Document:

Exhibit 4.1

 

WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

DGSE COMPANIES, INC.

 

THIS WARRANT AND THE
SHARES (AS HEREINAFTER DEFINED) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH
LAWS.

 

THIS WARRANT (this
“Warrant”) CERTIFIES THAT, upon the terms and subject to the conditions set forth herein, Elemetal, LLC, a limited
liability company organized and existing under the laws of the State of Delaware (the “Holder”), for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has been granted the right to purchase from
DGSE Companies, Inc., a Nevada corporation (the “Company”), during the Term (as hereinafter defined), 1,000,000
shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (“Common Stock”),
at an exercise price of U.S. $0.65 per Share (the “Exercise Price”) (subject to adjustment hereunder). Until
the earlier of the Expiration Date (as hereinafter defined) and such time as this Warrant is exercised in full, the Exercise Price
and the number of Shares (or consideration) issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Stock Purchase Agreement,
dated June 20, 2016 (the “Stock Purchase Agreement”), among the Company, the Holder and NTR Metals, LLC, a limited
liability company organized and existing under the laws of the State of Texas.

 

1.       Term.
Upon the terms and subject to the conditions set forth herein, this Warrant shall be exercisable, in whole or in part, at any time,
or from time to time, during the period (such period, the “Term”)
commencing at 5:00 p.m., Eastern time, on December 9, 2016 (the “Effective
Date”) and ending at 5:00 p.m., Eastern time, on December
8, 2018 (the “Expiration Date”).
Any portion of this Warrant remaining unexercised at the Expiration Date shall thereafter be void.

 

2.       Exercise.

 

(a)       Manner
of Exercise. The purchase rights represented by this Warrant are exercisable by the Holder in whole or in part, at any
time, or from time to time, during the Term: (i) by the surrender of this Warrant and the Notice of Exercise (in the form attached
hereto as Exhibit A), duly completed and executed on behalf of the Holder, at the principal executive office of the Company
located at 13022 Preston Road, Dallas, Texas 75240, or such other office as the Company shall notify the Holder of in writing (the
“Principal Office”);
and (ii) upon payment, by wire transfer of immediately available funds to an account designated by the Company of the aggregate
Exercise Price for the Shares to be purchased, or other payment method agreeable to the Company (except that any payment must be
made in accordance with applicable securities laws).

 

     

     

    

 

(b)       Time
of Exercise. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date
of its surrender for exercise as provided above (the “Exercise
Date”), and the Holder (or other individual or entity
(“Person”)
entitled to receive the Shares issuable upon such exercise in accordance with the terms hereof) shall be treated for all purposes
as the holder of record of such Shares as of the close of business on such date.

 

(c)       Delivery
of Certificate and Balance Warrant. As promptly as practicable on or after the Exercise Date and in any event within three
(3) business days thereafter, the Company, at its expense, will issue and deliver to the Holder (or other Person entitled to receive
the Shares issuable upon exercise of this Warrant in accordance with the terms hereof) a certificate or certificates for the Shares
issuable upon such exercise or, if such Shares are not certificated, other appropriate written evidence of the issuance of the
Shares. In the event that this Warrant is exercised in part, the Company at its expense shall execute and deliver to the Holder
(or its successor or permitted assignee) a new warrant of like tenor exercisable for the number of Shares for which this Warrant
may then be exercised after giving effect to all previous exercises and adjustments.

 

(d)       Rescission
Rights. If the Company fails to issue or cause to have issued the Shares issuable upon such exercise of the Warrant within
three (3) days of the Exercise Date, then the Holder will have the right to rescind such exercise.

 

(e)Charges,
Taxes and Expenses. Issuance of the Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Shares, all of which taxes and expenses shall be paid by the Company,
and such Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder in the Notice
of Exercise. The Company shall pay all fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Shares.

 

(f)       No
Fractional Shares. This Warrant my only be exercised for whole Shares, and in no event shall any fractional Share be issued
upon any exercise of this Warrant.

 

(g)       Limitation
on Exercise. Notwithstanding anything to the contrary contained in this Warrant, in no event shall the Holder be entitled
to exercise this Warrant, or to receive Shares issuable upon exercise of this Warrant, for an amount of Shares which, as of the
date of such exercise, is in excess of the number of shares of Common Stock that the Company has sold and issued, and the Holder
has purchased, under the Stock Purchase Agreement, pursuant to which, among other things, this Warrant was issued.

 

3.       Adjustments.

 

(a)       Reclassification.
If the Company, at any time while this Warrant, or any portion hereof, is outstanding and unexpired, by reclassification of securities
or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different
number of securities of any other class or classes, then this Warrant shall thereafter represent the right to acquire such number
and kind of securities as would have been issuable as a result of such change with respect to the securities that were subject
to the purchase rights under this Warrant immediately prior to such reclassification or other change, and the Exercise Price shall
be proportionately adjusted, as appropriate.

