Document:

Exhibit 10.1

 

CCO HOLDINGS, LLC 

CCO HOLDINGS CAPITAL CORP.

 

4.500% SENIOR NOTES DUE 2032

 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

 

October 13, 2020

 

Deutsche Bank Securities Inc.

As representative (“Representative”) of the
Purchasers

 

		c/o	Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

 

Ladies and Gentlemen:

 

CCO Holdings, LLC, a Delaware limited liability
company (the “Company”), and CCO Holdings Capital Corp., a Delaware corporation (together with the Company,
the “Issuers”), propose, subject to the terms and conditions stated herein, to issue and sell to the Purchasers
(as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) $1,500,000,000 aggregate principal amount
of their 4.500% Senior Notes due 2032 (the “Notes”) on October 13, 2020. In satisfaction of a condition to the
obligations of the Purchasers under the Purchase Agreement, the Issuers agree with the Purchasers for the benefit of holders (as
defined herein) from time to time of the Registrable Securities (as defined herein) as follows:

 

SECTION 1.          
Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall have
the following respective meanings:

 

“Agreement” shall mean
this Exchange and Registration Rights Agreement.

 

“Base Indenture” shall
mean the Indenture, dated as of May 23, 2019, among the Issuers and the Trustee.

 

“Base Interest” shall mean
the interest that would otherwise accrue on the Notes under the terms thereof and the Indenture, without giving effect to the provisions
of this Agreement.

 

“broker-dealer” shall mean
any broker or dealer registered with the Commission under the Exchange Act.

 

“CCH II” means CCH II,
LLC, a Delaware limited liability company.

 

“Charter” shall mean Charter
Communications Inc., a Delaware corporation.

 

     

     

    

 

“Charter Holdings” shall
mean Charter Communications Holdings, LLC, a Delaware limited liability company.

 

“Closing Date” shall mean
October 13, 2020.

 

“Commission” shall mean
the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or
the Securities Act, whichever is the relevant statute for the particular purpose.

 

“Company” shall have the
meaning assigned thereto in the introductory paragraph hereto.

 

“Conduct Rules” shall have
the meaning assigned thereto in Section 3(e)(xix) hereof.

 

“Effective Time,” in the
case of (i) an Exchange Offer Registration, shall mean the time and date as of which the Commission declares the Exchange Offer
Registration Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and (ii)
a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective
or as of which the Shelf Registration Statement otherwise becomes effective.

 

“Electing Holder” shall
mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Issuers in accordance
with Section 3(e)(ii) or 3(e)(iii) hereof.

 

“Exchange Act” shall mean
the Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all
as the same shall be amended from time to time.

 

“Exchange Date” shall have
the meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Notes” shall
mean the senior notes issued by the Issuers under the Indenture substantially identical in all material respects to the Notes (and
entitled to the benefits of the Indenture which shall be qualified under the Trust Indenture Act), except that they have been registered
pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest
contemplated in Section 2(c) hereof, to be issued to holders in exchange for Registrable Securities.

 

“Exchange Offer” shall
have the meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Offer Registration”
shall have the meaning assigned thereto in Section 3(c) hereof.

 

“Exchange Offer Registration Statement”
shall have the meaning assigned thereto in Section 2(a) hereof.

 

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“Exchanging Dealer” shall
have the meaning assigned thereto in Section 6(a) hereof.

 

“FINRA” shall have the
meaning assigned thereto in Section 3(e)(xix) hereof.

 

“Fourth Supplemental Indenture”
shall mean the fourth supplemental indenture to the Base Indenture, dated as of March 18, 2020, by and among the Issuers and the
Trustee, relating to the Notes.

 

“holder” shall mean, unless
the context otherwise indicates, each of the Purchasers and other persons who acquire Registrable Securities from time to time
(including, without limitation, any successors or assigns), in each case for so long as such person is a registered holder of any
Registrable Securities.

 

“Indenture” shall mean
the Base Indenture, as supplemented by the Fourth Supplemental Indenture (as defined below), as the same shall be amended or supplemented
from time to time.

 

“Issuers” shall have the
meaning assigned thereto in the introductory paragraph hereto.

 

“Losses” shall have the
meaning assigned thereto in Section 6(d) hereof.

 

“Notes” shall have the
meaning assigned thereto in the introductory paragraph hereto and shall include any Notes issued in exchange therefor or in lieu
thereof pursuant to the Indenture.

 

“Notice and Questionnaire”
shall mean a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

 

“Parent Companies” shall
mean, collectively, (i) Charter, (ii) Charter Holdings, (iii) Charter Communications Holding Company, LLC, a Delaware
limited liability company, and (iv) CCH II.

 

“person” shall mean a corporation,
association, partnership, organization, limited liability company, business, individual, government or political subdivision thereof
or governmental agency.

 

“Purchase Agreement” shall
mean the Purchase Agreement, dated October 7, 2020, among the Representative and the Issuers, relating to the Notes.

 

“Purchasers” shall mean
the Purchasers named in Schedule I to the Purchase Agreement.

 

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“Registrable
Securities” shall mean the Notes (and to the extent set forth in clause (i) of this definition and in Section 2(d)
hereof, certain Exchange Notes); provided, however, that a Note or Exchange Note shall cease to be a
Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, such Note has been exchanged for an
Exchange Note in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Note that,
pursuant to the penultimate sentence of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 hereof until resale of such
Registrable Security has been effected within the 180-day period referred to in Section 2(a)(y)); (ii) in the circumstances
contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Note or Exchange Note under the
Securities Act has been declared or becomes effective and such Note or Exchange Note has been sold or otherwise transferred
by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such
Note or Exchange Note is sold pursuant to Rule 144 under circumstances in which any legend borne by such Note or Exchange
Note relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuers
pursuant to the Indenture; (iv) such Note or Exchange Note is eligible to be sold pursuant to Rule 144 by a Person that is
not an “affiliate” (within the meaning of Rule 405); or (v) such Note or Exchange Note shall cease to be
outstanding.

 

“Registration Default”
shall have the meaning assigned thereto in Section 2(c) hereof.

 

“Registration Default Period”
shall have the meaning assigned thereto in Section 2(c) thereof.

 

“Registration Expenses”
shall have the meaning assigned thereto in Section 4 hereof.

 

“Representative” shall
have the meaning assigned thereto in the addressee block hereto.

 

“Resale Period” shall have
the meaning assigned thereto in Section 2(a) hereof.

 

“Restricted Holder” shall
mean (i) a holder that is an affiliate of the Issuers within the meaning of Rule 405, (ii) a holder who acquires Exchange Notes
outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person
to participate in the Exchange Offer for the purpose of distributing Exchange Notes and (iv) a holder that is a broker-dealer,
but only with respect to Exchange Notes received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable
Securities acquired by the broker-dealer directly from the Issuers.

 

“Rule 144,” “Rule
405” and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any
successor provision), as the same shall be amended from time to time.

 

“Securities Act” shall
mean the Securities Act of 1933, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as
the same shall be amended from time to time.

 

“Shelf Filing Deadline”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

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“Shelf Registration” shall
have the meaning assigned thereto in Section 2(b) hereof.

 

“Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

“Special Interest” shall
have the meaning assigned thereto in Section 2(c) hereof.

