Document:

EX-10.2

 EXHIBIT 10.2 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EPCO UNIT II L.P.

 Dated as of 

December 3, 2018 

 TABLE OF CONTENTS 

 

							
		  	 ARTICLE I

DEFINITIONS
	  			
			
	1.01	  	Certain Definitions	  	 	1	 
	1.02	  	Other Definitions	  	 	6	 
			
		  	 ARTICLE II

ORGANIZATIONAL MATTERS
	  			
			
	2.01	  	Formation	  	 	6	 
	2.02	  	Name	  	 	6	 
	2.03	  	Registered Office; Registered Agent; Other Offices	  	 	6	 
	2.04	  	Purposes	  	 	6	 
	2.05	  	Certificate; Foreign Qualification	  	 	6	 
	2.06	  	Term	  	 	7	 
	2.07	  	Merger or Consolidation	  	 	7	 
			
		  	 ARTICLE III

PARTNERS; DISPOSITIONS OF INTERESTS
	  			
			
	3.01	  	Partners	  	 	7	 
	3.02	  	Representations and Warranties	  	 	7	 
	3.03	  	Restrictions on the Disposition of an Interest	  	 	8	 
	3.04	  	Additional Partners	  	 	9	 
	3.05	  	Interests in a Partner	  	 	9	 
	3.06	  	Spouses of Partners	  	 	10	 
	3.07	  	Vesting of Limited Partners	  	 	10	 
	3.08	  	Services Provided by the Partners	  	 	10	 
	3.09	  	Investment Company Act Matters	  	 	10	 
			
		  	 ARTICLE IV

CAPITAL CONTRIBUTIONS
	  			
			
	4.01	  	Initial and Additional Capital Contributions	  	 	10	 
	4.02	  	Return of Contributions	  	 	11	 
	4.03	  	Advances by General Partner	  	 	11	 
	4.04	  	Capital Accounts	  	 	11	 
			
		  	 ARTICLE V

ALLOCATIONS AND DISTRIBUTIONS
	  			
			
	5.01	  	Allocations	  	 	12	 
	5.02	  	Income Tax Allocations	  	 	14	 

  
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	5.03	  	Distributions of Cash Flow from EPD Units	  	 	15	 
	5.04	  	Distributions of Proceeds from Sales of EPD Units	  	 	15	 
	5.05	  	Restrictions on Distributions of EPD Units	  	 	15	 
			
		  	 ARTICLE VI

MANAGEMENT AND OPERATION
	  			
			
	6.01	  	Management of Partnership Affairs	  	 	15	 
	6.02	  	Duties and Obligations of General Partner	  	 	16	 
	6.03	  	Release and Indemnification	  	 	16	 
	6.04	  	Power of Attorney	  	 	17	 
			
		  	 ARTICLE VII

RIGHTS OF OTHER PARTNERS
	  			
			
	7.01	  	Information	  	 	18	 
	7.02	  	Limitations	  	 	19	 
	7.03	  	Limited Liability	  	 	19	 
			
		  	 ARTICLE VIII

TAXES
	  			
			
	8.01	  	Tax Returns	  	 	19	 
	8.02	  	Tax Elections	  	 	19	 
	8.03	  	Partnership Tax Audit Procedures	  	 	20	 
			
		  	 ARTICLE IX

BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS
	  			
			
	9.01	  	Maintenance of Books	  	 	20	 
	9.02	  	Financial Statements	  	 	20	 
	9.03	  	Bank Accounts	  	 	21	 
			
		  	 ARTICLE X

WITHDRAWAL, BANKRUPTCY, REMOVAL, ETC.
	  			
			
	10.01	  	Withdrawal, Bankruptcy, Etc. of General Partner	  	 	21	 
	10.02	  	Conversion of Interest	  	 	22	 
			
		  	 ARTICLE XI

DISSOLUTION, LIQUIDATION, AND TERMINATION
	  			
			
	11.01	  	Dissolution	  	 	22	 
	11.02	  	Liquidation and Termination	  	 	22	 
	11.03	  	Cancellation of Certificate	  	 	24	 

  
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		  	 ARTICLE XII

GENERAL PROVISIONS
	  			
			
	12.01	  	Offset	  	 	24	 
	12.02	  	Notices	  	 	24	 
	12.03	  	Entire Agreement; Supersedure	  	 	24	 
	12.04	  	Effect of Waiver or Consent	  	 	24	 
	12.05	  	Amendment or Modification	  	 	25	 
	12.06	  	Binding Effect; Joinder of Additional Parties	  	 	25	 
	12.07	  	Construction	  	 	25	 
	12.08	  	Further Assurances	  	 	25	 
	12.09	  	Indemnification	  	 	25	 
	12.10	  	Waiver of Certain Rights	  	 	25	 
	12.11	  	Counterparts	  	 	26	 
	12.12	  	Dispute Resolution	  	 	26	 
	12.13	  	No Effect on Employment Relationship	  	 	28	 
	12.14	  	Legal Representation	  	 	29	 

  
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 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EPCO UNIT II L.P.

 This Agreement of Limited Partnership (this “Agreement”) of EPCO Unit II L.P., a Delaware limited partnership (the
“Partnership”), is made and entered into effective as of December 3, 2018 by and among the Partners (as defined below). 

RECITALS 
 FOR AND
IN CONSIDERATION OF the mutual covenants, rights, and obligations set forth herein, the benefits to be derived therefrom, and other good and valuable consideration, the receipt and sufficiency of which each Partner acknowledges and confesses, the
Partners hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

1.01    Certain Definitions. As used in this Agreement, the following terms have the following respective meanings:

 “Act” means the Delaware Revised Uniform Limited Partnership Act and any successor statute, as amended from time to
time. 
 “Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital Account
after giving effect to the following adjustments: 
  

	 	(a)	 Credit to such Capital Account of any amounts that such Partner is obligated or deemed obligated to contribute
pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 

 

	 	(b)	 Debit to such Capital Account the items described in Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Regulations. 