 

    	 	 -2-	 

     

    

 

(b)       Subdivision
or Combination of Shares. If the Company, at any time while this Warrant, or any portion hereof, is outstanding and unexpired,
shall split or subdivide the securities for which this Warrant is exercisable into a greater number of securities of the same class,
then the amount of securities for which this Warrant is exercisable shall be proportionately increased and the Exercise Price shall
be proportionately decreased. If the Company, at any time while this Warrant, or any portion hereof, is outstanding and unexpired,
shall reverse split or combine the securities for which this Warrant is exercisable into a lesser number of securities of the same
class, then the amount of securities for which this Warrant is exercisable shall be proportionately decreased and the Exercise
Price shall be proportionately increased.

 

(c)       Adjustments
for Non-Cash Dividends. If, at any time while this Warrant, or any portion thereof, is outstanding and unexpired, the holders
of the securities as to which purchase rights under this Warrant exist at the time shall have received, or, on or after the record
date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other
or additional securities or property (other than cash) of the Company by way of dividend or distribution (collectively, a “Dividend”),
then, in each case, this Warrant shall represent the right to acquire, in addition to the number of Shares receivable upon exercise
of this Warrant, and without payment of any additional consideration therefor, the amount of such other or additional securities
or property (other than cash) of the Company that the Holder (or its successor or permitted assignee) would hold on the date of
exercise of this Warrant had it been the holder of record of the security receivable upon exercise of this Warrant on the record
date fixed with respect to the Dividend and had thereafter, during the period from the date thereof through and including the date
of such exercise, retained such securities and all other additional securities which it would have received during such period
as a result of its ownership thereof, giving effect to all adjustments called for during such period by the provisions of this
Warrant.

 

4.       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, for each Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction in which the Company is the survivor
(such surviving entity, the “Successor Entity”),
the Successor Entity shall succeed to, and be substituted for, the Company (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant and the other documents entered into in connection with the Transactions referring
to the “Company”
shall refer instead to the Successor Entity), and the Successor Entity may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant and the other documents entered into in connection with the Transactions
with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	 -3-	 

     

    

 

5.       Certain
Other Matters.

 

(a)       All
calculations under Section 3 and Section 4 shall be made to the nearest cent or whole Share, as the case may be.
For purposes of Section 3 and Section 4, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(b)       No
adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least U.S.
$0.01 per Share; provided, however, that any adjustments which by reason of this Section 5(b) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.

 

(c)       If,
as a result of an adjustment made pursuant to Section 3 or Section 4, the Holder (or its successor or permitted assignee)
shall become entitled to receive shares of more than one class or series of capital stock of the Company, then the Board (whose
determination shall be final and conclusive) shall determine, in good faith, the allocation of the adjusted Exercise Price between
or among the shares of such multiple classes or series of capital stock of the Company.

 

(d)       If
any event shall occur as to which the other provisions of Section 3 or Section 4 are not strictly applicable but
as to which the failure to make any adjustment would not fairly preserve the purchase rights represented by this Warrant in accordance
with the essential intent and principles of the adjustments set forth in Section 3 and Section 4, then, in each such
case, the Board (whose determination shall be final and conclusive) shall determine, in good faith, the adjustment, if any, on
a basis consistent with the essential intent and principles established herein, necessary to fairly preserve the purchase rights
represented by this Warrant.

 

    	 	 -4-	 

     

    

 

6.       Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to Section 3 or Section 4,
the Company shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder
(or its successor or permitted assignee) a certificate setting forth, in reasonable detail, the event requiring such adjustment
or readjustment, the amount of such adjustment or readjustment, the method by which such adjustment or readjustment was calculated,
the adjusted or readjusted Exercise Price and adjusted or readjusted number of Shares or amount of other securities or property
that would be received upon the exercise of this Warrant.

 

7.       Legend.
Each stock certificate representing Shares issued upon exercise of this Warrant shall have conspicuously endorsed thereon the following
legend:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

8.       Shares
to be Fully Paid. When issued and delivered in accordance with this Warrant to the Holder (or its successor or permitted
assignee) upon payment to the Company of the applicable Exercise Price, the Shares issued by the Company pursuant to this Warrant
will be fully paid and non-assessable with no personal liability attaching to ownership thereof and will be free and clear of all
liens, charges and encumbrances of any nature whatsoever except for restrictions on transfer under the Stock Purchase Agreement
and under applicable federal and state securities laws.

 

9.       Company
to Reserve Shares. At all times while this Warrant, or any portion hereof, is outstanding and unexpired, the Company shall
reserve and keep available, free from preemptive rights, out of its authorized but unissued capital stock, for the purpose of effecting
the exercise of this Warrant, the full number of Shares then deliverable upon the exercise of this Warrant. The issuance of this
Warrant shall constitute full authority to those officers of the Company who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for Shares upon exercise of this Warrant.