 

“Transfer Restricted Notes”
shall have the meaning assigned thereto in Section 2(c) hereof.

 

“Trust Indenture Act” shall
mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all
as the same shall be amended from time to time.

 

“Trustee” shall mean The
Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture.

 

Unless the context otherwise requires, any
reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this
Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Section or other subdivision. Any reference herein to “Notes”
or “Exchange Notes” refers also to any guarantees thereof by any guarantors required to guarantee such notes pursuant
to the Indenture.

 

SECTION 2.          
Registration Under the Securities Act.

 

(a)               Except
as set forth in Section 2(b) below, the Issuers agree to file under the Securities Act, as soon as practicable, a
registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer
Registration Statement,” and such offer, the “Exchange Offer”) any and all Registrable
Securities for a like aggregate principal amount of Exchange Notes. The Issuers agree to use their reasonable best efforts to
cause the Exchange Offer Registration Statement to become or be declared effective under the Securities Act as soon as
practicable after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form
and will comply with the Exchange Act. The Issuers further agree to use their reasonable best efforts to complete the
Exchange Offer not later than 450 days following March 18, 2020 (or if such 450th day is not a business day, the
next succeeding business day) (the “Exchange Date”) and to exchange Exchange Notes for all Registrable
Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The
Issuers shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable United
States federal and state securities laws to complete the Exchange Offer; provided, however, that in no event
shall such period be less than 20 business days after the date notice of the Exchange Offer is mailed to holders. The
Exchange Offer will be deemed to have been completed only if the Exchange Notes received by holders, other than Restricted
Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder
without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or
securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be deemed
to have been completed upon the earlier to occur of (i) the Issuers having exchanged the Exchange Notes for all outstanding
Registrable Securities pursuant to the Exchange Offer and (ii) the Issuers having exchanged, pursuant to the Exchange Offer,
Exchange Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the
Exchange Offer. The Issuers agree (x) to include in the Exchange Offer Registration Statement a prospectus for use in any
resales by any holder of Exchange Notes that is a broker-dealer and identifies itself as such by written notice to the
Issuers prior to the effectiveness of the Exchange Offer Registration Statement and (y) to keep such Exchange Offer
Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Notes are
first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer
has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such
Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution
set forth in Sections 6(a), (c), (d) and (e) hereof.

 

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(b)               If
(i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed
such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for
Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the Exchange Offer has not been completed by the Exchange Date, (iii) any Purchaser so requests with
respect to Registrable Securities that are not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are
held by it following the consummation of the Exchange Offer, or (iv) the Exchange Offer is not available to any holder (other
than a Purchaser) which notifies the Issuers in writing, then, in each case, the Issuers shall, in lieu of (or, in the case
of clause (iii) or (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file a
 “shelf” registration statement in accordance with the remainder of this Section 2(b) below, under the Securities
Act with respect to the Notes that could not be exchanged for any reason set forth in clauses (i) through (iv) above. The
Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a “shelf”
registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of,
all the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing,
the “Shelf Registration” and such registration statement, the “Shelf Registration
Statement”). The Issuers agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement
to become or be declared effective by the Commission on or prior to the later of 450 days (or if such 450th day is not a
business day, the next succeeding business day) following March 18, 2020 and the 90th day (or if such 90th day is not a
business day, the next succeeding business day) after the date such filing obligations arises (the “Shelf Filing
Deadline”) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier
of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities
outstanding; provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of
Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration
Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any
action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable
Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the
Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder
of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section
3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when
required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf
Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing
Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the
Commission.

 

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(c)               In
the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on
or prior to the Shelf Filing Deadline, (ii) the Exchange Offer has not been completed on or prior to the Exchange Date, (iii)
the Exchange Offer Registration Statement required by Section 2(a) hereof is filed and becomes or is declared effective but
thereafter shall either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to
Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically
permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective,
in each case prior to the completion of the Exchange Offer or (iv) the Shelf Registration Statement required by Section 2(b)
hereof is filed and becomes or is declared effective but shall thereafter either be withdrawn by the Issuers or shall become
subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such
registration statement (except as specifically permitted herein) without being succeeded immediately by an additional
registration statement filed and declared effective (each such event referred to in clauses (i) through (iv), a
 “Registration Default” and each period during which a Registration Default has occurred and is continuing,
a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to
the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest,
shall accrue on the aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected by
such Registration Default at a per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per
annum rate of 0.50% thereafter for the remaining portion of the Registration Default Period, commencing on (A) the 90th day
after the filing of such Shelf Registration Statement was required, in the case of clause (i) above (but in no event prior to
the 450th day after March 18, 2020), (B) the 450th day after March 18, 2020, in the case of clause (ii)
above, (C) the day such Exchange Offer Registration Statement ceases to be effective, in the case of clause (iii) above and
(D) the day such Shelf Registration Statement ceases to be effective, in the case of clause (iv) above. Following the cure of
all Registration Defaults relating to particular Transfer Restricted Notes (which shall be the Effective Time of the Shelf
Registration Statement in the case of clause (i) above, the date of the completion of the Exchange Offer, in the case of
clause (ii) above, the date that the Exchange Offer Registration Statement again becomes effective, in the case of clause
(iii) above, and the date that the Shelf Registration Statement again becomes effective, in the case of clause (iv) above),
the interest rate borne by the relevant Transfer Restricted Notes will be reduced to the original interest rate borne by such
Transfer Restricted Notes; provided, however, that, if after any such reduction in interest rate, a different
Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Notes shall again be increased
pursuant to the foregoing provisions. All accrued Special Interest shall be paid in cash by the Issuers on each Interest
Payment Date (as defined in the Indenture). For purposes of this Agreement, “Transfer Restricted Notes”
shall mean, with respect to any Registration Default, any Notes or Exchange Notes which have not ceased being Registrable
Securities pursuant to the definition thereof in Section 1 of this Agreement. Notwithstanding anything contained herein,
Special Interest shall be the sole and exclusive remedy with respect to a Registration Default.

 

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(d)              
If any Purchaser determines that it is not eligible to participate in the Exchange Offer with respect to the exchange of
Registrable Securities constituting any portion of an unsold allotment, at the request of such Purchaser, then, subject to any
prohibitions or restrictions imposed by any applicable law or regulations, the Issuers shall use their commercially reasonable
efforts to issue and deliver to such Purchaser, in exchange for such Registrable Securities, a like principal amount of Exchange
Notes. Such issuance shall not be deemed to be part of the Exchange Offer. The Issuers shall use their commercially reasonable
efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for Exchange Notes described in this Section 2(d) as for
Exchange Notes issued pursuant to the Exchange Offer. Any such Exchange Notes shall, at the time of issuance, and subject to the
limitations set forth in Section 1 hereof, constitute Registrable Securities for purposes of this Agreement (other than Section
2(a) hereof).

 

(e)              
The Issuers shall use their reasonable best efforts to take all actions necessary or advisable to be taken by them to ensure
that the transactions contemplated herein are effected as so contemplated in Section 2(a) or 2(b) hereof.

 

(f)               
Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or
deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration
statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference
as of such time.

 

SECTION 3.          
Registration Procedures. If the Issuers file a registration statement pursuant to Section 2(a) or Section 2(b), the
following provisions shall apply:

 

(a)              
At or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Issuers shall cause
the Indenture to be qualified under the Trust Indenture Act of 1939.

