of the Securities then outstanding or (B) imposes any obligation or liability on any Holder without
such Holder’s prior written consent (which may be granted or withheld in such Holder’s sole discretion). No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that the Required Holders
may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions of
this Section 9(e) shall be binding on all Holders and holders of Securities, as applicable, provided that no such waiver shall
be effective to the extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party
gives a waiver as to itself only) or (2) imposes any obligation or liability on any Holder without such Holder’s prior written
consent (which may be granted or withheld in such Holder’s sole discretion). No consideration (other than reimbursement of
legal fees) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction
Documents unless the same consideration also is offered to all of the parties to the Transaction Documents and all holders of the Exchange
Securities. From the date hereof and while any Exchange Securities are outstanding, the Company shall not be permitted to receive
any consideration from a Holder or a holder of Exchange Securities that is not otherwise contemplated by the Transaction Documents in
order to, directly or indirectly, induce the Company or any Subsidiary (i) to treat such Holder or holder of Exchange Securities
in a manner that is more favorable than to other similarly situated Holders or holders of Exchange Securities, or (ii) to treat any
Holder(s) or holder(s) of Exchange Securities in a manner that is less favorable than the Holder or holder of Exchange Securities
that is paying such consideration; provided, however, that the determination of whether a Holder has been treated more or less favorably
than another Holder shall disregard any securities of the Company purchased or sold by any Holder. The Company has not, directly
or indirectly, made any agreements with any Holders relating to the terms or conditions of the transactions contemplated by the Transaction
Documents or the Prior Transaction Documents except as set forth in the Transaction Documents and the Prior Transaction Documents. 
Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement, no Holder has made any commitment or
promise or has any other obligation to provide any financing to the Company, any Subsidiary or otherwise. As a material inducement
for each Holder to enter into this Agreement, the Company expressly acknowledges and agrees that (x) no due diligence or other investigation
or inquiry conducted by a Holder, any of its advisors or any of its representatives shall affect such Holder’s right to rely on,
or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained in
this Agreement or any other Transaction Document and (y) unless a provision of this Agreement or any other Transaction Document is
expressly preceded by the phrase “Except as disclosed in the SEC Documents” or other similar language, nothing contained in
any of the SEC Documents shall affect such Holder’s right to rely on, or shall modify or qualify in any manner or be an exception
to any of, the Company’s representations and warranties contained in this Agreement or any other Transaction Document. “Required
Holders” means (I) prior to the Closing Date, each Holder entitled to exchange its Prior Securities for Exchange Securities
at the Closing, and (II) on or after the Closing Date, holders of a majority of the Underlying Shares in the aggregate as of such
time issued or issuable hereunder or pursuant to the Exchange Warrants; provided that such majority must include High Trail Special Situations
LLC, so long as High Trail Special Situations LLC or any of its affiliates holds at least 50% of the aggregate principal amount of the
Exchange Notes outstanding or fifty percent (50%) of the outstanding Exchange Warrants.

 

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(f)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by electronic mail (provided that such sent email is kept on file (whether electronically or otherwise)
by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server
that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier
service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and e-mail
addresses for such communications shall be:

 

If to the Company:

 

Agrify Corporation

76 Treble Cove Road, Building 3

Billerica, MA 01862

 

	 	Telephone:	 	(919) 619-7346
	 	Attention:	 	Joshua Savitz, Esq., Associate General Counsel
	 	E-Mail:	 	josh.savitz@agrify.com

 

With a copy (for informational purposes only) to:

 

Burns & Levinson LLP

125 High Street

Boston, MA 02110

Telephone: 617-345-3684

Attention: Frank A. Segall, Esq.

Email: FSegall@burnslev.com

 

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If to the Transfer Agent:

 

Broadridge Financial Solutions, Inc.

51 Mercedes Way

Edgewood, NY 11717

Attention: Lia Ludwig

Email: lia.ludwig@broadridge.com

 

If to a Holder, to (i) its e-mail address set forth on the Schedule
of Holders, with copies to such Holder’s representatives as set forth on the Schedule of Holders and (ii) to Eric Helenek, High
Trail Capital, 80 River Street, Suite 4C, Hoboken, NJ 07030 (telephone: (917) 414-1733).