The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of
Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

“Adjustment Date” means as soon as practicable following the receipt of proceeds by the Partnership from the disposition of
EPD Units, but no later than the fifth Business Day following the receipt of any proceeds by the Partnership from the disposition of EPD Units. 

“Affiliate” means with respect to any Person any other Person that directly or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the Person specified. For the purpose of this definition, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

 “Agreement” has the meaning given it in the introductory paragraph hereof.

 “Assigned EPD Units” means those 1,600,000 EPD Units of which Beneficial Ownership was assigned to the Partnership by
the Class A Limited Partner pursuant to the Assignment (as such number may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity distribution or dividend, reverse split, combination,
reclassification, recapitalization or other similar event affecting the EPD Units). 
 “Assignment” means the irrevocable
assignment under the Contribution Agreement pursuant to which Beneficial Ownership of the Assigned EPD Units has been assigned by the Class A Limited Partner to the Partnership. 

“Bankrupt Partner” means any Partner (whether a General Partner or a Limited Partner) with respect to which an event of the
type described in Section 17-402(a)(4) or (5) of the Act (or any equivalent successor provision) shall have occurred, subject to the lapsing of any period of time therein specified. 

“Beneficial Ownership” means, with respect to the Assigned EPD Units, dominion and control (within the meaning of Treasury
Regulation Section 1.704-1(e)(2)) representing all the rights and obligations held by the Class A Limited Partner with respect to the Assigned EPD Units prior to the Assignment as well as such
residual rights exercised on behalf of the Assigned EPD Units after the Assignment. 
 “Business Day” means any day other
than a Saturday, Sunday, or day on which commercial banks in the State of Texas are authorized or required to be closed for business. 

“Capital Account” means the account maintained for each Partner pursuant to Section 4.04. 

“Capital Contribution” means any contribution by a Partner to the capital of the Partnership. 

“Certificate” means the Certificate of Limited Partnership of the Partnership referred to in
Section 2.05, as it may be amended or restated from time to time. 
 “Change of Control” means
Duncan shall (i) cease to own, directly or indirectly, at least a majority of the equity interests in the General Partner or the general partner of EPD, or (ii) shall cease to have the ability to elect, directly or indirectly, at least a
majority of the directors of the general partner of EPD. 
 “Class A Capital Base” means: 

 

	 	(i)	 the Contributed Unit Fair Market Value multiplied by the number of Assigned EPD Units, 

 

	 	(ii)	 decreased on each Adjustment Date by all distributions made to the Class A Limited Partner pursuant to
Section 5.04 since the previous Adjustment Date (or in the case of the first Adjustment Date, since the Closing Date). 

  
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 “Class A Limited Partner” means EPCO Holdings, Inc., a
Delaware corporation, and its successors and assigns. 
 “Class A Preference Return” means: 

(a)    as it relates to each regular quarterly distribution with respect to EPD Units, an aggregate dollar amount equal to
the product of (i) $0.4325, multiplied by (ii) the total number of EPD Units to which such distribution relates (as such calculation may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity
distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units); and 

(b)    as it relates to any distribution with respect to EPD Units other than as described in clause (a) above, an
aggregate dollar amount equal to the product of (i) the aggregate dollar amount of such distribution received by the Partnership, multiplied by (ii) a fraction, the numerator of which shall be $0.4325 and the denominator of which shall be
equal to the per unit dollar amount of the most recent quarterly distribution paid with respect to EPD Units (as such calculation may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity distribution
or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units). 

“Class A Preference Return Amount” means the aggregate dollar amount of the unpaid Class A Preference
Return. 
 “Class B Limited Partner” means any Person executing (by power of attorney or otherwise) this
Agreement as of the date hereof as a Class B Limited Partner or hereafter admitted to the Partnership as a Class B Limited Partner as herein provided, but shall not include any Person who has ceased to be a Class B Limited Partner in
the Partnership. 
 “Class B Percentage Interest” means with respect to each Class B Limited
Partner the quotient (expressed as a percentage) of (i) such Class B Limited Partner’s Sharing Points, divided by (ii) the Sharing Points of all Class B Limited Partners. For purposes of calculating the Class B
Percentage Interest, Sharing Points attributable to interests in the Partnership that are forfeited pursuant to Section 3.07 shall be ignored. 

“Closing Date” means December 3, 2018, the date on which the Class A Limited Partner contributed Beneficial
Ownership of the Assigned EPD Units to the Partnership pursuant to the Contribution Agreement. 
 “Code” means the Internal
Revenue Code of 1986, and any successor statute, as amended from time to time. 
 “Contributed Unit Fair Market Value”
means $27.02 (the closing sales price per EPD Unit on the New York Stock Exchange on December 3, 2018) (as such dollar amount may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity
distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units). 

  
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 “Contribution Agreement” means that agreement by and between EPCO Holdings,
Inc. and EPCO Unit II L.P., dated as of December 3, 2018. 
 “Disability” means the event whereby a Limited Partner
becomes entitled to receive long-term disability benefits under the long-term disability plan of the General Partner or any of its Affiliates. 

“Dispose,” “Disposing,” or “Disposition” means a sale, assignment, transfer, exchange,
mortgage, pledge, grant of a security interest, or other disposition or encumbrance, or the acts thereof, other than by divorce, legal separation or other dissolution of a Partner’s marriage. 

“Duncan” means, collectively, individually or in any combination, the descendants, heirs and/or legatees of Dan L Duncan
and/or distributees of Dan L Duncan’s estate, and/or trusts (including voting trusts) established for the benefit of his descendants, such legatees and/or distributees and/or their respective descendants, heirs, legatees and distributees. 

