Document:

SIXTH SUPPLEMENTAL INDENTURE

 

VECTOR GROUP LTD.

 

AND EACH OF THE GUARANTORS PARTY HERETO

 

11% SENIOR SECURED NOTES DUE 2015

 

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of February 12, 2013

 

To

 

INDENTURE

 

Dated as of August 16, 2007

As supplemented by First Supplemental Indenture dated as of July 15, 2008,

Second Supplemental Indenture dated as of September 1, 2009,

Third Supplemental Indenture dated as of April 20, 2010,

Fourth Supplemental Indenture dated as of December 3, 2010, and

Fifth Supplemental Indenture dated as of December 16, 2010

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee and as Collateral Agent

 

    	 

    	 

    

 

Sixth
Supplemental Indenture (this “Sixth Supplemental Indenture”), dated as of February 12, 2013, among Vector
Group Ltd., a Delaware corporation (the “Company”), the Guarantors (as defined in the Indenture referred to
herein) and U.S. Bank National Association, as Trustee and Collateral Agent (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS,
the Company and the Guarantors have heretofore executed and delivered an Indenture, dated as of August 16, 2007 (the “Base
Indenture”), as supplemented by a First Supplemental Indenture, dated as of July 15, 2008 (the “First Supplemental
Indenture”), a Second Supplemental Indenture, dated as of September 1, 2009 (the “Second Supplemental Indenture”),
a Third Supplemental Indenture, dated as of April 20, 2010 (the “Third Supplemental Indenture”), a Fourth Supplemental
Indenture, dated as of December 3, 2010 (the “Fourth Supplemental Indenture”), and a Fifth Supplemental Indenture,
dated as of December 16, 2010 (the “Fifth Supplemental Indenture,” and together with the Base Indenture, the
First Supplemental Indenture, the Second Supplemental Indenture the Third Supplemental Indenture and the Fourth Supplemental Indenture,
the “Indenture”), providing for the issuance by the Company of its 11% Senior Secured Notes due 2015 (the “Notes”);.

 

WHEREAS,
the Company has offered to purchase for cash any and all outstanding Notes pursuant to the Offer to Purchase and Consent Solicitation
Statement dated January 29, 2013, as amended or supplemented from time to time (the “Tender Offer”).

 

WHEREAS, in connection with the Tender Offer, the
Company has requested that Holders of the

Notes deliver their consents with respect to amendments
to certain provisions of the Indenture.

 

WHEREAS,
pursuant to Section 9.02 of the Indenture, subject to certain exceptions inapplicable hereto, the Company and the Trustee may amend
or supplement the Indenture and the Notes with the consent of the Holders of at least a majority in aggregate principal amount
of the then outstanding Notes (including, without limitation, consents obtained in connection with a tender offer for the Notes).

 

WHEREAS,
the Holders of a majority in aggregate principal amount of the Notes outstanding have duly consented to the proposed amendments
set forth in this Sixth Supplemental Indenture in accordance with Section 9.02 of the Indenture.

 

WHEREAS,
the Company has heretofore delivered or is delivering contemporaneously herewith to the Trustee (i) one or more board resolutions
authorizing the execution of this Sixth Supplemental Indenture, (ii) evidence of the written consent of the Holders set forth in
the immediately preceding recital and (iii) the Officers’ Certificate and the Opinion of Counsel described in Sections 9.06
and 13.04 of the Indenture.

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this Sixth Supplemental Indenture and to make this Sixth Supplemental
Indenture valid and binding have been complied with or have been done or performed.

 

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL
INDENTURE WITNESSETH:

 

It is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the

Notes, as follows:

 

ARTICLE I AMENDMENT OF

INDENTURE

 

Section 1.1        Amendments.

 

Subject to Section 2.1,
the Indenture is hereby amended by deleting in their entireties Sections 4.03, 4.04 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12,
4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 5.01, 6.01(3), 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8), 6.01(9), 6.01(11) and 11.04 of
the Indenture and replacing such sections with “[Intentionally Omitted.]”. None of the Company, any Guarantor, the
Trustee, the Collateral Agent or other parties to or beneficiaries of the Indenture shall have any rights, obligations or liabilities
under such sections, and such sections shall not be considered in determining whether an Event of Default has occurred or whether
the Company or any Guarantor has observed, performed or complied with the provisions of the Indenture.

