Document:

Exhibit 4.1

 

EXECUTION VERSION

 

RIGHTS AGREEMENT

 

Dated as of January 19, 2021

 

between

 

SYNAPTOGENIX, INC.

 

and

 

PHILADELPHIA STOCK TRANSFER, INC.

 

as Rights Agent

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Definitions	 	1
	2.	Appointment of Rights Agent	 	7
	3.	Issue of Right Certificates	 	7
	4.	Form of Right Certificates	 	9
	5.	Countersignature and Registration	 	9
	6.	Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	 	10
	7.	Exercise of Rights; Purchase Price; Expiration Date of Rights	 	11
	8.	Cancellation and Destruction of Right Certificates	 	12
	9.	Status and Availability of Preferred Shares	 	13
	10.	Preferred Shares Record Date	 	13
	11.	Adjustment of Purchase Price, Number of Shares or Number of Rights	 	14
	12.	Certificate of Adjustment	 	19
	13.	Consolidation, Merger, Sale or Transfer of Assets or Earning Power	 	20
	14.	Fractional Rights and Fractional Shares	 	21
	15.	Rights of Action	 	22
	16.	Agreement of Right Holders	 	22
	17.	Right Certificate Holder Not Deemed a Stockholder	 	23
	18.	Concerning the Rights Agent	 	23
	19.	Merger or Consolidation or Change of Name of Rights Agent	 	24
	20.	Rights and Duties of Rights Agent	 	24
	21.	Change of Rights Agent	 	27
	22.	Issuance of New Right Certificates	 	28
	23.	Redemption	 	28
	24.	Exchange	 	29
	25.	Notice of Certain Events	 	30
	26.	Notices	 	31
	27.	Supplements and Amendments	 	32
	28.	Successors	 	32
	29.	Benefits of this Agreement	 	32
	30.	Severability	 	33
	31.	Governing Law	 	33
	32.	Counterparts	 	33
	33.	Descriptive Headings	 	33
	34.	Administration	 	33
	35.	Force Majeure	 	33

 

    	 	i	 

     

    

 

RIGHTS AGREEMENT

 

This Rights Agreement (this “Agreement”),
dated as of January 19, 2021, is between Synaptogenix, Inc., a Delaware corporation (the “Company”), and Philadelphia
Stock Transfer, Inc., as rights agent (the “Rights Agent”).

 

The Board of Directors of the Company (the
 “Board of Directors”) has authorized and declared a dividend of one preferred share purchase right (a “Right”)
for each share of common stock, par value $0.0001 per share, of the Company outstanding on the Close of Business on January 25,
2021 (the “Record Date”) and has authorized the issuance of one Right with respect to each additional Common
Share issued by the Company between the Record Date and the earliest of (i) the Distribution Date, (ii) the Redemption Date, or
(iii) the Final Expiration Date, and additional Common Shares that shall become outstanding after the Distribution Date as provided
in Section 22 of this Agreement, each Right initially representing the right to purchase one one-thousandth of a Preferred Share,
subject to adjustment, upon the terms and subject to the conditions hereof.

 

Accordingly, in consideration of the premises
and the mutual agreements herein set forth, the parties agree as follows:

 

1.                 
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

1.1              “Acquiring
Person” means any Person (other than an Exempt Person) who or which, together with all Affiliates and Associates of
such Person and any other Person with whom such Person is Acting in Concert, shall be the Beneficial Owner of 15% or more of
the Common Shares then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii) any
employee benefit plan of the Company or of any Subsidiary of the Company, (iv) any entity holding Common Shares for or
pursuant to the terms of any such employee benefit plan or (v) any Person who or which, together with all Affiliates and
Associates of such Person, at the time of the first public announcement of this Agreement, is a Beneficial Owner of 15% or
more of the Common Shares then outstanding (a “Grandfathered Stockholder”); provided, that if a
Grandfathered Stockholder becomes, after such time, the Beneficial Owner (other than pursuant to the vesting or exercise of
any equity awards issued to a member of the Board of Directors or pursuant to additional grants of any such equity awards to
a member of the Board of Directors) of any additional Common Shares (regardless of whether, thereafter or as a result
thereof, there is an increase, decrease or no change in the percentage of Common Shares then outstanding Beneficially Owned
by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon
such acquisition of Beneficial Ownership of additional Common Shares, such Person is not the Beneficial Owner of 15% or more
of the Common Shares then outstanding; provided, further, that upon the first decrease of a Grandfathered
Stockholder’s Beneficial Ownership below 15%, such Grandfathered Stockholder shall no longer be deemed to be a
Grandfathered Stockholder and this clause (v) shall have no further force or effect with respect to such Person. For the
avoidance of doubt, in the event that after the time of the first public announcement of this Agreement, any agreement,
arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Common
Shares expires, is settled in whole or in part, terminates or no longer confers any benefit to or imposes any obligation on
the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement
or understanding with respect to the same or different Common Shares that confers Beneficial Ownership of Common Shares shall
be considered the acquisition of Beneficial Ownership of additional Common Shares by the Grandfathered Stockholder and render
such Grandfathered Stockholder an Acquiring Person for purposes of this Agreement unless, upon such acquisition of Beneficial
Ownership of additional Common Shares, such person is not the Beneficial Owner of 15% or more of the Common Shares then
outstanding.

 

    	 		 

     

    

 

Notwithstanding the foregoing, “Acquiring Person”
shall not include any Person which, together with all Affiliates and Associates of such Person, is the Beneficial Owner of Common
Shares representing less than 20% of the Common Shares then outstanding, and which is entitled to file, and files, a statement
on Schedule 13G (“Schedule 13G”) pursuant to Rule 13d-1(b) or Rule 13d-1(c) of the General Rules and Regulations
under the Exchange Act as in effect at the time of the public announcement of the declaration of the Rights with respect to the
Common Shares Beneficially Owned by such Person (a “13G Investor”); provided, that a Person who was
deemed a 13G Investor shall no longer be deemed such if it files a statement on Schedule 13D (“Schedule 13D”)
pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f) or 13d-1(g) of the General Rules and Regulations under the Exchange Act as in effect
at the time of the public announcement of the declaration of the Rights with respect to the Common Shares Beneficially Owned by
such Person, and shall be deemed an Acquiring Person if it is the Beneficial Owner of 15% or more of the Common Shares then outstanding
at any point from the time it first files such a statement on Schedule 13D provided that if at such time such Person’s
Beneficial Ownership is not less than 15%, then such Person shall have 30 days from such time to reduce its Beneficial Ownership
(together with all Affiliates and Associates of such Person) to below 15% of the Common Shares before being deemed an “Acquiring
Person” but shall be deemed an “Acquiring Person” if after reducing its Beneficial Ownership to below 15% it
subsequently becomes the Beneficial Owner of 15% or more of the Common Shares or if, prior to reducing its Beneficial Ownership
to below 15%, it increases (or makes any offer or takes any other action that would increase) its Beneficial Ownership of the
then-outstanding Common Shares above the lowest Beneficial Ownership of such Person at any time during such 30-day period.

 

Notwithstanding the foregoing, no Person
shall become an Acquiring Person as the result of an acquisition or redemption of Common Shares by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 15% (20% in
the case of a 13G Investor), or such other percentage as would otherwise result in such Person becoming an Acquiring Person) or
more of the Common Shares then outstanding; provided, that if a Person would, but for the provisions of this paragraph,
become an Acquiring Person by reason of an acquisition or redemption of Common Shares by the Company and shall, after such share
purchases by the Company, become the Beneficial Owner of any additional Common Shares at any time such that the Person is or thereby
becomes the Beneficial Owner of 15% (20% in the case of a 13G Investor), or such other percentage as would otherwise result in
such Person becoming an Acquiring Person) or more of the Common Shares then outstanding (other than Common Shares acquired solely
as a result of corporate action of the Company not caused, directly or indirectly, by such Person), then such Person shall be deemed
to be an Acquiring Person.

 

    	 	2	 

     

    

 

Notwithstanding the foregoing, if
the Board of Directors, with the concurrence of a majority of the members of the Board of Directors who are not, and are not representatives,
nominees, Affiliates or Associates of, such Person or an Acquiring Person, determines in good faith that a Person that would otherwise
be an Acquiring Person has become such inadvertently (including, without limitation, because (i) such Person was unaware that
it beneficially owned a percentage of Common Shares that would otherwise cause such Person to be an “Acquiring Person”
or (ii) such Person was aware of the extent of its Beneficial Ownership of Common Shares but had no actual knowledge of the consequences
of such Beneficial Ownership under this Agreement) and without any intention of controlling or influencing the management or policies
of the Company, and such Person divests as promptly as practicable a sufficient number of Common Shares so that such Person would
no longer be an Acquiring Person, then such Person shall not be deemed to have become an Acquiring Person. Notwithstanding the
foregoing, if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become so as a result of its
actions in the ordinary course of its business that the Board of Directors determines, in its sole discretion, were taken without
the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise
seeking to control or influence the management or policies of the Company, then, and unless and until the Board of Directors shall
otherwise determine, such Person shall not be deemed to be an “Acquiring Person.”

 

Notwithstanding the foregoing, no Person
shall become an Acquiring Person solely as a result of an Exempt Transaction.

 

1.2             
A Person shall be deemed to be “Acting in Concert” with another Person if such Person knowingly acts
(whether or not pursuant to an express agreement, arrangement or understanding) in concert or in parallel with such other Person,
or towards a common goal with such other Person, relating to (i) acquiring, holding, voting or disposing of voting securities of
the Company or (ii) changing or influencing the control of the Company or in connection with or as a participant in any transaction
having that purpose or effect, where (A) each Person is conscious of the other Person’s conduct or intent and this awareness
is an element in their decision-making processes and (B) at least one additional factor supports a determination by the Board of
Directors that such Persons intended to act in concert or in parallel, which such additional factors may include, without limitation,
exchanging information, attending meetings, conducting discussions, or making or soliciting invitations to act in concert or in
parallel. A Person who is Acting in Concert with another Person shall also be deemed to be Acting in Concert with any third Person
who is also Acting in Concert with such other Person.

 

1.3             
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms
in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date of this Agreement.

 

1.4             
A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own,”
or have “Beneficial Ownership” of, any securities:

 

1.4.1       
which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly, within
the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act, as in effect on the date of this Agreement;

 

    	 	3	 

     

    

1.4.2       
 which such Person or any of such Person’s Affiliates or Associates has (i) the right or ability to vote, cause to
be voted or control or direct the voting of pursuant to any agreement, arrangement or understanding, whether or not in writing;
provided, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security if the agreement,
arrangement or understanding to vote such security (A) arises solely from a revocable proxy or consent given to such Person in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations
promulgated under the Exchange Act and (B) is not also then reportable on a statement on Schedule 13D under the Exchange Act (or
any comparable or successor report) or (ii) the right or the obligation to become the Beneficial Owner of (whether such right is
exercisable or such obligation is required to be performed immediately or only after the passage of time, the occurrence of conditions,
the satisfaction of regulatory requirements or otherwise) pursuant to any agreement, arrangement or understanding, whether or not
in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide
public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants
or options, or otherwise, through conversion of a security, pursuant to the power to revoke a trust, discretionary account or similar
arrangement, pursuant to the power to terminate a repurchase or similar so-called “stock-borrowing” agreement or arrangement,
or pursuant to the automatic termination of a trust, discretionary account or similar arrangement; provided, that a Person
shall not be deemed to be the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender or exchange
offer made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange Act until such
tendered securities are accepted for purchase or exchange;

 

1.4.3       
which are Beneficially Owned (within the meaning of the preceding subsections of this Section 1.4), directly or indirectly,
by any other Person with which such Person or any of such Person’s Affiliates or Associates (A) has any agreement, arrangement
or understanding, whether or not in writing, for the purpose of acquiring, holding, voting or disposing of any securities of the
Company or cooperating in obtaining, changing or influencing the control of the Company or (B) is Acting in Concert; or

 

1.4.4       
which are the subject of, or the reference securities for, or that underlie, any Derivative Position of such Person or any
of such Person’s Affiliates or Associates or any other Person with whom such Person is Acting in Concert, with the number
of Common Shares deemed Beneficially Owned in respect of a Derivative Position being the notional or other number of Common Shares
in respect of such Derivative Position (without regard to any short or similar position) that is specified in (i) one or more filings
with the Securities and Exchange Commission by such Person or any of such Person’s Affiliates or Associates or any other
Person with whom such Person is Acting in Concert or (ii) the documentation evidencing such Derivative Position as the basis upon
which the value or settlement amount of such Derivative Position, or the opportunity of the holder of such Derivative Position
to profit or share in any profit, is to be calculated in whole or in part (whichever of (i) or (ii) is greater), or if no such
number of Common Shares is specified in such filings or documentation (or such documentation is not available to the Board of Directors),
as determined by the Board of Directors in its reasonable discretion.

 

    	 	4	 

     

    

 

Notwithstanding anything in this definition
of Beneficial Owner to the contrary, the phrase “then outstanding,” when used with reference to a Person’s
Beneficial Ownership of securities of the Company, means the number of such securities then issued and outstanding together with
the number of such securities not then actually issued and outstanding which such Person would be deemed to Beneficially Own hereunder.

 

1.5             
“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in
the state of New York are authorized or obligated by law or executive order to close.

 

1.6             
“Close of Business” on any given date means 5:00 p.m., New York time, on such date; provided,
that if such date is not a Business Day, it means 5:00 p.m., New York time, on the next succeeding Business Day.

 

1.7             
“Common Shares” means the shares of common stock, par value $0.0001 per share, of the Company. “Common
Shares,” when used with reference to any Person other than the Company, means the capital stock (or equity interest)
with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons
which ultimately control such first-mentioned Person.

 

1.8             
“Common Stock Equivalents” has the meaning set forth in Section 11.1.3(ii)(C).

 

1.9             
“Current Per Share Market Price” has the meaning set forth in Section 11.4.1.

 

1.10         
“Current Value” has the meaning set forth in Section 11.1.3(i)(A).

 

1.11         
“Derivative” has the meaning set forth in Section 1.12.

 

1.12         
“Derivative Position” shall mean any option, warrant, convertible security, stock appreciation right,
or other security, contract right or derivative position or similar right (including any contract for difference “swap”
transaction with respect to any security, other than a broad based market basket or index) (any of the foregoing, a “Derivative”),
whether or not presently exercisable, that (i) has an exercise or conversion privilege or a settlement payment or mechanism at
a price related to the value of the Common Shares or a value determined in whole or in part with reference to, or derived in whole
or in part from, the value of the Common Shares and that increases in value as the market price or value of the Common Shares increases
or that provides an opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value
of the Common Shares and (ii) is capable of being settled, in whole or in part, through delivery of Common Shares (whether on a
required or optional basis, and whether such settlement may occur immediately or only after the passage of time, the occurrence
of conditions, the satisfaction of regulatory requirements or otherwise), in each case regardless of whether (A) it conveys any
voting rights in such Common Shares to any Person or (B) any Person (including the holder of such Derivative Position) may have
entered into other transactions that hedge its economic effect.

 

1.13         
“Distribution Date” has the meaning set forth in Section 3.1.

 

1.14         
“Earning Power” has the meaning set forth in Section 13.3.

 

    	 	5	 

     

    

 

1.15         
 “Equivalent Preferred Shares” has the meaning set forth in Section 11.2.

 

1.16         
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.17         
“Exchange Property” has the meaning set forth in Section 24.6.

 

1.18         
“Exchange Ratio” has the meaning set forth in Section 24.1.

 

1.19         
“Exchange Recipients” has the meaning set forth in Section 24.6.

 

1.20         
“Exempt Person” means any Person that the Board of Directors determines is exempt from this Agreement,
which determination shall be made in the sole and absolute discretion of the Board of Directors; provided, that such determination
is made, and no Person shall qualify as an Exempt Person unless such determination is made, prior to such time as any Person becomes
an Acquiring Person; provided, further, that any Person will cease to be an Exempt Person if the Board of Directors makes
a contrary determination with respect to such Person regardless of the reason therefor.

 

1.21         
“Exempt Transaction” means any transaction that the Board of Directors determines is exempt from this
Agreement, which determination shall be made in the sole and absolute discretion of the Board of Directors; provided, that
such determination is made, and no transaction shall qualify as an Exempt Transaction unless such determination is made, prior
to such time as any Person becomes an Acquiring Person.

 

1.22         
“Final Expiration Date” means the Close of Business on January 13, 2023.

 

1.23         
“Grandfathered Stockholder” has the meaning set forth in Section 1.1.

 

1.24         
“Nasdaq” means the Nasdaq Stock Market.

 

1.25         
“Person” means any individual, firm, corporation, partnership, limited partnership, limited liability
partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor
(by merger or otherwise) of such entity.

 

1.26         
“Preferred Shares” means shares of Series A Preferred Stock, par value $0.001 per share, of the Company
having such rights and preferences as are set forth in the form of Certificate of Designations set forth as Exhibit A hereto,
as the same may be amended from time to time.

 

1.27         
“Purchase Price” has the meaning set forth in Section 7.2.

 

1.28         
“Redemption Date” has the meaning set forth in Section 23.2.

 

1.29         
“Redemption Price” has the meaning set forth in Section 23.1.

 

1.30         
“Right Certificate” means a certificate evidencing a Right substantially in the form of Exhibit B
hereto.

 

    	 	6	 

     

    

1.31         
 “Spread” has the meaning set forth in Section 11.1.3(i).

 

1.32         
“Stock Acquisition Date” means the earliest of the date of (i) the public announcement by the Company
or an Acquiring Person that an Acquiring Person has become such (which, for purposes of this definition, shall include a statement
on Schedule 13D filed pursuant to the Exchange Act), (ii) the public disclosure of facts by the Company or an Acquiring Person
that reveals the existence of an Acquiring Person or indicating that an Acquiring Person has become an Acquiring Person or (iii)
the Board of Directors becoming aware of the existence of an Acquiring Person.

 

1.33         
“Subsidiary” of any Person means any Person of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by such Person.

 

1.34         
“Summary of Rights” means the Summary of Rights to Purchase Preferred Shares substantially in the form
of Exhibit C hereto.

 

1.35         
“Trading Day” means a day on which the principal national securities exchange on which a security is
listed or admitted to trading is open for the transaction of business or, if a security is not listed or admitted to trading on
any national securities exchange, a Business Day.

 

1.36         
“Trust” has the meaning set forth in Section 24.6.

 

2.                 
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company
in accordance with the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts
such appointment. The Company may from time to time appoint such co-rights agents as it may deem necessary or desirable, upon 10
days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be
liable for, the acts or omissions of any such co-rights agent. In the event that the Company appoints one or more co-rights agents,
the respective duties of the Rights Agent and any co-rights agent shall be as the Company shall reasonably determine, provided
that such duties and determination are consistent with the terms and provisions of this Agreement and that contemporaneously with
such appointment, if any, the Company shall notify the Rights Agent in writing thereof.

 

3.                 
Issue of Right Certificates.

 

3.1              Until
the earlier of (i) the Close of Business on the tenth day after the Stock Acquisition Date (or, in the event that the Board
of Directors determines on or before such tenth day to effect an exchange in accordance with Section 24 and determines that a
later date is advisable, such later date) or (ii) the Close of Business on the tenth Business Day (or such later date as may
be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) after the
date of the commencement by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of
the Company or of any Subsidiary of the Company, any entity holding Common Shares for or pursuant to the terms of any such
benefit plan or any Exempt Person) of, or the first public announcement of the intention of any Person (other than any of the
Persons referred to in the preceding parenthetical) to commence, a tender or exchange offer the consummation of which would
result in any Person becoming an Acquiring Person (such date being herein referred to as the “Distribution
Date”) (provided, that if such tender or exchange offer is terminated prior to the occurrence of a
Distribution Date, then no Distribution Date shall occur as a result of such tender or exchange offer), (A) the Rights will
be evidenced by the certificates (or other evidence of book-entry or other uncertificated ownership) for Common Shares
registered in the names of the holders thereof (which shall also be deemed to be Right Certificates) and not by separate
Right Certificates (provided, that each certificate (or other evidence of book-entry or other uncertificated
ownership) representing Common Shares outstanding as of the Close of Business on the Record Date evidencing the Rights shall
be deemed to incorporate by reference the terms of this Agreement, as amended from time to time), and (B) the right to
receive Right Certificates will be transferable only in connection with the transfer of Common Shares. As soon as practicable
after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will
send or cause to be sent (and the Rights Agent will, if requested, at the expense of the Company and upon receipt of all
relevant information, send) by first-class, postage-prepaid mail, to each record holder of Common Shares as of the
Distribution Date (other than any Acquiring Person or any Associate or Affiliate of any Acquiring Person or any other Person
with whom such Person is Acting in Concert), at the address of such holder shown on the records of the Company, a Right
Certificate, substantially in the form of Exhibit B hereto, evidencing one Right for each Common Share so held,
subject to adjustment as provided herein; provided, that the Rights may instead be recorded in book-entry or other
uncertificated form, in which case such book-entries or other evidence of ownership shall be deemed to be Right Certificates
for all purposes of this Agreement; provided, further, that all procedures relating to actions to be taken or
information to be provided with respect to such Rights recorded in book-entry or other uncertificated forms, and all
requirements with respect to the form of any Right Certificate set forth in this Agreement, may be modified as necessary or
appropriate to reflect book-entry or other uncertificated ownership. As of the Distribution Date, the Rights will be
evidenced solely by such Right Certificates.

 

    	 	7	 

     

    

 

3.2             
As soon as practicable after the Record Date, the Company will make available a copy of the Summary of Rights to any holder
of Rights who may request it prior to the Final Expiration Date. The Company shall provide the Rights Agent with written notice
of the occurrence of the Final Expiration Date and the Rights Agent shall not be deemed to have knowledge of the occurrence of
the Final Expiration Date, unless and until it shall have received such written notice.

 

3.3             
Certificates for Common Shares which become outstanding (including, without limitation, reacquired Common Shares referred
to in the last sentence of this Section 3.3) after the Record Date but prior to the earliest of (i) the Distribution Date, (ii)
the Redemption Date or (iii) the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to
them a legend in substantially the following form:

 

This certificate also evidences and entitles the
holder hereof to certain Rights (as defined in the Rights Agreement) as set forth in a Rights Agreement between Synaptogenix,
Inc. and Philadelphia Stock Transfer, Inc., as Rights Agent (or any successor rights agent), dated as of January 19, 2021, as
it may from time to time be amended or supplemented pursuant to its terms (the “Rights Agreement”), the
terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices
of Synaptogenix, Inc. and the office or offices of Philadelphia Stock Transfer, Inc. designated for such purpose. The Rights
are not exercisable prior to the occurrence of certain events specified in the Rights Agreement. Under certain circumstances,
as set forth in the Rights Agreement, such Rights will be evidenced separately and will no longer be evidenced by this
certificate. Synaptogenix, Inc. will mail to the holder of this certificate a copy of the Rights Agreement without charge
after receipt of a written request therefor. Under certain circumstances, Rights that are or were acquired or Beneficially
Owned by an Acquiring Person (or an Affiliate or Associate of an Acquiring Person or any other Person with whom such Person
is Acting in Concert) (as such terms are defined in the Rights Agreement), including such Rights held by a subsequent holder,
will become null and void.

 

    	 	8	 

     

    

 

Notwithstanding this Section 3.3, the omission
of a legend shall not affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. If the
Company purchases or acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights associated
with such Common Shares shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated
with the Common Shares which are no longer outstanding. Rights shall be issued in respect of all Common Shares issued or disposed
of (including, without limitation, upon issuance or reissuance of Common Shares out of authorized but unissued shares) after the
Record Date but prior to the earlier of the Distribution Date and the Final Expiration Date, or in certain circumstances provided
in Section 22 hereof, after the Distribution Date.

 

4.                 
Form of Right Certificates. Right Certificates (and the forms of election to purchase Preferred Shares and of assignment
to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Rights
Agent), or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to
the other provisions of this Agreement, the Right Certificates shall entitle the holders thereof to purchase such number of one
one-thousandth of a Preferred Share as shall be set forth therein at the Purchase Price, but the amount and type of securities
purchasable upon exercise and the Purchase Price shall be subject to adjustment as provided herein.

 

5.                  Countersignature
and Registration. Right Certificates shall be duly executed on behalf of the Company by its Chairman of the Board of
Directors, its Chief Executive Officer, its President or any of its Vice Presidents, either manually or by facsimile
signature, and shall be attested by the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the
Company, either manually or by facsimile signature or by other customary means of electronic transmission. Upon written
request by the Company, the Right Certificates shall be countersigned by the Rights Agent, either manually or by facsimile
signature or by other customary means of electronic transmission, by an authorized signatory of the Rights Agent, but it
shall not be necessary for the same signatory to countersign all of the Right Certificates hereunder. No Right Certificate
shall be valid for any purpose unless so countersigned, either manually or by facsimile or by other customary means of
electronic transmission. If any officer of the Company who shall have signed any of the Right Certificates shall cease to be
such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right
Certificates nevertheless may be countersigned by the Rights Agent and issued and delivered by the Company with the same
force and effect as though the Person that signed such Right Certificates had not ceased to be such officer of the Company.
Any Right Certificate may be signed on behalf of the Company by any Person that, at the actual date of the execution of such
Right Certificate, is a proper officer of the Company to sign such Right Certificate, even if at the date of the execution of
this Agreement such Person was not such an officer.

 

    	 	9	 

     

    

 

Following the Distribution Date, and receipt
by the Rights Agent of written notice to that effect and all other relevant information referred to in this Agreement, the Rights
Agent will keep or cause to be kept, at its office or offices designated for such purpose, books for registration of the transfer
of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right
Certificates, the number of Rights evidenced on its face by each of the Right Certificates, and the date of each of the Right Certificates.