“EPCO” means Enterprise Products Company, a Texas corporation. 

“EPD” means Enterprise Products Partners L.P., a Delaware limited partnership. 

“EPD Units” means (1) the Assigned EPD Units for so long as the Contribution Agreement is effective, and
(2) thereafter, the partnership units representing limited partner interests in EPD. 
 “General Interest Rate” means
a varying per annum rate equal at any given time to the lesser of (a) the interest rate publicly quoted by J.P. Morgan Chase from time to time as its prime commercial or similar reference interest rate, and (b) the maximum rate
permitted by applicable law. 
 “General Partner” means EPCO, or any Person hereafter admitted to the Partnership as a
general partner as herein provided, but shall not include any Person who has ceased to be a general partner in the Partnership. 

“Investment Company Act” means the Investment Company Act of 1940, and any successor statute, as amended from time to time.

 “Limited Partner” means the Class A Limited Partner or any Class B Limited Partner. 

“Net Income” and “Net Loss” mean, respectively, subject to Section 4.04, an amount
equal to the Partnership’s taxable income or loss taking the Assignment into account determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a)    Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in
computing Net Income or Net Loss pursuant to this definition of Net Income and Net Loss shall be added to such taxable income or loss; 

  
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 (b)    Any expenditures of the Partnership described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations, and not otherwise taken into account in computing Net
Income or Net Loss pursuant to this definition of Net Income and Net Loss, shall be subtracted from such taxable income or loss; 

(c)    In the event the value of any Partnership property is adjusted pursuant to Section 4.04
(i) such adjustment shall be taken into account as gain or loss from the disposition of such Partnership property for purposes of computing Net Income or Net Loss, (ii) if such property is subject to depreciation, cost recovery, depletion or
amortization, any further deductions for such depreciation, cost recovery, depletion or amortization attributable to such property shall be determined taking into account such adjustment, and (ii) in determining the amount of any income, gain
or loss attributable to the taxable disposition of such property such adjustment (and the related adjustments for depreciation, cost recovery, depletion or amortization) shall be taken into account; 

(d)    To the extent an adjustment to the adjusted tax basis of any Partnership Property pursuant to Code
Section 734(b) is required, pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a Distribution other than in
liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition
of such Partnership Property and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(e)    Any items that are allocated pursuant to Section 5.01(b) shall not be taken into account
in computing Net Income or Net Loss. 
 “Partner” means the General Partner, the Class A Limited Partner or any
Class B Limited Partner. 
 “Partnership” has the meaning given it in the introductory paragraph. 

“Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, as amended, together with any final or temporary
Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax law). 

“Partnership Level Tax” means any federal, state, or local tax, addition to tax, penalty, and interest payable by the
Partnership as a result of any examination of the Partnership’s affairs by any federal, state, or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules. 

“Person” has the meaning given it in the Act. 

“Qualifying Termination” means the termination of a Class B Limited Partner’s employment with the General Partner
and its Affiliates due to (i) death, (ii) receiving long-term disability benefits under the long-term disability plan of the General Partner or any of its Affiliates or (iii) retirement with the approval of the General Partner (which may
be given or withheld in its sole discretion) on or after reaching age 65, provided that such retirement occurs on or after December 3, 2022. 

  
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 “Regulations” means the regulations promulgated under Section 704 of
the Code. 
 “Required Interest” means one or more Class B Limited Partners having among them more than 50% of the
Class B Percentage Interests of all Limited Partners in its or their capacities as such. 
 “Sharing Points” means,
with respect to each Class B Limited Partner, the number of Sharing Points granted by the General Partner to such Class B Limited Partner (which number is set forth on the Power of Attorney executed by the Class B Limited Partner and
delivered to the General Partner), as the same may be amended from time to time pursuant to the terms of this Agreement. 
 “Vesting
Date” means the earliest of (i) the fifth anniversary of the date of this Agreement, (ii) a Change of Control or (iii) dissolution of the Partnership. 

1.02    Other Definitions. Other terms defined herein have the meanings so given them. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

2.01    Formation. The Partnership has been previously formed as a Delaware limited partnership for the purposes
hereinafter set forth under and pursuant to the provisions of the Act. 
 2.02    Name. The name of the
Partnership is “EPCO Unit II L.P.” and all Partnership business shall be conducted in such name or such other name or names that comply with applicable law as the General Partner may designate from time to time. 

2.03    Registered Office; Registered Agent; Other Offices. The registered office of the Partnership in the
State of Delaware shall be at such place as the General Partner may designate from time to time. The registered agent for service of process on the Partnership in the State of Delaware or any other jurisdiction shall be such Person or Persons as the
General Partner may designate from time to time. The Partnership may have such other offices as the General Partner may designate from time to time. 

2.04    Purposes. The purposes of the Partnership are to acquire, own, sell, exchange or otherwise dispose
of EPD Units, and to enter into, make and perform all contracts and other undertakings and to engage in any other business, activity or transaction that now or hereafter may be necessary, incidental, proper, advisable, or convenient, as determined
by the General Partner, to accomplish the foregoing purposes. 
 2.05    Certificate; Foreign
Qualification. The General Partner has previously executed and caused to be filed with the Secretary of State of the State of Delaware a Certificate of Limited Partnership, effective as of November 27, 2018, containing information
required by the Act and such other information as the General Partner deemed appropriate. Prior to conducting 

  
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business in any jurisdiction other than Delaware, the General Partner shall cause the Partnership to comply, to the extent such matters are reasonably within the control of the General Partner,
with all requirements necessary to qualify the Partnership as a foreign limited partnership (or a partnership in which the Limited Partners have limited liability) in such jurisdiction. Upon the request of the General Partner, each Partner shall
execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate as determined by the General Partner to qualify, continue, and terminate the Partnership as a limited
partnership under the laws of the State of Delaware and to qualify, continue, and terminate the Partnership as a foreign limited partnership (or a partnership in which the Limited Partners have limited liability) in all other jurisdictions in which
the Partnership may conduct business, and to this end the General Partner may use the power of attorney described in Section 6.04. 