 

    	 	 -5-	 

     

    

 

10.       Exchange
of Warrant. If this Warrant shall be mutilated, lost, stolen or destroyed, then the Company shall execute and deliver to
the Holder (or its successor or permitted assignee) a new warrant of like tenor and denomination and deliver the same (i) in exchange
and substitution for and upon surrender and cancellation of any mutilated Warrant or (ii) in lieu of any Warrant lost, stolen or
destroyed, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant (including,
without limitation, a reasonably detailed affidavit with respect to the circumstances of any loss, theft or destruction) and upon
receipt of indemnity reasonably satisfactory to the Company.

 

11.       No
Rights as Stockholder. Except as otherwise provided herein, this Warrant, to the extent not exercised, will not entitle
the Holder to any of the rights, including, without limitation, voting rights, information rights and rights to receive dividends
or distributions, of a stockholder of the Company.

 

12.       Amendment.
This Warrant may not be modified or amended, except with the prior written consent of the Holder (or its successor or permitted
assignee) and the Company. Any instrument given by or on behalf of the Holder (or its successor or permitted assignee) in connection
with any consent to any modification or amendment of this Warrant will be conclusive and binding on any and all subsequent holders
of this Warrant.

 

13.       Transfer.
Neither this Warrant nor the Shares have been registered under the Securities Act of 1933, as amended, or any state securities
laws, and such securities may not be offered for sale, sold, assigned, pledged, or otherwise disposed of, unless they are registered
under the Securities Act of 1933, as amended, and such state laws or the transaction is exempt from the registration requirements
thereof. Subject to the foregoing, upon surrender of this Warrant as a result of a transfer hereof, the Company, at the expense
of the Company, will issue and deliver to, or to the order of, the transferee a new Warrant in the name of such transferee, exercisable
for the number of Shares for which this Warrant may then be exercised after giving effect to all previous exercises and adjustments.
Subject to the foregoing, nothing herein shall be construed to limit the number of transfers of the Warrant (including transfers
of fractional interests herein).

 

14.       Successors
and Assigns. This Warrant shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of the Holder and its successors and permitted assigns.

 

15.       Titles
and Subtitles. The titles and subtitles used in this Warrant are for convenience only and are not to be considered in construing
or interpreting any term or provision of this Warrant.

 

16.       Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Texas for all purposes
and in all respects, without regard to the conflict of law provisions of such state.

 

[ SIGNATURE PAGE FOLLOWS ]

 

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IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of the Effective Date set forth above.

 

	 	DGSE Companies, Inc.,	 
	 	a Nevada corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ MATTHEW M. PEAKES	 
	 	Name:	Matthew M. Peakes	 
	 	Title:	Chief Executive Officer and President	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

EXHIBIT A

 

 

NOTICE OF EXERCISE

 

Dated: ________, 20__

 

The undersigned hereby
elects to purchase ____ shares (the “Shares”) of common stock of DGSE Companies, Inc. (the “Company”)
pursuant to the terms of the warrant issued to the undersigned, effective as of December 9, 2016, a copy of which is attached hereto
(the “Warrant”), and tenders herewith payment to the Company of U.S. $0.65 per Share, for an aggregate purchase
price of U.S. $__________, representing payment in full for the Shares in accordance with the terms of the Warrant. Such aggregate
purchase price is being paid by wire transfer of immediately available funds to an account designated by the Company, or other
payment method agreeable to the Company. Until the earlier of the Expiration Date (as defined in the Warrant) and such time as
the Warrant is exercised in full, the Exercise Price (as defined in the Warrant) and the number of Shares (or consideration) issuable
upon exercise of the Warrant are subject to adjustment as provided in the Warrant.

 

Please issue certificate(s)
representing the Shares, and a new warrant for the unexercised portion of the Warrant [strike if not applicable], in the name of
the undersigned, and deliver such certificate(s) and new warrant [strike if not applicable] to the undersigned at the following
address:

 

Elemetal, LLC

15850 Dallas Parkway

Dallas, Texas 75248

Attn: President/CEO

 

	 	 	 	 
	 	Elemetal, LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:Exhibit 10.1

 

REGISTRATION RIGHTS
AGREEMENT

 

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of December 9, 2016, by and among DGSE
Companies, Inc., a Nevada corporation (the “Company”), Elemetal, LLC, a Delaware limited liability company (“Elemetal”),
NTR Metals, LLC, a Texas limited liability company (“NTR”). Elemetal and NTR are collectively referred to herein
as the “Stockholders.”

 

This Agreement
is made pursuant to the Stock Purchase Agreement between the Company and the Stockholders dated as of June 20, 2016 (the “Purchase
Agreement”). In order to induce the Stockholders to enter into the Purchase Agreement, the Company has agreed to provide
the registration and other rights set forth in this Agreement.

