Document:

CREDIT AND
SECURITY AGREEMENT

 

THIS CREDIT AND
SECURITY AGREEMENT (this “Agreement”), dated as of February 19, 2013 (the “Closing Date”)
by and among MIDCAP FUNDING III, LLC, a Delaware limited liability company (“MidCap”), as administrative
agent (“Agent”), the Lenders listed on the Credit Facility Schedule attached hereto and otherwise party hereto
from time to time (each a “Lender”, and collectively the “Lenders”), and CYTOMEDIX, INC.,
a Delaware corporation and the other entities shown as signatories hereto as a Borrower (collectively in the singular, “Borrower”),
provides the terms on which Lenders agree to lend to Borrower and Borrower shall repay Lenders. The parties agree as follows:

 

1ACCOUNTING
AND OTHER TERMS

 

Accounting terms not
defined in this Agreement shall be construed in accordance with GAAP. Calculations and determinations must be made in accordance
with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 15. All
other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent
such terms are defined therein. All headings numbered without a decimal point are herein referred to as “Articles,”
and all paragraphs numbered with a decimal point (and all subparagraphs or subsections thereof) are herein referred to as “Sections.”

 

2CREDIT
FACILITIES AND TERMS

 

2.1Promise
to Pay. Borrower hereby unconditionally promises to pay to each Lender in accordance with each Lender’s respective
Pro Rata Share of each Credit Facility, the outstanding principal amount of all Credit Extensions made by the Lenders under such
Credit Facility and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with
this Agreement.

 

2.2Credit
Facilities. Subject to the terms and conditions hereof, each Lender, severally, but not jointly, agrees to make available to
Borrower Credit Extensions in respect of each Credit Facility set forth opposite such Lender’s name on the Credit Facility
Schedule, in each case not to exceed such Lender’s commitment as identified on the Credit Facility Schedule (such commitment
of each Lender, as it may be amended to reflect assignments made in accordance with this Agreement or terminated or reduced in
accordance with this Agreement, its “Applicable Commitment”, and the aggregate of all such commitments, the
“Applicable Commitments”).

 

2.3Term
Credit Facilities.

 

(a)Nature
of Credit Facility; Credit Extension Requests. For any Credit Facility identified on the Credit Facility Schedule as a term
facility (a “Term Credit Facility”), Credit Extensions in respect of a Term Credit Facility may be requested
by Borrower during the Draw Period for such Term Credit Facility. For any Credit Extension requested under a Term Credit Facility,
Agent must receive the completed Credit Extension Form by 12:00 noon (New York time) fifteen (15) days prior to the date of the
Credit Extension is to be funded. To the extent any Term Credit Facility proceeds are repaid for any reason, whether voluntarily
or involuntarily (including repayments from insurance or condemnation proceeds), Agent and Lenders shall have no obligation to
re-advance such sums to Borrower.

    	 

    	 

    
 

(b)Applicable
Margin; Principal Payments. Principal payable on account of a Term Credit Facility shall be payable by Borrower to Agent immediately
upon the earliest of (a) the date(s) set forth in the Amortization Schedule for such Term Credit Facility (or if no such Amortization
Schedule is attached, then upon Agent’s demand for payment), or (b) the Maturity Date. Except as this Agreement may specifically
provide otherwise, all prepayments of Credit Extensions under Term Credit Facilities shall be applied by Agent to the applicable
Term Credit Facility in inverse order of maturity. The monthly payments required under the Amortization Schedule shall continue
in the same amount (for so long as the applicable Term Credit Facility shall remain outstanding) notwithstanding any partial prepayment,
whether mandatory or optional, of the applicable Term Credit Facility.

 

(c)Mandatory
Prepayment. If a Term Credit Facility is accelerated following the occurrence of an Event of Default, Borrower shall upon written
demand pay to Agent, for payment to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of:
(i) all outstanding principal of the Term Credit Facility and all other Obligations, plus accrued and unpaid interest thereon,
(ii) any fees payable under the Fee Letters by reason of such prepayment, (iii) the Applicable Prepayment Fee as specified in the
Credit Facility Schedule for the Credit Facility being prepaid, and (iv) all other sums that shall have become due and payable,
including Protective Advances. Additionally, at the election of Agent, upon the written demand of the Agent, Borrower shall prepay
the Term Credit Facilities (to be allocated pro rata among the outstanding Credit Extensions under all Term Credit Facilities)
in the following amounts: (i) on the date on which any Credit Party (or Agent as loss payee or assignee) receives any casualty
proceeds in excess of Twenty-Five Thousand Dollars ($25,000) for personal property, or in excess of Fifty Thousand Dollars ($50,000)
for real property, in respect of assets upon which Agent maintained a Lien, an amount equal to one hundred percent (100%) of such
proceeds (net of out-of-pocket expenses and, in the case of personal property, repayment of any permitted purchase money debt encumbering
the personal property that suffered such casualty), or such lesser portion of such proceeds as Agent shall elect to apply to the
Obligations and (ii) upon receipt by any Credit Party of the proceeds of any asset disposition of personal property not made in
the Ordinary Course of Business (other than transfers permitted by Section 7.1) an amount equal to one hundred percent (100%)
of the net cash proceeds of such asset disposition (net of out-of-pocket expenses and repayment of any permitted purchase money
debt encumbering such asset), or such lesser portion as Agent shall elect to apply to the Obligations.

 

(d)Permitted
Prepayment. Except as provided below, Borrower shall have no right to prepay the Credit Extensions made in respect of a Term
Credit Facility. After the Closed Period, if any, for the applicable Term Credit Facility as specified in the Credit Facility Schedule,
Borrower shall have the option to prepay the Prepayable Amount (as defined below) of a Term Credit Facility advanced by the Lenders
under this Agreement, provided Borrower (i) provides written notice to Agent of its election to prepay the Prepayable Amount
at least thirty (30) days prior to such prepayment, and (ii) pays to Agent, for payment to each Lender in accordance with
its respective Pro Rata Share, on the date of such prepayment, an amount equal to the sum of (A) the Prepayable Amount, plus
accrued and unpaid interest thereon, (B) any fees payable under the Fee Letters by reason of such prepayment, (C) the Applicable
Prepayment Fee as specified in the Credit Facility Schedule for the Credit Facility being prepaid, and (D) all Protective Advances.
The term “Prepayable Amount” means all or any portion of the Credit Extensions under the applicable Term Credit Facility.

    	2

    	 

    
 

(e)Termination.
Notwithstanding anything in this Agreement to the contrary, if the Initial Equity Event is not consummated by the Commitment Termination
Date for the initial Credit Extension, then this Agreement and all Applicable Commitments shall terminate and be of no further
force or effect other than those provisions herein that specifically survive termination including, without limitation, indemnification
obligations.

 

2.4Reserved.

 

2.5Reserved.

 

2.6Interest
and Payments; Administration.

 

(a)Interest;
Computation of Interest. Each Credit Extension shall bear interest on the outstanding principal amount thereof from the date
when made until paid in full at a rate per annum equal to the Applicable Index Rate plus the Applicable Margin. For all Credit
Extensions made in respect of a Credit Facility, the Applicable Margin is as specified in the Credit Facility Schedule for such
Credit Facility. Each Lender may, upon the failure of Borrower to pay any fees or interest as required herein, capitalize such
interest and fees and begin to accrue interest thereon until paid in full, which such interest shall be at a rate per annum equal
to the Applicable Index Rate plus the Applicable Margin unless and until the Default Rate shall otherwise apply. All other Obligations
shall bear interest on the outstanding amount thereof from the date they first become payable by Borrower under the Financing Documents
until paid in full at a rate per annum equal to the Applicable Index Rate plus the Applicable Margin unless and until the Default
Rate shall otherwise apply. Interest on the Credit Extensions and all fees payable under the Financing Documents shall be computed
on the basis of a 360-day year and the actual number of days elapsed in the period during which such interest accrues. In computing
interest on any Credit Extension or other advance, the date of the making of such Credit Extension or advance shall be included
and the date of payment shall be excluded; provided, however, that if any Credit Extension or advance is repaid on the same day
on which it is made, such day shall be included in computing interest on such Credit Extension or advance. As of each Applicable
Interest Rate Determination Date, Agent shall determine (which determination shall, absent manifest error in calculation, be final,
conclusive and binding upon all parties) the interest rate that shall apply to the Credit Extensions.

 

(b)Default
Rate. Upon the election of Agent following the occurrence and during the continuance of an Event of Default, Obligations shall
bear interest at a rate per annum which is five hundred basis points (5.00%) above the rate that is otherwise applicable thereto
(the “Default Rate”). Payment or acceptance of the increased interest rate provided in this subsection is
not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of Agent or Lenders.

    	3

    	 

    
 

(c)Payments
Generally. Except as otherwise provided in this Section 2.6(c), all payments in respect of the Obligations shall be made to
Agent for the account of the applicable Lenders in accordance with their Pro Rata Share. Payments of principal and interest in
respect of any Credit Facility identified on the Credit Facility Schedule as “Term” shall be made to each applicable
Lender. All Obligations (other than principal and interest) are payable within three (3) Business Days of demand of Agent in the
absence of any other due date specified herein. All fees payable under the Financing Documents shall be deemed non-refundable as
of the date paid. Any payment required to be made to Agent or a Lender under this Agreement may be made by debit or automated clearing
house payment initiated by Agent or such Lender from any of Borrower’s deposit accounts, including the Designated Funding
Account, and Borrower shall tender to Agent and Lenders such authorization forms as Agent or such Lender may require to implement
such debit or automated clearing house payment. These debits or automated clearing house payments shall not constitute a set-off.
Payments of principal and/or interest received after 3:00 p.m. New York time are considered received at the opening of business
on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and
additional fees or interest, as applicable, shall continue to accrue until paid. All payments to be made by Borrower under any
Financing Document shall be made without set-off, recoupment or counterclaim, in lawful money of the United States and in immediately
available funds. The balance of the Obligations, as recorded in Agent’s books and records at any time, shall be conclusive
and binding evidence of the amounts due and owing to Agent and Lenders by each Borrower absent manifest error; provided, however,
that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s duty to pay
all amounts owing hereunder or under any Financing Document. Agent shall endeavor to provide Borrower with a monthly statement
regarding the Credit Extensions (but neither Agent nor any Lender shall have any liability if Agent shall fail to provide any such
statement). Unless Borrower notifies Agent of any objection to any such statement (specifically describing the basis for such objection)
within ninety (90) days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrower in all
respects as to all matters reflected therein absent manifest error.

 

(d)Interest
Payments; Maturity Date. Commencing on the first (1st) Payment Date following the funding of a Credit Extension,
and continuing on the Payment Date of each successive month thereafter through and including the Maturity Date, Borrower shall
make monthly payments of interest, in arrears, calculated as set forth in this Section 2.6. All unpaid principal and accrued
interest is due and payable in full on the Maturity Date or any earlier date specified herein. If the Obligations are not paid
in full on or before the Maturity Date, all interest thereafter accruing shall be payable immediately upon accrual.

 

(e)Fees.
Borrower shall pay, as and when due and payable under the terms of the Fee Letters, to Agent and each Lender, for their own accounts
and not for the benefit of any other Lenders, the fees set forth in the Fee Letters.

 

(f)Protective
Advances. Borrower shall pay to Agent for the account of Lenders all Protective Advances (including reasonable attorneys’
fees and expenses for documentation and negotiation of this Agreement, the Warrants and the other Financing Documents) when due
under any Financing Document (and in the absence of any other due date specified herein, such Protective Advances shall be due
within three (3) Business Days following written demand, which demand shall include a statement describing the Protective Advance).

    	4

    	 

    
 

(g)Maximum
Lawful Rate. In no event shall the interest charged hereunder with respect to the Obligations exceed the maximum amount permitted
under the Laws of the State of Maryland. Notwithstanding anything to the contrary in any Financing Document, if at any time the
rate of interest payable hereunder (the “Stated Rate”) would exceed the highest rate of interest permitted under
any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would
be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any
time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by Law, continue
to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which
would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter,
the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate,
in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount
which it could lawfully have received, had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If,
notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess
amount shall be applied to the reduction of the principal balance of such Lender’s Credit Extensions or to other amounts
(other than interest) payable hereunder, and if no such Credit Extensions or other amounts are then outstanding, such excess or
part thereof remaining shall be paid to Borrower. In computing interest payable with reference to the Maximum Lawful Rate applicable
to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number
of days in the year in which such calculation is made.

 

(h)Taxes;
Additional Costs.

 

(i)All payments
of principal and interest on the Obligations and all other amounts payable hereunder shall be made free and clear of and without
deduction for any present or future income, excise, stamp, documentary, payroll, employment, property or franchise taxes and other
taxes, fees, duties, levies, assessments, withholdings or other charges of any nature whatsoever (including interest and penalties
thereon) imposed by any taxing authority, excluding taxes imposed on or measured by Agent's or any Lender's net income by the jurisdictions
under which Agent or such Lender is organized or conducts business (other than solely as the result of entering into any of the
Financing Documents or taking any action thereunder) (all non-excluded items being called "Taxes"). If any withholding
or deduction from any payment to be made by any Borrower hereunder is required in respect of any Taxes pursuant to any applicable
Law, then Borrower will: (i) pay directly to the relevant authority the full amount required to be so withheld or deducted; (ii)
promptly forward to Agent an official receipt or other documentation satisfactory to Agent evidencing such payment to such authority;
and (iii) pay to Agent for the account of Agent and Lenders such additional amount or amounts as is necessary to ensure that the
net amount actually received by Agent and each Lender will equal the full amount Agent and such Lender would have received had
no such withholding or deduction been required. If any Taxes are directly asserted against Agent or any Lender with respect to
any payment received by Agent or such Lender hereunder, Agent or such Lender may pay such Taxes and Borrower will promptly pay
such additional amounts (including any penalty, interest or expense) as is necessary in order that the net amount received by such
Person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount such Person would
have received had such Taxes not been asserted so long as such amounts have accrued on or after the day which is two hundred seventy
(270) days prior to the date on which Agent or such Lender first made written demand therefor.

 

(ii)If any
Borrower fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to Agent, for the account of Agent
and the respective Lenders, the required receipts or other required documentary evidence, Borrower shall indemnify Agent and Lenders
for any incremental Taxes, interest or penalties that may become payable by Agent or any Lender as a result of any such failure.

    	5

    	 

    
 

(iii)Each
Lender that (i) is organized under the laws of a jurisdiction other than the United States, and (ii)(A) is a party hereto on the
Closing Date or (B) purports to become an assignee of an interest as a Lender under this Agreement after the Closing Date (unless
such Lender was already a Lender hereunder immediately prior to such assignment) (each such Lender a “Foreign Lender”)
shall execute and deliver to each of Borrowers and Agent one or more (as Borrower or Agent may reasonably request) United States
Internal Revenue Service Forms W-8ECI, W-8BEN, W-8IMY (as applicable) and other applicable forms, certificates or documents prescribed
by the United States Internal Revenue Service or reasonably requested by Agent certifying as to such Lender's entitlement to a
complete exemption from withholding or deduction of Taxes. Borrower shall not be required to pay additional amounts to any Lender
pursuant to this subsection (h) with respect to United States withholding and income Taxes to the extent that the obligation to
pay such additional amounts would not have arisen but for the failure of such Lender to comply with this paragraph other than as
a result of a change in law.

 

(iv)If any
Lender shall determine in its commercially reasonable judgment that the adoption or taking effect of, or any change in, any applicable
Law regarding capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the interpretation,
administration or application thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation,
administration or application thereof, or the compliance by any Lender or any Person controlling such Lender with any request,
guideline or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority,
central bank or comparable agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing
the rate of return on such Lender's or such controlling Person's capital as a consequence of such Lender's obligations hereunder
to a level below that which such Lender or such controlling Person could have achieved but for such adoption, taking effect, change,
interpretation, administration, application or compliance (taking into consideration such Lender's or such controlling Person's
policies with respect to capital adequacy) then from time to time, upon written demand by such Lender (which demand shall be accompanied
by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of
which shall be furnished to Agent), Borrowers shall promptly pay to such Lender such additional amount as will compensate such
Lender or such controlling Person for such reduction, so long as such amounts have accrued on or after the day which is two hundred
seventy (270) days prior to the date on which such Lender first made demand therefor; provided, however, that notwithstanding anything
in this Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "change
in applicable Law", regardless of the date enacted, adopted or issued.

 

(v)If any
Lender requires compensation under this subsection (h), or requires any Borrower to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to this subsection (h), then, upon the written request of Borrower,
such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Credit Extensions hereunder
or to assign its rights and obligations hereunder (subject to the terms of this Agreement) to another of its offices, branches
or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or materially reduce amounts
payable pursuant to any such subsection, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender (as determined in its sole discretion). Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

    	6

    	 

    
 

(i)Administrative
Fees and Charges.

 

(i)Borrower
shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable fees and expenses in connection
with audits and inspections of the books and records of the Credit Parties, audits, valuations or appraisals of the Collateral,
audits of Borrower’s compliance with applicable Laws and such other matters as Agent shall deem appropriate, which shall
be due and payable on the first Business Day of the month following the date of issuance by Agent of a written request for payment
thereof to any Borrower; provided, that, as long as no Default has occurred within the preceding twelve (12) months, Agent
shall be entitled to such reimbursement for no more than one audit and inspection per calendar year in an amount not to exceed
fifteen thousand and no/100 dollars ($15,000).

 

(ii)If payments
of principal or interest due on the Obligations, or any other amounts due hereunder or under the other Financing Documents, are
not timely made and remain overdue for a period of ten (10) days, Borrower, without notice or demand by Agent, promptly shall pay
to Agent, for its own account and not for the benefit of any other Lenders, as additional compensation to Agent in administering
the Obligations, an amount equal to five percent (5.0%) of each delinquent payment.

 

2.7Secured
Promissory Notes. At the election of any Lender made as to each Credit Facility for which it has made Credit Extensions,
each Credit Facility shall be evidenced by one or more secured promissory notes in form and substance satisfactory to Agent
and Lenders (each a “Secured Promissory Note”). Upon receipt of an affidavit of an officer of a Lender as to
the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement
Secured Promissory Note in the same principal amount thereof and of like tenor.

 

3CONDITIONS
OF credit extensions

 

3.1Conditions
Precedent to Closing. This Agreement shall be effective upon satisfaction of the condition precedent that Agent shall consent
to or shall have received, in form and substance satisfactory to Agent, such documents, and completion of such other matters, as
Agent may reasonably deem necessary or appropriate, including, without limitation, all items listed on the Closing Deliveries Schedule
attached hereto.

 

3.2Conditions
Precedent to all Credit Extensions. The obligation of each Lender to make each Credit Extension, including the initial Credit
Extension, is subject to the following conditions precedent:

 

(a)satisfaction
of all Applicable Funding Conditions for the applicable Credit Extension as set forth in the Credit Facility Schedule, each in
form and substance satisfactory to Agent;

 

(b)timely
receipt by the Agent of an executed Credit Extension Form in the form attached hereto;

    	7

    	 

    
 

(c)the
representations and warranties in Article 5 and elsewhere in the Financing Documents shall be true, correct and complete
in all material respects on the date of the Credit Extension Form and on the Funding Date of each Credit Extension; provided, however,
that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific
date shall be true, accurate and complete in all material respects as of such date. Each Credit Extension is Borrower’s representation
and warranty on that date that the representations and warranties in Article 5 and elsewhere in the Financing Documents
remain true, accurate and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided,
further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date;

 

(d)no
Default or Event of Default shall have occurred and be continuing or result from the Credit Extension;

 

(e)Agent
shall be satisfied with the results of any searches conducted under Section 3.5;

 

(f)Receipt
by Agent of such evidence as Agent shall request to confirm that the deliveries made in Section 3.1 remain current, accurate
and in full force and effect, or if not, updates thereto, each in form and substance satisfactory to Agent; and

 

(g)in
such Lender’s sole discretion, there has not been any Material Adverse Change or any material adverse deviation by Borrower
from the most recent business plan of Borrower presented to and accepted by Agent.