 

6.                 
Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 

6.1              Subject
to the provisions of Section 14, at any time after the Distribution Date, and prior to the earlier of the Redemption Date and
the Final Expiration Date, any Right Certificate (other than a Right Certificate representing Rights that have become null
and void pursuant to Section 11.1.2 or that have been exchanged pursuant to Section 24) may be transferred, split up,
combined or exchanged for another Right Certificate, entitling the registered holder to purchase a like number of Preferred
Shares as the Right Certificate surrendered then entitled such holder to purchase. Any registered holder desiring to
transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights
Agent, and shall surrender (together with any required form of assignment and certificate duly executed and properly
completed) the Right Certificate to be transferred, split up, combined or exchanged at the office or offices of the Rights
Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent may
reasonably request. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to
the transfer of any such surrendered Right Certificate until the registered holder shall have properly completed and duly
executed the certificate contained in the form of assignment on the reverse side of such Right Certificate and shall have
provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) of the Rights
represented by such Right Certificate or the Affiliates or Associates thereof, or of any other Person with which such
Beneficial Owner or any of such Beneficial Owner’s Affiliates or Associates has any agreement, arrangement or
understanding (whether or not in writing) for the purpose of acquiring, holding, voting or disposing of any securities of the
Company, as the Company or the Rights Agent shall request. Thereupon, the Rights Agent shall countersign and deliver to the
Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company or the
Rights Agent may require payment from the holders of the Right Certificates of a sum sufficient for any tax or governmental
charge that may be imposed in connection with any transfer, split-up, combination or exchange of Right Certificates. The
Rights Agent shall not have any duty or obligation to take any action under any section of this Agreement that requires the
payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

    	 	10	 

     

    

 

6.2             
Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction
or mutilation of a Right Certificate (other than any Right Certificate representing Rights that have become null and void pursuant
to Section 11.1.2 hereof, that have been redeemed pursuant to Section 23 hereof or that have been exchanged pursuant to Section
24 hereof), the identity of the Beneficial Owner (or former Beneficial Owner) of the Rights represented by such Right Certificate
or the Affiliates or Associates thereof, or of any other Person with which such Beneficial Owner or any of such Beneficial Owner’s
Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring,
holding, voting or disposing of any securities of the Company, as the Company or the Rights Agent shall request (including a signature
guarantee and such other documentation as the Rights Agent may reasonably request), and, in case of loss, theft or destruction,
of indemnity or security satisfactory to them, and, at the Company’s or the Rights Agent’s request, reimbursement to
the Company and the Rights Agent of all reasonable expenses incidental thereto, and, in case of mutilation, upon surrender to the
Rights Agent and cancellation of the Right Certificate, the Company will make and deliver a new Right Certificate of like tenor
to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Right Certificate so lost, stolen,
destroyed or mutilated.

 

7.                 
Exercise of Rights; Purchase Price; Expiration Date of Rights.

 

7.1             
The registered holder of any Right Certificate (other than a holder whose Rights have become void pursuant to Section 11.1.2,
have been redeemed pursuant to Section 23 or have been exchanged pursuant to Section 24) may exercise the Rights evidenced thereby
in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the appropriate form
of election to purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at the offices of
the Rights Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent
may reasonably request, together with payment of the Purchase Price for each one one-thousandth of a Preferred Share represented
by a Right that is exercised and an amount equal to any applicable transfer tax or charges required to be paid pursuant to Section
9, prior to the earliest of (i) the Final Expiration Date, (ii) the time at which the Rights are redeemed pursuant to Section 23
or (iii) the time at which the Rights are exchanged pursuant to Section 24.

 

7.2             
The purchase price to be paid upon the exercise of each Right to purchase one one-thousandth of a Preferred Share represented
by a Right shall initially be $20 (the “Purchase Price”) and shall be payable in lawful money of the United
States of America in accordance with Section 7.3. Each Right shall initially entitle the holder to acquire one one-thousandth of
a Preferred Share upon exercise of the Right. The Purchase Price and the number of Preferred Shares or other securities for which
a Right is exercisable shall be subject to adjustment from time to time as provided in Sections 11 and 13.

 

    	 	11	 

     

    

 

7.3             
 Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and certificate
properly completed and duly executed, accompanied by payment of the Purchase Price for the number of Rights exercised and an amount
equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with Section 9 by
cash, certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon
promptly (i)(A) requisition from any transfer agent of the Preferred Shares (or from the Company if there shall be no such transfer
agent, or make available, if the Rights Agent is the transfer agent) certificates for the number of Preferred Shares to be purchased,
and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) requisition from any
depositary agent for the Preferred Shares depositary receipts representing such number of Preferred Shares as are to be purchased
(in which case certificates for the Preferred Shares represented by such receipts shall be deposited by the transfer agent with
the depositary agent), and the Company hereby directs any such depositary agent to comply with such request; (ii) when necessary
to comply with this Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional Preferred
Shares in accordance with Section 14; (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered
to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated
in writing by such holder; and (iv) when necessary to comply with this Agreement, after receipt, deliver such cash to or upon the
order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue other securities
of the Company, pay cash and/or distribute other property pursuant to this Agreement, the Company will make all arrangements necessary
so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary
to comply with this Agreement.

 

7.4             
If the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right
Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered
to the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions
of Section 14.

 

7.5             
Notwithstanding anything in this Agreement or the Right Certificate to the contrary, neither the Rights Agent nor the Company
shall be obligated to undertake any action with respect to a registered holder of Rights or other securities of the Company upon
the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such registered holder shall have (i)
properly completed and duly executed the certificate contained in the appropriate form of election to purchase set forth on the
reverse side of the Right Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof or any other Person with whom such Person
is Acting in Concert as the Company and the Rights Agent shall reasonably request.

 

8.                  Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer,
split-up, combination or exchange shall, if surrendered to the Company or to any of its agents (other than the Rights Agent),
be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be
canceled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights
Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the
exercise thereof. At the expense of the Company, the Rights Agent shall deliver all canceled Right Certificates which have
been canceled by the Rights Agent to the Company, or shall, at the written request of the Company, destroy such canceled
Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.

 

    	 	12	 

     

    

 

9.                 
Status and Availability of Preferred Shares.

 

9.1             
The Company covenants and agrees that it will cause to be reserved and kept available, out of its authorized and unissued
Preferred Shares or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit
the exercise in full of all outstanding Rights in accordance with Section 7.

 

9.2             
The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares
delivered upon exercise of Rights shall, at the time of delivery of the certificates (or entry in the book-entry account system
of the Company) for such Preferred Shares (subject to payment of the Purchase Price and compliance with all other applicable provisions
of this Agreement), be duly and validly authorized and issued and fully paid and non-assessable shares.

 

9.3             
The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes
and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon
the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of
any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary
receipts for the Preferred Shares in a name other than that of, the registered holder of the Right Certificate evidencing Rights
surrendered for exercise, and shall not be required to issue or to deliver any certificates or depositary receipts for Preferred
Shares upon the exercise of any Rights until any such tax or charge shall have been paid (any such tax or charge being payable
by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s and the
Rights Agent’s reasonable satisfaction that no such tax is due.

 

10.              Preferred
Shares Record Date. Each Person in whose name any certificate (or entry in the book-entry account system of the Company)
for Preferred Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of
record of the Preferred Shares represented thereby on, and such certificate or book-entry shall be dated, the date upon which
the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable
transfer taxes) was made; provided, that, if the date of such surrender and payment is a date upon which the Preferred
Shares transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares
on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of the
Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be
entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions, or to exercise any preemptive rights, and shall
not be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

    	 	13	 

     

    

 

11.             
Adjustment of Purchase Price, Number of Shares or Number of Rights.

 

11.1         
General.

 

11.1.1   
In the event that the Company shall at any time after the date of this Agreement (i) declare a dividend on the Preferred
Shares payable in Preferred Shares, (ii) subdivide the outstanding Preferred Shares, (iii) combine the outstanding Preferred Shares
into a smaller number of Preferred Shares or (iv) issue any shares of its capital stock in a reclassification of the Preferred
Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing
or surviving Person), except as otherwise provided in this Section 11.1, the Purchase Price in effect at the time of the record
date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of
shares of capital stock issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after
such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised
immediately prior to such date, the holder would have owned upon such exercise and been entitled to receive by virtue of such dividend,
subdivision, combination or reclassification; provided, that in no event shall the consideration to be paid upon the exercise
of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.
If an event occurs that would require an adjustment under both this Section 11.1.1 and Section 11.1.2 hereof, the adjustment provided
for in this Section 11.1.1 shall be in addition to, and shall be made prior to, the adjustment required pursuant to Section 11.1.2
hereof.

 

11.1.2   
Subject to the second paragraph of this Section 11.1.2 and to Section 24, from and after the Stock Acquisition Date, each
holder of a Right shall have a right to receive, upon exercise of each Right, in accordance with the terms of this Agreement and
in lieu of Preferred Shares, such number of Common Shares as shall equal the result obtained by dividing the current Purchase Price
by 50% of the then Current Per Share Market Price of the Company’s Common Shares (determined pursuant to Section 11.4) on
the Stock Acquisition Date.

 

From and after the Stock Acquisition
Date, any Rights that are or were acquired or Beneficially Owned by (i) an Acquiring Person (or any Associate or Affiliate of
such Acquiring Person or any other Person with whom such Person is Acting in Concert), (ii) a transferee of any Acquiring
Person (or of any such Associate or Affiliate or any other Person with whom such Person is Acting in Concert) who becomes
such a transferee after the Acquiring Person becomes an Acquiring Person or (iii) a transferee of an Acquiring Person (or of
any such Associate or Affiliate or any other Person with whom such Person is Acting in Concert) who becomes such a transferee
prior to or concurrently with the Acquiring Person becoming an Acquiring Person and who receives such Rights (A) with actual
knowledge that the transferor is or was an Acquiring Person or (B) pursuant to either (x) a transfer (whether or not for
consideration) from the Acquiring Person (or any such Associate or Affiliate or any other Person with whom such Person is
Acting in Concert) to holders of equity interests in such Acquiring Person (or any such Associate or Affiliate or any other
Person with whom such Person is Acting in Concert) or to any Person with whom the Acquiring Person (or such Associate or
Affiliate or any other Person with whom such Person is Acting in Concert) has any continuing agreement, arrangement,
understanding or relationship (whether or not in writing) regarding the transferred Rights or (y) a transfer which the Board
of Directors has determined is part of a plan, arrangement or understanding (whether or not in writing) which has as a
primary purpose or effect the avoidance of this Section 11.1.2, (each such Person described in (i)-(iii) above, an
 “Excluded Person”) shall, in each such case, be null and void, and any holder of such Rights (whether or
not such holder or transferee of such holder is an Acquiring Person or an Associate or Affiliate of an Acquiring Person or
any other Person with whom such Person is Acting in Concert) shall thereafter have no right to exercise such Rights under any
provision of this Agreement. No Right Certificates shall be issued pursuant to Sections 3, 6, 7.4 or 11 or otherwise hereof
that represents Rights that are or have become null and void pursuant to the provisions of this paragraph and any Right
Certificate delivered to the Rights Agent that represents Rights that are or have become null and void pursuant to the
provisions of this paragraph shall, upon receipt of written notice directing it to do so, be canceled by the Rights
Agent.

 

    	 	14	 

     

    

 

11.1.3   
If there are not sufficient authorized but unissued Common Shares to permit the exercise in full of the Rights in accordance
with Section 11.1.2 or the exchange of the Rights in accordance with Section 24, or should the Board of Directors so elect, the
Company may with respect to such deficiency, (i) determine the excess (the “Spread”) of (A) the value of the
Common Shares issuable upon the exercise of a Right as provided in Section 11.1.2 (the “Current Value”) over
(B) the Purchase Price, and (ii) with respect to each Right, make adequate provision to substitute for such Common Shares, upon
payment of the applicable Purchase Price, any one or more of the following having an aggregate value determined by the Board of
Directors to be equal to the Current Value: (A) cash, (B) a reduction in the Purchase Price, (C) Common Shares or other equity
securities of the Company (including, without limitation, shares, or units of shares, of preferred stock which the Board of Directors
has determined to have the same value as Common Shares (“Common Stock Equivalents”)), (D) debt securities of
the Company or (E) other assets, property or instruments. The Company shall provide the Rights Agent with prompt reasonably detailed
written notice of any final determination under the previous sentence.

 

If the Board of Directors shall determine
in good faith that additional Common Shares should be authorized for issuance upon exercise in full of the Rights, the Company
may suspend the exercisability of the Rights in order to seek any authorization of additional shares, decide the appropriate form
of distribution to be made, and determine the value thereof. If the exercisability of the Rights is suspended pursuant to this
Section 11.1.3, the Company shall make a public announcement, and shall promptly deliver to the Rights Agent a statement, stating
that the exercisability of the Rights has been temporarily suspended. When the suspension is no longer in effect, the Company shall
make another public announcement, and promptly deliver to the Rights Agent a statement, so stating. For purposes of this Section
11.1.3, the value of the Common Shares shall be the Current Per Share Market Price of the Common Shares (determined pursuant to
Section 11.4) as of the Stock Acquisition Date, and the value of any Common Stock Equivalent shall be deemed to have the same value
as the Common Shares on such date.

 

11.2          If
the Company fixes a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling
them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred Shares (or
shares having the same rights, privileges and preferences as the Preferred Shares (“Equivalent Preferred
Shares”)) or securities convertible into Preferred Shares or Equivalent Preferred Shares at a price per Preferred
Share or Equivalent Preferred Share (or having a conversion price per share, if a security convertible into Preferred Shares
or Equivalent Preferred Shares) less than the then Current Per Share Market Price of the Preferred Shares on such record
date, the Purchase Price to be in effect after such record date shall be adjusted by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, (i) the numerator of which shall be (A) the number of Preferred Shares
outstanding on such record date plus (B) the number of Preferred Shares which the aggregate offering price of the total
number of Preferred Shares or Equivalent Preferred Shares to be offered (or the aggregate initial conversion price of the
convertible securities to be offered) would purchase at such Current Per Share Market Price and (ii) the denominator of which
shall be (A) the number of Preferred Shares outstanding on such record date plus (B) the number of additional Preferred
Shares or Equivalent Preferred Shares to be offered for subscription or purchase (or into which the convertible securities to
be offered are initially convertible); provided, that in no event shall the consideration to be paid upon the exercise
of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one
Right. If such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the
value of such consideration shall be as determined in good faith by the Board of Directors, whose determination shall be
described in a statement filed with the Rights Agent. Preferred Shares owned by or held for the account of the Company shall
not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a
record date is fixed. If such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the
Purchase Price that would then be in effect if such record date had not been fixed.

 

    	 	15	 

     

    

 

11.3         
If the Company fixes a record date for the making of a distribution to all holders of the Preferred Shares (including any
distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving Person) of evidences
of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription
rights or warrants (excluding those referred to in Section 11.2), the Purchase Price to be in effect after such record date shall
be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the numerator
of which shall be the then Current Per Share Market Price of the Preferred Shares on such record date, less the fair market value
(as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights
Agent) of the portion of the assets or evidences of indebtedness to be distributed or of such subscription rights or warrants applicable
to one Preferred Share and (ii) the denominator of which shall be the then Current Per Share Market Price of the Preferred Shares;
provided, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate
par value of the Preferred Shares to be issued upon exercise of one Right. Such adjustments shall be made successively whenever
such a record date is fixed. If such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase
Price that would then be in effect if such record date had not been fixed.

 

11.4         
Current Per Share Market Price.

 

11.4.1   
 For the purpose of any computation hereunder, the “Current Per Share Market Price” of any security on
any date shall be deemed to be the average of the daily closing prices per share of such security for the 30 consecutive Trading
Days immediately prior to such date; provided, that if the Current Per Share Market Price of the security is determined
during a period (i) following the announcement by the issuer of such security of (A) a dividend or distribution on such security
payable in shares of such security or other securities convertible into such shares, or (B) any subdivision, combination or reclassification
of such security, and (ii) prior to the expiration of 30 Trading Days after the ex-dividend date for such dividend or distribution,
or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market
Price shall be appropriately adjusted to reflect the current market price per share equivalent of such security. The closing price
for each day shall be the last sale price or, if no such sale takes place on such day, the average of the closing bid and asked
prices, in either case as reported by Nasdaq, or, if on any such date the security is not listed on Nasdaq, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the security selected by the Board
of Directors. If on any such date no such market maker is making a market in the security, the fair value of the security on such
date as determined in good faith by the Board of Directors shall be used.

 

    	 	16	 

     

    

 

11.4.2   
For the purpose of any computation hereunder, the “Current Per Share Market Price” of the Preferred Shares
shall be determined in accordance with the method set forth in Section 11.4.1. If the Preferred Shares are not publicly traded,
the “Current Per Share Market Price” of the Preferred Shares shall be conclusively deemed to be the Current
Per Share Market Price of the Common Shares as determined pursuant to Section 11.4.1 (appropriately adjusted to reflect any stock
split, stock dividend or similar transaction occurring after the date hereof) multiplied by one thousand. If neither the Common
Shares nor the Preferred Shares are publicly held or so listed or traded, “Current Per Share Market Price” means
the fair value per share as determined in good faith by the Board of Directors, whose determination shall be described in a statement
filed with the Rights Agent and shall be conclusive for all purposes.

 

11.5         
No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at
least 1% in the Purchase Price; provided, that any adjustments which by reason of this Section 11.5 are not required to
be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall
be made to the nearest cent or to the nearest one one-thousandth of a Preferred Share or one one-thousandth of any other share
or security, as the case may be. Notwithstanding the first sentence of this Section 11.5, any adjustment required by this Section
11 shall be made no later than three years from the date of the transaction which requires such adjustment.

 

11.6         
If, as a result of an adjustment made pursuant to Section 11.1, the holder of any Right thereafter exercised shall become
entitled to receive any shares of capital stock of the Company other than Preferred Shares, the number of such other shares so
receivable upon exercise of any Right shall thereafter be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11.1 through 11.3, inclusive,
and the provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on like terms to any such other
shares.

 

    	 	17	 

     

    

 

11.7         
 All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence
the right to purchase, at the adjusted Purchase Price, the number of Preferred Shares purchasable from time to time hereunder upon
exercise of the Rights, all subject to further adjustment as provided herein.

 

11.8         
Unless the Company exercises its election as provided in Section 11.9, upon each adjustment of the Purchase Price as a result
of the calculations made in Sections 11.2 and 11.3, each Right outstanding immediately prior to the making of such adjustment shall
thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandth of a Preferred Share
(calculated to the nearest one one-thousandth of a Preferred Share) obtained by (i) multiplying the number of one one-thousandth
of a Preferred Share covered by a Right immediately prior to this adjustment by the Purchase Price in effect immediately prior
to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately
after such adjustment of the Purchase Price.

 

11.9         
The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights in substitution
for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after
such adjustment of the number of Rights shall be exercisable for the number of Preferred Shares for which a Right was exercisable
immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that
number of Rights (calculated to the nearest one one-thousandth) obtained by dividing the Purchase Price in effect immediately prior
to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company
shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number
of Rights, indicating the record date for the adjustment and, if known at the time, the amount of the adjustment to be made. The
record date may be the date on which the Purchase Price is adjusted or any day thereafter but, if the Right Certificates have been
distributed, shall be at least 10 days after the date of the public announcement. If Right Certificates have been distributed,
upon each adjustment of the number of Rights pursuant to this Section 11.9, the Company shall, as promptly as practicable, cause
to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to Section
14, the additional Rights to which such holders shall be entitled as a result of such adjustment or, at the option of the Company,
shall cause to be distributed to such holders of record in substitution and replacement for the Right Certificates held by such
holders prior to the date of adjustment, and upon surrender thereof if required by the Company, new Right Certificates evidencing
all the Rights to which such holders shall be entitled after such adjustment. Right Certificates to be so distributed shall be
issued, executed and countersigned in the manner provided for herein and shall be registered in the names of the holders of record
of Right Certificates on the record date specified in the public announcement.

 

11.10     
Irrespective of any adjustment or change in the Purchase Price or the number of Preferred Shares issuable upon the exercise
of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number
of Preferred Shares which were expressed in the initial Right Certificates issued hereunder.

 

    	 	18	 

     

    

 

11.11     
 Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value of the Preferred
Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue fully paid and non-assessable Preferred Shares at such adjusted
Purchase Price.

 

11.12     
If this Section 11 requires that an adjustment in the Purchase Price be made effective as of a record date for a specified
event, the Company may defer, until the occurrence of such event, issuing to the holder of any Right exercised after such record
date Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise over and above
the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of
the Purchase Price in effect prior to such adjustment; provided, that the Company shall deliver to such holder a due bill
or other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of the
event requiring adjustment.

 

11.13     
Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole
discretion shall determine to be advisable in order that any (i) combination or subdivision of the Preferred Shares, (ii) issuance
wholly for cash of any Preferred Shares at less than the Current Per Share Market Price, (iii) issuance wholly for cash of Preferred
Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares, (iv) dividends on Preferred
Shares payable in Preferred Shares, or (v) issuance of any rights, options or warrants referred to in Section 11.2 made by the
Company after the date of this Agreement to holders of its Preferred Shares shall not be taxable to such stockholders.

 

11.14     
If, at any time after the date of this Agreement and prior to the Distribution Date, the Company (i) declares or pays any
dividend on the Common Shares payable in Common Shares or (ii) effects a subdivision, combination or consolidation of the Common
Shares (by reclassification or otherwise other than by payment of dividends in Common Shares) into a greater or lesser number of
Common Shares, then in any such case (A) the number of one one-thousandth of a Preferred Share purchasable after such event upon
exercise of each Right shall be determined by multiplying the number of one one-thousandth of a Preferred Share so purchasable
immediately prior to such event by a fraction, the numerator of which is the number of Common Shares outstanding immediately before
such event and the denominator of which is the number of Common Shares outstanding immediately after such event, and (B) each Common
Share outstanding immediately after such event shall have issued with respect to it that number of Rights which each Common Share
outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this Section 11.14 shall
be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is affected.

 

12.              Certificate
of Adjustment. Whenever an adjustment is made as provided in Sections 11 and 13, the Company shall promptly (i) prepare a
certificate setting forth such adjustment and a reasonably detailed statement of the facts, computation, methodology and
accounting for such adjustment, (ii) promptly file with the Rights Agent and with each transfer agent for the Common Shares
or the Preferred Shares a copy of such certificate, and (iii) if such adjustment occurs following a Distribution Date, mail a
brief summary thereof to each holder of a Right Certificate in accordance with Section 25. The Rights Agent shall be fully
protected in relying on any such certificate and on any adjustment or statement therein contained and shall not be obligated
or responsible for calculating any adjustment, nor shall the Rights Agent be deemed to have knowledge of such an adjustment
or any such event, unless and until it shall have received such certificate. Notwithstanding the foregoing sentence, but
without limiting any of the rights or immunities of the Rights Agent, the failure of the Company to make such certification
or give such notice shall not affect the validity of, or the force or effect of, the requirement for such adjustment. Any
adjustment to be made pursuant to Section 11 or 13 hereof shall be effective as of the date of the event giving rise to such
adjustment.

 

    	 	19	 

     

    

 

13.             
Consolidation, Merger, Sale or Transfer of Assets or Earning Power.

 

13.1         
If, at any time after a Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other Person;
(ii) any Person consolidates with the Company, or merges with and into the Company, and the Company is the continuing or surviving
Person of such merger and, in connection with such merger, all or part of the Common Shares are or will be changed into or exchanged
for stock or other securities of any other Person (or the Company) or cash or any other property; or (iii) the Company sells or
otherwise transfers (or one or more of its Subsidiaries sell or otherwise transfer), in one or more transactions, assets or Earning
Power aggregating 50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other
Person other than the Company or one or more of its wholly owned Subsidiaries, then proper provision shall be made so that (A)
each holder of a Right (except as otherwise provided herein) shall have the right to receive, upon the exercise of each Right in
accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of such other Person
(including the Company as successor thereto or as the surviving Person) equal to the result obtained by dividing the then current
Purchase Price by 50% of the then Current Per Share Market Price of the Common Shares of such other Person (determined pursuant
to Section 11.4) on the date of consummation of such consolidation, merger, sale or transfer; (B) the issuer of such Common Shares
shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations
and duties of the Company pursuant to this Agreement; (C) the term “Company” shall thereafter be deemed to refer to
such issuer; and (D) such issuer shall take steps (including, without limitation, the reservation of a sufficient number of shares
of its common stock in accordance with Section 9) in connection with such consummation as may be necessary to ensure that the provisions
hereof shall thereafter be applicable in relation to the common stock thereafter deliverable upon the exercise of the Rights.

 

13.2          The
Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto the Company and such
issuer shall have executed and delivered to the Rights Agent a supplemental agreement providing for such issuer’s
compliance with this Section 13. The Company shall not enter into any transaction of the kind referred to in this Section 13
if, at the time of such transaction, there are any rights, warrants, instruments or securities outstanding or any agreements
or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the
benefits intended to be afforded by the Rights. The provisions of this Section 13 shall apply to successive mergers or
consolidations or sales or other transfers.

 

    	 	20	 

     

    

 

13.3         
For purposes of this Agreement, the “Earning Power” of the Company and its Subsidiaries shall be determined
in good faith by the Company’s Board of Directors on the basis of the operating earnings of each business operated by the
Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business
not operated by the Company or any Subsidiary during three full fiscal years preceding such date, during the period such business
was operated by the Company or any Subsidiary).

 

14.             
Fractional Rights and Fractional Shares.

 

14.1         
The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional
Rights. In lieu of such fractional Rights, the Company may instead pay to the registered holders of the Right Certificates with
regard to which such fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the current
market value of a whole Right. For the purposes of this Section 14.1, the current market value of a whole Right shall be the closing
price of the Rights (as determined pursuant to the second sentence of Section 11.4.1) for the Trading Day immediately prior to
the date on which such fractional Rights would have been otherwise issuable.

 

14.2         
The Company shall not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples
of one one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional
Preferred Shares or to register fractional Preferred Shares in the Company’s share register (other than fractions which are
integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one one-thousandth
of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an agreement between
the Company and a depositary selected by the Company; provided, that such agreement shall provide that the holders of such
depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the
Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred Shares that are not integral multiples
of one one-thousandth of a Preferred Share, the Company shall pay to each registered holder of Right Certificates at the time such
Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one Preferred
Share as the fraction of one Preferred Share that such holder would otherwise receive upon the exercise of the aggregate number
of rights exercised by such holder. For the purposes of this Section 14.2, the current market value of a Preferred Share shall
be the closing price of a Preferred Share (pursuant to Section 11.4.1) for the Trading Day immediately prior to the date of such
exercise.