 

The parties agree as
follows:

 

Article
I 

 

Section
1.01        Definitions.
Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement. The terms
set forth below are used herein as so defined:

 

“Beneficial
Ownership” shall have the meaning specified in Rule 13d-3 under the Exchange Act.

 

“Commission”
has the meaning specified therefor in Section 1.02 of this Agreement.

 

“Common Stock”
means the common stock, par value $0.01 per share, of the Company.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Holder”
means any Stockholder who owns Registrable Securities.

 

“Initial Requesting
Holder” has the meaning specified therefor in Section 2.01 of this Agreement.

 

“Inspectors”
has the meaning specified therefor in Section 4.01 this Agreement.

 

“Losses”
has the meaning specified therefor in Section 4.06 of this Agreement.

 

“Participating
Holder” has the meaning specified therefor in Section 3.01 of this Agreement.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, business
trust, trust or unincorporated entity.

 

“Records”
has the meaning specified therefor in Section 4.01 of this Agreement.

 

    	 

     

    

 

“Registrable
Securities” means the Common Stock acquired by the Stockholders pursuant to the Purchase Agreement and all other shares
of Common Stock Beneficially Owned by the Stockholders on the date hereof until such time as such securities cease to be Registrable
Securities pursuant to Section 1.02 hereof.

 

“Registration
Statement” means a registration statement on a Form S-3 or Form S-1 (or successor form to either).

 

“Requesting
Holders” has the meaning specified therefor in Section 2.01 of this Agreement.

 

“Required
Period” has the meaning specified therefor in Section 2.07 of this Agreement.

 

“Securities
Act” has the meaning specified therefor in Section 1.02 of this Agreement.

 

“Selling Holder”
means a Holder who is selling Registrable Securities pursuant to a Registration Statement.

 

“Underwriter’s
Maximum Number” has the meaning specified therefore in Section 2.09 of this Agreement.

 

“WKSI”
means a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act.

 

Section
1.02        Registrable
Securities. Any Registrable Security will cease to be a Registrable Security when (i) a Registration
Statement covering such Registrable Security has been declared effective by the Securities and Exchange Commission (the “Commission”)
and such Registrable Security has been sold or disposed of pursuant to such effective Registration Statement; (ii) such Registrable
Security is disposed of pursuant to Rule 144 (or any similar provision then in force) under the Securities Act of 1933, as amended
(the “Securities Act”); (iii) such Registrable Security is held by the Company or one of its subsidiaries; or
(iv) such Registrable Securities are sold by a person in a transaction in which the rights under the provisions of this Agreement
are not assigned.

 

Article
II 

 

Section
2.01        Requests
for Registration. At any time and from time to time on or following the date hereof, any Stockholder
may, subject to the provisions of this Agreement, request in writing that the Company effect the registration of any or all of
the Registrable Securities held by such Stockholder (an “Initial Requesting Holder”) with the Commission under and
in accordance with the provisions of the Securities Act, which notice shall specify (i) the then-current name and address of such
Initial Requesting Holder or Initial Requesting Holders, (ii) the amount of Registrable Securities proposed to be registered and
(iii) the intended method or methods and plan of disposition thereof, including whether such requested registration is to involve
an underwritten offering. The Company shall give prompt written notice of such registration request to all other Holders. Except
as otherwise provided in this Agreement and subject to Section 2.08 in the case of an underwritten offering, the Company shall
prepare and use its best efforts to file a Registration Statement with the Commission promptly after such request has been given
with respect to (i) all Registrable Securities included in the Initial Requesting Holder’s request and (ii) all Registrable
Securities included in any request for inclusion delivered by any other Holder (together with the Initial Requesting Holder, the
“Requesting Holders”) within fifteen (15) days after delivery of the Company’s notice of the Initial Requesting
Holder’s registration request to such other Holders, in each case subject to Section 2.08 if such offering is an underwritten
offering. Thereafter, the Company shall use its best efforts to effect the registration under the Securities Act and applicable
state securities laws of such Registrable Securities for disposition in accordance with the intended method or methods of disposition
stated in such request; provided, however, that the Company will not be required to take any action pursuant to this Article II
if a Registration Statement is effective at the time such request is made and such Registration Statement may be used for the offering
and sale of the Registrable Securities requested to be registered. Subject to Section 2.09, the Company may include in such registration
other securities of the Company for sale, for the Company’s account or for the account of any other Person. 

 

    	 	 2	 

     

    

 

Section
2.02        S-1
or S-3 Registration; Shelf Registration. 

 

(a)               
Each Stockholder shall have the right pursuant to Section 2.01 and subject to Section 2.04, to make
up to six (6) requests for registration on Form S-1 (or any successor form) or Form S-3 (or any successor form), for the Company
to register all or a portion of its Registrable Securities held by it so long as such Stockholder holds at least five percent (5%)
of the shares of Common Stock outstanding on the date of this Agreement, including for an offering to be made on a continuous or
delayed basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the Commission covering
such Registrable Securities); provided, however, that the number of Registrable Securities that are the subject of
any such request must be at least 10,000 in the aggregate.