2.06    Term. The term of this Partnership shall continue in existence until the close of Partnership
business on the earliest to occur of (i) the fiftieth anniversary of the date of this Agreement, and (ii) such earlier time as this Agreement may specify. 

2.07    Merger or Consolidation. The Partnership may merge or consolidate with or into another business
entity, or enter into an agreement to do so, with the consent of the General Partner and a Required Interest. 
 ARTICLE III 

PARTNERS; DISPOSITIONS OF INTERESTS 

3.01    Partners. The General Partner, the Class A Limited Partner and the Class B Limited
Partners of the Partnership are the Persons executing (by power of attorney or otherwise) this Agreement as of the date hereof as the General Partner, the Class A Limited Partner and the Class B Limited Partners, respectively, each of
which is admitted to the Partnership as the General Partner, Class A Limited Partner or a Class B Limited Partner, as the case may be, effective as of the date of this Agreement. 

3.02    Representations and Warranties. Each Partner hereby represents and warrants to the Partnership and
each other Partner that (a) if such Partner is a corporation, it is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation and is duly qualified and in good standing as a foreign
corporation in the jurisdiction of its principal place of business (if not incorporated therein), (b) if such Partner is a trust, estate or other entity, it is duly formed, validly existing, and (if applicable) in good standing under the laws of the
jurisdiction of its formation, and if required by law is duly qualified to do business and (if applicable) in good standing in the jurisdiction of its principal place of business (if not formed therein), (c) such Partner has full corporate, trust,
or other applicable right, power and authority to enter into this Agreement and to perform its obligations hereunder and all necessary actions by the board of directors, trustees, beneficiaries, or other Persons necessary for the due authorization,
execution, delivery, and performance of this Agreement by such Partner have been duly taken, and such authorization, execution, delivery, and performance do not conflict with any other agreement or arrangement to which such Partner is a party or by
which it is bound, and (d) such Partner is acquiring its interest in the Partnership for investment purposes and not with a view to distribution thereof. 

  
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 3.03    Restrictions on the Disposition of an Interest.
(a) No Class B Limited Partner may Dispose of all or part of its interest in the Partnership without the prior written consent (which may be given or withheld in its sole discretion) of the General Partner, and then only after Sections
3.03(c), (d) and (e) have been complied with, except that a Class B Limited Partner may Dispose of all of its interest upon the death of such Class B Limited Partner or upon becoming a Bankrupt Partner, but in each
case only after compliance with Sections 3.03(c), (d) and (e). Neither the General Partner nor the Class A Limited Partner may Dispose of all or a part of its interest in the Partnership to a Person who is not an Affiliate
of Duncan without the prior written consent of a Required Interest, and then only after Sections 3.03(c), (d) and (e) have been complied with. 

(b)    Subject to the provisions of Sections 3.03(c), (d) and (e), a permitted transferee of all or a
part of a Partner’s interest in the Partnership shall be admitted to the Partnership as a General Partner or a Limited Partner (as applicable) with, in the case of Class B Limited Partners, such Sharing Points (no greater than the Sharing
Points of the Class B Limited Partners effecting such Disposition immediately prior thereto) as the Partner effecting such Disposition and such permitted transferee may agree. 

(c)    The Partnership shall not recognize for any purpose any purported Disposition of an interest in the Partnership or
distributions therefrom unless and until the provisions of this Section 3.03 shall have been satisfied and there shall have been delivered to the General Partner a document (i) executed by both the Partner effecting
such Disposition and the Person to which such interest or interest in distributions are to be Disposed, (ii) including the written acceptance by any Person to be admitted to the Partnership of all the terms and provisions of this Agreement,
such Person’s notice address, and an agreement by such Person to perform and discharge timely all of the obligations and liabilities in respect of the interest being obtained, (iii) setting forth, in the case of the Class B Limited
Partners, the Sharing Points of the Class B Limited Partners effecting such Disposition and the Person to which such interest is Disposed after such Disposition (which together shall total the Sharing Points of the Class B Limited Partners
effecting such Disposition prior thereto), (iv) containing a representation and warranty that such Disposition complied with all applicable laws and regulations (including securities laws) and a representation and warranty by such Person that the
representations and warranties in Section 3.02 are true and correct with respect to such Person. Each such Disposition and, if applicable, admission shall be effective as of the first day of the calendar month immediately
succeeding the month in which the General Partner shall receive such notification of Disposition and the other requirements of this Section 3.03 shall have been met unless the General Partner and the Partner affecting such
Disposition agree to a different effective date; provided, however, that if there shall be only one General Partner and such Disposition or admission and, as a result of such Disposition such General Partner would cease to be a General
Partner, such permitted transferee shall be deemed admitted as a General Partner immediately prior to such cessation. 

(d)    Notwithstanding any provision of this Agreement to the contrary, the right of any Partner to Dispose of an interest
in the Partnership or distributions therefrom or of any Person to be admitted to the Partnership in connection therewith shall not exist or be exercised (i) unless and until the Partnership shall have received a favorable opinion of the
Partnership’s legal counsel or of other legal counsel acceptable to the General Partner to the effect that such Disposition or admission is not required to be registered under the Securities Act of 1933 or any other applicable

  
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securities laws, and such Disposition or admission would not cause the Partnership to become an “investment company” required to register under the Investment Company Act, and
(ii) unless such Disposition or admission would not result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes or as a publicly traded partnership as defined in Section 7704 of the
Code. The General Partner, however, may waive the requirements of Section 3.03(d)(i). 