 

3.3Method
of Borrowing. Each Credit Extension in respect of each Credit Facility shall be in an amount at least equal to the applicable
Minimum Credit Extension Amount for such Credit Facility as set forth in the Credit Facility Schedule or such lesser amount as
shall remain undisbursed under the Applicable Commitments for such Credit Facility. The date of funding for any requested Credit
Extension shall be a Business Day. To obtain a Credit Extension, Borrower shall deliver to Agent a completed Credit Extension Form
executed by a Responsible Officer. Agent may rely on any notice given by a person whom Agent reasonably believes is a Responsible
Officer or designee. Agent and Lenders shall have no duty to verify the authenticity of any such notice.

 

3.4Funding
of Credit Facilities. Upon the terms and subject to the conditions set forth herein, each Lender, severally and not jointly,
shall make available to Agent its Pro Rata Share of the requested Credit Extension, in lawful money of the United States of America
in immediately available funds, prior to 11:00 a.m. (New York time) on the specified date for the Credit Extension. Agent shall,
unless it shall have determined that one of the conditions set forth in Section 3.1 or 3.2, as applicable, has not
been satisfied, by 2:00 p.m. (New York time) on such day, credit the amounts received by it in like funds to Borrower by wire transfer
to the Designated Funding Account (or to the account of Borrower in respect of the Obligations, if the Credit Extension is being
made to pay an Obligation of Borrower). A Credit Extension made prior to the satisfaction of any conditions set forth in Section
3.1 or 3.2 shall not constitute a waiver by Agent or Lenders of Borrower’s obligation to satisfy such conditions,
and any such Credit Extension made in the absence of such satisfaction shall be made in Agent’s discretion.

    	8

    	 

    
 

3.5Searches.
Before the Closing Date, and thereafter (as and when determined by Agent in its discretion), Agent shall have the right to perform,
all at Borrower’s expense, the searches described in clauses (a), (b), and (c) below against Borrower and any other Credit
Party, the results of which are to be consistent with Borrower’s representations and warranties under this Agreement and
the reasonably satisfactory results of which shall be a condition precedent to all Credit Extension requested by Borrower: (a)
UCC searches with the Secretary of State of the jurisdiction in which the applicable Person is organized; (b) judgment, pending
litigation, federal tax lien, personal property tax lien, and corporate and partnership tax lien searches, in each jurisdiction
searched under clause (a) above; and (c) searches of applicable corporate, limited liability company, partnership and related records
to confirm the continued existence, organization and good standing of the applicable Person and the exact legal name under which
such Person is organized.

 

4CREATION
OF SECURITY INTEREST 

 

4.1Grant
of Security Interest. Borrower hereby grants Agent, for the ratable benefit of the Lenders, to secure the payment and performance
in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of the Lenders,
the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. Borrower
represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first
priority perfected security interest in the Collateral, subject only to Permitted Liens that may have priority by operation of
applicable Law or by the terms of a written intercreditor or subordination agreement entered into by Agent.

 

4.2Representations
and Covenants.

 

(a)As
of the Closing Date, Borrower has no ownership interest in any Chattel Paper, letter of credit rights, commercial tort claims,
Instruments, documents or investment property (other than equity interests in any Subsidiaries of such Borrower disclosed on the
Disclosure Schedule attached hereto).

 

(b)Borrower
shall deliver to Agent all tangible Chattel Paper and all Instruments and documents owned by any Borrower and constituting part
of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance
satisfactory to Agent. Borrower shall provide Agent with “control” (as in the Code) of all electronic Chattel Paper
owned by any Borrower and constituting part of the Collateral by having Agent identified as the assignee on the records pertaining
to the single authoritative copy thereof and otherwise complying with the applicable elements of control set forth in the UCC.
Borrower also shall deliver to Agent all security agreements securing any such Chattel Paper and securing any such Instruments.
Borrower will mark conspicuously all such Chattel Paper and all such Instruments and Documents with a legend, in form and substance
satisfactory to Agent, indicating that such Chattel Paper and such Instruments and Documents are subject to the security interests
and Liens in favor of Agent created pursuant to this Agreement and the Financing Documents.

    	9

    	 

    
 

(c)Borrower
shall deliver to Agent all letters of credit on which any Borrower is the beneficiary and which give rise to letter of credit rights
owned by such Borrower which constitute part of the Collateral in each case duly endorsed and accompanied by duly executed instruments
of transfer or assignment, all in form and substance satisfactory to Agent. Borrower shall take any and all actions as may be necessary
or desirable, or that Agent may request, from time to time, to cause Agent to obtain exclusive “control” (as defined
in the Code) of any such letter of credit rights in a manner acceptable to Agent.

 

(d)Borrower
shall promptly advise Agent upon any Borrower becoming aware that it has any interests in any commercial tort claim that constitutes
part of the Collateral, which such notice shall include descriptions of the events and circumstances giving rise to such commercial
tort claim and the dates such events and circumstances occurred, the potential defendants with respect such commercial tort claim
and any court proceedings that have been instituted with respect to such commercial tort claims, and Borrower shall, with respect
to any such commercial tort claim, execute and deliver to Agent such documents as Agent shall request to perfect, preserve or protect
the Liens, rights and remedies of Agent with respect to any such commercial tort claim.

 

(e)Except
for Accounts and Inventory in an aggregate amount of Twenty-Five Thousand Dollars ($25,000), no Accounts or Inventory or other
Collateral shall at any time be in the possession or control of any warehouse, consignee, bailee or any of Borrower’s agents
or processors without prior written notice to Agent and the receipt by Agent, if Agent has so requested, of warehouse receipts,
consignment agreements or bailee lien waivers (as applicable) satisfactory to Agent prior to the commencement of such possession
or control. Borrower shall, upon the request of Agent, notify any such warehouse, consignee, bailee, agent or processor of the
security interests and Liens in favor of Agent created pursuant to this Agreement and the Financing Documents, instruct such Person
to hold all such Collateral for Agent’s account subject to Agent’s instructions and shall obtain an acknowledgement
from such Person that such Person holds the Collateral for Agent’s benefit.

 

(f)Upon
request of Agent, Borrower shall promptly deliver to Agent any and all certificates of title, applications for title or similar
evidence of ownership of all such tangible personal property and shall cause Agent to be named as lienholder on any such certificate
of title or other evidence of ownership. Borrower shall not permit any such tangible personal property to become fixtures to real
estate unless such real estate is subject to a Lien in favor of Agent.

 

(g)Each
Borrower hereby authorizes Agent to file without the signature of such Borrower one or more UCC financing statements relating to
liens on personal property constituting all or any part of the Collateral, which financing statements may list Agent as the “secured
party” and such Borrower as the “debtor” and which describe and indicate the collateral covered thereby as all
or any part of the Collateral under the Financing Documents (including an indication of the collateral covered by any such financing
statement as “all assets” of such Borrower now owned or hereafter acquired), in such jurisdictions as Agent from time
to time determines are appropriate, and to file without the signature of such Borrower any continuations of or corrective amendments
to any such financing statements, in any such case in order for Agent to perfect, preserve or protect the Liens, rights and remedies
of Agent with respect to the Collateral. Each Borrower also ratifies its authorization for Agent to have filed in any jurisdiction
any initial financing statements or amendments thereto if filed prior to the date hereof. Any financing statement may include a
notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of
Agent and the Lenders under the UCC.

    	10

    	 

    
 

(h)As
of the Closing Date, no Borrower holds, and after the Closing Date Borrower shall promptly notify Agent in writing upon creation
or acquisition by any Borrower of, any Collateral which constitutes a claim against any Governmental Authority, including, without
limitation, the federal government of the United States or any instrumentality or agency thereof, the assignment of which claim
is restricted by any applicable Law, including, without limitation, the federal Assignment of Claims Act and any other comparable
Law. Upon the request of Agent, Borrower shall take such steps as may be necessary or desirable, or that Agent may request, to
comply with any such applicable Law.

 

(i)Borrower
shall furnish to Agent from time to time any statements and schedules further identifying or describing the Collateral and any
other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time.

 

5REPRESENTATIONS
AND WARRANTIES

 

Borrower represents
and warrants as follows on the Closing Date and the date of each Credit Extension:

 

5.1Due
Organization, Authorization: Power and Authority.

 

(a)Each
Credit Party is duly existing and in good standing, as a Registered Organization in its respective jurisdiction of formation. Each
Credit Party is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business
or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to
have a Material Adverse Change. The Financing Documents have been duly authorized, executed and delivered by each Credit Party
and constitute legal, valid and binding agreements enforceable in accordance with their terms. The execution, delivery and performance
by each Credit Party of each Financing Document executed or to be executed by it is in each case within such Credit Party’s
powers.

 

(b)The
execution, delivery and performance by each Credit Party of the Financing Documents to which it is a party do not (i) conflict
with any of such Credit Party’s organizational documents; (ii) contravene, conflict with, constitute a default under or violate
any Law; (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award
of any Governmental Authority by which such Credit Party or any of its property or assets may be bound or affected; (iv) require
any action by, filing, registration, or qualification with, or Required Permit from, any Governmental Authority (except such Required
Permits which have already been obtained and are in full force and effect); or (v) constitute a default under any Material Agreement.
No Credit Party is in default under any agreement to which it is a party or by which it is bound in which the default could reasonably
be expected to have a Material Adverse Change.

 

5.2Litigation.
Except as disclosed on the Disclosure Schedule or, after the Closing Date, pursuant to Section 6.7, there are
no actions, suits, proceedings or investigations pending or, to the knowledge of the Responsible Officers, threatened in writing
by or against any Credit Party which involves the possibility of any judgment or liability of more than Fifty Thousand Dollars
($50,000.00) or that could result in a Material Adverse Change, or which questions the validity of the Financing Documents, or
the other documents required thereby or any action to be taken pursuant to any of the foregoing, nor does any Credit Party have
reason to believe that any such actions, suits, proceedings or investigations are threatened.

    	11

    	 

    
 

5.3No
Material Deterioration in Financial Condition; Financial Statements. All financial statements for the Credit Parties delivered
to Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition and consolidated
results of operations of such Credit Party. There has been no material deterioration in the consolidated financial condition of
any Credit Party from the most recent financial statements filed with the SEC. There has been no material adverse deviation from
the most recent annual operating plan of Borrower delivered to Agent and Lenders

 

5.4Solvency.
The fair salable value of each Credit Party’s assets (including goodwill minus disposition costs) exceeds the fair
value of its liabilities. After giving effect to the transactions described in this Agreement, (a) no Credit Party is left with
unreasonably small capital in relation to its business as presently conducted, and (b) each Credit Party is able to pay its debts
(including trade debts) as they mature.

 

5.5Subsidiaries;
Investments. Borrower and its Subsidiaries do not own any stock, partnership interest or other equity securities, except for
Permitted Investments.

 

5.6Tax
Returns and Payments; Pension Contributions. Each Credit Party has timely filed all required tax returns and reports, and each
Credit Party has timely paid all foreign, federal, state and material local taxes, assessments, deposits and contributions owed
by such Credit Party. Borrower is unaware of any claims or adjustments proposed for any of prior tax years of any Credit Party
which could result in additional taxes becoming due and payable by such Credit Party. Each Credit Party has paid all amounts necessary
to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and no Credit Party
has withdrawn from participation in, or has permitted partial or complete termination of, or permitted the occurrence of any other
event with respect to, any such plan which could reasonably be expected to result in any liability of such Credit Party, including
any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

 

5.7Disclosure
Schedule. All information set forth in the Disclosure Schedule is be true, accurate and complete as of the date hereof.
All information set forth in the Perfection Certificate is be true, accurate and complete as of the date hereof.

 

6AFFIRMATIVE
COVENANTS

 

Borrower covenants
and agrees as follows:

 

6.1Organization
and Existence; Government Compliance.

 

(a)Each
Credit Party shall maintain its legal existence and good standing in its respective jurisdiction of formation and maintain qualification
in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Change. If a Credit
Party is not now a Registered Organization but later becomes one, Borrower shall promptly notify Agent of such occurrence and provide
Agent with such Credit Party’s organizational identification number.

    	12

    	 

    
 

(b)Each
Credit Party shall comply with all Laws, ordinances and regulations to which it or its business locations is subject, the noncompliance
with which could reasonably be expected to result in a Material Adverse Change. Each Credit Party shall obtain and keep in full
force and effect and comply with all of the Required Permits, except where failure to have or maintain compliance with or effectiveness
of such Required Permit could not reasonably be expected to result in a Material Adverse Change. Each Credit Party shall promptly
provide copies of any such obtained Required Permits to Agent. Borrower shall notify Agent within three (3) Business Days (but
in any event prior to Borrower submitting any requests for Credit Extensions or release of any reserves) of the occurrence of any
facts, events or circumstances known to a Borrower, whether threatened, existing or pending, that could cause any Required Permit
to become limited, suspended or revoked or that makes Borrower subject to or requires Borrower to file a plan of correction with
respect to any accreditation survey.

 

6.2Financial
Statements, Reports, Certificates.

 

(a)Each
Credit Party shall deliver to Agent: (i) as soon as available, but no later than thirty (30) days after the last day of each month,
a company prepared consolidated and consolidating balance sheet, income statement and cash flow statement covering such Credit
Party’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Agent; (ii) as
soon as available, but no later than one hundred twenty (120) days after the last day of a Credit Party’s fiscal year, audited
consolidated and consolidating financial statements prepared under GAAP, consistently applied, together with an unqualified opinion
on the financial statements from Borrower’s independent certified public accounting firm; (iii) as soon as available after
approval thereof by such Credit Party’s governing board, but no later than thirty (30) days after the last day of such Credit
Party’s fiscal year, and as amended and/or updated, such Credit Party’s financial projections for current fiscal
year; (iv) within five (5) days of delivery, copies of all statements, reports and notices made available to all of such Credit
Party’s security holders or to any holders of Subordinated Debt; (v) in the event that such Credit Party becomes subject
to the reporting requirements under the Securities Exchange Act of 1934, as amended, within five (5) days of filing, all reports
on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission (the “SEC”) or a link thereto on
such Credit Party’s or another website on the Internet; (vi) budgets, sales projections, operating plans and other financial
information reasonably requested by Agent; (vii) as soon as available, but no later than thirty (30) days after the last day of
each month, copies of the month-end account statements for each Collateral Account maintained by a Credit Party, which statements
may be provided to Agent and each Lender by Borrower or directly from the applicable institution(s); and (viii) such additional
information, reports or statements regarding the Credit Parties or their respective businesses, contractors and subcontractors
as Agent may from time to time reasonably request.

 

(b)Within
thirty (30) days after the last day of each month, Borrower shall deliver to Agent with the monthly financial statements described
above, a duly completed Compliance Certificate signed by a Responsible Officer.

 

(c)Borrower
shall cause each Credit Party to keep proper books of record and account in accordance with GAAP in which full, true and correct
entries shall be made of all dealings and transactions in relation to its business and activities. Upon prior written notice and
during business hours, Borrower shall allow, and cause each Credit Party to allow, Agent and Lenders to visit and inspect any properties
of a Credit Party, to examine and make abstracts or copies from any Credit Party’s books, to conduct a collateral audit and
analysis of its operations and the Collateral to verify the amount and age of the accounts, the identity and credit of the respective
account debtors, to review the billing practices of the Credit Party and to discuss its respective affairs, finances and accounts
with their respective officers, employees and independent public accountants as often as may reasonably be desired. Borrower shall
reimburse Agent for all reasonable costs and expenses associated with such visits and inspections; provided, however, that Borrower
shall be required to reimburse Agent for such costs and expenses for no more than two (2) such visits and inspections per twelve
(12) month period unless a Default or Event of Default has occurred during such period.

    	13

    	 

    
 

(d)Borrower
shall, and shall cause each Credit Party to, deliver to Agent, within five (5) days after the same are sent or received, copies
of all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected
to have a material effect on any of the Required Permits material to Borrower’s business or otherwise on the operations of
Borrower or any of its Subsidiaries.

 

(e)Borrower
shall deliver to Agent, within five (5) Business Days of the occurrence of any prepayment event described in the last sentence
of Section 2.3(c), written notice of such prepayment event.

 

6.3Maintenance
of Property. Borrower shall cause all equipment and other tangible personal property other than Inventory to be maintained
and preserved in the same condition, repair and in working order as of the date hereof, ordinary wear and tear excepted, and shall
promptly make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or
desirable to such end. Borrower shall cause each Credit Party to keep all Inventory in good and marketable condition, free from
material defects. Returns and allowances between a Credit Party and its Account Debtors shall follow the Credit Party’s customary
practices as they exist at the Closing Date. Borrower shall promptly notify Agent of all returns, recoveries, disputes and claims
that involve more than One Hundred Thousand Dollars ($100,000) of Inventory collectively among all Credit Parties.

 

6.4Taxes;
Pensions. Borrower shall timely file and cause each Credit Party to timely file, all required tax returns and reports and timely
pay, and cause each Credit Party to timely pay, all foreign, federal, state, and local taxes, assessments, deposits and contributions
owed, and shall deliver to Agent, on demand, appropriate certificates attesting to such payments. Borrower shall pay, and cause
each Credit Party to pay, all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in
accordance with their terms. Notwithstanding the foregoing, a Credit Party may defer payment of any contested taxes, provided,
however, that such Credit Party (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly
and diligently instituted and conducted, (b) notifies Agent in writing of the commencement of, and any material development in,
the proceedings, and (c) posts bonds or takes any other steps required to prevent the governmental authority levying such contested
taxes from obtaining a Lien upon any of the Collateral.

 

6.5Insurance.
Borrower shall, and shall cause each Credit Party to, keep its business and the Collateral insured for risks and in amounts standard
for companies in Borrower’s industry and location and as Agent may reasonably request. Insurance policies shall be in a form,
with companies, and in amounts that are satisfactory to Agent. All property policies shall have a lender’s loss payable endorsement
showing Agent as sole lender’s loss payee and waive subrogation against Agent, and all liability policies shall show, or
have endorsements showing, Agent as an additional insured. No other loss payees may be shown on the policies unless Agent shall
otherwise consent in writing. If required by Agent, all policies (or the loss payable and additional insured endorsements) shall
provide that the insurer shall endeavor to give Agent at least thirty (30) days’ notice before canceling, amending, or declining
to renew its policy. At Agent’s request, Borrower shall deliver certified copies of all such Credit Party insurance policies
and evidence of all premium payments. If any Credit Party fails to obtain insurance as required under this Section 6.5
or to pay any amount or furnish any required proof of payment to third persons and Agent, Agent may make all or part of such payment
or obtain such insurance policies required in this Section 6.5, and take any action under the policies Agent deems prudent.

    	14

    	 

    
 

6.6Collateral
Accounts. Borrower shall, and shall cause each Credit Party to, provide Agent five (5) days prior written notice before establishing
any Collateral Account at or with any bank or financial institution. In addition, for each Collateral Account that any Credit Party
at any time maintains, Borrower shall, and shall cause each Credit Party to, cause the applicable bank or financial institution
at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument
with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder,
which Control Agreement may not be terminated without prior written consent of Agent. The provisions of the previous sentence shall
not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for
the benefit of a Credit Party’s employees and identified to Agent by Borrower as such; provided, however, that at all times
Borrower shall maintain one or more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll taxes
and other employee wage and benefit payments, and shall not commingle any monies allocated for such purposes with funds in any
other Deposit Account.

 

6.7Notices
of Material Agreements, Litigation and Defaults; Cooperation in Litigation. Promptly
(and in any event within three (3) Business Days), (i) upon Borrower becoming aware of the existence of any Event of Default or
event which, with the giving of notice or passage of time, or both, would constitute an Event of Default or (ii) upon the execution
and delivery of any Material Agreement and each amendment to, and copies of all statements, reports and notices delivered
to or by a Credit Party in connection with, any Material Agreement,
or (iii) upon Borrower becoming aware of (or having reason to believe any of the following are pending or threatened in writing)
any action, suit, proceeding or investigation by or against Borrower or any Credit Party which involves the possibility of any
judgment or liability of more than Fifty Thousand Dollars ($50,000) or that could result in a Material Adverse Change, or
which questions the validity of any of the Financing Documents, or the other documents required thereby or any action to be taken
pursuant to any of the foregoing, Borrower shall
give written notice to Agent of such occurrence, and such further information as Agent shall reasonably request. From
the date hereof and continuing through the termination of this Agreement, Borrower shall, and shall cause each Credit Party to,
make available to Agent, without expense to Agent, each Credit Party’s officers, employees and agents and books, to the extent
that Agent may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against
Agent with respect to any Collateral or relating to a Credit Party.