 

    	 

    	 

    

 

Section 1.2        Amendments
to Definitions and Section References.

 

(a) Subject
to Section 2.1, the Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references
have been eliminated as a result of the amendments to the Indenture pursuant to Section 1.1.

 

(b) Subject
to Section 2.1, the Indenture is hereby amended by deleting therefrom any references to Sections of the Indenture which
have been deleted as a result of the amendments to the Indenture pursuant to Section 1.1 and replacing such references with
“[Intentionally Omitted.]”.

 

ARTICLE II MISCELLANEOUS

PROVISIONS

 

Section 2.1        Effect
of Sixth Supplemental Indenture.

 

The provisions
of this Sixth Supplemental Indenture shall be effective only upon execution and delivery of this instrument by the parties hereto.
Notwithstanding the foregoing sentence, the provisions of this Sixth Supplemental Indenture shall become operative only upon the
acceptance for purchase by the Company, pursuant to the Tender Offer, of at least a majority in aggregate principal amount of the
outstanding Notes, with the result that the amendments to the Indenture effected by this Sixth Supplemental Indenture shall be
deemed to be revoked retroactive to the date hereof if such purchase shall not occur. The Company shall notify the Trustee in writing
promptly after the occurrence of such purchase or promptly after the Company shall determine that such purchase will not occur
and such notice shall state the date that this Sixth Supplemental Indenture becomes operative (if applicable). Except as amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms shall remain in full force and effect. This Sixth
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered under the Indenture shall be bound hereby and all terms and conditions of both shall be read together as though they
constitute a single instrument, except that in the case of conflict the provisions of this Sixth Supplemental Indenture shall control.

 

Section 2.2        Capitalized
Terms.

 

Capitalized terms used herein without definition
shall have the meanings assigned to them in the

Indenture.

 

Section 2.3        Successors.

 

All covenants
and agreements in this Sixth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed
or not.

 

Section 2.4        Separability
Clause.

 

In case
any provision in this Sixth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 2.5        Governing
Law.

 

THIS SIXTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD
RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

 

Section 2.6        Counterparts.

 

This Sixth
Supplemental Indenture may be signed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument.

 

    	 

    	 

    

 

Section 2.7        Interpretation.

 

The recitals
contained herein shall be taken as the statements of the Company, and the Trustee does not assume any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixth Supplemental Indenture or the
proper authorization or the due execution thereof by the Company. In entering into this Sixth Supplemental Indenture, the Trustee
shall be entitled to the benefit of every provision of the Indenture applicable to it, whether or not elsewhere herein so provided.

 

[Signature Pages Follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	 	COMPANY:
	 	 
	 	VECTOR GROUP LTD.
	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	 	Name:	J. Bryant Kirkland III
	 	 	Title:	Vice President, Chief Financial Officer and Treasurer

  

	 	GUARANTORS:
	 	 
	 	ACCOMMODATIONS ACQUISITION CORPORATION
	 	EVE HOLDINGS INC.
	 	LIGGETT & MYERS HOLDINGS INC.
	 	VGR HOLDING LLC
	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	 	Name:	J. Bryant Kirkland III
	 	 	Title:	Authorized Officer

 

	 	LIGGETT VECTOR BRANDS LLC
	 	V.T. AVIATION LLC
	 	VECTOR RESEARCH LLC
	 	VECTOR TOBACCO INC.
	 	VGR AVIATION LLC
	 	 
	 	By:	/s/ Francis G. Wall
	 	 	Name:	Francis G. Wall
	 	 	Title:	Authorized Officer

 

	 	100 MAPLE LLC
	 	LIGGETT GROUP LLC
	 	 
	 	By:	/s/ John R. Long
	 	 	Name:	John R. Long
	 	 	Title:	Authorized Officer

 

Signature Page to Sixth Supplemental Indenture

 

    	 

    	 

    

 

	 	TRUSTEE:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Joshua A. Hahn
	 	 	Name:	Joshua A. Hahn
	 	 	Title:	Assistant Vice President

 

Signature Page to Sixth Supplemental IndentureExhibit 10.16

 

ADDENDUM TO SECURITIES PURCHASE AGREEMENT

 

This ADDENDUM TO
SECURITIES PURCHASE AGREEMENT (this “Addendum”), dated as of February 11, 2013, is made and entered into
by and between LabStyle Innovations Corp., a company incorporated under the laws of the Delaware (the “Company”),
and each of the purchasers who have executed a signature page to this Addendum (each a “Purchaser”
and collectively the “Purchasers”).

