Document:

EXHIBIT 10.4

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September 30, 2016, by and between HISPANICA
INTERNATIONAL DELIGHTS OF AMERICA INC., a Delaware corporation, with headquarters located at 575 Lexington Ave., 4th
Floor, New York, NY 10022(the “Company”), and Anson Investments Master Fund LP, a limited liability company,
with its address at190 Elgin Avenue George Town Grand Cayman (the “Buyer”).

 

This Agreement is
being entered into pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and the Buyer
(the “Purchase Agreement”).

 

The Company and
the Buyer hereby agrees as follows:

 

1.  Definitions.
In addition to the other capitalized terms used and defined elsewhere herein, as used in this Agreement, the following terms shall
have the following meanings:

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the shares of Common Stock, $0.001 par value per share of the Company.

 

“Conversion
Shares” means the shares of Common Stock underlying the Note.

 

“Conversion
Share Amount” means a number of Conversion Shares equal to 2,030,770, which amount represents an agreed to, good faith
estimate of the number of Conversion Shares to be included as Registrable Securities hereunder.

 

“Effectiveness
Date” means, (a) with respect to the Initial Registration Statement required to be filed hereunder, the 60th
calendar day following the Closing Date (or, if the Initial Registration Statement is reviewed by the Commission, the 120th
calendar day following the Filing Date) and (b) with respect to the additional Registration Statement required to be filed (if
applicable) pursuant to Section 2(b), the 60th calendar day following the Conversion Share Registration Failure (or,
if such additional Registration Statement is reviewed by the Commission, the 120th calendar day following the Conversion
Share Registration Failure).

 

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

 

“Filing
Date” means the 45th calendar day following the sale, and receipt of proceeds, of an aggregate of $400,000
of Notes to the Buyer and/or third party investors on the same terms and conditions set forth in the Purchase Agreement.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities, including
the Buyer.

 

“Initial
Registration Statement” means the initial Registration Statement covering the Registrable Securities filed pursuant to
this Agreement.

 

“Issuance
Shares” means the 1,100,000 shares of Common Stock sold and issued to the Buyer pursuant to the Purchase Agreement.

 

“Note”
means the Convertible Promissory Note sold or to be sold to the Buyer pursuant to the Purchase Agreement.

 

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

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means (a) (if applicable) any Conversion Share Failure Amount (as defined in Section 2(b), (b) an aggregate
of up to 8,000,000 Conversion Shares, Issuance Shares, Warrant Shares and (c) any securities issued or issuable upon any stock
split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided that “Registrable
Securities” shall not include any shares of Common Stock owned by the Buyer which are then the subject of an effective Registration
Statement or otherwise eligible to be sold without volume limitations pursuant to Rule 144(b).

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2 hereof, including the
Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments,
all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration
statement.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“SEC Guidance”
means any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff, including the
Commission’s Compliance and Disclosure Interpretations and Manual of Publicly Available Telephone Interpretations.

 

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

 

“Shares”
means the shares of Common Stock sold pursuant to the Purchase Agreement.

 

“Warrant”
means the common stock purchase warrant issued the Buyer pursuant to the Purchase Agreement.

 

“Warrant
Shares” means the 400,000 shares Common Stock issuable upon exercise of the Warrant.

 

2. Registration

 

(a) Mandatory
Registration. On or prior to the Filing Date, the Company shall prepare and file with the Commission the Initial Registration
Statement covering the resale of all of the Registrable Securities for a resale offering to be made on a continuous basis. Subject
to the terms of this Agreement, the Company shall use its reasonable best efforts to cause the Initial Registration Statement to
be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the
applicable Effectiveness Date, and shall use its reasonable best efforts to keep the Initial Registration Statement continuously
effective under the Securities Act until the earlier to occur of (i) the date on which the Buyer or any Holder may sell all Registrable
Securities then held without restriction by volume limitations of Rule 144 promulgated under the Securities Act of 1933 (“Rule
144”), or (ii) all Registrable Securities covered by such Registration Statement have been sold by such Holder (the “Effectiveness
Period”).

 

(b)Additional
Registration. If at any time while the Buyer holds Registrable Securities the Initial Registration Statement does not register
for resale all of the Conversion Shares (i.e., if the Conversion Share Amount is insufficient to have registered all Conversion
Shares issuable on Conversion of the Note) (such even, a “Conversion Share Registration Failure”), then the
Company shall use its best efforts to file an additional registration statement to cover the additional note conversion shares
needed for full conversion within 45 business days. Notwithstanding the foregoing, the Company will have no obligation to file
such additional registration statements if the additional note conversion shares would be subject to immediate release, without
volume or other limitations and reliance on Rule 144 at the time of conversion.

