Document:

Confidential Treatment
Requested and appropriate disclosure that a certain portion of the Exhibit has been omitted based upon a request for confidential
treatment. A confidential portion of this document have been redacted and has been separately filed with the Commission.

 

 

LLC OWNERSHIP INTEREST PURCHASE AGREEMENT

 

This LLC Ownership Interest Purchase Agreement ("Agreement")
is made as of September ___, 2012 by Vystar Corporation, a Georgia corporation ("Vystar" or "Buyer") and Mary
Ailene Miller, an individual resident in _________ County, _________("Seller") for the consideration and on the terms
set forth in this Agreement

 

RECITALS

 

Seller desires to sell, and Buyer desires to purchase, all of
the issued and outstanding limited liability corporate membership and ownership Interest (the " Ownership Interest")
of SleepHealth, LLC ("Company"), and its subsidiaries and related companies, including specifically, SleepHealth North
Carolina, LLC (collectively referred to as the "Acquired Companies").

 

AGREEMENT

 

The parties, intending to be legally bound, agree as follows:

 

1. DEFINITIONS

 

For purposes of this Agreement, the following terms have the
meanings specified or referred to in this Section 1:

 

"Acquired Companies"—the Companies
and any Subsidiaries or companies under comment ownership, collectively.

 

"Adjustment Amount"—as defined
in Section 2.5.

 

"Applicable Contract"—any Contract
(a) under which any Acquired Company has or may acquire any rights, (b) under which any Acquired Company has or may become subject
to any obligation or liability, or (c) by which any Acquired Company or any of the assets owned or used by it is or may become
bound.

 

"Balance Sheet"—as defined in
Section 3.4.

 

"Best Efforts"—the efforts that
a prudent Person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditiously
as possible [ provided, however, that an obligation to use Best Efforts under this Agreement does not require the Person
subject to that obligation to take actions that would result in a materially adverse change in the benefits to such Person of this
Agreement and the Contemplated Transactions].

 

"Breach"—a "Breach"
of a representation, warranty, covenant, obligation, or other provision of this Agreement or any instrument delivered pursuant
to this Agreement will be deemed to have occurred if there is or has been (a) any inaccuracy in or breach of, or any failure to
perform or comply with, such representation, warranty, covenant, obligation, or other provision, or (b) any claim (by any Person)
or other occurrence or circumstance that is or was inconsistent with such representation, warranty, covenant, obligation, or other
provision, and the term "Breach" means any such inaccuracy, breach, failure, claim, occurrence, or circumstance.

 

"Buyer"—as defined in the first
paragraph of this Agreement.

 

"Closing"—as defined in Section
2.3.

 

"Closing Date"—the date and time
as of which the Closing actually takes place.

 

"Company"—as defined in the Recitals
of this Agreement.

 

"Consent"—any approval, consent,
ratification, waiver, or other authorization (including any Governmental Authorization).

 

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"Contemplated Transactions"—all
of the transactions contemplated by this Agreement, including:

(a) the sale of the Ownership Interest by Seller to Buyer;

(b) the execution, delivery, and performance of the Promissory
Note, the Noncompetition Agreements, the Seller's Releases, and the Escrow Agreement;

(c) the performance by Buyer and Seller of their respective
covenants and obligations under this Agreement; and

(d) Buyer's acquisition and ownership of the Ownership Interest
and exercise of control over the Acquired

Companies.

 

"Contract"—any agreement, contract,
obligation, promise, or undertaking (whether written or oral and whether express or implied) that is legally binding.

 

"Damages"—as defined in Section
10.2.

 

"Disclosure Letter"—the disclosure
letter delivered by Seller to Buyer concurrently with the execution and delivery of this Agreement.

 

"Encumbrance"—any charge, claim,
community property Ownership Interest, condition, equitable Ownership Interest, lien, option, pledge, security Ownership Interest,
right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise
of any other attribute of ownership.

 

"Environment"—soil, land surface
or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and wetlands),
groundwaters, drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any other
environmental medium or natural resource.

 

"Environmental, Health, and Safety Liabilities"—any
cost, damages, expense, liability, obligation, or other responsibility arising from or under Environmental Law or Occupational
Safety and Health Law and consisting of or relating to:

(a) any environmental, health, or safety matters or conditions
(including on-site or off-site contamination, occupational safety and health, and regulation of chemical substances or products);

(b) fines, penalties, judgments, awards, settlements, legal
or administrative proceedings, damages, losses, claims, demands and response, investigative, remedial, or inspection costs and
expenses arising under Environmental Law or Occupational Safety and Health Law;

(c) financial responsibility under Environmental Law or Occupational
Safety and Health Law for cleanup costs or corrective action, including any investigation, cleanup, removal, containment, or other
remediation or response actions ("Cleanup") required by applicable Environmental Law or Occupational Safety and Health
Law (whether or not such Cleanup has been required or

requested by any Governmental Body or any other Person) and
for any natural resource damages; or

(d) any other compliance, corrective, investigative, or remedial
measures required under Environmental Law or Occupational Safety and Health Law.

 

The terms "removal," "remedial," and "response
action," include the types of activities covered by the United States Comprehensive Environmental Response, Compensation,
and Liability Act, 42 U.S.C. § 9601 et seq., as amended ("CERCLA").

 

"Environmental Law" —any Legal
Requirement that requires or relates to:

(a) advising appropriate authorities, employees, and the public
of intended or actual releases of pollutants or hazardous substances or materials, violations of discharge limits, or other prohibitions
and of the commencements of activities, such as resource extraction or construction, that could have significant impact on the
Environment;

(b) preventing or reducing to acceptable levels the release
of pollutants or hazardous substances or materials into the Environment;

 

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(c) reducing the quantities, preventing the release, or minimizing
the hazardous characteristics of wastes that are generated;

(d) assuring that products are designed, formulated, packaged,
and used so that they do not present unreasonable risks to human health or the Environment when used or disposed of;

(e) protecting resources, species, or ecological amenities;

(f) reducing to acceptable levels the risks inherent in the
transportation of hazardous substances, pollutants, oil, or other potentially harmful substances;

(g) cleaning up pollutants that have been released, preventing
the threat of release, or paying the costs of such clean up or prevention; or

(h) making responsible parties pay private
parties, or groups of them, for damages done to their health or the Environment, or permitting self-appointed representatives of
the public interest to recover for injuries done to public assets.

 

"Facilities"—any real property,
leaseholds, or other interests currently or formerly owned or operated by any Acquired Company and any buildings, plants, structures,
or equipment (including motor vehicles, tank cars, and rolling stock) currently or formerly owned or operated by any Acquired Company.

 

"GAAP"—generally accepted United
States accounting principles, applied on a basis consistent with the basis on which the Balance Sheet and the other financial statements
referred to in Section 3.4(b) were prepared.

 

"Governmental Authorization"—any
approval, consent, license, permit, waiver, or other authorization issued, granted, given, or otherwise made available by or under
the authority of any Governmental Body or pursuant to any Legal Requirement.

 

"Governmental Body"—any:

(a) nation, state, county, city, town, village, district, or
other jurisdiction of any nature;

(b) federal, state, local, municipal, foreign, or other government;

(c) governmental or quasi- governmental authority of any nature
(including any governmental agency, branch, department, official, or entity and any court or other tribunal);

(d) multi- national organization or body; or

(e) body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative,

police, regulatory, or taxing authority or power of any nature.

 

"Hazardous Materials"—any waste
or other substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive,
or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture or solution thereof,
and specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos or asbestos-containing
materials.

 

"Intellectual Property Assets" —as
defined in Section 3.22.

 

"Interim Balance Sheet"—as defined
in Section 3.4.

 

"IRC"—the Internal Revenue Code
of 1986 or any successor law, and regulations issued by the IRS pursuant to the Internal Revenue Code or any successor law.

 

"IRS"—the United States Internal
Revenue Service or any successor agency, and, to the extent relevant, the United States Department of the Treasury.

 

"Knowledge"—an individual will
be deemed to have "Knowledge" of a particular fact or other matter if:

(a) such individual is actually aware of such fact or other
matter; or

(b) a prudent individual could be expected to discover or otherwise
become aware of such fact or other matter in the course of conducting a reasonably comprehensive investigation concerning

the existence of such fact or other matter.

 

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A Person (other than an individual) will be deemed to have "Knowledge"
of a particular fact or other matter if any individual who is serving, or who has at any time served, as a director, officer, partner,
executor, or trustee of such Person (or in any similar capacity) has, or at any time had, Knowledge of such fact or other matter.

 

"Legal Requirement"—any federal,
state, local, municipal, foreign, international, multinational, or other administrative order, constitution, law, ordinance, principle
of common law, regulation, statute, or treaty.

 

"Material Adverse Effect" means any
change, event, state of facts or effect (each being an "Effect") that is materially adverse to the business of either
of the Acquired Companies or when aggregated could be to the combined Acquired Companies or to Buyer upon or after acquisition
of the Acquired Companies.

 

"Occupational Safety and Health Law" —any
Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational safety and health hazards,
and any program, whether governmental or private (including those promulgated or sponsored by industry associations and insurance
companies), designed to provide safe and healthful working conditions.

 

"Order"—any award, decision, injunction,
judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative agency, or other
Governmental Body or by any arbitrator.

 

"Ordinary Course of Business"—an
action taken by a Person will be deemed to have been taken in the "Ordinary Course of Business" only if:

(a) such action is consistent with the past practices of such
Person and is taken in the ordinary course of the normal day-to-day operations of such Person;

(b) such action is not required to be authorized by the board
of directors of such Person (or by any Person or group of Persons exercising similar authority) [and is not required to be specifically
authorized by the parent company (if any) of such Person]; and

(c) such action is similar in nature and magnitude to actions
customarily taken, without any authorization by the board of directors (or by any Person or group of Persons exercising similar
authority), in the ordinary course of the normal day-to-day operations of other Persons that are in the same line of business as
such Person.

 

"Organizational Documents"—(a)
]\ Operating Agreements and any Articles of Organization; and (b) any amendment to any of the foregoing.

 

"Ownership Interest” – as defined
in the recitals to this Agreement.

 

"Person"—any
individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union, or other entity or Governmental Body.

 

"Proceeding"—any action, arbitration,
audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced,
brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator.

 

"Promissory Notes"—as defined
in Section 2.4(b)(ii).

 

"Related Person"—with respect
to a particular individual:

(a) each other member of such individual's Family;

(b) any Person that is directly or indirectly controlled by
such individual or one or more members of such individual's Family;

(c) any Person in which such individual or members of such individual's
Family hold (individually or in the aggregate) a Material Interest; and

(d) any Person with respect to which such individual or one
or more members of such individual's Family serves as a director, officer, partner, executor, or trustee (or in a similar capacity).

With respect to a specified Person other than an individual:

 

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(a) any Person that directly or indirectly controls, is directly
or indirectly controlled by, or is directly or indirectly under common control with such specified Person;

(b) any Person that holds a Material Interest in such specified
Person;

(c) each Person that serves as a director, officer, partner,
manager executor, or trustee of such specified Person (or in a similar capacity);

(d) any Person in which such specified Person holds a Material
Interest;

(e) any Person with respect to which such specified Person serves
as a general partner, manager or a trustee (or in a similar capacity); and

(f) any Related Person of any individual described in clause
(b) or (c).

 

For purposes of this definition, (a) the
"Family" of an individual includes (i) the individual, (ii) the individual's spouse [and former spouses], (iii) any other
natural person who is related to the individual or the individual's spouse within the second degree, and (iv) any other natural
person who resides with such individual, and (b) "Material Interest" means direct or indirect beneficial ownership (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934) of voting securities or other voting interests representing at
least 20% of the outstanding voting power of a Person or equity securities or other equity interests representing at least 20%
of the outstanding equity or equity interests in a Person..

 

"Representative"—with respect
to a particular Person, any director, officer, employee, agent, consultant, advisor, or other representative of such Person, including
legal counsel, accountants, and financial advisors.

 

"Securities Act"—the Securities
Act of 1933 or any successor law, and regulations and rules issued pursuant to that Act or any successor law.

 

"Seller"—as defined in the first
paragraph of this Agreement.

 

"Seller's Release"—as defined
in Section 2.4.

 

"Subsidiary"—with respect to any
Person (the "Owner"), any corporation or other Person of which securities or other interests having the power to elect
a majority of that corporation's or other Person's board of directors or similar governing body, or otherwise having the power
to direct the business and policies of that corporation or other Person (other than securities or other interests having such power
only upon the happening of a contingency that has not occurred) are held by the Owner or one or more of its Subsidiaries; when
used without reference to a particular Person, "Subsidiary" means a Subsidiary of the Company.