 

14.3          For
purposes of this Section 14, the closing price for any day shall be the last quoted price or, if not so quoted, the average
of the high bid and low asked prices as reported by Nasdaq, or if on any such date the Rights or Preferred Shares, as
applicable, are not listed on Nasdaq, the average of the closing bid and asked prices as furnished by a professional market
maker making a market in the Rights or Preferred Shares, as applicable, selected by the Board of Directors. If on any such
date no such market maker is making a market in the Rights or Preferred Shares, as applicable, the fair value of the Rights
or Preferred Shares, as applicable, on such date as determined in good faith by the Board of Directors shall be used.

 

    	 	21	 

     

    

 

14.4         
The holder of a Right by the acceptance of the Right expressly waives any right to receive fractional Rights or fractional
shares upon exercise of a Right (except as provided in this Section 14).

 

14.5         
Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under any section of this
Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail
the facts related to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient
monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected
in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment
for fractional Rights or fractional shares under any section of this Agreement relating to the payment of fractional Rights or
fractional shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.

 

15.             
Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the
Rights Agent under Section 18, are vested in the respective registered holders of the Right Certificates. Any registered holder
of any Right Certificate may, without the consent of the Rights Agent or of the holder of any other Right Certificate, on such
holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or
proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced
by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing
or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an
adequate remedy at law for any breach of this Agreement by the Company and will be entitled to specific performance of the obligations
hereunder, and injunctive relief against actual or threatened violations of the obligations hereunder, of the Company.

 

16.             
Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company
and the Rights Agent and with every other holder of a Right that:

 

16.1         
prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares;

 

16.2         
after the Distribution Date, the Right Certificates are transferable only on the registry books maintained by the Rights
Agent if surrendered at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by
a proper instrument of transfer with the appropriate form of certification, properly completed and duly executed, accompanied by
a signature guarantee and such other documentation as the Rights Agent may reasonably request;

 

16.3          the
Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution
Date, the associated Common Shares certificate or, in the case of uncertificated Common Shares, by the book-entry that
evidences record ownership of such Common Shares) is registered as the absolute owner thereof and of the Rights evidenced
thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Shares
certificate or book-entry made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither
the Company nor the Rights Agent shall be affected by any notice to the contrary; and

 

    	 	22	 

     

    

 

16.4         
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of the inability of the Company or the Rights Agent to perform any of its
or their obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment
or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission,
or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority prohibiting or otherwise
restraining performance of such obligation.

 

17.             
Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled
to vote or receive dividends, or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company
that may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein
or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
to give or withhold consent to any corporate action, to receive notice of meetings or other actions affecting stockholders (except
as provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Right
Certificate shall have been exercised or exchanged in accordance with the provisions hereof.

 

18.             
Concerning the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon, and, from time to time, on demand of the
Rights Agent, to reimburse the Rights Agent for all of its reasonable expenses and counsel fees and other disbursements incurred
in the preparation, delivery, negotiation, administration, execution and amendment, of this Agreement and the exercise and performance
of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it harmless against,
any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation,
the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or which it may become subject,
without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith, or
willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action
taken, suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance and, administration of,
exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any claim or
liability arising therefrom or in connection therewith, directly or indirectly. The provisions under this Section 18 and Section
20 below shall survive the expiration of the Rights and the termination of this Agreement and the resignation, replacement or removal
of the Rights Agent.

 

    	 	23	 

     

    

 

The Rights Agent shall be fully authorized
and protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with
its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder, in each case in reliance
upon any Right Certificate or certificate for Preferred Shares or for other securities of the Company, instrument of assignment
or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement,
or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged
by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20. The Rights Agent shall not
be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall
be fully protected and shall incur no liability for failing to take action in connection therewith, unless and until it has received
such notice in writing.

 

Notwithstanding anything in this Agreement
to the contrary, in no event will the Rights Agent be liable for special, punitive, indirect, incidental or consequential loss
or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

19.             
Merger or Consolidation or Change of Name of Rights Agent. Any Person into which the Rights Agent or any successor
Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which
the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or other stockholder
services business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that
such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21. The purchase of all
or substantially all of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed
a merger or consolidation for purposes of this Section 19. If, at the time such successor Rights Agent shall succeed to the agency
created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights
Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned. If,
at that time, any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such
Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent. In all such
cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

If, at any time, the name of the Rights
Agent changes and any of the Right Certificates have been countersigned but not delivered, the Rights Agent may adopt the countersignature
under its prior name and deliver Right Certificates so countersigned. If, at that time, any of the Right Certificates have not
been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name. In
all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

    	 	24	 

     

    

 

20.              Rights
and Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly set forth in
this Agreement and no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights
Agent shall perform its duties and obligations hereunder upon the following terms and conditions, by all of which the Company
and the holders of Right Certificates, by their acceptance thereof, shall be bound:

 

20.1         
The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee or legal counsel
of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the
Rights Agent and the Rights Agent shall incur no liability for or in respect of as to any action taken or omitted by it in the
absence of bad faith and in accordance with such advice or opinion.

 

20.2         
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder,
such fact or matter (unless other evidence in respect thereof is specifically prescribed herein) may be deemed to be conclusively
proved and established by a certificate signed by a Person reasonably believed by the Rights Agent to be any one of the Chairman
of the Board of Directors, the Chief Executive Officer, the President, a Vice President, the Treasurer, any Assistant Treasurer,
the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent, and such certificate shall be full authorization
to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to
be taken by it in the absence of bad faith under the provisions of this Agreement in reliance upon such certificate. The Rights
Agent shall have no duty to act without such a certificate as set forth in this Section 20.2.

 

20.3         
The Rights Agent shall be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith
or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment
of a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, any liability of the Rights
Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent (but not including
reimbursable expenses) during the 12 months immediately preceding the event for which recovery from the Rights Agent is being sought.

 

20.4         
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same. All such statements
and recitals are and shall be deemed to have been made by the Company only.

 

20.5          The
Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or
the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the legality or
validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any
determination by the Board of Directors with respect to the Rights or breach by the Company of any covenant or failure by the
Company to satisfy any condition contained in this Agreement or in any Right Certificate; nor shall it be liable or
responsible for any modification by or order of any court, tribunal or governmental authority in connection with the
foregoing, any change in the exercisability of the Rights or any adjustment required under the provisions of Sections 11 or
13 or for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a
certificate furnished pursuant to Section 12 describing such adjustment); nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any shares of Preferred Shares to be issued pursuant
to this Agreement or any Right Certificate or as to whether any Preferred Shares will, when so issued, be validly authorized
and issued, fully paid, and non-assessable.

 

    	 	25	 

     

    

 

20.6         
The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged
and delivered, all such further and other acts, instruments and assurances as may reasonably be required or reasonably requested
by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

20.7         
The Rights Agent is hereby authorized and directed to accept written instructions with respect to the performance of its
duties hereunder and certificates delivered pursuant to any provision hereof from any Person reasonably believed by the Rights
Agent to be any one of the Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and to apply to such officers for advice or instructions
in connection with its duties under this Agreement, and such advice or instructions shall provide full authorization and protection
to the Rights Agent, and the Rights Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance
with the written advice or instructions of any such officer or for any delay in acting while waiting for these instructions. The
Rights Agent shall be fully authorized and protected in relying upon the most recent advice or instructions received by any such
officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent,
set forth in writing any action proposed to be taken or omitted by the Rights Agent with respect to its duties or obligations under
this Agreement.

 

20.8         
The Rights Agent and any affiliate, stockholder, director, officer, agent, representative or employee of the Rights Agent
may buy, sell or deal in any of the Rights or other securities of the Company, or become pecuniarily interested in any transaction
in which the Company may be interested, or contract with or lend money to the Company, or otherwise act as fully and freely as
though it were not the Rights Agent under this Agreement, in each case in compliance with applicable laws. Nothing herein shall
preclude the Rights Agent and such other Persons from acting in any other capacity for the Company or for any other legal entity.

 

20.9         
The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, omission,
default, neglect, or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from
any such act, omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment
of such attorneys or agents thereof (which gross negligence or bad faith must be determined by a final, non-appealable judgment
of a court of competent jurisdiction).

 

20.10      No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if the Rights Agent believes
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

    	 	26	 

     

    

 

20.11     
The Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination (including,
without limitation, any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person, Affiliate
or Associate) under this Agreement unless and until the Rights Agent shall be specifically notified in writing by the Company of
such fact, event or determination, and all notices or other instruments required by this Agreement to be delivered to the Rights
Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26, and in the absence of such notice
so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

20.12     
The Rights Agent shall have no responsibility to the Company or any holders of the Right Certificates for interest or earnings
on any moneys held by the Rights Agent pursuant to this Agreement.

 

21.              Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this
Agreement upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its
Affiliates is not also the transfer agent for the Company in accordance with Section 26 hereof, to each transfer agent of the
Common Shares and the Preferred Shares in accordance with Section 26. The Company may remove the Rights Agent or any
successor Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent in
accordance with Section 26 hereof, as the case may be, and to each transfer agent of the Common Shares and the Preferred
Shares by registered or certified mail, and, after the Distribution Date, to the holders of the Right Certificates by
first-class mail. In the event that the transfer agency relationship in effect between the Company and the Rights Agent
terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties as Rights Agent
under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any
required notice. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Rights Agent, then the incumbent Rights Agent or registered holder of any Right Certificate may
apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether
appointed by the Company or by such a court, shall be (i) a Person (other than a natural person) organized and doing business
under the laws of the United States or of any state of the United States, in good standing, which is authorized under such
laws to exercise stock transfer powers, is subject to supervision or examination by federal or state authority, and has,
along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least $50
million or (ii) an Affiliate of a Person described in clause (i) of this sentence. After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights
Agent without further act or deed, and the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and shall execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose but such predecessor Rights Agent shall not be required to make any additional expenditure or
assume any additional liability in connection with the foregoing, and shall thereafter be discharged from all duties and
obligations hereunder. Not later than the effective date of any such appointment the Company shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Common Shares and the Preferred Shares, and, after
the Distribution Date, mail a notice in writing to the registered holders of the Right Certificates. Failure to give any
notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

    	 	27	 

     

    

 

22.             
Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Right Certificates
to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or
other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement.
In addition, in connection with the issuance or sale of Common Shares following the Distribution Date and prior to the earlier
of the Redemption Date and the Final Expiration Date, the Company may, with respect to Common Shares so issued or sold, issue Right
Certificates representing the appropriate number of Rights in connection with such issuance or sale.

 

23.             
Redemption.

 

23.1         
The Board of Directors may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem
all, but not less than all, of the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the “Redemption Price”).
The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to such conditions
as the Board of Directors in its sole discretion may establish.

 

23.2          Immediately
upon the time of the effectiveness of the redemption of the Rights or such earlier time as may be determined by the Board of
Directors in the action ordering such redemption (although not earlier than the time of such action) (the
 “Redemption Date”), and without any further action and without any notice, the right to exercise the
Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The
Company shall promptly give public notice of any such redemption (with prompt written notice to the Rights Agent); provided,
that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten
Business Days after action of the Board of Directors ordering the redemption of the Rights, the Company shall mail, or cause
the Rights Agent to mail (at the expense of the Company), a notice of redemption to the holders of the then outstanding
Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date,
on the registry books of the transfer agent for the Common Shares. Any notice mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. If the payment of the Redemption Price is not included with such
notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the
Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any
manner other than that specifically set forth in this Section 23 or in Section 24, other than in connection with the purchase
of Common Shares prior to the Distribution Date.

 

    	 	28	 

     

    

 

24.             
Exchange.

 

24.1         
The Board of Directors may, at its option, at any time after a Stock Acquisition Date, mandatorily exchange all or part
of the then outstanding and exercisable Rights (which excludes Rights that have become void pursuant to Section 11.1.2) for Common
Shares at an exchange ratio of one Common Share per one one-thousandth of a Preferred Share represented by a Right, appropriately
adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the “Exchange
Ratio”). From and after the occurrence of an event specified in Section 13.1, any Right that theretofore has not been
exchanged pursuant to this Section 24 shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged
pursuant to this Section 24. The exchange of the Rights by the Board of Directors may be made effective at such time, on such basis
and with such conditions as the Board of Directors in its sole discretion may establish.

 

24.2         
Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to Section 24.1, and
without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter
of a holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by such holder
multiplied by the Exchange Ratio. The Company shall promptly give reasonably detailed written notice of any such exchange to the
Rights Agent, and shall promptly give public notice of any such exchange; provided, that the failure to give, or any defect
in, any such notice shall not affect the validity of such exchange. Within ten Business Days after action by the Board of Directors
ordering the exchange of any Rights pursuant to Section 24.1, the Company shall mail, or cause the Rights Agent to mail, a notice
of any such exchange to the holders of such Rights at their last addresses as they appear upon the registry books of the Rights
Agent. Any notice mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each
such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected and, in the
event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based
on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 11.1.2) held by each holder
of Rights.

 

24.3         
In any exchange pursuant to this Section 24, the Company, at its option, may substitute Preferred Shares or Common Stock
Equivalents for Common Shares exchangeable for Rights, at the initial rate of one one-thousandth of a Preferred Share (or an appropriate
number of Common Stock Equivalents) for each Common Share, as appropriately adjusted.

 

24.4         
If there shall not be sufficient Common Shares, Preferred Shares or Common Stock Equivalents authorized but unissued to
permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as may
be necessary to authorize additional Common Shares, Preferred Shares or Common Stock Equivalents for issuance upon exchange of
the Rights.

 

    	 	29	 

     

    

 

24.5         
 The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional
Common Shares. In lieu of issuing fractional Common Shares, the Company may instead pay to the registered holders of the Right
Certificates with regard to which such fractional Common Shares would otherwise be issuable an amount in cash equal to the same
fraction of the current per share market value of a whole Common Share. For the purposes of this Section 24.5, the current per
share market value of a whole Common Share shall be the closing price of a Common Share (as determined pursuant to the second sentence
of Section 11.4.1) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.

 

24.6         
Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time,
on such basis and subject to such conditions as the Board of Directors in its sole discretion may establish. Without limiting the
preceding sentence, the Board of Directors may (i) in lieu of issuing Common Shares or any other securities contemplated by this
Section 24 to the Persons entitled thereto in connection with the exchange (such Persons, the “Exchange Recipients,”
and such shares and other securities, together with any dividends or distributions made on such shares or other securities, the
 “Exchange Property”) issue, transfer or deposit the Exchange Property to or into a trust or other entity (the
 “Trust”) created upon such terms as the Board of Directors may determine to hold all or a portion of the Exchange
Property for the benefit of the Exchange Recipients, (ii) permit the Trust to exercise all of the rights that a stockholder of
record would possess with respect to any shares deposited in the Trust and (iii) direct that all holders of Rights entitled to
receive Exchange Property shall be entitled to receive such Exchange Property only from the Trust and only upon compliance with
the relevant terms and provisions of the Trust and subject to such conditions as the Board of Directors in its sole discretion
may establish. Prior to effecting an exchange of Rights, the Company may require (or cause the trustee or other governing body
of the Trust to require), as a condition thereof, that any Exchange Recipient provide evidence that it is not an Acquiring Person,
including, without limitation, evidence of the identity of the current or former Beneficial Owners thereof and their Affiliates
and Associates and any other Person with whom such Person is Acting in Concert. If any Person shall fail to comply with any request
to provide such evidence, the Company shall be entitled conclusively to deem the Rights held by such Person to be null and void
pursuant to Section 11.1.2 and not transferable or exercisable or exchangeable in connection herewith. In the event that the Board
of Directors determines, before the Distribution Date, to effect an exchange, the Board of Directors may delay the occurrence of
the Distribution Date to such time as the Board of Directors deems advisable.

 

25.             
Notice of Certain Events.

 

25.1          If
the Company shall after the Distribution Date propose (i) to pay any dividend payable in stock of any class to the holders of
its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other than a regular quarterly
cash dividend); (ii) to offer to the holders of its Preferred Shares rights or warrants to subscribe for or to purchase any
additional Preferred Shares or shares of stock of any class or any other securities, rights or options; (iii) to effect any
reclassification of its Preferred Shares (other than a reclassification involving only the subdivision of outstanding
Preferred Shares); (iv) to effect any consolidation or merger into or with any other Person, or to effect any sale or other
transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of
50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other Person; (v) to
effect the liquidation, dissolution or winding-up of the Company; or (vi) to declare or pay any dividend on the Common Shares
payable in Common Shares, or to effect a subdivision, combination or consolidation of the Common Shares (by reclassification
or otherwise than by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder
of a Right Certificate and the Rights Agent, in accordance with Section 26, a reasonably detailed notice of such proposed
action, which shall specify the record date for the purposes of such stock dividend, or distribution of rights or warrants,
or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding-up is
to take place and the date of participation therein by the holders of the Common Shares or Preferred Shares or both, if any
such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at
least ten days prior to the record date for determining holders of the Preferred Shares for purposes of such action, and in
the case of any such other action, at least ten days prior to the date of the taking of such proposed action or the date of
participation therein by the holders of the Common Shares or Preferred Shares or both, whichever shall be the earlier.

 

    	 	30	 

     

    

 

25.2         
The Company shall, as soon as practicable after a Stock Acquisition Date, give to the Rights Agent and each holder of a
Right Certificate, in accordance with Section 26, a notice that describes the transaction in which a Person became an Acquiring
Person and the consequences of the transaction to holders of Rights under Section 11.1.2.

 

26.             
Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder
of any Right Certificate to or on the Company shall be sufficiently given or made if in writing and when sent by overnight delivery
service or first-class mail, postage prepaid, properly addressed (until another address is filed in writing with the Rights Agent)
as follows:

 

	 	Synaptogenix, Inc.
	 	1185 Avenue of the Americas, 3rd Floor
	 	New York, New York 10036
	 	Attention:	Chief Executive Officer
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.
	 	666 Third Avenue, New York, New York, 10017
	 	Attention:	Kenneth R. Koch
	 	 	Daniel A. Bagliebter

 

 

Subject to the provisions of Section 21, any notice or demand
authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate to or on the Rights Agent
shall be deemed given upon receipt and shall be sufficiently given or made if in writing when sent by overnight delivery service
or registered or certified mail properly addressed (until another address is filed in writing with the Company) as follows:

 

	 	Philadelphia Stock Transfer, Inc.
	 	2320 Haverford Rd
	 	Ardmore, PA 19003
	 	Attention:	Robert J. Winterle
	 	 	 
	 	with a copy to:
	 	 	 
	 	Carta, Inc.
	 	200 American Metro Blvd., Suite 123
	 	Hamilton, NJ 08619
	 	Attention:	Christopher Sealey

 

    	 	31	 

     

    

 

Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made
if in writing, when sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown
on the registry books of the Company.

 

27.             
Supplements and Amendments. The Company may from time to time, and the Rights Agent shall if the Company so directs
in writing, supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity,
to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein,
or to make any change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company
may deem necessary or desirable; provided, that, from and after such time as any Person becomes an Acquiring Person, this
Agreement shall not be amended or supplemented in any manner which would adversely affect the interests of the holders of Rights
(other than an Acquiring Person and its Affiliates and Associates and any other Person with whom such Person is Acting in Concert).
For the avoidance of doubt, the Company shall be entitled to adopt and implement such procedures and arrangements (including with
third parties) as it may deem necessary or desirable to facilitate the exercise, exchange, trading, issuance or distribution of
the Rights (and Preferred Shares) as contemplated hereby and to ensure that an Excluded Person does not obtain the benefits thereof,
and amendments in respect of the foregoing shall not be deemed to adversely affect the interests of the holders of Rights. Any
supplement or amendment authorized by this Section 27 will be evidenced by a writing signed by the Company and the Rights Agent,
subject to certification by any of the officers of the Company listed in Section 20.2 that any such supplement or amendment complies
with this Section 27. Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not be required to execute
any supplement or amendment to this Agreement that it has reasonably determined would adversely affect its own rights, duties,
obligations or immunities hereunder. No supplement or amendment to this Agreement shall be effective unless duly executed by the
Rights Agent.

 

28.             
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

29.              Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person or entity other than the Company,
the Rights Agent and the registered holders of the Right Certificates any legal or equitable right, remedy or claim under
this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Right Certificates.

 

    	 	32	 

     

    

 

30.             
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided,
that if such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the
Rights Agent shall be entitled to resign immediately upon written notice to the Company.

 

31.             
Governing Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of the State
of Delaware applicable to contracts to be made and performed entirely within the State of Delaware; provided, that all provisions
regarding the rights, duties, liabilities and obligations of the Rights Agent shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed entirely within the State of New York.

 

32.             
Counterparts. This Agreement may be executed in any number of counterparts, and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original
signature.

 

33.             
Descriptive Headings. Descriptive headings of the sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the provisions hereof.

 

34.             
Administration. Other than with respect to rights, duties, obligations and immunities of the Rights Agent, the Board
of Directors (or a duly authorized committee of the Board of Directors) shall have the exclusive power and authority to administer
and interpret the provisions of this Agreement and to exercise all rights and powers specifically granted to the Board of Directors
or the Company or as may be necessary or advisable in the administration of this Agreement. All such actions, calculations, determinations
and interpretations which are done or made by the Board of Directors (or a duly authorized committee of the Board of Directors)
in good faith shall be final, conclusive and binding on the Company, the Rights Agent, holders of the Rights and all other parties
and shall not subject the Board of Directors (or a duly authorized committee of the Board of Directors) to any liability to the
holders of the Rights. The Rights Agent is entitled always to assume that the Board of Directors (or a duly authorized committee
of the Board of Directors) acted in good faith and shall be fully protected and incur no liability in reliance thereon.

 

35.              Force
Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays
or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of any utilities,
communications, or computer facilities, or loss of data due to power failures or mechanical difficulties with information
storage or retrieval systems, labor difficulties, war, or civil unrest.

 

[Signature Pages Follow]

 

    	 	33	 

     

    

 

The parties hereto have caused this Agreement
to be duly executed as of the day and year first above written.

 

	 	Synaptogenix, Inc.
	 	By:	/s/ Robert Weinstein
	 	Name:	Robert Weinstein  
	 	Title:	Chief Financial Officer

 

[Signature Page to Rights Agreement]

 

    	 		 

     

    

 

The parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.

 

	 	Philadelphia Stock Transfer, Inc.
	 	By:	/s/ Robert J. Winterle
	 	Name:	Robert J. Winterle
	 	Title:	President

 

[Signature Page to Rights Agreement]

 

    	 	2	 

     

    

 

EXHIBIT A

 

Intentionally Omitted

 

    	 	Exhibit A-1	 

     

    

 

EXHIBIT B

 

Form of Right Certificate

 

 

 

Certificate No. R-                Rights

 

NOT EXERCISABLE AFTER THE FINAL EXPIRATION
DATE (AS DEFINED IN THE RIGHTS AGREEMENT) OR EARLIER IF REDEMPTION, EXCHANGE OR TERMINATION OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION
AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE
OR WERE ACQUIRED OR BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED
IN THE RIGHTS AGREEMENT) OR ANY OTHER PERSON WITH WHOM SUCH PERSON IS ACTING IN CONCERT, OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS,
WILL BECOME NULL AND VOID.

 

Right Certificate

 

SYNAPTOGENIX, INC.

 

This certifies that  _________________, or his, her or its
registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement (as may be amended from time to time, the “Rights
Agreement”), dated as of January 19, 2021, between Synaptogenix, Inc., a Delaware corporation (the “Company”),
and Philadelphia Stock Transfer, Inc., as rights agent (or any successor rights agent) (the “Rights Agent”),
to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior
to the Final Expiration Date (as such term is defined in the Rights Agreement) or earlier under certain circumstances set forth
in the Rights Agreement, at the office or offices of the Rights Agent designated for such purpose, or at the office of its successor
as Rights Agent, one one-thousandth of a fully paid non-assessable share of Series A Preferred Stock, par value $0.001 per share,
of the Company (the “Preferred Shares”), at a purchase price of $20 per one one-thousandth of a Preferred Share
(the “Purchase Price”), upon presentation and surrender of this Right Certificate with the Form of Election
to Purchase properly completed and duly executed, accompanied by such documentation as the Rights Agent may reasonably request.
The number of Rights evidenced by this Right Certificate (and the number of one one-thousandth of a Preferred Share which may be
purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of
January 19, 2021, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Purchase
Price and the number of one one-thousandth of a Preferred Share which may be purchased upon the exercise of the Rights evidenced
by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

 

From and after the occurrence of a
Stock Acquisition Date (as defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are or were
acquired or Beneficially Owned by an Acquiring Person or an Associate or
Affiliate of an Acquiring Person or any other Person with whom such Person is Acting in Concert, such Rights shall become void,
and any holder of such Rights shall thereafter have no right to exercise such Rights.

 

    	 	Exhibit B-1	 

     

    

  

This Right Certificate is subject to all
of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are incorporated herein
by this reference and made a part hereof, and to which Rights Agreement reference is made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right
Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the office or offices
of the Rights Agent designated for such purpose.

 

This Right Certificate, with or without
other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, accompanied
by such documentation as the Rights Agent may reasonably request, may be exchanged for another Right Certificate or Right Certificates
of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights
evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right
Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate
or Right Certificates for the number of whole Rights not exercised.

 

Subject to the provisions of the Rights
Agreement, at the Company’s option, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption
price of $0.001 per Right or (ii) may be exchanged in whole or in part for shares of the Company’s Common Stock, par value
$0.001 per share, Preferred Shares, cash, debt securities, or other assets, property or instruments. The shares and other securities
transferred as part of the exchange may be transferred to a trust created upon such terms as the Board of Directors of the Company
may determine.

 

No fractional Preferred Shares will be issued
upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth
of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash
payment will be made, as provided in the Rights Agreement.

 

No holder of this Right Certificate, as
such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any
other securities of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything contained
in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of
the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or
Rights evidenced by this Right Certificate shall have been exercised or exchanged as provided in the Rights Agreement.

 

    	 	Exhibit B-2	 

     

    

 

This Right Certificate shall not be valid
or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile signature of the proper
officers of the Company and its corporate seal. Dated as of .

 

	Attest:	 	Synaptogenix, Inc.
	 	 	By:  	                      
	 	 	 
	Countersigned:	 	 
		 	 
	 	 	 
	Rights Agent:	 	 
	By:
	
                                                	 	 	 
	Authorized Signature	 	 	 

 

    	 	Exhibit B-3	 

     

    

 

Form of Reverse Side of Right Certificate

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such holder desires to transfer the Right Certificate.)