 

(c)[RESERVED]

 

(d)Subject to
the payment of liquidated damages payable pursuant to clause (e) below, in the event that the Commission does not permit the Company
to register in any Registration Statement all of the Registrable Securities, the Company shall amend such Registration Statement
to register such maximum portion as permitted by SEC Guidance, including such guidance pertaining to Rule 415 (provided that the
Company shall use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in
accordance with the SEC Guidance that are not then registered on an effective Registration Statement). Notwithstanding any other
provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be
registered on a particular Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with
the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing
by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced pro-rata among all other Holders, and unless otherwise directed in writing by a Holder as to its Registrable Securities,
the number of Registrable Securities to be registered on such Registration Statement will first be reduced by Registrable Securities
represented by the Warrant Shares (applied, in the case that some Warrant Shares may already be registered, to the Holders on a
pro rata basis based on the total number of unregistered Warrant Shares held by such Holders), and second by Registrable Securities
represented by the Issuance Shares (applied, in the case that some Common Stock may already be registered, to the Holders on a
pro rata basis based on the total number of unregistered Issuance Shares held by such Holders) and third by Registrable Securities
represented by the Conversion Shares (applied, in the case that some Common Stock may already be registered, to the Holders on
a pro rata basis based on the total number of unregistered Conversion Shares held by such Holders).

 

(e)If: (i) the
initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the initial Registration Statement
without affording the Holders the opportunity to review and comment on the portions relating to their securities ownership, the
Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities
Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii)
prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond
in writing to comments made by the Commission in respect of such Registration Statement within ten (10) calendar days after the
receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to
be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared
effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of
a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable
Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein
to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15)
calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred
to as an “Event”, and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose
of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such
ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15) calendar
day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other rights
the Holders may have hereunder or under applicable law, on each such Event Date, the Company shall pay to the Holder the sum of
$40,000, and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date)
until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and
not as a penalty, equal to the product of 2.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to
the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven
days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that
is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due
until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof
shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

 

3. Registration
Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a)  Prepare
and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus
supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii)
respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement
or any amendment thereto, and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act
with respect to the disposition of all Registrable Securities covered by a Registration Statement during the applicable period
in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth
in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(b)  Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus (entirely or in a particular jurisdiction, as the case may be) until the
requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading
Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day
following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement
is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review” of such Registration
Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration
Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other
federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings
for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening
of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included
in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or
any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any
revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading
and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes
may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued
availability of a Registration Statement or Prospectus, provided that, any and all of such information shall remain confidential
to each Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided,
further, that notwithstanding each Holder’s agreement to keep such information confidential, each such Holder makes
no acknowledgement that any such information is material, non-public information, and provided further, that during
any three hundred sixty five (365) day period such suspension periods shall not exceed an aggregate of ninety (90) days.

 

(c)  Use
its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of
any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(d)  Subject
to the terms of this Agreement, consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or
supplement thereto, except after the giving of any notice pursuant to Section 3(b) until the delivery of the Advice contemplated
by Section 9(b).

 

(e)  Cooperate
with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA
Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder.

 

(f)  Prior
to any resale of Registrable Securities by a Holder, use its reasonable best efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such
Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United
States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such
jurisdictions of the Registrable Securities covered by each Registration Statement; provided, however, that the Company
shall not be required in connection therewith or as a condition thereto to (1) qualify to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section 3(f), (2) subject itself to general taxation in any such jurisdiction,
or (3) file a general consent to service of process in any such jurisdiction.

 

(g)  If
requested by a Holder, cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may request.

 

(h)  Upon
the occurrence of any event contemplated by Section 3(b), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file
any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will 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, in light of the circumstances under which they were made, not misleading. If the Company notifies the
Holders in accordance with clauses (iii) through (vi) of Section 3(b) above to suspend the use of any Prospectus until the requisite
changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its reasonable
best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(i)  Comply
with all applicable rules and regulations of the Commission.