 

(b)              
In the case of a registration pursuant to this Section 2.02, (i) if the Company is then a WKSI, it shall use
its best efforts to, as promptly as practicable after the receipt of the request from the Initial Requesting Holder, file and cause
to be immediately effective a Registration Statement that shall constitute an automatic shelf registration with respect to all
Registrable Securities requested by the Requesting Holders to be included therein, and (B) if the Company is not then a WKSI, it
shall use its best efforts to file the Registration Statement and cause it to become effective as promptly as practicable after
the receipt of the request from the Initial Requesting Holder.

 

Section
2.03        Delay
for Disadvantageous Condition. If, in connection with any request for registration pursuant to
this Article II, the Company provides a certificate, signed by the president or chief executive officer of the Company,
to the Requesting Holders stating that, in the good faith judgment of the Board of Directors of the Company and its counsel, it
would be materially detrimental to the Company or its stockholders for such Registration Statement either to become effective or
to remain effective for as long as such Registration Statement otherwise would be required to remain effective, then the Company
shall have the right to defer taking action with respect to such filing and any time periods with respect to filing or effectiveness
thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initial Requesting
Holder is given; provided, however, that the Company may not invoke this right more than once in any twelve (12)
month period.

 

Section
2.04        Limitation on Successive Registrations. The Company shall not be required
to effect a registration pursuant to Section 2.02 for one hundred twenty (120) days immediately following the effective
date of a Registration Statement filed pursuant to the prior exercise of any Holder’s registration rights provided for in
Section 2.02 and within six (6) months of any registration initiated by the Company to make a primary offering of equity
securities, provided that the Company is employing best efforts to cause such Registration Statement to become effective. In addition,
the Company shall not be required to effect more than two (2) registrations during any twelve (12) month period pursuant to Section
2.02.

 

Section
2.05        Demand
Withdrawal. Any Requesting Holder may, at any time prior to the effective date of the Registration
Statement relating to any requested registration, withdraw its Registrable Securities from a requested registration. If all Registrable
Securities are so withdrawn, the Company shall cease all efforts to effect such registration upon such request, without liability
to any Requesting Holder. Such registration will be not deemed an effected registration for purposes of Section 2.02 or
Section 2.04.

 

    	 	 3	 

     

    

 

Section
2.06        Effective
Registration. 

 

(a)               
The Company may satisfy its obligations under Section 2.01 by amending (to the extent permitted by applicable
law) any Registration Statement previously filed by the Company under the Securities Act so that such amended Registration Statement
will permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the Registrable
Securities for which a demand for registration has been made under Section 2.01.

 

(b)              
Notwithstanding any other provision of this Agreement to the contrary, a registration requested pursuant to this
Article II will not be deemed to be effected by the Company if it has not been declared effective by the Commission or become
effective in accordance with the Securities Act and kept effective as contemplated by Section 2.06(c) hereof.

 

(c)               
The Company will use its best efforts to keep a Registration Statement that has become effective as contemplated
by this Article II continuously effective, and not subject to any stop order, injunction or other similar order or requirement
of the Commission, until the earlier of (i) the expiration of the Required Period and (ii) the date on which all Registrable Securities
covered by such Registration Statement (x) have been disposed of pursuant to such Registration Statement or (y) cease to be Registrable
Securities; provided, however, that in no event will such period expire prior to the expiration of the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 promulgated thereunder. For purposes of this Section
2.06, “Required Period” shall mean, with respect to a Registration Statement on Form S-3, three (3) years
following the first day of effectiveness, and with respect to any other Registration Statement, one hundred eight (180) days following
the first day of effectiveness of such Registration Statement. In the event of any stop order, injunction or other similar order
or requirement of the Commission relating to any Registration Statement, the Required Period for such Registration Statement will
be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect.

 

Section
2.07        Selection
of Underwriters. Requesting Holders of a majority of the Registrable Securities to be included
in any registration requested under this Article II may request that the registration be effected as an underwritten offering
and such Requesting Holders shall have the right to select the managing underwriter or underwriters for the offering.