 

6.8Creation/Acquisition
of Subsidiaries.  In the event Borrower or any Subsidiary creates or, to the extent permitted hereunder, acquires any
Subsidiary, Borrower and such Subsidiary shall promptly (and in any event within five (5) Business Days of such creation or acquisition)
notify Agent of the creation or acquisition of such new Subsidiary and take all such action as may be reasonably required by Agent
to cause each such Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of Borrower under the Financing
Documents and, in each case, grant a continuing pledge and security interest in and to the assets of such Subsidiary (substantially
as described on Exhibit A hereto); and Borrower shall grant and pledge to Agent, for the ratable benefit of the Lenders,
a perfected security interest in the stock, units or other evidence of ownership of each Subsidiary (the foregoing collectively,
the “Joinder Requirements”); provided, that Borrower shall not be permitted to make any Investment in
such Subsidiary until such time as Borrower has satisfied the Joinder Requirements.

    	15

    	 

    
 

6.9Use
of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely for (a) transaction fees incurred in connection
with the Financing Documents, (b) for working capital needs of Borrower and its Subsidiaries, and (c) any other Permitted Purpose
specified in the Credit Facility Schedule for such Credit Facility. No portion of the proceeds of the Credit Extensions will be
used for family, personal, agricultural or household use.

 

6.10Hazardous
Materials; Remediation.

 

(a)If any release
or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other assets of any Borrower
or any other Credit Party, such Borrower will cause, or direct the applicable Credit Party to cause, the prompt containment and
removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to comply with all
Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, each Borrower
shall, and shall cause each other Credit Party to, comply with each Law requiring the performance at any real property by any Borrower
or any other Credit Party of activities in response to the release or threatened release of a Hazardous Material.

 

(b)Borrower will
provide Agent within thirty (30) days after written demand therefor with a bond, letter of credit or similar financial assurance
evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing, treating and
disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment which may be established
on any property as a result thereof, such demand to be made, if at all, upon Agent’s determination that the failure to remove,
treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure to discharge any such assessment
could reasonably be expected to have a Material Adverse Change.

 

(c)If there is any
conflict between this Section 6.10 and any environmental indemnity agreement which is a Financing Document, the environmental
indemnity agreement shall govern and control.

 

6.11Power
of Attorney. Each of the officers of Agent is hereby irrevocably made, constituted and appointed the true and lawful attorney
for each Borrower (without requiring any of them to act as such) with full power of substitution to do the following: (a) endorse
the name of any Borrower upon any and all checks, drafts, money orders, and other instruments for the payment of money that are
payable to Borrower; (b) make, settle, and adjust all claims under Borrower’s insurance policies; (c) pay, contest or settle
any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or
otherwise take any action to terminate or discharge the same; (d) so long as Agent has provided not less than three (3) Business
Days’ prior written notice to Borrower to perform the same and Borrower has failed to take such action, (i) execute in the
name of any Borrower any schedules, assignments, instruments, documents, and statements that Borrowers are obligated to give Agent
under this Agreement or that Agent or any Lender deems necessary to perfect or better perfect Agent’s security interest or
Lien in any Collateral, and (ii) do such other and further acts and deeds in the name of Borrower that Agent may deem necessary
or desirable to enforce, protect or preserve any Collateral or its rights therein, including, but not limited to, to sign Borrower’s
name on any invoice or bill of lading for any Account or drafts against Account Debtors; (e) after the occurrence and during the
continuance of an Event of Default, (i) take any action any Credit Party is required to take under this Agreement or any other
Financing Document, (ii) transfer the Collateral into the name of Agent or a third party as the Code permits, (iii) exercise any
rights and remedies described in this Agreement or the other Financing Documents, and (iv) do such other and further acts and deeds
in the name of Borrower that Agent may deem necessary or desirable to enforce its rights with regard to any Collateral.

    	16

    	 

    
 

6.12Further
Assurances. Borrower shall, and shall cause each Credit Party to, promptly execute any further instruments and take further
action as Agent reasonably requests to perfect or better perfect or continue Agent’s Lien in the Collateral or to effect
the purposes of this Agreement or any other Financing Document.

 

6.13Post-Closing
Obligations. Borrower shall, and shall cause each Credit Party to, complete each of the post-closing obligations and/or deliver
to Agent each of the documents, instruments, agreements and information listed on the Post-Closing Obligations Schedule attached
hereto, on or before the date set forth for each such item thereon, each of which shall be completed or provided in form and substance
satisfactory to Agent and Lenders.

 

6.14Disclosure
Schedule. Borrower shall, within ten (10) days of any information in the Disclosure Schedule becoming outdated, inaccurate,
incomplete or misleading, deliver to Agent a proposed update to the Disclosure Schedule correcting all outdated, inaccurate,
incomplete or misleading information. With respect to any proposed updates to the Disclosure Schedule involving Permitted
Liens, Permitted Indebtedness or Permitted Investments, Agent will replace the Disclosure Schedule attached hereto with
such proposed update only if such updated information is consistent with the definitions of and limitations herein pertaining to
Permitted Liens, Permitted Indebtedness or Permitted Investments. With respect to any proposed updates to the Disclosure Schedule
involving other matters, Agent will replace the applicable portion of the Disclosure Schedule attached hereto with such
proposed update upon Agent’s approval thereof.

 

6.15Minimum
Revenue. Borrower shall not permit its revenue as of any Testing Date to be less than the minimum amounts set forth on Schedule
6.15, opposite such Testing Date set forth on such Schedule 6.15. 

 

6.16Subsequent
Equity Event. During the period after the Closing Date but prior to July 31, 2013, Borrower shall have consummated a Subsequent
Equity Event (as such term is defined on the Credit Facility Schedule).

 

7NEGATIVE
COVENANTS

 

Borrower shall not
do, nor shall it permit any Credit Party to do, any of the following without the prior written consent of Agent:

    	17

    	 

    
 

7.1Dispositions.
Convey, sell, abandon, lease, license, transfer, assign or otherwise dispose of (collectively, “Transfer”) all
or any part of its business or property, except for (a) sales of Inventory in the Ordinary Course of Business; or (b) sales
or abandonment of worn-out or obsolete Equipment.

 

7.2Changes
in Business, CEO, Ownership or Business Locations. (a) Engage in any business other than the businesses currently engaged
in by Borrower or such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) (i) have
a change in the chief executive officer of Borrower where a suitable permanent replacement, as approved by Borrower’s board
of directors, has not been named and hired by not later than sixty (60) days after such change, or (ii) enter into any transaction
or series of related transactions which would result in a Change in Control; (d) add any new offices or business locations, or
enter into any new leases with respect to existing offices or business locations (unless such new or existing offices or business
locations contain less than Twenty-Five Thousand Dollars ($25,000) in Borrower’s assets or property and do not contain any
of Borrower’s Books) without first delivering a fully-executed Access Agreement to Agent; (e) change its jurisdiction of
organization; (f) change its organizational structure or type; (g) change its legal name; or (h) change any organizational
number (if any) assigned by its jurisdiction of organization.

 

7.3Mergers
or Acquisitions. Merge or consolidate with any other Person, or acquire all or substantially all of the capital stock or property
of another Person; provided, however, that a Subsidiary of Borrower may merge or consolidate into another Subsidiary that
is a Borrower , so long as (a) Borrower has provided Agent with prior written notice of such transaction, (b) a Borrower shall
be the surviving legal entity, (c) Borrower’s tangible net worth is not thereby reduced, and (d) no Event of Default is occurring
prior thereto or arises as a result therefrom.

 

7.4Indebtedness.
Create, incur, assume, or be liable for any Indebtedness other than Permitted Indebtedness.

 

7.5Encumbrance.
(a) Create, incur, allow, or suffer any Lien on any of its property, except for Permitted Liens, (b) permit any Collateral to fail
to be subject to the first priority security interest granted herein except for Permitted Liens that may have priority by operation
of applicable Law or by the terms of a written intercreditor or subordination agreement entered into by Agent, or (c) enter into
any agreement, document, instrument or other arrangement (except with or in favor of Agent) with any Person which directly or indirectly
prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security
interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Collateral or Intellectual Property, except
as is otherwise permitted in the definition of “Permitted Liens” herein.

 

7.6Maintenance
of Collateral Accounts. Maintain any Collateral Account, except pursuant to the terms of Section 6.6 hereof.

 

7.7Distributions;
Investments. (a) Pay any dividends (other than dividends payable solely in common stock) or make any distribution or payment
with respect to or redeem, retire or purchase or repurchase any of its equity interests (other than repurchases pursuant to the
terms of employee stock purchase plans, employee restricted stock agreements
or similar plans), or (b) directly or indirectly make any Investment (including, without limitation, any additional
Investment in any Subsidiary) other than Permitted Investments.

    	18

    	 

    
 

7.8Transactions
with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of any Credit
Party, except for (a) transactions that are in the Ordinary Course of Business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (b) transactions
with Subsidiaries that are designated as a Borrower hereunder and that are not otherwise prohibited by Section 7 of this
Agreement, and (c) transactions permitted by Section 7.7 of this Agreement;.

 

7.9Subordinated
Debt. (a) Make or permit any payment on any Subordinated Debt, except to the extent expressly permitted to be made pursuant
to the terms of the Subordination Agreement to which such Subordinated Debt is subject, or (b) amend any provision in any
document relating to the Subordinated Debt other than as may be expressly permitted pursuant to the terms of any applicable Subordination
Agreement to which such Subordinated Debt is subject.

 

7.10Compliance.
Become an “investment company” or a company controlled by an “investment company”, under the Investment
Company Act of 1940, as amended or undertake as one of its important activities extending credit to purchase or carry margin stock
(as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension
for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction,
as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other Law or regulation,
if the violation could reasonably be expected to have a Material Adverse Change; withdraw from participation in, permit partial
or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and
deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to
the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

 

7.11Amendments
to Organization Documents and Material Agreements. Amend, modify or waive any provision of (a) any Material Agreement, or
(b) any of its organizational documents (other than a change in registered agents), in each case, without the prior written
consent of Agent. Borrower shall provide to Agent copies of all such amendments, waivers and modifications.

 

7.12Compliance
with Anti-Terrorism Laws. Directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts
with any Person listed on the OFAC Lists. Borrower shall immediately notify Agent if Borrower has knowledge that Borrower or any
Subsidiary or Affiliate is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted
on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money laundering. Borrower will
not, nor will Borrower permit any Subsidiary or Affiliate to, directly or indirectly, (i) conduct any business or engage in any
transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds,
goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to,
any property or interests in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism
Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. Agent hereby
notifies Borrower that pursuant to the requirements of Anti-Terrorism Laws, and Agent’s policies and practices, Agent is
required to obtain, verify and record certain information and documentation that identifies Borrower and its principals, which
information includes the name and address of Borrower and its principals and such other information that will allow Agent to identify
such party in accordance with Anti-Terrorism Laws.

    	19

    	 

    
 

8ADDITIONAL
COVENANTS 

 

8.1Life
Sciences Covenants.

 

(a)As
used in this Agreement, the following terms have the following meanings:

 

“DEA”
means the Drug Enforcement Administration of the United States of America, and any successor agency thereof.

 

“Drug Application”
means a new drug application, an abbreviated drug application, or a product license application for any Product, as appropriate,
as those terms are defined in the FDCA.

 

“FDA”
means the Food and Drug Administration of the United States of America, or any successor entity thereto.

 

“FDCA”
means the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 301 et seq., and all regulations promulgated thereunder.

 

“Material Intellectual Property”
means all of Borrower’s Intellectual Property and license or sublicense agreements or other agreements with respect to rights
in Intellectual Property that are material to the condition (financial or other), business or operations of Borrower, as determined
by Agent.

 

“Permitted
License” means any non-exclusive license of patent rights of Borrower or its Subsidiaries granted to third parties in
the Ordinary Course of Business and that does not result in a legal transfer of title to the licensed property, and is for fair
value consideration.

 

“Products”
means any products manufactured, sold, developed, tested or marketed by any Borrower or any of its Subsidiaries, including without
limitation, those products set forth on the Products Schedule (as updated from time to time in accordance with Section
8.1(d)); provided, however, that if Borrower shall fail to comply with the obligations under Section 8.1(d) to
give notice to Agent and update the Products Schedule prior to manufacturing, selling, developing, testing or marketing
any new Product, any such improperly undisclosed Product shall be deemed to be included in this definition.

 

(b)Notwithstanding
the terms of Section 7.1 of this Agreement to the contrary, Borrower shall be permitted to make Transfers in the form of
Permitted Licenses.

    	20

    	 

    
 

(c)Borrower
represents and warrants as follows at all times unless expressly provided below:

 

(i)Intellectual
Property and License Agreements. A list of all of Intellectual Property of each Credit Party and all license agreements, sublicenses,
or other rights of any Credit Party to use Intellectual Property (including all in-bound license agreements, but excluding over-the-counter
software that is commercially available to the public), as of the Closing Date and, as updated pursuant to Section 8.1(d),
is set forth on the Intellectual Property Schedule, which indicates, for each item of property: (i) the name of the Credit
Party owning such Intellectual Property or licensee to such license agreement; (ii) the Credit Party’s identifier for such
property (i.e., name of patent, license, etc.), (iii) whether such property is Intellectual Property (or application therefor)
owned by a Credit Party or is property to which a Credit Party has rights pursuant to a license agreement, (iv) the expiration
date of such Intellectual Property or license agreement, and (v) whether such property constitutes Material Intellectual Property.
In the case of any Material Intellectual Property that is a license agreement, the Intellectual Property Schedule further
indicates, for each: (A) the name and address of the licensor, (B) the name and date of the agreement pursuant to which such item
of Material Intellectual Property is licensed, (C) whether or not such license agreement grants an exclusive license to a Credit
Party, (D) whether there are any purported restrictions in such license agreement as to the ability of a Credit Party to grant
a security interest in and/or to transfer any of its rights as a licensee under such license agreement, and (E) whether a default
under or termination of such license agreement could interfere with Agent’s right to sell or assign such license or any other
Collateral. Except as noted on the Intellectual Property Schedule, each Credit Party is the sole owner of its Intellectual
Property, except for licenses granted to its customers in the Ordinary Course of Business as identified on the Intellectual
Property Schedule and Permitted Licenses. Each Patent is valid and enforceable and no part of the Intellectual Property has
been judged invalid or unenforceable, in whole or in part, and to the best of Borrower’s knowledge, no claim has been made
that any part of the Intellectual Property violates the rights of any third party.

 

(ii)Regulatory
Status.

 

(A)All Products
and all Required Permits are listed on the Products Schedule and Required Permits Schedule (as updated from time
to time pursuant to Section 8.1(d)), and Borrower has delivered to Agent a copy of all Required Permits as of the date hereof
and to the extent requested by Agent pursuant to Section 8.1(d).

 

(B)Without
limiting the generality of Section 8.1 above, with respect to any Product being tested or manufactured, Borrower and its
Subsidiaries have received, and such Product is the subject of, all Required Permits needed in connection with the testing or manufacture
of such Product as such testing is currently being conducted by or on behalf of Borrower, and Borrower and its Subsidiaries have
not received any notice from any applicable Governmental Authority, specifically including the FDA, that such Governmental Authority
is conducting an investigation or review of (i) Borrower’s or such Subsidiary’s manufacturing facilities and processes
for such Product which have disclosed any material deficiencies or violations of Laws and/or the Required Permits related to the
manufacture of such Product, or (ii) any such Required Permit or that any such Required Permit has been revoked or withdrawn, nor
has any such Governmental Authority issued any order or recommendation stating that the development, testing and/or manufacturing
of such Product should cease.

 

(C)Without
limiting the generality of Section 8.1 above, with respect to any Product marketed or sold by Borrower or its Subsidiaries,
Borrower and its Subsidiaries have received, and such Product is the subject of, all Required Permits needed in connection with
the marketing and sales of such Product as currently being marketed or sold by Borrower or its Subsidiaries, and Borrower and its
Subsidiaries have not received any notice from any applicable Governmental Authority, specifically including the FDA, that such
Governmental Authority is conducting an investigation or review of any such Required Permit or approval or that any such Required
Permit has been revoked or withdrawn, nor has any such Governmental Authority issued any order or recommendation stating that such
marketing or sales of such Product cease or that such Product be withdrawn from the marketplace.

    	21

    	 

    
 

(D)Without
limiting the generality of Section 8.1 above, (i) there have been no adverse clinical test results which have or could reasonably
be expected to result in a Material Adverse Change, and (ii) there have been no Product recalls or voluntary Product withdrawals
from any market.

 

(E)Borrower
and its Subsidiaries have not experienced any significant failures in its manufacturing of any Product such that the amount of
such Product successfully manufactured by Borrower or its Subsidiaries in accordance with all specifications thereof and the required
payments related thereto in any month shall decrease significantly with respect to the quantities of such Product produced in the
prior month.

 

(d)Borrower
covenants and agrees as follows:

 

(i)If
requested by Agent, Borrower shall, and shall cause each Credit party to, maintain its primary operating and other Deposit Accounts,
Securities Accounts, Investment Accounts and Commodity Accounts with Agent, an Affiliate of Agent or a Lender.

 

(ii)Borrower
shall own, or be licensed to use or otherwise have the right to use, all Material Intellectual Property. All Intellectual Property
of Borrower is and shall be fully protected and/or duly and properly registered, filed or issued in the appropriate office and
jurisdictions for such registrations, filings or issuances, except where the failure to do so would not reasonably be expected
to result in a Material Adverse Change. Borrower shall not become a party to, nor become bound by, any material license or other
agreement with respect to which Borrower is the licensee that prohibits or otherwise restricts Borrower from granting a security
interest in Borrower’s interest in such license or agreement or other property. Borrower shall at all times conduct its business
without infringement or claim of infringement of any Intellectual Property rights of others. Borrower shall do the following, to
the extent it determines, in the exercise of its reasonable business judgment, that it is prudent to do so: (a) protect, defend
and maintain the validity and enforceability of its Intellectual Property; (b) promptly advise Agent in writing of material infringements
of its Intellectual Property; and (c) not allow, without Agent’s prior written consent, any Material Intellectual Property
to be abandoned, invalidated, forfeited or dedicated to the public or to become unenforceable. If Borrower (i) obtains any patent,
registered trademark or servicemark, registered copyright, registered mask work, or any pending application for any of the foregoing,
whether as owner, licensee or otherwise, or (ii) applies for any patent or the registration of any trademark or servicemark, then
Borrower shall concurrently provide written notice thereof to Agent and shall execute such intellectual property security agreements
and other documents and take such other actions as Agent shall request in its good faith business judgment to perfect and maintain
a first priority perfected security interest in favor of Agent, for the ratable benefit of Lenders, in such property. If Borrower
decides to register any copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Agent with
at least fifteen (15) days prior written notice of Borrower’s intent to register such copyrights or mask works together with
a copy of the application it intends to file with the United States Copyright Office (excluding Exhibits thereto); (y) execute
an intellectual property security agreement and such other documents and take such other actions as Agent may request in its good
faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent, for the ratable
benefit of the Lenders, in the copyrights or mask works intended to be registered with the United States Copyright Office; and
(z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing
the copyright or mask work application(s) with the United States Copyright Office. Borrower shall promptly provide to Agent copies
of all applications that it files for patents or for the registration of trademarks, servicemarks, copyrights or mask works, together
with evidence of the recording of the intellectual property security agreement necessary for Agent, for the ratable benefit of
the Lenders, to perfect and maintain a first priority perfected security interest in such property.