 

(j)  Require
each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned
by such Holder and the natural persons thereof that have voting and dispositive control over the shares. In the event of the failure
by such Holder to comply with the Company’s request within fifteen (15) days from the date of such request, the Company shall
be permitted to exclude such Holder from a Registration Statement, without being subject to the payment of liquidated damages to
such Holder. At such time that such Holder complies with the Company’s request the Company shall use its reasonable best
efforts to include such Holder on the Registration Statement.

 

(l)In the event
of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter(s) of such offering.

 

(n)In connection
with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities Act, and
before filing any such Registration Statement or any other document in connection therewith, give the participating Holders of
Registrable Securities and their respective counsel, the opportunity to (i) review any such Registration Statement, each prospectus
included therein or filed with the SEC, each amendment thereof or supplement thereto and any other document to be filed, including
the Company's response to SEC comments, and (ii) provide comments to such documents if necessary to cause the description relating
to such Holders to be accurate. The cumulative time taken by total shareholders for review will be added to extend the Filing Date
requirement under Section 2(e). Each shareholder will be responsible to cover the cost of review of their own documents.

 

(o)In the event
that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register
the resale of the Registrable Securities on Form S-1 and (ii) undertake to register the Registrable Securities on Form S-3 as soon
as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect
until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the
SEC.

 

4.  Registration
Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any trading market on which the Common Stock is then
listed for trading.in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing
(including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or
exemptions of the Registrable Securities) and (D) with respect to any filing that may be required to be made by any broker through
which a Holder intends to make sales of Registrable Securities with the FINRA pursuant to FINRA Rule 5110, so long as the broker
is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance,
and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement and (vii) reasonable fees and disbursements of a single special counsel for the Holders (selected
by Holders of the majority of the Registrable Securities requesting such registration), up to $2,000 for each registration. In
addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the
listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible
for any broker or similar commissions of any Holder.

 

5.  Indemnification.

 

(a)  Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents and employees (and any other Persons with a functionally equivalent role of
a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls
any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors,
members, stockholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding
such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted
by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1)
any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of
any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation
thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent,
that (i) such untrue statements or omissions are based upon information regarding such Holder furnished to the Company by such
Holder for use therein (including the information included on Annex A hereto), or to the extent that such information relates
to such Holder’s proposed method of distribution of Registrable Securities or (ii) the Holder used an outdated or defective
Prospectus which the Company had previously notified such Holder was outdated or defective pursuant to Sections 3(b)(iii)-(vi)
and for which the Company had not yet provided the Advice contemplated in Section 9(b). The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this
Agreement of which the Company is aware.

 

(b)  Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished by such Holder to the Company for inclusion in such Registration
Statement or such Prospectus (including the information included on Annex A) or (ii) to the extent that such information
relates to such Holder’s proposed method of distribution of Registrable Securities set forth in such Prospectus or in any
amendment or supplement thereto or (iii) the use by such Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated
in Section 9(b). In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of
the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)  Conduct
of Indemnification Proceedings.

 

(i) If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such
Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”)
in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof;
provided, that, the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced
the Indemnifying Party.

 

(ii) An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a conflict of interest is likely to exist if the same counsel
were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying
Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one (1) separate counsel
shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which
any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
on claims that are the subject matter of such Proceeding.

 

(iii) Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to the
Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such
fees and expenses applicable to such actions for which such Indemnified Party is judicially determined not to be entitled to indemnification
hereunder.

 

(d)  Contribution.

 

(i) If the indemnification
under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any
Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions,
statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault
of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The
amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in
this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding
to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section
was available to such party in accordance with its terms.

 

(ii) The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
all of such Holder’s Registrable Securities pursuant to such Registration Statement or Prospectus exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission.

 

(e) Remedies
Not Exclusive. The indemnity and contribution agreements contained in this Section are in addition to any liability that the
Indemnifying Parties may have to the Indemnified Parties.

 

6.Preconditions
to Participation in Underwritten Registrations. No Holder of Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (i) agrees to enter into a written underwriting agreement with the managing underwriter and containing
such provisions as are customary in the securities business for such an arrangement between such underwriter and companies of the
Company's size and investment stature, and (ii) provides any relevant information and completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements,
provided, however, that (i) the representations and warranties by, and the other agreements on the part of, the Company to and
for the benefit of the underwriters shall also be made to and for the benefit of such Holders of Registrable Securities and (ii)
no such Holder shall be required to make, and the Company shall use its reasonable best efforts to ensure that no underwriter requires
any Holder to make, any representations and warranties to, or agreements with, any underwriter in a registration effected pursuant
to this Agreement other than customary representations, warranties and agreements relating to such Holder's title to Registrable
Securities and authority to enter into the underwriting agreement.