 

"Tax Return"—any return (including
any information return), report, statement, schedule, notice, form, or other document or information filed with or submitted to,
or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection,
or payment of any Tax or in connection with the administration, implementation, or enforcement of or compliance with any Legal
Requirement relating to any Tax.

 

"Threatened"—a claim, Proceeding,
dispute, action, or other matter will be deemed to have been "Threatened" if any demand or statement has been made (orally
or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or any other circumstances
exist, that would lead a prudent Person to conclude that such a claim, Proceeding, dispute, action, or other matter is likely to
be asserted, commenced, taken, or otherwise pursued in the future.

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2. SALE AND TRANSFER OFOWNERSHIP INTEREST; CLOSING

 

2.1OWNERSHIP INTEREST

Subject to the terms and conditions of this Agreement, at the
Closing, Seller will sell and transfer the Ownership Interest to Buyer, and Buyer will purchase the Ownership Interest from Seller.

 

2.2 PURCHASE PRICE

The purchase price (the "Purchase Price") for the
Ownership Interest will be $409,930 minus the Adjustment Amount if necessary based upon the Adjustment Procedure. The Purchase
Price shall be paid fifty percent (50%) in cash, or $204,965 in cash, and fifty percent (50%) in stock, or $204,965 worth in shares
of the Buyer. The Buyer shares shall be priced at $.29/share for a total of 706,776 shares.

 

2.3 CLOSING

The purchase and sale (the "Closing") provided for
in this Agreement will take place at the offices of Buyer at 3235 Satellite Blvd., Bldg 400, Suite 290, Duluth, GA 30096, at 3
pm (local time) on September 13, 2012, or at such time and place as the parties may agree.

 

2.4 CLOSING OBLIGATIONS.

At the Closing each party shall deliver to the other party those
items set forth below, which shall operate as conditions precedent to the obligation to close:

(a) Seller will deliver to Buyer:

(i) certificates representing the Ownership Interest, duly endorsed
(or if the Ownership Interest is not certified, an Assignment of Ownership Interest in the form of Exhibit 2.4(a)(i) for transfer
to Buyer;

(ii) release in the form of Exhibit 2.4(a)(ii) executed by Seller
(collectively, "Seller's Release"); and

(iii) a certificate executed by Seller representing and warranting
to Buyer that each of Seller' representations and warranties in this Agreement was accurate in all respects as of the date of this
Agreement and is accurate in all respects as of the Closing Date as if made on the Closing Date (giving full effect to any supplements
to the Disclosure Letter that were delivered by Seller to Buyer prior to the Closing Date in accordance with Section 5.5);

 

(b) Buyer will deliver to Seller:

(i) $53,734.50 by bank cashier's or certified
check payable to the order of Mary Ailene Miller, or by wire transfer to accounts specified by Seller;

(ii) a promissory note payable to Seller
in the principal amounts of $33,734.50 in the form of Exhibit 2.4(b) (the "Promissory Note");;

(iii) a stock certificate representing 636,098 shares of common
stock in the Company;

(iv) a certificate executed by Buyer to
the effect that, except as otherwise stated in such certificate, each of Buyer's representations and warranties in this Agreement
was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made
on the Closing Date; and

(v) the remaining $97,000 shall be paid by satisfying, in their
entirety, the other debts due (Hibbard, **********, Wells Fargo).

 

2.5 ADJUSTMENT AMOUNT

The Adjustment Amount will be equal to ten percent (10%) of
the Purchase Price, or $40,993. One-half (1/2), or $20,496.50 shall be in held in stock of Buyer and one-half (1/2) shall be held
in cash pending the Adjustment Procedure results. The Adjustment Amount shall be held back from payment or delivery to Seller pending
application of the Adjustment Procedure described in Section 2.6 below to determine whether such Adjustment Amount should be paid
to Seller in accordance with the Adjustment Procedure. The Adjustment Amount shall be reflected in a second promissory note, in
the form of Exhibit 2.5. The Adjustment Amount that is to be paid in Buyer shares shall be priced as of the Closing Date, but shall
not be issued until the Adjustment Procedure results have determined Buyer is in fact eligible for receiving those shares.

 

**********THIS PORTION OF THIS EXHIBIT HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT

 

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2.6 ADJUSTMENT PROCEDURE

In connection with
the audit of its 2012 financial statements, Buyer will cause its certified public accountants, to prepare a calculation of the
Acquired Companies' earnings before interest, taxes, depreciation and amortization ("EBITDA") for the year ended December
3l, 2012. In the event that EBITDA is equal to or greater than $129,140, the Adjustment Amount shall be paid to Seller as set
forth herein. In the event that EBITDA is less than $129,140, the Adjustment Amount shall be adjusted downward in a pro rata manner.
To eliminate any uncertainty, if, for example, the EBITDA was 100,000, the Adjustment Amount would be $100,000 divided by $129,140
times the original Adjustment Amount ($40,993), i.e., $31,743. Any such downward adjustment in the Adjustment Amount shall be
made pro rata from the cash and stock portions of the Adjustment Amount unless otherwise agreed to by the parties. In the event
that the Adjustment Amount is due and payable to Seller, such Adjustment Amount shall be paid by Buyer as set forth in the Promissory
Note.

 

3. REPRESENTATIONS AND WARRANTIES OF SELLER.

Seller represents and warrants to Buyer as follows:

 

3.1 ORGANIZATION AND GOOD STANDING

(a) Part 3.1 of the Disclosure Letter contains a complete and
accurate list for each Acquired Company of its name, its jurisdiction of incorporation or formation, other jurisdictions in which
it is authorized to do business, and its capitalization (including the identity of each ownership interest and the amount or percentage
of Ownership Interest held by each). Each Acquired Company is a limited liability company duly organized, validly existing, and
in good standing under the laws of its jurisdiction of organization, with full corporate power and authority to conduct its business
as it is now being conducted, to own or use the properties and assets that it purports to own or use, and to perform all its obligations
under Applicable Contracts. Each Acquired Company is duly qualified to do business as a foreign corporation and is in good standing
under the laws of each state or other jurisdiction in which either the ownership or use of the properties owned or used by it,
or the nature of the activities conducted by it, requires such qualification.

 

(b) Seller has delivered to Buyer copies of the Organizational
Documents of each Acquired Company, as currently in effect.

 

3.2 AUTHORITY; NO CONFLICT

(a) This Agreement constitutes the legal, valid, and binding
obligation of Seller, enforceable against Seller in accordance with its terms. Upon the execution and delivery by Seller of the
Seller's Release, and the Assignment of Ownership Interest (collectively, the "Seller' Closing Documents"), the Seller'
Closing Documents will constitute the legal, valid, and binding obligations of Seller, enforceable against Seller in accordance
with their respective terms. Seller has the absolute and unrestricted right, power, authority, and capacity to execute and deliver
this Agreement and the Seller's Closing Documents and to perform her obligations under this Agreement and the Seller's Closing
Documents.

 

(b) Unless set forth in Part 3.2 of the
Disclosure Letter, neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated
Transactions will, directly or indirectly (with or without notice or lapse of time):

(i) contravene, conflict with, or result in a violation of (A)
any provision of the Organizational Documents of the Acquired Companies, or (B) any resolution adopted by the board of directors
or the owner members or managers of any Acquired Company;

(ii) contravene, conflict with, or result in a violation of,
or give any Governmental Body or other Person the right to challenge any of the Contemplated Transactions or to exercise any remedy
or obtain any relief under, any Legal Requirement or any Order to which any Acquired Company or Seller, or any of the assets owned
or used by any Acquired Company, may be subject;

(iii) contravene, conflict with, or result in a violation of
any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or
modify, any Governmental Authorization that is held by any Acquired Company or that otherwise relates to the business of, or any
of the assets owned or used by, any Acquired Company;

(iv) cause Buyer or any Acquired Company to become subject to,
or to become liable for the payment of, any Tax;

 

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(v) cause any of the assets owned by any Acquired Company to
be reassessed or revalued by any taxing authority or other Governmental Body;

(vi) contravene, conflict with, or result
in a violation or breach of any provision of, or give any Person the right to declare a default or exercise any remedy under, or
to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Applicable Contract; or

(vii) result in the imposition or creation of any Encumbrance
upon or with respect to any of the assets owned or used by any Acquired Company; or

(viii) any accelerations of any liability owed by any Acquired
Company.

 

Unless set forth in Part 3.2 of the Disclosure Letter, neither
Seller nor any Acquired Company is or will be required to give any notice to or obtain any Consent from any Person in connection
with the execution and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions.

 

(c) Seller is acquiring the Promissory Note and/or Stock of
Buyer for her own account and not with a view to their distribution within the meaning of Section 2(11) of the Securities Act.

 

3.3 CAPITALIZATION

The authorized equity securities of the Company consist of one
hundred percent (100%) of the membership and ownership interest of Sleephealth, LLC which are issued and outstanding to Mary Ailene
Miller, which includes all of the issued and outstanding membership ownership interest of Sleephealth NC, LLC which are owned by
SleepHealth, LLC and which together constitute the Ownership Interest. Seller is and will be on the Closing Date the record and
beneficial owner and holder of the all of the Ownership Interest, free and clear of all Encumbrances. With the exception of the
Ownership Interest (which are owned by Seller), all of the outstanding equity securities, ownership and/or other securities of
each Acquired Company are owned of record and beneficially by one or more of the Acquired Companies, free and clear of all Encumbrances.
No legend or other reference to any purported Encumbrance appears upon any certificate representing equity securities of any Acquired
Company. All of the outstanding equity securities of each Acquired Company have been duly authorized and validly issued and are
fully paid and nonassessable. There are no Contracts relating to the issuance, sale, or transfer of any equity securities or other
securities of any Acquired Company. None of the outstanding equity securities or other securities of any Acquired Company was issued
in violation of the Securities Act or any other Legal Requirement. No Acquired Company owns, or has any Contract to acquire, any
equity securities or other securities of any Person (other than Acquired Companies) or any direct or indirect equity or ownership
interest in any other business.

 

3.4 FINANCIAL STATEMENTS

Seller has delivered to Buyer: (a) [unaudited] consolidated
balance sheets of the Acquired Companies as of December 31, 2011.Such financial statements and notes fairly present the financial
condition and the results of operations, changes in stockholders' equity, and cash flow of the Acquired Companies as at the respective
dates of and for the periods referred to in such financial statements, all in accordance with GAAP [, subject, in the case of interim
financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate,
be materially adverse) and the absence of notes (that, if presented, would not differ materially from those included in the Balance
Sheet)]; the financial statements referred to in this Section 3.4 reflect the consistent application of such accounting principles
throughout the periods involved [, except as disclosed in the notes to such financial statements]. No financial statements of any
Person other than the Acquired Companies are required by GAAP to be included in the consolidated financial statements of the Company.

 

3.5 BOOKS AND RECORDS

The books of account, minute books, stock record books, and
other records of the Acquired Companies, all of which have been made available to Buyer, are complete and correct and have been
maintained in accordance with sound business practices, GAAP and the requirements of Section 13(b)(2) of the Securities Exchange
Act of 1934, as amended (regardless of whether or not the Acquired Companies are subject to that Section), including the maintenance
of an adequate system of internal controls. The minute books of the Acquired Companies contain accurate and complete records.

 

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3.6 TITLE TO PROPERTIES; ENCUMBRANCES

Part 3.6 of the Disclosure Letter contains a complete and accurate
list of all real property, leaseholds, or other interests therein owned by any Acquired Company. [Seller have delivered or made
available to Buyer copies of the deeds, leases and other instruments (as recorded) by which the Acquired Companies acquired such
real property and interests, and copies of all title insurance policies, opinions, abstracts, and surveys in the possession of
Seller or the Acquired Companies and relating to such property or interests.] The Acquired Companies own all the properties and
assets (whether real, personal, or mixed and whether tangible or intangible) that they purport to own [located in the facilities
owned or operated by the Acquired Companies or reflected as owned in the books and records of the Acquired Companies], including
all of the properties and assets reflected in the Balance Sheet and the Interim Balance Sheet (except for assets held under capitalized
leases disclosed in Part 3.6 of the Disclosure Letter and personal property sold or acquired since the date of the Balance Sheet
and the Interim Balance Sheet, as the case may be, in the Ordinary Course of Business), and all of the properties and assets purchased
or otherwise acquired by the Acquired Companies since the date of the Balance Sheet (except for personal property acquired and
sold since the date of the Balance Sheet in the Ordinary Course of Business and consistent with past practice) [, which subsequently
purchased or acquired properties and assets (other than inventory ) are listed in Part 3.6 of the Disclosure Letter]. All material
properties and assets reflected in the Balance Sheet and the Interim Balance Sheet are free and clear of all Encumbrances and are
not, in the case of real property, subject to any rights of way, building use restrictions, exceptions, variances, reservations,
or limitations of any nature except, with respect to all such properties and assets, (a) mortgages or security Ownership Interests
shown on the Balance Sheet or the Interim Balance Sheet as securing specified liabilities or obligations, with respect to which
no default (or event that, with notice or lapse of time or both, would constitute a default) exists, (b) mortgages or security
Ownership Interests incurred in connection with the purchase of property or assets after the date of the Interim Balance Sheet
(such mortgages and security Ownership Interests being limited to the property or assets so acquired), with respect to which no
default (or event that, with notice or lapse of time or both, would constitute a default) exists, (c) liens for current taxes not
yet due.