(e)    All costs (including, without limitation, the legal fees incurred in connection with the obtaining of the legal
opinions referred to in Section 3.03(d)) incurred by the Partnership in connection with any Disposition or admission of a Person to the Partnership pursuant to this Section 3.03 shall be borne and
paid by the Partner effecting such Disposition within 10 days after the receipt by such Person of the Partnership’s invoice for the amount due. 

(f)    In the event of a Disposition of an interest in the Partnership pursuant to the death of a Limited Partner that
would, in the opinion of the Partnership’s legal counsel, result in the Partnership becoming an “investment company” required to register under the Investment Company Act, the General Partner shall have the right to purchase such
interest from the estate (or beneficiaries) of such deceased Partner for a price equal to the amount that the deceased Partner’s estate (or beneficiaries) would receive if all of the EPD Units held by the Partnership were sold at a price equal
to the closing sale price per EPD Unit as reported by the New York Stock Exchange (or such other applicable trading market) on the day prior to the exercise of such right by the General Partner and the proceeds from such sale were distributed to the
Partners in accordance with the provisions of Section 5.04. The determination by the General Partner of the foregoing purchase price of such deceased Partner’s interest in the Partnership shall be conclusive and
binding on the deceased Partner’s estate and beneficiaries. 
 (g)    Any attempted Disposition by a Person of an
interest or right, or any part thereof, in or in respect of the Partnership other than in accordance with this Section 3.03 shall be, and is hereby declared, null and void ab initio. 

3.04    Additional Partners. Subject to the provisions of Section 12.05 and
3.03, additional Persons may be admitted to the Partnership as General Partners or Limited Partners, only to the extent that, and on such terms and conditions as, the General Partner shall consent at the time of such admission or issuance.
Such admission or issuance shall, in the case of a Class B Limited Partners, specify the Sharing Points applicable thereto. Any such admission must comply with the provisions of Section 3.03(d) and shall not be
effective until such new Partner shall have executed and delivered to the General Partner a document including such new Partner’s notice address, acceptance of all the terms and provisions of this Agreement, an agreement to perform and
discharge timely all of its obligations and liabilities hereunder, and a representation and warranty that the representations and warranties in Section 3.02 are true and correct with respect to such new Partner. 

3.05    Interests in a Partner. No Partner that is not a natural person shall cause or permit an interest,
direct or indirect, in itself to be Disposed of such that, on account of such Disposition, the Partnership would become an association taxable as a corporation for federal income tax purposes. 

  
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 3.06    Spouses of Partners. A spouse of a Partner does
not become a Partner as a result of such marital relationship or by reason of a divorce, legal separation or other dissolution of marriage. If, in the event of a divorce, legal separation or other dissolution of marriage of a Partner, a former
spouse of a Partner is awarded ownership of, or an interest in, all or part of a Partner’s interest in the Partnership (the “Awarded Interest”), the Awarded Interest shall automatically and immediately be forfeited and
cancelled without payment on such date. 
 3.07    Vesting of Limited Partners. One hundred percent (100%)
of each Class B Limited Partner’s interest in the Partnership shall vest on the Vesting Date, but only if (i) on such date such Class B Limited Partner continues to be an active, full-time employee of the General Partner or any
of its Affiliates or (ii) prior to the Vesting Date a Qualifying Termination has occurred with respect to such Class B Limited Partner. At such time as a Class B Limited Partner ceases, for any reason other than a Qualifying
Termination, to be an active, full-time employee of the General Partner or any of its Affiliates prior to the Vesting Date (as determined by the General Partner in its sole discretion, without regard as to how his status is treated by the General
Partner or any of its Affiliates for any of its other compensation or benefit plans or programs), his unvested interest in the Partnership shall be forfeited. The Capital Account attributable to any Class B Limited Partner’s interest in
the Partnership that is forfeited pursuant to Section 3.06, this Section 3.07 or otherwise hereunder shall be allocated to the remaining Class B Limited Partners in accordance with their
respective Class B Percentage Interests. 
 3.08    Services Provided by the Partners. The interests
in the Partnership held by the Partners are for the benefit of certain employees in connection with services rendered or to be rendered by the Partners. EPCO shall be an express third party beneficiary of the services provided by the Partners. 

3.09    Investment Company Act Matters. The Partnership is intended to be exempt from the registration
requirements of the Investment Company Act. In addition to the rights, powers and authority of the General Partner set forth in Section 3.03, if any event would, in the opinion of the Partnership’s legal counsel,
result in the Partnership becoming an “investment company” required to register under the Investment Company Act, then (notwithstanding anything in this Agreement to the contrary) the General Partner shall have the right, power and
authority (exercisable in its sole discretion) to take any and all actions (on behalf of itself and/or the Partnership) as the General Partner may deem necessary, appropriate or advisable to avoid such registration requirement and/or to reduce or
mitigate the effects thereof, including without limitation taking unilateral action (without the consent of any Limited Partner) to (i) amend this Agreement in accordance with Section 12.05 and/or (ii) cause the
Partnership to be dissolved in accordance with Section 11.01. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS 

4.01    Initial and Additional Capital Contributions. In connection with the formation of the Partnership, the
General Partner contributed $1,000 to the Partnership and on the Closing Date, the Class A Limited Partner contributed to the Partnership the Assigned EPD Units. No Class B Limited Partner is obligated to make a contribution to the
Partnership. Subject to the provisions of applicable law or except as otherwise provided for herein, no Partner shall be liable for or obligated 

  
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to make an additional Capital Contribution to the Partnership, whether for the purpose of enabling the Partnership to meet its obligations under Section 6.03 or for any
other purpose. The initial Capital Account of the General Partner is $1,000, the initial Capital Account of the Class A Limited Partner as of the Closing Date is equal to the Class A Capital Base on the Closing Date, and the initial
Capital Account of each Class B Limited Partner is zero. 
 4.02    Return of Contributions. No
Partner shall be entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or any Capital Contribution made by it. No unrepaid Capital Contribution shall be deemed or considered
to be a liability of the Partnership or of any Partner. No Partner shall be required to contribute, advance or lend any cash or property to the Partnership to enable the Partnership to return any Partner’s Capital Contributions to the
Partnership. To the extent, however, any Partner (by mistake, overpayment or otherwise) advances funds to the Partnership in excess of the Capital Contributions called for under Section 4.01, such excess amounts shall not
be Capital Contributions and (other than advances made by the General Partner pursuant to Section 4.03 below) shall be promptly returned by the Partnership to the Partner so advancing such funds. 