 

FOR VALUE RECEIVED, ___________________________
hereby sells, assigns and transfers unto

 

(Please print name and address of transferee)

 

this Right Certificate, together with
all right, title and interest therein, and does hereby irrevocably constitute and appoint ___________________________,
Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of
substitution.

 

	 	 	      
	Date:  	      	 	Signature

 

Signature Guaranteed:

 

Signatures must be guaranteed by an eligible
guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program).

 

The undersigned hereby certifies that the
Rights evidenced by this Right Certificate are not Beneficially Owned by, were not acquired by the undersigned from, and are not
being assigned to an Acquiring Person or an Affiliate or Associate thereof or any other Person with whom such Person is Acting
in Concert and are not issued with respect to Common Shares underlying a Derivative Position described in the definition of Beneficial
Owner (as such terms are defined in the Rights Agreement).

 

	 	 
	 	Signature

 

    	 	Exhibit B-4	 

     

    

 

Form of Reverse Side of Right Certificate
 — continued

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to exercise
the Right Certificate.)

 

TO SYNAPTOGENIX, INC.:

 

The undersigned hereby irrevocably
elects to exercise _______________ Rights represented by this Right Certificate to purchase the Preferred Shares issuable
upon the exercise of such Rights and requests that certificates for such Preferred Shares be issued in the name of:

 

Please insert Social Security or other
identifying number:

 

		 

 

(Please print name and address)

 

		 

 

If such number of Rights shall not be all
the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered
in the name of and delivered to:

 

Please insert Social Security or other identifying
number:

 

		 

 

(Please print name and address)

 

		 

 

 

	 	 	      
	Date:  	      	 	Signature

 

(Signature must conform to the holder specified
on the Right Certificate)

 

Signature Guaranteed:

 

Signatures must be guaranteed by an eligible
guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program).

 

    	 	Exhibit B-5	 

     

    

 

Form of Reverse Side of Right Certificate — continued

 

The undersigned hereby certifies that the
Rights evidenced by this Right Certificate are not Beneficially Owned by, were not acquired by the undersigned from, and are not
being assigned to an Acquiring Person or an Affiliate or Associate thereof or any other Person with whom such Person is Acting
in Concert and are not issued with respect to Common Shares underlying a Derivative Position described in the definition of Beneficial
Owner (as such terms are defined in the Rights Agreement).

 

	 	 
	 	Signature

 

NOTICE

 

The signature in the foregoing Forms of
Assignment and Election to Purchase must conform to the name as written upon the face of this Right Certificate in every particular,
without alteration or enlargement or any change whatsoever.

 

In the event that the certification set
forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such assignment
or election to purchase will not be honored.

 

    	 	Exhibit B-6	 

     

    

 

EXHIBIT C

 

UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT
ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED
IN THE RIGHTS AGREEMENT) OR ANY OTHER PERSON WITH WHOM SUCH PERSON IS ACTING IN CONCERT, OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS,
WILL BECOME NULL AND VOID

 

SUMMARY OF RIGHTS TO PURCHASE

 

PREFERRED SHARES

 

On January 13, 2021, the Board of Directors
of Synaptogenix, Inc., a Delaware corporation (the “Company”), declared a dividend of one preferred share purchase
right (a “Right”) for each outstanding share of common stock, par value $0.0001 per share, of the Company (the
 “Common Shares”), outstanding on January 25, 2021, (the “Record Date”) to the stockholders
of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of
Series A Preferred Stock, par value $0.001 per share, of the Company (the “Preferred Shares”), at a price of
$20 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment.
The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated
as of January 19, 2021, between the Company and Philadelphia Stock Transfer, Inc., as rights agent (or any successor rights agent),
as it may from time to time be amended or supplemented pursuant to its terms. Capitalized terms used but not defined in this summary
have the meanings ascribed to such terms in the Rights Agreement.

 

Until the earlier to occur of (i) the Close
of Business on the tenth day following the acquisition of Beneficial Ownership of 15% (20% in the case of a 13G Investor) or more
of the outstanding Common Shares (including ownership of a Derivative Position) by a Person or group of affiliated or associated
Persons or any other Person with whom such Person is acting in concert has acquired Beneficial Ownership of 15% (20% in the case
of a 13G Investor) or more of the outstanding Common Shares (an “Acquiring Person”) (or, in the event that an
exchange is effected in accordance with Section 24 of the Rights Agreement and the Board of Directors determines that a later date
is advisable, then such later date) or (ii) 10 Business Days (or such later date as may be determined by action of the Board of
Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of, or of the first public announcement
of the intention to commence, a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership
by a Person or group of 15% or more of the outstanding Common Shares (the earlier of such dates, the “Distribution Date”),
the Rights will be evidenced by Common Share certificates with a copy of this Summary of Rights attached thereto (unless such Rights
are recorded in book-entry); provided, that each certificate (or other evidence of book-entry or other uncertificated ownership)
representing Common Shares outstanding as of the Close of Business on the Record Date evidencing the Rights shall be deemed to
incorporate by reference the terms of the Rights Agreement.

 

    	 	Exhibit C-1	 

     

    

 

A Person shall not be deemed to be an Acquiring
Person if such Person, together with all Affiliates and Associates of such Person, at the time of the first public announcement
of the Rights Agreement, is a Beneficial Owner of 15% or more of the Common Shares then outstanding (a “Grandfathered
Stockholder”); provided, that if a Grandfathered Stockholder becomes (other than pursuant to the vesting or exercise
of any equity awards issued to a member of the Board of Directors or pursuant to additional grants of any such equity awards to
a member of the Board of Directors), after the date of the Rights Agreement, the Beneficial Owner of any additional Common Shares
(regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of Common
Shares then outstanding Beneficially Owned by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed
to be an Acquiring Person unless, upon such acquisition of Beneficial Ownership of additional Common Shares, such Person is not
the Beneficial Owner of 15% or more of the Common Shares then outstanding; provided, further, that upon the first decrease
of a Grandfathered Stockholder’s Beneficial Ownership below 15%, such Grandfathered Stockholder shall no longer be deemed
to be a Grandfathered Stockholder. For the avoidance of doubt, in the event that after the time of the first public announcement
of the Rights Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed
to be the Beneficial Owner of Common Shares expires, is settled in whole or in part, terminates or no longer confers any benefit
to or imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of
such agreement, arrangement or understanding with respect to the same or different Common Shares that confers Beneficial Ownership
of Common Shares shall be considered the acquisition of Beneficial Ownership of additional Common Shares by the Grandfathered Stockholder
and render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement unless, upon such acquisition
of Beneficial Ownership of additional Common Shares, such Person is not the Beneficial Owner of 15% or more of the Common Shares
then outstanding.

 

No Person which, together with all
Affiliates and Associates of such Person, is the Beneficial Owner of Common Shares representing less than 20% of the Common
Shares then outstanding, and which is entitled to file, and files, a statement on Schedule 13G (“Schedule
13G”) pursuant to Rule 13d-1(b) or Rule 13d-1(c) of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), as in effect at the time of the public announcement of the
declaration of the Rights with respect to the Common Shares Beneficially Owned by such Person (a “13G
Investor”), shall be deemed to be an “Acquiring Person”; provided, that a Person who was deemed
a 13G Investor shall no longer be deemed such if it files a statement on Schedule 13D (“Schedule 13D”)
pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f) or 13d-1(g) of the General Rules and Regulations under the Exchange Act as in
effect at the time of the public announcement of the declaration of the Rights with respect to the Common Shares Beneficially
Owned by such Person, and shall be deemed an Acquiring Person if it is the Beneficial Owner of 15% or more of the Common
Shares then outstanding at any point from the time it first files such a statement on Schedule 13D provided that if at
such time such Person’s Beneficial Ownership is not less than 15%, then such Person shall have 30 days from such time
to reduce its Beneficial Ownership (together with all Affiliates and Associates of such Person) to below 15% of the Common
Shares before being deemed an “Acquiring Person” but shall be deemed an “Acquiring Person” if after
reducing its Beneficial Ownership to below 15% it subsequently becomes the Beneficial Owner of 15% or more of the Common
Shares or if, prior to reducing its Beneficial Ownership to below 15%, it increases (or makes any offer or takes any other
action that would increase) its Beneficial Ownership of the then-outstanding Common Shares above the lowest Beneficial
Ownership of such Person at any time during such 30-day period.

 

    	 	Exhibit C-2	 

     

    

 

“Beneficial Ownership”
shall include any securities (i) which a Person or any of such Person’s Affiliates or Associates beneficially owns, directly
or indirectly, within the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act, or has the right or ability to vote,
or the right to acquire, pursuant to any agreement, arrangement or understanding (except under limited circumstances), (ii) which
are directly or indirectly Beneficially Owned by any other Person with which a Person has any agreement, arrangement or understanding
for the purpose of acquiring, holding or voting such securities, or obtaining, changing or influencing control of the Company,
or with whom such Person is acting in concert or (iii) in respect of which a Person or any of such Person’s Affiliates or
Associates has a derivative position which is capable of being settled, in whole or in part, through delivery of Common Shares
(whether on a required or optional basis, and whether such settlement may occur immediately or only after the passage of time,
the occurrence of conditions, the satisfaction of regulatory requirements or otherwise).

 

The Rights Agreement provides that, until
the Distribution Date (or earlier expiration or redemption of the Rights), the Rights will be transferred with and only with the
Common Shares. New Rights will accompany any new Common Shares issued by the Company after the Record Date, until the Distribution
Date (or earlier redemption or expiration of the Rights). Until the Distribution Date (or earlier redemption or expiration of the
Rights), new Common Share certificates issued after the Record Date or upon transfer or new issuance of Common Shares will contain
a notation incorporating the Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of
the Rights), the surrender for transfer of any certificates for Common Shares outstanding as of the Record Date, even without such
notation or a copy of this Summary of Rights being attached thereto, will also constitute the transfer of the Rights associated
with the Common Shares represented by such certificate. As soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the Common Shares as of
the Distribution Date, and such separate Right Certificates alone will evidence the Rights (unless such Rights are recorded in
book-entry).

 

The Rights are not exercisable until the
Distribution Date. The Rights will expire on the Close of Business on January 13, 2023 (the “Final Expiration Date”).

 

The Purchase Price payable, and the number
of Preferred Shares or other securities or property issuable, upon exercise of the Rights is subject to adjustment from time to
time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred
Shares; (ii) upon the grant to holders of the Preferred Shares of certain rights or warrants to subscribe for or purchase Preferred
Shares at a price, or securities convertible into Preferred Shares with a conversion price, less than the then current market price
of the Preferred Shares; or (iii) upon the distribution to holders of the Preferred Shares of evidences of indebtedness or assets
(excluding regular periodic cash dividends paid out of earnings or retained earnings or dividends payable in Preferred Shares)
or of subscription rights or warrants (other than those referred to above).

 

    	 	Exhibit C-3	 

     

    

 

The number of outstanding Rights and the
number of Preferred Shares issuable upon exercise of each Right are also subject to adjustment in the event of a stock split of
the Common Shares or a stock dividend on the Common Shares payable in Common Shares or subdivisions, consolidations or combinations
of the Common Shares occurring, in any such case, prior to the Distribution Date.

 

Preferred Shares purchasable upon exercise
of the Rights will not be redeemable. Each Preferred Share will be entitled to a quarterly dividend payment of 1,000 multiplied
by the dividend declared per Common Share. In the event of liquidation, the holders of the Preferred Shares will be entitled to
a payment per share equal to 1,000 multiplied by the aggregate payment made per Common Share. Each Preferred Share will have 1,000
votes, voting together with the Common Shares. In the event of any merger, consolidation or other transaction in which Common Shares
are exchanged, each Preferred Share will be entitled to receive 1,000 multiplied by the amount received per Common Share.

 

From and after the time any Person becomes
an Acquiring Person, if the Rights evidenced by this Right Certificate are or were acquired or Beneficially Owned by an Acquiring
Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement), or any other Person
with whom such Person is Acting in Concert, such Rights shall become void, and any holder of such Rights shall thereafter have
no right to exercise such Rights.

 

If any Person becomes an Acquiring Person,
proper provision shall be made so that each holder of a Right, other than Rights Beneficially Owned by the Acquiring Person and
its Affiliates and Associates, and any other Person with whom such Person is Acting in Concert (all of which will thereafter be
void), will thereafter have the right to receive upon exercise that number of Common Shares having a market value of two times
the exercise price of the Right. If the Board of Directors so elects, the Company may deliver upon payment of the exercise price
of a Right an amount of cash, securities, or other property equivalent in value to the Common Shares issuable upon exercise of
a Right.

 

If, at any time after a Person becomes an
Acquiring Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated
assets or Earning Power (as defined in the Rights Agreement) are sold, proper provision will be made so that each holder of a Right
will thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right, that number
of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times
the exercise price of the Right.

 

At any time after any Person becomes an
Acquiring Person and prior to the acquisition by any Person or group of a majority of the outstanding Common Shares, the Board
of Directors may exchange the Rights (other than Rights owned by such Person or group which have become void), in whole or in part,
at an exchange ratio of one Common Share per Right (subject to adjustment). The shares and other securities transferred as part
of the exchange may be transferred to a trust created upon such terms as the Board of Directors of the Company may determine.

 

    	 	Exhibit C-4	 

     

    

 

With certain exceptions, no adjustment
in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price.
No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-thousandth of a Preferred
Share, which may, at the election of the Company, be evidenced by depositary receipts), and in lieu thereof, an adjustment in
cash will be made based on the market price of the Preferred Shares on the last trading day prior to the date of exercise.

 

At any time prior to the time any Person
becomes an Acquiring Person, the Board of Directors may redeem the Rights in whole, but not in part, at a price of $0.001 per Right
(the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and
with such conditions as the Board of Directors in its sole discretion may establish. Immediately upon any redemption of the Rights,
the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

The terms of the Rights may be amended by
the Board of Directors without the consent of the holders of the Rights. However, from and after such time as any Person becomes
an Acquiring Person, the Rights Agreement shall not be amended or supplemented in any manner which would adversely affect the interests
of the holders of Rights (other than an Acquiring Person and its Affiliates and Associates and any other Person with whom such
Person is Acting in Concert).

 

Until a Right is exercised, the holder thereof,
as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.

 

A copy of the Rights Agreement has been
filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K. A copy of the Rights Agreement
is available free of charge from the Company. The foregoing summary of the Rights does not purport to be complete and is qualified
in its entirety by reference to the Rights Agreement, which is hereby incorporated herein by reference.

 

    	 	Exhibit C-5Exhibit 10.1

 

EXECUTION VERSION

 

DEUTSCHE BANK AG NEW YORK BRANCH

DEUTSCHE BANK SECURITIES INC.

60 Wall Street

New York, New York 10005

 

January 18, 2021

 

Lumentum Holdings Inc.

400 North McCarthy Boulevard

Milpitas, California 95035

Attention: Wajid Ali, Executive Vice President and Chief Financial Officer

 

Project Cheetah

Term Loan Facilities

Commitment Letter

 

Ladies and Gentlemen:

 

You have advised each
of Deutsche Bank AG New York Branch (“DBNY”) and Deutsche Bank Securities Inc. (“DBSI” and,
together with DBNY, collectively, the “Agents”, “DB”, “we” or “us”)
that you intend to consummate the Transaction (such term and each other capitalized term used but not defined herein having the
meaning assigned to such term in the Transaction Description attached hereto as Exhibit A or in the Term Sheet or Summary
of Conditions referred to below).

 

1.     Commitments.

 

In connection with
the foregoing, DBNY is pleased to advise you of its commitment to provide 100% of the principal amount of the Initial Term
Loan Facility, upon the terms set forth or referred to in this commitment letter (together with the exhibits attached hereto, this
 “Commitment Letter”) and in the Summary of Principal Terms and Conditions for the Term Loan Facilities attached
hereto as Exhibit B (the “Term Sheet”) and subject only to the conditions set forth in the Summary
of Conditions Precedent attached hereto as Exhibit C (the “Summary of Conditions”).

 

2.      Titles
and Roles.

 

You hereby appoint
(a) DBSI to act, and DBSI hereby agrees to act, as sole lead book running manager and sole lead arranger for the Initial Term
Loan Facility (in such capacity, the “Lead Arranger”) and (b) DBNY to act, and DBNY hereby agrees to act,
as sole administrative agent and collateral agent for the Term Loan Facilities (in such capacity, the “Administrative
Agent”), in each case upon the terms set forth or referred to in this Commitment Letter and subject only to the conditions
set forth in the Summary of Conditions. Each of DBSI and DBNY will perform the duties and exercise the authority customarily performed
and exercised by it in the foregoing roles. DBSI will have “left side” designation and shall appear on the top left
of the cover page of any marketing materials for the Initial Term Loan Facility and will have all rights and responsibilities
associated with such position and placement.

 

    -1-

     

    

 

3.     Syndication.

 

We intend, prior to
and/or after the execution of definitive documentation for the Term Loan Facility (the “Term Loan Documentation”),
to syndicate all or a portion of our commitments with respect to the Initial Term Loan Facility to a group of banks, financial
institutions and other lenders (together with DBNY, the “Lenders”) identified by us in consultation with you
pursuant to a syndication to be managed exclusively by the Lead Arranger, provided that we will not syndicate to (i) those
persons identified by you by name in writing to us prior to the date hereof or (ii) competitors of the Borrower, any of its
subsidiaries or the Acquired Business that are identified by you by name in writing prior to the date hereof (such persons, together
with any person that is clearly identifiable as an affiliate of such person on the basis of its name, collectively, the “Disqualified
Institutions”); provided, further, that the Borrower, upon reasonable written notice to the Lead Arranger
after the date hereof (or, after the Closing Date, the Administrative Agent), shall be permitted to supplement in writing the list
of persons that are Disqualified Institutions to the extent such supplemented person is or becomes a bona fide competitor of the
Borrower, its subsidiaries and the Acquired Business; provided however, that such supplementation shall not apply retroactively
to disqualify any parties that have previously acquired an assignment or participation interest in the Term Loans; and provided,
further, that a competitor or an affiliate of a competitor shall not include any bona fide debt fund or investment vehicle
(other than a person which is excluded pursuant to clause (i) above). All aspects of the syndication of the Initial Term Loan
Facility, including, without limitation, timing, potential syndicate members to be approached, titles, allocations and division
of fees, shall be determined by (and coordinated through) the Lead Arranger in consultation with you (subject only to your express
consent rights as provided above).

 

We intend to commence
our syndication efforts with respect to the Initial Term Loan Facility following your execution and delivery to us of this Commitment
Letter and, until the earlier to occur of (i) a Successful Syndication (as defined in the Fee Letter) and (ii) forty-five
(45) days after the Closing Date (the “Syndication Period”), you agree actively to assist (and to use your commercially
reasonable efforts to cause the Acquired Business to actively assist) us in completing a syndication that is reasonably satisfactory
to us and you. Such assistance shall include (a) your using commercially reasonable efforts to ensure that any syndication
efforts benefit materially from your and the Acquired Business’ existing lending and investment banking relationships, (b) direct
contact between your senior management, representatives and advisors (and your using commercially reasonable efforts to cause direct
contact between senior management, representatives and advisors of the Acquired Business), on the one hand and the proposed Lenders
and rating agencies identified by the Lead Arranger on the other hand, at times and places reasonably requested by the Lead Arranger,
(c) assistance by you (and your using commercially reasonable efforts to cause the assistance by the Acquired Business) in
the prompt preparation of a Confidential Information Memorandum for the Initial Term Loan Facility and other marketing materials
and information reasonably deemed necessary by the Lead Arranger to complete a Successful Syndication (collectively, the “Information
Materials”) for delivery to potential syndicate members and participants prior to the commencement of the Marketing Period,
including, without limitation, any financial estimates, forecasts, projections and other forward-looking financial information
regarding the future performance of the Borrower and its subsidiaries, including the Acquired Business (such forward-looking financial
information, collectively, the “Projections”), (d) the hosting, at reasonable times and upon reasonable
request, with the Lead Arranger, of one or more meetings and/or conference calls with prospective Lenders, (e) your ensuring
(or, in the case of the Acquired Business, your using commercially reasonable efforts to ensure) that, until the later of (x) the
end of the Syndication Period and (y) the Closing Date, there will not be any announcement, offering, placement or arrangement
of issues of debt securities or credit facilities of, or on behalf of, you, the Acquired Business or any of your or their subsidiaries
(including refinancings and renewals of debt but excluding the Initial Term Loan Facility, debt expressly permitted to be incurred
by the Acquired Business (and remain outstanding on the Closing Date) under the Merger Agreement (as in effect on the date hereof),
working capital indebtedness incurred in the ordinary course of business, intercompany indebtedness, purchase money debt and capital
lease obligations incurred in the ordinary course of business or other indebtedness that has otherwise been consented to by the
Lead Arranger), without the consent of the Lead Arranger, if such announcement, offering, placement or arrangement would reasonably
be expected to impair the primary syndication of the Initial Term Loan Facility in any material respect, and (f) your using
commercially reasonable efforts to obtain (i) public ratings for the Initial Term Loan Facility (of any level), from each
of S&P Global Ratings (“S&P”) and Moody’s Investor’s Services, Inc. (“Moody’s”),
and (ii) a public corporate rating and a public corporate family rating of the Borrower (of any level) from each of S&P
and Moody’s, respectively, in each case prior to the launch of the syndication of the Initial Term Loan Facility. Notwithstanding
anything to the contrary contained in this Commitment Letter or the Fee Letter, (a) none of the foregoing (including the obtaining
of the ratings referenced above) shall constitute a condition to the commitments hereunder or the funding of the Initial Term Loan
Facility on the Closing Date, (b) except as expressly provided in Section 11 of the Summary of Conditions hereto, neither
the commencement nor the completion of the syndication of the Initial Term Loan Facility shall constitute a condition precedent
to the funding of the Initial Term Loan Facility on the Closing Date, and (c) the only Projections or pro forma or other financial
statements that shall be required to be provided to the Lead Arranger in connection with the syndication of the Initial Term Loan
Facility shall be those required to be delivered pursuant to Section 7 of Exhibit C. Your obligations under this
Commitment Letter to use commercially reasonable efforts to cause the Acquired Business or its management to take (or to refrain
from taking) any action will not require you to take any action that is in contravention of the terms of the Merger Agreement.

 

    -2-

     

    

 

You hereby acknowledge
that (a) the Agents will make available Information (as defined below) and Projections, and the documentation relating to
the Term Loan Facilities referred to in the paragraph below, to the proposed syndicate of Lenders (which will exclude Disqualified
Institutions) by transmitting such Information, Projections and documentation through Intralinks, Debtdomain, SyndTrak Online,
the internet, email or similar electronic transmission systems and (b) certain of the Lenders may be “public side”
Lenders (i.e., Lenders that (i) have personnel that wish only to receive information and documentation that does not
constitute or include material non-public information (within the meaning of the United States federal securities laws) and (ii) do
not wish to receive material non-public information with respect to the Borrower and its subsidiaries, the Acquired Business or
their respective securities). You further agree, at the request of the Lead Arranger, to assist in the prompt preparation of a
version of the Confidential Information Memorandum and other marketing materials and presentations to be used in connection with
the syndication of the Initial Term Loan Facility, consisting exclusively of information and documentation that is either (i) publicly
available or (ii) not material with respect to the Borrower, the Acquired Business or their respective subsidiaries or any
of their respective securities for purposes of United States Federal and state securities laws (all such information and documentation
being “Public Lender Information” and with any information and documentation that is not Public Lender Information
being referred to herein as “Private Lender Information”).

 

It is understood that
in connection with your assistance described above, customary authorization letters will be included in any such Confidential Information
Memorandum that authorize the distribution thereof to prospective Lenders, represent that the additional version of the Confidential
Information Memorandum containing only Public Lender Information does not include any Private Lender Information and exculpate
us with respect to any liability related to the use of the contents of such Confidential Information Memorandum or any related
offering and marketing materials by the recipients thereof and exculpate you and the Acquired Business with respect to any liability
related to the misuse of the contents of such Confidential Information Memorandum or any related offering and marketing materials
by the recipients thereof. Before distribution of any such Confidential Information Memorandum or any related offering and marketing
materials, each document to be disseminated by the Lead Arranger (or any other Agent) to any Lender in connection with the Term
Loan Facilities will be identified by you as either (i) containing Private Lender Information or (ii) containing solely
Public Lender Information.

 

    -3-

     

    

 

You further agree that
the following documents may be distributed as Public Lender Information, unless you advise the Lead Arranger in writing (including
by email) within a reasonable time prior to their intended distribution that such materials should only be distributed as Private
Lender Information (provided that such materials have been provided to you and your counsel for review a reasonable period of time
prior thereto): (a) administrative materials prepared by the Lead Arranger for prospective Lenders (such as a lender meeting
invitation, bank allocation, if any, and funding and closing memoranda), (b) customary marketing term sheets and notification
of changes in the Term Loan Facilities’ terms and conditions, (c) drafts and final versions of the Term Loan Documentation
and (d) publicly available financial statements of the Borrower and the Acquired Business.

 

4.     Information.

 

You represent and warrant
(and with respect to Information relating to the Acquired Business, to the best of your knowledge prior to the Closing Date) that
(a) no written information which has been or is hereafter furnished to us by you or on your behalf in connection with the
transactions contemplated hereby (other than the Projections, pro formas, other forward looking information and information of
a general economic or industry specific nature) (such written information being referred to herein collectively as the “Information”)
when taken as a whole contained (or, in the case of Information furnished after the date hereof, will contain), as of the time
it was (or hereafter is) furnished, any material misstatement of fact or omitted (or will omit) as of such time to state any material
fact necessary to make the statements therein taken as a whole not misleading, in light of the circumstances under which they were
(or hereafter are) made and (b) the Projections that have been or will be made available to the Lead Arranger by you or any
of your representatives have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at
the time made and at the time such Projections are made available to the Lead Arranger, it being recognized by the Agents that
such Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections
may differ significantly from the projected results, and that no assurance can be given that the projected results will be realized.
You agree that if at any time prior to the earlier of (x) 45 days after the Closing Date and (y) the later of (i) the
Closing Date and (ii) a Successful Syndication, any of the representations and warranties in the preceding sentence would
(to the best of your knowledge, with respect to Information relating to the Acquired Business prior to the Closing Date) be incorrect
in any material respect if the Information and Projections were being furnished, and such representations and warranties were being
made, at such time, then you will promptly supplement the Information and the Projections so that (to the best of your knowledge,
with respect to the Information relating to the Acquired Business prior to the Closing Date) such representations and warranties
will be correct in all material respects under those circumstances. You understand that, in arranging and syndicating the Initial
Term Loan Facility, we will be entitled to use and rely on the Information and the Projections without responsibility for independent
verification thereof and do not assume responsibility for the accuracy or completeness of the Information or the Projections.