 

(b)              
In the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuers shall
appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture.

 

(c)              
In connection with the Issuers’ obligations with respect to the registration of Exchange Notes as contemplated by
Section 2(a) (the “Exchange Offer Registration”), if applicable, the Issuers shall, as soon as practicable (or
as otherwise specified):

 

(i)              
prepare and file with the Commission an Exchange Offer Registration Statement on any form which may be utilized by the Issuers
and which shall permit the Exchange Offer and resales of Exchange Notes by broker-dealers during the Resale Period to be effected
as contemplated by Section 2(a);

 

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(ii)              as
soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange Offer Registration
Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange
Offer Registration Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the
applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Offer
Registration Statement, and promptly provide each broker-dealer holding Exchange Notes with such number of copies of the
prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements
of the Securities Act and the Trust Indenture Act, as such broker-dealer reasonably may request prior to the expiration of
the Resale Period, for use in connection with resales of Exchange Notes;

 

(iii)              
prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of such Exchange Notes during the Resale Period, such prospectus conforms in all material respects
to the applicable requirements of the Securities Act and the Trust Indenture Act and shall not contain 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;

 

(iv)              
use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Offer
Registration Statement or any post-effective amendment thereto as soon as practicable;

 

(v)             
use their reasonable best efforts to (A) register or qualify the Exchange Notes under the securities laws or blue sky laws
of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations
or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in
such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary
or advisable to enable each broker-dealer holding Exchange Notes to consummate the disposition thereof in such jurisdictions; provided,
however, that neither of the Issuers shall be required for any such purpose to (1) qualify as a foreign corporation or limited
liability company, as the case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements
of this Section 3(c)(v), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate
of incorporation or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests;

 

(vi)              
use their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Exchange Offer Registration, the Exchange Offer and the offering and sale of
Exchange Notes by broker-dealers during the Resale Period;

 

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(vii)             
 provide a CUSIP number for all Exchange Notes, not later than the applicable Effective Time;

 

(viii)              
comply with all applicable rules and regulations of the Commission, and make generally available to their securityholders
as soon as practicable but no later than eighteen months after the effective date of such Exchange Offer Registration Statement,
an earnings statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Company, Rule 158 thereunder);

 

(ix)              
mail to each holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an
appropriate letter of instruction and related documents;

 

(x)             
utilize the services of a depositary for the Exchange Offer, which may be the Trustee, any new trustee under the Indenture,
or an affiliate of any of them;

 

(xi)              
permit holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last business
day on which the Exchange Offer is open;

 

(xii)             
prior to the Effective Time, provide a supplemental letter to the Commission (i) stating that the Issuers are conducting
the Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988),
Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (ii) including a representation that the Issuers have not entered
into any arrangement or understanding with any person to distribute the Exchange Notes to be received in the Exchange Offer and
that, to the best of the Issuers’ information and belief, each holder participating in the Exchange Offer is acquiring the
Exchange Notes in the ordinary course of business and has no arrangement or understanding with any person to participate in the
distribution of the Exchange Notes; and

 

(xiii)              
provide the Representative, in advance of filing thereof with the Commission, a draft of such Exchange Offer Registration
Statement substantially in the form to be filed with the Commission, each prospectus included therein or filed with the Commission
and each amendment or supplement thereto (including any documents incorporated by reference therein after the initial filing),
and shall use their commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments
as are reasonably proposed.

 

(d)              
As soon as practicable after the close of the Exchange Offer, the Issuers shall:

 

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(i)              
accept for exchange all Registrable Securities tendered and not validly withdrawn pursuant to the Exchange Offer;

 

(ii)             
 deliver to the Trustee for cancellation all Notes so accepted for exchange; and

 

(iii)              
cause the Trustee promptly to authenticate and deliver to each holder a principal amount of Exchange Notes equal to the
principal amount of the Registrable Securities of such Holder so accepted for exchange.

 

(e)              
In connection with the Issuers’ obligations with respect to the Shelf Registration, if applicable, the Issuers shall,
as soon as practicable (or as otherwise specified):

 

(i)              
prepare and file with the Commission within the time periods specified in Section 2(b), a Shelf Registration Statement on
any form which may be utilized by the Issuers and which shall register all the Registrable Securities for resale by the holders
thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time,
may be Electing Holders and use their reasonable best efforts to cause such Shelf Registration Statement to become or be declared
effective within the time periods specified in Section 2(b);

 

(ii)             
not less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire
to the holders of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration
Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of
Registrable Securities at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Issuers
by the deadline for response set forth therein; provided, however, that holders of Registrable Securities shall have
at least 28 calendar days from the date on which the Notice and Questionnaire is first mailed to such holders to return a completed
and signed Notice and Questionnaire to the Issuers;

 

(iii)              
after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that
is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall
not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable
such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a
completed and signed Notice and Questionnaire to the Issuers;

 

(iv)               as
soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement
and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration
Statement for the period specified in Section 2(b) and as may be required by the applicable rules and regulations of the
Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing
Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the
Commission;

 

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(v)             
comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities covered
by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for
in such Shelf Registration Statement;

 

(vi)              
provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this Agreement, shall include a person
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement
agent therefor, (D) counsel for any such underwriter or agent, (E) not more than one counsel for all the Electing Holders and (F)
the Representative, in advance of filing thereof with the Commission, a draft of such Shelf Registration Statement, each prospectus
included therein or filed with the Commission and each amendment or supplement thereto (including any documents incorporated by
reference therein after the initial filing), in each case in substantially the form to be filed with the Commission, and shall
use their commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as
are reasonably proposed;

 

(vii)              for
a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section
2(b), make available at reasonable times at each Issuer’s principal place of business, or such other reasonable place
for inspection by the persons referred to in Section 3(e)(vi) who shall certify to the Issuers that they have a current
intention to sell the Registrable Securities pursuant to the Shelf Registration, such financial and other relevant
information and books and records of the Issuers, each of their subsidiaries and, as relevant, Parent Companies, and cause
each of their officers, employees, counsel and independent certified public accountants to supply all relevant information
and to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to in
such Section, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however,
that each such party shall be required to maintain in confidence and not to disclose to any other person any information or
records reasonably designated by the Issuers as being confidential, until such time as (A) such information becomes a matter
of public record (whether by virtue of its inclusion in such registration statement or otherwise, except as a result of a
breach of this or any other obligation of confidentiality to the Issuers), or (B) such person shall be required so to
disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the
Issuers prompt prior written notice of such requirement), or (C) such information is required to be set forth in such Shelf
Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an
amendment or supplement to such prospectus in order that such Shelf Registration Statement, prospectus, amendment or
supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and
regulations of the Commission and does not contain an untrue statement of a material fact or omit to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, provided further, however, that notwithstanding anything to the contrary in this clause (vii),
any such person (and each employee, representative, or other agent of such person) may disclose to any and all persons,
without limitation, the U.S. tax treatment and any facts that may be relevant to the tax structure of the matters covered by
and relating to this Agreement (including opinions or other tax analysis that are provided to such party relating to such tax
treatment and tax structure); provided, however, that no person (and no employee, representative, or other
agent of any person) shall disclose any other information that is not relevant to understanding the tax treatment and tax
structure of the matters covered by and relating to this Agreement (including the identity of any party and any information
that could lead another to determine the identity of any party), or any other information to the extent that such
non-disclosure is reasonably necessary in order to comply with applicable securities law;