 

WHEREAS, the
Company and the Purchasers are parties to that certain Securities Purchase Agreement, dated August 29, 2012, under which the
Company agreed to issue to the Purchasers, and the Purchasers irrevocably agreed to purchase from the Company, an aggregate of
1,500,000 units (each, a “Unit”), at a price of US$1.00 per Unit, with each Unit consisting of: (i) one (1)
share of the Company’s common stock, par value US$0.0001 per share (the
“Common Stock”) and (ii) one (1) warrant (the “Warrants”) to purchase one (1) share
(collectively, the “Warrant Shares”) of Common Stock at a price per share of US$1.00 (such Units, Common Stock,
Warrants and Warrant Shares offered hereby, the “Purchased Securities”);
and

 

WHEREAS, in
order to be compliant with the requirements of the United States federal securities laws, the Company and the Purchasers desire
to memorialize certain items with respect to their rights and obligations under the Agreement.

 

NOW THEREFORE,
in consideration of the foregoing and the matters forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties enter into the following addendum to the Agreement:

 

1.           Defined
Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement.

 

2.           Addendum
to Timing for Tranches; Registration Rights. 

 

(a)           Second
Tranche. Notwithstanding anything to the contrary in the Agreement, it is understood and agreed that the Section Tranche Funding
Date shall be no later than five (5) business days following the Effective Date (as defined in this Addendum and not in the Agreement).
Each Purchaser irrevocably agrees to fund his, her or its respective portion of the Second Tranche no later than five (5) business
days following such Effective Date.

 

(b)           Third
Tranche. Notwithstanding anything to the contrary in the Agreement, it is understood and agreed that it shall not be a condition
for the funding of the Third Tranche that the Purchased Securities be registered for resale in a registration statement declared
effective by the Securities and Exchange Commission (the “SEC”) or that the Company shall have received a ticker
symbol for its Common Stock and caused its Common Stock to be eligible for trading on the Over-the-Counter Bulletin Board, OTCQB
Market or similar trading system. The Purchasers shall nonetheless be irrevocably obligated to fund their respective portions
of the Third Tranche on or before the 100th day following the Third Tranche Effective Date (as defined in this Addendum
and not in the Agreement), and the Purchasers agree to so fund their respective portions of the Third Tranche.

 

(c)           Registration
Rights. The Company shall afford the Purchasers the registration rights set forth on Exhibit A hereto with respect
to the Purchased Securities sold in the Third Tranche.

 

    	 

    	 

    

 

(d)           Effective
Date; Third Tranche Effective Date. For purposes of the Agreement, the term “Effective Date” shall mean
the date that any registration statement covering the sale or resale of any securities of the Company is declared effective by
the SEC. For purposes of the Agreement, the term “Third Tranche Effective Date” shall mean the date
that both: (i) any registration statement covering the sale or resale of any securities of the Company is declared effective by
the SEC and (ii) the Company has received a ticker symbol for its Common Stock and caused its Common Stock to be eligible for
trading on the Over-the-Counter Bulletin Board, OTCQB Market or similar trading system.

 

(e)           Tranche
Funding Dates. The definitions of “Second Tranche Funding Date” and “Third Tranche Funding Date” appearing
in the Agreement are modified to reflect the dates and timing set forth in this Addendum.

 

(f)           Promissory
Notes. The Company and each Purchaser agree that the respective promissory notes evidencing the obligations of the Purchasers
to fund the Second Tranche and the Third Tranche shall be deemed modified and amended by this Addendum to reflect the timing for
the funding of the Second Tranche and the Third Tranche as set forth herein.