 

    	 	 4	 

     

    

 

Section
2.08        Priority.
If a registration under this Article II involves an underwritten offering and the managing underwriter(s) in its good faith
judgment advises the Company that the number of Registrable Securities requested to be included in the Registration Statement
by the Requesting Holders exceeds the number of securities that can be sold without adversely affecting the price, timing, distribution
or sale of securities in the offering (the “Underwriter’s Maximum Number”), the Company shall be required
to include in such Registration Statement only such number of securities as is equal to the Underwriter’s Maximum Number
and the Company and the Requesting Holders shall participate in such offering in the following order of priority:

 

(a)               
First, the Company shall be obligated and required to include in the Registration Statement the number of Registrable
Securities that the Requesting Holders have requested to be included in the Registration Statement and that does not exceed the
Underwriter’s Maximum Number; provided that the Registrable Securities to be included in the Registration Statement shall
be allocated among all the Requesting Holders in proportion, as nearly as practicable, to the respective number of Registrable
Securities held by them on the date of the request for registration pursuant to Article II. If any Requesting Holder would
thus be entitled to include more Registrable Securities than such Requesting Holder requested to be registered, the excess shall
be allocated among other Requesting Holders pro rata in the manner described in the preceding sentence.

 

(b)              
Second, the Company shall be entitled to include in such Registration Statement and underwriting that number of shares
of Common Stock and/or other securities of the Company that it proposes to offer and sell for its own account or the account of
any other Person to the full extent of the remaining portion of the Underwriter’s Maximum Number.

 

Article
III 

 

Section
3.01        Piggyback Registration Rights. If the Company proposes to register any of
its equity securities under the Securities Act for sale to the public, (other than (i) in connection with a registration of any
employee benefit, retirement or similar plan, (ii) with respect to a transaction pursuant to Rule 145 under the Securities Act,
or (iii) in connection with an exchange offer), whether or not for sale for its own account, each such time it will give written
notice to all Holders of its intention to do so no less than 30 days prior to the anticipated filing date. Upon the written request
received by the Company from any Holder no later than the 15th day after receipt by such Holder of the notice sent by the Company
(which request shall state the intended method of disposition thereof), the Company will use best efforts to cause the Registrable
Securities as to which registration shall have been so requested to be included in the securities to be covered by such Registration
Statement, all to the extent required to permit the sale or other disposition by each Holder (in accordance with its written request)
(each, a “Participating Holder”) of such Registrable Securities so registered; provided, however, that
the Company may at any time prior to the effectiveness of any such Registration Statement, in its sole discretion and upon written
notice to the Participating Holders, abandon any proposed offering by the Company in which any Holder had requested to participate.
The number of Registrable Securities to be included in such a registration may be reduced or eliminated if and to the extent,
in the case of an underwritten offering, the managing underwriter (which shall be an underwriter reasonably acceptable to the
Participating Holders in the case of any underwritten offering) shall advise the Company that such inclusion would materially
jeopardize the successful marketing of the securities (including the Registrable Securities) proposed to be sold therein; provided,
however, that such number of shares of Registrable Securities shall not be reduced if any securities included in such registration
are included other than for the account of the Company unless the shares included in the Registration for the account of such
Persons are also reduced on a pro rata basis.

 

    	 	 5	 

     

    

 

Section
3.02        Priority. If a registration under this
Article III involves an underwritten offering and the managing underwriter(s) in its good faith judgment advises the Company that
the number of Registrable Securities requested to be included in the Registration Statement by the Participating Holders exceeds
the Underwriter’s Maximum Number, the Company shall be required to include in such Registration Statement only such number
of securities as is equal to the Underwriter’s Maximum Number and the Company and the Participating Holders shall participate
in such offering in the following order of priority:

 

(a)               
First, the Company shall be entitled to include in such Registration Statement the equity securities that the Company
proposes to offer and sell for its own account in such registration and that does not exceed the Underwriter’s Maximum Number;

 

(b)              
Second, the Company shall be obligated and required to include in such Registration Statement that number of Registrable
Securities that the Participating Holders shall have requested to be included in such offering to the full extent of the remaining
portion of the Underwriter’s Maximum Number, provided, that if the Registrable Securities of the Participating Holders exceeds
such remaining portion of the Underwriter’s Maximum Number, the Registrable Securities shall be allocated among all Participating
Holders requesting to be included in such offering in proportion, as nearly as practicable, to the respective number of Registrable
Securities held by them on the date of the Company’s notice pursuant to Section 3.01. If any Participating Holder
would thus be entitled to include more Registrable Securities than such Participating Holder requested to be registered, the excess
shall be allocated among other Participating Holders pro rata in the manner described in the preceding sentence;

 

(c)               
Third, the Company shall be entitled to include in such Registration Statement that number of equity securities that
the Company proposes to offer and sell for the account of any other Person, pursuant to piggyback registration rights or otherwise,
to the full extent of the remaining portion of the Underwriter’s Maximum Number.

 

Section
3.03        Not
a Demand Registration. No registration of Registrable Securities effected under this Article
III shall relieve the Company of its obligation to effect a registration of Registrable Securities pursuant to Article II.