4.03    Advances by General Partner. At any time that the Partnership shall not have sufficient cash to pay
its obligations, the General Partner may, but shall not be obligated to, advance such funds for or on behalf of the Partnership. Each such advance shall constitute a loan from the General Partner to the Partnership and shall bear interest from the
date of the advance until the date of repayment at the General Interest Rate. Any advances made by the General Partner pursuant to this Section 4.03 shall not be considered to be Capital Contributions. All advances shall be
repaid out of the next available funds of the Partnership, including Capital Contributions received. 

4.04    Capital Accounts. A Capital Account shall be established and maintained for each Partner. Each
Partner’s Capital Account (a) shall be increased by (i) the amount of money contributed by that Partner to the Partnership, (ii) the fair market value of property, if any, contributed by that Partner to the Partnership (net of
liabilities secured by such contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to that Partner of Partnership income and gain (or items thereof),
including income and gain exempt from tax and income and gain described in Regulation Section 1.704-1(b)(2)(iv)(g), but excluding income and gain described in Regulation
Section 1.704-1(b)(4)(i), and (b) shall be decreased by (i) the amount of money distributed to that Partner by the Partnership, (ii) the fair market value of property distributed to that
Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to assume or take subject to under Section 752 of the Code), (iii) allocations to that Partner of expenditures of the
Partnership described in Section 705(a)(2)(B) of the Code, and (iv) allocations of Partnership loss and deduction (or items thereof), including loss and deduction described in Regulation
Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (b)(iii) above and loss or deduction described in Regulation
Section 1.704-1(b)(4)(i). The Partners’ Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Regulation
Section 1.704-1(b)(2)(iv)(f) and as required by the other provisions of Regulation Sections 1.704-1(b)(2)(iv) and
1.704-1(b)(4), including adjustments to reflect the allocations to the Partners of depreciation, amortization, and gain or loss as computed for book purposes rather than the allocation of the corresponding
items as computed for tax purposes, as required by 

  
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Regulation Section 1.704-1(b)(2)(iv)(g). A Partner that has more than one interest in the Partnership shall have a single Capital Account that
reflects all such interests, regardless of the class of interests owned by such Partner and regardless of the time or manner in which such interests were acquired; provided, that Partners that are Affiliates but nevertheless separate legal
entities shall have separate Capital Accounts. Upon the transfer of all or part of an interest in the Partnership, the Capital Account of the transferor that is attributable to the transferred interest in the Partnership shall carry over to the
transferee Partner in accordance with the provisions of Regulation Section 1.704-1(b)(2)(iv)(l). 

ARTICLE V 

ALLOCATIONS AND DISTRIBUTIONS 

5.01    Allocations. 

(a)    Net Income and Net Loss. For purposes of maintaining the Capital Accounts, Net Income or Net Loss (and all
items included in the computation thereof) shall be allocated among the Partners as follows: 

(i)    Net Income: 

(A)    First, to the Class A Limited Partner until the Class A Limited Partner’s Adjusted
Capital Account equals the Class A Capital Base; and 
 (B)    Thereafter, to the Class B
Limited Partners in accordance with the Class B Percentage Interests. 
 (ii)    Net Loss:

 (A)    First, to the Class B Limited Partners in accordance with the Class B Percentage
Interests until the Adjusted Capital Accounts of the Class B Limited Partners are reduced to zero; and 

(B)    Thereafter, to the Class A Limited Partner. 

(b)    Special Allocations. Notwithstanding any other provision of this Section 5.01, the
following special allocations shall be made for such taxable period: 
 (i)    Partnership Minimum
Gain Chargeback. Notwithstanding any other provision of this Section 5.01, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of
Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Regulation Sections 1.704-2(f)(6),
1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 5.01(b), each Partner’s Adjusted Capital
Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.01(b) with respect to such taxable
period (other than an allocation pursuant to Sections 5.01(b)(vi) and 5.01(b)(vii)). This Section 5.01(b)(i) is intended to comply with the Partnership Minimum Gain chargeback requirement in Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. 

  
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 (ii)    Chargeback of Partner Nonrecourse Debt
Minimum Gain. Notwithstanding the other provisions of this Section 5.01 (other than Section 5.01(b)(i)), except as provided in Regulation
Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the
beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Regulation Sections
1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section 5.01(b), each Partner’s Adjusted Capital
Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.01(b), other than
Section 5.01(b)(i) and other than an allocation pursuant to Sections 5.01(b)(vi) and 5.01(b)(vii), with respect to such taxable period. This Section 5.01(b)(ii) is intended to comply
with the chargeback of items of income and gain requirement in Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii)    Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments,
allocations or distributions described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the
deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Section 5.01(b)(i) or
(ii). 
 (iv)    Gross Income Allocations. In the event any Partner has a deficit balance
in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated
to restore pursuant to Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the
amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 5.01(b)(iv) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital
Account as adjusted after all other allocations provided for in this Section 5.01 have been tentatively made as if this Section 5.01(b)(iv) were not in this Agreement. 

(v)    Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to
the Partners in accordance with their respective Percentage Interests. If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the
Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements. 