 

3.           No
Further Modification. Except as modified hereby, the Agreement shall remain unchanged and in full force and effect. Without
limiting the generality of the foregoing, it is specifically agreed that the amount and pricing of the Purchased Securities to
be purchased shall not be modified or amended in any respect.

 

4.           Counterparts.
This Addendum may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against
the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument. Such
counterparts may be delivered by facsimile or e-mail/.pdf transmission, which shall constitute valid delivery thereof.

 

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

 

	 	COMPANY:
	 	 
	 	LABSTYLE
    INNOVATIONS CORP.
	 	 
	 	By: 	/s/ Oren Fuerst
	 	 	Name:  Oren Fuerst
	 	 	Title: CEO

 

[Purchaser Signature Pages Follow]

 

    	2

    	 

    

 

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

 

	 	DIT EQUITY
    HOLDINGS, LLC
	 	 	 
	 	By: 	/s/ Kyung Won Lee
	 	 	Name:
	 	 	Title:

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/ Anthony Ivankovich
	 	Anthony Ivankovich

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	FEQ REALTY,
    LLC
	 	 	 
	 	By:	/s/ Ernest Bartlett
	 	 	Name:
	 	 	Title:

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	VELADEN
    INVESTMENTS CORP, LLC
	 	 	 
	 	By: 	/s/ William Miller
	 	 	Name:
	 	 	Title:

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/ George
    Karfunkel
	 	George Karfunkel 

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	MOGGLE INVESTORS,
    LLC
	 	 	 
	 	By: 	/s/ Stephen Harrington
	 	 	Name:
	 	 	Title:

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/ Steven B.
    Rosner
	 	Steven B. Rosner

 

Purchaser Signature Page to Addendum

 

    	 

    	 

    

 

 

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

 

	 	/s/
    Sten-Anders Fellman
	 	Sten-Anders Fellman

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/
    David A. Rosner
	 	David A. Rosner

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/
    Lauren Paige Rosner
	 	Lauren Paige Rosner

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

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

 

	 	SLD CAPITAL CORP. MPP
	 	 
	 	By: 	/s/ Steven B.
    Rosner
	 	 	Name: Steven B. Rosner
	 	 	Title: Trustee

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/
    Ron Eller 
	 	Ron Eller 

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

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

 

	 	/s/
    Henry Rothman
	 	Henry Rothman

 

Purchaser Signature
Page to Addendum

 

    	 

    	 

    

 

Exhibit A

 

Registration Rights

 

The shares of Common
Stock underlying the Purchased Securities purchased by the Purchasers in the Third Tranche will be deemed “Registrable
Securities” subject to the provisions of this Exhibit A.

 

All capitalized terms
used but not defined in this Exhibit A shall have the meanings ascribed to such terms in the Agreement and related Addendum thereto
to which this Exhibit is attached and made a part of.

 

1.          Demand
Registration.

 

1.1           Request
for Registration. At any time following the compete funding of the Third Tranche by all Purchasers (but no later than five
(5) years from such funding), the holders of a majority-in-interest of the Registrable Securities, held by the Purchasers or the
transferees of the Purchasers, may make a written demand for resale registration under the Securities Act of 1933, as amended (the
“Securities Act”), of all (but not less than all) of their Registrable Securities (a “Demand Registration”).
Any demand for a Demand Registration shall specify the number and type of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand within two (2) business
days from the receipt of the Demand Registration, and each holder of Registrable Securities who wishes to include such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration,
a “Demanding Holder”) shall so notify the Company within two (2) business days after the receipt by the holder
of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to potential reduction as set forth on this Exhibit A. The Company shall not
be obligated to effect more than an aggregate of one (1) Demand Registration in respect of Registrable Securities.

 

1.2           Implementation
of Demand Registration. The Company shall effect the Demand Registration by filing with the U.S. Securities and Exchange Commission
(the “SEC”) a registration statement on Form S-1 (for Form S-3, if the Company is then eligible to use such
form) (a “Registration Statement”) covering the resale of the Registrable Securities within thirty (30) days
of the determination of the Demanding Holders who have elected to participate in the Demand Registration. The Company shall use
its commercially reasonable efforts to have the Registration Statement covering the resale of the Registrable Securities declared
effective by the SEC.