 

    	 	 6	 

     

    

 

Article
IV 

 

Section
4.01        Registration Procedures. If and whenever the Company is required pursuant
to this Agreement to effect the registration of any of the Registrable Securities under the Securities Act, the Company will,
as expeditiously as possible:

 

(a)               
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration Statement effective for the period requisite to permit
the disposition of the Registrable Securities to be so registered;

 

(b)              
furnish to each Selling Holder and to each underwriter such number of copies of the Registration Statement and the
prospectus included therein (including each preliminary prospectus and each document incorporated by reference therein to the extent
then required by the rules and regulations of the Commission) as such Persons may reasonably request in order to facilitate the
public sale or other disposition of the Registrable Securities covered by such Registration Statement;

 

(c)               
if applicable, use best efforts to register or qualify the Registrable Securities covered by such Registration Statement
under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request, provided that the
Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so
qualify or to take any action that would subject it to general service of process in any such jurisdiction where it is not then
so subject;

 

(d)              
immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus contained in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing and as promptly as practicable
amend or supplement the prospectus or take other appropriate action so that the prospectus does not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing;

 

(e)               
make available for inspection by the Selling Holders designated by a majority thereof, and any attorney, accountant
or other agent retained by such representative of the Selling Holders (the “Inspectors”), all financial and
other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), and
cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector
in connection with such Registration Statement;

 

(f)               
cause all of the Registrable Securities to be listed on the New York Stock Exchange MKT if the Common Stock continues
to be so listed;

 

(g)              
use best efforts to keep effective and maintain for the period of distribution, qualification, approval or listing
obtained to cover the Registrable Securities as may be necessary for the Selling Holders to dispose thereof and shall from time
to time amend or supplement any prospectus used in connection therewith to the extent necessary in order to comply with applicable
law;

 

(h)              
use best efforts to cause the Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders
to consummate the disposition of such Registrable Securities; and

 

(i)                
take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order
to expedite, facilitate or consummate the disposition of such Registrable Securities.

 

    	 	 7	 

     

    

 

Section
4.02        Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Agreement that the Selling Holders shall furnish to the Company such information regarding themselves,
the Registrable Securities held by them and the intended method of disposition of such securities as shall be reasonably required
to effect the registration of their Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

 

Section
4.03        Expenses.

 

(a)               
“Registration Expenses” means all expenses incident to the Company’s performance under or
compliance with this Agreement, including without limitation, all registration and filing fees, blue sky fees and expenses, printing
expenses, listing fees, fees and disbursements of counsel and independent public accountants for the Company, fees of the Financial
Industry Regulatory Authority, Inc., transfer taxes, fees of transfer agents and registrars, costs of insurance and reasonable
out-of-pocket expenses (including without limitation, reasonable legal fees of one counsel for all Selling Holders), but excluding
any Selling Expenses. “Selling Expenses” means all underwriting fees, discounts and selling commissions allocable
to the sale of the Registrable Securities.

 

(b)              
The Company will pay all Registration Expenses in connection with each Registration Statement filed pursuant to this
Agreement, whether or not the Registration Statement becomes effective, and the Selling Holders shall pay all Selling Expenses
in connection with any Registrable Securities registered pursuant to this Agreement.

 

Section
4.04        Underwriting Requirements.
The Company shall not be required under Section 3.01 to include any of the Registrable Securities in an underwritten offering
of the Company’s securities unless the Participating Holders accept the terms of the underwriting as agreed upon between
the Company and the underwriters; provided, however, that any such agreement shall be reasonably satisfactory in substance
and form to each such Holder and the underwriters and contain such representations and warranties by the Company (for the benefit
of such Holders) and such other terms as are generally prevailing in agreements of this type, including, without limitation, indemnities
to the effect and to the extent provided in Section 4.06 below, and no Holder shall be required to make in any such agreement
any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties
or agreements regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of distribution
and any other representation required by law. In the case of any underwritten offering, the Company shall also furnish to each
Participating Holder a signed counterpart, addressed to such Holder, of (a) an opinion of counsel for the Company, dated the date
of the closing under the underwriting agreement), reasonably satisfactory in form and substance to the Participating Holders,
and (b) a “comfort” letter dated the date of the closing under the underwriting agreement, signed by the independent
public accountants who have certified the Company’s financial statements included in such registration statement, in each
case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters
in underwritten public offerings of securities and, in the case of the accountants’ letter, such other financial matters,
and, in the case of the legal opinion, such other legal matters, as the Participating Holders may reasonably request.

 

    	 	 8	 

     

    

 

Section
4.05        Delay of Registration.
No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration of the Company
as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.

 

Section
4.06        Indemnification.

 

(a)               
In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will indemnify and hold harmless each Selling Holder thereunder and each Person, if any, who controls such Selling
Holder within the meaning of the Securities Act and the Exchange Act, against any losses, claims, damages or liabilities (including
reasonable attorneys’ fees) (“Losses”), joint or several, to which such Selling Holder or controlling
Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any
Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement,
any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse or advance, if so requested, each such Selling Holder and each such controlling
Person for any legal or other expenses reasonably incurred or to be incurred by them in connection with investigating or defending
any such Loss or actions; provided, however, that the Company will not be liable in any such case if and to the extent
that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by such Selling Holder, such underwriter or such
controlling Person in writing specifically for use in such Registration Statement or prospectus.