 

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(viii)              
promptly notify each of the Representative, the Electing Holders, any sales or placement agent therefor and any underwriter
thereof (which notification may be made through any managing underwriter that is a representative of such underwriter for such
purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement
or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky
or securities commissioner or regulator of any state with respect thereto, or any request by the Commission for amendments or supplements
to such Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any
stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or, to the knowledge of the Issuers,
threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Issuers contemplated
by Section 3(e)(xvii) or Section 5 hereof cease to be true and correct in all material respects, (E) of the receipt by the Issuers
of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation or, to the knowledge of the Issuers, threatening of any proceeding for such purpose, or (F) if at any time when
a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of
the Securities Act and the Trust Indenture Act, or contains 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;

 

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(ix)              
 use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration
Statement or any post-effective amendment thereto as soon as practicable;

 

(x)             
if requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly
incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and
regulations of the Commission, and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should
be included therein relating to the terms of the sale of such Registrable Securities, including, without limitation, information
(i) with respect to the principal amount of Registrable Securities being sold by such Electing Holder or agent or to any underwriters,
the name and description of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities, and
any discount, commission or other compensation payable in respect thereof and the purchase price being paid therefor by such underwriters
and (ii) with respect to any other material terms of the offering of the Registrable Securities to be sold by such Electing Holder
or agent or to such underwriters; and make all required filings of such prospectus supplement or post-effective amendment upon
notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;

 

(xi)              
furnish to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter, if any, thereof and
the respective counsel referred to in Section 3(e)(vi) hereof an executed copy (or, in the case of an Electing Holder, a conformed
copy) of such Shelf Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto
(in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and
such number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference
therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus
included in such Shelf Registration Statement (including, without limitation, each preliminary prospectus and any summary prospectus),
in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act, and
such other documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate
the offering and disposition of the Registrable Securities owned by such Electing Holder, offered or sold by such agent or underwritten
by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of
the Securities Act; and the Issuers hereby consent to the use of such prospectus (including, without limitation, such preliminary
and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter,
in each case in the form most recently provided to such person by the Issuers, in connection with the offering and sale of the
Registrable Securities covered by the prospectus (including, without limitation, such preliminary and summary prospectus) or any
supplement or amendment thereto;

 

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(xii)             
 use their reasonable best efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration
Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales
agent, if any, therefor and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications
in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions
during the period the Shelf Registration is required to remain effective under Section 2(b) above and for so long as may be necessary
to enable any such Electing Holder, agent or underwriter to complete its distribution of the Registrable Securities pursuant to
such Shelf Registration Statement and (C) take any and all other actions as may be reasonably necessary or advisable to enable
each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such
Registrable Securities; provided, however, that neither of the Issuers shall be required for any such purpose to
(1) qualify as a foreign corporation or limited liability company, as the case may be, in any jurisdiction wherein it would not
otherwise be required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to general service of process
in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws (or other organizational document)
or any agreement between it and holders of its ownership interests;

 

(xiii)              
use their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable
the selling holder or holders to offer, or to consummate the disposition of, their Registrable Securities;

 

(xiv)              
unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to
be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are listed, shall
be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates
shall not bear any restrictive legends; and, in the case of an underwritten offering, enable such Registrable Securities to be
in such denominations and registered in such names as the managing underwriters may request at least two business days prior to
any sale of the Registrable Securities;

 

(xv)             
provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time;

 

(xvi)               enter
into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting
agreements or similar agreements, as appropriate, including customary provisions relating to indemnification and contribution
(but no less favorable than those set forth in Section 6 with respect to all parties indemnified under Section 6), unless
such provisions are acceptable to Electing Holders of at least 50% in aggregate principal amount of the Registrable
Securities and any managing underwriters, and take such other actions in connection therewith as any Electing Holders of at
least 20% in aggregate principal amount of the Registrable Securities at the time outstanding shall request in order to
expedite or facilitate the disposition of such Registrable Securities;

 

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(xvii)              whether
or not an agreement of the type referred to in Section 3(e)(xvi) hereof is entered into, and whether or not any portion of
the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent
or any other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent,
if any, therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection
with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form
applicable to the Shelf Registration; (B) obtain an opinion of counsel to the Issuers in customary form, subject to customary
limitations, assumptions and exclusions, and covering such matters, of the type customarily covered by such an opinion, as
the managing underwriters, if any, or as any Electing Holders of at least 20% in aggregate principal amount of the
Registrable Securities at the time outstanding may reasonably request, addressed to such Electing Holder or Electing Holders
and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the date of the Effective
Time of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an underwritten offering of
a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto)
(it being agreed that the matters to be covered by such opinion shall include the matters set forth in paragraphs (b) and (c)
of Section 8 of the Purchase Agreement to the extent applicable to an offering of this type); (C) obtain a “cold
comfort” letter or letters from the independent certified public accountants of the Issuers addressed to the selling
Electing Holders, the placement or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the
effective date of such Shelf Registration Statement and (ii) the effective date of any prospectus supplement to the
prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement
which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such
statements included in such prospectus (and, if such Shelf Registration Statement contemplates an underwritten offering
pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a
period subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the
underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of the
type customarily covered by letters of such type; (D) deliver such documents and certificates, including, without limitation,
officers’ certificates, as may be reasonably requested by any Electing Holders of at least 20% in aggregate principal
amount of the Registrable Securities at the time outstanding or the placement or sales agent, if any, therefor and the
managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause
(A) above or those contained in Section 5(a) hereof and the compliance with or satisfaction of any agreements or conditions
contained in the underwriting agreement or other similar agreement entered into by the Issuers pursuant to Section 3(e)(xvi);
and (E) undertake such obligations relating to expense reimbursement, indemnification and contribution as are provided in
Section 6 hereof;

 

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(xviii)          
notify in writing each holder of Registrable Securities of any proposal by the Issuers to amend or waive any provision of
this Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices
shall contain the substance of the amendment or waiver proposed or effected, as the case may be;

 

(xix)             
in the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate
as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the
Conduct Rules (the “Conduct Rules”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter,
a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with
the requirements of such Conduct Rules, including, without limitation, by (A) if such Conduct Rules shall so require, engaging
a “qualified independent underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf
Registration Statement relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto
and, if any portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through
a placement or sales agent, to recommend the yield of such Registrable Securities, (B) indemnifying any such qualified independent
underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other customary extent
as may be requested by such underwriter), and (C) providing such information to such broker-dealer as may be required in order
for such broker-dealer to comply with the requirements of the Conduct Rules; and

 

(xx)             
comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders
as soon as practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement,
an earnings statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Company, Rule 158 thereunder).