 

1.3           Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the SEC with
respect to such Demand Registration has been declared effective.

 

2.          Piggy-Back
Registration.

 

2.1           Piggy-Back
Rights. If at any time following the compete funding of the Third Tranche by all Purchasers (but no later than five (5) years
from such funding), but provided that a Demand Registration has not at that time been effected, the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for stockholders
of the Company for their account (or by the Company and by stockholders of the Company), other than a Registration Statement (i)
filed in connection with any employee stock option or other benefit plan, (ii) for a dividend reinvestment plan or (iii) in connection
with a merger or acquisition, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities appearing on the books and records of the Company as such a holder as soon as practicable but in no event less than
ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included
in such Registration Statement, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters
(the “Underwriters”), if any, of the offering, and (y) offer to the holders of Registrable Securities in such
notice the opportunity to register the sale of such number of Registrable Securities as such holders may request in writing within
five (5) days following receipt of such notice (a “Piggy-Back Registration”). Subject to Section 2.2 below,
the Company shall cause such Registrable Securities to be included in such Registration Statement and shall use its commercially
reasonable efforts to cause the Underwriters of a proposed underwritten offering to permit the Registrable Securities requested
to be included in a Piggy-Back Registration. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves Underwriters shall enter into an underwriting agreement and/or custody agreement and/or
lock-up agreement in customary form with the Underwriters selected for such Piggy-Back Registration. The Company may elect to utilize
a dual prospectus covering the underwritten offering and the separate public resale of the Registrable Securities in satisfaction
of its obligations hereunder.

 

    	A-1

    	 

    

 

2.2           Reduction
of Offering. If the Underwriters for a Piggy Back Registration that is to be an underwritten offering advise the Company and
the holders of Registrable Securities in writing that the dollar amount or number of Common Stock which the Company desires to
sell, taken together with the Common Stock, if any, as to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration
has been requested under this Section 2, and the Common Stock, if any, as to which registration has been requested pursuant to
the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the maximum dollar amount
or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the “Maximum Number of Shares”), then the Company shall include in any such registration:

 

(a)          If
the registration is undertaken for the Company’s account: (A) first, the share of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised
of Registrable Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, pro rata in accordance with the number of shares that each such Person has requested
be included in such registration, regardless of the number of shares held by each such Subscriber (“Pro Rata”),
that can be sold without exceeding the Maximum Number of Shares of Common Stock; and (C) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for
the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration
rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and

 

(b)          If
the registration is a “demand” (including a registration that was filed on behalf of holders of the Company’s
securities pursuant to contractual rights that existed prior to the date of the sale of the Purchased Shares) or “piggyback”
registration undertaken at the demand of holders of shares of Common Stock, (A) first, the shares of Common Stock or other securities
for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock
or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable
Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding
the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number
of Shares.

 

    	A-2

    	 

    

 

2.3           Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5 below.

 

3.          Prospectus
Delivery. The Company shall notify the Purchasers at any time when a prospectus relating to such Purchaser’s Registrable
Securities is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result
of which, the prospectus included 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 light of the circumstances then existing. At the request of a majority-in-interest of the holders of Registrable Securities,
the Company shall also prepare and file with the SEC a supplement to or an amendment of such prospectus as may be necessary so
that, as thereafter delivered to the purchasers of such shares, such prospectus shall 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 light of the circumstances then existing. Each Purchaser agrees not to offer or sell any Registrable Securities covered by the
Registration Statement after receipt of such notification until the receipt of such supplement or amendment.

 

4.          Purchaser
Information. The Company may request each Purchaser to furnish the Company such information with respect to the Purchaser and
the Purchaser’s proposed distribution of the Registrable Securities pursuant to the Registration Statement as the Company
may from time to time reasonably request in writing or as shall be required by law or by the SEC in connection therewith, and each
Purchaser agrees to furnish the Company with such information.

 

5.          Fees
and Expenses. The Company agrees to bear all SEC registration and filing fees, printing and mailing expenses, and fees and
disbursements of counsel and accountants for the Company in connection with the registration of Registrable Securities called for
hereunder.

 

[End of Exhibit A]

 

    	A-3

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