 

5.     Conditions
Precedent.

 

DBNY’s commitment
hereunder, and each Agent’s agreement to perform the services described herein, are subject only to the satisfaction of the
conditions set forth in the Summary of Conditions (the “Exclusive Funding Conditions”).

 

    -4-

     

    

 

Notwithstanding anything
set forth in this Commitment Letter, the Fee Letter or the Term Loan Documentation, or any other agreement or other undertaking
concerning the transactions contemplated hereby to the contrary, (i) the only representations and warranties the accuracy
of which shall be a condition to the availability of the Initial Term Loan Facility on the Closing Date shall be (x) such
of the representations made by (or with respect to) the Acquired Business in the Merger Agreement as are material to the interests
of the Lenders, but only to the extent that you have (or your applicable affiliate has) the right (taking into account any applicable
cure provisions and determined without regard to any notice requirement) to terminate your (or your affiliate’s) obligations
(or to refuse to consummate the Acquisition) under the Merger Agreement as a result of a breach of such representations (the “Merger
Agreement Representations”) and (y) the Specified Representations (as defined below) and (ii) the terms of
the Term Loan Documentation shall be in a form such that they do not impair the availability of the Initial Term Loan Facility
on the Closing Date if the Exclusive Funding Conditions shall have been satisfied or waived (it being understood that to the extent
any Collateral referred to in the Term Sheet may not be perfected by (A) the filing of a UCC financing statement or (B) taking
delivery and possession of any stock certificates of subsidiaries of the Borrower that constitute Collateral, if the perfection
of the Administrative Agent’s security interest in such Collateral may not be accomplished prior to the Closing Date after
your use of commercially reasonable efforts to do so, then the perfection of the security interest in such Collateral shall not
constitute a condition precedent to the availability of the Initial Term Loan Facility on the Closing Date but, instead, may be
accomplished within 90 days after the Closing Date (or such longer period after the Closing Date reasonably acceptable to the Administrative
Agent); provided that stock certificates representing equity interests in any subsidiaries of the Target (to the extent
required under the terms of the Term Sheet) will, to the extent you have used commercially reasonable efforts to obtain them, only
be required to be delivered on the Closing Date to the extent received from the holders thereof prior to the Closing Date). For
purposes hereof, “Specified Representations” means the representations and warranties set forth in the Term
Loan Documentation relating to corporate existence of the Borrower and the Guarantors, corporate power and authority relating to
the entering into and performance of the Term Loan Documentation by the Borrower and the Guarantors, the due authorization, execution
and delivery by the Borrower and the Guarantors, and the validity and enforceability, of the Term Loan Documentation, no conflicts
of the Term Loan Documentation with organizational documents of the Borrower and the Guarantors, margin regulations, the Investment
Company Act of 1940, as amended, solvency of the Borrower and its subsidiaries on a consolidated basis as of the Closing Date (after
giving pro forma effect to the Transaction and with solvency to be defined consistently with the solvency certificate to
be delivered pursuant to Section 6 of Exhibit C), use of proceeds of the Initial Term Loan Facility not in violation
of the Patriot Act/“know your customer” laws (including Beneficial Ownership Regulation referred to below), OFAC/sanctions/anti-terrorism
laws, FCPA/anti-corruption laws and anti-money laundering laws and, subject to the last parenthetical appearing in the preceding
sentence and customary “permitted liens”, the creation, validity, perfection and priority of the security interests
granted in the proposed Collateral. The provisions of this paragraph are referred to as the “Funds Certain Provisions”.

 

You agree that we will
have the right to communicate and consult with you and your affiliates with respect to your and their rights and remedies under
the Merger Agreement.

 

6.     Fees.

 

As consideration for
DBNY’s commitment hereunder, and each Agent’s agreement to perform the services described herein, you agree to pay
(or cause to be paid) to each Agent the fees to which such Agent is entitled set forth in this Commitment Letter and in the Fee
Letter dated the date hereof and delivered herewith with respect to the Initial Term Loan Facility (the “Fee Letter”).

 

7.      Expenses;
Indemnification.

 

To induce each Agent
to issue this Commitment Letter and to proceed with the Term Loan Documentation, you hereby agree that all reasonable and documented
out-of-pocket fees and expenses (including the reasonable and documented fees and expenses of outside counsel and consultants)
of each Agent and its respective affiliates arising in connection with the Initial Term Loan Facility and the preparation, negotiation,
execution, delivery and enforcement of this Commitment Letter, the Fee Letter and the Term Loan Documentation (including in connection
with our due diligence and syndication efforts) shall be for your account (and that you shall from time to time upon request from
such Agent reimburse such Agent and its affiliates for all such reasonable and documented out-of-pocket fees and expenses paid
or incurred by them); provided that you shall only be responsible for the reasonable and documented fees and expenses of
one primary counsel acting for the Agents (taken as a whole) for the Initial Term Loan Facility and one local counsel for each
relevant jurisdiction as may be necessary or advisable in the judgment of the Agents.

 

    -5-

     

    

 

You further agree to
indemnify and hold harmless each Agent and each other agent or co-agent (if any) designated by the Lead Arranger with respect to
the Initial Term Loan Facility (each, a “Co-Agent”) and their respective affiliates and controlling persons
and the respective directors, officers, employees, representatives and agents of each of the foregoing (each, an “Indemnified
Person”) from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims,
losses, damages, liabilities or expenses of any kind or nature whatsoever (subject, in the case of any costs or expenses incurred
by the Indemnified Person in connection with the negotiation or documentation of the Term Loan Facilities, this Commitment Letter
or the Fee Letter, to the limitations set forth in the immediately preceding paragraph) which may be incurred by or asserted against
or involve any Agent, any Co-Agent or any other such Indemnified Person as a result of or arising out of or in any way related
to or resulting from the Transaction, this Commitment Letter or the Fee Letter (any of the foregoing, a “Proceeding”)
and, upon demand, to pay and reimburse each Agent, each Co-Agent and each other Indemnified Person for any reasonable and documented
legal or other out-of-pocket expenses paid or incurred in connection with investigating, defending or preparing to defend any such
action, suit, proceeding (including any inquiry or investigation) or claim (whether or not any Agent, any Co-Agent or any other
such Indemnified Person is a party to any action or proceeding out of which any such expenses arise or such matter is initiated
by a third party or by you or any of your affiliates); provided, however, that the foregoing indemnity will not,
as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses (i) to the extent they are
found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad
faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s controlled or controlling affiliates
or any of its or their respective officers, directors, employees, agents, controlling persons, members or representatives (collectively,
such Indemnified Person’s “Related Persons”), (ii) arising out of a material breach by such Indemnified
Person (or any of such Indemnified Person’s Related Persons) of its respective obligations under this Commitment Letter or
the Fee Letter (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (iii) arising
out of any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of
you or any of your subsidiaries and that is brought by an Indemnified Person against any other Indemnified Person (other than any
claim, actions, suits, inquiries, litigation, investigation or proceeding against any Agent in its capacity or in fulfilling its
role as an administrative agent or Lead Arranger under the Term Loan Facilities); provided, however, that the foregoing
indemnity will apply to any such settlement in the event that you were offered the ability to assume the defense of the action
that was the subject matter of such settlement and elected not to assume such defense; and provided, further, that
you shall be responsible for the fees and expenses of only one counsel for all Indemnified Persons in connection with indemnification
claims arising out of the same facts or circumstances and, if reasonably necessary or advisable in the judgment of the Agents,
a single local counsel to the Indemnified Persons in each relevant jurisdiction and, solely in the case of an actual or perceived
conflict of interest, one additional primary counsel and one additional local counsel in each applicable jurisdiction, in each
case, to the affected Indemnified Persons. No Indemnified Person shall be responsible or liable to you or any other person or entity
for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications,
internet-based or other information transmission systems (including, without limitation, IntraLinks, Debtdomain, SyndTrak
Online or email), except to the extent such damages have resulted from the willful misconduct, gross negligence or bad faith of
such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable judgment). None of you
or Target (or any of your or its respective subsidiaries), or any Indemnified Person shall be liable for any indirect, special,
exemplary, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated
savings) which may be alleged as a result of this Commitment Letter, the Fee Letter or the financing contemplated hereby; provided
that nothing contained in this paragraph will limit your indemnification obligations set forth herein to the extent such indirect,
special, punitive or consequential damages are included in any third party claim with respect to which the applicable Indemnified
Person is entitled to indemnification under this Section 7.

 

    -6-

     

    

 

Notwithstanding anything
to the contrary herein, you shall not be liable for any settlement of any Proceeding effected without your written consent (which
consent shall not be unreasonably withheld or delayed), but if settled with your written consent or if there is a final and non-appealable
judgment by a court of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified
Person from and against any and all losses and reasonable and documented or invoiced legal or other out-of-pocket expenses by reason
of such settlement or judgment in accordance with and to the extent provided in the other provisions of this Section 7. If
you have reimbursed any Indemnified Person for any legal or other expenses in accordance with such request and there is a final
and non-appealable judicial determination that the Indemnified Person was not entitled to indemnification or contribution rights
with respect to such payment pursuant to this Section 7, then the Indemnified Person shall promptly refund such amount.

 

8.      Sharing
Information; Absence of Fiduciary Relationship; Affiliate Activities.

 

Each Agent reserves
the right to employ the services of its affiliates (including, in the case of DB, Deutsche Bank AG) in providing services contemplated
by this Commitment Letter and to allocate, in whole or in part, to its affiliates certain fees payable to such Agent in such manner
as such Agent and its affiliates may agree in their sole discretion. You acknowledge that (i) each Agent may share with any
of its affiliates, and such affiliates may share with such Agent, any information related to the Transaction, you, the Acquired
Business (and your and its respective subsidiaries and affiliates), or any of the matters contemplated hereby and (ii) each
Agent and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services)
to other companies in respect of which you or your subsidiaries may have conflicting interests regarding the transactions described
herein or otherwise. No Agent will, however, furnish confidential information obtained from you by virtue of the transactions contemplated
by this Commitment Letter or its other relationships with you to other companies (other than your affiliates). You also acknowledge
that no Agent has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish
to you, confidential information obtained by it from other companies.

 

You further acknowledge
and agree that (a) no fiduciary, advisory or agency relationship between you and us is intended to be or has been created
in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether we or our affiliates have
advised or are advising you on other matters, (b) we, on the one hand, and you, on the other hand, have an arms-length business
relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on our part, (c) you
are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions
contemplated by this Commitment Letter, (d) you have been advised that we and our affiliates are engaged in a broad range
of transactions that may involve interests that differ from your interests and that we and our affiliates have no obligation to
disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship, and (e) you waive,
to the fullest extent permitted by law, any claims you may have against us or our affiliates for breach of fiduciary duty or alleged
breach of fiduciary duty and agree that we and our affiliates shall have no liability (whether direct or indirect) to you in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your
stockholders, employees or creditors.

 

    -7-

     

    

 

You further acknowledge
that DBSI is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment
banking and other financial services. In the ordinary course of business, DBSI and/or its affiliates may provide investment banking
and other financial services to, and/or acquire, hold or sell, for their own accounts and the accounts of customers, equity, debt
and other securities and financial instruments (including bank loans and other obligations) of, you, the Acquired Business and
your and its subsidiaries and other companies with which you, the Acquired Business or your or its subsidiaries may have commercial
or other relationships. With respect to any securities and/or financial instruments so held by DBSI, any of its affiliates or any
of their respective customers, all rights in respect of such securities and financial instruments, including any voting rights,
will be exercised by the holder of the rights, in its sole discretion.

 

Each Agent or its affiliates
may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment
vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you,
your subsidiaries the Acquired Business or other companies which may be the subject of the arrangements contemplated by this Commitment
Letter or engage in commodities trading with any thereof.

 

You acknowledge that
you have been advised of the roles of DB and/or its affiliates as buy-side advisors to you in connection with the Transaction and
that, in such capacity, DB and/or its affiliates are not advising you to enter into this Commitment Letter or advising you with
respect to any financing contemplated herein. You acknowledge and agree that you (together with your legal and other advisors)
are independently evaluating this Commitment Letter and any provision of financing contemplated herein and are fully aware of any
conflicts of interest which may exist as a result of DB’s engagement hereunder and the engagement of DB and/or its affiliates
as buy-side advisors to you. You acknowledge and agree to such retentions, and further agree not to assert any claim you might
allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand,
the engagement of DB hereunder or any arrangement, underwriting or provision by DB and/or its affiliates of any financing in connection
with the Transaction and, on the other hand, DB’s and/or its affiliates’ roles as buy-side advisors to you in connection
with the Transaction.

 

9.     Confidentiality.

 

This Commitment Letter
is delivered to you on the understanding that neither this Commitment Letter nor the Fee Letter nor any of their terms or substance
shall be disclosed, directly or indirectly, by you to any other person or entity except (a) to your affiliates, officers,
directors, employees, attorneys, accountants and advisors who are directly involved in the consideration of this matter and on
a confidential and need-to-know basis or (b) as required by applicable law or compulsory legal process or in connection with
any pending legal proceeding (in which case you agree, to the extent permitted by applicable law, to inform us promptly thereof)
or regulatory review or (c) if the Agents consent in writing to such proposed disclosure; provided that (i) you
may disclose this Commitment Letter, the Fee Letter, the Term Loan Documentation and the contents hereof (provided that any such
disclosure of the Fee Letter or the contents thereof shall be subject to customary redaction of the fees and the economic “Market
Flex” provisions contained therein on terms reasonably satisfactory to the Lead Arranger) to the Acquired Business, its affiliates
and their respective officers, directors, employees, attorneys, accountants and advisors, in each case who are directly involved
in the consideration of this matter and on a confidential and need-to-know basis, (ii) you may disclose the Term Sheet and
the other exhibits and annexes to the Commitment Letter, and the contents thereof, to any rating agencies in connection with obtaining
ratings for the Borrower and the Initial Term Loan Facility, (iii) you may disclose the aggregate fee amounts contained in
the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts applicable to the Transaction
to the extent customary or required in any public filing relating to the Transaction, and (iv) this Commitment Letter and
the Fee Letter may be disclosed (x) upon the request or demand of any regulatory authority or self regulatory body having
jurisdiction or oversight over you or any of your affiliates, their businesses or operations and (y) to a court, tribunal
or any other applicable administrative agency or judicial authority in connection with the enforcement of your rights hereunder
(in which case you agree to inform the Lead Arranger promptly thereof prior to such disclosure to the extent permitted by applicable
law), and (v) you may disclose this Commitment Letter (but not the Fee Letter) and its contents in any information memorandum
or syndication distribution, as well as in any public filing or other marketing materials relating to the Acquisition or the Initial
Term Loan Facility.

 

    -8-

     

    

 

Each Agent and its
affiliates will use all confidential information provided to it or such affiliates by or on behalf of you hereunder solely for
the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all such information;
provided that nothing herein shall prevent any Agent from disclosing any such information (a) pursuant to the order
of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable
law or compulsory legal process (in which case such Agent, to the extent permitted by law, agrees to inform you promptly thereof),
(b) upon the request or demand of any regulatory authority or self-regulatory body having jurisdiction or oversight over such
Agent or any of its affiliates, their businesses or operations, (c) to the extent that such information becomes publicly available
other than by reason of improper disclosure by such Agent or any of its affiliates, (d) to the extent that such information
is received by such Agent from a third party that is not to its knowledge subject to confidentiality obligations to you or the
Acquired Business, (e) to the extent that such information is independently developed by such Agent, (f) to such Agent’s
affiliates and their respective employees, legal counsel, independent auditors and other experts or agents who need to know such
information in connection with the Transaction and are informed of the confidential nature of such information, (g) to potential
Lenders, participants or assignees or any potential counterparty (or its advisors) to any swap or derivative transaction relating
to the Borrower or any of its affiliates or any of their respective obligations, in each case who agree (which may be oral or pursuant
to customary syndication practice) to be bound by the terms of this paragraph (or language substantially similar to this paragraph),
(h) for purposes of establishing a “due diligence” defense, (i) to enforce their respective rights hereunder
or under the Fee Letter, or (j) to the extent permitted by Section 11 hereof in respect of the customary advertisements
and promotional materials contemplated thereby. The obligations under this Section 9 shall automatically terminate and be
superseded by the confidentiality provisions in the Term Loan Documentation upon the execution and delivery of the Term Loan Documentation
and initial funding thereunder or shall expire on the first anniversary of the date of your acceptance of this Commitment Letter,
whichever occurs earlier.

 

10.   Assignments;
Etc.

 

This Commitment Letter
and the Fee Letter (and your rights and obligations hereunder and thereunder) shall not be assignable by you without the prior
written consent of each Agent (and any attempted assignment without such consent shall be null and void), are intended to be solely
for the benefit of the parties hereto and thereto (and Indemnified Persons), are not intended to confer any benefits upon, or create
any rights in favor of, any person other than the parties hereto and thereto (and Indemnified Persons) and may not be relied upon
by any person or entity other than you. DBNY may assign or participate its commitment hereunder to one or more prospective Lenders;
provided that, (a) DBNY shall not be relieved or novated from its obligations hereunder (including its obligation to
fund the Initial Term Loan Facility on the Closing Date) in connection with any syndication, assignment or participation of the
Initial Term Loan Facility, including its commitments in respect thereof, until the initial funding of the Initial Term Loan Facility
on the Closing Date, (b) no assignment or novation shall become effective with respect to all or any portion of DBNY’s
commitments in respect of the Initial Term Loan Facility until the initial funding of the Initial Term Loan Facility on the Closing
Date, and (c) unless you agree in writing, DBNY shall retain exclusive control over all rights and obligations with respect
to its commitments in respect of the Initial Term Loan Facility, including all rights with respect to consents, modifications,
supplements and amendments, until the Closing Date has occurred. Any and all obligations of, and services to be provided by, any
Agent hereunder (including, without limitation, the commitment of DBNY) may be performed, and any and all rights of any Agent hereunder
may be exercised, by or through any of its affiliates or branches; provided that with respect to the commitments under the
Initial Term Loan Facility, any assignments thereof to an affiliate will not relieve the Agents from any of their obligations hereunder
unless and until such affiliate shall have funded the portion of the commitment so assigned.

 

    -9-

     

    

 

11.   Amendments;
Governing Law; Etc.

 

This Commitment Letter
and the Fee Letter may not be amended or modified, or any provision hereof or thereof waived, except by an instrument in writing
signed by you and each Agent. Each of this Commitment Letter and the Fee Letter may be executed in any number of counterparts,
each of which shall be an original and all of which, when taken together, shall constitute one agreement. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Commitment
Letter, the Fee Letter or any document to be signed by any Agent in connection with this Commitment Letter or the Fee Letter shall
be deemed to include electronic signatures of such Agent, deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. Delivery of an executed signature page of this Commitment Letter or the Fee Letter
by facsimile (or other electronic, i.e. a “pdf” or “tif”) transmission shall be effective as delivery
of a manually executed counterpart hereof or thereof, as the case may be. Section headings used herein and in the Fee Letter
are for convenience of reference only, are not part of this Commitment Letter or the Fee Letter, as the case may be, and are not
to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter or the Fee Letter, as
the case may be. Each Agent may, in consultation with you, place customary advertisements in financial and other newspapers and
periodicals or on a home page or similar place for dissemination of customary information on the Internet or worldwide web
as it may choose, and circulate similar promotional materials, after the closing of the Transaction in the form of a “tombstone”
or otherwise describing the names of the Borrower and its affiliates (or any of them), and the amount, type and closing date of
the transactions contemplated hereby, all at the expense of such Agent. This Commitment Letter and the Fee Letter set forth the
entire agreement between the parties hereto as to the matters set forth herein and therein and supersede all prior understandings,
whether written or oral, between us with respect to the matters herein and therein. Matters that are not covered or made clear
in this Commitment Letter or in the Fee Letter are subject to mutual agreement of the parties hereto. THIS COMMITMENT LETTER
AND THE FEE LETTER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY, INTERPRETATION,
CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF OR THEREOF, AND WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; provided that (a) the
interpretation of the definition of Company Material Adverse Effect (as defined in Exhibit C) and whether there shall
have occurred a Company Material Adverse Effect, (b) whether the representations and warranties made with respect to the Acquired
Business in the Merger Agreement are accurate and whether as a result of a breach or inaccuracy thereof you or your affiliate have
the right to terminate your or its obligations under the Merger Agreement, or refuse to consummate the transactions contemplated
by the Merger Agreement and (c) whether the Acquisition has been consummated in accordance with the terms of the Merger Agreement,
shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware.

 

    -10-

     

    

 

12.  Jurisdiction.

 

Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any
New York State court or Federal court of the United States of America sitting in the County of New York, Borough of Manhattan,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the
Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that
all claims in respect of any such action or proceeding shall be heard and determined only in such courts located within New York
County, provided, however, that each Agent shall be entitled to assert jurisdiction over you and your property in
any court in which jurisdiction may be laid over you or your property, (b) waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any such New York
State or Federal court, as the case may be, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court, and (d) agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Each of the parties hereto agrees that service of any process, summons, notice or document by registered mail
or overnight courier addressed to you at the address above shall be effective service of process against you for any suit, action
or proceeding brought in any such court.

 

13.   Waiver
of Jury Trial.

 

EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF
OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

 

14.   Surviving
Provisions.

 

The provisions of Sections
2, 3, 6, 7, 8, 9, 11, 12, 13 and 14 of this Commitment Letter and the provisions of the Fee Letter shall remain in full force and
effect regardless of whether definitive Term Loan Documentation shall be executed and delivered and notwithstanding the termination
of this Commitment Letter or the commitment of DBNY hereunder and our agreements to perform the services described herein; provided
that your obligations under this Commitment Letter and the Fee Letter, other than those provisions relating to confidentiality,
the syndication of the Initial Term Loan Facility and the payment of annual agency fees to the Administrative Agent, shall automatically
terminate and be superseded by the definitive Term Loan Documentation relating to the Term Loan Facilities upon the initial funding
thereunder and the payment of all amounts owing at such time hereunder and under the Fee Letter.

 

    -11-

     

    

 

15.   PATRIOT
Act and Beneficial Ownership Regulation Notification.

 

Each Agent hereby notifies
you that pursuant to the requirements of the USA PATRIOT ACT (Title III of Pub. Law 107-56 (signed into law October 26, 2001))
(as amended from time to time, the “PATRIOT Act”) and 31 C.F.R. § 1010.23 (as amended from time to time,
the “Beneficial Ownership Regulation”), such Agent is required to obtain, verify and record information that
identifies the Borrower, each Guarantor and any other borrowers and guarantors under the Term Loan Facilities, which information
includes the name, address, tax identification number and other information regarding the Borrower, such Guarantors and such other
borrowers and guarantors that will allow such Agent to identify the Borrower, such Guarantors and such other borrowers and guarantors
in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements
of the PATRIOT Act and the Beneficial Ownership Regulation and is effective as to each Agent and each Lender.

 

16.  Termination
and Acceptance, etc.

 

DBNY’s commitment
with respect to the Initial Term Loan Facility as set forth above, and each Agent’s agreements to perform the services described
herein, will automatically terminate (without further action or notice and without further obligation to you) on the first to occur
of (i) 5:00 p.m., New York City time, on the date that is five (5) Business Days (as defined in the Merger Agreement)
after the End Date (as defined in, and determined pursuant to, the Merger Agreement as in effect on the date hereof), unless on
or prior to such time the Transaction has been consummated; provided that if the conditions to Closing (as defined in the
Merger Agreement as in effect on the date hereof) set forth in Article VI of the Merger Agreement as in effect on the date
hereof are satisfied prior to the applicable End Date (as defined in the Merger Agreement as in effect on the date hereof) (or
in the case of conditions that by their terms are to be satisfied at the Closing, shall be capable of being satisfied on the Closing
Date (as defined in the Merger Agreement)), then DBNY’s commitment with respect to the Initial Term Loan Facility as set
forth above (and each Agent’s agreements to perform the services described herein) shall not terminate pursuant to this clause
(i) until the date that is fifteen (15) Business Days (as defined in the Merger Agreement) after the End Date (as defined
in the Merger Agreement as in effect on the date hereof), unless on or prior to such time the Transaction has been consummated,
(ii) any time after the execution of the Merger Agreement and prior to the consummation of the Transaction, the date of the
valid termination or abandonment of the Merger Agreement in accordance with its terms (other than with respect to ongoing indemnities,
confidentiality provisions and similar provisions) or (iii) the date of the closing of the Acquisition without the use of
the Initial Term Loan Facility. In the event that a lesser amount of indebtedness is required to fund the Transaction for any reason,
you may elect, by written notice to DBNY, to reduce DBNY’s commitments with respect to the Initial Term Loan Facility hereunder.

 

If the foregoing correctly
sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and the Fee Letter by
returning to us executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on January 18,
2021. The commitment of DBNY hereunder, and each Agent’s agreement to perform the services described herein, will expire
automatically (and without further action or notice and without further obligation to you) at such time in the event that we have
not received such executed counterparts in accordance with the immediately preceding sentence.

 

[Remainder of this page intentionally
left blank]

 

    -12-

     

    

 

We are pleased to have been given the opportunity
to assist you in connection with this important financing.

 

	 	Very truly yours,
	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH
	 	 
	 	By:	   /s/ Nicholas Hayes      
	 	 	Name: Nicholas Hayes
	 	 	Title: Managing Director
	 	 
	 	By:	   /s/ Sandeep Desai
	 	 	Name: Sandeep Desai
	 	 	Title: Managing Director
	 	 
	 	DEUTSCHE BANK SECURITIES INC.
	 	 