 

(b)              
Each Selling Holder agrees to indemnify and hold harmless the Company, its directors, officers, employees and agents
and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act to the same extent
as the foregoing indemnity from the Company to such Selling Holder, but only with respect to information regarding such Selling
Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in any Registration Statement or prospectus
relating to the Registrable Securities, or any amendment or supplement thereto; provided, however, that the liability
of such Selling Holder shall not be greater in amount than the dollar amount of the proceeds received by such Selling Holder from
the sale of the Registrable Securities giving rise to such indemnification, except in the case of the willful misconduct of the
Selling Holder.

 

    	 	 9	 

     

    

 

(c)               
Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party
in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have
to any indemnified party. In case any such action shall be brought against any indemnified party, it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish,
to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from
the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying
party shall not be liable to such indemnified party under this Section 4.06 for any legal expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with
counsel as so elected; provided, however, that, (i) if the indemnifying party has failed to assume the defense and
employ counsel or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel
to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party or that the interests of the indemnified party reasonably
may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select
a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses
and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as
incurred. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify
each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person
for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement
of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by
the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance
with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have
been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes
an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person,
from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

 

(d)              
If the indemnification provided for in this Section 4.06 is unavailable to the Company or the Selling Holders
or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses as between
the Company on the one hand and each Selling Holder on the other, in such proportion as is appropriate to reflect the relative
fault of the Company on the one hand and of each Selling Holder on the other in connection with the statements or omissions which
resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand
and each Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statements of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information
supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

 

No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who is not guilty of such fraudulent misrepresentation.

 

    	 	 10	 

     

    

 

Article
V 

 

Section
5.01        Communications.
All notices and other communications provided for or permitted hereunder shall be made in writing by electronic facsimile or electronic
transmission, courier service or personal delivery;

 

(a)               
if to a Holder, at the most current address given by such Holder to the Company in accordance with the provisions
of this Section 5.01,

 

(b)              
if to the Company, initially at its address set forth in its reports filed with the Commission, and

 

(c)               
for each, thereafter at such other address, notice of which is given in accordance with the provisions of this Section
5.01.

 

All such notices and
communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged,
if by electronic facsimile or electronic transmission; and on the next business day if timely delivered to a courier guaranteeing
overnight delivery.

 

Section
5.02        Successor and Assigns.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties.

 

Section
5.03        Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same Agreement.

 

Section
5.04        Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

Section
5.05        Governing
Law. THE LAWS OF THE STATE OF TEXAS SHALL GOVERN THIS AGREEMENT WITHOUT REGARD TO PRINCIPLES
OF CONFLICT OF LAWS.

 

Section
5.06        Severability of Provisions.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing
the validity or enforceability of such provision in any other jurisdiction.

 

    	 	 11	 

     

    

 

Section
5.07        Entire Agreement.
This Agreement, together with the Purchase Agreement and the other documents provided for therein are intended by the parties
as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding
of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to
the securities sold pursuant to the Purchase Agreement. This Agreement, the Purchase Agreement and the other documents provided
for therein supersede all prior agreements and understandings between the parties with respect to such subject matter except as
specified in the Purchase Agreement.

 

Section
5.08        Attorneys’ Fees.
In any action or proceeding brought to enforce any provision of this Agreement, the successful party shall be entitled to recover
reasonable attorneys’ fees in addition to its costs and expenses and any other available remedy.

 

Section
5.09        Amendment.
This Agreement may be amended only by means of a written amendment signed by the Company and by the Holders of a majority of the
Registrable Securities.

 

Section
5.10        Assignment of Rights.
The rights of any Holder under this Agreement may not be assigned to any Person without the prior written consent of the Company.

 

 

[Signature page follows.]

 

    	 	 12	 

     

    

 

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

 

	 	COMPANY:	 
	 	 	 	 
	 	DGSE COMPANIES, INC., a Nevada corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ MATTHEW M. PEAKES	 
	 	Name:	Matthew M. Peakes	 
	 	Title:	Chief Executive Officer and President	 

 

 

 

    	 	Registration Rights Agreement
Signature Page
	 

     

    

 

	 	STOCKHOLDERS:	 
	 	 	 	 
	 	ELEMETAL, LLC, a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ WILLIAM E. LEROY	 
	 	Name: 	William E. LeRoy	 
	 	Title: 	President/CEO	 
	 	 	 	 
	 	 	 	 
	 	NTR METALS, LLC, a Texas limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ JOHN R. LOFTUS	 
	 	Name:	John R. Loftus	 
	 	Title:	President	 

 

 

 

    	 	Registration Rights Agreement
Signature Page

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