  
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 (vi)    Partner Nonrecourse Deductions. Partner
Nonrecourse Deductions for any taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with
Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be
allocated between or among such Partners in accordance with the ratios in which they share such Economic Risk of Loss. 

(vii)    Nonrecourse Liabilities. For purposes of Regulation
Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of
Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests. 

(viii)    Code Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be
specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 

(c)    Allocations Caused by Transfer of Interest. All items of income, gain, loss, deduction, and credit allocable
to any interest in the Partnership that may have been transferred shall be allocated between the transferor and the transferee based upon that portion of the calendar year during which each was recognized as owning such interest, without regard to
the results of Partnership operations during any particular portion of such calendar year and without regard to distributions made to the transferor and the transferee during such calendar year; provided, however, that such allocation
shall be made in accordance with a method permissible under Section 706 of the Code and the regulations thereunder. 

5.02    Income Tax Allocations. 

(a)    Except as provided in this Section 5.02, each item of income, gain, loss and deduction of
the Partnership for federal income tax purposes shall be allocated among the Partners in the same manner as such items are allocated for purposes of maintaining Capital Account under Section 5.01. 

(b)    For federal and state income tax purposes, income, gain, loss, and deduction with respect to property contributed to
the Partnership by a Partner or revalued pursuant to Regulation Section 1.704-1(b)(2)(iv)(f) shall be allocated among the Partners in a manner that takes into account the variation between the adjusted
tax basis of such property and its book value, as required by Section 704(c) of the Code and Regulation Section 1.704-1(b)(4)(i), using any allocation method permitted by Regulation Section 1.704-3. 

  
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 5.03    Distributions of Cash Flow from EPD Units.
Promptly following the receipt of any distributions of cash flow with respect to EPD Units, the General Partner shall cause to be distributed to the Partners such receipts (and any income from the temporary investment thereof) in the manner set
forth below, provided, that the General Partner may withhold and not distribute such portion of any such receipts that the General Partner has determined in its sole but good faith discretion should be withheld to pay expenses of the
Partnership. Distribution to the Partners pursuant to this Section 5.03 shall be made as follows: 

(a)    First, to the Class A Limited Partner until the Class A Limited Partner’s Class A Preference
Return Amount has been reduced to zero; and 
 (b)    Thereafter, to the Class B Limited Partners in accordance with
the Class B Percentage Interests. 
 5.04    Distributions of Proceeds from Sales of EPD Units.
Promptly following the receipt of any proceeds from the sale of any EPD Units by the Partnership, the General Partner shall cause to be distributed to the Partners such receipts in the manner set forth below, provided that the General Partner
may withhold and not distribute such portion of any such receipts that the General Partner has determined in its sole but good faith discretion should be withheld to pay expenses of the Partnership. Distribution to the Partners pursuant to this
Section 5.04 shall be made as follows: 
 (a)    First, to the Class A Limited Partner
until the Class A Capital Base is reduced to zero; and 
 (b)    Thereafter, to the Class B Limited Partners in
accordance with the Class B Percentage Interests. 
 5.05    Restrictions on Distributions of EPD
Units. The Partners and the Partnership hereby agree that they shall not cause the Partnership to offer for sale, sell, pledge or otherwise transfer, distribute or dispose of the EPD Units held by the Partnership prior to the Vesting
Date, other than as approved by the General Partner (in its sole discretion) in connection with a Change of Control. 
 ARTICLE VI

 MANAGEMENT AND OPERATION 

6.01    Management of Partnership Affairs. Except for situations in which the approval of the Limited
Partners is expressly required by this Agreement or by non-waivable provisions of applicable law, the General Partner shall have full, complete, and exclusive authority to manage and control the business,
affairs, and properties of the Partnership, to make all decisions regarding the same, and to perform any and all other acts or activities customary or incident to the management of the Partnership’s business. The General Partner shall receive
no compensation for its services as such. Subject to the other express provisions hereof, the General Partner shall make or take all decisions and actions for the Partnership not otherwise provided for herein, including, without limitation, the
following: 
 (a)    acquiring, holding, managing, selling, Disposing of, and otherwise dealing with and investing in
(i) the Partnership’s EPD Units, or (ii) temporary investments of Partnership capital in U.S. government securities, certificates of deposit with maturities of less than one year, commercial paper (rated or unrated), and other highly
liquid securities; 

  
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 (b)    entering into, making, and performing all contracts, agreements,
and other undertakings binding the Partnership, as may be necessary, appropriate, or advisable in furtherance of the purposes of the Partnership and making all decisions and waivers thereunder; 

(c)    opening and maintaining bank and investment accounts and drawing checks and other orders for the payment of monies;

 (d)    maintaining the assets of the Partnership in compliance with applicable securities laws and protecting and
preserving the Partnership’s title thereto; 
 (e)    collecting all sums due the Partnership; 

(f)    to the extent that funds of the Partnership are available therefor, paying as they become due all debts and
obligations of the Partnership; 
 (g)    causing securities owned by the Partnership to be registered in the
Partnership’s name or in the name of a nominee or to be held in street name, as the General Partner may elect; 