	 	By:	   /s/ Nicholas Hayes
	 	 	Name: Nicholas Hayes
	 	 	Title: Managing Director
	 	 
	 	By:	   /s/ Sandeep Desai
	 	 	Name: Sandeep Desai
	 	 	Title: Managing Director

 

[Signature
page to Project Cheetah – Commitment Letter]

 

    

     

    

 

Accepted and agreed to as of

the date first above written:

 

Lumentum
Holdings Inc.

 

 

	By:	    /s/ Alan Lowe	 
	 	Name:Alan Lowe	 
	 	Title:President and CEO	 

 

 

[Signature
page to Project Cheetah – Commitment Letter]

 

    

     

    

 

 

EXHIBIT A

 

Project Cheetah

Term Loan Facilities 

Transaction Description

 

Capitalized terms used
but not defined in this Exhibit A shall have the meanings set forth in the commitment letter to which this Exhibit A
is attached (the “Commitment Letter”) and in the other Exhibits to the Commitment Letter.

 

Lumentum Holdings Inc.,
a Delaware corporation (“you” or the “Borrower”) intends to (i) acquire (the “Acquisition”),
in a “friendly” transaction, a target company identified to us as “Cheetah” (the “Target”
and, together with its subsidiaries, the “Acquired Business”) by way of (a) a merger of a newly-formed
Delaware corporation wholly-owned by the Borrower (“MergerCo”) with and into the Target, with the Target continuing
as the surviving entity of such merger and a wholly-owned subsidiary of Borrower (the “Initial Merger”) and
(b) as soon as practicable following the Initial Merger, the merger of the Target with and into a newly-formed Delaware limited
liability company wholly-owned by the Borrower (“MergerLLC”), with MergerLLC to be the surviving corporation
of such merger, and (ii) concurrently with the consummation of the Acquisition, repay all of the existing indebtedness for
borrowed money under the Credit Agreement, dated as of November 7, 2016 (as amended, restated, supplemented, refinanced, renewed,
replaced, extended or otherwise modified from time to time), by and among the Target, as borrower, the financial institutions and
other parties thereto from time to time, and Barclays Bank PLC, as administrative agent (the “Refinancing”).
After the consummation of the Acquisition, all of the outstanding equity interests of the Target will be owned, directly or indirectly,
by the Borrower.

 

The sources of funds
needed to effect the Acquisition and the Refinancing, to pay all fees and expenses incurred in connection with the Transaction
(the “Transaction Costs”) and to provide for certain working capital needs and certain general corporate requirements
of the Borrower and its subsidiaries after giving effect to the Acquisition shall be provided through:

 

(i) a
senior secured term loan facility in an aggregate principal amount of $2,100.0 million (the “Initial Term Loan Facility”);

 

(ii) the
issuance of shares of common stock of the Borrower pursuant to, and in accordance with the terms of, the Merger Agreement (the
 “Equity Financing”); and

 

(iii) unrestricted
cash on hand of the Borrower.

 

The date on which the Acquisition and the
Refinancing are consummated and the initial borrowings are made under the Initial Term Loan Facility is referred to herein as the
 “Closing Date”. The transactions described above are collectively referred to herein as the “Transaction”.

 

    A-1

     

    

 

EXHIBIT B

 

Project Cheetah

Term Loan Facilities

Summary of Principal Terms and Conditions

 

Capitalized terms used
but not defined in this Exhibit B shall have the meanings set forth in the commitment letter to which this Exhibit B
is attached (the “Commitment Letter”) and in the other Exhibits to the Commitment Letter. In the case of any
such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit B
shall be determined by reference to the context in which it is used.

 

	Borrower:	Lumentum Holdings Inc., a Delaware corporation (the “Borrower”).
	 	 
	Administrative Agent:	DBNY will act as sole administrative agent and collateral agent (in such capacities, the “Administrative Agent”) for a syndicate of banks, financial institutions and other lenders (other than Disqualified Institutions) (together with DBNY, the “Lenders”) and will perform the duties customarily associated with such roles.
	 	 
	Lead Arranger and

Lead Book-Running 

Manager:	DBSI will act as sole lead arranger and lead book-running manager for the Initial Term Loan Facility and will perform the duties customarily associated with such roles (the “Lead Arranger”). 
	 	 
	Initial Term Loan 

Facility:	1.   Amount:  “B”
term loan facility in an aggregate principal amount of $2,100.0 million (the “Initial Term Loan Facility”)
(subject to increase at the Borrower’s election, to the extent required to fund or account for (i) any OID (as defined
in the Fee Letter) with respect to the Initial Term Loan Facility required pursuant to the “Market Flex” provisions
in the Fee Letter or (ii) the Ticking Fee (as defined in the Fee Letter).
	 	 
	 	2.   Use of Proceeds:  The loans made pursuant to the Initial Term Loan Facility (the “Initial Term Loans”) may only be incurred on the Closing Date and the proceeds thereof shall be utilized solely to finance, in part, the Acquisition and the Refinancing and to pay the Transaction Costs.
	 	 
	 	
3.   Maturity:
The final maturity date of the Initial Term Loan Facility shall be 7 years from the Closing Date (the “Term Loan Maturity
Date”).
        

        

        

        

	 	 
	 	4.   Amortization: (i) During
the first 6-3/4 years following the Closing Date (commencing on the first full fiscal quarter ending after the Closing Date),
quarterly amortization of the Initial Term Loans shall be required in an amount equal to 0.25% of the initial aggregate principal
amount of the Initial Term Loans incurred on the Closing Date.
	 	 
	 	(ii) The remaining aggregate
        principal amount of Initial Term Loans originally incurred shall be due and payable in full on the Term Loan Maturity Date.
	 	 
	 	5.   Availability:
        The Initial Term Loans may only be incurred on the Closing Date. No amount of Initial Term Loans once repaid may be reborrowed.

 

    B-1

     

    

 

	 	6.   Issuance Price: 99.50%;
provided that the discount to par reflected in the issuance price of the Initial Term Loans may, at the election of the
Lead Arranger, be taken in the form of an upfront fee paid on the Closing Date. All calculations of interest in respect of the
Initial Term Loans will be calculated on the basis of the principal amount of Initial Term Loans actually outstanding at any time
(without giving effect to any original issue discount).
	 	 
	
        Incremental
Term

Facilities:
	
        The Borrower
        will have the right to obtain from existing Lenders or prospective lenders incremental commitments consisting of one or more increases
        to the Initial Term Loan Facility and/or one or more new tranches of term loans to be made available under the Term Loan Documentation
        (each, an “Incremental Term Facility” and, together with the Initial Term Loan Facility, collectively, the “Term
        Loan Facilities”) in an aggregate amount not to exceed the sum of (a) the greater of (x) $1,093.0 million and
        (y) 100% of Consolidated EBITDA (as defined below) of the Borrower and its subsidiaries for the most recently ended period
        of four consecutive fiscal quarters for which financial statements have been delivered (less the sum of the aggregate amount
        of all Incremental Equivalent Debt (as defined below) incurred in reliance on this clause (a)) plus (b) all voluntary
        prepayments of the Initial Term Loan Facility (and Incremental Term Facilities to the extent incurred in reliance on clause (a) above)
        made prior to the date of incurrence of any such Incremental Term Facility (including voluntary prepayments and buybacks at a discount
        to par to the extent of the cash used for such purposes), in each case, to the extent not funded with proceeds of long term debt,
        plus (c) an additional amount at such time that, after giving pro forma effect thereto (including use of proceeds),
        could be incurred without causing the pro forma First-Lien Net Leverage Ratio (as defined below) to exceed the First-Lien Net Leverage
        Ratio as of the Closing Date or (y) at Borrower’s option, if such Incremental Term Loan is incurred to finance a Permitted
        Acquisition (as defined below), the First-Lien Net Leverage Ratio as in effect immediately before consummation of such Permitted
        Acquisition; provided that (i) all Incremental Term Facilities and permitted refinancings of the foregoing (or prior
        permitted refinancings) shall be included in the numerator of such ratio regardless of whether, and to what extent, secured and
        (ii) the proceeds of any Incremental Term Facilities shall not be netted from indebtedness for the purposes of such calculation;
        provided, further, that:

         

        (i)          no
        such Incremental Term Facility will be available until the later of (x) the end of the Syndication Period and (y) 45
        days after the Closing Date;

         

        (ii)          (A) no
default or event of default exists or would exist after giving effect thereto and (B) the representations and warranties
set forth in the terms of the Term Loan Documentation shall be true and correct in all material respects (except for (i) representations
and warranties which expressly relate to an earlier date, which shall be true and correct in all material respects as of such
earlier date and (y) representations and warranties qualified by materiality, which shall be true and correct in all respects);
provided that to the extent the proceeds of any Incremental Term Facility are intended to be applied to finance a Limited
Conditionality Acquisition (as defined below) that is permitted under the Term Loan Documentation, the requirements of this clause
(ii) shall, if agreed by the lenders providing such Incremental Term Facility, be subject to customary “SunGard”
or “certain funds” conditionality provisions, and the event of default test referred to in clause (A) above shall
only be tested at the time of the execution of the relevant acquisition agreement; 

        

 

    B-2

     

    

 

	 	(iii)         any
        such Incremental Term Facility shall rank pari passu in right of payment with the Initial Term Loan Facility and shall not benefit
        from any guarantees not also applicable to the Initial Term Loan Facility and be secured on a pari passu basis by the same Collateral
        (as defined below) securing, the Initial Term Loan Facility; and
	 	 
	 	(iv)         except
        for the terms described in this clause (iv), loans to be made under an Incremental Term Facility (each, an “Incremental
        Term Loan” and, together with the Initial Term Loans, the “Term Loans”) shall be subject to the same
        terms as the Initial Term Loans, unless such Incremental Term Loans are made a part of the Initial Term Loan Facility (in which
        case all terms thereof shall be identical to those of the Initial Term Loan Facility), provided that:
	 	 
	 	(a)       the
        interest rates shall be determined mutually by the Borrower and the lenders providing such Incremental Term Loans; provided
        that if the interest rate margins for any Incremental Term Facility incurred on or prior to the six (6) month anniversary
        of the Closing Date (other than (i) Incremental Term Loans that have an outside maturity date more than two years after the
        Term Loan Maturity Date and (b) Incremental Term Loans in an aggregate amount not in excess of $750.0 million) are higher
        than the interest rate margins for the Initial Term Loan Facility by more than 75 basis points, then the interest rate margins
        for the Initial Term Loan Facility shall be increased to the extent necessary so that such interest rate margins are equal to the
        interest rate margins for such Incremental Term Facility minus 75 basis points (it being understood that any such increase in the
        interest rate margin shall not require the consent of any Lender); provided that, in determining the interest rate margins
        applicable to the Incremental Term Facility and the Initial Term Loan Facility (x) original issue discount (“OID”)
        or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders under the Initial
        Term Loan Facility or any Incremental Term Facility in the initial primary syndication thereof shall be included (with OID being
        equated to interest based on assumed four-year life to maturity), (y) customary arrangement, commitment or similar fees payable
        to the Lead Arranger (or its affiliates) in connection with the Initial Term Loan Facility or to one or more arrangers (or their
        affiliates) of any Incremental Term Facility shall be excluded and (z) if the Incremental Term Facilities include an interest
        rate floor greater than the interest rate floor applicable to the Initial Term Loan Facility, such increased amount shall be equated
        to interest margin for purposes of determining whether an increase to the applicable interest margin under the Initial Term Loan
        Facility shall be required, to the extent an increase in the interest rate floor in the Initial Term Loan Facility would cause
        an increase in the interest rate then in effect thereunder, and in such case the interest rate floor (but not the interest rate
        margin) applicable to the Initial Term Loan Facility shall be increased by such increased amount (this clause (a), the “MFN
        Provision”);

 

    B-3

     

    

 

	 	(b)       the
        final stated maturity date for such Incremental Term Loans may be the same as or later (but not sooner) than the final stated maturity
        date applicable to the then-outstanding Term Loans; provided, that this clause (b) shall not apply to any Incremental
        Term Loans in an aggregate principal amount (taken together with amounts incurred pursuant to clause (b) in the first proviso
        in the section entitled “Refinancing Term Facilities” and the second proviso in clause (c) below) not to exceed
        $750.0 million;
	 	 
	 	(c)        the amortization requirements for such Incremental Term Loans may differ from those of the then outstanding Term Loans, provided the average weighted life to maturity of such Incremental Term Loans is no shorter than the then remaining average weighted life to maturity applicable to the then outstanding Term Loans; provided, that this clause (c) shall not apply to any Incremental Term Loans in an aggregate principal amount (taken together with amounts incurred pursuant to clause (b) in the first proviso in the section entitled “Refinancing Term Facilities” and the proviso in clause (b) above) not to exceed $750.0 million;

                                                           

                                                          (d)       any
        Incremental Term Facility may provide for the ability to participate on a pro rata basis or less than a pro rata basis (but not
        on a greater than pro rata basis) in any mandatory prepayments of the Term Loans under the Term Loan Documentation; and

                                                           

                                                          (e)        other
        terms may differ if reasonably satisfactory to the Administrative Agent, the Borrower and lenders providing such Incremental Term
        Loans; provided that the other terms of any Incremental Term Facility that are not substantially identical to the then-existing
        Term Loans (other than pursuant to clause (ii) of the second proviso of this section above and sub-clauses (a) through
        (d) above) shall be (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the relevant lenders
        under the Incremental Term Facility than those applicable to the then-existing Term Loans (except for covenants or other provisions
        (i) reasonably acceptable to the Administrative Agent, (ii) applicable only to periods after the latest final maturity
        date of the then-existing Term Loans existing at the time of incurrence of the Incremental Term Facility or (iii) also provided
        to the relevant lenders under the then-existing Term Loans (it being understood that to the extent that any covenant or other provision
        is added for the benefit of any Incremental Term Loans, no consent shall be required from the Administrative Agent or any Lenders,
        to the extent that such covenant or other provision is also added for the benefit of Lenders under such then-existing Term Loans)).

                                                           

 

    B-4

     

    

 

	 	For the purposes hereof, (x) “First-Lien Net Leverage Ratio” means, on any date of determination, with respect to the Borrower and its subsidiaries on a consolidated basis, subject to clause (i) of the first proviso of the first paragraph of this section, the ratio of (a) consolidated secured indebtedness for borrowed money, purchase money debt, unreimbursed drawings under letters of credit, the principal portion of capital lease obligations, and third party obligations evidenced by notes or similar instruments (but excluding unsecured indebtedness and indebtedness secured only by the Collateral on a junior lien basis to the Term Loan Facilities and which is subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent) of the Borrower and its subsidiaries on such date (less all unrestricted cash and cash equivalents of the Borrower and its subsidiaries as of such date) to (b) Consolidated EBITDA of the Borrower and its subsidiaries for the four fiscal quarter period most recently ended for which financial statements have been (or were required to have been) delivered and (y) “Total Net Leverage Ratio” means, on any date of determination, with respect to the Borrower and its subsidiaries on a consolidated basis the ratio of (a) consolidated indebtedness for borrowed money, purchase money debt, unreimbursed drawings under letters of credit, the principal portion of capital lease obligations, and third party obligations evidenced by notes or similar instruments of the Borrower and its subsidiaries on such date (less all unrestricted cash and cash equivalents of the Borrower and its subsidiaries as of such date) to (b) Consolidated EBITDA of the Borrower and its subsidiaries for the four fiscal quarter period most recently ended for which financial statements have been (or were required to have been) delivered.

                                                                        

                                                                       Existing Lenders may, but shall not be
        obligated without their prior written consent to, provide a commitment and/or make any Incremental Term Loans, and nothing contained
        herein or in the Commitment Letter constitutes, or shall be deemed to constitute, a commitment with respect to any Incremental
        Term Facility. The lenders providing any Incremental Term Facility shall be reasonably satisfactory to the Administrative Agent
        to the extent required under “Assignments and Participations” below.

                                                                        

                                                                       The proceeds of any Incremental Term Facilities
        may be used by the Borrower and its subsidiaries for working capital and other general corporate purposes, including the financing
        of permitted acquisitions and other investments and any other use not prohibited by the Term Loan Documentation.

                                                                        

 

    B-5

     

    

 

	 	For the purposes of (i) determining pro forma compliance with any provisions of the Term Loan Documentation which requires the calculation of any ratio, (ii) determining compliance with representations, warranties, defaults or events of default or (iii) testing availability under baskets set forth in the Term Loan Documentation (including baskets measured as a percentage of Consolidated EBITDA), in each case, in connection with a permitted acquisition that the Borrower or any of its subsidiaries is contractually committed to consummate and whose consummation is not conditioned on the availability of third party financing (a “Limited Conditionality Acquisition”), the date of determination thereof shall, at the Borrower’s option (an “LCT Election”), be the date of entering into the binding definitive agreement for such acquisition (the “LCT Test Date”) and shall be made giving pro forma effect to such acquisition and the other transactions (including the incurrence of indebtedness) to be entered into in connection therewith as if they had occurred at the beginning of the applicable test period and if the Borrower or its applicable subsidiary could have taken such action on the relevant LCT Test Date in compliance with any representation, warranty, ratio or basket, such representation, warranty, ratio or basket shall be deemed to have been complied with; provided that following the LCT Test Date and prior to the earlier of (i) the date on which such Limited Conditionality Acquisition is consummated or (ii) the date that the definitive agreement for such Limited Conditionality Acquisition is terminated or expires without consummation of such Limited Conditionality Acquisition, (x) such indebtedness (and any associated lien) shall be deemed incurred at the time of such selection and outstanding thereafter for the purposes of pro forma compliance with any applicable ratios and (y) for purposes of any calculation of any ratio with respect to the incurrence of any other debt or liens, or the making of any other acquisition, investment, restricted payment, junior debt repayment or other transaction subject to ratio compliance, any such ratio shall also be required to be calculated without giving effect to such Limited Conditionality Acquisition.

                                                                        

                                                                       For the avoidance of
        doubt, if the Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested
        as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket (including due to fluctuations in
        pro forma Consolidated EBITDA, including of the target in any Limited Conditionality Acquisition) at or prior to the consummation
        of the relevant transaction, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuation.

                                                                        

                                                                       “Consolidated
EBITDA” as used herein will be defined in a manner consistent with the Documentation Principles referred to below but
will include, in any event, add-backs for

                                                                        

                                                                       (a)        all
        non-cash items;

                                                                        

                                                                       (b)        all
extraordinary, unusual or non-recurring items;

                                                                        

                                                                       (c)        restructuring
charges and related charges in connection with any single or one-time events;

                                                                        

                                                                       (d)        any
expenses or costs incurred in connection with equity offerings, investments or indebtedness otherwise permitted under the Term
Loan Documentation, whether or not consummated; and

                                                                        

 

    B-6

     

    

 

	 	(e)        pro
forma adjustments, including “run rate” cost savings, operating expense reductions, and synergies related to the Transaction
and other acquisitions, investments, dispositions, operating improvements, restructurings, cost saving initiatives and certain
other similar initiatives, in each case, projected by the Borrower in good faith to result from actions that have either been
taken, with respect to which substantial steps have been taken or that are expected to be taken, in each case, within 24 months
following the Closing Date or the date of the consummation of the applicable transaction, as the case may be (net of cost savings
and synergies actually achieved).
	 	 

	Guaranties:	
        Each direct and indirect
        subsidiary of the Borrower (each, a “Guarantor” and, collectively, the “Guarantors”) shall
        be required to provide an unconditional guaranty (collectively, the “Guaranties”) of all amounts owing under
        the Term Loan Facilities and, to the extent so designated by the Borrower as “Secured Hedging Agreements”, the obligations
        of the Borrower under interest rate and/or foreign currency swaps or similar agreements with a Lender or its affiliates or the
        Administrative Agent or its affiliates (the “Secured Hedging Agreements”). Such Guaranties shall be guarantees
        of payment and not of collection. Notwithstanding anything to the contrary contained above, no Excluded Subsidiary (as defined
        below) shall be required to provide a Guaranty (or constitute a Guarantor).

         

        As used herein, (x) “Excluded
        Subsidiary” means (i) any Excluded Foreign Subsidiary (as defined below), (ii) any “unrestricted subsidiary”
        (to be defined in a manner consistent with the Documentation Principles) designated as provided below under the section entitled
        “Unrestricted Subsidiaries”, (iii) any non-wholly owned subsidiary of the Borrower, (iv) any subsidiary that
        is prohibited from providing a Guaranty by applicable law, rule or regulation, by any contractual obligation existing on the
        Closing Date or existing at the time of acquisition of such subsidiary (and not entered into in contemplation of such acquisition),
        or by its organizational documents (but only for so long as such prohibition exists) or that would require consent, approval, license
        or authorization of a governmental authority (and such consent, approval, license or authorization has not been obtained after
        commercially reasonable efforts to do so), (v) any immaterial subsidiary (to be defined in a manner consistent with the Documentation
        Principles), (vi) not-for-profit subsidiaries and certain special purposes entities, (vii) any subsidiary of the Borrower
        that is not an “Eligible Contract Participant” (as defined under the Commodity Exchange Act) (after giving effect to
        any keepwell) but solely with respect to obligations under any Secured Hedging Agreement that constitutes a “swap”
        within the meaning of section 1(a)(47) of the Commodity Exchange Act, and (viii) any other subsidiary with respect to which
        Borrower and the Administrative Agent have reasonably determined that the adverse consequences (including the cost) of providing
        a guarantee shall be excessive in relation to the benefits to be obtained by the Lenders therefrom and (y) “Excluded
        Foreign Subsidiary” means (i) any direct or indirect non-U.S. subsidiary of the Borrower which is a “controlled
        foreign corporation” (within the meaning of Section 957 of the Internal Revenue Code) (each, a “CFC”),
        (ii) any direct or indirect U.S. subsidiary of the Borrower that is treated as a “disregarded entity” for federal
        income tax purposes the sole assets of which are equity interests in CFCs (each, a “Pass-Through Foreign Holdco”)
        or other Pass-Through Foreign Holdcos, and (iii) any subsidiary of a CFC or Pass-Through Foreign Holdco.

         

        Notwithstanding the
        foregoing, the Borrower may, at its option, cause any subsidiary that is not otherwise required to become a Guarantor to become
        a Guarantor with the consent of the Administrative Agent (such consent not to be unreasonably withheld); provided, however,
        that the Administrative Agent may condition its consent by limiting the purposes for which such subsidiary shall constitute a Guarantor
        for purposes of the section entitled “Negative Covenants” and related definitions used therein.

 

    B-7

     

    

 

	 	 
	Security:	
        Subject
        to the limitations set forth below and subject to customary and other agreed exceptions, qualifications and thresholds, all amounts
        owing under the Term Loan Facilities and (if applicable) the Secured Hedging Agreements (and all obligations under the Guaranties)
        will be secured by (x) a first priority perfected security interest in all stock, other equity interests and promissory notes
        owned by the Borrower and the Guarantors, provided that not more than 65% of the total outstanding voting stock of any Excluded
        Foreign Subsidiary shall be required to be pledged, and (y) a first priority perfected security interest in all other tangible
        and intangible assets (including, without limitation, receivables, inventory, equipment, contract rights, securities, patents,
        trademarks, other intellectual property, cash, bank and securities deposit accounts, real estate and leasehold interests) owned
        by the Borrower and the Guarantors (all of the foregoing, but excluding the Excluded Assets (as defined below), the “Collateral”).

         

        Notwithstanding anything to the
contrary, the Collateral shall exclude the following: (i) any fee-owned real property acquired after the Closing Date with
a value of less than an amount to be mutually agreed and any real property leasehold interests; (ii) margin stock and equity
interests of non-wholly owned subsidiaries and joint ventures, to the extent prohibited under the organizational documents of
such non-wholly owned subsidiaries or joint ventures (but only for so long as such prohibition exists); (iii) licenses, instruments,
franchises, charters, authorizations and other agreements to the extent, and so long as, the pledge thereof as Collateral would
violate the terms thereof, but only, to the extent, and for so long as, such prohibition is not terminated or rendered unenforceable
or otherwise deemed ineffective by the Uniform Commercial Code (“UCC”), Title 11 of the United States Code
(the “Bankruptcy Code”) or any other requirement of law and other than proceeds and receivables thereof, the
assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition or limitation;
(iv) motor vehicles and other assets subject to certificate of title to the extent that a security interest therein cannot
be perfected by the filing of a UCC-1 financing statement; (v) other assets to the extent the pledge thereof is prohibited
by applicable law, but only to the extent, and for so long as, such prohibition is not terminated or rendered unenforceable or
otherwise deemed ineffective by the UCC, Bankruptcy Code or any other requirement of law and other than proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition
or limitation; (vi) intent to use trademark or service mark applications; (vii) those assets as to which the Administrative
Agent shall determine that the costs of obtaining such security interest or perfection thereof are excessive in relation to the
value of the security to be afforded thereby; (viii) any segregated funds or accounts held or received on behalf of third
parties (other than Borrower or any Guarantor), (ix) any equipment or other asset subject to liens securing permitted acquired
debt (limited to the acquired assets), sale and leaseback transactions, capital lease obligations or other purchase money debt,
if the contract or other agreement providing for such debt or capital lease obligation prohibits or requires the consent of any
person (other than the Borrower or any Guarantor) as a condition to the creation of any other security interest on such equipment
or asset or if the granting of a security interest in such assets would create a right of termination in favor of any other party
thereto, and, in each case, such indebtedness and prohibition or requirement is permitted under the Term Loan Documentation after
giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable law, other than
proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding
such prohibition, (x) assets to the extent a security interest in such assets would result in material adverse tax consequences
to the Borrower or its subsidiaries as reasonably determined by the Borrower in consultation with the Administrative Agent, (xi) equity
interests of unrestricted subsidiaries, not-for-profit entities, certain special purpose entities and entities organized in jurisdictions
that would require any consent, approval or authorization from a governmental authority prior to such pledge (but only so long
as such consent, approval or authorization has not been obtained after commercially reasonable efforts to do so), (xii) any
asset of the Borrower or the Guarantors securing (or required to secure) that certain Agreement relating to an Amortizing Loan
Kreditanstalt fur Wiederaufbau Program: KfW Energy Efficiency Program Energy-efficient Construction and Refurbishment (276), dated
as of December 21, 2020, between Coherent LaserSystems GmbH & Co. KG and Commerzbank Aktiengesellschaft (as in effect
on the date of the Commitment Letter), and (xiii) such other assets of the Borrower and the Guarantors to be mutually agreed.
The foregoing described in the preceding sentence are collectively referred to as the “Excluded Assets”.