 

with a copy (for informational purposes only) to:

 

Latham & Watkins LLP

12670 High Bluff Drive

San Diego, CA 92130

Telephone: (858) 523-5400

Attention: Michael E. Sullivan

E-mail: michael.sullivan@lw.com

 

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

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Required Holders, including, without limitation, by way of a Fundamental Change (as defined in the Exchange Notes) or a
Fundamental Transaction (as defined in the Exchange Warrants) (unless the Company is in compliance with the applicable provisions governing
Fundamental Changes set forth in the Exchange Notes and the provisions governing Fundamental Transaction set forth in the Exchange Warrants). 
A Holder may assign some or all of its rights hereunder in connection with any transfer of any of its Securities without the consent of
the Company, provided such assignee agrees in writing to be bound by the provisions hereof that apply to Holders in which event such assignee
shall be deemed to be a Holder hereunder with respect to such assigned rights, and provided further that such Holder shall provide the
Company with notice of the assignment at least two (2) Business Days prior to such assignment.

 

(h)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other
than the Indemnitees referred to in Section 4(w) and 9(k). 

 

(i)
Survival. The representations, warranties, agreements and covenants shall survive the Closing. Each Holder shall
be responsible only for its own representations, warranties, agreements and covenants hereunder.

 

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

 

(k)
Indemnification. 

 

(i)
In consideration of each Holder’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify
and hold harmless each Holder and each holder of any Securities and all of their stockholders, partners, members, officers, directors,
employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses
in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought),
and including actual reasonable and documented attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (ii) any breach of any covenant, agreement
or obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit,
proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought
on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from (A) the
execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar
activities in connection therewith), or (B) the status of such Holder or holder of the Securities either as an investor in the Company
pursuant to the transactions contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation,
any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive
or other equitable relief); provided, however, that the Company will not be liable in any such case to a Holder or its related Indemnitees
to the extent that any such claim, loss, damage, liability or expense arise primarily out of or is based primarily upon (i) the inaccuracy
of any representations and warranties made by such Holder herein, or (ii) the gross negligence or willful misconduct of any Holder. 
To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. 

 

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(ii)
Promptly after receipt by an Indemnitee under this Section 9(k) of notice of the commencement of any action or proceeding (including,
without limitation, any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect
thereof is to be made against any indemnifying party under this Section 9(k), deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory
to the indemnifying party and the Indemnitee; provided, however, that an Indemnitee shall have the right to retain its own counsel with
the fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay
such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Indemnified Liability and
to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified Liability; or (iii) the named parties to any such
Indemnified Liability (including, without limitation, any impleaded parties) include both such Indemnitee and the indemnifying party,
and such Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent
such Indemnitee and the indemnifying party (in which case, if such Indemnitee notifies the indemnifying party in writing that it elects
to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the
defense thereof and such counsel shall be at the expense of the indemnifying party), provided further that in the case of clause (iii)
above the indemnifying party shall not be responsible for the actual reasonable and documented fees and expenses of more than one (1)
separate legal counsel for such Indemnitee. The Indemnitee shall reasonably cooperate with the indemnifying party in connection with any
negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnitee which relates to such Indemnified Liability. The indemnifying party shall keep the Indemnitee reasonably
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall
be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified
Liability, and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following indemnification as
provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnitee with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the
Indemnitee under this Section 9(k), except to the extent that the indemnifying party is materially and adversely prejudiced in its ability
to defend such action. The indemnification required by this Section 9(k) shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or Indemnified Liabilities are incurred. The indemnity and
contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnitees against the
indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

 

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(l)
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty
shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for any
stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur with respect to the Common
Stock after the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance of doubt,
nothing contained herein shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing
of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Holder
(or its broker or other financial representative) to effect short sales or similar transactions in the future.

 

(m)
Remedies. Each Holder and in the event of assignment by Holder of its rights and obligations hereunder, each holder
of Securities, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which such holders
have been granted at any time under any other agreement or contract and all of the rights which such holders have under any law. 
Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights
granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails to perform, observe, or discharge
any or all of its or such Subsidiary’s (as the case may be) obligations under the Transaction Documents, any remedy at law would
be inadequate relief to the Holders. The Company therefore agrees that the Holders shall be entitled to specific performance and/or
temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without
the necessity of proving actual damages and without posting a bond or other security. The remedies provided in this Agreement and
the other Transaction Documents shall be cumulative and in addition to all other remedies available under this Agreement and the other
Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief).