    	22

    	 

    
 

(iii)In
connection with the development, testing, manufacture, marketing or sale of each and any Product by a Credit Party, such Credit
Party shall comply fully and completely in all respects with all Required Permits at all times issued by any Governmental Authority
the noncompliance with which could have a Material Adverse Change, specifically including the FDA, with respect to such development,
testing, manufacture, marketing or sales of such Product by such Credit Party as such activities are at any such time being conducted
by such Credit Party.

 

(iv)Within
ten (10) days of (i) acquiring and/or developing any new Intellectual Property, or (ii) entering or becoming bound by any additional
license or sublicense agreement or other agreement with respect to rights in Intellectual Property (other than over-the-counter
software that is commercially available to the public), deliver to Agent an updated Intellectual Property Schedule reflecting
same, and upon any other material change in Borrower’s Material Intellectual Property from that listed on the Intellectual
Property Schedule. Borrower shall take such steps as Agent requests to obtain the consent of, or waiver by, any person whose
consent or waiver is necessary for (x) all licenses or agreements to be deemed “Collateral” and for Agent to have a
security interest in it that might otherwise be restricted or prohibited by Law or by the terms of any such license or agreement,
whether now existing or entered into in the future, and (y) Agent to have the ability in the event of a liquidation of any Collateral
to dispose of such Collateral in accordance with Agent’s rights and remedies under this Agreement and the other Financing
Documents.

 

(v)If,
after the Closing Date, Borrower determines to manufacture, sell, develop, test or market any new Product, Borrower shall give
prior written notice to Agent of such determination (which shall include a brief description of such Product, plus a list of all
Required Permits relating to such new Product (and a copy of such Required Permits if requested by Agent) and/or Borrower’s
manufacture, sale, development, testing or marketing thereof issued or outstanding as of the date of such notice), along with a
copy of an updated Intellectual Property Schedule, Products Schedule and Required Permits Schedule; provided,
however, that if Borrower shall at any time obtain any new or additional Required Permits from the FDA, DEA, or parallel state
or local authorities, or foreign counterparts of the FDA, DEA, or parallel state or local authorities, with respect to any Product
which has previously been disclosed to Agent, Borrower shall promptly give written notice to Agent of such new or additional Required
Permits (along with a copy thereof if requested by Agent).

    	23

    	 

    
 

(e)In
addition to the events listed in Article 10, any one of the following shall also constitute an Event of Default under this
Agreement: the institution of any proceeding by FDA or similar Governmental Authority to order the withdrawal of any Product or
Product category from the market or to enjoin Borrower, its Subsidiaries or any representative of Borrower or its Subsidiaries
from manufacturing, marketing, selling or distributing any Product or Product category, (b) the institution of any action or proceeding
by any DEA, FDA, or any other Governmental Authority to revoke, suspend, reject, withdraw, limit, or restrict any Required Permit
held by Borrower, its Subsidiaries or any representative of Borrower or its Subsidiaries, which, in each case, could result in
Material Adverse Change, (c) the commencement of any enforcement action against Borrower, its Subsidiaries or any representative
of Borrower or its Subsidiaries (with respect to the business of Borrower or its Subsidiaries) by DEA, FDA, or any other Governmental
Authority, (d) the recall of any Products from the market, the voluntary withdrawal of any Products from the market, or actions
to discontinue the sale of any Products, or (e) the occurrence of adverse test results in connection with a Product which could
result in Material Adverse Change.

 

9
[reserved]

 

10EVENTS
OF DEFAULT

 

10.1Events
of Default. The occurrence of any of the following conditions and/or events, whether voluntary or involuntary, by operation
of law or otherwise, shall constitute an “Event of Default” and Credit Parties shall thereupon be in default
under this Agreement and each of the other Financing Documents:

 

(a)Borrower
fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other
Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period
shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 10.2 hereof).

 

(b)Any
Credit Party defaults in the performance of or compliance with any term contained in this Agreement or in any other Financing Document
(other than occurrences described in other provisions of this Section 10.1 for which a different grace or cure period is
specified or for which no grace or cure period is specified and thereby constitute immediate Events of Default) and such default
is not remedied by the Credit Party or waived by Agent within ten (10) days after the date of receipt by any Borrower of notice
from Agent or Required Lenders of such default.

 

(c)Any
Credit Party defaults in the performance of or compliance with any term contained in Sections 6.2, 6.4, 6.5,
6.6, 6.8 or 6.10 or Article 7 or Article 8.

 

(d)Any
representation, warranty, certification or statement made by any Credit Party or any other Person in any Financing Document or
in any certificate, financial statement or other document delivered pursuant to any Financing Document is incorrect in any respect
(or in any material respect if such representation, warranty, certification or statement is not by its terms already qualified
as to materiality) when made (or deemed made);

    	24

    	 

    
 

(e)(i)
any Credit Party defaults under any Material Agreement (after any applicable grace period contained therein), or a Material Agreement
shall be terminated by a third party or parties party thereto prior to the expiration thereof, or there is a loss of a material
right of a Credit Party under any Material Agreement to which it is a party, (ii) (A) any Credit Party fails to make (after any
applicable grace period) any payment when due (whether due because of scheduled maturity, required prepayment provisions, acceleration,
demand or otherwise) on any Indebtedness (other than the Obligations) of such Credit Party or such Subsidiary having an aggregate
principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined
or syndicated credit arrangement) of more than Fifty Thousand Dollars ($50,000) (“Material Indebtedness”),
(B) any other event shall occur or condition shall exist under any contractual obligation relating to any such Material Indebtedness,
if the effect of such event or condition is to accelerate, or to permit the acceleration of (without regard to any subordination
terms with respect thereto), the maturity of such Material Indebtedness or (C) any such Material Indebtedness shall become or be
declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than by a regularly scheduled
required prepayment), prior to the stated maturity thereof, (iii) any Credit Party defaults (beyond any applicable grace period)
under any obligation for payments due or otherwise under any lease agreement for such Credit Party’s principal place of business
or any place of business that meets the criteria for the requirement of an Access Agreement under Section 7.2 or for which
an Access Agreement exists or was required to be delivered, (iv) (A) the occurrence of any breach or default under any terms or
provisions of any Subordinated Debt Document or under any Subordination Agreement, (B) the occurrence of any event requiring the
prepayment of any Subordinated Debt or (C) the delivery of any notice with respect to any Subordinated Debt or pursuant to any
Subordination Agreement that triggers the start of any standstill or similar period under any Subordination Agreement, or (v) any
Borrower makes any payment on account of any Indebtedness that has been subordinated to any of the Obligations, other than payments
specifically permitted by the terms of such subordination;

 

(f)(i)
any Credit Party shall generally not pay its debts as such debts become due, shall admit in writing its inability to pay its debts
generally, shall make a general assignment for the benefit of creditors, or shall cease doing business as a going concern, (ii)
any proceeding shall be instituted by or against any Credit Party seeking to adjudicate it a bankrupt or insolvent or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief, composition of it or its debts or any similar order, in
each case under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking the entry of an order
for relief or the appointment of a custodian, receiver, trustee, conservator, liquidating agent, liquidator, other similar official
or other official with similar powers, in each case for it or for any substantial part of its property and, in the case of any
such proceedings instituted against (but not by or with the consent of) such Credit Party, either such proceedings shall remain
undismissed or unstayed for a period of thirty (30) days or more or any action sought in such proceedings shall occur or (iii)
any Credit Party shall take any corporate or similar action or any other action to authorize any action described in clause
(i) or (ii) above;

 

(g)(i)
The service of process seeking to attach, execute or levy upon, seize or confiscate any Collateral Account, any Intellectual Property,
or any funds of any Credit Party on deposit with Agent, any Lender or any Affiliate of Agent or any Lender, or (ii) a notice of
lien, levy, or assessment is filed against any assets of a Credit Party by any government agency, and the same under subclauses
(i) and (ii) hereof are not discharged or stayed (whether through the posting of a bond or otherwise) prior to the earlier to occur
of ten (10) days after the occurrence thereof or such action becoming effective;

 

(h)(i) any
court order enjoins, restrains, or prevents Borrower from conducting any part of its business, (ii) the institution by any Governmental
Authority of criminal proceedings against any Credit Party, or (iii) one or more judgments or orders for the payment of money (not
paid or fully covered by insurance and as to which the relevant insurance company has acknowledged coverage in writing) aggregating
in excess of $50,000 shall be rendered against any or all Credit Parties and either (A) enforcement proceedings shall have been
commenced by any creditor upon any such judgments or orders, or (B) there shall be any period of ten (10) consecutive days during
which a stay of enforcement of any such judgments or orders, by reason of a pending appeal, bond or otherwise, shall not be in
effect,

    	25

    	 

    
 

(i)any
Lien created by any of the Financing Documents shall at any time fail to constitute a valid and perfected Lien on all of the Collateral
purported to be encumbered thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party shall so assert;
any provision of any Financing Document shall fail to be valid and binding on, or enforceable against, a Credit Party, or any Credit
Party shall so assert;

 

(j)A
Change in Control occurs or any Credit Party or director or indirect equity owner in a Credit Party shall enter into agreement
which contemplates a Change in Control;

 

(k)Any
Required Permit shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the Ordinary
Course of Business for a full term, or (b) subject to any decision by a Governmental Authority that designates a hearing with
respect to any applications for renewal of any of such Required Permit or that could result in the Governmental Authority taking
any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or
non-renewal (i) has, or could reasonably be expected to have, a Material Adverse Change, or (ii) adversely affects the legal
qualifications of any Credit Party to hold such Required Permit in any applicable jurisdiction and such revocation, rescission,
suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of any Credit
Party to hold any Required Permit in any other jurisdiction;

 

(l)If
any Borrower is or becomes an entity whose equity is registered with the SEC, and/or is publicly traded on and/or registered with
a public securities exchange, such Borrower’s equity fails to remain registered with the SEC;

 

(m)[Reserved];
or

 

(n)The
occurrence of any fact, event or circumstance that could reasonably be expected to result in a Material Adverse Change, if such
default shall have continued unremedied for a period of ten (10) days after written notice from Agent.

 

Notwithstanding the foregoing,
if a Credit Party fails to comply with any same provision of this Agreement two (2) times in any twelve (12) month period and Agent
has given to any Borrower in connection with each such failure any notice to which Borrower would be entitled under this Section
10.1 before such failure could become an Event of Default, then all subsequent failures by a Credit Party to comply with such
provision of this Agreement shall effect an immediate Event of Default (without the expiration of any applicable cure period) with
respect to all subsequent failures by a Credit Party to comply with such provision of this Agreement, and Agent thereupon may exercise
any remedy set forth in this Article 10 without affording Borrower any opportunity to cure such Event of Default.

 

All cure periods provided
for in this Section 10.1 shall run concurrently with any cure period provided for in any applicable Financing Documents
under which the default occurred.

    	26

    	 

    
 

10.2Rights
and Remedies.

 

(a) Upon
the occurrence and during the continuance of an Event of Default, Agent may, and
at the written direction of any Lender shall, without notice or demand, do any or all of the following: (i) deliver
notice of the Event of Default to Borrower, (ii) by notice to any Borrower declare all Obligations immediately due and payable
(but if an Event of Default described in Section 10.1(f) occurs all Obligations shall be immediately due and payable without
any action by Agent or the Lenders), or (iii) by notice to any Borrower suspend or terminate the obligations, if any, of the Lenders
to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between any Credit
Party and Agent and/or the Lenders (but if an Event of Default described in Section 10.1(f) occurs all obligations, if any,
of the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement
between Borrower and Agent and/or the Lenders shall be immediately terminated without any action by Agent or the Lenders).

 

(b) Without
limiting the rights of Agent and Lenders set forth in Section 10.2(a) above, upon the occurrence and during the continuance
of an Event of Default, Agent shall have the right, without
notice or demand, to do any or all of the following: 

 

(i)
with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral
from the premises or store it on the premises, and foreclose upon and/or sell, lease or liquidate, the Collateral, in whole or
in part;

 

(ii) apply to the
Obligations (a) any balances and deposits of any Credit Party that Agent or any Lender or any Affiliate of Agent or a Lender holds
or controls, or (b) any amount held or controlled by Agent or any Lender or any Affiliate of Agent or a Lender owing to or for
the credit or the account of any Credit Party;

 

(iii) settle, compromise
or adjust and grant releases with respect to disputes and claims directly with Account Debtors for amounts on terms and in any
order that Agent considers advisable, notify any Person owing any Credit Party money of Agent’s security interest in such
funds, and verify the amount of such Account;

 

(iv) make
any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may also
render any or all of the Collateral unusable at a Credit Party’s premises and may dispose of such Collateral on such premises
without liability for rent or costs. Borrower grants Agent a license to enter and occupy any of its premises, without charge, to
exercise any of Agent’s rights or remedies;

 

(v) pay,
purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred;

 

(vi) ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, and/or advertise for sale, the Collateral. Agent is hereby
granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, patents, copyrights,
mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar
property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral (and including
in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and
programs used for the compilation or printout thereof) and, in connection with Agent’s exercise of its rights under this
Article 10, Borrower’s rights under all licenses and all franchise agreements shall be deemed to inure to Agent for
the benefit of the Lenders;

    	27

    	 

    
 

(vii) place
a “hold” on any account maintained with Agent or the Lenders or any Affiliate of Agent or a Lender and/or deliver a
notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar
agreements providing control of any Collateral;

 

(viii) demand
and receive possession of the Books of Borrower and the other Credit Parties; and

 

(ix) exercise
all other rights and remedies available to Agent under the Financing Documents or at law or equity, including all remedies provided
under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

10.3Notices.
Any notice that Agent is required to give to a Credit Party under the UCC of the time and place of any public sale or the time
after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute reasonable
notice if such notice is given in accordance with this Agreement at least five (5) days prior to such action.

 

10.4Protective
Payments. If any Credit Party fails to pay or perform any covenant or obligation under this Agreement or any other Financing
Document, Agent may pay or perform such covenant or obligation, and all amounts so paid by Agent are Protective Advances and immediately
due and payable, bearing interest at the then highest applicable rate for the Credit Facilities hereunder, and secured by the Collateral.
No such payments or performance by Agent shall be construed as an agreement to make similar payments or performance in the future
or constitute Agent’s waiver of any Event of Default.

 

10.5Liability
for Collateral No Waiver; Remedies Cumulative. So long as Agent and the Lenders comply with reasonable banking practices regarding
the safekeeping of the Collateral in the possession or under the control of Agent and the Lenders, Agent and the Lenders shall
not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution
in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears
all risk of loss, damage or destruction of the Collateral. Agent’s failure, at any time or times, to require strict performance
by Borrower of any provision of this Agreement or any other Financing Document shall not waive, affect, or diminish any right of
Agent thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless
signed by Agent and then is only effective for the specific instance and purpose for which it is given. Agent’s rights and
remedies under this Agreement and the other Financing Documents are cumulative. Agent has all rights and remedies provided under
the Code, by Law, or in equity. Agent’s exercise of one right or remedy is not an election, and Agent’s waiver of any
Event of Default is not a continuing waiver. Agent’s delay in exercising any remedy is not a waiver, election, or acquiescence.

    	28

    	 

    
 

10.6Application
of Payments and Proceeds. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during
the continuance of an Event of Default, (i) Borrower, for itself and the other Credit Parties, irrevocably waives the right to
direct the application of any and all payments at any time or times thereafter received by Agent from or on behalf of Borrower
of all or any part of the Obligations, and, as between Borrower and the Credit Parties on the one hand and Agent and Lenders on
the other, Agent shall have the continuing and exclusive right to apply and to reapply any and all payments received against the
Obligations in such manner as Agent may deem advisable notwithstanding any previous application by Agent, and (ii) unless the Agent
and the Lenders shall agree otherwise, the proceeds of any sale of, or other realization upon all or any part of the Collateral
shall be applied: first, to the Protective Advances; second, to accrued and unpaid interest on the Obligations (including
any interest which, but for the provisions of the United States Bankruptcy Code, would have accrued on such amounts); third,
to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of the Credit
Parties owing to Agent or any Lender under the Financing Documents. Borrower shall remain fully liable for any deficiency. Any
balance remaining shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of
competent jurisdiction may direct. Unless the Agent and the Lenders shall agree otherwise, in carrying out the foregoing, (x) amounts
received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category,
and (y) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to its pro rata
share of amounts available to be applied pursuant thereto for such category.

 

10.7Waivers.

 

(a)Except
as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each Borrower waives: (i) presentment,
demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest, default, nonpayment, maturity,
release, compromise, settlement, extension or renewal of any or all Financing Documents and hereby ratifies and confirms whatever
Agent or Lenders may do in this regard; (ii) all rights to notice and a hearing prior to Agent's or any Lender's entry upon the
premises of a Borrower, the taking possession or control of, or to Agent's or any Lender's replevy, attachment or levy upon, any
Collateral or any bond or security which might be required by any court prior to allowing Agent or any Lender to exercise any of
its remedies; and (iii) the benefit of all valuation, appraisal and exemption Laws. Each Borrower acknowledges that it has been
advised by counsel of its choices and decisions with respect to this Agreement, the other Financing Documents and the transactions
evidenced hereby and thereby.

 

(b)Each
Borrower for itself and all its successors and assigns, (i) agrees that its liability shall not be in any manner affected by any
indulgence, extension of time, renewal, waiver, or modification granted or consented to by Lender; (ii) consents to any indulgences
and all extensions of time, renewals, waivers, or modifications that may be granted by Agent or any Lender with respect to the
payment or other provisions of the Financing Documents, and to any substitution, exchange or release of the Collateral, or any
part thereof, with or without substitution, and agrees to the addition or release of any Borrower, endorsers, guarantors, or sureties,
or whether primarily or secondarily liable, without notice to any other Borrower and without affecting its liability hereunder;
(iii) agrees that its liability shall be unconditional and without regard to the liability of any other Borrower, Agent or any
Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives the benefit of any statute
or rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing.

    	29

    	 

    
 

(c)To
the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or conditions precedent to the
closing of the Credit Facilities or to any subsequent disbursement of Credit Extensions, such acquiescence shall not be deemed
to constitute a waiver by Agent or any Lender of such requirements with respect to any future Credit Extensions and Agent may at
any time after such acquiescence require Borrower to comply with all such requirements. Any forbearance by Agent or a Lender in
exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable law, including any failure
to accelerate the maturity date of the Credit Facilities, shall not be a waiver of or preclude the exercise of any right or remedy
nor shall it serve as a novation of the Financing Documents or as a reinstatement of the Obligations or a waiver of such right
of acceleration or the right to insist upon strict compliance of the terms of the Financing Documents. Agent's or any Lender's
acceptance of payment of any sum secured by any of the Financing Documents after the due date of such payment shall not be a waiver
of Agent's and such Lender's right to either require prompt payment when due of all other sums so secured or to declare a default
for failure to make prompt payment. The procurement of insurance or the payment of taxes or other Liens or charges by Agent as
the result of an Event of Default shall not be a waiver of Agent's right to accelerate the maturity of the Obligations, nor shall
Agent's receipt of any condemnation awards, insurance proceeds, or damages under this Agreement operate to cure or waive any Credit
Party's default in payment of sums secured by any of the Financing Documents.

 

(d)Without
limiting the generality of anything contained in this Agreement or the other Financing Documents, each Borrower agrees that if
an Event of Default is continuing (i) Agent and Lenders shall not be subject to any "one action" or "election of
remedies" law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Agent or Lenders shall remain
in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and any other properties owned
by Borrowers and the Financing Documents and other security instruments or agreements securing the Obligations have been foreclosed,
sold and/or otherwise realized upon in satisfaction of Borrowers' obligations under the Financing Documents.