	 	 

 

    B-8

     

    

 

	 	All documentation (collectively referred to herein as the “Security Agreements”) evidencing the security required
pursuant to the immediately preceding paragraph shall be in form and substance reasonably satisfactory to the Administrative Agent,
and shall effectively create first priority security interests in the property purported to be covered thereby, subject to customary
and other agreed exceptions and qualifications.
	 	 
	 	In addition, (a) landlord, bailee
        or warehouseman waivers or collateral access agreements shall not be required, control agreements shall not be required with respect
        to any deposit accounts, securities accounts or commodities accounts and no perfection actions other than the filing of UCC financing
        statements shall be required with respect to motor vehicles and other assets subject to certificates of title, letter of credit
        rights, commercial tort claims with a value of less than an amount to be agreed and promissory notes evidencing debt in a principal
        amount of less than an amount to be agreed, and share certificates of non-subsidiaries and immaterial subsidiaries and (b) no
        actions in any jurisdiction other than the United States or required by the laws of any jurisdiction other than the United States
        shall be required to be taken to create or perfect any security interests in assets located or titled outside of the United States
        (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any jurisdiction
        other than the United States).

 

    B-9

     

    

 

	 	Notwithstanding the foregoing, the requirements
        of the preceding paragraphs of this “Security” section shall be, as of the Closing Date, subject to the Funds Certain
        Provisions.
	 	 
	
        Voluntary
Prepayments:

         
	Voluntary prepayments may be made at any time on three business days’ notice in the case of LIBOR (as defined below) loans, or one business day’s notice in the case of Base Rate (as defined below) loans, without premium or penalty (subject, however, to the Prepayment Premium referred to below), in minimum principal amounts to be mutually agreed; provided that voluntary prepayments of LIBOR loans made on a date other than the last day of an interest period applicable thereto shall be subject to customary breakage costs.  Voluntary prepayments of Term Loans shall be applied to each outstanding tranche of Term Loans, as directed by the Borrower, and shall apply to reduce future scheduled amortization payments of the Initial Term Loans in direct order of maturity. 
	 	 
	
        Mandatory
Repayments and Commitment Reductions:
	
        Mandatory
        repayments of Term Loans shall be required from (a) 100% of the proceeds (net of taxes and costs and expenses in connection
        with the sale) from asset sales and other dispositions by the Borrower and its subsidiaries (including sales or issuances of equity
        interests of any subsidiary of Borrower and insurance recovery and condemnation events) in excess of an amount to be agreed for
        each individual asset sale or disposition and an amount to be agreed in the aggregate for any fiscal year, with step-downs to 50%
        and 0% based upon the achievement and maintenance of Total Net Leverage Ratios equal to or less than 0.50x and 1.00x inside the
        Total Net Leverage Ratio as of the Closing Date, respectively, and subject to customary exceptions and thresholds (with exceptions
        for, among other things, ordinary course dispositions, dispositions of obsolete or worn-out property, property no longer used or
        useful in the business and other exceptions to be mutually agreed), and customary reinvestment rights permitting reinvestment within
        12 months plus an additional 180 days if a binding agreement to reinvest has been entered into; provided that the Borrower
        may elect to deem expenditures that otherwise would be permissible reinvestments that occur prior to receipt of the proceeds of
        an asset sale to have been reinvested in accordance with the provisions hereof, so long as such deemed expenditure shall have been
        made no earlier than the earlier of the execution of a definitive agreement for such asset sale and six months prior to the consummation
        of such asset sale, (b) 100% of the net proceeds from issuances or incurrences of debt (excluding any debt permitted under
        the Term Loan Documentation, but including any Refinancing Term Facilities or Refinancing Notes (as each such term is defined below))
        by the Borrower and its subsidiaries, and (c) 50% (decreasing to 25% and 0% based on Total Net Leverage Ratios equal to or
        less than 0.50x and 1.00x inside the Total Net Leverage Ratio as of the Closing Date, respectively) of annual Excess Cash Flow
        (to be defined in a manner consistent with the Documentation Principles) (commencing with the first full fiscal year of the Borrower
        ended after the Closing Date) of the Borrower and its subsidiaries, with any such required repayment amount to be reduced dollar-for-dollar
        by the amount of voluntary prepayments of Term Loans made during the applicable year or after year-end and prior to the time such
        Excess Cash Flow prepayment is due, except to the extent financed with long-term debt; provided that prepayments shall only
        be required under the foregoing clause (c) if, and only to the extent, that after giving effect to the applicable percentage
        of Excess Cash Flow, the amount of the Excess Cash Flow payment that would be required is greater than $20.0 million.

        

 

    B-10

     

    

 

	 	 
	 	All mandatory
        repayments of Term Loans made pursuant to clauses (a) through (c), inclusive, above shall (subject to the immediately succeeding
        paragraph) be applied pro rata to each outstanding tranche of Term Loans, and shall apply to reduce future scheduled amortization
        payments of the Initial Term Loans in such order as the Borrower may direct. In addition, after giving effect to the consummation
        of the Transaction on the Closing Date, all commitments under the Initial Term Loan Facility (if any) not required to finance the
        Transaction, Refinancing and any Transaction Costs shall be terminated in their entirety.
	 	 
	 	Any Lender
        (each a “Declining Lender”) may elect not to accept any mandatory prepayment pursuant to clause (a) or
        (c) of the first paragraph of this section above. Any prepayment amount declined by a Declining Lender may be retained by
        the Borrower or may be applied in prepayment of amounts owed to non-Declining Lenders, in the Borrower’s discretion.
	 	 
	 	Mandatory
        prepayments in clauses (a) and (c) above shall be limited to the extent the upstreaming or transfer of such amounts from
        a foreign subsidiary to the Borrower or any other applicable subsidiary would result in material adverse tax consequences until
        such time as the Borrower or its applicable subsidiary may upstream or transfer such amounts and shall be subject to permissibility
        under local law of upstreaming proceeds (including financial assistance and corporate benefit restrictions and fiduciary and statutory
        duties of the relevant directors). The non-application of any mandatory prepayment amounts as a consequence of the foregoing provisions
        will not, for the avoidance of doubt, constitute a default or an event of default, and such amounts shall be available for working
        capital purposes of the Borrower and its subsidiaries.
	 	 
	Prepayment Premium:	
        The occurrence
        of any Repricing Transaction (as defined below) with respect to Initial Term Loans, in each case prior to the six-month anniversary
        of the Closing Date, will require payment of a fee (each, a “Prepayment Premium”) of an amount equal to 1.00%
        of the principal amount of the Initial Term Loans subject to such Repricing Transaction.

        

 

    B-11

     

    

 

	 	As used
        herein, the term “Repricing Transaction” shall mean, other than in connection with any transaction involving
        a Change of Control or a Transformative Acquisition (to be defined in a manner consistent with the Documentation Principles), (i) any
        prepayment or repayment of Initial Term Loans with the proceeds of, or any conversion of Initial Term Loans into, any new or replacement
        indebtedness consisting of broadly syndicated terms loans under any credit facilities bearing interest with an “effective
        yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors and original
        issue discount) less than the “effective yield” applicable to the Initial Term Loans subject to such event (to be calculated
        in a manner consistent with the MFN Provision) and (ii) any amendment to Term Loan Documentation which reduces the “effective
        yield” applicable to the Initial Term Loans (it being understood that any prepayment premium with respect to a Repricing
        Transaction shall apply to any required assignment by a non-consenting Lender in connection with any such amendment pursuant to
        so-called yank-a-bank provisions).
	 	 
	
        Refinancing Term
        Facilities:
	
        The Borrower shall have the right to refinance
        and/or replace the Initial Term Loans (and Incremental Term Loans) in whole or in part with (x) one or more new term facilities
        (each, a “Refinancing Term Facility”) under the Term Loan Documentation, in each case, with the consent of the
        Borrower and the institutions providing such Refinancing Term Facility and/or (y) one or more series of notes or loans, in
        the case of each of clauses (x) and (y), that will be pari passu or junior in right of payment and be secured by the Collateral
        on a pari passu or junior basis with the remaining portion of the Term Loan Facilities or be unsecured (such notes or loans, the
        “Refinancing Notes”); provided, that (a) any Refinancing Term Facility or issue of Refinancing Notes
        that is pari passu or junior with respect to the security shall be subject to a customary intercreditor agreement, the terms of
        which shall be reasonably satisfactory to the Administrative Agent and the Borrower, (b) in the case of Term Loans to be refinanced
        or replaced, no Refinancing Term Facility or Refinancing Notes shall mature prior to the maturity date of the applicable Term Loans
        being refinanced or replaced, or have a shorter weighted average life to maturity than (without giving effect to any amortization
        or prepayments on the outstanding Term Loans under the Initial Term Loan Facility (or any Incremental Term Facility)), or, with
        respect to Refinancing Notes, have mandatory prepayment provisions (other than related to customary asset sale and change of control
        offers or events of default) that could result in prepayments of such Refinancing Notes prior to, the Term Loans being refinanced
        or replaced (it being understood that the Borrower shall be permitted to optionally prepay, repurchase or redeem any such Refinancing
        Notes, subject to any separate restrictions under the Term Loan Documentation); provided, that this clause (b) shall
        not apply to any Refinancing Term Facility or Refinancing Notes in an aggregate principal amount (taken together with amounts incurred
        pursuant to clause (iv)(b) or (iv)(c) in the section entitled “Incremental Term Facilities”) not to exceed
        $750.0 million, (c) such Refinancing Term Facility or Refinancing Notes shall have pricing
        (including interest, rate floors, discounts, fees and premiums), optional prepayment and redemption terms as may be agreed to by
        the Borrower and the lenders party thereto, (d) such Refinancing Term Facility or series of Refinancing Notes shall not be
        secured by any assets other than the Collateral, (e) such Refinancing Term Facility or Refinancing Notes shall not be guaranteed
        by any person unless such person also becomes a Guarantor with respect to the Term Loan Facilities, (f) the other terms and
        conditions (excluding those referenced in clauses (b) through (e) above) of such Refinancing Term Facility or Refinancing
        Notes shall either, at the option of the Borrower, (i) not be, when taken as a whole, materially more restrictive (when taken
        as a whole) on the Borrower and its subsidiaries (as reasonably determined by the Borrower) than those terms and conditions applicable
        to the Term Loans being refinanced or replaced (except for (x) covenants or other provisions applicable only to periods after
        the latest final maturity date of the relevant Term Loans under the Term Loan Documentation existing at the time of such refinancing
        or replacement and (y) to the extent that the relevant Term Loans under the Term Loan Documentation existing at the time of
        such refinancing or replacement also obtain the benefit of such more restrictive covenants or other provisions (it being understood
        that in such case no consent shall be required by the Administrative Agent or any Lender)) or (ii) such terms shall be current
        market terms for such type of indebtedness, (g) the aggregate principal amount of any Refinancing Term Facility or any Refinancing
        Notes shall not exceed the aggregate principal amount of indebtedness being refinanced or replaced therewith, plus interest, premiums,
        fees and expenses or to the extent otherwise permitted under the Term Loan Documentation and (h) only a Refinancing Term Facility
        that is pari passu in right of payment and security with the Initial Term Loan Facility shall share ratably in any voluntary or
        mandatory prepayments of the Initial Term Loan Facility, unless the Borrower and the lenders in respect of such Refinancing Term
        Facility elect lesser payments.

         

 

    B-12

     

    

 

	Documentation:	The Term Loan Documentation will be based on that certain Credit and Guaranty Agreement, dated as of December 10, 2018, previously entered into by the Borrower, various lenders and DBNY, as administrative agent and collateral agent, and terminated prior to the date of the Commitment Letter , as modified to (i) reflect the terms and conditions set forth herein and in the Commitment Letter (as may be modified pursuant to the “Market Flex” provisions of the Fee Letter), (ii) take account of differences related to the operational requirements of the Borrower, the Acquired Business and their respective subsidiaries in light of their size, industries, businesses and business practices (after giving effect to the Transaction), (iii) reflect operational and administrative changes reasonably requested by the Administrative Agent, (iv) include customary Beneficial Ownership Regulation provisions substantially consistent with recommendations provided by the Loan Syndications & Trading Association and (v) include LIBOR replacement provisions substantially consistent with recommendations provided by the Alternative Reference Rates Commission and in any case in form and substance reasonably satisfactory to the Administrative Agent and Borrower), the definitive terms of which will be negotiated in good faith (collectively, the “Documentation Principles”), in each case, subject to the Funds Certain Provisions. Notwithstanding the foregoing, the Term Loan Documentation will contain only those conditions to borrowing, mandatory repayments, representations, warranties, covenants and events of default expressly set forth herein and in the Commitment Letter (as modified pursuant to the “Market Flex” provisions of the Fee Letter) and, subject to the Documentation Principles and limitations as set forth herein, with materiality thresholds, standards, qualifications, exceptions, “baskets” and grace and cure periods to be mutually agreed and consistent with the Documentation Principles.  

 

    B-13

     

    

 

	
        Interest
        Rates:
	
        At the Borrower’s option, the Initial
        Term Loans may be maintained from time to time as (x) Base Rate loans, which shall bear interest at the Base Rate in effect
        from time to time plus the Applicable Margin (as defined below) or (y) LIBOR loans, which shall bear interest at LIBOR
        for the respective interest period plus the Applicable Margin.

         

        “Applicable Margin”
        shall mean a percentage per annum equal to (i) in the case of Initial Term Loans maintained as Base Rate loans, 1.75%, and
        (ii) in the case of Initial Term Loans maintained as LIBOR loans, 2.75%.

         

        “Base
        Rate” shall mean the highest of (x) the rate that the Administrative Agent announces from time to time as its prime
        lending rate, as in effect from time to time, (y) 1/2 of 1.00% in excess of the overnight federal funds rate, and (z) LIBOR
        for an interest period of one month (determined after giving effect to any applicable “floor”) plus 1.00%. Notwithstanding
        anything to the contrary herein, in no event shall the Base Rate be less than 1.50% per annum.

         

        “LIBOR”
        shall be defined on a basis consistent with the Documentation Principles; provided that LIBOR shall not be less than 0.50%
        per annum (the “LIBOR Floor”).

         

        Interest periods of 1, 2, 3
        and 6 months or, to the extent agreed to by all Lenders with commitments and/or Term Loans under a given tranche of the Term Loan
        Facilities, 12 months, shall be available in the case of LIBOR loans.

         

        Interest
        in respect of Base Rate loans shall be payable quarterly in arrears on the last business day of each calendar quarter. Interest
        in respect of LIBOR loans shall be payable in arrears at the end of the applicable interest period and every three months in the
        case of interest periods in excess of three months. Interest will also be payable at the time of repayment of any Term Loans and
        at maturity. All interest on Base Rate loans, LIBOR loans and commitment fees and any other fees shall be based on a 360-day year
        and actual days elapsed (or, in the case of Base Rate loans determined by reference to the prime lending rate, a 365/366-day year
        and actual days elapsed).

	 	 
	Default Interest:	Overdue principal, interest and other overdue amounts shall bear interest at a rate per annum equal to the rate which is 2.00% in excess of the rate then borne by the applicable borrowing (or, if any such amount does not relate to a borrowing under a specific tranche of the Term Loan Facilities, the rate which is 2.00% in excess of the rate applicable to Initial Term Loans maintained as Base Rate loans).  Such interest shall be payable on demand.

 

    B-14

     

    

 

	Yield Protection:	
        The Term Loan Facilities shall
        include customary protective provisions for such matters as capital adequacy, liquidity, increased costs, reserves, funding losses,
        illegality and withholding taxes (it being understood that, for purposes of determining increased costs arising in connection with
        a change in law, the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III, and all requests, rules, guidelines
        or directives promulgated under, or issued in connection with, either of the foregoing shall be deemed to have been introduced
        or adopted after the date of the Term Loan Documentation, regardless of the date enacted, adopted or issued).

         

        The Borrower shall have the right to replace
        any Lender that charges a material amount in excess of that being charged by the other Lenders with respect to contingencies described
        in the immediately preceding sentence on terms consistent with the Documentation Principles.

	 	 
	
        Agent/
        Lender Fees:
	The Administrative Agent, the Lead Arranger and the Lenders shall receive such fees as have been separately agreed upon.
	 	 
	
        Conditions
        Precedent:
	
        A.           To
        Availability of Initial Term Loan Facility on the Closing Date:

         

        Subject
        in all respects to the Funds Certain Provisions, those conditions precedent set forth on Exhibit C to the Commitment
        Letter.

         

        B.            To
        All Term Loans (other than Initial Term Loans Made on the Closing Date):

         

        (i)           All
        representations and warranties shall be true and correct in all material respects (or, in all respects, if qualified by materiality)
        on and as of the date of each borrowing of a Term Loan (although any representations and warranties which expressly relate to a
        given date or period shall be required to be true and correct in all material respects (or, in all respects, if qualified by materiality)
        as of the respective date or for the respective period, as the case may be), before and after giving effect to such borrowing and
        to the application of the proceeds therefrom, as though made on and as of such date; provided that with respect to any Incremental
        Term Facility the proceeds of which are used to finance a Limited Conditionality Acquisition, the limitations described above under
        clause (ii) of the second proviso of the first paragraph under the heading “Incremental Term Facilities” shall
        apply.

         

        (ii)          No
        event of default under the Term Loan Facilities or event which with the giving of notice or lapse of time or both would be an event
        of default under the Term Loan Facilities, shall have occurred and be continuing, or would result from any borrowing of a Term
        Loan; provided that with respect to any Incremental Term Facility the proceeds of which are used to finance a Limited Conditionality
        Acquisition, no default or event of default shall have occurred and be continuing at the time of, or after giving effect to, entry
        into the applicable acquisition agreement.

 

    B-15

     

    

 

	
        Representations
        and Warranties:
	
        Representations
        and warranties (applicable to the Borrower and its subsidiaries) will be limited to the following, in each case (where appropriate)
        with customary and other agreed materiality thresholds, exceptions and qualifications consistent with the Documentation Principles:
        (i) corporate status and good standing, to the extent applicable, (ii) corporate power and authority, (iii) due
        authorization, execution and delivery and enforceability, (iv) no violation or conflicts with laws, material debt contracts
        or charter documents, (v) governmental and third-party approvals, (vi) financial statements, undisclosed liabilities
        and projections, (vii) absence of a Material Adverse Effect (to be defined in a manner consistent with the Documentation Principles),
        (viii) solvency, (ix) absence of material litigation, (x) true and complete disclosure, (xi) use of proceeds
        and compliance with margin regulations, (xii) tax returns and payments, (xiii) compliance with ERISA, environmental law,
        general statutes, etc., (xiv) ownership of property, (xv) creation, validity, perfection and priority of security
        interests under Security Agreements, (xvi) inapplicability of Investment Company Act, (xvii) employment and labor relations,
        (xviii) intellectual property, franchises, licenses, permits, etc., (xix) maintenance of insurance, (xx) Patriot
        Act/“know your customer” laws (including the Beneficial Ownership Regulation), (xxi) OFAC/sanctions/anti-terrorism
        laws, (xxii) Foreign Corrupt Practices Act and other anti-corruption laws, (xxiii) anti-money laundering laws, and (xxiv) accuracy
        of the Merger Agreement Representations.

         

        Notwithstanding
        anything to the contrary contained herein, the truth and accuracy of the representations and warranties (other than Merger Agreement
        Representations and Specified Representations) shall not constitute a condition precedent to the extension of credit on the Closing
        Date.

	 	 
	Covenants:	

        Affirmative
        and negative covenants (applicable to the Borrower and its subsidiaries) will be limited to the following, in each case (where
        appropriate) subject to the Documentation Principles and with customary and other agreed materiality thresholds, exceptions and
        qualifications:

         

        (a)       Affirmative Covenants – (i) Compliance with laws and regulations (including, without limitation, ERISA and environmental laws); (ii) payment of taxes and other obligations; (iii) maintenance of insurance; (iv) preservation of corporate existence, rights (charter and statutory) and approvals; (v) visitation and inspection rights with respect to books and property; (vi) keeping of proper books in accordance with generally accepted accounting principles; (vii) maintenance of properties; (viii) further assurances as to perfection and priority of security interests and additional guarantors; (ix) notice of defaults, material litigation and certain other material events; (x) financial and other reporting requirements (including, without limitation, unaudited quarterly and audited annual financial statements for the Borrower and its subsidiaries on a consolidated basis (in accordance with U.S. GAAP, except with respect to unaudited financials for the absence of footnotes and subject to year-end adjustments), in each case with accompanying management discussion and analysis and, in the case of audited annual financial statements, accompanied by an opinion of a nationally recognized accounting firm (which opinion shall not be subject to any qualification as to “going concern” or scope of the audit other than solely with respect to, or resulting solely from an upcoming maturity date under any Term Loan Facility), and projections prepared by management of the Borrower and provided on an annual basis, and quarterly informational calls with Lenders); (xi) use of proceeds; (xii) ERISA covenants; (xiii) use of commercially reasonable efforts to maintain a public corporate credit rating from S&P and a public corporate family rating from Moody’s, in each case with respect to the Borrower, and a public rating of the Term Loan Facilities by each of S&P and Moody’s; provided that no specific rating shall be required; (xiv) OFAC/sanctions/anti-terrorism laws; (xv) Foreign Corrupt Practices Act and other anti-corruption laws; (xvi) anti-money laundering laws; and (xvii) designation of subsidiaries as “unrestricted subsidiaries” or “restricted subsidiaries”.

 

    B-16

     

    

 

	 	(b)        Negative Covenants – Restrictions on
    (i) liens; (ii) debt (including “disqualified preferred stock” and guaranties and other contingent obligations,
    with exceptions to permit, among other things, (x) debt secured on a pari passu basis with the Initial Term Loan Facility
    incurred in lieu of, and subject to the applicable terms and conditions of, the Incremental Term Facilities (“Incremental
    Equivalent Debt”), provided that the MFN Provision shall only apply to Incremental Equivalent Debt in the
    form of term loans secured on a pari passu basis with the Initial Term Loan Facility and (y) additional junior lien debt
    or unsecured debt, in such amount, subject to giving pro forma effect thereto (including use of proceeds), as could be incurred
    without causing the pro forma Total Net Leverage Ratio to exceed (A) a Total Net Leverage Ratio equal to or less than
    0.50x outside the Total Net Leverage Ratio as of the Closing Date or (B) if such junior lien or unsecured debt is incurred
    in connection with a Permitted Acquisition, the Total Net Leverage Ratio as in effect immediately before consummation of such
    Permitted Acquisition, in each case, with other customary restrictions of the type applicable to Incremental Equivalent Debt
    (e.g. tenor, weighted average life to maturity, identical Guarantors and, in the case of secured debt, identical Collateral
    and intercreditor arrangements satisfactory to the Administrative Agent)); (iii) mergers, consolidations and other fundamental
    changes; (iv) sales, transfers and other dispositions of property and assets (including sale-leaseback transactions but
    with exceptions to include, among other things, (x) sales of inventory in the ordinary course of business and (y) sales
    of obsolete or worn out assets); (v) loans, acquisitions, joint ventures and other investments; provided that
    (x) the Borrower and the Guarantors shall be permitted to effect Permitted Acquisitions, subject to the absence of any
    default or event of default under the Term Loan Facilities at the time of the execution of the purchase agreement governing
    such Permitted Acquisition, line-of-business restrictions, provision of Guaranties and Security Agreements and aggregate consideration
    limitations with respect to entities/assets that do not become Guarantors/Collateral and (y) the Borrower and its subsidiaries
    may make unlimited investments, subject to the absence of any event of default and pro forma compliance with a Total Net Leverage
    Ratio equal to or less than 0.50x inside the Total Net Leverage Ratio as of the Closing Date; (vi) dividends and other
    distributions to, and redemptions and repurchases from, equity holders; provided that the Borrower and its subsidiaries
    may make unlimited dividends, distributions, and other equity redemptions, subject to (A) the absence of any event of
    default, (B) pro forma compliance with a Total Net Leverage Ratio equal to or less than 0.75x inside the Total Net Leverage
    Ratio as of the Closing Date and (C) an Available Amount Basket (as defined below) not less than $0; (vii) prepaying,
    redeeming or repurchasing junior lien debt, subordinated debt, the Borrower’s existing 0.250% Convertible Senior Notes
    due 2024 (the “Existing 2024 Convertible Notes”), the Borrower’s existing 0.50% Convertible Senior
    Notes due 2026 (the “Existing 2026 Convertible Notes” and, together with the Existing 2024 Convertible
    Notes, the “Existing Convertible Notes”) and any Other Convertible Notes (to be defined in a manner consistent
    with the Documentation Principles), including, in the case of Existing Convertible Notes and Other Convertible Notes, by way
    of conversion and cash settlement payments owing in connection therewith; provided that the Borrower and its subsidiaries
    may (a) make any redemptions, repurchases, conversions or cash settlement payments with respect to the Existing Convertible
    Notes at such times, in such amounts, for such consideration (including cash, common stock of the Borrower, or a combination
    of both), and on such other terms as are, in each case, permitted by the applicable indenture governing such Existing Convertible
    Notes, so long as (i)  no event of default under the Term Loan Facilities has occurred and is continuing, (ii) except
    with respect to any redemption, repurchase, conversion or cash settlement made with the proceeds of debt permitted under the
    Term Loan Documentation or the issuance of equity interests (other than “disqualified stock”), after giving effect
    to such redemption, repurchase, conversion or cash settlement payment, the Borrower and its subsidiaries have consolidated
    unrestricted cash and/or cash equivalents on hand of not less than $100.0 million and (iii) the amount of such redemption,
    repurchase, conversion or cash settlement payment is either (A) made from the proceeds of debt permitted under the Term
    Loan Documentation or the issuance of equity interests (other than “disqualified stock”) or (B) otherwise
    permitted to be made pursuant to (and is deemed charged as a utilization of) the Leverage-Based Restricted Debt Payment Basket
    (as defined below) and/or the Available Amount Basket (the “Combined RDP Basket”) or, if such amount exceeds
    the availability under the Combined RDP Basket, together with the availability under the other applicable baskets in the restricted
    payment covenant consistent with the Documentation Principles, the amount of such excess (such excess, the “Shortfall
    Amount”) reduces the Available Amount Basket on a dollar-for-dollar basis (such that the Available Amount Basket
    may be a negative amount); provided, however, that, notwithstanding the foregoing, the Borrower shall in any
    event be permitted to redeem, repurchase, convert or settle the Existing Convertible Notes with common stock of the Borrower
    as the sole consideration therefor and make cash payments in connection therewith to purchase fractional shares resulting
    therefrom, and (b) make unlimited prepayments, redemptions, repurchases of junior lien, subordinated debt, the Existing
    Convertible Notes and/or Other Convertible Notes (including cash settlement payments in connection with the Existing Convertible
    Notes and/or Other Convertible Notes), subject to (i) the absence of any event of default, (ii) pro forma compliance
    with a Total Net Leverage Ratio equal to or less than 0.75x inside the Total Net Leverage Ratio as of the Closing Date and
    (iii) the Available Amount Basket being not less than $0 (this clause (b), the “Leverage-Based Restricted Debt
    Payment Basket”); (viii) transactions with affiliates; (ix) negative pledges and restrictions on distributions,
    advances and asset transfers by subsidiaries; (x) changes in the nature of business; (xi) amending organizational
    documents or junior debt documents; and (xii) changes in fiscal quarters and fiscal years.