 

(n)
Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) the Transaction Documents, whenever any Holder exercises a right, election, demand or option under a Transaction Document and the
Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then such Holder may rescind
or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the case may be), any
relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

(o)
Payment Set Aside; Currency. To the extent that the Company makes a payment or payments to any Holder hereunder or
pursuant to any of the other Transaction Documents or any of the Holders enforce or exercise their rights hereunder or thereunder, and
such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to
be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to
the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state
or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other
Transaction Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Agreement and
all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted
into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate
as published in the Wall Street Journal on the relevant date of calculation.

 

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(p)
Judgment Currency.

 

(i)
If for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section 9(p) referred to as the “Judgment Currency”) an amount due in U.S. Dollars under this Agreement,
the conversion shall be made at the Exchange Rate prevailing on the Business Day immediately preceding:

 

(1)
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on such date; or

 

(2)
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date
as of which such conversion is made pursuant to this Section 9(p)(i)(2) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(ii)
If in the case of any proceeding in the court of any jurisdiction referred to in Section 9(p)(i)(2), there is a change in
the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party
shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

 

(iii)
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being
obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

 

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(q)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder under the Transaction
Documents are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as, and the Company acknowledges
that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create
a presumption that the Holders are in any way acting in concert or as a group or entity, and the Company shall not assert any such claim
with respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations
or the transactions contemplated by the Transaction Documents. The decision of each Holder to exchange the Prior Securities for
the Exchange Securities pursuant to the Transaction Documents has been made by such Holder independently of any other Holder. Each
Holder acknowledges that no other Holder has acted as agent for such Holder in connection with such Holder making its investment hereunder
and that no other Holder will be acting as agent of such Holder in connection with monitoring such Holder’s investment in the Securities
or enforcing its rights under the Transaction Documents. The Company and each Holder confirms that each Holder has independently
participated with the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own
counsel and advisors. Each Holder shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Holder
to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the exchange
of the Prior Securities for the Exchange Securities contemplated hereby was solely in the control of the Company, not the action or decision
of any Holder, and was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested
to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement and in each other
Transaction Document is between the Company, each Subsidiary and a Holder, solely, and not between the Company, its Subsidiaries and the
Holders collectively and not between and among the Holders.

 

(r)
Performance Date. If the date by which any obligation under any of the Transaction Documents must be performed occurs
on a day other than a Business Day, then the date by which such performance is required shall be the next Business Day following such
date.

 

(s)
Enforcement Fees. The Company agrees to pay all reasonable and documented out of pocket costs and expenses of the
Holders actually incurred as a result of enforcement of the Transaction Documents and the collection of any amounts owed to the Holders
hereunder (whether in cash, equity or otherwise), including, without limitation, actual reasonable and documented attorneys’ fees
and expenses.

 

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(t)
Collateral Agent.

 

(i)
Appointment; Authorization. The Holders, together with any successors or assigns thereof, hereby irrevocably appoint, designate
and authorize High Trail Special Situations LLC as collateral agent to take such action on their behalf under the provisions of the Exchange
Notes, each of the Security Documents, as amended by the Amendment to Security Documents and to exercise such powers and perform such
duties as are expressly delegated to it by the terms of each of the Security Documents, as amended by the Amendment to Security Documents,
together with such powers as are reasonably incidental thereto. The provisions of this Section 9(t) are solely for the benefit of
the Collateral Agent, and the Company shall not have rights as a third-party beneficiary of any of such provisions. It is understood and
agreed that the use of the term “agent” herein or in any Security Documents, as amended by the Amendments to Security Documents
(or any other similar term) with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended
to create or reflect only an administrative relationship between contracting parties. Notwithstanding any provision to the contrary contained
elsewhere in the Exchange Notes, any Security Documents, as amended by the Amendments to Security Documents or any other agreement, instrument
or document related hereto or thereto, the Collateral Agent shall not have any duty or responsibility except those expressly set forth
herein, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Exchange Notes,
any Security Documents, as amended by the Amendments to Security Documents or any other agreement, instrument or document related hereto
or thereto or otherwise exist against the Collateral Agent.

 

(ii)
Delegation of Duties. The Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any Security Documents, as amended by the Amendments to Security Documents by or through any one or more sub-agents appointed
by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through its Affiliates (as defined in the Exchange Notes), partners, directors, officers, employees, agents, trustees, administrators,
managers, advisors and representatives, or the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors
and representatives of any of its Affiliates (collectively, the “Related Parties”). The exculpatory provisions of this
Section 9(t) shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and any such sub-agent. The Collateral
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and non-appealable judgment that the Collateral Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

(iii)
Exculpatory Provisions.

