Document:

Exhibit 4.1

 

PROMISSORY NOTE

 

	U.S. $1,895,000.00	June 27, 2019

 

FOR VALUE RECEIVED, Inpixon, a Nevada corporation
(“Borrower”), promises to pay in lawful money of the United States of America to the order of Chicago Venture
Partners, L.P., a Utah limited partnership, or its successors or assigns (“Lender”), the principal sum of $1,895,000.00,
together with all other amounts due under this Promissory Note (this “Note”). This Note is issued pursuant to
that certain Note Purchase Agreement of even date herewith between Borrower and Lender (the “Purchase Agreement”).

 

1. PAYMENT.
Borrower shall pay to Lender the entire outstanding balance of this Note on or before the date that is nine (9) months from the
date hereof (the “Maturity Date”). Borrower will make all payments of sums due hereunder to Lender at Lender’s
address set forth in the Purchase Agreement, or at such other place as Lender may designate in writing. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs and late charges, then to accrued
interest and finally to principal.

 

2. INTEREST.
Interest shall accrue on the outstanding balance of this Note at the rate of ten percent (10%) per annum from the date hereof until
this Note is paid in full. Upon the occurrence of an Event of Default (as defined below), interest shall accrue on the outstanding
balance of this Note at the lesser of the rate of twenty-two percent (22%) per annum or the maximum rate permitted by applicable
law. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.

 

3. ORIGINAL ISSUE
DISCOUNT; TRANSACTION EXPENSES. This Note carries an original issue discount of $375,000.00. In addition, Borrower agrees to
pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of this Note, all of which amounts are included in the initial principal
balance of this Note and are fully earned and payable as of the date hereof.

 

4. PREPAYMENT.
Borrower may pay all or any portion of the amount owed earlier than it is due; provided that in the event Borrower elects
to prepay all or any portion of the outstanding balance, it shall pay to Lender 115% of the portion of the outstanding balance
Borrower elects to prepay (the “Prepayment Premium”). Early payments of less than all principal, fees and interest
outstanding will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s remaining obligations hereunder.
Notwithstanding the foregoing, any payment made pursuant to Section 4(iv) of the Purchase Agreement shall not be subject to the
Prepayment Premium.

 

5. REDEMPTIONS.
Beginning on the date that is six (6) months from the date hereof and at the intervals indicated below until this Note is paid
in full, Lender shall have the right to redeem, up to an aggregate of one third (1/3) of the initial principal balance of this
Note each month (each monthly exercise, a “Monthly Redemption Amount”) by providing written notice (each, a
“Monthly Redemption Notice”) delivered to Borrower by facsimile, email, mail, overnight courier, or personal
delivery; provided, however, that if Lender does not exercise any Monthly Redemption Amount in its corresponding
month then such Monthly Redemption Amount shall be available for Lender to redeem in any future month in addition to such future
month’s Monthly Redemption Amount. Upon receipt of any Monthly Redemption Notice, Borrower shall pay the applicable Monthly
Redemption Amount in cash to Lender within five (5) business days of Borrower’s receipt of such Monthly Redemption Notice.

 

     

     

    

 

6. EVENT OF DEFAULT.
The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a) Failure to Pay.
Borrower shall fail to pay when due, whether at stated maturity, upon acceleration or otherwise, any principal or interest payment,
or any other payment required under the terms of this Note on the date due.

 

(b) Breaches of Covenants.
Borrower or any other person or entity defaults or otherwise fails to observe or perform any covenant, obligation, condition or
agreement of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement), only if such
default or breach remains uncured for a period of at least five (5) Trading Days.

 

(c) Representations
and Warranties. Any representation or warranty made by Borrower to Lender in this Note, the Purchase Agreement, any other Transaction
Document, or any related agreement shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

 

(d) Voluntary Bankruptcy
or Insolvency Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator
or custodian of itself or of all or a substantial part of its property, (ii)  make a general assignment for the benefit of
its or any of its creditors, (iii) be dissolved or liquidated, or (iv) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property
by any official in an involuntary case or other proceeding commenced against it.

 

(e) Involuntary Bankruptcy
or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator, or custodian of Borrower or
of all or a substantial part of its property, or an involuntary case or other proceedings seeking liquidation, reorganization,
or other relief with respect to Borrower or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty
(60) days of commencement.