 

3.7 CONDITION AND SUFFICIENCY OF ASSETS

The structures, and equipment of the Acquired Companies are
structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and
none of such structures, or equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs
that are not material in nature or cost. The structures, and equipment of the Acquired Companies are sufficient for the continued
conduct of the Acquired Companies' businesses after the Closing in substantially the same manner as conducted prior to the Closing.

 

3.8 ACCOUNTS RECEIVABLE

All accounts receivable of the Acquired
Companies that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies
as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising
from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date,
the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the
Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (which
reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will
not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Interim
Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the
composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has
been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable.
There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with
any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable. Part 3.8 of the Disclosure
Letter contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list
sets forth the aging of such Accounts Receivable.

 

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3.9 INVENTORY

All inventory of the Acquired Companies, whether or not reflected
in the Balance Sheet or the Interim Balance Sheet, consists of a quality and quantity usable or salable in the Ordinary Course
of Business, except for obsolete items and items of below-standard quality, all of which have been written off or written down
to net realizable value in the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies
as of the Closing Date, as the case may be. All inventories not written off have been priced at the lower of cost or market on
a first in, first out basis. The quantities of each item of inventory (whether raw materials, work- in-process, or finished goods)
are not excessive, but are reasonable in the present circumstances of the Acquired Companies.

 

3.10 NO UNDISCLOSED LIABILITIES

Unless set forth in Part 3.10 of the Disclosure Letter, the
Acquired Companies have no liabilities or obligations of any nature (whether known or unknown and whether absolute, accrued, contingent,
or otherwise) except for liabilities or obligations reflected or reserved against in the Balance Sheet or the Interim Balance Sheet
and current liabilities incurred in the Ordinary Course of Business since the respective dates thereof.

 

3.11 TAXES

(a) The Acquired Companies have filed or caused to be filed
(on a timely basis since) all Tax Returns that are or were required to be filed by or with respect to any of them, either separately
or as a member of a group of corporations, pursuant to applicable Legal Requirements. Seller has delivered or made available to
Buyer copies of such, and Part 3.11 of the Disclosure Letter contains a complete and accurate list of, all such Tax Returns filed
since 2009. The Acquired companies have paid, or made provision for the payment of, all Taxes that have or may have become due
pursuant to those Tax Returns or otherwise, or pursuant to any assessment received by Seller or any Acquired Company, except such
Taxes, if any, as are listed in Part 3.11 of the Disclosure Letter and are being contested in good faith and as to which adequate
reserves (determined in accordance with GAAP) have been provided in the Balance Sheet and the Interim Balance Sheet.

 

(b)There have been no audits nor any deficiencies assessed against
the Seller or an Acquired Company at any time. No Seller or Acquired Company has given or been requested to give waivers or extensions
(or is or would be subject to a waiver or extension given by any other Person) of any statute of limitations relating to the payment
of Taxes of any Acquired Company or for which any Acquired Company may be liable.

 

(c) The charges, accruals, and reserves with respect to Taxes
on the respective books of each Acquired Company are adequate (determined in accordance with GAAP) and are at least equal to that
Acquired Company's liability for Taxes. There exists no proposed tax assessment against any Acquired Company except as disclosed
in the Balance Sheet or in Part 3.11 of the Disclosure Letter. No consent to the application of Section 341(f)(2) of the IRC has
been filed with respect to any property or assets held, acquired, or to be acquired by any Acquired Company. All Taxes that any
Acquired Company is or was required by Legal Requirements to withhold or collect have been duly withheld or collected and, to the
extent required, have been paid to the proper

Governmental Body or other Person.

 

(d) All Tax Returns filed by (or that include on a consolidated
basis) any Acquired Company are true, correct, and complete. There is no tax sharing agreement that will require any payment by
any Acquired Company after the date of this Agreement. [During the consistency period (as defined in Section 338(h)(4) of the IRC
with respect to the sale of the Ownership Interest to Buyer), no Acquired Company or target affiliate (as defined in Section 338(h)(6)
of the IRC with respect to the sale of the Ownership Interest to Buyer) has sold or will sell any property or assets to Buyer or
to any member of the affiliated group (as defined in Section 338(h)(5) of the IRC) that includes Buyer. Part 3.11 of the Disclosure
Letter lists all such target affiliates.]

 

3.12 NO MATERIAL ADVERSE CHANGE

Since the date of the Balance Sheet, there has not been any
material adverse change in the business, operations, properties, prospects, assets, or condition of any Acquired Company, and no
event has occurred or circumstance exists that may result in such a material adverse change.

 

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3.13 EMPLOYEE BENEFITS

(a) unless described in the Disclosure Letter, Seller warrants
and represents that it has no Company plans, or voluntary employees' beneficiary association under IRC §501(c)(9), or other
Company benefit obligations plans that are (A) defined benefit Pension Plans (ERISA §3(2)(A), (B) Qualified Plans (IRC §401(a)),
(C) Title IV Plans (ERISA, 29 USC §130 et. seq.), (D) ERISA Plans or (E) Union agreements or collective bargaining agreements.
Further, neither Seller nor any Acquired Company has Knowledge of any facts or circumstances that may give rise to any liability
of Seller, or any Acquired Company, or Buyer under any plan or obligation referenced herein.

 

(b) Seller has delivered to Buyer:

(i) all personnel, payroll, and employment manuals and policies;

(ii) all notices that were given by the IRS, or the Department
of Labor to any Acquired Company, or any Company Plan within the four years preceding the date of this Agreement;

 

(c) Except as set forth in Part 3.13of the Disclosure Letter:

(i) The Acquired Companies have no obligations under any Company
plans, or Company benefit obligations. The Acquired Companies have made appropriate entries in their financial records and statements
for all obligations and liabilities under such plans and Obligations that have accrued but are not due. No Seller or Acquired Company
has any liability to the IRS for any such plans or Obligations.

(ii) No Acquired Company provides health or welfare benefits
for any retired or former employee or is obligated to provide health or welfare benefits to any active employee following such
employee's retirement or other termination of service.

(iii) Each Acquired Company has the right to modify and terminate
benefits to employees, with respect to both retired and active employees.

(iv) The consummation of the Contemplated Transactions will
not result in the payment, vesting, or acceleration of any benefit.

 

3.14 COMPLIANCE WITH LEGAL REQUIREMENTS; GOVERNMENTAL
AUTHORIZATIONS

(a) Except as set forth in Part 3.14 of the Disclosure Letter:

(i) each Acquired Company is, and at all times since January
1, 2010 has been in full compliance with each Legal Requirement that is or was applicable to it or to the conduct or operation
of its business or the ownership or use of any of its assets;

(ii) no event has occurred or circumstance exists that (with
or without notice or lapse of time) (A) may constitute or result in a violation by any Acquired Company of, or a failure on the
part of any Acquired Company to comply with, any Legal Requirement, or (B) may give rise to any obligation on the part of any Acquired
Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature; and (iii) no Acquired Company
has received, at any time since January 1, 2010any notice or other communication (whether oral or written) from any governmental
Body or any other Person regarding (A) any actual, alleged, possible, or potential violation of, or failure to comply with, any
Legal Requirement, or (B) any actual, alleged, possible, or potential obligation on the part of any Acquired Company to undertake,
or to bear all or any portion of the cost of, any remedial action of any nature.

 

(b) Part 3.14 of the Disclosure Letter contains a complete and
accurate list of each Governmental Authorization that is held by any Acquired Company or that otherwise relates to the business
of, or to any of the assets owned or used by, any Acquired Company. Each Governmental Authorization listed or required to be listed
in Part 3.14 of the Disclosure Letter is valid and in full force and effect. Unless set forth in Part 3.14 of the Disclosure Letter:

(i) each Acquired Company is, and at all times since January
1, 2010 has been, in full compliance with all of the terms and requirements of each Governmental Authorization identified or required
to be identified in Part 3.14 of the Disclosure Letter;

(ii) no event has occurred or circumstance exists that may (with
or without notice or lapse of time) (A) constitute or result directly or indirectly in a violation of or a failure to comply with
any term or requirement of any Governmental Authorization listed or required to be listed in Part 3.14 of the Disclosure Letter,
or (B) result directly or indirectly in the revocation, withdrawal, suspension, cancellation, or termination of, or any modification
to, any Governmental Authorization listed or required to be listed in Part 3.14 of the Disclosure Letter;

 

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(iii) no Acquired Company has received, at any time since January
1, 2010 any notice or other communication (whether oral or written) from any Governmental Body or any other Person regarding (A)
any actual, proposed, alleged, possible, or potential violation of or failure to comply with any requirement of any Governmental
Authorization, or (B) any actual, proposed, possible, or potential revocation, withdrawal, suspension, cancellation, termination
of, or modification to any Governmental Authorization; and

(iv) all applications required to have been filed for the renewal
of the Governmental Authorizations listed or required to be listed in Part 3.14 of the Disclosure Letter have been duly filed on
a timely basis with the appropriate Governmental Bodies, and all other filings required to have been made with respect to such
Governmental Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies.

 

The Governmental Authorizations listed in Part 3.14 of the Disclosure
Letter collectively constitute all of the Governmental Authorizations necessary to permit the Acquired Companies to lawfully conduct
and operate their businesses in the manner they currently conduct and operate such businesses and to permit the Acquired Companies
to own and use their assets in the manner in which they currently own and use such assets.

 

3.15 LEGAL PROCEEDINGS; ORDERS

(a) Except as set forth in Part 3.15 of the Disclosure Letter,
there is no pending Proceeding:

(i) that has been commenced by or against any Acquired Company
or that otherwise relates to or may affect the business of, or any of the assets owned or used by, any Acquired Company; or

(ii) that challenges, or that may have the effect of preventing,
delaying, making illegal, or otherwise interfering with, any of the Contemplated Transactions.

 

To the Knowledge of Seller and the Acquired Companies, (1) no
such Proceeding has been Threatened, and (2) no event has occurred or circumstance exists that may give rise to or serve as a basis
for the commencement of any such Proceeding. If any such Proceeding existed, as evidenced by the Disclosure Letter Section 3.15,
Seller has delivered to Buyer copies of all pleadings, correspondence, and other documents relating to each and such will not have
a material adverse effect on the business, operations, assets, condition, or prospects of any Acquired Company.

 

(b) Except as set forth in Part 3.15 of the Disclosure Letter
there is no Order to which any of the Acquired Companies, or any of the assets owned or used by any Acquired Company, is subject
or otherwise relates to the business of or any of the assets owned or used by any Acquired Company and includes no officer, director,
agent, or employee of any Acquired Company is subject to any Order that prohibits such officer, director, agent, or employee from
engaging in or continuing any conduct, activity, or practice relating to the business of any Acquired Company.