 

(e)Neither
Agent nor any Lender shall be under any obligation to marshal any assets in payment of any or all of the Obligations. Nothing contained
herein or in any other Financing Document shall be construed as requiring Agent or any Lender to resort to any part of the Collateral
for the satisfaction of any of Borrowers' obligations under the Financing Documents in preference or priority to any other Collateral,
and Agent may seek satisfaction out of all of the Collateral or any part thereof, in its absolute discretion in respect of Borrowers'
obligations under the Financing Documents. To the fullest extent permitted by law, each Borrower, for itself and its successors
and assigns, waives in the event of foreclosure of any or all of the Collateral any equitable right otherwise available to any
Credit Party which would require the separate sale of any of the Collateral or require Agent or Lenders to exhaust their remedies
against any part of the Collateral before proceeding against any other part of the Collateral; and further in the event of such
foreclosure each Borrower does hereby expressly consent to and authorize, at the option of Agent, the foreclosure and sale either
separately or together of each part of the Collateral.

 

10.8Injunctive
Relief. The parties acknowledge and agree that, in the event of a breach or threatened breach of any Credit Party’s obligations
under any Financing Documents, Agent and Lenders may have no adequate remedy in money damages and, accordingly, shall be entitled
to an injunction (including, without limitation, a temporary restraining order, preliminary injunction, writ of attachment, or
order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining any cash management
and collection procedure described herein. However, no specification in this Agreement of a specific legal or equitable remedy
shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of a breach or threatened
breach of any provision of this Agreement. Each Credit Party waives, to the fullest extent permitted by law, the requirement of
the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents as a Credit Party, each
Credit Party specifically joins in this Section 10.8 as if this Section 10.8 were a part of each Financing Document
executed by such Credit Party.

    	30

    	 

    
 

11NOTICES

 

All notices, consents,
requests, approvals, demands, or other communication (collectively, “Communication”) by any party to this Agreement
or any other Financing Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon
the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified
mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail (if an email address
is specified herein) or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with
all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be
notified and sent to the address, facsimile number, or email address indicated below. Any of Agent, Lender or Borrower may change
its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with
the terms of this Article 11.

 

	 	If to Borrower:
	 	 
	 	Cytomedix, Inc.
	 	209 Perry Parkway, Suite 7
	 	Gaithersburg, MD 20877
	 	Attention: Martin Rosendale, Chief Executive Officer
	 	Fax: (240) 499-2690 
	 	E-Mail: mrosendale@cytomedix.com
	 	 
	 	If to Agent or Lenders:
	 	 
	 	MidCap Funding III, LLC
	 	7255 Woodmont Avenue, Suite 200
	 	Bethesda, Maryland 20814
	 	Attention: Portfolio Management- Life Sciences
	 	Fax: (301) 941-1450
	 	E-Mail: lviera@midcapfinancial.com 
	 	 
	 	with a copy to:
	 	 
	 	MC Serviceco, LLC 
	 	7255 Woodmont Avenue, Suite 200
	 	Bethesda, Maryland 20814
	 	Attention: General Counsel
	 	Fax: (301) 941-1450
	 	E-Mail: legalnotices@midcapfinancial.com 

 

    	31

    	 

    
 

12CHOICE
OF LAW, VENUE AND JURY TRIAL WAIVER; confession of judgment 

 

12.1THIS AGREEMENT,
EACH SECURED PROMISSORY NOTE AND EACH OTHER CREDIT DOCUMENT, AND THE RIGHTS, REMEDIES AND OBLIGATIONS OF THE PARTIES HERETO AND
THERETO, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR SUCH CREDIT DOCUMENT, THE RELATIONSHIP
OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES AND ALL OTHER MATTERS RELATING
HERETO, THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. NOTWITHSTANDING THE FOREGOING, AGENT AND LENDERS SHALL HAVE THE RIGHT TO BRING ANY
ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH AGENT AND LENDERS (IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 12.1) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE
AGENT’S AND LENDERS’ RIGHTS AGAINST BORROWER OR ITS PROPERTY. Borrower
expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower
hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens
and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives
personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in ARTICLE
11 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual
receipt thereof or three (3) days after deposit in the U.S. mail, proper postage prepaid.

 

12.2TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE CREDIT DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT,
BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY
HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

12.3Borrower, Agent
and each Lender agree that each Credit Extension shall be deemed to be made in, and the transactions contemplated hereunder and
in any other Financing Document shall be deemed to have been performed in, the State of Maryland.

    	32

    	 

    
 

12.4CONFESSION
OF JUDGMENT. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, EACH BORROWER AUTHORIZES ANY ATTORNEY ADMITTED TO PRACTICE BEFORE
ANY COURT OF RECORD IN THE UNITED STATES OR THE CLERK OF SUCH COURT TO APPEAR ON BEHALF OF SUCH BORROWER IN ANY COURT IN ONE OR
MORE PROCEEDINGS, OR BEFORE ANY CLERK THEREOF OR PROTHONOTARY OR OTHER COURT OFFICIAL, AND TO CONFESS JUDGMENT AGAINST BORROWER
IN FAVOR OF AGENT (FOR THE BENEFIT OF ALL LENDERS) IN THE FULL AMOUNT DUE ON THIS AGREEMENT (INCLUDING PRINCIPAL, ACCRUED INTEREST
AND ANY AND ALL CHARGES, FEES AND COSTS) PLUS ATTORNEYS’ FEES EQUAL TO FIFTEEN PERCENT (15%) OF THE AMOUNT DUE (EXCEPT THAT
AGENT SHALL NOT SEEK TO COLLECT AN AMOUNT IN EXCESS OF ITS ACTUAL ATTORNEYS’ FEES), PLUS COURT COSTS, ALL WITHOUT PRIOR NOTICE
OR OPPORTUNITY OF SUCH BORROWER FOR PRIOR HEARING. EACH BORROWER AGREES AND CONSENTS THAT VENUE AND JURISDICTION SHALL BE PROPER
IN THE CIRCUIT COURT OF ANY COUNTY OF THE STATE OF MARYLAND. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST A
BORROWER SHALL NOT BE EXHAUSTED BY ONE OR MORE EXERCISES THEREOF, OR BY ANY IMPERFECT EXERCISE THEREOF, AND SHALL NOT BE EXTINGUISHED
BY ANY JUDGMENT ENTERED PURSUANT THERETO; SUCH AUTHORITY AND POWER MAY BE EXERCISED ON ONE OR MORE OCCASIONS FROM TIME TO
TIME, IN THE SAME OR DIFFERENT JURISDICTIONS, AS OFTEN AS AGENT SHALL DEEM NECESSARY, CONVENIENT, OR PROPER.

 

13GENERAL
PROVISIONS

 

13.1Successors
and Assigns.

 

(a)This
Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement
or any rights or obligations under it without Agent’s prior written consent (which may be granted or withheld in Agent’s
discretion). Any Lender may at any time assign to one or more Eligible Assignees all or any portion of such Lender’s Applicable
Commitment and/or Credit Extensions, together with all related obligations of such Lender hereunder. Borrower and Agent shall be
entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned until Agent shall
have received and accepted an effective assignment agreement in form and substance acceptable to Agent, executed, delivered and
fully completed by the applicable parties thereto, and shall have received such other information regarding such Eligible Assignee
as Agent reasonably shall require. Notwithstanding anything set forth in this Agreement to the contrary, any Lender may at any
time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, however, that no such
pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto. If requested by Agent, Borrower agrees to (a) execute any documents reasonably required to effectuate
and acknowledge each assignment of an Applicable Commitment or Credit Extension to an assignee hereunder, (b) make Borrower’s
management available to meet with Agent and prospective participants and assignees of Applicable Commitments or Credit Extensions
and (c) assist Agent or the Lenders in the preparation of information relating to the financial affairs of Borrower as any prospective
participant or assignee of an Applicable Commitment or Credit Extension reasonably may request.

    	33

    	 

    
 

(b)From
and after the date on which the conditions described above have been met, (A) such Eligible Assignee shall be deemed automatically
to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to such assignment
agreement, shall have the rights and obligations of a Lender hereunder, and (B) the assigning Lender, to the extent that rights
and obligations hereunder have been assigned by it pursuant to such assignment agreement, shall be released from its rights and
obligations hereunder (other than those that survive termination). Upon the request of the Eligible Assignee (and, as applicable,
the assigning Lender) pursuant to an effective assignment agreement, each Borrower shall execute and deliver to Agent for delivery
to the Eligible Assignee (and, as applicable, the assigning Lender) secured notes in the aggregate principal amount of the Eligible
Assignee's Credit Extensions or Applicable Commitments (and, as applicable, secured promissory notes in the principal amount of
that portion of the principal amount of the Credit Extensions or Applicable Commitments retained by the assigning Lender).

 

(c)Agent,
acting solely for this purpose as an agent of Borrower, shall maintain at its offices located in Bethesda, Maryland a copy of each
assignment agreement delivered to it and a register for the recordation of the names and addresses of each Lender, and the commitments
of, and principal amount of the Credit Extensions owing to, such Lender pursuant to the terms hereof. The entries in such register
shall be conclusive, and Borrower, Agent and Lenders may treat each Person whose name is recorded therein pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such register shall be
available for inspection by Borrower and any Lender, at any reasonable time upon reasonable prior notice to Agent.

 

13.2Indemnification.

 

(a)Each
Borrower hereby agrees to promptly pay (i) all costs and expenses of Agent (including, without limitation, the fees, costs and
expenses of counsel to, and independent appraisers and consultants retained by Agent) in connection with the examination, review,
due diligence investigation, documentation, negotiation, closing and syndication of the transactions contemplated by the Financing
Documents, in connection with the performance by Agent of its rights and remedies under the Financing Documents and in connection
with the continued administration of the Financing Documents including (A) any amendments, modifications, consents and waivers
to and/or under any and all Financing Documents, and (B) any periodic public record searches conducted by or at the request of
Agent (including, without limitation, title investigations, UCC searches, fixture filing searches, judgment, pending litigation
and tax lien searches and searches of applicable corporate, limited liability, partnership and related records concerning the continued
existence, organization and good standing of certain Persons); (ii) without limitation of the preceding clause (i), all costs and
expenses of Agent in connection with the creation, perfection and maintenance of Liens pursuant to the Financing Documents; (iii)
without limitation of the preceding clause (i), all costs and expenses of Agent in connection with (A) protecting, storing, insuring,
handling, maintaining or selling any Collateral, (B) any litigation, dispute, suit or proceeding relating to any Financing Document,
and (C) any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all of the Financing Documents;
(iv) without limitation of the preceding clause (i), all costs and expenses of Agent in connection with Agent's reservation of
funds in anticipation of the funding of the Credit Extensions to be made hereunder; and (v) all costs and expenses incurred by
Agent or Lenders in connection with any litigation, dispute, suit or proceeding relating to any Financing Document and in connection
with any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all Financing Documents, whether
or not Agent or Lenders are a party thereto. If Agent or any Lender uses in-house counsel for any of these purposes, each Borrower
further agrees that the Obligations include reasonable charges for such work commensurate with the fees that would otherwise be
charged by outside legal counsel selected by Agent or such Lender for the work performed.

    	34

    	 

    
 

(b)Each
Borrower hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors, employees, trustees,
agents, investment advisors, collateral managers, servicers, and counsel of Agent and Lenders (collectively called the “Indemnitees”)
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses
and disbursements of any kind or nature whatsoever (including the fees and disbursements of counsel for such Indemnitee) in connection
with any investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such Indemnitee shall
be designated a party thereto and including any such proceeding initiated by or on behalf of a Credit Party, and the reasonable
expenses of investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation
claimed by any broker (other than any broker retained by Agent or Lenders) asserting any right to payment for the transactions
contemplated hereby, which may be imposed on, incurred by or asserted against such Indemnitee as a result of or in connection with
the transactions contemplated hereby and the use or intended use of the proceeds of the Credit Facilities, except that Borrower
shall have no obligation hereunder to an Indemnitee with respect to any liability resulting from the gross negligence or willful
misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of competent jurisdiction. To the extent
that the undertaking set forth in the immediately preceding sentence may be unenforceable, Borrower shall contribute the maximum
portion which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of all such indemnified liabilities
incurred by the Indemnitees or any of them. No Indemnitee shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Financing Documents or the transactions contemplated hereby or thereby.

 

(c)Notwithstanding
any contrary provision in this Agreement, the obligations of Borrowers under this Section 13.2 shall survive the payment
in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY
OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING
CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT
OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR AS A RESULT OF
ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

 

13.3Time
of Essence. Time is of the essence for the payment and performance of the Obligations in this Agreement.

 

13.4Severability
of Provisions. Each provision of this Agreement is severable from every other provision in determining the enforceability of
any provision.

    	35

    	 

    
 

13.5Correction
of Financing Documents. Agent and the Lenders may correct patent errors and fill in any blanks in this Agreement and the other
Financing Documents consistent with the agreement of the parties.

 

13.6Integration.
This Agreement and the Financing Documents represent the entire agreement about this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the
subject matter of this Agreement and the Financing Documents merge into this Agreement and the Financing Documents.

 

13.7Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, is an original, and all taken together, constitute one Agreement.

 

13.8Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated
pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their
terms, are to survive the termination of this Agreement) have been satisfied. The obligation of Borrower in Section 13.2
to indemnify each Lender and Agent shall survive until the statute of limitations with respect to such claim or cause of action
shall have run. All powers of attorney and appointments of Agent or any Lender as Borrower’s attorney in fact hereunder,
and all of Agent’s and Lenders’ rights and powers in respect thereof, are coupled with an interest, are irrevocable
until all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive
the termination of this Agreement) have been fully repaid and performed and Agent’s and the Lenders’ obligation to
provide Credit Extensions terminates.

 

13.9Confidentiality.
In handling any confidential information of Borrower, each of the Lenders and Agent shall use all reasonable efforts to maintain,
in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Financing Document
and designated in writing by any Credit Party as confidential, but disclosure of information may be made: (a) to the Lenders’
and Agent’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions;
(c) as required by Law, regulation, subpoena, order or other legal, administrative, governmental or regulatory request; (d) to
regulators or as otherwise required in connection with an examination or audit, or to any nationally recognized rating agency;
(e) as Agent or any Lender considers appropriate in exercising remedies under the Financing Documents; (f) to financing sources
that are advised of the confidential nature of such information and are instructed to keep such information confidential; (g) to
third party service providers of the Lenders and/or Agent so long as such service providers are bound to such Lender or Agent by
obligations of confidentiality; (h) to the extent necessary or customary for inclusion in league table measurements; and (i) in
connection with any litigation or other proceeding to which such Lender or Agent or any of their Affiliates is a party or bound,
or to the extent necessary to respond to public statements or disclosures by Credit Parties or their Affiliates referring to a
Lender or Agent or any of their Affiliates. Confidential information does not include information that either: (i) is in the public
domain or in the Lenders’ and/or Agent’s possession when disclosed to the Lenders and/or Agent, or becomes part of
the public domain after disclosure to the Lenders and/or Agent; or (ii) is disclosed to the Lenders and/or Agent by a third party,
if the Lenders and/or Agent does not know that the third party is prohibited from disclosing the information. Agent and/or Lenders
may use confidential information for any purpose, including, without limitation, for the development of client databases, reporting
purposes, and market analysis, so long as Agent and/or Lenders, as applicable, do not disclose Borrower’s identity or the
identity of any Person associated with Borrower unless otherwise permitted by this Agreement. The provisions of the immediately
preceding sentence shall survive the termination of this Agreement. The agreements provided under this Section 13.9 supersede
all prior agreements, understanding, representations, warranties, and negotiations between the parties about the subject matter
of this Section 13.9.

    	36

    	 

    
 

13.10Right
of Set-off. Borrower hereby grants to Agent and to each Lender, a lien, security interest and right of set-off as security
for all Obligations to Agent and each Lender hereunder, whether now existing or hereafter arising upon and against all deposits,
credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or the Lenders or
any entity under the control of Agent or the Lenders (including an Agent or Lender Affiliate) or in transit to any of them. At
any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent or the Lenders
may set-off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT TO EXERCISE ITS
RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SET-OFF
WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 

13.11Publicity.
Borrower will not directly or indirectly publish, disclose or otherwise use in any public disclosure, advertising material, promotional
material, press release or interview, any reference to the name, logo or any trademark of Agent or any Lender or any of their Affiliates
or any reference to this Agreement or the financing evidenced hereby, in any case except as required by applicable Law, subpoena
or judicial or similar order, in which case Borrower shall endeavor to give Agent prior written notice of such publication or other
disclosure. Each Lender and Borrower hereby authorizes each Lender to publish the name of such Lender and Borrower, the existence
of the financing arrangements referenced under this Agreement, the primary purpose and/or structure of those arrangements, the
amount of credit extended under each facility, the title and role of each party to this Agreement, and the total amount of the
financing evidenced hereby in any “tombstone”, comparable advertisement or press release which such Lender elects to
submit for publication. In addition, each Lender and Borrower agrees that each Lender may provide lending industry trade organizations
with information necessary and customary for inclusion in league table measurements after the Closing Date. With respect to any
of the foregoing, such authorization shall be subject to such Lender providing Borrower and the other Lenders with an opportunity
to review and confer with such Lender regarding, and approve, the contents of any such tombstone, advertisement or information,
as applicable, prior to its initial submission for publication, but subsequent publications of the same tombstone, advertisement
or information shall not require Borrower’s approval.

 

13.12No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

    	37

    	 

    
 

13.13Approvals.
Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction of Agent or Lenders with respect
to any matter that is the subject of this Agreement or the other Financing Documents may be granted or withheld by Agent and Lenders
in their sole and absolute discretion and credit judgment.

 

13.14Amendments;
Required Lenders; Interlender Matters.

 

(a)No amendment,
modification, termination or waiver of any provision of this Agreement or any other Financing Document, no approval or consent
thereunder, or any consent to any departure by Borrower therefrom (in each case, other than amendments, waivers, approvals or consents
deemed ministerial by Agent), shall in any event be effective unless the same shall be in writing and signed by Borrower, Agent
and Required Lenders. Except as set forth in clause (b) below, all such amendments, modifications, terminations or waivers requiring
the consent of the “Lenders” shall require the written consent of Required Lenders.

 

(b)No amendment,
modification, termination or waiver of any provision of this Agreement or any other Financing Document shall, unless in writing
and signed by Agent and by each Lender directly affected thereby: (i) increase or decrease the Applicable Commitment of any Lender
(which shall be deemed to affect all Lenders), (ii) reduce the principal of or rate of interest on any Obligation or the amount
of any fees payable hereunder, (iii) postpone the date fixed for or waive any payment of principal of or interest on any Credit
Extension, or any fees or reimbursement obligation hereunder, (iv) release all or substantially all of the Collateral, or consent
to a transfer of any of the Intellectual Property, in each case, except as otherwise expressly permitted in the Financing Documents
(which shall be deemed to affect all Lenders), (v) subordinate the lien granted in favor of Agent securing the Obligations (which
shall be deemed to affect all Lenders, except as otherwise provided below), (vi) release a Credit Party from, or
consent to a Credit Party’s assignment or delegation of, such Credit Party’s obligations hereunder and under the other
Financing Documents or any Guarantor from its guaranty of the Obligations (which shall be deemed to affect all Lenders)
or (vii) amend, modify, terminate or waive this Section 13.14(b) or the definition of “Required Lenders” or
“Pro Rata Share” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive
or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each
Lender. For purposes of the foregoing, no Lender shall be deemed affected by (i) waiver of the imposition of the Default Rate or
imposition of the Default Rate to only a portion of the Obligations, (ii) waiver of the accrual of late charges, (iii) waiver of
any fee solely payable to Agent under the Financing Documents, (iv) subordination of a lien granted in favor of Agent provided
such subordination is limited to equipment being financed by a third party providing Permitted Indebtedness.