 

    B-17

     

    

 

		
        Among
other customary and other agreed thresholds, exceptions and qualifications, the negative covenants will be subject to “baskets”
to be set forth in the Term Loan Documentation, including (i) a “general investment basket” available under clause
(v) of the immediately preceding paragraph equal to the greater of (x) $300.0 million and (y) 30% of Consolidated
EBITDA for the most recently ended period of four consecutive fiscal quarters, (ii) shared “general restricted payment/restricted
debt payment basket” available under clause (vi) and/or (vii) of the immediately preceding paragraph in an aggregate
amount equal to the greater of (x) $300.0 million and (y) 30% of Consolidated EBITDA for the most recently ended period
of four consecutive fiscal quarters and (iii) an available basket amount (the “Available Amount Basket”)
that will be based on (a) a “starter” basket equal to the greater of (x) $300.0 million and (y) 30%
of Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters plus (b) the Retained Excess
Cash Flow Amount (to be defined in a manner consistent with the Documentation Principles) plus (c) certain other customary
and agreed amounts (including, without limitation, net cash proceeds from “qualified” equity issuances of the Borrower,
dispositions of investments made using the Available Amount Basket proceeds, the amount of retained asset sale proceeds, from
mandatory prepayments declined by Declining Lenders, and the amount of any debt or disqualified stock converted into or exchanged
for qualified equity of the Borrower) minus (d) the Shortfall Amount. The Available Amount Basket may be used for, among
other things, dividends, distributions, investments, acquisitions and repayments of junior lien, unsecured or subordinated debt,
subject solely to the absence of a default or any event of default.

         

        The Borrower or any restricted subsidiary
        will be permitted to make acquisitions of persons that become restricted subsidiaries or of assets (including assets constituting
        a business unit, line of business or division) or capital stock (each, a “Permitted Acquisition”), along with
        intercompany investments necessary to consummate such Permitted Acquisition, subject solely to the following terms and conditions:
        (a) before and after giving effect thereto, no payment or bankruptcy event of default has occurred and is continuing, (b) after
        giving effect thereto, the Borrower is in compliance with the permitted lines of business covenant, (c) solely to the extent
        required by, and subject to the limitations set forth in “Guarantees” and “Security” above, the acquired
        company and its subsidiaries will become Guarantors and pledge their Collateral to the Administrative Agents and (d) acquisitions
        by the Borrower or Guarantors of persons and/or assets that do not become Guarantors or Collateral, as applicable, shall be subject
        to a cap to be agreed.

         

        Notwithstanding anything to the
contrary contained herein, the Borrower and its restricted subsidiaries shall be permitted to consummate a Post-Closing Reorganization.
 “Post-Closing Reorganization” means the reorganization of the Target, the Acquired Business and the Borrower and its
subsidiaries, which may include such restructuring, cost-savings initiatives, divestitures, operational changes and other similar
initiatives, in each case, as reasonably determined by the Borrower to be necessary or appropriate to achieve anticipated synergies
in connection with the Merger or for tax optimization purposes; provided that, after giving effect thereto, (i) Lumentum
Holdings Inc. remains the “Borrower” and (ii) there is no material adverse impact on the value of the Guaranties
or the Collateral, in each case taken as a whole.

 

    B-18

     

    

 

	 	(c) 
              Financial Covenant – None.
	 	 
	Unrestricted Subsidiaries:	The Term Loan Documentation will contain provisions pursuant to which, subject to no default or event of default, limitations on investments, pro forma compliance with a Total Net Leverage Ratio not to exceed a Total Net Leverage Ratio equal to or less than 0.50x outside the Total Net Leverage Ratio as of the Closing Date and other conditions consistent with the Documentation Principles, the Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary as an “unrestricted subsidiary” and subsequently re-designate any such unrestricted subsidiary as a restricted subsidiary; provided that (i) any subsidiary previously designated as an unrestricted subsidiary may not thereafter be re-designated as an unrestricted subsidiary, (ii) no subsidiary may be designated as an unrestricted subsidiary, unless it is also an “unrestricted subsidiary” for purposes of other material debt and (iii) no unrestricted subsidiary shall, at any time, hold or license any Material Intellectual Property (to be defined in a manner consistent with the Documentation Principles). The designation of any subsidiary as an “unrestricted subsidiary” shall constitute an investment for purposes of the investment covenant in the Term Loan Documentation in an amount equal to the fair market value thereof, and the designation of any unrestricted subsidiary as a restricted subsidiary shall be deemed to be an incurrence of indebtedness and liens by a restricted subsidiary of any outstanding indebtedness or liens, as applicable, of such unrestricted subsidiary for purposes of the Term Loan Documentation. With limited exceptions to be mutually agreed, unrestricted subsidiaries will not be subject to the mandatory repayment provisions, the representations and warranties, affirmative or negative covenants or events of default provisions of the Term Loan Documentation, and the cash held by, the results of operations, indebtedness and interest expense of unrestricted subsidiaries will not be taken into account for purposes of determining compliance with financial tests contained in such Term Loan Documentation; provided, however, that notwithstanding the foregoing, unrestricted subsidiaries will be subject to representations and warranties, covenants and event of default provisions of the Term Loan Documentation solely with respect to matters related to FCPA, OFAC and other sanctions, anti-terrorism, anti-corruption and anti-money laundering laws.
	 	 
	Events of Default:	Events of Default (to be applicable to the Borrower and its subsidiaries) will be limited to the following, in each case (where applicable), with materiality thresholds, exceptions and qualifications to be mutually agreed and subject to the Documentation Principles: (i) nonpayment of principal when due or interest, fees or other amounts after a grace period consistent with the Documentation Principles; (ii) failure to perform or observe covenants set forth in the Term Loan Documentation, subject to notice and a grace period consistent with the Documentation Principles; (iii) any representation or warranty proving to have been incorrect in any material respect (or, in any respect, if qualified by materiality) when made or confirmed; (iv) cross-defaults and cross-acceleration to other indebtedness in excess of an amount to be mutually agreed (after giving effect to all applicable notice and cure periods); (v) bankruptcy, insolvency proceedings, etc. (with a grace period for involuntary proceedings consistent with the Documentation Principles); (vi) admission of inability to pay debts, attachment, etc.; (vii) judgment defaults in excess of an amount to be mutually agreed (subject to exceptions for judgments covered by acceptable insurance and/or third party indemnities consistent with the Documentation Principles); (viii) customary ERISA defaults; (ix) actual or asserted invalidity of the Term Loan Documentation or subordination provisions or impairment of security interests in the Collateral; and (x) Change of Control.  

 

    B-19

     

    

 

	
        Assignments
and Participations:
	
        Neither
        the Borrower nor any Guarantor may assign its rights or obligations under the Term Loan Facilities. Any Lender may assign, and
        may sell participations in, its rights and obligations under the Term Loan Facilities, subject (x) in the case of participations,
        to customary restrictions on the voting rights of the participants and restrictions on participations to the Borrower and its affiliates
        and (y) in the case of assignments, to such limitations as may be established by the Administrative Agent (including (i) a
        minimum assignment amount to be established by the Administrative Agent (or, if less, the entire amount of such assignor’s
        commitments and outstanding Term Loans at such time), (ii) an assignment fee in the amount of $3,500 to be paid by the respective
        assignor or assignee to the Administrative Agent, (iii) restrictions on assignments to any entity that is not an Eligible
        Transferee (to be defined in a manner consistent with the Documentation Principles), natural persons and, except in connection
        with a Permitted Buy-Back (as defined below), the Borrower and its affiliates and (iv) except in the case of an assignment
        to any Lender, its affiliates or an “approved fund” of a Lender, the receipt of the consent of the Administrative Agent
        and, after Successful Syndication and so long as no default or event of default exists under the Term Loan Facilities, the Borrower
        (such consent, in any such case, not to be unreasonably withheld, delayed or conditioned), provided that such consent of
        the Borrower shall be deemed to have been given if the Borrower has not responded within five business days of a request for such
        consents). The Term Loan Facilities shall provide for a mechanism which will allow for each assignee to become a direct signatory
        to the Term Loan Facilities and will relieve the assigning Lender of its obligations with respect to the assigned portion of its
        commitment and/or Term Loans, as applicable. Assignments will be by novation and will not be required to be pro rata among
        the Term Loan Facilities. In no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether
        any person is a Disqualified Institution, and the Administrative Agent shall not have any liability (or duties) with respect to
        or arising out of any assignment or participation of Term Loans to, or the restrictions on any exercise of any rights or remedies
        of, any Disqualified Institution.

         

        The Term
        Loan Documentation shall also provide that Term Loans may be purchased by, and assigned to, the Borrower on a non-pro rata basis
        through Dutch auctions open to all Lenders with Term Loans on a pro rata basis and/or open market purchases, in each case in accordance
        with procedures to be agreed; provided that (i) no default or event of default then exists under the Term Loan Facilities
        or would result therefrom, (ii) any such purchase is made at a discount to par, (iii) the Borrower shall make a representation
        that it is not in possession of any material non-public information, (iv) any such Term Loans shall be automatically and permanently
        cancelled immediately upon purchase by the Borrower and (v) the Borrower complies with certain other conditions as may be
        required by the Administrative Agent (any such purchase and assignment, a “Permitted Buy-Back”).

 

    B-20

     

    

 

	
        Waivers
        and Amendments:

         
	
        Amendments and waivers of the provisions
        of the Term Loan Documentation will require the approval of Lenders holding commitments and/or outstandings (as appropriate) representing
        more than 50% of the aggregate commitments and outstandings under the Term Loan Facilities (the “Required Lenders”),
        except that (a) the consent of each Lender directly affected thereby will be required with respect to (i) increases in
        commitment amounts of such Lender, (ii) reductions of principal, interest or fees of such Lender (other than the waiver of
        default interest), (iii) extensions of scheduled payments of any Term Loans (including at final maturity) or times for payment
        of interest or fees of such Lender, (iv) amendments to the collateral proceeds waterfall and (v) modifications to the
        pro rata sharing and payment provisions, assignment provisions or the voting percentages, (b) the consent of all of
        the Lenders shall be required with respect to releases of all or substantially all of (i) the Collateral or (ii) the
        value of the Guaranties provided by the Guarantors, in each case, taken as a whole, (c) the consent of the Administrative
        Agent shall be required with respect to any amendment that adversely affects its rights and duties in such capacity and (d) class
        voting rights for Lenders under each affected tranche of the Term Loan Facilities shall be required for certain types of amendments
        and waivers; provided that if any of the matters described in clause (a) or (b) above is agreed to by the Required
        Lenders, the Borrower shall have the right to either (x) substitute any non-consenting Lender by having its Term Loans and
        commitments assigned, at par, to one or more other institutions, subject to the assignment provisions described above or (y) with
        the express written consent of the Required Lenders, terminate the commitment of, and repay the obligations owing to, any non-consenting
        Lender, subject to repayment in full of all obligations of the Borrower owed to such Lender relating to the Term Loans and participations
        held by such Lender (including any Prepayment Premium).

         

        In addition,
        the Term Loan Documentation shall provide for the amendment (or amendment and restatement) of the Term Loan Documentation to provide
        for a new tranche of replacement term loans to replace all or a portion of the Term Loans of a given tranche under the Term Loan
        Documentation, subject to customary limitations (including as to tenor, weighted average life to maturity, "effective yield"
        not exceeding that applicable to the tranche of Term Loans so replaced, prepayment ratability provisions and applicable covenants
        prior to the Term Loan Maturity Date), with the consent of the Administrative Agent, the Borrower and the lenders providing such
        replacement term loans.

         

        The Term
        Loan Documentation will contain customary “amend and extend” provisions pursuant to which the Borrower, with the approval
        of consenting Lenders, may extend the maturity of Term Loans of such consenting Lenders and, in connection therewith, amend the
        interest rates, yield, fees, amortization (so long as the weighted average life to maturity is not shortened) and prepayment provisions
        applicable to such extended Term Loans; provided that the application of mandatory prepayments shall not be on a greater
        than pro rata basis with any non-extending Term Loans.

 

    B-21

     

    

 

	
        Indemnification;
        Expenses:
	
        The Term
        Loan Documentation will contain customary indemnities for a credit facility of this size and type for the Administrative Agent,
        the Lead Arranger, the Lenders and their respective affiliates’ employees, officers and agents (including, without limitation,
        for all reasonable and documented out-of-pocket costs and expenses of the Lenders incurred after the occurrence, and during the
        continuance of, an event of default under the Term Loan Facilities), in each case other than any losses, claims, damages, liabilities
        or related expenses (i) to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction
        to have resulted from the willful misconduct, bad faith or gross negligence of such indemnified person (or any such indemnified
        person’s related persons), (ii) arising out of a material breach by such indemnified person (or any of such indemnified
        person’s related persons) of its respective obligations under the Term Loan Documentation (as determined by a court of competent
        jurisdiction in a final and non-appealable judgment), or (iii) arising out of any claim, actions, suits, inquiries, litigation,
        investigation or proceeding that does not involve an act or omission of the Borrower or any of the Borrower’s subsidiaries
        and that is brought by an indemnified person against any other Indemnified Person (other than any claim, actions, suits, inquiries,
        litigation, investigation or proceeding against any Agent in its capacity or in fulfilling its role as an administrative agent
        or Lead Arranger under the Term Loan Facilities); provided that the Borrower shall not be responsible for the fees and expenses
        of more than one primary counsel for the Administrative Agent, one local counsel for each relevant jurisdiction, one other counsel
        for all other Lenders and their respective affiliates, employees, officers and agents and, in each case, if reasonably necessary
        or advisable in the judgment of the affected person in the case of an actual or perceived conflict of interest, an additional primary
        counsel and one additional local counsel in each such applicable jurisdiction (in any case excluding costs of in-house counsel).

         

        The Term
        Loan Documentation will require the Borrower to pay all reasonable and documented out-of-pocket expenses of the Administrative
        Agent, the Lead Arranger and the Lenders incurred in connection with the syndication of the Initial Term Loan Facility and the
        preparation, execution, delivery and administration of the Term Loan Documentation and any amendment or waiver with respect to
        the Term Loan Facilities and in connection with the enforcement of the Term Loan Documentation (subject to customary limitations).

	 	 
	
        Governing Law and Forum:

         
	All Term Loan Documentation shall be governed by the laws of the State of New York (except security documentation that the Administrative Agent determines should be governed by local or state law). The Borrower and the Guarantors will submit to the exclusive jurisdiction and venue of any New York State court or Federal court sitting in the County of New York, Borough of Manhattan, and appellate courts thereof (except to the extent the Administrative Agent requires submission to any other jurisdiction in connection with the exercise of any rights under any security document or the enforcement of any judgment).
	 	 
	Counsel to Administrative Agent

and Lead Arranger:	White & Case LLP.

 

    B-22

     

    

 

 

Exhibit C

Project Cheetah

Term Loan Facilities

Summary of Conditions Precedent

 

Capitalized terms used
in this Exhibit C but not defined herein shall have the meanings set forth in the commitment letter to which this Exhibit C
is attached (the “Commitment Letter”) and in the other Exhibits to the Commitment Letter. In the case of any
such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit C
shall be determined by reference to the context in which it is used.

 

Subject in all respects
to the Funds Certain Provisions, the initial borrowing under the Initial Term Loan Facility shall be subject solely to the satisfaction
or waiver of the following conditions precedent:

 

1.           The
Borrower and each of the Guarantors shall have executed and delivered the Term Loan Documentation, which shall be consistent with
the terms of the Commitment Letter and the Term Sheet and this Summary of Conditions.

 

2.           Substantially
concurrently with the initial funding under the Initial Term Loan Facility, the Acquisition shall have been consummated in all
material respects in accordance with the terms and conditions of the definitive merger agreement relating to the Acquisition (including,
but not limited to, all schedules and exhibits thereto) (as amended, restated, supplemented or otherwise modified from time to
time in accordance with this Section 2, collectively, the “Merger Agreement”), and the Merger Agreement
shall not have been altered, amended or otherwise changed or supplemented or any provision or condition therein waived, and neither
the Borrower nor any affiliate thereof shall have consented to any action which would require the consent of the Borrower or such
affiliate under the Merger Agreement, if such alteration, amendment, change, supplement, waiver or consent would be adverse to
the interests of the Lenders (in their capacities as such) in any material respect, in any such case without the prior written
consent of the Agents (not to be unreasonably withheld, delayed or conditioned) (it being understood and agreed that any alteration,
change, supplement, amendment, modification, waiver or consent (a) that decreases the purchase price in respect of the Acquisition
shall not be deemed to be adverse to the interests of the Lenders in any material respect, so long as any such decrease in excess
of 10% of the purchase price is allocated on a dollar-for-dollar basis to reduce the aggregate principal amount of the Initial
Term Loan Facility, (b) that results in any increase in the purchase price in respect of the Acquisition shall not be deemed
to be adverse to the interests of the Lenders in any material respect, so long as such increase is funded solely by an issuance
of common equity interests of the Borrower and/or cash on the balance sheet of the Acquired Business or the Borrower and (c) that
includes any adverse modifications to the definition of Company Material Adverse Effect (as defined in the Merger Agreement as
in effect on the date hereof) shall be deemed to be adverse to the interests of the Lenders in a material respect).

 

3.           Since
the date of the Merger Agreement, there has not been any event, change, effect, development or occurrence that, individually or
in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect (as defined in the Merger Agreement).

 

4.           Prior
to or substantially concurrently with the consummation of the Acquisition, the Refinancing shall have been consummated.

 

5.           The
Equity Financing shall have been consummated (or shall be consummated substantially concurrently with the initial funding under
the Initial Term Loan Facility) in accordance with the terms of the Merger Agreement, as amended, restated, supplemented or otherwise
modified from time to time in accordance with Section 2 of this Exhibit C.

 

    	 	C-1	 

     

    

 

6.           Subject
in all respects to the Funds Certain Provisions, the Guaranties and Security Agreements required by the Term Sheet shall have been
executed and delivered, and the Lenders shall have a first priority perfected security interest in all assets of the Borrower and
the Guarantors as, and to the extent, required by Term Sheet.

 

7.           The
Agents shall have received (1) customary legal opinions from counsel to the Borrower and the Guarantors (including, without
limitation, New York counsel), (2) a solvency certificate as to the solvency of the Borrower and its subsidiaries on a consolidated
basis after giving effect to the Transaction, in the form attached as Annex A to this Exhibit C, from the chief
financial officer (or other officer with reasonable equivalent duties) of the Borrower, (3) customary corporate (or other
organizational) resolutions from the Borrower and the Guarantors, customary secretary’s certificates (or, as applicable,
certificates delivered by the applicable officer, director, member, partner or equivalent) from the Borrower and the Guarantors
appending such resolutions and charter documents and (4) a customary borrowing notice (provided that such notice shall not
include any representation or statement as to the absence (or existence) of any default or event of default or a bring-down of
representations and warranties, except as provided in paragraph 12 below).

 

8.           The
Agents shall have received (1) audited consolidated balance sheets and related statements of income (or operations, as applicable)
and cash flows of each of the Borrower and the Acquired Business for the three fiscal years of the Borrower or the Acquired Business,
as applicable, ended at least 90 days prior to the Closing Date, (2) unaudited consolidated balance sheets and related statements
of income and cash flows of the Borrower and the Acquired Business for each fiscal quarter (other than any fourth fiscal quarter)
of the Borrower or the Acquired Business, as applicable, ended after the close of its most recent fiscal year and at least 45 days
prior to the Closing Date, and (3) pro forma consolidated balance sheet of the Borrower and its subsidiaries (including
the Acquired Business) and a pro forma consolidated statement of income of the Borrower and its subsidiaries as of and for the
twelve-month period ending on the last day of the most recently completed four fiscal quarter period ended at least 45 days (or
90 days with respect to any four fiscal quarter period ending on the last day of a fiscal year) before the Closing Date, prepared
after giving effect to the Transaction as if the Transaction had occurred at the beginning of such period, which need not be prepared
in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting (collectively,
the “Required Information”); provided, that it is understood and agreed that the Lead Arranger has previously
received (i) audited consolidated balance sheets and related statements of income and cash flows of the Borrower for each
of the fiscal years of Borrower ended June 27, 2020, June 29, 2019, and June 30, 2018, (ii) audited consolidated
balance sheets and related statements of income and cash flows of the Acquired Business for each of the fiscal years of the Acquired
Business ended October 3, 2020, September 28, 2019, and September 29, 2018, (iii) unaudited consolidated balance
sheet and related statement of income and cash flows of the Borrower for each of the fiscal quarter of Borrower ended September 26,
2020, and (iv) unaudited consolidated balance sheets and related statements of income and cash flows of the Acquired Business
for each of the fiscal quarters of the Acquired Business ended July 4, 2020 and April 4, 2020.

 

9.           All
reasonable and documented costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation,
in each case, contemplated hereby and payable to each Agent and the Lenders shall have been paid to the extent (a) due and
owing on the Closing Date pursuant to the Commitment Letter or the Fee Letter and (b) with respect to expenses, invoiced to
the Borrower at least three (3) business days prior to the Closing Date (which amounts may be offset against the proceeds
of the initial funding under the Initial Term Loan Facility).

 

    	 	C-2	 

     

    

 

10.          So
long as requested in writing at least ten business days prior to the Closing Date, the Agents shall have received at least three
business days prior to the Closing Date all documentation and other information required by regulatory authorities under applicable
 “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT
Act and the Beneficial Ownership Regulation.

 

11.          The
Borrower shall have (a) delivered (or caused to be delivered) to the Lead Arranger such information required (and reasonably
requested by the Lead Arranger) to prepare a customary confidential information memorandum to be used for the syndication of the
Initial Term Loan Facility (excluding (x) any information customarily delivered by an investment bank or financing arrangers
and (y) any financial information other than the Required Information) and (b) provided the Lead Arranger prior to the
Closing Date a period (the “Marketing Period”) of not less than fifteen (15) consecutive business days to attempt
to syndicate the Initial Term Loan Facility; provided that (x) if the Marketing Period has not been completed on or
prior to August 20, 2021, the Marketing Period shall commence no earlier than September 7, 2021 and (y) if the Marketing
Period has not been completed on or prior to December 22, 2021, the Marketing Period shall commence no earlier than January 4,
2022. If Borrower in good faith reasonably believes it has delivered the information required by clause (a) of this paragraph
11, it may deliver to the Lead Arranger a written notice to that effect, in which case the Borrower shall be deemed to have complied
with its obligation to furnish such information on the date such notice is received by the Lead Arranger, unless the Lead Arranger
in good faith reasonably believes that the Borrower has not completed delivery of such information and, within two business days
after the receipt of such notice from the Borrower, the Lead Arranger delivers a written notice to the Borrower to that effect
(stating with reasonable specificity what information has not been delivered); provided that, notwithstanding the foregoing,
the requirement set forth in clause (a) of this paragraph 11 shall be satisfied at any time at which (and so long as) the
Lead Arranger shall have actually received such information, regardless of whether or when any such notice is delivered to the
Borrower.

 

12.         The
Merger Agreement Representations shall be true and correct (subject, in each case, to any materiality set forth in Article III
of the Merger Agreement) as of the Closing Date (or true and correct as of a specified date, if earlier) and the Specified Representations
shall be true and correct in all material respects as of the Closing Date (or if qualified by materiality, true and correct in
all respects).

 

    	 	C-3	 

     

    

 

Annex A to Exhibit C

 

FORM OF SOLVENCY CERTIFICATE

 

[●], _____

 

This Solvency Certificate
is being executed and delivered pursuant to Section [●] of that certain [●]1
(the “Credit Agreement”); the terms defined therein being used herein as therein defined.

 

I, Wajid Ali, the Executive
Vice President and Chief Financial Officer of the Borrower, solely in such capacity and not in an individual capacity, hereby certify
that I am the [chief financial officer/equivalent officer] of the Borrower and that I am generally familiar with the businesses
and assets of the Borrower and its subsidiaries (taken as a whole), and I am duly authorized to execute this Solvency Certificate
on behalf of the Borrower pursuant to the Credit Agreement.

 

I further certify, solely
in my capacity as chief financial officer of the Borrower, and not in my individual capacity, as of the date hereof and after giving
effect to the Transaction and the incurrence of the indebtedness and obligations being incurred in connection with the Credit Agreement
and the Transaction on the date hereof, that, (i) the sum of the debt (including contingent liabilities) of the Borrower and
its subsidiaries, taken as a whole, does not exceed the fair value of the present assets of the Borrower and its subsidiaries,
taken as a whole; (ii) the present fair saleable value of the assets of the Borrower and its subsidiaries, taken as a whole,
is not less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower
and its subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital of the Borrower
and its subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower or its subsidiaries,
taken as a whole, contemplated as of the date hereof; and (iv) the Borrower and its subsidiaries, taken as a whole, are able
to pay their debts (including current obligations and contingent liabilities) as such debts mature and do not intend to incur,
or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such
debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any
time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities
meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

[Remainder of page intentionally left
blank]

 

 

1
Describe Credit Agreement.

 

    	 	C-4	 

     

    

 

IN WITNESS WHEREOF, I have
executed this Solvency Certificate on the date first written above.

 

	 	By:	 
	 	 	Name: [___] 
	 	 	Title:

 

    	 	C-5

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