 

3.16 ABSENCE OF CERTAIN CHANGES AND
EVENTS

Unless set forth in Part 3.16 of the Disclosure Letter, since
the date of the Balance Sheet, the Acquired Companies have conducted their businesses only in the Ordinary Course of Business and
there has not been any:

 

(a) change in any Acquired Company's authorized or issued ownership
or membership interest; grant of any ownership or membership interest or right to purchase such ownership or membership interest
of any Acquired Company; issuance of any security convertible into such ownership or membership interest; grant of any registration
rights; purchase, redemption, retirement, or other acquisition by any Acquired Company of any ownership or membership interest
of any; or declaration or payment of any dividend or other distribution or payment in respect of any such membership or ownership
interest;

 

(b) amendment to the Organizational Documents of any Acquired
Company;

 

(c) payment or increase by any Acquired Company of any bonuses,
salaries, or other compensation to any stockholder, director, officer, or (except in the Ordinary Course of Business) employee
or entry into any employment, severance, or similar Contract with any director, officer, or employee;

 

(d) adoption of, or increase in the payments to or benefits
for or with any employees of any Acquired Company;

 

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(e) damage to or destruction or loss of any asset or property
of any Acquired Company, whether or not covered by insurance, materially and adversely affecting the properties, assets, business,
financial condition, or prospects of the Acquired Companies, taken as a whole;

 

(f) entry into, termination of, or receipt of notice of termination
of (i) any license, distributorship, dealer, sales representative, joint venture, credit, or similar agreement, or (ii) any Contract
or transaction with any Acquired Company;

 

(g) sale (other than sales of inventory in the Ordinary Course
of Business), lease, or other disposition of any asset or property of any Acquired Company or mortgage, pledge, or imposition of
any lien or other encumbrance on any material asset or property of any Acquired Company, including the sale, lease, or other disposition
of any of the Intellectual Property Assets;

 

(h) cancellation or waiver of any claims or rights for any Acquired
Company;

 

(i) material change in the accounting methods used by any Acquired
Company; or

 

(j) agreement, whether oral or written, by any Acquired Company
to do any of the foregoing.

 

(k) any event occurrence, development or state of circumstances
or facts which, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect on
either Seller, either of the Acquired Companies or Buyer.

 

3.17 CONTRACTS; NO DEFAULTS

(a) Part 3.17(a) of the Disclosure Letter contains a complete
and accurate list, and Seller have delivered to Buyer true and complete copies, of:

(i) each Applicable Contract that involves performance of services
or delivery of goods or materials by or to one or more Acquired Companies of an amount or value in excess of $ 5,000 (except for
the Management Contracts which have been provided to Buyer and not included on the Disclosure Letter);

(ii) each Applicable Contract that was not entered into in the
Ordinary Course of Business and that involves expenditures or receipts of one or more Acquired Companies in excess of $1,000;

(iii) each lease, rental or occupancy agreement, license, installment
and conditional sale agreement, and other Applicable Contract affecting the ownership of, leasing of, title to, use of, or any
leasehold or other interest in, any real or personal property (except personal property leases and installment and conditional
sales agreements having a value per item or aggregate payments of less than $1,000 and with terms of less than one year);

(iv) each licensing agreement or other Applicable Contract with
respect to patents, trademarks, copyrights, or other intellectual property, including agreements with current or former employees,
consultants, or contractors regarding the appropriation or the non-disclosure of any of the Intellectual Property Assets;

(v) any Applicable Contract to or with any labor union or other
employee representative of a group of employees;

(vi) each joint venture, partnership, and other Applicable Contract
(however named) involving a sharing of profits, losses, costs, or liabilities by any Acquired Company with any other Person;

(vii) each Applicable Contract containing covenants that in
any way purport to restrict the business activity of any Acquired Company or any Affiliate of an Acquired Company or limit the
freedom of any Acquired Company or any Affiliate of an Acquired Company to engage in any line of business or to compete with any
Person;

(viii) each Applicable Contract providing for payments to or
by any Person based on sales, purchases, or profits, other than direct payments for goods;

(ix) each power of attorney that is currently effective and
outstanding;

(x) each Applicable Contract entered into other than in the
Ordinary Course of Business that contains or provides for an express undertaking by any Acquired Company to be responsible for
consequential damages;

(xi) each Applicable Contract for capital expenditures in excess
of $1,000; (xiii) each written warranty, guaranty, and or other similar undertaking with respect to contractual performance
extended by any Acquired Company other than in the Ordinary Course of Business; and

(xii) each amendment, supplement, and modification (whether
oral or written) in respect of any of the foregoing.

 

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(b) Unless set forth in Part 3.17(b) of the Disclosure Letter:

(i) Seller (and no Related Person of Seller) has not entered
into any arrangement that provides for current or future acquisition rights nor being subject to any obligation or liability that
relates to the business of, or any of the assets owned or used by, any Acquired Company; and

(ii) to the Knowledge of Seller and the Acquired Companies,
no officer, director, agent, employee, consultant, or contractor of any Acquired Company is bound by any Contract that purports
to limit the ability of such officer, director, agent, employee, consultant, or contractor to (A) engage in or continue any conduct,
activity, or practice relating to the business of any Acquired Company, or (B) assign to any Acquired Company or to any other Person
any rights to any invention, improvement, or discovery.

 

(c) Unless set forth in Part 3.17(c) of the Disclosure Letter,
each Contract identified or required to be identified in Part 3.17(a) of the Disclosure Letter is in full force and effect and
is valid and enforceable in accordance with its terms.

 

(d) Except as set forth in Part 3.17(d) of the Disclosure Letter:

(i) each Acquired Company, and any other Person with any obligation
or liability under any Contract, is and at all times since January 1, 2010 has been, in full compliance with all applicable terms
and requirements of each Contract under which such Acquired Company has or had any obligation or liability or by which such Acquired
Company or any of the assets owned or used by such Acquired Company is or was bound;

(ii) no event has occurred or circumstance exists that (with
or without notice or lapse of time) may contravene, conflict with, or result in a violation or breach of, or give any Acquired
Company or other Person the right to delcare a default or exercise any remedy under, or to accelerate the maturity or performance
of, or to cancel, terminate, or modify, any Applicable Contract; and (iv) no Acquired Company has given to or received from any
other Person, at any time since January 1, 2010, any notice or other communication (whether oral or written) regarding any actual,
alleged, possible, or potential violation or breach of, or default under, any Contract.

 

(e) There are no renegotiations of, attempts to renegotiate,
or outstanding rights to renegotiate any material amounts paid or payable to any Acquired Company under current or completed Contracts
with any Person and no such Person has made written demand for such renegotiation.

 

3.18 INSURANCE

(a) Seller have delivered to Buyer:

(i) true and complete copies of all policies of insurance to
which any Acquired Company is a party or under which any Acquired Company, or any director of any Acquired Company, is or has been
covered at any time within the two (2) years preceding the date of this Agreement;

(ii) true and complete copies of all pending applications for
policies of insurance; and

(iii) any statement by the auditor of any Acquired Company's
financial statements with regard to the adequacy of such entity's coverage or of the reserves for claims.

 

(b) Unless identified in Part 3.18(b) of the Disclosure Letter,
none of the following exist on behalf of or relating to any of the Acquired Companies:

(i) any self- insurance arrangement by or affecting any Acquired
Company, including any reserves established thereunder;

(ii) any contract or arrangement, other than a policy of insurance,
for the transfer or sharing of any risk by any Acquired Company; and

(iii) any obligation of the Acquired Companies to third parties
with respect to insurance (including such obligations under leases and service agreements) other than the broker and/or insurer
listed on the policy under which such coverage is provided.

 

(c) Part 3.18(c) of the Disclosure Letter sets forth, by year,
for the current policy year and each of the  two (2) preceding policy years:

(i) a summary of the loss experience under each policy;

 

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(ii) a statement describing each claim under an insurance policy
for an amount in excess of $5,000, which sets forth:

(A) the name of the claimant;

(B) a description of the policy by insurer, type of
insurance, and period of coverage; and

(C) the amount and a brief description of the claim;
and

(iii) a statement describing the loss experience for all claims
that were self- insured, including the number and aggregate cost of such claims.

 

(d) Except as set forth on Part 3.18(d) of the Disclosure Letter:

(i) All policies to which any Acquired Company is a party or
that provide coverage to either

Seller, any Acquired Company, or any director or officer of
an Acquired Company:

(A) are valid, outstanding, and
enforceable;

(B) are issued by an insurer that is financially sound
and reputable;

(C) taken together, provide adequate insurance coverage
for the assets and the operations of the Acquired Companies [for all risks normally insured against by a Person carrying on the
same business or businesses as the Acquired Companies] [for all risks to which the Acquired Companies are normally exposed];

(D) are sufficient for compliance with all Legal Requirements
and Contracts to which any Acquired Company is a party or by which any of them is bound;

(E) will continue in full force and effect following
the consummation of the Contemplated Transactions; and

(F) do not provide for any retrospective premium adjustment
or other experienced-based liability on the part of any Acquired Company.

(ii) No Seller or Acquired Company has received (A) any refusal
of coverage or any notice that a defense will be afforded with reservation of rights, or (B) any notice of cancellation or any
other indication that any insurance policy is no longer in full force or effect or will not be renewed or that the issuer of any
policy is not willing or able to perform its obligations thereunder.

(iii) The Acquired Companies have paid all premiums due, and
have otherwise performed all of their respective obligations, under each policy to which any Acquired Company is a party or that
provides coverage to any Acquired Company or director thereof.

(iv) The Acquired Companies have given notice to the insurer
of all claims that may be insured thereby.

 

3.19 ENVIRONMENTAL MATTERS

Except as set forth in part 3.19 of the Disclosure Letter:

(a) Each Acquired Company is, and at all times has been, in
full compliance with, and has not been and is not in violation of or liable under, any Environmental Law. No Seller or Acquired
Company has any basis to expect, nor has any of them or any other Person for whose conduct they are or may be held to be responsible
received, any actual or Threatened order, notice, or other communication from (i) any Governmental Body or private citizen acting
in the public interest, or (ii) the current or prior owner or operator of any Facilities, of any actual or potential violation
or failure to comply with any Environmental Law, or of any actual or Threatened obligation to undertake or bear the cost of any
Environmental, Health, and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether
real, personal, or mixed) in which Seller or any Acquired Company has had an interest, or with respect to any property or Facility
at or to which Hazardous Materials were generated, manufactured, refined, transferred, imported, used, or processed by Seller,
any Acquired Company, or any other Person for whose conduct they are or may be held responsible, or from which Hazardous Materials
have been transported, treated, stored, handled, transferred, disposed, recycled, or received.

 

(b) There are no pending or, to the Knowledge of Seller and
the Acquired Companies, Threatened claims, Encumbrances, citations, directives, inquiries, notices, warnings or other communications
or other restrictions of any nature, resulting from any Environmental, Health, and Safety Liabilities or arising under or pursuant
to any Environmental Law, with respect to or affecting any of the Facilities or any other properties and assets (whether real,
personal, or mixed) in which Seller or any Acquired Company has or had an interest.

 

(c) There are no Hazardous Materials present on or in the Environment
at the Facilities.

 

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3.20 EMPLOYEES

(a) Seller warrants that it has provided Buyer with a complete
and accurate list of the following information for each employee or director of the Acquired Companies, including each employee
on leave of absence or layoff status: employer; name; job title; current compensation paid or payable ; vacation accrued; and any
service credited for purposes of vesting and eligibility to participate under any Acquired Company's other benefits including cash
bonus and/or stock/unit options or ownership severance pay, insurance, medical, welfare, or vacation plan..

 

(b) No employee or director of any Acquired Company is a party
to, or is otherwise bound by, any agreement or arrangement, including any confidentiality, noncompetition, or proprietary rights
agreement, between such employee or director and any other Person ("Proprietary Rights Agreement") that in any way adversely
affects or will affect (i) the performance of his duties as an employee or director of the Acquired Companies, or (ii) the ability
of any Acquired Company to conduct its business, including any Proprietary Rights Agreement with Seller or the Acquired Companies
by any such employee or director. To Seller' Knowledge, no director, officer, or other key employee of any Acquired Company intends
to terminate his employment with such Acquired Company.

 

(c) Unless set forth in Part 3.20 of the Disclosure Letter,
no Acquired Company has any retired employee or director of the Acquired Companies, or their dependents, receiving benefits or
scheduled to receive benefits in the future, retiree medical insurance coverage, retiree life insurance coverage, or other benefit.

 

3.21 LABOR RELATIONS; COMPLIANCE

Since January 1, 2010, no Acquired Company has been or is a
party to any collective bargaining or other labor Contract.

 

3.22 INTELLECTUAL PROPERTY

(a) Intellectual Property Assets—The term "Intellectual
Property Assets" includes:

(i) the name SleepHealth, all fictional business names, trading
names, registered and unregistered trademarks, service marks, and applications (collectively, "Marks");

(ii) all patents, patent applications, and inventions and discoveries
that may be patentable (collectively, "Patents");

(iii) all copyrights in both published works and unpublished
works (collectively, "Copyrights"); (iv) all rights in mask works (collectively, "Rights in Mask Works"); and

(v) all know- how, trade secrets, confidential
information, customer lists, software, technical information, data, process technology, plans, drawings, and blue prints (collectively,
"Trade Secrets"); owned, used, or licensed by any Acquired Company as licensee or licensor.