 

(A)
The Collateral Agent shall not have any duties or obligations except those expressly set forth in the Security Documents, as amended
by the Amendments to Security Documents, and its duties shall be administrative in nature. Without limiting the generality of the foregoing,
the Collateral Agent: (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default (as defined in
the Exchange Notes) or Event of Default (as defined in the Exchange Notes) has occurred and is continuing; (ii) shall not have any duty
to take any discretionary action or exercise any discretionary powers; and (iii) shall not, except as expressly set forth in the Security
Documents, as amended by the Amendments to Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Collateral Agent or any of
its Affiliates in any capacity.

 

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(B)
The Collateral Agent shall not be liable for any action taken or not taken by it in the absence of its own gross negligence or
willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Collateral Agent shall
be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default
is given to the Collateral Agent in writing by the Company.

 

(C)
The Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (a) any statement, warranty or
representation made in or in connection with the Exchange Notes, any Security Documents, as amended by the Amendments to Security Documents
or any other agreement, instrument or document related hereto or thereto, (b) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (c) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (d) the validity, enforceability,
effectiveness or genuineness of the Exchange Notes, any Security Documents, as amended by the Amendments to Security Documents or any
other agreement, instrument or document related to the Exchange Notes or the Security Documents, as amended by the Amendments to Security
Documents, or (e) any failure of the Company or any other party to the Exchange Notes, any Security Documents, as amended by the Amendments
to Security Documents or any other agreement, instrument or document related to the Exchange Notes or the Security Documents, as amended
by the Amendments to Security Documents to perform its obligations thereunder. The Collateral Agent shall not be under any obligation
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, the Exchange Notes,
any Security Documents, as amended by the Amendments to Security Documents or any other agreement, instrument or document related to the
Exchange Notes or the Security Documents, as amended by the Amendments to Security Documents, or to inspect the properties, books or records
of the Company or any Affiliate of the Company.

 

(iv)
Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel,
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

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(v)
Successor Agent. The Collateral Agent may resign as the Collateral Agent at any time upon ten (10) days’ prior notice
to the Holders and the Company. If the Collateral Agent resigns under the Exchange Notes, the Required Holders shall appoint a successor
agent. If no successor agent is appointed prior to the effective date of the resignation of the Collateral Agent, the Collateral Agent
may appoint a successor Collateral Agent on behalf of the Holders after consulting with the Holders. Upon the acceptance of its appointment
as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent
and the term “the Collateral Agent” shall mean such successor agent, and the retiring Collateral Agent’s appointment,
powers and duties as the Collateral Agent shall be terminated. After the Collateral Agent’s resignation hereunder as the Collateral
Agent, the provisions of this Section 9(t) shall continue to inure to its benefit as to any actions taken or omitted to be taken
by it while it was the Collateral Agent. If no successor agent has accepted appointment as the Collateral Agent by the date which is thirty
(30) days following a retiring Collateral Agent’s notice of resignation, a retiring Collateral Agent’s resignation shall nevertheless
thereupon become effective and the Holders, shall perform all of the duties of the Collateral Agent hereunder until such time as Required
Holders shall appoint a successor agent as provided for above.

 

(vi)
Non-Reliance on the Collateral Agent. The Holders acknowledges that they have, independently and without reliance upon the
Collateral Agent or any of its Related Parties and based on such documents and information as they have deemed appropriate, made their
own credit analysis and decision to enter invest in the Exchange Notes. The Holders also acknowledges that they will, independently and
without reliance upon the Collateral Agent or any of its Related Parties and based on such documents and information as they shall from
time to time deem appropriate, continue to make their own decisions in taking or not taking action under or based upon the Exchange Notes,
any Security Document or any related agreement or any document furnished hereunder or thereunder.

 

(vii)
Collateral Matters. The Holders irrevocably authorize the Collateral Agent to release any Lien (as defined in the Exchange
Notes) granted to or held by the Collateral Agent under any Security Documents, as amended by the Amendments to Security Documents (i)
when all Obligations (as defined in the Security Agreements) have been paid in full; (ii) constituting property sold or to be sold or
disposed of as part of or in connection with any sale or other disposition permitted under the Exchange Notes and each other agreement,
instrument or document related thereto (it being agreed and understood that the Collateral Agent may conclusively rely without further
inquiry on a certificate of an officer of the Company as to the sale or other disposition of property being made in compliance with the
Exchange Notes and each other agreement, instrument or document related thereto); or (iii) if approved, authorized or ratified in writing
by the Holders. The Collateral Agent shall have the right, in accordance with the Security Documents, as amended by the Amendments to
Security Documents to sell, lease or otherwise dispose of any Collateral (as defined in the Security Agreements) for cash, credit or any
combination thereof, and the Collateral Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu
of actual payment of the purchase price, may credit bid and setoff the amount of such price against the Obligations.