 

7.[RESERVED]

 

8. Reports
Under the Exchange Act. With a view to making available to the Buyer the benefits of Rule 144, the Company agrees to:

 

(a) make and
keep public information available, as those terms are understood and defined in Rule 144 for so long as any Holder of Registrable
Securities holds Registrable Securities; and

 

(b)furnish to
the Buyer so long as such Buyer owns Registrable Securities, as promptly as commercially reasonable upon request: (i) a written
statement by the Company, if true or applicable, that it has complied in all material respects with the reporting requirements
of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company (it being understood that if such documents are available via the
Commission’s website, such documents need not be provided), and (iii) such other information as may be reasonably requested
to permit the Buyer to sell such securities pursuant to Rule 144 without registration, it being understood and agreed that the
foregoing shall not constitute an obligation of the Company to remain publicly reporting under the Exchange Act.

 

(c)The Company
specifically acknowledges and agrees that a breach of this Section 8 shall be deemed an Event of Default under the Note.

 

9.  Miscellaneous.

 

(a)  Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(b)  Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(b)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(c)  Amendments
and Waivers. The provisions of this Agreement may be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may be given, and shall be in writing and signed by the Company and each or any Holders of an interest
of the then outstanding Registrable Securities (including, for this purpose, any Registrable Securities issuable upon exercise
of the Warrant). If a Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment
done in compliance with the previous sentence or otherwise, then the number of Registrable Securities to be registered for each
Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate which of its Registrable Securities
shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or
indirectly affect the rights of other Holders may be given by such Holder or Holders of all of the Registrable Securities to which
such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the first sentence of this Section 9(c).

 

(d)Assignment
of Registration Rights. The rights of the Buyer and each Holder hereunder, including the right to have the Company register
for resale Registrable Securities in accordance with the terms of this Agreement, shall be automatically assignable by each Holder
to any Person who acquires all or a portion of the Registrable Securities if such assignment shall be undertaken in
accordance with Section 5.7 of the Purchase Agreement. Such rights to assignment and related obligations shall apply to the Holders
(and to subsequent) successors and assigns.

 

(e)  Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. The Company may assign its rights or obligations hereunder without
the prior written consent the Holders of a majority of the then outstanding Registrable Securities. Each Holder may assign their
respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(f)  No
Inconsistent Agreements. Neither the Company nor any of its subsidiaries or affiliates has entered, as of the date hereof,
nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect
to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof.

 

(g)  Execution
and Counterparts. This Agreement may be executed in two (2) or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

(h)  Governing
Law; Disputes. All questions concerning the governing law, construction, validity, enforcement and interpretation of and disputes
regarding this Agreement shall be determined in accordance with the provisions of the Purchase Agreement.

 

(i)  Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(j)  Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

 

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

 

HISPANICA INTERNATIONAL
DELIGHTS OF AMERICA, INC.

 

 

 

	By:	/s/ Fernando Oswaldo Leonzo	 
	 	Name: Fernando Oswaldo Leonzo.	 
	 	Title: Chief Executive Officer	 

 

 

ANSON INVESTMENTS MASTER FUND LP 

 

	By:	/s/ Amin Nathoo	 
	 	Name: Amin Nathoo	 
	 	Title: Advising Rep. M5V Advisors Inc.Exhibit 4.3

 

 

SECOND SUPPLEMENTAL INDENTURE

 

between

 

MEDLEY LLC

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of [●], 2016

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

THIS SECOND SUPPLEMENTAL INDENTURE (this “Second
Supplemental Indenture”), dated as of [●], 2016, is between Medley LLC, a Delaware limited liability company (the “Company”),
and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used but not otherwise defined
herein shall have the meaning set forth in the Base Indenture (as defined below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee executed and delivered
an Indenture, dated as of August 9, 2016 (the “Base Indenture” and, as amended and supplemented by the First Supplemental
Indenture dated as of August 9, 2016 and this Second Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided
in the Indenture.

 

The Company desires to issue and sell $[●]
in aggregate principal amount (or up to $[●] in aggregate principal amount if the purchasing agent’s option to purchase
additional Notes is exercised in full) of the Company’s [●]% Notes due 20[●] (the “Notes”).