 

(b) Agreements—There are no royalties paid or received
by the Acquired Companies, of all Contracts relating to the Intellectual Property Assets to which any Acquired Company is a party
or by which any Acquired Company is bound.

 

(c) Know-How Necessary for the Business

(i) The Intellectual Property Assets are all those necessary
for the operation of the Acquired Companies' businesses as they are currently conducted . One or more of the Acquired Companies
is the owner of all right, title, and interest in and to each of the Intellectual Property Assets, free and clear of all liens,
security interests, charges, encumbrances, equities, and other adverse claims, and has the right to use without payment to a third
party all of the Intellectual Property Assets.

(ii) Except as set forth in Part 3.22(c) of the Disclosure Letter,
all former and current employees of each Acquired Company have executed written Contracts with one or more of the Acquired Companies
that assign to one or more of the Acquired Companies all rights to any inventions, improvements, discoveries, or information relating
to the business of any Acquired Company if any exist. No employee of any Acquired Company has entered into any Contract that restricts
or limits in any way the scope or type of work in which the employee may be engaged or requires the employee to transfer, assign,
or disclose information concerning his work to anyone other than one or more of the Acquired Companies.

 

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(d) Patents

(i) None of the Acquired Companies has any Patents.

(ii) None of the products manufactured and sold, nor any process
or know-how used, by any Acquired Company infringes or is alleged to infringe any patent or other proprietary right of any other
Person.

 

(e) Trademarks

(i) Part 3.22(e) of Disclosure Letter contains a complete and
accurate list and summary description of all Marks. One or more of the Acquired Companies is the owner of all right, title, and
interest in and to each of the Marks, free and clear of all liens, security interests, charges, encumbrances, equities, and other
adverse claims.

(ii) Although none of the Acquired Companies' Marks have been
registered with the United States Patent and Trademark Office ("USPTO"), Seller and no officer, director or employee
of an Acquired Company is aware of any violation or infringement of any other Person by using the Marks of the Acquired Company,
and such Marks are not involved in any opposition, invalidation, or cancellation and, to Seller's Knowledge, no such action is
Threatened with respect to any of the Marks, and Seller and Acquired Companies are currently in compliance with all formal legal
requirements and obligations of the USPTO.

 

(f) Copyrights

(i) Neither Seller nor any of the Acquired Companies maintain
any copyrighted material , and no Copyright is infringed or, to Seller' Knowledge, has been challenged or threatened in any way.
None of the subject matter of any of the Copyrights infringes or is alleged to infringe any copyright of any third party or is
a derivative work based on the work of a third party.

 

(g) Trade Secrets

(i) With respect to each Trade Secret, the documentation relating
to such Trade Secret is current, accurate, and sufficient in detail and content to identify and explain it and to allow its full
and proper use without reliance on the knowledge or memory of any individual.

(ii) Seller and the Acquired Companies have taken all reasonable
precautions to protect the secrecy, confidentiality, and value of their Trade Secrets.

(iii) One or more of the Acquired Companies has good title and
an absolute (but not necessarily exclusive) right to use the Trade Secrets. The Trade Secrets are not part of the public knowledge
or literature, and, to Seller' Knowledge, have not been used, divulged, or appropriated either for the benefit of any Person (other
than one or more of the Acquired Companies) or to the detriment of the Acquired Companies. No Trade Secret is subject to any adverse
claim or has been challenged or threatened in any way.

 

3.23 CERTAIN PAYMENTS

Since January 1, 2009 no Acquired Company or director, officer,
agent, or employee of any Acquired Company, or [to Seller' Knowledge] any other Person associated with or acting for or on behalf
of any Acquired Company, has directly or indirectly (a) made any contribution, gift, bribe, rebate, payoff, influence payment,
kickback, or other payment to any Person, private or public, regardless of form, whether in money, property, or services (i) to
obtain favorable treatment in securing business, (ii) to pay for favorable treatment for business secured, (iii) to obtain special
concessions or for special concessions already obtained, for or in respect of any Acquired Company or any Affiliate of an Acquired
Company, or (iv) in violation of any Legal Requirement, (b) established or maintained any fund or asset that has not been recorded
in the books and records of the Acquired Companies.

 

3.24 DISCLOSURE

(a) No representation or warranty of Seller
in this Agreement and no statement in the Disclosure Letter omits to state a material fact necessary to make the statements herein
or therein, in light of the circumstances in which they were made, not misleading.

 

(b) No notice given pursuant to Section 5.5 will contain any
untrue statement or omit to state a material fact necessary to make the statements therein or in this Agreement, in light of the
circumstances in which they were made, not misleading.

 

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(c) There is no fact known to either Seller that has specific
application to either Seller or any Acquired Company (other than general economic or industry conditions) and that materially adversely
affects [or, as far as either Seller can reasonably foresee, materially threatens,] the assets, business, prospects, financial
condition, or results of operations of the Acquired Companies (on a consolidated basis) that has not been set forth in this Agreement
or the Disclosure Letter.

 

3.25 RELATIONSHIPS WITH RELATED PERSONS

No Seller or any Related Person of Seller or of any Acquired
Company has, or since [the first day of the next to last completed fiscal year of the Acquired Companies] has had, any interest
in any property (whether real, personal, or mixed and whether tangible or intangible), used in or pertaining to the Acquired Companies'
businesses. No Seller or any Related Person of Seller or of any Acquired Company is, or since [the first day of the next to last
completed fiscal year of the Acquired Companies] has owned (of record or as a beneficial owner) an equity interest or any other
financial or profit interest in, a Person that has (i) had business dealings or a material financial interest in any transaction
with any Acquired Company [other than business dealings or transactions conducted in the Ordinary Course of Business with the
Acquired Companies at substantially prevailing market prices and on substantially prevailing market terms], or (ii) engaged in
competition with any Acquired Company with respect to any line of the products or services of such Acquired Company (a "Competing
Business") in any market presently served by such Acquired Company [except for less than one percent of the outstanding capital
stock of any Competing Business that is publicly traded on any recognized exchange or in the over-the- counter market]. Except
as set forth in Part 3.25 of the Disclosure Letter, no Seller or any Related Person of Seller or of any Acquired Company is a
party to any Contract with, or has any claim or right against, any Acquired Company.

 

3.26 BROKERS OR FINDERS

Seller and their agents have incurred no obligation or liability,
contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this
Agreement.

 

4. REPRESENTATIONS AND WARRANTIES OF BUYER.
 Buyer represents and warrants to Seller as follows:

 

4.1 ORGANIZATION AND GOOD STANDING

Buyer is a corporation duly organized, validly existing, and
in good standing under the laws of the State of Georgia.

 

4.2 AUTHORITY; NO CONFLICT

(a) This Agreement constitutes the legal, valid, and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms. Upon the execution and delivery by Buyer of the Promissory
Notes and the Buyer stock certificates (collectively, the "Buyer's Closing Documents"), the Buyer's Closing Documents
will constitute the legal, valid, and binding obligations of Buyer, enforceable against Buyer in accordance with their respective
terms. Buyer has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and the Buyer's
Closing Documents and to perform its obligations under this Agreement and the Buyer's Closing Documents, including without limitation
to issue stock and stock options in Vystar Corporation to Mary Ailene Miller as part of the consideration paid under this Agreement.
Buyer is further authorized to ensure that no future encumbrances will be made against the assets of Sleephealth, LLC unless secondary
to Seller in order to secure the Promissory Notes hereunder.

 

(b) Except as set forth in Schedule 4.2, neither the execution
and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated Transactions by Buyer will
give any Person the right to prevent, delay, or otherwise interfere with any of the Contemplated Transactions pursuant to:

(i) any provision of Buyer's Organizational Documents;

(ii) any resolution adopted by the board of directors of Buyer;

(iii) any Legal Requirement or Order to which Buyer may be subject;
or

(iv) any Contract to which Buyer is a party or by which Buyer
may be bound.

 

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Except as set forth in Schedule 4.2, Buyer is not and will not
be required to obtain any Consent from any Person in connection with the execution and delivery of this Agreement or the consummation
or performance of any of the Contemplated Transactions.

 

4.3 INVESTMENT INTENT

Buyer is acquiring the Ownership Interest for its own account
and not with a view to their distribution within the meaning of Section 2(11) of the Securities Act.

 

4.4 CERTAIN PROCEEDINGS

There is no pending Proceeding that has been commenced against
Buyer and that challenges, or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of
the Contemplated Transactions. To Buyer's Knowledge, no such Proceeding has been Threatened.

 

4.5 BROKERS OR FINDERS

Buyer and its officers and agents have incurred no obligation
or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection
with this Agreement and will indemnify and hold Seller harmless from any such payment alleged to be due by or through Buyer as
a result of the action of Buyer or its officers or agents.

 

4.6. SEC REPORTS

The Buyer has filed with or furnished to the SEC all reports,
schedules, forms, statements, prospectuses, registration statements and other documents required to be filed or furnished by the
Buyer since January 1, 2010 (together with any exhibits and schedules thereto or incorporated by reference therein and other information
incorporated therein, an “SEC Report”, and collectively, the “Buyer SEC Reports”), all of
which were prepared in all material respects in accordance with the applicable requirements of the Exchange Act, the Securities
Act and the rules and regulations promulgated thereunder (the “Securities Laws”).  As of their respective
dates (or, if amended prior to the date of this Agreement, as of the respective dates of such amendments), the Buyer SEC Reports
(i) complied, and each Buyer SEC Report filed subsequent to the date hereof will comply, as to form in all material respects with
the applicable requirements of the Securities Laws and (ii) did not, and each Buyer SEC Report filed subsequent to the date hereof
will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements made therein, in the light of the circumstances under which they were made, not misleading.  
Each of the consolidated balance sheets included in or incorporated by reference into the Buyer SEC Reports (including the related
notes and schedules) fairly presents in all material respects the consolidated financial position of the Buyer and the Buyer Subsidiaries
as of its date and each of the consolidated statements of income, retained earnings and cash flows of the Buyer included in or
incorporated by reference into the Buyer SEC Reports (including any related notes and schedules) fairly presents in all material
respects the results of operations, retained earnings or cash flows, as the case may be, of the Buyer for the periods set forth
therein, in each case in accordance with GAAP consistently applied during the periods involved, except as may be noted therein
and except, in the case of the unaudited statements, as permitted by Form 10-Q pursuant to Sections 13 or 15(d) of the Exchange
Act and for normal year-end audit adjustments which would not be material in amount or effect.

 

4.7 PAYMENT OF ONGOING LIABILITY. Buyer shall
make regular monthly payments on the Wells Fargo line of credit of Company with an account ending in 0622. Buyer shall make no
modifications of the Account without Seller's approval, including without limitation any renewal or extension thereof. Buyer shall
make no withdrawals against said account and shall pay the account in full according to its terms and conditions. Upon fulfillment
of its obligation to pay the account in full, Buyer shall close the account. Buyer shall indemnify and hold harmless Seller from
any claim arising out of Buyer's failure to obey the terms of the account including without limitation reasonable attorney’s
fees in defending any action brought against Seller as personal guarantor of the account as a result of Buyer's failure to pay
or otherwise abide by the terms of said line of credit. Buyer’s obligations hereunder shall survive closing.

 

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5. COVENANTS OF SELLER PRIOR TO CLOSING DATE

 

5.1 ACCESS AND INVESTIGATION

Between the date of this Agreement and the Closing Date, Seller
will, and will cause each Acquired Company and its Representatives to, (a) afford Buyer and its Representatives and prospective
lenders and their Representatives (collectively, "Buyer's Advisors") full and free access to each Acquired Company's
personnel, properties (including subsurface testing), contracts, books and records, and other documents and data, (b) furnish Buyer
and Buyer's Advisors with copies of all such contracts, books and records, and other existing documents and data as Buyer may reasonably
request, and (c) furnish Buyer and Buyer's Advisors with such additional financial, operating, and other data and information as
Buyer may reasonably request.

 

5.2 OPERATION OF THE BUSINESSES OF THE ACQUIRED COMPANIES

Between the date of this Agreement and the Closing Date, Seller
will, and will cause each

Acquired Company to:

(a) conduct the business of such Acquired Company only in the
Ordinary Course of Business;

 

(b) use their Best Efforts to preserve intact the current business
organization of such Acquired Company, keep available the services of the current officers, employees, and agents of such Acquired
Company, and maintain the relations and good will with suppliers, customers, landlords, creditors, employees, agents, and others
having business relationships with such Acquired Company;

 

(c) confer with Buyer concerning operational matters of a material
nature; and

 

(d) otherwise report periodically to Buyer concerning the status
of the business, operations, and finances of such Acquired Company.