 

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(viii)
Reimbursement by Holders. To the extent that the Company for any reason fails to indefeasibly pay any amount required under
Sections 4(f), 4(w)or 9(k) to be paid by it to the Collateral Agent (or any sub-agent thereof) or any Related Party of the Collateral
Agent (or any sub-agent thereof), the Holders hereby agree, jointly and severally, to pay to the Collateral Agent (or any such sub-agent)
or such Related Party of the Collateral Agent (or any sub-agent thereof), as the case may be, such unpaid amount.

 

(ix)
Marshaling; Payments Set Aside. Neither the Collateral Agent nor the Holders shall be under any obligation to marshal any
assets in favor of the Company or any other Person or against or in payment of any or all of the Obligations. To the extent that the Company
makes a payment or payments to the Collateral Agent, or the Collateral Agent enforces its Liens (as defined in the Exchange Notes) or
exercises its rights of set-off, and such payment or payments or the proceeds of such enforcement or set-off or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the
Collateral Agent in its discretion) to be repaid to a trustee, receiver or any other party in connection with any bankruptcy, insolvency
or similar proceeding, or otherwise, then (i) to the extent of such recovery, the obligation under the Exchange Notes intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred
and (ii) the Holders agree to pay to the Collateral Agent upon demand its share of the total amount so recovered from or repaid by the
Collateral Agent to the extent paid to the Holders.

 

[signature pages follow]

 

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

 

	 	COMPANY:
	 	 
	 	AGRIFY CORPORATION
	 	 
	 	By:	 /s/ Raymond Chang 
	 	 	Name:	 Raymond Chang
	 	 	Title:	 Chief Executive Officer

 

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

 

	 	HOLDER:
	 	 
	 	HIGH TRAIL SPECIAL SITUATIONS LLC
	 	 
	 	By:	 /s/ Eric Helenek 
	 	 	Name:	 Eric Helenek
	 	 	Title:	 Authorized Signatory

 

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SCHEDULE OF HOLDERS

 

	(1)		 	 	(2)		 	 	(3)		 	 	(4)		 	 	(5)		 	 	(6)		 	 	(7)		 	 	(8)		 	 	(9)		 	 	(10)		 	(11)
	Holder	 	 	 	Address	 	 	 	Aggregate
                                            Principal Amount of Prior Notes Currently Held
	 	 	 	 
 
Aggregate
                                            Payment Amount of the Prior Note Pay Down
 
	 	 	 	 
 
Aggregate
                                            Principal Amount of the Prior Note Pay Down
 
	 	 	 	Aggregate
                                            Principal Amount of Prior Notes Being Exchanged
	 	 	 	Aggregate
                                            Principal Amount of Exchange Notes
	 	 	 	 
 
Aggregate
                                            Warrant Shares Exercisable Pursuant to Note Exchange Warrant
 
	 	 	 	 
 
Aggregate
                                            Warrant Shares Exercisable Pursuant to Prior Warrant
 
	 	 	 	 
 
Aggregate
                                            Warrant Shares Exercisable Pursuant to Warrant Exchange Warrant
 
	 	 	Legal Representative’s Address
	High Trail Special Situations LLC	 	 	 	High Trail Capital 80 River Street, Suite 4C
                                                                                                                                                                   Hoboken, NJ 07030 Attn: Eric Helenek E-Mail: notices@hightrailcap.com
	 	 	$	65,000,000	 	 	$	35,227,500	 	 	$	33,000,000	 	 	$	32,000,000	 	 	$	35,000,000	 	 	 	12,681,160	 	 	 	6,881,108	 	 	 	6,881,108	 	 	Latham & Watkins LLP
 12670 High Bluff Drive 
San Diego, CA 92130 
Telephone: (858) 523-5400 
Attention: Michael E. Sullivan
	TOTAL	 	 	 	 	 	 	$	65,000,000	 	 	$	35,227,500	 	 	$	33,000,000	 	 	$	32,000,000	 	 	$	35,000,000	 	 	 	12,681,160	 	 	 	6,881,108	 	 	 	6,881,108	 	 	 

 

 

62

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