 

(f)                In
the event that the Issuers would be required, pursuant to Section 3(e)(viii)(F) hereof, to notify the Electing Holders, the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Issuers shall prepare and
furnish to each of the Electing Holders, to each placement or sales agent, if any, and to each such underwriter, if any, a
reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of
Registrable Securities, such prospectus conforms in all material respects to the applicable requirements of the Securities
Act and the Trust Indenture Act, and shall not contain 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 Electing Holder agrees that upon receipt of any notice from the Issuers pursuant to Section 3(e)(viii)(F)
hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf
Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of
such amended or supplemented prospectus, and if so directed by the Issuers, such Electing Holder shall deliver to the Issuers
(at the Issuers’ expense) all copies, other than permanent file copies, then in such Electing Holder’s possession
of the prospectus covering such Registrable Securities at the time of receipt of such notice.

 

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(g)              
In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in
its Notice and Questionnaire, the Issuers may require such Electing Holder to furnish to the Issuers such additional information
regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may
be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Issuers as promptly as practicable
of any inaccuracy or change in information previously furnished by such Electing Holder to the Issuers or of the occurrence of
any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue
statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such
Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended
method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly to furnish to the Issuers any additional information required
to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect
to such Electing Holder or the disposition of such Registrable Securities, 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.

 

SECTION 4.           Registration
Expenses. The Issuers agree, subject to the last sentence of this Section 4, to bear and to pay or cause to be paid
promptly all expenses incident to the Issuers’ performance of or compliance with this Agreement, including, without
limitation, (a) all Commission and any FINRA registration, filing and review fees and expenses including, without limitation,
fees and disbursements of counsel for the placement or sales agent or underwriters in connection with such registration,
filing and review, (b) all fees and expenses in connection with the qualification of the Notes for offering and sale under
the securities laws and blue sky laws referred to in Section 3(e)(xii) hereof and determination of their eligibility for
investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate,
including, without limitation, any fees and disbursements of counsel for the Electing Holders or underwriters in connection
with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution
and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared
for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Notes for
delivery and the expenses of printing or producing any underwriting agreements, agreements among underwriters, selling
agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or
delivery of Notes to be disposed of (including, without limitation, certificates representing the Notes), (d) messenger,
telephone and delivery expenses relating to the offering, sale or delivery of Notes and the preparation of documents referred
in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any reasonable
fees and expenses for counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including,
without limitation, all salaries and expenses of each Issuer’s officers and employees performing legal or accounting
duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Issuers
(including, without limitation, the expenses of any opinions or “cold comfort” letters required by or incidental
to such performance and compliance), (h) reasonable fees, disbursements and expenses of one counsel for the Electing Holders
retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate
principal amount of the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to
the Issuers), (i) any fees charged by securities rating services engaged by the Issuers for rating the Notes, and (j)
reasonable fees, expenses and disbursements of any other persons, including, without limitation, special experts, retained by
the Issuers in connection with such registration (collectively, the “Registration Expenses”). To the
extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities or any placement
or sales agent therefor or underwriter thereof, the Issuers shall reimburse such person for the full amount of the
Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the
foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements
of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and
experts specifically referred to above.

 

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SECTION 5.          
Representations, Warranties and Covenants. Except with respect to clauses (a) and (b) below, the Issuers represent
and warrant to, and agree with, each Purchaser and each of the holders from time to time of Registrable Securities the information
set forth in this Section 5.

 

With respect to clauses (a) and (b) below,
the Issuers covenant that:

 

(a)              
Each registration statement covering Registrable Securities and each prospectus (including, without limitation, any preliminary
or summary prospectus) contained therein or furnished pursuant to Section 3(e) or Section 3(c) hereof and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as
the case may be, and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the
underwriting agreement relating thereto, will conform in all material respects to the requirements of the Securities Act and the
Trust Indenture Act and will not contain 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; and at all times subsequent to the Effective Time when
a prospectus would be required to be delivered under the Securities Act, other than from (i) such time as a notice has been given
to holders of Registrable Securities pursuant to Section 3(e)(viii)(F) or Section 3(c)(iii) hereof until (ii) such time as the
Issuers furnish an amended or supplemented prospectus pursuant to Section 3(f) or Section 3(c)(iii) hereof, each such registration
statement, and each prospectus (including, without limitation, any preliminary or summary prospectus) contained therein or furnished
pursuant to Section 3(e) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain 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; provided, however, that this covenant shall not apply to any statements
or omissions made in reliance upon and in conformity with information furnished in writing to the Issuers by a holder of Registrable
Securities expressly for use therein.

 

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(b)              
Any documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became
effective or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an
untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that this covenant shall not apply to any statements
or omissions made in reliance upon and in conformity with information furnished in writing to the Issuers by a holder of Registrable
Securities expressly for use therein.

 

(c)              
This Agreement has been duly authorized, executed and delivered by the Issuers.

 

SECTION 6.          
Indemnification.

 

(a)              
The Issuers, jointly and severally, agree to indemnify and hold harmless each holder of Registrable Securities or Exchange
Notes, as the case may be, covered by any Exchange Offer Registration Statement or Shelf Registration Statement (including each
Purchaser and, with respect to any prospectus delivery as contemplated in Section 3(c)(ii) or (iii) hereof, each holder (which
may include any Purchaser) that is a broker-dealer and elects to exchange for Exchange Notes any Registrable Securities that it
acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Issuers
or any affiliate of the Issuers) for Exchange Notes) (each an “Exchanging Dealer”), the affiliates, directors,
officers, employees and agents of each such holder and each person who controls any such holder within the meaning of either the
Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they
or any of them may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation,
at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Exchange Offer Registration
Statement or Shelf Registration Statement as originally filed or in any amendment thereof, or in any preliminary prospectus or
the prospectus included in any registration statement, or in any amendment thereof or supplement thereto, 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 agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Issuers will not be liable in any case to the extent that any such loss, claim,
damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged
omission made therein in reliance upon and in conformity with written information furnished to the Issuers by or on behalf of
any such holder specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Issuers
may otherwise have.

 

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The Issuers, jointly and severally, also agree
to indemnify or contribute as provided in Section 6(d) to Losses of any underwriter of Registrable Securities or Exchange Notes,
as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person
who controls such underwriter within the meaning of either the Securities Act or the Exchange Act, on substantially the same basis
as that of the indemnification of the Purchasers and the selling holders provided in this Section 6(a) and shall, if requested
by any holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 3(e)(xvi) hereof.

 

(b)              
Each holder of Registrable Securities or Exchange Notes covered by an Exchange Offer Registration Statement or Shelf Registration
Statement (including each Purchaser and, with respect to any prospectus delivery as contemplated in Section 3(c)(ii) or Section
3(f)(iv) hereof, each Exchanging Dealer) severally agrees to indemnify and hold harmless the Issuers, and each of their affiliates,
directors, employees, members, managers and agents and each Person who controls the Issuers within the meaning of either the Securities
Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuers to each such holder, but only with reference
to written information relating to such holder furnished to the Issuers by or on behalf of such holder specifically for inclusion
in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any
such holder may otherwise have.

 

(c)              
Promptly after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying
party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b) above unless and to the extent such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from
any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The
indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except
with the consent of the indemnified party, be counsel to the indemnifying party), and, except as provided in the next sentence,
after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall have the right to employ
its own counsel (and one local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such
counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying
party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. No indemnifying party shall, in connection
with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same
general circumstances or allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in addition
to any local counsel) for all indemnified parties. An indemnifying party shall not be liable under this Section 6 to any indemnified
party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent
is consented to by such indemnifying party, which consent shall not be unreasonably withheld.