 

(c)Agent shall
not grant its written consent to any deviation or departure by Borrower or any Credit Party from the provisions of Article 7
without the prior written consent of the Required Lenders. Required Lenders shall have the right to direct Agent to take any action
described in Section 10.2(b). Upon the occurrence of any Event of Default, Agent shall have the right to exercise any and
all remedies referenced in Section 10.2 without the written consent of Required Lenders following the occurrence of an “Exigent
Circumstance” (as defined below). All matters requiring the satisfaction or acceptance of Agent in the definition of Subordinated
Debt shall further require the satisfaction and acceptance of each Required Lender. Any reference in this Agreement to an allocation
between or sharing by the Lenders of any right, interest or obligation “ratably,” “proportionally” or in
similar terms shall refer to Pro Rata Share unless expressly provided otherwise. As used in this Section 13.14, “Exigent
Circumstance” means any event or circumstance that, in the reasonable judgment of Agent, imminently threatens the ability
of Agent to realize upon all or any material portion of the Collateral, such as, without limitation, fraudulent removal, concealment,
or abscondment thereof, destruction or material waste thereof, or failure of Borrower after reasonable demand to maintain or reinstate
adequate casualty insurance coverage, or which, in the judgment of Agent, could result in a material diminution in value of the
Collateral.

    	38

    	 

    
 

13.15Borrower
Liability. If there is more than one entity comprising Borrower, then (a) any Borrower may, acting singly, request Credit Extensions
hereunder, (b) each Borrower hereby appoints the other as agent for the other for all purposes hereunder, including with respect
to requesting Credit Extensions hereunder, (c) each Borrower shall be jointly and severally obligated to pay and perform all obligations
under the Financing Documents, including, but not limited to, the obligation repay all Credit Extensions made hereunder and all
other Obligations, regardless of which Borrower actually receives said Credit Extensions, as if each Borrower directly received
all Credit Extensions, (d) each Borrower waives (1) any suretyship defenses available to it under the Code or any other applicable
law, and (2) any right to require the Lenders or Agent to: (A) proceed against any
Borrower or any other person; (B) proceed against or exhaust any security; or (B) pursue any other remedy.  The Lenders
or Agent may exercise or not exercise any right or remedy they have against any Credit Party or any security (including the right
to foreclose by judicial or non-judicial sale) without affecting any other Credit Party’s liability or any Lien against any
other Credit Party’s assets.  Notwithstanding any other provision of this Agreement or other related document, until
payment in full of the Obligations and termination of the Applicable Commitments, each Borrower irrevocably waives all rights that
it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of the Lenders and Agent
under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Credit Party, or
any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by any Credit
Party with respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit
from, or to participate in, any security for the Obligations as a result of any payment made by a Credit Party with respect to
the Obligations in connection with this Agreement or otherwise.  Any agreement providing for indemnification, reimbursement
or any other arrangement prohibited under this Section 13.15 shall be null and void.  If any payment is made to a Credit
Party in contravention of this Section 13.15, such Credit Party shall hold such payment in trust for the Lenders and Agent
and such payment shall be promptly delivered to Agent for application to the Obligations, whether matured or unmatured.

 

13.16Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition or other proceeding be filed
by or against any Credit Party for liquidation or reorganization, should any Credit Party become insolvent or make an assignment
for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and manager or trustee be appointed
for all or any significant part of any Credit Party’s assets, and shall continue to be effective or to be reinstated, as
the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a fraudulent
preference reviewable transaction or otherwise, all as though such payment or performance had not been made. In the event that
any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

    	39

    	 

    
 

13.17.USA PATRIOT
Act Notification. Agent (for itself and not on behalf of any Lender) and each Lender hereby notifies each Borrower that pursuant
to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that
identifies Borrower, which information includes the name and address of Borrower and such other information that will allow Agent
or such Lender, as applicable, to identify Borrower in accordance with the USA PATRIOT Act.

 

13.18Warrants.
Notwithstanding anything to the contrary herein, any warrants issued to the Lenders by any Credit Party, the stock issuable thereunder,
any equity securities purchased by Lenders, any amounts paid thereunder, any dividends, and any other rights in connection therewith
shall not be subject to the terms and conditions of this Agreement. Nothing herein shall affect any Lender’s rights under
any such warrants, stock, or other equity securities to administer, manage, transfer, assign, or exercise such warrants, stock,
or other equity securities for its own account.

 

14AGENT

 

14.1Appointment
and Authorization of Agent. Each Lender hereby irrevocably appoints, designates and authorizes Agent to take such action on
its behalf under the provisions of this Agreement and each other Financing Document and to exercise such powers and perform such
duties as are expressly delegated to it by the terms of this Agreement or any other Financing Document, together with such powers
as are reasonably incidental thereto. The provisions of this Article 14 are solely for the benefit of Agent and Lenders
and none of Credit Parties nor any other Person shall have any rights as a third party beneficiary of any of the provisions hereof.
The duties of Agent shall be mechanical and administrative in nature. Notwithstanding any provision to the contrary contained elsewhere
herein or in any other Financing Document, Agent shall not have any duties or responsibilities, except those expressly set forth
herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Financing Document
or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein and in the other Financing Documents with reference to Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market
custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Without
limiting the generality of the foregoing, Agent shall have the sole and exclusive right and authority (to the exclusion of the
Lenders), and is hereby authorized, to (i) act as collateral agent for Agent and each Lender for purposes of the perfection of
all liens created by the Financing Documents and all other purposes stated therein, (ii) manage, supervise and otherwise deal with
the Collateral, (iii) take such other action as is necessary or desirable to maintain the perfection and priority of the liens
created or purported to be created by the Financing Documents, (iv) except as may be otherwise specified in any Financing Document,
exercise all remedies given to Agent and the other Lenders with respect to the Collateral, whether under the Financing Documents,
applicable law or otherwise and (v) execute any amendment, consent or waiver under the Financing Documents on behalf of any Lender
that has consented in writing to such amendment, consent or waiver; provided, however, that Agent hereby appoints,
authorizes and directs each Lender to act as collateral sub-agent for Agent and the Lenders for purposes of the perfection of all
liens with respect to the Collateral, including any deposit account maintained by a Credit Party with, and cash and cash equivalents
held by, such Lender, and may further authorize and direct the Lenders to take further actions as collateral sub-agents for purposes
of enforcing such liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender hereby agrees to take
such further actions to the extent, and only to the extent, so authorized and directed.

    	40

    	 

    
 

14.2Successor
Agent.

 

(a)Agent
may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender, or (ii) any Person to whom Agent,
in its capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency rights hereunder) fifty
percent (50%) or more of the Credit Extensions or Applicable Commitments then held by Agent (in its capacity as a Lender), in each
case without the consent of the Lenders or Borrower. Following any such assignment, Agent shall give notice to the Lenders and
Borrower. An assignment by Agent pursuant to this subsection (a) shall not be deemed a resignation by Agent for purposes of subsection
(b) below.

 

(b)Without
limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at any time give notice of its
resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have the right
to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted such
appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent may,
on behalf of the Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrower and the Lenders
that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all payments,
communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly,
until such time as Required Lenders appoint a successor Agent as provided for above in this subsection (b).

 

(c)Upon
(i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a successor’s appointment as Agent pursuant
to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder
and under the other Financing Documents (if not already discharged therefrom as provided above in this subsection (c)). The fees
payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between
Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Financing Documents, the
provisions of this Article 14 shall continue in effect for the benefit of such retiring Agent and its sub-agents in respect
of any actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to act as Agent.

 

14.3Delegation
of Duties. Agent may execute any of its duties under this Agreement or any other Financing Document by or through its, or its
Affiliates’, agents, employees or attorneys-in-fact and shall be entitled to obtain and rely upon the advice of counsel and
other consultants or experts concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence
or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. Any such
Person to whom Agent delegates a duty shall benefit from this Article 14 to the extent provided by Agent.

    	41

    	 

    
 

14.4Liability
of Agent. Except as otherwise provided herein, no “Agent-Related Person” (as defined below) shall (a) be liable
for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Financing Document
or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties
expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation
or warranty made by any Credit Party or any officer thereof, contained herein or in any other Financing Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement
or any other Financing Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Financing Document, or for any failure of any Credit Party or any other party to any Financing Document to perform its
obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain
or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
other Financing Document, or to inspect the Collateral, other properties or books or records of any Credit Party or any Affiliate
thereof. The term “Agent-Related Person” means the Agent, together with its Affiliates, and the officers, directors,
employees, agents, advisors, auditors and attorneys-in-fact of such Persons; provided, however, that no Agent-Related Person shall
be an Affiliate of Borrower.

 

14.5Reliance
by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic
mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent
or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower), independent
accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under
any Financing Document (a) if such action would, in the opinion of Agent, be contrary to law or any Financing Document, (b) if
such action would, in the opinion of Agent, expose Agent to any potential liability under any law, statute or regulation or (c)
if Agent shall not first have received such advice or concurrence of all Lenders as it deems appropriate and, if it so requests,
it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred
by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Financing Document in accordance with a request or consent of all Lenders (or Required
Lenders where authorized herein) and such request and any action taken or failure to act pursuant thereto shall be binding upon
all the Lenders.

 

14.6Notice
of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default and/or Event of Default,
unless Agent shall have received written notice from a Lender or Borrower, describing such default or Event of Default. Agent will
notify the Lenders of its receipt of any such notice. While an Event of Default has occurred and is continuing, Agent may (but
shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as Agent
shall deem advisable or in the best interest of the Lenders, including without limitation, satisfaction of other security interests,
liens or encumbrances on the Collateral not permitted under the Financing Documents, payment of taxes on behalf of Borrower or
any other Credit Party, payments to landlords, warehouseman, bailees and other Persons in possession of the Collateral and other
actions to protect and safeguard the Collateral, and actions with respect to insurance claims for casualty events affecting a Credit
Party and/or the Collateral.

    	42

    	 

    
 

14.7Credit
Decision; Disclosure of Information by Agent. Each Lender acknowledges that no Agent-Related Person has made any representation
or warranty to it, and that no act by Agent hereafter taken, including any consent to and acceptance of any assignment or review
of the affairs of Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related
Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession.
Each Lender represents to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects,
operations, property, financial and other condition and creditworthiness of the Credit Parties, and all applicable bank or other
regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Financing Documents, and to make such
investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other
condition and creditworthiness of Borrower. Except for notices, reports and other documents expressly required to be furnished
to the Lenders by Agent herein, Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any
Credit Party which may come into the possession of any Agent-Related Person.

 

14.8Indemnification
of Agent. Whether or not the transactions contemplated hereby are consummated, each Lender shall, severally and pro rata based
on its respective Pro Rata Share, indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf
of Borrower and without limiting the obligation of Borrower to do so), and hold harmless each Agent-Related Person from and against
any and all Indemnified Liabilities (which shall not include legal expenses of Agent incurred in connection with the closing of
the transactions contemplated by this Agreement) incurred by it; provided, however, that no Lender shall be liable for the
payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a judgment by a
court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct;
provided, however, that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute
gross negligence or willful misconduct for purposes of this Section 14.8. Without limitation of the foregoing, each Lender
shall, severally and pro rata based on its respective Pro Rata Share, reimburse Agent upon demand for its ratable share of any
costs or out-of-pocket expenses (including Protective Advances incurred after the closing of the transactions contemplated by this
Agreement) incurred by Agent (in its capacity as Agent, and not as a Lender) in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, any other Financing Document, or any document contemplated
by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking
in this Section 14.8 shall survive the payment in full of the Obligations, the termination of this Agreement and the resignation
of Agent.

 

14.9Agent
in its Individual Capacity. With respect to its Credit Extensions, MidCap shall have the same rights and powers under this
Agreement as any other Lender and may exercise such rights and powers as though it were not Agent, and the terms “Lender”
and “Lenders” include MidCap in its individual capacity. MidCap and its Affiliates may lend money to, invest in, and
generally engage in any kind of business with, any Credit Party and any of their Affiliates and any person who may do business
with or own securities of any Credit Party or any of their Affiliates, all as if MidCap were not Agent and without any duty to
account therefor to Lenders. MidCap and its Affiliates may accept fees and other consideration from a Credit Party for services
in connection with this Agreement or otherwise without having to account for the same to Lenders. Each Lender acknowledges the
potential conflict of interest between MidCap as a Lender holding disproportionate interests in the Credit Extensions and MidCap
as Agent, and expressly consents to, and waives, any claim based upon, such conflict of interest.

    	43

    	 

    
 

14.10Agent
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, Agent (irrespective of whether
the principal of any Credit Extension, shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether Agent shall have made any demand on such Credit Party) shall be entitled and empowered, by intervention in such proceeding
or otherwise:

 

(a)to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Credit Extensions
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and Agent and their respective agents and counsel and all other amounts due the Lenders and Agent allowed in such
judicial proceeding); and

 

(b)to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly
to the Lenders, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and
its agents and counsel, including Protective Advances. To the extent that Agent fails timely to do so, each Lender may file a claim
relating to such Lender’s claim.

 

14.11Collateral
and Guaranty Matters. The Lenders irrevocably authorize Agent, at its option and in its discretion, to release (a) any Credit
Party and any Lien on any Collateral granted to or held by Agent under any Financing Document upon the date that all Obligations
due hereunder have been fully and indefeasibly paid in full and no Applicable Commitments or other obligations of any Lender to
provide funds to Borrower under this Agreement remain outstanding, and (b) any Lien on any Collateral that is transferred or to
be transferred as part of or in connection with any transfer permitted hereunder or under any other Financing Document. Upon request
by Agent at any time, all Lenders will confirm in writing Agent’s authority to release its interest in particular types or
items of Collateral pursuant to this Section 14.11.

    	44

    	 

    
 

14.12Advances;
Payments; Non-Funding Lenders.

 

(a)Advances;
Payments. If Agent receives any payment for the account of Lenders on or prior to 11:00 a.m. (New York time) on any Business
Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such Business Day. If Agent
receives any payment for the account of Lenders after 11:00 a.m. (New York time) on any Business Day, Agent shall pay to each
applicable Lender such Lender’s Pro Rata Share of such payment on the next Business Day. To the extent that any Lender has
failed to fund any Credit Extension (a “Non-Funding Lender”), Agent shall be entitled to set-off the funding
short-fall against that Non-Funding Lender’s Pro Rata Share of all payments received from Borrower.

 

(b)Return
of Payments.

 

(i)If Agent
pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received
by Agent from a Credit Party and such related payment is not received by Agent, then Agent will be entitled to recover such amount
(including interest accruing on such amount at the Federal Funds Rate for the first Business Day and thereafter, at the rate otherwise
applicable to such Obligation) from such Lender on demand without set-off, counterclaim or deduction of any kind.

 

(ii)If Agent
determines at any time that any amount received by Agent under this Agreement must be returned to a Credit Party or paid to any
other person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or
any other Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender
will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such
rate, if any, as Agent is required to pay to a Credit Party or such other person, without set-off, counterclaim or deduction of
any kind.

 

14.13Miscellaneous.

 

(a)Neither
Agent nor any Lender shall be responsible for the failure of any non-funding Lender to make a Credit Extension or make any other
advance required hereunder. The failure of any Non-Funding Lender to make any Credit Extension or any payment required by it hereunder
shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make the
Credit Extension or payment required by it, but neither any Other Lender nor Agent shall be responsible for the failure of any
Non-Funding Lender to make a Credit Extension or make any other payment required hereunder. Notwithstanding anything set forth
herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Financing
Document or constitute a “Lender” (or be included in the calculation of “Required Lender” hereunder) for
any voting or consent rights under or with respect to any Financing Document. At Borrower’s request, Agent or a person reasonably
acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion (but shall have no obligation)
to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign
to Agent or such person, all of the Applicable Commitments and all of the outstanding Credit Extensions of that Non-Funding Lender
for an amount equal to the principal balance of the Credit Extensions held by such Non-Funding Lender and all accrued interest
and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed assignment
agreement reasonably acceptable to Agent.

    	45

    	 

    
 

(b)Each
Lender shall promptly remit to the other Lenders such sums as may be necessary to ensure the ratable repayment of each Lender’s
portion of any Credit Extension and the ratable distribution of interest, fees and reimbursements paid or made by any Credit Party.
Notwithstanding the foregoing, if this Agreement requires payments of principal and interest to be made directly to the Lenders,
a Lender receiving a scheduled payment shall not be responsible for determining whether the other Lenders also received their scheduled
payment on such date; provided, however, if it is determined that a Lender received more than its ratable share of scheduled
payments made on any date or dates, then such Lender shall remit to the Agent (for Agent to redistribute to itself and the Lenders
in a manner to ensure the payment to Agent of any sums due Agent hereunder and the ratable repayment of each Lender’s portion
of any Credit Extension and the ratable distribution of interest, fees and reimbursements) such sums as may be necessary to ensure
the ratable payment of such scheduled payments, as instructed by Agent. If any payment or distribution of any kind or character,
whether in cash, properties or securities and whether voluntary, involuntary, through the exercise of any right of set-off, or
otherwise, shall be received by a Lender in excess of its ratable share, then (i) the portion of such payment or distribution in
excess of such Lender’s ratable share shall be received by such Lender in trust for application to the payments of amounts
due on the other Lender’s claims, or, in the case of Collateral, shall hold such Collateral for itself and as agent and bailee
for the Agent and other Lenders and (ii) such Lender shall promptly advise the Agent of the receipt of such payment, and, within
five (5) Business Days of such receipt and, in the case of payments and distributions, such Lender shall purchase (for cash at
face value) from the other Lenders (through the Agent), without recourse, such participations in the Credit Extension made by the
other Lenders as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them in accordance
with the respective Pro Rata Shares of the Lenders; provided, however, that if all or any portion of such excess
payment is thereafter recovered by or on behalf of a Credit Party from such purchasing Lender, the purchase shall be rescinded
and the purchase price restored to the extent of such recovery, but without interest; provided, further, that the
provisions of this Section 14.13 shall not be construed to apply to (x) any payment made by a Credit Party pursuant to and
in accordance with the express terms of this Agreement or the other Financing Documents, or (y) any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Applicable Commitment pursuant to Section 13.1.
Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 14.13 may exercise
all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the
direct creditor of the Borrower in the amount of such participation. No documentation other than notices and the like shall be
required to implement the terms of this Section 14.13. The Agent shall keep records (which shall be conclusive and binding
in the absence of manifest error) of participations purchased pursuant to this Section 14.13 and shall in each case notify
the Lenders following any such purchases.

 

15DEFINITIONS

 

In addition
to any terms defined in Sections 2.3, 2.4, 2.5 or 6.15 hereof, or in Article 8 or 14 hereof,
or in any schedule or exhibit attached hereto, as used in this Agreement, the following terms have the following meanings:

 

“Access Agreement”
means a landlord consent, bailee letter or warehouseman’s letter, in form and substance reasonably satisfactory to Agent,
in favor of Agent executed by such landlord, bailee or warehouseman, as applicable, for any third party location.

 

“Account”
means any “account”, as defined in the Code, with such additions to such term as may hereafter be made, and includes,
without limitation, all accounts receivable and other sums owing to Borrower.

    	46

    	 

    
 

“Account Debtor”
means any “account debtor”, as defined in the Code, with such additions to such term as may hereafter be made.

 

“Affiliate”
means, with respect to any Person, a Person that owns or controls directly or indirectly the Person, any Person that controls or
is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors,
partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
means, MidCap, not in its individual capacity, but solely in its capacity as agent on behalf of and for the benefit of the Lenders.

 

“Agreement”
has the meaning given it in the preamble of this Agreement.

 

“Anti-Terrorism
Laws” means any Laws relating to terrorism or money laundering, including Executive Order No. 13224 (effective September
24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by OFAC.

 

“Applicable
Commitment” has the meaning given it in Section 2.2

 

“Applicable
Floor” means for each Credit Facility the per annum rate of interest specified on the Credit Facility Schedule; provided,
however, that for the Applicable Prime Rate, the Applicable Floor is a per annum rate that is three hundred basis points above
the Applicable Floor for the Applicable Libor Rate.