 

Sections 901(5) and 901(7) of the Base Indenture
provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized
by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security
Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such
provision and (ii) establish the form or terms of Securities of any series as permitted by Section 201 and Section 301 of the Base
Indenture.

 

The Company desires to establish the form and
terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the
Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture applicable to the Notes (“Future
Supplemental Indenture”)).

 

The Company has duly authorized the execution
and delivery of this Second Supplemental Indenture to provide for the issuance of the Notes and amendment of certain provisions
of the Base Indenture as herein provided and all acts and things necessary to make this Second Supplemental Indenture a valid, binding,
and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been
done and performed.

 

     

     

    

 

NOW, THEREFORE, for and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:

 

ARTICLE
I

TERMS
OF THE NOTES

 

Section 101      Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a)          The
Notes shall constitute a series of Senior Securities having the title “[●]% Notes due 20[●].” The Notes
shall bear a CUSIP number of [●] and an ISIN number of [●].

 

(b)         The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
304, 305, 306, 906, 1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base
Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $[●] (or up to $[●]
if the purchasing agent’s option to purchase additional Notes is exercised in full). Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the
same interest rate, maturity and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single
series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context
otherwise requires.

 

(c)          The
entire outstanding principal of the Notes shall be payable on [●], 20[●], unless earlier redeemed or repurchased in
accordance with the provisions of this Second Supplemental Indenture.

 

(d)         The
rate at which the Notes shall bear interest shall be [●]% per annum (the “Applicable Interest Rate”). The date
from which interest shall accrue on the Notes shall be [●], 2016, or the most recent Interest Payment Date to which interest
has been paid or provided for; the Interest Payment Dates for the Notes shall be [●], [●], [●] and [●]
of each year, commencing [●], 2016 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable
interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed
payment); the initial interest period will be the period from and including [●], 2016, to, but excluding, the initial Interest
Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding,
the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest, which shall be [●], [●], [●]
or [●] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal
of (and premium, if any, on) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in Boston,
Massachusetts in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however,
that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures
established by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year
of twelve 30-day months.

  

(e)          The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Second Supplemental Indenture. Each
Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent
the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and issuances.
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

     

     

    

 

(f)          The
depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The
Security Registrar with respect to the Global Notes shall be the Trustee.

 

(g)         The
Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section
1403 of the Base Indenture shall apply to the covenants contained in Sections 1007, 1008 and 1009 of the Indenture.

 

(h)         The
Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i)          The
Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after [●],
20[●], at a redemption price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments
otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

(ii)         Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date,
at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth
in Section 1104 of the Base Indenture.

 

(iii)        Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Indenture to the extent applicable.

 

(iv)        If
the Company elects to redeem only a portion of the Notes, the Trustee or the Depositary, as applicable, will determine the method
for selecting the particular Notes to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company
Act and the rules of any national securities exchange or quotation system on which the Notes are listed, in each case to the extent
applicable.

 

(v)         Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.

 

(i)          The
Notes shall not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j)          The
Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k)          Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity.

 

(l)          The
Notes are hereby designated as “Designated Senior Securities” under the Indenture.

 

ARTICLE
II

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 201      Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article I of the Base Indenture shall be amended by adding
the following defined terms to Section 101 in appropriate alphabetical sequence, as follows:

  

“‘Exchange Act’
means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.”

 

“‘GAAP’ means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting
Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in
effect from time to time.”

 

     

     

    

 

ARTICLE
III

COVENANTS

 

Section 301      Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article X of the Base Indenture shall be amended by adding
the following new Section 1007 thereto, as set forth below:

 

“Section 1007 Commission Reports and Reports
to Holders.

 

If, at any time, the Company or Medley
Management Inc. are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during
which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the
Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial
statements shall be prepared, in all material respects, in accordance with GAAP.”

 

ARTICLE
IV

REDEMPTION
OF SECURITIES

 

Section 401      Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended by replacing
the heading and the first paragraph thereof with the following:

  

“Section 1103. Selection of Securities
to Be Redeemed.

 

If less than all the Securities of
any series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected
not more than 45 days prior to the Redemption Date by the Trustee, or by the Depositary in the case of global Securities, from
the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption, in compliance
with the requirements of DTC and in compliance with the requirements of the principal national securities exchange on which the
Securities are listed (if the Securities are listed on any national securities exchange), or if the Securities are not held through
DTC or listed on any national securities exchange, or DTC prescribed no method of selection, on a pro rata basis, or by such method
as the Trustee shall deem fair and appropriate and subject to and otherwise in accordance with the procedures of the applicable
Depositary; provided that such method may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series
of a denomination larger than the minimum authorized denomination for Securities of that series; provided, however, that no such
partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series.”