 

    -21-

     

    

 

(d)               In
the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold
harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the aggregate
losses, claims, damages and liabilities (including, without limitation, legal or other expenses reasonably incurred in
connection with investigating or defending same) (collectively “Losses”) to which such indemnifying party
may be subject in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on
the one hand and by the indemnified party on the other from the offering of the Notes. If, however, the allocation provided
by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the
notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by
such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the indemnifying party on the one hand and the indemnified party on the other in connection with the statements or
omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the sum of (x) the total
net proceeds from the initial placement of the Notes (before deducting expenses) reflected in the Purchase Agreement and (y)
the total amount of Special Interest which the Issuers were not required to pay as a result of registering the securities
covered by the Exchange Offer Registration Statement or Shelf Registration Statement which resulted in such Losses. Benefits
received by the Purchasers shall be deemed to be equal to the total purchase discounts and commissions as reflected in the
Purchase Agreement, and benefits received by any other holders shall be deemed to be equal to the proceeds received from the
sale of the Registrable Securities or Exchange Notes, as applicable. Benefits received by any underwriter shall be deemed to
be equal to the total underwriting discounts and commissions, as set forth in the prospectus forming a part of the Exchange
Offer Registration Statement or Shelf Registration Statement which resulted in such Losses. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one
hand or the indemnified party on the other and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if
contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the holders or any agents or
underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above
in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection
(d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds
received by such holder from the sale of Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any
amount in excess of the amount by which the total price of the Registrable Securities underwritten by it and distributed to
the public exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. The holders’ and any underwriters’
obligations in this subsection (d) to contribute are several in proportion to the principal amount of Registrable Securities
registered or underwritten, as the case may be, by them, and not joint. Notwithstanding the provisions of this paragraph (d),
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 was not guilty of such fraudulent misrepresentation. For purposes of this
Section 6, each person who controls any holder, agent or underwriter within the meaning of either the Securities Act or the
Exchange Act and each director, officer, employee and agent of a holder, agent or underwriter shall have the same rights to
contribution as such holder, agent or underwriter, and each person who controls the Issuers within the meaning of either the
Securities Act or the Exchange Act and each officer and director of the Issuers shall have the same rights to contribution as
the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d).

 

    -22-

     

    

 

(e)              
The provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf
of any holder or the Issuers or any of the officers, directors or controlling persons referred to in this Section hereof, and will
survive the sale by a holder of securities covered by an Exchange Offer Registration Statement or Shelf Registration Statement.

 

SECTION 7.          
Underwritten Offerings.

 

(a)               Selection
of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold pursuant to an
underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at
least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that
such designated managing underwriter or underwriters is or are reasonably acceptable to the Issuers.

 

    -23-

     

    

 

(b)              
Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no
such holder may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable
Securities on the basis provided in any underwriting arrangements with respect to such Registrable Securities approved by the persons
entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

 

(c)              
Minimum Requirements. With respect to the Notes, the Issuers shall not have any obligations with respect to any underwriters
or underwritten offering except a single underwritten offering of $270 million or more of Registrable Securities.

 

SECTION 8.          
Rule 144.

 

(a)              
Each of the Issuers covenants to the holders of Registrable Securities that to the extent it shall be required to do so
under the Exchange Act, it shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act
(including, without limitation, the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of
Rule 144), and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within
the limitations of the exemption provided by Rule 144, or any similar or successor rule or regulation hereafter adopted by the
Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule
144, the Issuers shall deliver to such holder a written statement as to whether they have complied with such requirements.

 

(b)              
At any time while any of the Notes are “restricted securities” within the meaning of Rule 144, if the Company
is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act (as opposed to just having the obligations
suspended), the Company or a Parent (as defined in the Indenture) shall prepare and furnish to any Holder, any beneficial owner
of the Notes and any prospective purchaser of Notes designated by a Holder or a beneficial owner of the Notes, promptly upon request,
the information required pursuant to Rule 144A(d)(4) (or any successor thereto) under the Securities Act in connection with the
offer, sale or transfer of Notes. Such information may be provided by a Parent in filings with the Commission which filing shall
satisfy the obligations set forth in this clause (b). The requirements set forth in this clause (b) will not be applicable after
the one year anniversary of the issuance of any Notes.

 

SECTION 9.          
Miscellaneous.

 

(a)              
No Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that they have not granted, and shall
not grant, registration rights with respect to Registrable Securities or any other Notes which would be inconsistent with the
terms contained in this Agreement.

 

    -24-

     

    

 

(b)              
Specific Performance. Except with respect to a Registration Default, the parties hereto acknowledge that there would
be no adequate remedy at law if the Issuers fail to perform any of their obligations hereunder and that the Purchasers and the
holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that
the Purchasers and such holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled
to compel specific performance of the obligations of the Issuers under this Agreement in accordance with the terms and conditions
of this Agreement, in any court of the United States or any State thereof having jurisdiction.

 

(c)              
Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been duly given (i) when delivered by hand, if delivered personally or by courier, (ii) when sent by facsimile
(with written confirmation of receipt), provided that a copy is mailed by registered or certified mail, return receipt requested
or (iii) three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested)
as follows: if to the Issuers, c/o CCO Holdings, LLC, 400 Atlantic Street, Stamford, Connecticut 06901, Attention: General Counsel,
Facsimile No.: (203) 564-1377 and if to a holder, to the address of such holder set forth in the security register or other records
of the Issuers, or to such other address as the Issuers or any such holder may have furnished to the other in writing in accordance
herewith, with a copy in like manner c/o Deutsche Bank Securities Inc. at 60 Wall Street, New York, New York 10005, Attention:
Debt Capital Markets, with a copy to the General Counsel, Facsimile No.: (646) 374-1071. Notices of change of address shall be
effective only upon receipt.

 

(d)              
Parties in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit
of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective
successors and assigns of the parties hereto and such holders. In the event that any person shall acquire Registrable Securities,
in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing
or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to
all the terms of this Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive
the benefits, and be conclusively deemed to have agreed to be bound by all the applicable terms and provisions, of this Agreement.
If the Issuers shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all the applicable terms hereof.

 

(e)              
Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth
in this Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as
to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such
holder, any agent or underwriter or any director, officer or partner thereof, or any controlling person of any of the foregoing,
and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase Agreement and the transfer and
registration of Registrable Securities by such holder and the consummation of an Exchange Offer.

 

    -25-

     

    

 

(f)               
 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

(g)              
Headings. The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience
only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

 

(h)              
Entire Agreement; Amendments. This Agreement and the other writings referred to herein (including, without limitation,
the Indenture and the form of Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of
the parties with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties
with respect to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed
by the Issuers and the holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding.
Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected
pursuant to this Section 9(h), whether or not any notice, writing or marking indicating such amendment or waiver appears on such
Registrable Securities or is delivered to such holder.