 

“Applicable
Index Rate” means, for any Applicable Interest Period, the rate per annum determined by Agent equal to the Applicable
Libor Rate; provided, however, that in the event that any change in market conditions or any law, regulation, treaty, or directive,
or any change therein or in the interpretation of application thereof, shall at any time after the date hereof, in the reasonable
opinion of Agent or any Lender, make it unlawful or impractical for Agent or such Lender to fund or maintain Obligations bearing
interest based upon the Applicable Libor Rate, Agent or such Lender shall give notice of such changed circumstances to Agent and
Borrower and the Applicable Index Rate for Obligations outstanding or thereafter extended or made by Agent or such Lender shall
thereafter be the Applicable Prime Rate until Agent or such Lender determines (as to the portion of the Credit Extensions or Obligations
owed to it) that it would no longer be unlawful or impractical to fund or maintain such Obligations or Credit Extensions at the
Applicable Libor Rate. In the event that Agent shall have determined (which determination shall be final and conclusive and binding
upon all parties hereto), as of any Applicable Interest Rate Determination Date, that adequate and fair means do not exist for
ascertaining the interest rate applicable to any Credit Facility on the basis provided for herein, then Agent may select a comparable
replacement index and corresponding margin.

 

“Applicable
Interest Period” for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule;
provided, however, that at any time that the Applicable Prime Rate is the Applicable Index Rate, Applicable Interest Period shall
mean the period commencing as of the most recent Applicable Interest Rate Determination Date and continuing until the next Applicable
Interest Rate Determination Date or such earlier date as the Applicable Prime Rate shall no longer be the Applicable Index Rate;
and provided, further, that at any time the Libor Rate Index is adjusted as set forth in the definition thereof, or re-implemented
following invocation of the Applicable Prime Rate as permitted herein, the Applicable Interest Period shall mean the period of
as of such adjustment or re-implementation and continuing until the next Applicable Interest Rate Determination Date, if any.

    	47

    	 

    
 

“Applicable
Interest Rate Determination Date” means the second (2nd) Business Day prior to the first (1st) day of the related Applicable
Interest Period; provided, however, that at any time that the Applicable Prime Rate is the Applicable Index Rate, Applicable Interest
Rate Determination Date means the date of any change in the Base Rate Index; and provided, further, that at any time the Libor
Rate Index is adjusted as set forth in the definition thereof, the Applicable Interest Rate Determination Date shall mean the date
of such adjustment or the second (2nd) Business Day prior to the first (1st) day of the related Applicable Interest Period, as
elected by Agent.

 

“Applicable
Libor Rate” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%), equal to the greater of (a) the Applicable Floor and (b) the Libor Rate Index.

 

“Applicable
Margin” for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule.

 

“Applicable
Prepayment Fee”, for each Credit Facility, has the meaning given it in the Credit Facility Schedule for such Credit Facility.

 

“Applicable
Prime Rate” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%), equal to the greater of (a) the Applicable Floor and (b) the Base Rate Index.

 

“Approved
Fund” means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course
of Business, or (b) any Person (other than a natural person) which temporarily warehouses loans for any Lender or any entity
described in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered
or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) a Person (other than a natural person) or an
Affiliate of a Person (other than a natural person) that administers or manages a Lender.

 

“Base Rate
Index” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%) as being the rate of interest announced, from time to time, within Wells Fargo Bank, N.A. (“Wells
Fargo”) at its principal office in San Francisco as its “prime rate,” with the understanding that the “prime
rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which
effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after
its announcement in such internal publications as Wells Fargo may designate; provided, however, that Agent may, upon prior written
notice to any Borrower, choose a reasonably comparable index or source to use as the basis for the Base Rate Index.

 

“Blocked Person”
means: (a) any Person listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (b)
a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, Executive Order No. 13224, (c) a Person with which any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism”
as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked
person” on the most current list published by OFAC or other similar list.

    	48

    	 

    
 

“Borrower”
mean the entity(ies) described in the first paragraph of this Agreement and each of their successors and permitted assigns. The
term “each Borrower” shall refer to each Person comprising the Borrower if there is more than one such Person, or the
sole Borrower if there is only one such Person. The term “any Borrower” shall refer to any Person comprising the Borrower
if there is more than one such Person, or the sole Borrower if there is only one such Person.

 

“Borrowing
Resolutions” means, with respect to any Person, those resolutions, in form and substance satisfactory to Agent, adopted
by such Person’s Board of Directors or other appropriate governing body and delivered by such Person to Agent approving the
Financing Documents to which such Person is a party and the transactions contemplated thereby, as well as any other approvals as
may be necessary or desired to approve the entering into the Financing Documents or the consummation of the transactions contemplated
thereby or in connection therewith.

 

“Books”
means all of books and records of a Person, including ledgers, federal and state tax returns, records regarding the Person’s
assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any
equipment containing such information.

 

“Business
Day” means any day that is not (a) a Saturday or Sunday or (b) a day on which Agent is closed.

 

“Change in
Control” means any event, transaction, or occurrence as a result of which (a) any “person” (as such term
is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary holding securities under
an employee benefit plan of Borrower, is or becomes a beneficial owner (within the meaning Rule 13d-3 promulgated under the Exchange
Act), directly or indirectly, of securities of Borrower, representing twenty-five percent (25%) or more of the combined voting
power of Cytomedix, Inc.’s then outstanding securities; (b) during any period of twelve consecutive calendar months, individuals
who at the beginning of such period constituted the board of directors or managers of Borrower (together with any new directors
or managers whose election by the board of directors or managers of Borrower was approved by a vote of not less than two-thirds
of the directors then still in office who either were directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors
then in office; (c) Cytomedix, Inc. ceases to own and control, directly or indirectly, all of the economic and voting rights associated
with the outstanding securities of each of its Subsidiaries; (d) the occurrence of any “change in control” or any term
of similar effect under any Subordinated Debt Document; or (e) Borrower ceases to own and control, directly or indirectly, all
of the economic and voting rights associated with the outstanding voting capital stock (or other voting equity interest) of each
of its Subsidiaries; or (f) any of the chief executive officer, the chief financial officer or the chief scientific officer of
Borrower as of the date hereof shall cease to be involved in the day to day operations (including research development) or management
of the business of Borrower, and a successor of such officer reasonably acceptable to Agent is not appointed on terms reasonably
acceptable to Agent within 90 days of such cessation or involvement.

    	49

    	 

    
 

“Closing Date”
has the meaning given it in the preamble of this Agreement.

 

“Code”
means the Uniform Commercial Code in effect on the date hereof, as the same may, from time to time, be enacted and in effect in
the State of Maryland; provided, however, that to the extent that the Code is used to define any term herein or in any Financing
Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained
in Article or Division 9 shall govern; and provided, further, that in the event that, by reason of mandatory provisions
of Law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Agent’s Lien on any Collateral
is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of Maryland, the term “Code”
shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
means all property, now existing or hereafter acquired, mortgaged or pledged to, or purported to be subjected to a Lien in favor
of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement and the other Financing Documents, including, without
limitation, all of the property described in Exhibit A hereto.

 

“Collateral
Account” means any Deposit Account, Securities Account or Commodity Account.

 

“Commitment
Commencement Date” has the meaning given it in the Credit Facility Schedule.

 

“Commitment
Termination Date” has the meaning given it in the Credit Facility Schedule.

 

“Commodity
Account” means any “commodity account”, as defined in the Code, with such additions to such term as may hereafter
be made.

 

“Communication”
has the meaning given it in Article 11.

 

“Compliance
Certificate” means a certificate, duly executed by an authorized officer of Borrower, appropriately completed and substantially
in the form of Exhibit B.

 

“Contingent
Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations
for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against
fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include
endorsements in the Ordinary Course of Business. The amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability
for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee
or other support arrangement.

 

“Control Agreement”
means any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the
securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower,
and Agent pursuant to which Agent obtains control (within the meaning of the Code) for the benefit of the Lenders over such Deposit
Account, Securities Account or Commodity Account.

    	50

    	 

    
 

“Credit Extension”
means an advance or disbursement of proceeds to or for the account of Borrower in respect of a Credit Facility.

 

“Credit Extension
Form” means that certain form attached hereto as Exhibit C, as the same may be from time to time revised by Agent.

 

“Credit Facility”
means a credit facility specified on the Credit Facility Schedule.

 

“Credit Party”
means any Borrower, any Guarantor under a guarantee of the Obligations or any part thereof, and any other Person (other than Agent,
a Lender or a participant of a Lender), whether now existing or hereafter acquired or formed, that becomes obligated as a borrower,
guarantor, surety, indemnitor, pledgor, assignor or other obligor under any Financing Document, and any Person whose equity interests
or portion thereof have been pledged or hypothecated to Agent under any Financing Document; and “Credit Parties”
means all such Persons, collectively.

 

“Default”
means any fact, event or circumstance which with notice or passage of time or both, could constitute an Event of Default.

 

“Default Rate”
has the meaning given it in Section 2.6(b).

 

“Deposit Account”
means any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Designated
Funding Account” is Borrower’s Deposit Account, account number 00002554300542, maintained with Capital One, N.A.
and over which Agent has been granted control for the ratable benefit of all Lenders.

 

“Dollars,”
“dollars” and “$” each means lawful money of the United States.

 

“Draw Period”
means, for each Credit Facility, the period commencing on the Commitment Commencement Date and ending on the Commitment Termination
Date.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, “Eligible Assignee”
shall not include any Credit Party or any Subsidiary of a Credit Party. Notwithstanding the foregoing, in connection with assignments
by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply
and Eligible Assignee shall mean any Person or party becoming an assignee incident to such forced divestiture.

 

“Equipment”
means all “equipment”, as defined in the Code, with such additions to such term as may hereafter be made, and includes
without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of
the foregoing.

    	51

    	 

    
 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and all regulations promulgated thereunder.

 

“Event of
Default” has the meaning given it in Section 10.1.

 

“Exigent Circumstance”
has the meaning given it in Section 13.14.

 

“Fee Letters”
means, collectively, the fee letter agreements among Borrower and Agent and Borrower and each Lender.

 

“Financing
Documents” means, collectively, this Agreement, the Perfection Certificate, each note and guarantee executed by one or
more Credit Parties in connection with the indebtedness governed by this Agreement, and each other present or future agreement
executed by one or more Credit Parties and, or for the benefit of, the Lenders and/or Agent in connection with this Agreement,
all as amended, restated, or otherwise modified from time to time.

 

“Foreign Lender”
has the meaning given it in Section 2.6(h)(iii).

 

“Funding Date”
means any date on which a Credit Extension is made to or on account of Borrower which shall be
a Business Day.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment
of the accounting profession in the United States, which are applicable to the circumstances as of the date of determination.

 

“General Intangibles”
means all “general intangibles”, as defined in the Code, with such additions to such
term as may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations
and like protections in each work of authorship and derivative work, whether published or unpublished, any patents, trademarks,
service marks and, to the extent permitted under applicable Law, any applications therefor, whether registered or not, any trade
secret rights, including any rights to unpatented inventions, payment intangibles, royalties, contract rights, goodwill, franchise
agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds,
security and other deposits, options to purchase or sell real or personal property, rights in all litigation presently or hereafter
pending (whether in contract, tort or otherwise), insurance policies (including, without limitation, key man, property damage,
and business interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision
thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory
organization.

 

“Guarantor”
means any present or future guarantor of the Obligations.

    	52

    	 

    
 

“Hazardous
Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and
oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and
lead-based paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing
any substance; any substance the presence of which is prohibited by any Laws; toxic mold, any substance that requires special handling;
and any other material or substance now or in the future defined as a “hazardous substance,” “hazardous material,”
“hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,” “pollutant”
or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous substance”
defined as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien” Law, including
the judicial interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33);
(c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum by-products,
including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable
for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful substances,
wastes, materials, pollutants or contaminants (including, without limitation, asbestos, polychlorinated biphenyls (“PCB’s”),
flammable explosives, radioactive materials, infectious substances, materials containing lead-based paint or raw materials which
include hazardous constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or
other past or present requirement of any Governmental Authority.

 

“Hazardous
Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements, buildings,
facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any
derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives thereof, generated on,
emanating from or disposed of in connection with the relevant property.

 

“Indebtedness”
means (a) indebtedness for borrowed money (including the Obligations) or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced
by notes, bonds, debentures or similar instruments, (c) capital lease obligations, (d) non-contingent obligations of such Person
to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar
instrument, (e) equity securities of such Person subject to repurchase or redemption other than at the sole option of such Person,
(f) obligations secured by a Lien on any asset of such Person, whether or not such obligation is otherwise an obligation of such
Person, (g) “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and
similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts,
(h) all Indebtedness of others guaranteed by such Person, (i) off-balance sheet liabilities and/or pension plan or multiemployer
plan liabilities of such Person, (j) obligations arising under non-compete agreements, (k) obligations arising under bonus, deferred
compensation, incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business, and
(l) Contingent Obligations.

 

“Indemnitee”
has the meaning given it in Section 13.2.

 

“Insolvency
Proceeding” means any proceeding by or against any Person under the United States Bankruptcy
Code, or any other bankruptcy or insolvency Law, including assignments for the benefit of creditors, compositions, extensions generally
with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

    	53

    	 

    
 

“Intellectual
Property” includes without limitation, all copyright rights, copyright applications,
copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished,
any patents, patent applications and like protections, including improvements, divisions, continuations, renewals, reissues, extensions,
and continuations-in-part of the same, trademarks, trade names, service marks, mask works, rights of use of any name, domain names,
or any other similar rights, any applications therefor, whether registered or not, know-how,
operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented inventions, and any claims for damage
by way of any past, present, or future infringement of any of the foregoing.

 

“Inventory”
means all “inventory”, as defined in the Code, with such additions to such term as may hereafter be made, and includes
without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished
products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit
and including any returned goods and any documents of title representing any of the above.

 

“Investment”
means, with respect to any Person, directly or indirectly, (a) to purchase or acquire any stock or stock equivalents, or any obligations
or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary, (b) to make or
commit to make any acquisition of all or substantially all of the assets of another Person, or of any business, Product, business
line or product line, division or other unit operation of any Person or (c) make or purchase any advance, loan, extension of credit
or capital contribution to, or any other investment in, any Person.

 

“Joinder Requirements”
has the meaning set forth in Section 6.8.

 

“Laws”
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations, guidance,
guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises,
governmental agreements and governmental restrictions, whether now or hereafter in effect, which are applicable to any Credit Party
in any particular circumstance.

 

“Lender”
means any one of the Lenders.

 

“Lenders”
means the Persons identified on the Credit Facility Schedule as amended from time to time to reflect assignments made in accordance
with this Agreement.

    	54

    	 

    
 

“Libor Rate
Index” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%) by dividing (a) the rate per annum, determined by Agent in accordance with its customary procedures, and
utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/100%),
to be the rate at which Dollar deposits (for delivery on the first day of such Applicable Interest Period or, if such day is not
a Business Day, on the preceding Business Day) in the amount of One Million Dollars ($1,000,000) are offered to major banks in
the London interbank market on or about 11:00 a.m. (New York time) on the Applicable Interest Rate Determination Date, for a period
of thirty (30) days, which determination shall be conclusive in the absence of manifest error, by (b) 100% minus the Reserve Percentage;
provided, however, that Agent may, upon prior written notice to any Borrower, choose a reasonably comparable index or source to
use as the basis for the Libor Rate Index. The Libor Rate Index may be adjusted by Agent with respect to any Lender on a prospective
basis to take into account any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits
or increased costs, in each case, due to changes in applicable Law occurring subsequent to the commencement of the then Applicable
Interest Period, including changes in tax laws (except changes of general applicability in corporate income tax laws) and changes
in the reserve requirements imposed by the Board of Governors of the Federal Reserve System (or any successor), which additional
or increased costs would increase the cost of funding loans bearing interest based upon the Libor Rate Index; provided, however,
that notwithstanding anything in this Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed to be a “change in applicable Law”, regardless of the date enacted, adopted or issued.
In any such event, the affected Lender shall give Borrower and Agent notice of such a determination and adjustment and Agent promptly
shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrower may, by notice
to such affected Lender require such Lender to furnish to Borrower a statement setting forth the basis for adjusting such Libor
Rate Index and the method for determining the amount of such adjustment.

 

“Lien”
means a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of Law or otherwise against any property.

 

“Material
Adverse Change” means (a) a material impairment in the perfection or priority of the Agent’s Lien (or any Lender’s
Lien therein to the extent provided for in the Financing Documents) in the Collateral; (b) a material impairment in the value of
the Collateral; (c) a material adverse change in the business, operations, or condition (financial or otherwise) or prospects of
any Credit Party, in each case, taken as a whole; or (d) a material impairment of the prospect of repayment of any portion of the
Obligations.

 

“Material
Agreement” means (i) the agreements listed in the Disclosure Schedule, (ii) each agreement or contract to which
a Credit Party is a party involving the receipt or payment of amounts in the aggregate exceeding One Hundred Thousand Dollars ($100,000)
per year (excluding (a) any agreement or contract that involves payment by the Borrower to another party for materials or supplies
(but, for the avoidance of doubt, not equipment) and services in the ordinary course of business, but specifically including all
such agreements relating to licensure of Intellectual Property and (b) employment offers or employment agreements), (iii) all lease
or other occupancy agreements for the principal office or any other business location of Borrower or its Subsidiaries, and (iv)
any agreement or contract to which such Credit Party or its Subsidiaries is a party the termination of which could reasonably be
expected to result in a Material Adverse Change.

 

“Material
Indebtedness” has the meaning given it in Section 10.1.

 

“Maturity
Date” means August 19, 2016.

 

“Maximum Lawful
Rate” has the meaning given it in Section 2.6(g).

    	55

    	 

    
 

“MidCap”
has the meaning given it in the preamble of this Agreement.

 

“Obligations”
means all of Borrower’s obligations to pay when due any debts, principal, interest, Protective Advances, fees, indemnities
and other amounts Borrower owes the Agent or Lenders now or later, under this Agreement or the other Financing Documents, including,
without limitation, interest accruing after Insolvency Proceedings begin (whether or not allowed) and debts, liabilities, or obligations
of Borrower assigned to the Lenders and/or Agent, and the payment and performance of each other Credit Party’s covenants
and obligations under the Financing Documents. “Obligations” does not include obligations under any warrants issued
to Agent or a Lender.

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

“OFAC Lists”
means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order
No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant
to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

“Operating
Documents” means, for any Person, such Person’s formation documents, as certified with the Secretary of State of
such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Closing Date, and (a) if
such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability
company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement),
each of the foregoing with all current amendments or modifications thereto.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Credit Party, the ordinary course of business
of such Credit Party, as conducted by such Credit Party in accordance with past practices, which shall in any event be at arms-length.

 

“Payment Date”
means the first calendar day of each calendar month.

 

“Perfection
Certificate” means the Perfection Certificate delivered to Agent as of the Closing Date, together with any amendments
thereto required under this Agreement.

 

“Permitted
Contingent Obligations” means (a) Contingent Obligations resulting from endorsements for collection or deposit in the
Ordinary Course of Business; (b) Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and
appeal bonds, performance bonds and other similar obligations not to exceed Twenty-Five Thousand Dollars ($25,000) in the aggregate
at any time outstanding; (c) Contingent Obligations arising under indemnity agreements with title insurers; (d) Contingent Obligations
arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions of personal
property assets permitted under Article 7; (e) so long as there exists no Event of Default both immediately before and immediately
after giving effect to any such transaction, Contingent Obligations existing or arising under any swap contract, provided, however,
that such obligations are (or were) entered into by Borrower or an Affiliate in the Ordinary Course of Business for the purpose
of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated
by such Person and not for purposes of speculation; and (f) other Contingent Obligations not permitted by clauses (a) through (e)
above, not to exceed $25,000 in the aggregate at any time outstanding.

    	56

    	 

    
 

“Permitted
Indebtedness” means: (a) Borrower’s Indebtedness to the Lenders and Agent under this Agreement and the other Financing
Documents; (b) Indebtedness existing on the Closing Date and described on the Disclosure Schedule; (c) Indebtedness secured
by Permitted Liens; (d) Subordinated Debt; (e) unsecured Indebtedness to trade creditors incurred in the Ordinary Course of Business;
(f) Permitted Contingent Obligations; (g) Indebtedness in the form of the Subject CD, which Indebtedness shall not exceed $50,000;
and (f) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (b) and
(c) above, provided, however, that the principal amount thereof is not increased or the terms thereof are not modified to
impose more burdensome terms upon the obligors thereunder.