 

ARTICLE
V

MEETINGS
OF HOLDERS OF SECURITIES

 

Section 501      Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing
clause (c) thereof with the following:

  

     

     

    

 

“(c)          At
any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal
amount of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no
vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security
of such series or proxy.”

 

 

ARTICLE
VI

MISCELLANEOUS

 

Section 601      This
Second Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York,
without regard to principles of conflicts of laws. This Second Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

Section 602      In
case any provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 603      This
Second Supplemental Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together
constitute but one and the same Second Supplemental Indenture. The exchange of copies of this Second Supplemental Indenture and of
signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery
of this Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission,
email or other electronic means shall be deemed to be their original signatures for all purposes.

 

Section 604      The
Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument with
respect to the Notes. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included
in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base
Indenture, as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of
the Base Indenture, as supplemented by this Second Supplemental Indenture.

 

Section 605      The
provisions of this Second Supplemental Indenture shall become effective as of the date hereof.

 

Section 606      Notwithstanding
anything else to the contrary herein, the terms and provisions of this Second Supplemental Indenture shall apply only to the Notes
and shall not apply to any other series of Securities under the Indenture and this Second Supplemental Indenture shall not and does
not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding.

 

Section 607      The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Second
Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall
not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.

 

     

     

    

 

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

 

	 	MEDLEY LLC
	 	 
	 	By:	 
	 	Name:   	 
	 	Title:	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Second Supplemental Indenture]

 

     

     

    

 

Exhibit A – Form of Global Note

 

This Security is a Global Note within the meaning of the Indenture
hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof. This Security may not
be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered,
in the name of any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances described
in the Indenture.

 

Unless this certificate is presented by an authorized representative
of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate
issued in exchange for this certificate is registered in the name of Cede & Co., or such other name as requested by an authorized
representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person
is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

	 	Medley LLC	 
	 	 	 
	No.	 	$
	 	 	CUSIP No. [●]
	 	 	ISIN No. [●]

 

[●]% Notes due 20[●]

 

Medley LLC, a limited liability company duly
organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of                    U.S.
DOLLARS (U.S.$           ) on [●], 20[●], and to pay interest
thereon from [●], 2016, or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
quarterly on [●], [●], [●] and [●] in each year, commencing [●], 2016, at the rate of [●]%
per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
is registered at the close of business on the Regular Record Date for such interest, which shall be [●], [●], [●]
or [●] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment of the principal of (and premium, if
any, on) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in Boston, Massachusetts
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however,
that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the
procedures established by The Depository Trust Company and the Trustee.

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

 

 

     

     

    

 

Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

Dated:

 

	 	MEDLEY LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   

 

Attest

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	U.S. BANK NATIONAL ASSOCIATION as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     

     

    

 

Medley LLC

[●]% Notes due 20[●]

 

This Security is one of a duly authorized issue
of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of [●], 2016 (herein called the “Base Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by
the Second Supplemental Indenture relating to the Securities, dated as of [●], 2016, by and between the Company and the Trustee
(herein called the “Second Supplemental Indenture”; the Second Supplemental Indenture and the Base Indenture collectively
are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the Second Supplemental
Indenture, the Second Supplemental Indenture shall govern and control.

 

This Security is one of the series designated
on the face hereof, which series is initially limited in aggregate principal amount to $             (or
up to $          in aggregate principal amount if the purchasing agent’s
option to purchase additional Securities is exercised in full).  Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same
ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities
will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional
Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and issuances.

 

The Securities of this series are subject to
redemption in whole or in part at any time or from time to time, at the option of the Company, on or after [●], 20[●],
at a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments
otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities
to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address
appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base
Indenture.

 

Any exercise of the Company’s option to
redeem the Securities will be done in compliance with the Indenture and the Investment Company Act, to the extent applicable.

 

If the Company elects to redeem only a portion
of the Securities, the Trustee or the Depositary, as applicable, will determine the method for selecting the particular Securities
to be redeemed, in accordance with the Indenture to the extent applicable. In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof.

 

Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

  

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

     

     

    

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 50% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

 

As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of
this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable only
in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

     

     

    

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

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