 

5.3 NEGATIVE COVENANT

Except as otherwise expressly permitted by this Agreement, between
the date of this Agreement and the Closing Date, Seller will not, and will cause each Acquired Company not to, without the prior
consent of Buyer, take any affirmative action, or fail to take any reasonable action within their or its control, as a result of
which any of the changes or events listed in Section 3.16 is likely to occur.

 

5.4 REQUIRED APPROVALS

As promptly as practicable after the date
of this Agreement, Seller will, and will cause each Acquired Company to, make all filings required by Legal Requirements to be
made by them in order to consummate the Contemplated Transactions (including all filings under the HSR Act). Between the date of
this Agreement and the Closing Date, Seller will, and will cause each Acquired Company to, (a) cooperate with Buyer with respect
to all filings that Buyer elects to make or is required by Legal Requirements to make in connection with the Contemplated Transactions,
and (b) cooperate with Buyer in obtaining all consents identified in Schedule 4.2 (including taking all actions requested by Buyer
to cause early termination of any applicable waiting period under the HSR Act).

 

5.5 NOTIFICATION

Between the date of this Agreement and the Closing Date,
each Seller will promptly notify Buyer in writing if such Seller or any Acquired Company becomes aware of any fact or
condition that causes or constitutes a Breach of any of Seller' representations and warranties as of the date of this
Agreement, or if such Seller or any Acquired Company becomes aware of the occurrence after the date of this Agreement of any
fact or condition that would (except as expressly contemplated by this Agreement) cause or constitute a Breach of any such
representation or warranty had such representation or warranty been made as of the time of occurrence or discovery of such
fact or condition. Should any such fact or condition require any change in the Disclosure Letter if the Disclosure Letter
were dated the date of the occurrence or discovery of any such fact or condition, Seller will promptly deliver to Buyer a
supplement to the Disclosure Letter specifying such change. During the same period, each Seller will promptly notify Buyer of
the occurrence of any Breach of any covenant of Seller in this Section 5 or of the occurrence of any event that may make the
satisfaction of the conditions in Section 7 impossible or unlikely.

 

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5.6 PAYMENT OF INDEBTEDNESS BY RELATED PERSONS

Except as expressly provided in this Agreement , Seller will
cause all indebtedness owed to an Acquired Company by either Seller or any Related Person of either Seller to be paid in full prior
to Closing

 

5.7 NO NEGOTIATION

Until such time, if any, as this Agreement is terminated pursuant
to Section 9, Seller will not, and will cause each Acquired Company and each of their Representatives not to, directly or indirectly
solicit, initiate, or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information
to, or consider the merits of any unsolicited inquiries or proposals from, any Person (other than Buyer) relating to any transaction
involving the sale of the business or assets (other than in the Ordinary Course of Business) of any Acquired Company, or any of
the capital stock of any Acquired Company, or any merger, consolidation, business combination, or similar transaction involving
any Acquired Company.

 

5.8 BEST EFFORTS

Between the date of this Agreement and the Closing Date, Seller
will use their Best Efforts to cause the conditions in Sections 7 and 8 to be satisfied.

 

6. COVENANTS OF BUYER PRIOR TO CLOSING DATE

 

6.1 APPROVALS OF GOVERNMENTAL BODIES

As promptly as practicable after the date of this Agreement,
Buyer will, and will cause each of its Related Persons to, make all filings required by Legal Requirements to be made by them to
consummate the Contemplated Transactions (including all filings under the HSR Act). Between the date of this Agreement and the
Closing Date, Buyer will, and will cause each Related Person to, cooperate with Seller with respect to all filings that Seller
are required by Legal Requirements to make in connection with the Contemplated Transactions, and (ii) cooperate with Seller in
obtaining all consents identified in Part 3.2 of the Disclosure Letter; provided that this Agreement will not require Buyer to
dispose of or make any change in any portion of its business or to incur any other burden to obtain a Governmental Authorization.

 

6.2 BEST EFFORTS

Except as set forth in the proviso to Section 6.1, between the
date of this Agreement and the Closing Date, Buyer will use its Best Efforts to cause the conditions in Sections 7 and 8 to be
satisfied.

 

7. CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO
CLOSE

Buyer's obligation to purchase the Ownership Interest and to
take the other actions required to be taken by

Buyer at the Closing is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

 

7.1 ACCURACY OF REPRESENTATIONS

(a) All of Seller' representations and warranties in this Agreement
(considered collectively), and each of these representations and warranties (considered individually), must have been accurate
in all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date
as if made on the Closing Date..

 

(b) Each of Seller's representations and warranties in Sections
3.3, 3.4, 3.12, and 3.24 must have been accurate in all respects as of the date of this Agreement, and must be accurate in all
respects as of the Closing Date as if made on the Closing Date, without giving effect to any supplement to the Disclosure Letter.

 

7.2 SELLER'S PERFORMANCE

(a) All of the covenants and obligations that Seller are required
to perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these
covenants and obligations (considered individually), must have been duly performed and complied with in all material respects.

 

(b) Each document required to be delivered pursuant to Section
2.4 must have been delivered, and each of the other covenants and obligations in Sections 5.4 and 5.8 must have been performed
and complied with in all respects.

 

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7.3 CONSENTS

Each of the Consents identified in Part 3.2 of the Disclosure
Letter, and each Consent identified in Schedule 4.2, must have been obtained and must be in full force and effect.

 

7.4 ADDITIONAL DOCUMENTS. Such other documents
as Buyer may reasonably request for the purpose of (i) enabling its counsel to provide the opinion referred to in Section 8.4(a),
(ii) evidencing the accuracy of any of Seller' representations and warranties, (iii) evidencing the performance by either Seller
of, or the compliance by either Seller with, any covenant or obligation required to be performed or complied with by such Seller,
(iv) evidencing the satisfaction of any condition referred to in this Section 7, or (v) otherwise facilitating the consummation
or performance of any of the Contemplated Transactions.

 

7.5 NO PROCEEDINGS

Since the date of this Agreement, there must not have been commenced
or Threatened against Buyer, or against any Person affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking
damages or other relief in connection with, any of the Contemplated Transactions, or (b) that may have the effect of preventing,
delaying, making illegal, or otherwise interfering with any of the Contemplated Transactions.

 

7.6 NO CLAIM REGARDING OWNERSHIP INTEREST OR SALE PROCEEDS

There must not have been made or Threatened by any Person any
claim asserting that such Person (a) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial
ownership of, any stock or membership of, or any other voting, equity, or ownership interest in, any of the Acquired Companies,
or (b) is entitled to all or any portion of the Purchase Price payable for the Ownership Interest.

 

7.7 NO PROHIBITION

Neither the consummation nor the performance of any of the Contemplated
Transactions will, directly or indirectly (with or without notice or lapse of time), materially contravene, or conflict with, or
result in a material violation of, or cause Buyer or any Person affiliated with Buyer to suffer any material adverse consequence
under, (a) any applicable Legal Requirement or Order, or (b) any Legal Requirement or Order that has been published, introduced,
or otherwise [formally] proposed by or before any Governmental Body.

 

8. CONDITIONS PRECEDENT TO SELLER'S OBLIGATION
TO CLOSE

 

Seller's obligation to sell the Ownership Interest and to take
the other actions required to be taken by Seller at the Closing is subject to the satisfaction, at or prior to the Closing, of
each of the following conditions (any of which may be waived by Seller, in whole or in part):

 

8.1 ACCURACY OF REPRESENTATIONS

All of Buyer's representations and warranties in this Agreement
(considered collectively), and each of these representations and warranties (considered individually), must have been accurate
in all material respects as of the date of this Agreement and must be accurate in all material respects as of the Closing Date
as if made on the Closing Date.

 

8.2 BUYER'S PERFORMANCE

(a) All of the covenants and obligations that Buyer is required
to perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these
covenants and obligations (considered individually), must have been performed and complied with in all material respects.

 

(b) Buyer must have delivered each of the documents required
to be delivered by Buyer pursuant to Section 2.4 and must have made the cash payments required to be made by Buyer pursuant to
Sections 2.4(b)(i) and 2.4(b)(ii).

 

8.3 CONSENTS

Each of the Consents identified in Part 3.2 of the Disclosure
Letter must have been obtained and must be in full force and effect.

 

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8.4 ADDITIONAL DOCUMENTS

Buyer must have caused such other documents as Seller may reasonably
request for the purpose of (i) enabling the ir counsel to provide the opinion referred to in Section 7.4(a), (ii) evidencing the
accuracy of any representation or warranty of Buyer, (iii) evidencing the performance by Buyer of, or the compliance by Buyer with,
any covenant or obligation required to be performed or complied with by Buyer, (ii) evidencing the satisfaction of any condition
referred to in this Section 8, or (v) otherwise facilitating the consummation of any of the Contemplated Transactions.

 

8.5 NO INJUNCTION

There must not be in effect any Legal Requirement or any injunction
or other Order that (a) prohibits the sale of the Ownership Interest by Seller to Buyer, and (b) has been adopted or issued, or
has otherwise become effective, since the date of this Agreement.

 

9. TERMINATION

 

9.1 TERMINATION EVENTS

This Agreement may, by notice given prior to or at the Closing,
be terminated:

 

(a) by either Buyer or Seller if a material Breach of any provision
of this Agreement has been committed by the other party and such Breach has not been waived;

 

(b) (i) by Buyer if any of the conditions in Section 7 has not
been satisfied as of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure
of Buyer to comply with its obligations under this Agreement) and Buyer has not waived such condition on or before the Closing
Date; or (ii) by Seller, if any of the conditions in Section 8 has not been satisfied of the Closing Date or if satisfaction of
such a condition is or becomes impossible (other than through the failure of Seller to comply with their obligations under this
Agreement) and Seller have not waived such condition on or before the Closing Date;

 

(c) by mutual consent of Buyer and Seller; or

 

(d) by either Buyer or Seller if the Closing has not occurred
(other than through the failure of any party seeking to terminate this Agreement to comply fully with its obligations under this
Agreement) on or before November 1, 2012, or such later date as the parties may agree upon.

 

9.2 EFFECT OF TERMINATION

Each party's right of termination under Section 9.1 is in addition
to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election
of remedies. If this Agreement is terminated pursuant to Section 9.1, all further obligations of the parties under this Agreement
will terminate, except that the obligations in Sections 11.1 and 11.3 will survive; provided, however, that if this Agreement is
terminated by a party because of the Breach of the Agreement by the other party or because one or more of the conditions to the
terminating party's obligations under this Agreement is not satisfied as a result of the other party's failure to comply with its
obligations under this Agreement, the terminating party's right to pursue all legal remedies will survive such termination unimpaired.

 

10. INDEMNIFICATION; REMEDIES

 

10.1 SURVIVAL; RIGHT TO INDEMNIFICATION NOT AFFECTED BY
KNOWLEDGE

All representations, warranties, covenants, and obligations
in this Agreement, the Disclosure Letter, the supplements to the Disclosure Letter, the certificate delivered pursuant to Section
2.4(a)(v), and any other certificate or document delivered pursuant to this Agreement will survive the Closing. The right to indemnification,
payment of Damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by
any investigation conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before
or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance
with, any such representation, warranty, covenant, or obligation. The waiver of any condition based on the accuracy of any representation
or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification,
payment of Damages, or other remedy based on such representations, warranties, covenants, and obligations.

 

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10.2 INDEMNIFICATION AND PAYMENT OF DAMAGES BY SELLER

Seller, jointly and severally, will indemnify and hold harmless
Buyer, the Acquired Companies, and their respective Representatives, stockholders, controlling persons, and affiliates (collectively,
the "Indemnified Persons") for, and will pay to the Indemnified Persons the amount of, any loss, liability, claim, damage
(including incidental and consequential damages), expense (including costs of investigation and defense and reasonable attorne
ys' fees) or diminution of value, whether or not involving a third-party claim (collectively, "Damages"), arising, directly
or indirectly, from or in connection with:

 

(a) any Breach of any representation or warranty made by Seller
in this Agreement (without giving effect to any supplement to the Disclosure Letter), the Disclosure Letter, the supplements to
the Disclosure Letter, or any other certificate or document delivered by Seller pursuant to this Agreement;

 

(b) any Breach of any representation or warranty made by Seller
in this Agreement as if such representation or warranty were made on and as of the Closing Date without giving effect to any supplement
to the Disclosure Letter, other than any such Breach that is disclosed in a supplement to the Disclosure Letter and is expressly
identified in the certificate delivered pursuant to Section 2.4(a)(v) as having caused the condition specified in Section 7.1 not
to be satisfied;

 

(c) any Breach by either Seller of any covenant or obligation
of such Seller in this Agreement; (d) any product shipped or manufactured by, or any services provided by, any Acquired Company
prior to the Closing Date;

 

(e) any matter disclosed in the Disclosure Letter; or

 

(f) any claim by any Person for brokerage or finder's fees or
commissions or similar payments based upon any agreement or understanding alleged to have been made by any such Person with either
Seller or any Acquired Company (or any Person acting on their behalf) in connection with any of the Contemplated Transactions.