 

“Permitted
Investments” means: (a) Investments existing on the Closing Date and described on the Disclosure Schedule; (b)
Investments consisting of cash equivalents; (c) any Investments permitted by Borrower’s investment policy, as amended from
time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Agent; (d)
Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of any Credit Party; (e) Investments consisting of deposit accounts or securities accounts in which the Agent has a first
priority perfected security interest except as otherwise provided by Section 6.6; (f) Investments in Subsidiaries solely
to the extent permitted pursuant to Section 6.8; (g) Investments consisting of (i) travel advances and employee relocation
loans and other employee loans and advances in the Ordinary Course of Business, and (ii) loans to employees, officers or directors
relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements
approved by Borrower’s board of directors; and (h) Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with,
customers or suppliers arising in the Ordinary Course of Business.

 

“Permitted
Liens” means: (a) Liens existing on the Closing Date and shown on the Disclosure Schedule or arising under this
Agreement and the other Financing Documents; (b) purchase money Liens (i) on Equipment acquired or held by a Credit Party incurred
for financing the acquisition of the Equipment securing no more than One Hundred Thousand Dollars ($100,000) in the aggregate amount
outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the
proceeds of the Equipment; (c) Liens for taxes, fees, assessments or other government charges or levies, either not delinquent
or being contested in good faith and for which adequate reserves are maintained on the Books of the Credit Party against whose
asset such Lien exists, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code
of 1986, as amended, and the treasury regulations adopted thereunder; (d) statutory Liens securing claims or demands of materialmen,
mechanics, carriers, warehousemen, landlords and other Persons imposed without action of such parties, provided that they
have no priority over any of Agent’s Lien and the aggregate amount of such Liens for all Credit Parties does not any time
exceed Twenty Five Thousand Dollars ($25,000); (e) leases or subleases of real property granted in the Ordinary Course of
Business, and leases, subleases, non-exclusive licenses or sublicenses of property (other than real property or Intellectual Property)
granted in the Ordinary Course of Business, if the leases, subleases, licenses and sublicenses do not prohibit granting
Agent a security interest; (f) banker’s liens, rights of set-off and Liens in favor of financial institutions incurred made
in the Ordinary Course of Business arising in connection with a Credit Party’s Collateral Accounts provided that such Collateral
Accounts are subject to a Control Agreement to the extent required hereunder; (g) Liens to secure payment of workers’ compensation,
employment insurance, old-age pensions, social security and other like obligations incurred in the Ordinary Course of Business
(other than Liens imposed by ERISA); (h) Liens arising from judgments, decrees or attachments in circumstances not constituting
an Event of Default; (i) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in title and similar
charges or encumbrances affecting real property not constituting a Material Adverse Change; (j) Liens in favor of Capital One Bank,
National Association solely against the Subject CD to secure Indebtedness permitted pursuant to clause (g) of the definition of
Permitted Indebtedness; and (k) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described
in (a) and (b) above, but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing
Lien and the principal amount of the Indebtedness may not increase.

    	57

    	 

    
 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency.

 

“Pro Rata
Share” means, as determined by Agent, with respect to each Credit Facility and Lender holding an Applicable Commitment
or Credit Extensions in respect of such Credit Facility, a percentage (expressed as a decimal, rounded to the ninth decimal place)
determined by dividing (a) in the case of fully-funded Credit Facilities, the amount of Credit Extensions held by such Lender
in such Credit Facility by the aggregate amount of all outstanding Credit Extensions for such Credit Facility, and (b) in
the case of Credit Facilities that are not fully-funded, the amount of Credit Extensions and unfunded Applicable Commitments held
by such Lender in such Credit Facility by the aggregate amount of all outstanding Credit Extensions and unfunded Applicable
Commitments for such Credit Facility.

 

“Protective
Advances” means all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
of Agent and Lenders for preparing, amending, negotiating, administering, defending and enforcing the Financing Documents and the
Warrants (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred
by Agent or the Lenders in connection with the Financing Documents and the Warrants.

 

“Registered
Organization” means any “registered organization” as defined in the Code, with such additions to such term
as may hereafter be made.

 

“Required
Lenders” means, unless all of the Lenders and Agent agree otherwise in writing, Lenders having (a) more than sixty percent
(60%) of the Applicable Commitments of all Lenders, or (b) if such Applicable Commitments have expired or been terminated, more
than sixty percent (60%) of the aggregate outstanding principal amount of the Credit Extensions.

 

“Required
Permit” means all licenses, certificates, accreditations, product clearances or approvals, provider numbers or provider
authorizations, supplier numbers, provider numbers, marketing authorizations, other authorizations, registrations, permits, consents
and approvals of a Credit Party (a) issued or required under Laws applicable to the business of Borrower or any of its Subsidiaries
or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling,
furnishing, distribution or delivery of goods or services under Laws applicable to the business of Borrower or any of its Subsidiaries,
or (b) issued by any Person from which Borrower or any of its Subsidiaries have received an accreditation. Without limiting the
generality of the foregoing, “Required Permits” includes any Drug Application (including without limitation,
at any point in time, all licenses, approvals and permits issued by the FDA or any other applicable Governmental Authority necessary
for the testing, manufacture, marketing or sale of any Product by any applicable Borrower(s) as such activities are being conducted
by such Borrower with respect to such Product at such time) and any drug listings and drug establishment registrations under 21
U.S.C. Section 510, registrations issued by DEA under 21 U.S.C. Section 823 (if applicable to any Product), and those issued by
State governments for the conduct of Borrower’s or any Subsidiary’s business.

    	58

    	 

    
 

“Reserve Percentage”
means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal Reserve System (or
any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or
emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency
liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain
such reserves, the Reserve Percentage shall be zero.

 

“Responsible
Officer” means any of the President and Chief Executive Officer or Chief Financial Officer of Borrower.

 

“Subject CD”
means that certain certificate of deposit numbered 255-501410-1 maintained with Capital One Bank, National Association to secure
Borrower’s Maryland Board of Pharmacy wholesale distributor’s license

 

“Secretary’s
Certificate” means, with respect to any Person, a certificate, in form and substance satisfactory to Agent, executed
by such Person’s secretary on behalf of such Person certifying that (a) such Person has the authority to execute, deliver,
and perform its obligations under each of the Financing Documents to which it is a party, (b) that attached as Exhibit A to such
certificate is a true, correct, and complete copy of the Borrower Resolutions then in full force and effect authorizing and ratifying
the execution, delivery, and performance by such Person of the Financing Documents to which it is a party, (c) the name(s) of the
Person(s) authorized to execute the Financing Documents on behalf of such Person, together with a sample of the true signature(s)
of such Person(s), and (d) that Agent and the Lenders may conclusively rely on such certificate unless and until such Person shall
have delivered to Agent a further certificate canceling or amending such prior certificate.

 

“Secured Promissory
Note” has the meaning given it in Section 2.7.

 

“Securities
Account” means any “securities account”, as defined in the Code, with such additions to such term as may
hereafter be made.

 

“Stated Rate”
has the meaning given it in Section 2.6(g).

 

“Subordination
Agreement” means a subordination, intercreditor, or other similar agreement in form and substance, and on terms, satisfactory
to Agent entered into between Agent, Borrower and any holder of Subordinated Debt.

 

“Subordinated
Debt” means indebtedness incurred by Borrower which shall be (i) in an amount satisfactory to Agent, (ii) made pursuant
to documents in form and substance satisfactory to Agent (the “Subordinated Debt Documents”), and (iii) subordinated
to all of Borrower’s now or hereafter indebtedness to the Lenders pursuant to a Subordination Agreement.

    	59

    	 

    
 

“Subsidiary”
means, with respect to any Person, any Person of which more than fifty percent (50.0%) of the voting stock or other equity interests
(in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or one or more
of Affiliates of such Person.

 

“Taxes”
has the meaning given it in Section 2.6(h).

 

“Testing Date”
means each date identified as a “Testing Date” on Schedule 6.15 hereto.

 

“Transfer”
has the meaning given it in Section 7.1.

 

“Warrants”
has the meaning given it in the Closing Deliveries Schedule.

 

[Remainder of page
intentionally blank; signature pages follow.]

    	60

    	 

    
 

IN WITNESS WHEREOF,
intending that this instrument constitute an instrument executed and delivered under seal, the parties hereto have caused this
Agreement to be executed as of the Closing Date.

 

BORROWERS:

 

CYTOMEDIX, INC.

 

	By:	/s/ Martin P. Rosendale	(SEAL)
	Name:	Martin P. Rosendale	 
	Title:	Chief Executive Officer	 
	 	 	 
	CYTOMEDIX ACQUISITION COMPANY, LLC	 
	 	 
	By:	/s/ Martin P. Rosendale	(SEAL)
	Name:	Martin P. Rosendale	 
	Title:	Chief Executive Officer	 
	 	 	 
	ALDAGEN, INC.	 
	 	 
	By:	/s/ Martin P. Rosendale	(SEAL)
	Name:	Martin P. Rosendale	 
	Title:	Chief Executive Officer	 

 

 

CYTOMEDIX,
INC.

CREDIT AND
SECURITY AGREEMENT

SIGNATURE PAGE

    	 

    	 

    
 

AGENT:

 

MIDCAP FUNDING III, LLC,

as Agent for Lenders

 

 

	By:	/s/ Josh Groman	(SEAL)
	Name:	Josh Groman	 
	Title: 	Its Authorized Signatory, Managing Director	 

 

 

CYTOMEDIX,
INC.

CREDIT AND
SECURITY AGREEMENT

SIGNATURE PAGE

    	 

    	 

    
 

LENDERS:

 

MIDCAP FUNDING III, LLC,

 

 

	By:	/s/ Josh Groman	(SEAL)
	Name:	Josh Groman	 
	Title: 	Its Authorized Signatory, Managing Director	 

 

 

CYTOMEDIX,
INC.

CREDIT AND
SECURITY AGREEMENT

SIGNATURE PAGEStaffing
360 Solutions, Inc. 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made and entered into as of February 15, 2013 by and between Staffing 360 Solutions, Inc.,
a Nevada corporation (“S360” or the “Company”), and Darren Minton (“MINTON”).

 

		1)	Engagement and Responsibilities

 

a)Upon the terms
and subject to the conditions set forth in this Agreement, the Company hereby employs MINTON as Senior Vice President of the Company.
MINTON hereby accepts such employment.

 

b)MINTON’s
duties and responsibilities shall be those incident to the positions described in Section 1(a) as set forth in the Bylaws of the
Company and those which are normally and customarily vested in such offices of a corporation. In addition, MINTON’s duties
shall include those duties and services for the Company and its affiliates as the Board shall, in its sole and absolute discretion,
from time to time reasonably direct which are not inconsistent with MINTON’s position described in Section 1(a).

 

c)MINTON agrees
to devote, on a non-exclusive basis, the necessary time, energy and efforts to the business of the Company and will use his best
efforts and abilities faithfully and diligently to promote the Company’s business interests. It is understood between the
Company and MINTON that he will devote no less than 15 hours per week in the execution of his duties. For as long as MINTON is
employed by the Company, MINTON shall not, directly or indirectly, either as an employee, employer, consultant, agent, investor,
principal, partner, stockholder (except as the holder of less than 1% of the issued and outstanding stock of a publicly held corporation),
corporate officer or director, or in any other individual or representative capacity, engage or participate in any business that
is in competition in any manner whatsoever with the business of the Company, as such businesses are now or hereafter conducted,
or any business which the Company contemplates conducting or intends to conduct.

 

		2)	Definitions

 

“Board”
shall mean the Board of Directors of the Company.

 

“Disability,”
with respect to MINTON, shall mean that, for physical or mental reasons, MINTON is unable to perform the essential functions of
MINTON’s duties under this Agreement for 30 consecutive days, or 60 days during any one six month period. MINTON agrees to
submit to a reasonable number of examinations by a medical doctor advising the Company as to whether MINTON shall have suffered
a disability and MINTON hereby authorizes the disclosure and release to the Company and its agents and representatives all supporting
medical records. If MINTON is not legally competent, MINTON’s legal guardian or duly authorized attorney-in-fact will act
in MINTON’s stead for the purposes of submitting MINTON to the examinations, and providing the authorization of disclosure.

 

 

“Effective
Date” shall mean on completion of the first acquisition of a temporary staffing company by S360 and contemporaneous financing.

 

    	 

    	 

    
 

“For Cause”
shall mean, in the context of a basis for termination of MINTON’s employment with the Company, that:

 

a)MINTON breaches
any obligation, duty or agreement under this Agreement, which breach is not cured or corrected within 15 days of written notice
thereof from the Company (except for breaches of Sections 1(c), 6 or 7 of this Agreement, which cannot be cured and for which the
Company need not give any opportunity to cure); or

 

b)MINTON is grossly negligent in
the performance of services to the Company, or commits any act of personal dishonesty, fraud, embezzlement, breach of fiduciary
duty or trust against the Company; or

 

c)MINTON is indicted
for, or convicted of, or pleads guilty or nolo contendere with respect to, theft, fraud, a crime involving moral turpitude, or
a felony under federal or applicable state law; or

 

d)MINTON commits
continued and repeated substantive violations of specific written directions of the Board, which directions are consistent with
this Agreement and MINTON’s position as an executive officer, or continued and repeated substantive failure to perform duties
assigned by or pursuant to this Agreement; or

 

e)MINTON continues
to neglect his duties after receipt of notice thereof from the Company (and the Company need give such notice only once).

 

“Person”
shall mean an individual or a partnership, corporation, trust, association, Limited Liability Company, governmental authority or
other entity.

 

“Portfolio
Company” shall mean any person which has engaged the Company for the provision of services.

 

“Term”
shall mean the period commencing on the Effective Date and ending at the close of business on the business day immediately preceding
the eighteenth month anniversary of the Effective Date.

 

		3)	Compensation and Benefits

 

For as long as MINTON shall be employed
by the Company, MINTON shall receive the compensation and benefits set forth in this Section 3.

 

 

(a) Salary.
Compensation will commence at an annualized salary of $48,000 beginning upon the Effective Date. The base salary shall be payable
in $4,000 installments on the last day of each month.

 

(b) Expense Reimbursement.
MINTON shall be entitled to reimbursement from the Company for the reasonable out-of-pocket costs and expenses which MINTON incurs
in connection with the performance of MINTON’s duties and obligations under this Agreement in a manner consistent with the
Company’s practices and policies therefore.

 

(c)Vacation.
MINTON shall be entitled to three weeks paid vacation per year (based on the Effective Date).

 

    	 

    	 

    
 

(d)Disability.
In the event of any Disability MINTON shall receive the compensation and benefits specified herein for 30 days. Such compensation
and benefits shall be received at the end of the disability.

 

(e)Withholding.
The Company may deduct from any compensation payable to MINTON (including payments made pursuant to Section 5 of this Agreement
in connection with or following termination of employment) amounts it believes are required to be withheld under federal and state
law, including applicable federal, state and/or local income tax withholding, old-age and survivors’ and other social security
payments, state disability and other insurance premiums and payments.

 

(f) Key Man
Insurance. The Company may, at its own expense, purchase a key man life insurance policy at an amount to be determined naming
the Company as a beneficiary. At the time that MINTON is no longer employed by the Company, MINTON will have the right to retain
the policy. It is expressly understood between the Company and MINTON that the Company will not have any further obligation with
respect to the policy following MINTON’s employment by the Company.

 

(g)Restricted Common Stock. In
consideration of the services to be rendered by MINTON, MINTON shall be entitled to receive as compensation 20,000 shares of the
Company’s common stock. The shares of common stock of the Company shall be issued at the Effective Date. MINTON acknowledges
that the common stock has not been registered under the Securities Act of 1933, as amended, or under any state securities laws.
MINTON is familiar with the provisions of the Securities Act and Rule 144 thereunder and understands that restrictions governing
sale apply.

 

		4)	Term of Employment

 

MINTON’s employment
pursuant to this Agreement shall commence on the Effective Date, as defined in Section 2 and shall terminate on the earliest to
occur of the following:

 

a) upon the date
set forth in a written notice of termination from MINTON to the Company (which date shall be at least four months after the effective
date and at least 30 days after the delivery of that notice); provided, however, that in the event MINTON delivers such
notice to the Company, the Company shall have the right to accelerate such termination by written notice thereof to MINTON (and
such termination by the Company shall be deemed to be a termination of employment pursuant to this Section 4(a), and not a termination
pursuant to Section 4(d) or 4(e) hereof);

 

b)upon the death
of MINTON;

 

c)upon delivery
to MINTON of written notice of termination by the Company if MINTON shall suffer a Disability;

 

d)upon delivery
to MINTON of written notice of termination by the Company For Cause;

 

e)upon delivery
to MINTON of written notice of termination by the Company Without Cause; or

 

 

		5)	Confidentiality.

 

    	 

    	 

    
 

MINTON agrees not to
disclose or use at any time (whether during or after MINTON’s employment with the Company) for MINTON’s own benefit
or purposes or the benefit or purposes of any other Person any databases, trade secrets, proprietary data, or other confidential
information, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data,
financial methods, plans, or the business and affairs of the Company generally, provided that the foregoing shall not apply
to information which is not unique to the Company or which is generally known to the industry or the public other than as a result
of MINTON’s employment with the company. MINTON agrees that upon termination of his employment with the Company for any reason,
he will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies
thereof or therefrom, in any way relating to the business of the Company and/or any Portfolio Company, except that he may retain
personal notes, notebooks, diaries and addresses and phone numbers. MINTON further agrees that he will not retain or use for his
account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business
of the Company.

 

		6)	Miscellaneous

 

a)Notices. 
All notices, requests, demands and other communications (collectively, “Notices”) given pursuant to this Agreement
shall be in writing, and shall be delivered by personal service, courier, facsimile transmission or by United States first class,
registered or certified mail, addressed to the following addresses:

 

If to the Company,
to:

 

Staffing 360 Solutions,
Inc.

Alfonso J. Cervantes,
President

641 Lexington Avenue,
Suite 1526

New York, NY 10022

 

If to MINTON, to:

 

Darren Minton

260 W 54th
Street, Apt. 28J

New York, NY 10019

 

Any Notice, other than a Notice sent by
registered or certified mail, shall be effective when received; a Notice sent by registered or certified mail, postage prepaid
return receipt requested, shall be effective on the earlier of when received or the third day following deposit in the United States
mails. Any party may from time to time change its address for further Notices hereunder by giving notice to the other party in
the manner prescribed in this Section.

 

b)Entire Agreement. 
This Agreement contains the sole and entire agreement and understanding of the parties with respect to the entire subject matter
of this Agreement, and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise,
related to the subject matter of this Agreement are hereby merged herein.  Without limiting the foregoing, this Agreement
supersedes those certain term sheets and/or agreements dated prior to date hereof. No representations, oral or otherwise, express
or implied, other than those contained in this Agreement have been relied upon by any party to this Agreement.

 

c)Severability.
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law.

 

    	 

    	 

    
 

d)Governing
Law.  This Agreement has been made and entered into in the State of New York and shall be construed in accordance with
the laws of the State of New York.

 

e)Captions. 
The various captions of this Agreement are for reference only and shall not be considered or referred to in resolving questions
of interpretation of this Agreement.

 

f)Counterparts. 
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 

g)Attorneys’
Fees.  If any action or proceeding is brought to enforce or interpret any provision of this Agreement, the prevailing
party shall be entitled to recover as an element of its costs, and not its damages, its reasonable attorneys’ fees, costs
and expenses.  The prevailing party is the party who is entitled to recover its costs in the action or proceeding.  A
party not entitled to recover its costs may not recover attorneys’ fees.  No sum for attorneys’ fees shall be
counted in calculating the amount of a judgment for purposes of determining whether a party is entitled to recover its costs or
attorneys’ fees.

 

In Witness Whereof,
the parties have executed this Agreement as of the date first above written.

 

Staffing 360
Solutions, Inc. 

 

By: _/a/ Allan
Hartley______________

 

Its: CEO

 

 

/s/
Darren Minton_________________

Darren Minton

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]