 

(i)                
Inspection. For so long as this Agreement shall be in effect, this Agreement and a complete list of the names and
addresses of all the holders of Registrable Securities shall be made available for inspection and copying, upon reasonable prior
notice, on any business day during normal business hours by any holder of Registrable Securities for proper purposes only (which
shall include any purpose related to the rights of the holders of Registrable Securities under the Notes, the Indenture and this
Agreement) at the offices of the Issuers at the address thereof set forth in Section 9(c) above and at the office of the Trustee
under the Indenture.

 

(j)                
Counterparts. This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be
an original, but all such respective counterparts shall together constitute one and the same instrument.

 

(k)              
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability
of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted
by law.

 

(l)                
Securities Held by the Issuers, etc. Whenever the consent or approval of holders of a specified percentage of principal
amount of Registrable Securities or Exchange Notes is required hereunder, Registrable Securities or Exchange Notes, as applicable,
held by the Issuers or their affiliates (controlled by the Issuers and other than subsequent holders of Registrable Securities
or Exchange Notes if such subsequent holders are deemed to be affiliates solely by reason of their holdings of such Registrable
Securities or Exchange Notes) shall not be counted in determining whether such consent or approval was given by the holders of
such required percentage.

 

    -26-

     

    

 

(m)            
Additional Notes. Notwithstanding anything contained herein, any registration statement and exchange offer herein
contemplated may include other securities issued by the Issuers and guaranteed by the applicable guarantors, if any.

 

(n)              
Termination. The obligations of the Issuers under this Agreement to register or qualify the Registrable Securities
or otherwise make any offer shall terminate when there are no Registrable Securities outstanding.

 

[Signature Pages Follow]

 

    -27-

     

    

 

If the foregoing is in accordance with your
understanding, please sign and return to us counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the
Purchasers, this Agreement and such acceptance hereof shall constitute a binding agreement among the parties hereto. It is understood
that your acceptance of this Agreement on behalf of each of the Purchasers is pursuant to the authority set forth in a form of
agreement among Purchasers, the form of which shall be submitted to the Issuers for examination upon request, but without warranty
on your part as to the authority of the signers thereof.

 

	 	Very truly yours,
	 	 
	 	CCO HOLDINGS, LLC, as an Issuer
	 	 
	 	By:	/s/
Jessica M. Fischer
	 	 	Name:	Jessica M. Fischer
	 	 	Title:	Senior Vice President - Finance and Corporate
    Treasurer
	 	 
	 	CCOH HOLDINGS CAPITAL CORP.,
    as an Issuer
	 	 
	 	By:	/s/ Jessica M. Fischer 
	 	 	Name:	Jessica M. Fischer
	 	 	Title:	Senior Vice President - Finance and Corporate
    Treasurer

 

Charter - Registration Rights Agreement

 

     

     

    

 

Accepted as of the date hereof:

 

Acting on behalf of itself
and the several Purchasers

 

By: DEUTSCHE
BANK SECURITIES INC.

 

	By:	/s/ Joseph Devine	 
		Name: Joseph Devine	 
	 	Title: Director	 

 

	By:	/s/ Ian Dorrington	 
	 	Name: Ian Dorrington	 
	 	Title: Managing Director	 

 

Charter - Registration Rights Agreement

 

     

     

    

 

EXHIBIT A

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE]1

 

The Depository Trust Company (“DTC”)
has identified you as a DTC Participant through which beneficial interests in the CCO Holdings, LLC (the “Company”)
and CCO Holdings Capital Corp. (together with the Company, the “Issuers”) 4.500% Senior Notes due 2032 (the
 “Notes”) are held.

 

The Issuers are in the process of registering
the Notes under the Securities Act of 1933, as amended, for resale by the beneficial owners thereof. In order to have their Notes
included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement
and Selling Securityholder Questionnaire.

 

It is important that beneficial owners of
the Notes receive a copy of the enclosed materials as soon as possible as their rights to have the Notes included in the registration
statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed
documents to each beneficial owner that holds interests in the Notes through you. If you require more copies of the enclosed materials
or have any questions pertaining to this matter, please contact the Issuers c/o CCO Holdings, LLC, 440 Atlantic Street, 10th Floor,
Stamford, Connecticut 06901, Attention: General Counsel.

 

 

1 Not less than 28 calendar days from date of mailing.

 

    A-1

     

    

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

 

Reference is hereby made to the Exchange and
Registration Rights Agreement (the “Exchange and Registration Rights Agreement”) among CCO Holdings, LLC (the
 “Company”), CCO Holdings Capital Corp. (together with the Company, the “Issuers”), and the
Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Issuers have filed with the United States
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (the “Shelf
Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the
 “Securities Act”), of the Issuers’ 4.500% Senior Notes due 2032 (the “Notes”). A copy
of the Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall
have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.

 

Each beneficial owner of Registrable Securities
is entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order
to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Issuers’
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities
who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities.

 

Certain legal consequences arise from being
named as a selling securityholder in the Shelf Registration Statement and related prospectus. Accordingly, holders and beneficial
owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named
or not being named as a selling securityholder in the Shelf Registration Statement and related prospectus.

 

    A-2

     

    

 

ELECTION

 

The undersigned holder (the “Selling
Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and
the Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights
Agreement, as if the undersigned Selling Securityholder were an original party thereto.

 

Upon any sale of Registrable Securities pursuant
to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuers and the Trustee the
Notice of Transfer Pursuant to Registration Statement set forth in Exhibit B to the Exchange and Registration Rights Agreement.

 

The Selling Securityholder hereby provides
the following information to the Issuers and represents and warrants that such information is accurate and complete:

 

QUESTIONNAIRE

 

		(1)	(a)	Full Legal Name of Selling Securityholder:

 

		(b)	Full Legal Name of Registered Holder (if not the same
as in (a) above) of Registrable Securities Listed in Item (3) below:

 

		(c)	Full Legal Name of DTC Participant (if applicable and
if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held:

 

		(2)	Address for Notices to Selling Securityholder:

_______________________________

_______________________________

_______________________________

	 	Telephone:	_______________________________	 
	 	Fax:	_______________________________	 
	 	Contact
    Person:	_______________________________	 

 

		(3)	Beneficial Ownership of Notes:

                                                                

                                                               Except as set forth below in this Item (3), the undersigned does not beneficially own any Notes.

 

		(a)	Principal amount of Registrable Securities beneficially owned:
	 	 	 
	 	 	 
	 	 	CUSIP No(s). of such Registrable Securities:	 

 

		(b)	Principal amount of Notes other than Registrable Securities
beneficially owned:
	 	 	 

 

    A-3

     

    

 

	 	 	CUSIP No(s). of such other Notes:	 
	 	 	 
		(c)	Principal amount of Registrable Securities which the undersigned
wishes to be included in the Shelf Registration Statement:
	 	 	 
	 	 	 

	 	 	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:	 

 

		(4)	Beneficial Ownership of Other Securities of the Issuers:

                                                                

                                                               Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Issuers other than the Notes listed above in Item (3).

 

State any exceptions here:

 

		(5)	Relationships with the Issuers:

Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity
holders (5% or more) has held any position or office or has had any other material relationship with the Issuers (or their respective
predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

		(6)	Plan of Distribution:

Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above
in Item (3) only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned
Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold
in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the
time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions)
(i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the
time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the
over-the-counter market, or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise,
the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of
the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable
Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities
to broker-dealers that in turn may sell such Registrable Securities.