 

The remedies provided in this Section 10.2 will not be exclusive
of or limit any other remedies that may be available to Buyer or the other Indemnified Persons.

 

10.3 INDEMNIFICATION AND PAYMENT OF DAMAGES BY SELLER—
ENVIRONMENTAL MATTERS

 

Seller, jointly and severally, will indemnify and hold harmless
Buyer, the Acquired Companies, and the other Indemnified Persons for, and will pay to Buyer, the Acquired Companies, and the other
Indemnified Persons the amount of, any Damages (including costs of cleanup, containment, or other remediation) arising, directly
or indirectly, from or in connection with:

 

(a) any Environmental, Health, and Safety or Hazardous Materials
Liabilities arising out of or relating to the ownership, operation, or condition at any time on or prior to the Closing Date of
the Facilities or any other properties and assets (whether real, personal, or mixed and whether tangible or intangible) in which
Seller or any Acquired Company has or had an interest, or any bodily injury (including illness, disability, and death, and regardless
of when any such bodily injury occurred, was incurred, or manifested itself), personal injury, property damage (including trespass,
nuisance, wrongful eviction, and deprivation of the use of real property), or other damage of or to any Person, including any
employee or former employee of Seller or any Acquired Company or any other Person for whose conduct they are or may be held responsible

 

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10.4 INDEMNIFICATION AND PAYMENT OF DAMAGES BY BUYER

Buyer will indemnify and hold harmless Seller, and will pay
to Seller the amount of any Damages arising, directly or indirectly, from or in connection with (a) any Breach of any representation
or warranty made by Buyer in this Agreement or in any certificate delivered by Buyer pursuant to this Agreement, (b) any Breach
by Buyer of any covenant or obligation of Buyer in this Agreement, or (c) any claim by any Person for brokerage or finder's fees
or commissions or similar payments based upon any agreement or understanding alleged to have been made by such Person with Buyer
(or any Person acting on its behalf) in connection with any of the Contemplated Transactions.

 

10.5 TIME LIMITATIONS

If the Closing occurs, Seller will have no liability (for indemnification
or otherwise) with respect to any representation or warranty, or covenant or obligation to be performed and complied with prior
to the Closing Date, other than those in Sections 3.3, 3.11, 3.13, and 3.19, unless on or before two (2) years post Closing Date
Buyer notifies Seller of a claim specifying the factual basis of that claim in reasonable detail to the extent then known by Buyer;
a claim with respect to Section 3.3, 3.11, 3.13, or 3.19 or a claim for indemnification or reimbursement not based upon any representation
or warranty or any covenant or obligation to be performed and complied with prior to the Closing Date, may be made at any time.
If the Closing occurs, Buyer will have no liability (for indemnification or otherwise) with respect to any representation or warranty,
or covenant or obligation to be performed and complied with prior to the closing Date, unless on or before two (2) years post the
Closing Date and Seller notifies Buyer of a claim specifying the factual basis of that claim in reasonable detail to the extent
then known by Seller.

 

10.6 RIGHT OF SET-OFF

Upon notice to Seller specifying in reasonable detail the basis
for such set-off, Buyer may set off any amount to which it may be entitled under this Section 10 against amounts otherwise payable
under the Promissory Note or may give notice of a Claim in such amount that may be taken out of any payment owed from the Adjustment
Amount. The exercise of such right of set-off by Buyer in good faith, whether or not ultimately determined to be justified, will
not constitute an event of default under the Promissory Note or any instrument securing a Promissory Note. Neither the exercise
of nor the failure to exercise such right of set-off or to give a notice of a Claim to set-off against the Adjustment Amount will
constitute an election of remedies or limit Buyer in any manner in the enforcement of any other remedies that may be available
to it.

 

10.7 PROCEDURE FOR INDEMNIFICATION—THIRD PARTY CLAIMS

(a) Promptly after receipt by an indemnified party under this
Section 10 of notice of the commencement of any Proceeding against it, such indemnified party will, if a claim is to be made against
an indemnifying party under such Section, give notice to the indemnifying party of the commencement of such claim, but the failure
to notify the indemnifying party will not relieve the indemnifying party of any liability that it may have to any indemnified party,
except to the extent that the indemnifying party demonstrates that the defense of such action is prejudiced by the indemnifying
party's failure to give such notice.

 

(b) If any Proceeding referred to in this Section 10 is brought
against an indemnified party and it gives notice to the indemnifying party of the commencement of such Proceeding, the indemnifying
party will, unless the claim involves Taxes, be entitled to participate in such Proceeding and, to the extent that it wishes (unless
(i) the indemnifying party is also a party to such Proceeding and the indemnified party determines in good faith that joint representation
would be inappropriate, or (ii) the indemnifying party fails to provide reasonable assurance to the indemnified party of its financial
capacity to defend such Proceeding and provide indemnification with respect to such Proceeding), to assume the defense of such
Proceeding with counsel satisfactory to the indemnified party and, after notice from the indemnifying party to the indemnified
party of its election to assume the defense of such Proceeding, the indemnifying party will not, as long as it diligently conducts
such defense, be liable to the indemnified party under this Section 10 for any fees of other counsel or any other expenses with
respect to the defense of such Proceeding, in each case subsequently incurred by the indemnified party in connection with the defense
of such Proceeding, other than reasonable costs of investigation. If the indemnifying party assumes the defense of a Proceeding,
(i) it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding are within the scope
of and subject to indemnification; (ii) no compromise or settlement of such claims may be effected by the indemnifying party without
the indemnified party's consent unless (A) there is no finding or admission of any violation of Legal Requirements or any violation
of the rights of any Person and no effect on any other claims that may be made against the indemnified party, and (B) the sole
relief provided is monetary damages that are paid in full by the indemnifying party; and (iii) the indemnified party will have
no liability with respect to any compromise or settlement of such claims effected without its consent. If notice is given to an
indemnifying party of the commencement of any Proceeding and the indemnifying party does not, within ten days after the indemnified
party's notice is given, give notice to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying
party will be bound by any determination made in such Proceeding or any compromise or settlement effected by the indemnified party.

 

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(c) Notwithstanding the foregoing, if an indemnified party determines
in good faith that there is a reasonable probability that a Proceeding may adversely affect it or its affiliates other than as
a result of monetary damages for which it would be entitled to indemnification under this Agreement, the indemnified party may,
by notice to the indemnifying party, assume the exclusive right to defend, compromise, or settle such Proceeding, but the indemnifying
party will not be bound by any determination of a Proceeding so defended or any compromise or settlement effected without its consent
(which may not be unreasonably withheld).

 

(d) Seller hereby consents to the non-exclusive jurisdiction
of any court in which a Proceeding is brought against any Indemnified Person for purposes of any claim that an Indemnified Person
may have under this Agreement with respect to such Proceeding or the matters alleged therein, and agree that process may be served
on Seller with respect to such a claim anywhere in the world.

 

10.8 PROCEDURE FOR INDEMNIFICATION—OTHER CLAIMS

A claim for indemnification for any matter not involving a third-party
claim may be asserted by notice to the party from whom indemnification is sought.

 

11. NON-COMPETE AND NON-SOLICITATION.

 

		11.1	Non-Compete.

 

(a) Seller agrees that for a period commencing on the Closing
Date and terminating on the fifth (5th) anniversary of the Closing Date, Seller will not engage, directly or indirectly, in a Competing
Business anywhere in the Territory. The foregoing restrictions are reasonable and appropriate, do not exceed the protection necessary
to secure the goodwill purchased, and do not place undue hardship on Seller.

 

(b) The remedy at law for any breach of the foregoing will be
inadequate and Buyer, in addition to any other relief available to it, shall be entitled to temporary and permanent injunctive
relief without the necessity of proving actual damages. If any provisions of any restrictive covenant contained herein, should
be deemed to exceed the limitations allowed by applicable law, then such provision shall be reformed to provide the maximum limitations
permitted.

 

		11.2	Non-Solicitation

Seller agrees that for a period of four (4) years from and after
the Closing Date she shall not, and shall not cause any third party to, without the prior written consent of Buyer, directly or
indirectly:

 

(a), solicit to hire (or cause or seek to cause to leave the
employ of or retention by Buyer or any of its Subsidiaries) (i) any employee or contractor of Buyer and the Company and its subsidiaries,
or (ii) any person employed or retained by Buyer or any of its Subsidiaries who became known to or was identified to Seller or
any of its Subsidiaries in connection with the transactions contemplated by this Agreement or during Seller's engagement by Buyer
after the Closing Date, unless, in the case of clause (i) or (ii) above, such person ceased to be an employee or contractor of
Buyer and/or its Subsidiaries at least six (6) months prior to such action by Seller or any third party induced by Seller; or

 

    	26

    	 

    

 

(b) solicit, divert, attempt to solicit or divert any customer
or prospective customer of Company known to Seller at the time or Closing or obtained at any time during this four (4) year non-solicitation
period for any reason .

 

For purposes of this Section 11, a "Competing Business"
shall mean any company, person or group of persons providing services in sleep health, including but not limited to services involving
providing diagnostic tests in clinical settings, selling equipment and supplies relating to sleep health, providing consulting
services with respect to sleep health, sleep health operations and/or operating a sleep health clinical or consulting services.
"Territory" shall mean the United States.

 

12. GENERAL PROVISIONS

 

12.1 EXPENSES

Except as otherwise expressly provided in this Agreement, each
party to this Agreement will bear its respective expenses incurred in connection with the preparation, execution, and performance
of this Agreement and the Contemplated Transactions, including all fees and expenses of agents, representatives, counsel, and accountants.
Seller will cause the Acquired Companies not to incur any out-of-pocket expenses in connection with this Agreement [except for
professional fees not in excess of $5,000. In the event of termination of this Agreement, the obligation of each party to pay its
own expenses will be subject to any rights of such party arising from a breach of this Agreement by another party.

 

12.2 PUBLIC ANNOUNCEMENTS

Any public announcement or similar publicity with respect to
this Agreement or the Contemplated Transactions will be issued, if at all, at such time and in such manner as Buyer determines.
Unless consented to by Buyer in advance or required by Legal Requirements, prior to the Closing Seller shall, and shall cause the
Acquired Companies to, keep this Agreement strictly confidential and may not make any disclosure of this Agreement to any Person.
Seller and Buyer will consult with each other concerning the means by which the Acquired Companies' employees, customers, and suppliers
and others having dealings with the Acquired Companies will be informed of the Contemplated Transactions, and Buyer will have the
right to be present for any such communication.

 

12.3 CONFIDENTIALITY

Between the date of this Agreement and the Closing Date, Buyer
and Seller will maintain in confidence, and will cause the directors, officers, employees, agents, and advisors of Buyer and the
Acquired Companies to maintain in confidence, and not use to the detriment of another party or an Acquired Company any[written,
oral, or other information obtained in confidence from another party or an Acquired Company in connection with this Agreement or
the Contemplated Transactions, unless (a) such information is already known to such party or to others not bound by a duty of confidentiality
or such information becomes publicly available through no fault of such party, (b) the use of such information is necessary or
appropriate in making any filing or obtaining any consent or approval required for the consummation of the Contemplated Transactions,
or (c) the furnishing or use of such information is required by or necessary or appropriate in connection with legal proceedings.

 

If the Contemplated Transactions are not consummated, each party
will return or destroy as much of such written information as the other party may reasonably request. Whether or not the Closing
takes place, Sellers waive, and will upon Buyer's request cause the Acquired Companies to waive, any cause of action, right, or
claim arising out of the access of Buyer or its representatives to any trade secrets or other confidential information of the Acquired
Companies except for the intentional competitive misuse by Buyer of such trade secrets or confidential information.