 

(f) Judgment.
A judgment or judgments for the payment of money in excess of the sum of $600,000.00 in the aggregate shall be rendered against
Borrower and either (i) the judgment creditor executes on such judgment or (ii) such judgment remains unpaid or undischarged for
more than sixty (60) days from the date of entry thereof or such longer period during which execution of such judgment shall be
stayed during an appeal from such judgment.

 

(g) Attachment.
Any execution or attachment shall be issued whereby any substantial part of the property of Borrower shall be taken and the same
shall not have been vacated or stayed within thirty (30) days after the issuance thereof.

 

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(h) Cross Default.
Borrower breaches or any event of default occurs under any term or provision of any Other Agreement (as defined hereafter). For
purposes hereof, “Other Agreement” means collectively, all existing and future agreements and instruments between,
among or by Borrower, on the one hand, and Lender, on the other hand.

 

7. ACCELERATION;
REMEDIES.

 

(a) At any time following
the occurrence of an Event of Default (other than an Event of Default referred to in Sections 6(d) and 6(e)), Lender may,
by written notice to Borrower, declare all unpaid principal, plus all accrued interest and other amounts due hereunder to be immediately
due and payable at the Mandatory Default Amount (as defined below) without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. Upon the occurrence
or existence of any Event of Default described in Sections 6(d) and 6(e), immediately and without notice, all outstanding
unpaid principal, plus all accrued interest and other amounts due hereunder shall automatically become immediately due and payable
at the Mandatory Default Amount, without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence
or existence of any Event of Default, Lender may exercise any other right, power or remedy permitted to it by law, either by suit
in equity or by action at law, or both. For purposes hereof, the term “Mandatory Default Amount” means an amount
equal to 115% of the outstanding balance of this Note (which outstanding balance, for avoidance of doubt, shall include principal,
interest, fees and any previously incurred prepayment penalty) as of the date the applicable Event of Default occurred, plus all
interest, fees, and charges that may accrue on such outstanding balance thereafter.

 

(b) Upon the occurrence
of a Change in Control (as defined below), and without further notice to Borrower, all unpaid principal, plus all accrued interest,
original issue discount, and other amounts due hereunder, shall become immediately due and payable. For purposes hereof, a “Change
in Control” means a sale of all or substantially all of Borrower’s assets, or a merger, consolidation, or other
capital reorganization of Borrower with or into another company, and does not include a significant equity financing; provided
however that a merger, consolidation, or other capital reorganization in which the holders of the equity of Borrower outstanding
immediately prior to such transaction continue to hold (either by the voting securities remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting
securities of Borrower, or such surviving entity, outstanding immediately after such transaction shall not constitute a Change
in Control.

 

8. UNCONDITIONAL
OBLIGATION; NO OFFSET. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make all payments due hereunder in accordance with
the terms of this Note.

 

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9. NO USURY.
Notwithstanding any other provision contained in this Note or in any instrument given to evidence the obligations evidenced hereby:
(a) the rates of interest and charges provided for herein and therein shall in no event exceed the rates and charges which result
in interest being charged at a rate equaling the maximum allowed by law; and (b) if, for any reason whatsoever, Lender ever receives
as interest in connection with the transaction of which this Note is a part an amount which would result in interest being charged
at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest shall automatically
be applied toward reduction of the unpaid principal balance then outstanding hereunder and not toward payment of interest.

 

10. ATTORNEYS’
FEES. If this Note is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration or legal
proceedings, or is collected or enforced through any arbitration or legal proceeding, or Lender otherwise takes action to collect
overdue amounts due under this Note or to enforce the provisions of this Note, then Borrower shall pay the reasonable costs incurred
by Lender for such collection, enforcement or action including, without limitation, reasonable attorneys’ fees and disbursements.

 

11. GOVERNING LAW;
VENUE. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

12. ARBITRATION
OF DISPUTES. Borrower agrees that any dispute arising under this Note shall be subject to the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

13. WAIVERS.
Borrower hereby waives presentment, notice of nonpayment, notice of dishonor, protest, demand and diligence.