 

    A-4

     

    

 

State any exceptions here:

 

By signing below, the Selling Securityholder
acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange
Act including, without limitation, Regulation M.

 

In the event that the Selling Securityholder
transfers all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is
provided to the Issuers, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights
and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement.

 

By signing below, the Selling Securityholder
consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion
of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such
information will be relied upon by the Issuers in connection with the preparation of the Shelf Registration Statement and related
Prospectus.

 

In accordance with the Selling Securityholder’s
obligation under Section 3(e) of the Exchange and Registration Rights Agreement to provide such information as may be required
by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuers of any
inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at any time while the
Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement
shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows:

 

		(i)	 	To the Issuers:

_________________________

_________________________

_________________________

_________________________

_________________________

 

		(ii)	 	With a copy to:

_________________________

_________________________

_________________________

_________________________

_________________________

 

Once this Notice and Questionnaire is executed
by the Selling Securityholder and received by the Issuers’ counsel, the terms of this Notice and Questionnaire, and the representations
and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Issuers and the Selling Securityholder (with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item (3) above). This Agreement shall be governed in
all respects by the laws of the State of New York without giving effect to any provisions relating to conflicts of laws.

 

    A-5

     

    

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

Dated: ____________________

 

Selling Securityholder

(Print/type full legal name of beneficial owner of Registrable Securities)

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE
FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE ISSUERS’ COUNSEL AT:

 

_________________________

_________________________

_________________________

_________________________

_________________________

 

    A-6

     

    

 

EXHIBIT B

 

NOTICE OF TRANSFER PURSUANT TO REGISTRATION
STATEMENT

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

440 Atlantic Street, 10th Floor

Stamford, Connecticut 06901

Attention: General Counsel

The Bank of New York Mellon Trust Company, N.A.

[Address]

Attention: Trust Officer

 

		Re:	CCO Holdings, LLC and CCO Holdings Capital Corp. (the “Issuers”) 4.500% Senior
Notes due 2032 (the “Notes”)

 

Please be advised that ________________ has
transferred $___________ aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement
on Form S-1 (File No. 333-____) filed by the Issuers.

 

We hereby certify that the prospectus delivery
requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner
of the Notes is named as a “Selling Holder” in the prospectus dated [date] or in supplements thereto, and that the
aggregate principal amount of the Notes transferred are the Notes listed in such prospectus opposite such owner’s name.

 

Dated:

 

	 	Very truly yours,
	 	 
	 	(Name)
	 	By:	 
	 	(Authorized
    Signature)

 

    B-1Exhibit 4.12

 

SERIES A COMMON STOCK PURCHASE WARRANT

 

InVivo
Therapeutics Holdings Corp.

 

	Warrant Shares: _______	Initial Exercise Date: ______ __, 2020

 

THIS
SERIES A COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or
its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior
to 5:00 p.m. (New York City time) on ______ __, 2025 (the “Termination Date”) but not thereafter, to subscribe
for and purchase from InVivo Therapeutics Holdings Corp., a Nevada corporation
(the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”)
of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b).

 

Section 1.            Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the
Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for
the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York generally are open for use by customers on such day.

 

    	 	1	 

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.00001
per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

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

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-249353).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or
the New York Stock Exchange (or any successors to any of the foregoing).

 

    	 	2	 

     

    

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company, with offices located at 1 State Street, 30th
Floor, New York, New York 10004-151, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for
the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2.            Exercise.

 

a)          Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the
Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to
the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

    	 	3	 

     

    

 

b)          Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $____, subject to adjustment hereunder (the
 “Exercise Price”).

 

c)          Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such
Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading
Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of
 “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as
reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of
Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof
or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day
and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular
trading hours” on such Trading Day;

 

(B) =
the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant
Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of
the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

    	 	4	 

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, in the event the VWAP provided for in (A) above is greater than
then Exercise Price as set forth in (B) above, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

		d)	Mechanics of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via
cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the
name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise
to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the
Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two
(2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of
the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of
Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder
rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common
Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) against payment therefor on the Initial Exercise Date, which
may be delivered at any time after _____ a.m EST on ________ __1, 2020, the Company agrees to deliver the Warrant
Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise
Date shall be the Warrant Share Delivery Date for purposes hereunder.

 

 

1 Insert the date and time of pricing.

 

    	 	5	 

     

    

 

ii.          Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii.         Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.         Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant
Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases
Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common
Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	6	 

     

    

 

v.          No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall round up to the next whole share.

 

vi.         Charges,
Taxes and Expenses. Issuance of Warrant 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 Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the
Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all Transfer Agent 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 Warrant Shares.

 

vii.        Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

    	 	7	 

     

    

 

e)          Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the
Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership
Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    	 	8	 

     

    

 

Section 3.            Certain
Adjustments.

 

a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues
by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)          Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	9	 

     

    

 

c)          Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this
Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

d)          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 (and
all of its Subsidiaries, taken as a whole), 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,
merger 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 Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on
the exercise of this Warrant), 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 (without regard to any limitation in Section 2(e) on the exercise of
this Warrant).

 

    	 	10	 

     

    

 

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.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined
below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation
of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase
this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the
remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided,
however, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation
of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether
the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of
the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the
100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price
per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any,
plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of
(x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP
immediately prior to the consummation of such Fundamental Transaction, and (D) a remaining option time equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black
Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election
(or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent
to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein.

 

    	 	11	 

     

    

 

e)          Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 3, 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.

 

		f)	Notice to Holder.

 

i.          Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.          Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries,
taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the
validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	 	12	 

     

    

 

g)          Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during
the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount
and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4.            Transfer
of Warrant.

 

a)          Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on
which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)          New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)          Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

    	 	13	 

     

    

 

Section 5.            Miscellaneous.

 

a)          No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)          Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)          Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d)          Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

    	 	14	 

     

    

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from
any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall
commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or
proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.

 

    	 	15	 

     

    

 

f)           Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)          Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)          Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at One Kendall Square, Suite B14402, Cambridge, Massachusetts 02139,
Attention: Heather Hamel, facsimile number: (617) 863-5501, email address: hhamel@invivotherapeutics.com, or such other facsimile
number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile
or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail
address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder
shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New
York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party
to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material,
non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K.

 

i)           Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

    	 	16	 

     

    

 

j)           Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k)          Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)           Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand,
and the Holder, on the other hand.

 

m)          Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)          Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

	 	INVIVO THERAPEUTICS HOLDINGS CORP.
	 	 
	 	 
	 	By:	                                    
	 	 	Name:
	 	 	Title:

 

    	 	18	 

     

    

 

NOTICE OF EXERCISE

 

		To:	INVIVO
THERAPEUTICS HOLDINGS CORP.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached
Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[ ] in lawful money of the United
States; or

 

[ ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as
is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: __________________________________________________________________________

Name of Authorized Signatory: ____________________________________________________________________________________________

Title of Authorized Signatory: _____________________________________________________________________________________________

Date: ________________________________________________________________________________________________________________

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	
	 	 	 
	Email Address:	 	
	 	 	 
	Dated: _______________
    __, ______	 	 
	 	 	 
	Holder’s Signature:	 	 	 
	 	 	 
	Holder’s Address:

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