 

12.4 NOTICES

All notices, consents, waivers, and other communications under
this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand (with written confirmation
of receipt), (b) sent by telefacsimile and email with confirmations of delivery and/or receipt, provided that a copy is mailed
by registered mail, return receipt requested, or (c) when received by the addressee, if sent by a nationally recognized overnight
delivery service (receipt requested), in each case to the appropriate addresses and telecopier numbers set forth below (or to such
other addresses and telecopier numbers as a party may designate by notice to the other parties):

 

    	27

    	 

    

 

Seller:

 

Attention: Ailene Miller

 

Email: amiller@sleephealthier.com

 

with a copy to:  Christopher P. Berney

                260 Peachtree St., NW, Suite 401

                Atlanta, Georgia 30303

 

Email: cberney@cpblegal.com

Facsimile: 404-659-3274

 

Buyer:  Vystar Corporation 

 

Attention:  William Doyle

 

Email:    wdoyle@vytex.com

 

Facsimile No.:  770-965-0162

 

with a copy to:  

 

Attention:  Dawn Ely, Esq.

 

Email:    dely@vytex.com

               3235 Satellite Blvd,

               Bldg 400, Suite 290

               Duluth, GA 30096

 

Facsimile No.:  1.866.360.7228

 

12.5 JURISDICTION; SERVICE OF PROCESS

Any action or proceeding seeking to enforce any provision of,
or based on any right arising out of, this Agreement may be brought against any of the parties in the courts of the State of Georgia,
County of Gwinnett, or if it has or can acquire jurisdiction, in the United States District Court in that county, and each of the
parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding
and waives any objection to venue laid therein. Process in any action or proceeding referred to in the preceding sentence may be
served on any party anywhere in the world.

 

12.6 FURTHER ASSURANCES

The parties agree (a) to furnish upon request to each other
such further information, (b) to execute and deliver to each other such other documents, and (c) to do such other acts and things,
all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred
to in this Agreement.

 

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12.7 WAIVER

The rights and remedies of the parties to this Agreement are
cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power, or privilege under
this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power, or privilege, and
no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right,
power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law,
(a) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party,
in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no waiver
that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or
demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice
or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

 

    	29

    	 

    

 

12.8 ENTIRE AGREEMENT AND MODIFICATION

This Agreement supersedes all prior agreements between the parties
with respect to its subject matter (including any Letter of Intent between the parties), and constitutes (along with the documents
referred to in this Agreement) a complete and exclusive statement of the terms of the agreement between the parties with respect
to its subject matter. This Agreement may not be amended except by a written agreement executed by both parties.

 

12.9 DISCLOSURE LETTER

(a) The disclosures in the Disclosure Letter, and those in any
Supplement thereto, must relate only to the representations and warranties in the Section of the Agreement to which they expressly
relate and not to any other representation or warranty in this Agreement.

(b) In the event of any inconsistency between the statements
in the body of this Agreement and those in the Disclosure Letter (other than an exception expressly set forth as such in the Disclosure
Letter with respect to a specifically identified representation or warranty), the statements in the body of this Agreement will
control.

 

12.10 ASSIGNMENTS, SUCCESSORS, AND NO THIRD-PARTY RIGHTS

Neither party may assign any of its rights under this Agreement
without the prior consent of the other parties[, which will not be unreasonably withheld,] except that Buyer may assign any of
its rights under this Agreement to any Subsidiary of Buyer. Subject to the preceding sentence, this Agreement will apply to, be
binding in all respects upon, and inure to the benefit of the successors and permitted assigns of the parties. Nothing expressed
or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable
right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its
provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns.

 

12.11 SEVERABILITY

If any provision of this Agreement is held invalid or unenforceable
by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held
invalid or unenforceable.

 

12.12 SECTION HEADINGS, CONSTRUCTION

The headings of Sections in this Agreement are provided for
convenience only and will not affect its construction or interpretation. All references to "Section" or "Sections"
refer to the corresponding Section or Sections of this Agreement. All words used in this Agreement will be construed to be of such
gender or number as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit
the preceding words or terms.

 

12.13 TIME OF ESSENCE

With regard to all dates and time periods set forth or referred
to in this Agreement, time is of the essence.

 

12.14 GOVERNING LAW

This Agreement will be governed by the laws of the State of
Georgia without regard to conflicts principles.

 

12.15 COUNTERPARTS 

This Agreement may be executed in one or more counterparts,
each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement.

 

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

 

	Buyer:  Vystar Corporation	 	Seller: Mary Ailene Miller
	 	 	 	 	 
	By:	 	 	By:	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Name:  	William R. Doyle	 	Name:  	 
	 	Printed Name	 	 	Printed Name
	 	 	 	 	 
	Title:	President & CEO	 	Title:	Individual & Sole Owner SleepHealth, LLC
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	31Form of Placement Agent Warrant Agreement

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED AND EIGHTY DAYS FROM SEPTEMBER 13, 2012 TO ANYONE OTHER THAN A BONA
FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO THE COMMENCEMENT DATE (AS DEFINED BELOW) AND IS VOID AFTER 5:00 P.M., EASTERN TIME, SEPTEMBER 13, 2017.

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of Common Shares

of

Neuralstem, Inc.

 

 

1.           Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of [_______] (“Holder”),
as registered owner of this Purchase Warrant, to Neuralstem, Inc. (the “Company”), Holder is entitled, at any
time or from time to time from September 13, 2013 (the “Commencement Date”), and at or before 5:00 p.m., Eastern
time, September 13, 2017 (the  “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [______] shares of Common Stock of the Company, par value $0.01 per share (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized
by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with
the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
the Purchase Warrant. This Purchase Warrant is initially exercisable at $1.25 per Share; provided, however, that
upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including
the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified.
The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on
the context.

 

2.           Exercise.

 

2.1           Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or
official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern Time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2           Cashless
Exercise.  In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or
the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached
hereto, in which event the Company will issue to Holder Shares in accordance with the following formula:

 

    	 

    	 

    
 

	
X	
=	Y(A-B)	 
	A	 
	 	 	 	 
	Where,	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

(i)          if
the Company’s Common Stock is traded on a securities exchange, the value shall be deemed to be the closing price for the
Company’s Common Stock trading on such exchange on the date the exercise form is submitted in connection with the exercise
of the Purchase Warrant;

 

(ii)         if
the Company’s Common Stock is traded or quoted over-the-counter, the value shall be deemed to be the closing bid price for
the Company’s Common Stock traded or quoted over-the-counter on the date the exercise form is submitted in connection with
the exercise of the Purchase Warrant; or

 

(iii)        if
there is no public market for the Company’s Common Stock, the value shall be the fair market value thereof, as determined
in good faith by the Company’s Board of Directors.     

 

2.3         Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act
and applicable state law which, in the opinion of counsel to the Company, is available.”

 

3.           Transfer.

 

3.1           General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days
following the date of the issuance hereof (such date of issuance, the “Effective Date”) to anyone other than:
a bona fide officer or partner of Aegis, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase
Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided
for in FINRA Rule 5110(g)(2). On and after one hundred eighty (180) days after the Effective Date, transfers to others may be made
subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder
must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant
and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within three (3) Business Days transfer
this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of
like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2           Restrictions
Imposed by the Act. Notwithstanding Section 3.1 hereof, this Purchase Warrant and/or any or all of the Shares shall not be
transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that this Purchase Warrant and/or
any or all of the Shares may be transferred pursuant to an exemption from registration under the Act and applicable state securities
laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that
the written opinion of Silvestre Law Group, P.C. shall be deemed satisfactory evidence of the availability of an exemption), or
(ii) a registration statement or a post-effective amendment to such registration statement relating to the offer and sale of this
Purchase Warrant and/or any or all of the Shares has been filed by the Company and declared effective by the U.S. Securities and
Exchange Commission (the “Commission”) and compliance with applicable state securities law has been established.

 

    	2

    	 

    
 

3.3           Legend
Removal. Upon the exercise of the Holder’s rights to cashless exercise pursuant to Section 2.2 hereof and subject to
the transfer restrictions set forth in Section 3.1 hereof, the Company shall, at its own expense, cause its counsel to issue a
legal opinion to the Transfer Agent promptly after the Effective Date if required by the Transfer Agent to effect the removal of
the legend hereunder. If all or any portion of a Purchase Warrant is exercised at a time when there is an effective registration
statement to cover the resale of the Shares, or if such Shares may be sold under Rule 144 and the Company is then in compliance
with the current public information required under Rule 144, or if the Shares may be sold under Rule 144 without the requirement
for the Company to be in compliance with the current public information required under Rule 144 as to such Shares or if such legend
is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission) then such Shares shall be issued free of all legends or sold pursuant to Rule 144, as applicable.
The Company agrees that at such time as such legend is no longer required under this Section 3.3, it will, no later than three
(3) business days following the delivery by a Holder to the Company or the Transfer Agent of a certificate representing Securities
issued with a restrictive legend (such fifth business day, the “Legend Removal Date”), deliver or cause to be
delivered to such Holder a certificate representing such Shares that is free from all restrictive and other legends. The Company
Certificates for Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s prime broker with the Depository Trust Company System as directed by such Holder. “Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

4.           New
Purchase Warrants to be Issued.

 

4.1           Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

4.2           Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.           Adjustments.

 

5.1           Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

5.1.1        Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 5.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective
day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding shares,
and the Exercise Price shall be proportionately decreased.

 

5.1.2         Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 5.3 below, the number of outstanding Shares
is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares and
the Exercise Price shall be proportionately increased.

 

    	3

    	 

    
 

5.1.3         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 5.1.1 or 5.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 5.1.1 or 5.1.2, then such adjustment shall be made pursuant
to Sections 5.1.1, 5.1.2 and this Section 5.1.3. The provisions of this Section 5.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

5.1.4         Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
5.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

5.2           Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company
with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase
Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant)
to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable
upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such
Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale
or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided
for in this Section 5. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions
or amalgamations.

 

5.3           Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, in accordance with any resolution by the Company’s General Assembly or Board of Directors or, if no such resolution is
made, to the nearest whole number of Shares or other securities, properties or rights.

 

6.          Reservation
and Listing. From the time that the Company has sufficient authorized and unreserved Shares, the Company shall at all times
reserve and keep available out of its authorized shares, solely for the purpose of issuance upon exercise of the Purchase Warrants,
such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants
and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of the Purchase
Warrant and payment of the exercise price therefor, all Shares and other securities issuable upon such exercise shall be duly and
validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as the Purchase
Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise
of the Purchase Warrants to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTC Bulletin Board or any successor trading market) on which the Shares may then be listed and/or quoted.

 

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7.          Certain
Notice Requirements.

 

7.1           Holder's
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 7.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least ten days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the
shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

7.2         Events
Requiring Notice. The Company shall be required to give the notice described in this Section 7 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Common Stock any additional shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation)
or a sale of all or substantially all of its property, assets and business shall be proposed.

 

7.3         Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 5 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the
Company's Chief Financial Officer.

 

7.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

 

Aegis Capital Corp. c/o Holder

810 Seventh Avenue, 11th Floor

New York, New York 10019

Attn: Mr. David Bocchi, Managing Director of Investment Banking

Fax No.: (212) 813-1047

 

    	5

    	 

    
 

Copy to:

 

Blank Rome LLP

405 Lexington Americas

New York, NY 10174

Attn: Brad L. Shiffman, Esq.

Fax No. (212) 885-5001

 

If to the Company:

 

Neuralstem, Inc.

9700 Great Seneca Highway

Rockville, Maryland 20850

Attention: I. Richard Garr, CEO

Fax No: 301-560-6637

 

Copy to:

 

Silvestre Law Group, P.C.

31200 Via Colinas, Suite 200

West Lake Village, CA 91562

Attention: Raul Silvestre, Esq.

Fax No.: 805-553-9783

 

8.             Miscellaneous.

 

8.1           Amendments.
The Company and Aegis may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Aegis may deem necessary or desirable and that the Company and Aegis deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

8.2         Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

8.3.         Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

8.4         Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

8.5         Governing
Law; Submission to Jurisdiction. This Purchase Warrant shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal
and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor.

 

    	6

    	 

    
 

8.6         Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or
any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

8.7         Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

[Remainder of page intentionally
left blank]

 

    	7

    	 

    
 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the 19th day of September, 2012.

 

	Neuralstem, Inc.
	 	 
	By:	 	 
	 	Name: I. Richard Garr
	 	Title: Chief Executive Officer

 

    	8

    	 

    
 

[Form to be used to
exercise Purchase Warrant:]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of Common Stock of the Company and hereby makes payment
of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which
this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as determined
in accordance with the following formula: 

 

	 	
X	
=	Y(A-B)	 
	A	 

 

	Where,	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share

 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature

 

Signature Guaranteed

 

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

 

(Print in Block Letters)

 

Address:

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    
 

[Form to be used to assign Purchase Warrant:]

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase shares of Neuralstem, Inc. (the “Company”)
evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

Signature

 

Signature Guaranteed

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange.

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