 

14. LOSS OR MUTILATION.
On receipt by Borrower of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation of this Note
and, in the case of any such loss, theft or destruction of this Note, on delivery of an indemnity agreement reasonably satisfactory
in form and amount to Borrower or, in the case of any such mutilation, on surrender and cancellation of such Note, Borrower at
its expense will execute and deliver, in lieu thereof, a new Note of like amount and tenor.

 

15. NOTICES.
Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by this reference.

 

16. AMENDMENT AND
WAIVER. This Note and its terms and conditions may be amended, waived or modified only in writing by Borrower and Lender.

 

17. SEVERABILITY.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of the
parties to the fullest extent permitted and the balance of this Note shall remain in full force and effect.

 

18. ASSIGNMENTS.
Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned or transferred
by Lender without the consent of Borrower.

 

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19. FINAL NOTE.
This Note, together with the other Transaction Documents, contains the complete understanding and agreement of Borrower and Lender
and supersedes all prior representations, warranties, agreements, arrangements, understandings, and negotiations. THIS NOTE, TOGETHER
WITH THE OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF ANY ALLEGED PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

 

20. Waiver
of Jury Trial. BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS
TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER,
BORROWER ACKNOWLEDGES THAT IT KNOWINGLY AND VOLUNTARILY IS WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

21. TIME IS OF THE
ESSENCE. Time is of the essence of this Note and each and every provision hereof in which time is an element.

 

22. LIQUIDATED DAMAGES.
Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note, Lender’s
damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability to
predict future interest rates and other relevant factors. Accordingly, Lender and Borrower agree that any fees, balance adjustments,
default interest or other charges assessed under this Note are not penalties but instead are intended by the parties to be, and
shall be deemed, liquidated damages.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF,
Borrower has caused this Note to be issued as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/ Nadir Ali              
	 	Name: 	Nadir Ali
	 	Title:	CEO

  

[Signature Page to Promissory Note]Exhibit 10.1

 

THE EXCHANGE CONTEMPLATED HEREIN IS
INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is entered into as of                    ,
2019 by and between Iliad Research and Trading, L.P., a Utah limited partnership (“Lender”), and Inpixon, a
Nevada corporation (“Borrower” or the “Company”). Capitalized terms used in this Agreement
without definition shall have the meanings given to them in the Original Note (defined below).

 

A. Borrower
previously sold and issued to Lender that certain Promissory Note dated October 12, 2018, as amended (the “Original Note”),
in the original principal amount of $2,520,000.00 pursuant to that certain Note Purchase Agreement dated October 12, 2018 by and
between Lender and Borrower, as amended (the “Purchase Agreement,” and together with the Original Note and all
other documents entered into in conjunction therewith, the “Transaction Documents”).

 

B. Subject to
the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the form of the Original Note (the
“Partitioned Note”) in the original principal amount of $                   
(“Exchange Amount”) from the Original Note and then cause the outstanding balance of the Original Note
to be reduced by an amount equal to the Exchange Amount, which represents the total outstanding balance of the Partitioned Note.

 

C. Borrower and
Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned Note
for the delivery of                    shares
of the Company’s Common Stock, par value $0.001 (the “Common Stock”, and such                     shares
of Common Stock, the “Exchange Shares”), at an effective price per Exchange Share equal to $             ,
according to the terms and conditions of this Agreement.

 

D. The
Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend. Other than the surrender of the Partitioned Note, no consideration of any kind whatsoever
shall be given by Lender to Borrower in connection with this Agreement.

 

E. Lender
and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

 

     

     

    

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2. Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Original Note.
Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall remain in full force and
effect, provided that the outstanding balance of the Original Note shall be reduced by an amount equal to the Exchange Amount.

 

3. Issuance
of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender on
or before                    ,
2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the Free Trading Date
(as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of Borrower under
the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to
Lender’s designated brokerage account. Borrower agrees to provide all necessary cooperation or assistance that may be
required to cause all Exchange Shares delivered hereunder to become Free Trading (the first date such occurs, the
“Free Trading Date”). For purposes hereof, the term “Free Trading” means that (a) the
Exchange Shares have been cleared and approved for public resale by the compliance departments of Lender’s brokerage
firm and the clearing firm servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing
Lender’s brokerage firm and have been deposited into such clearing firm’s account for the benefit of Lender.

 

4. Closing.
The closing of the transactions contemplated hereby (the “Closing”) along with the delivery of the Exchange
Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of
..pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

5. Holding
Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the
Partitioned Note and the Exchange Shares will include Lender’s holding period of the Original Note from October 12, 2018,
as amended or modified pursuant to that certain Global Amendment, dated February 8, 2019. Borrower agrees not to take a position
contrary to this Section 5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to issue
the Exchange Shares without restriction, and not containing any restrictive legend without the need for any action by Lender; provided
that the applicable holding period has been met. In furtherance thereof, at the Closing, counsel to Lender may, in its sole discretion,
provide an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions;
and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with the requirements
of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange Shares are being
issued in substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute
a novation or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that the representations and
agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated
herein.

 

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6. Representations,
Warranties and Agreements.

 

(a) Borrower
Representations, Warranties and Agreement. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default that may have occurred
thereunder have not been, and are not hereby, waived by Lender, (d) except as specifically set forth herein, nothing herein shall
in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Original Note, (e) the issuance
of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares, when issued in accordance
with the terms hereof, will be validly issued, fully paid and non-assessable, free and clear of all taxes, liens, claims, pledges,
mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature and description, (f) Borrower has
not received any consideration in any form whatsoever for entering into this Agreement, other than the surrender of the Partitioned
Note, and (g) Borrower has taken no action which would give rise to any claim by any person for a brokerage commission, placement
agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

(b) Lender
Representations Warranties and Agreement. In order to induce the Company to enter into this Agreement, Lender for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Lender hereunder, (c) the Lender understands that the Exchange Shares are being offered and exchanged in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and the Lender’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Lender set forth herein and in the Exchange Documents in order to determine the availability of such
exemptions and the eligibility of the Lender to acquire the Exchange Shares, (d) the Lender understands that no United States federal
or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities
or the fairness or suitability of the investment in the Partitioned Note or the Exchange Shares nor have such authorities passed
upon or endorsed the merits of the offering of the Partitioned Note or the Exchange Shares, (e) the Lender is acquiring the Partitioned
Note in the ordinary course of its business, the Lender has such knowledge, sophistication, and experience in business and financial
matters so as to be capable of evaluation of the merits and risks of the prospective investment in the Partitioned Note and Exchange
Shares and has so evaluated the merits and risk of such investment and the Lender is an “accredited investor” as defined
in Regulation D under the Securities Act, (f) the Lender owns the Original Note free and clear of any liens, (h) the Lender shall
not sell, purchase, trade or otherwise dispose of or acquire any shares of Common Stock or other securities of the Company until
a Current Report on Form 8-K disclosing the transactions contemplated hereunder is filed with the U.S. Securities and Exchange
Commission, which shall be filed no later than 5:30pm EDT on the first business day following the date hereof and (i) the issuance
of the Exchange Shares shall not result in the Lender beneficially owning a number of shares of Common Stock, when aggregated with
any other shares of Common Stock beneficially owned at such time, that would result in the Lender beneficially owning (as determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder) more
than 4.99% of all of the issued and outstanding shares of Common Stock.

 

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7. Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

 

8. Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

9. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

10. Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore
be entitled to an additional award of the full amount of the attorneys’ fees and expenses  paid by such prevailing party
in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon the individual claims
or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or impair an arbitrator’s or
a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

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11. No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

 

12. Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

13. Entire
Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

14. Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

15. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder
may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign this
Agreement or any of its obligations herein without the prior written consent of Lender.

 

16. Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Original Note, the Partitioned
Note and each of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of its
original terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and delivered
by Lender and Borrower. If there is any conflict between the terms of this Agreement and the Partitioned Note, on the one hand,
and the Original Note or any other Transaction Document, on the other hand, the terms of this Agreement and the Partitioned Noted
shall prevail.

 

17. Time
of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

18. Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

19. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	INPIXON
	 	 
	 	By:	
	 	Name:	Nadir Ali
	 	Title:	CEO
	 	 
	 	LENDER:
	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 
	 	By:	Iliad Management, LLC,
	 	 	 its General Partner
	 	 
	 	 	By:	Fife Trading, Inc., its Manager
	 	 
	 	 	 	By:	 
	 	 	 	John M. Fife, President

 

[Signature Page to Exchange Agreement]

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