(h)    selecting, removing, and changing the authority and responsibility of lawyers, accountants, brokers, and other
advisors and consultants; 
 (i)    obtaining insurance for the Partnership to the extent the General Partner deems
appropriate; and 
 (j)    determining distributions of Partnership cash as provided in Sections 5.03 and
5.04. 
 6.02    Duties and Obligations of General Partner. The General Partner shall endeavor to
conduct the affairs of the Partnership in the best interests of the Partnership and the mutual best interests of the Partners, including, without limitation, the safekeeping and use of all Partnership funds and assets and the use thereof for the
benefit of the Partnership. The General Partner at all times shall act in good faith in all activities relating to the conduct of the business of the Partnership. The General Partner shall devote such time as it deems necessary to conduct the
business and affairs of the Partnership in an appropriate manner. 
 6.03    Release and Indemnification.
TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTNERSHIP AND EACH OTHER PARTNER ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS HEREBY RELEASES, ACQUITS, AND FOREVER DISCHARGES THE GENERAL PARTNER AND THE CLASS A LIMITED PARTNER, THEIR PARTNERS
OR SHAREHOLDERS, AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS, REPRESENTATIVES, AND AGENTS AND EACH OTHER PERSON, IF ANY, CONTROLLING OR EMPLOYING SUCH PERSONS OR ENTITIES (COLLECTIVELY, THE “INDEMNITEES”) FROM
ALL CLAIMS, DEMANDS, OR CAUSES OF ACTION OF ANY CHARACTER THAT SUCH PARTY MAY HAVE, WHETHER KNOWN OR UNKNOWN, AGAINST ANY INDEMNITEE IN CONNECTION WITH THE PARTNERSHIP AND/OR THE BUSINESS CONDUCTED  

  
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BY THE PARTNERSHIP; PROVIDED, HOWEVER, THAT SUCH RELEASE SHALL NOT APPLY TO ACTIONS CONSTITUTING WILLFUL MISCONDUCT OR BAD FAITH. TO THE FULLEST EXTENT
PERMITTED BY LAW, THE PARTNERSHIP SHALL INDEMNIFY AND HOLD HARMLESS EACH INDEMNITEE FROM AND AGAINST ALL LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES, EXPENSES (INCLUDING, WITHOUT LIMITATION, COSTS OF SUIT AND ATTORNEYS’ FEES) SUCH INDEMNITEE
MAY INCUR IN CONNECTION WITH THE GENERAL PARTNER’S PERFORMING ITS OBLIGATIONS HEREUNDER (INCLUDING WITHOUT LIMITATION LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES AND EXPENSES ARISING FROM, OR ALLEGED TO ARISE FROM, THE INDEMNITEE’S ACTIVE
OR PASSIVE, SOLE OR CONCURRENT, NEGLIGENCE OR GROSS NEGLIGENCE), AND THE PARTNERSHIP SHALL ADVANCE EXPENSES ASSOCIATED WITH THE DEFENSE OF ANY ACTION RELATED THERETO; PROVIDED, HOWEVER, THAT SUCH INDEMNITY
SHALL NOT APPLY TO ACTIONS WHICH HAVE BEEN FINALLY, WITHOUT FURTHER RIGHT TO APPEAL, JUDICIALLY DETERMINED TO CONSTITUTE WILLFUL MISCONDUCT OR BAD FAITH. IF THE INDEMNIFICATION PROVIDED FOR ABOVE IS NOT PERMITTED OR ENFORCEABLE UNDER APPLICABLE LAW
OR IS OTHERWISE UNAVAILABLE OR INSUFFICIENT TO HOLD HARMLESS THE INDEMNITEES AS CONTEMPLATED ABOVE, THEN THE PARTNERSHIP SHALL CONTRIBUTE TO THE AMOUNT PAID OR PAYABLE BY THE INDEMNITEES AS A RESULT OF SUCH LOSSES, COSTS, CLAIMS, LIABILITIES,
DAMAGES AND EXPENSES REFERRED TO ABOVE IN SUCH PROPORTION AS IS APPROPRIATE TO REFLECT THE RELATIVE BENEFITS CONTEMPLATED TO BE RECEIVED BY THE PARTNERSHIP AND THE INDEMNITEES, RESPECTIVELY, FROM THE ACTIONS GIVING RISE TO SUCH LOSSES, COSTS,
CLAIMS, LIABILITIES, DAMAGES OR EXPENSES. 
 6.04    Power of Attorney. 

(a)    Each Limited Partner hereby constitutes and appoints the General Partner and, if a liquidator (other than the
General Partner) shall have been selected pursuant to Section 11.02, the liquidator, severally (and any successor to either thereof by merger, transfer, assignment, election or otherwise) and each of their authorized
officers and attorneys-in-fact, as the case may be, with full power of substitution, as his true and lawful agent and attorney-in-fact, with full power and authority in his name, place and stead, to: 

(i)    execute, swear to, acknowledge, deliver, file and record in the appropriate public offices
(A) all certificates, documents and other instruments (including this Agreement and the Certificate of Limited Partnership and all amendments or restatements hereof or thereof) that the General Partner or the liquidator deems necessary or
appropriate to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in
which the Partnership may conduct business or own property; (B) all certificates, documents and other instruments that the General Partner or the liquidator deems necessary or appropriate to reflect, in accordance with its terms, any amendment,
change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments (including conveyances and a certificate 

  
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of cancellation) that the General Partner or the liquidator deems necessary or appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement;
and (D) all certificates, documents and other instruments relating to the admission, withdrawal, removal or substitution of any Partner; and 

(ii)    execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers,
certificates, documents and other instruments necessary or appropriate, in the discretion of the General Partner or the liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or
given by the Partners hereunder or is consistent with the terms of this Agreement or is necessary or appropriate, in the discretion of the General Partner or the liquidator, to effectuate the terms or intent of this Agreement; provided, that
when required by any provision of this Agreement that establishes a percentage of the Limited Partners required to take any action, the General Partner and the liquidator may exercise the power of attorney made in this
Section 6.04 only after the necessary vote, consent or approval of the Limited Partners. 
 This
Section 6.04 shall be construed as authorizing the General Partner to amend this Agreement in any manner subject to any provision of this Agreement that establishes a percentage of the Limited Partners required to take any
action. 
 (b)    The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an
interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner and the transfer of all or any
portion of such Limited Partner’s Percentage Interest and shall extend to such Limited Partner’s heirs, successors, assigns and personal representatives. Each such Limited Partner hereby agrees to be bound by any representation made by the
General Partner or the liquidator acting in good faith pursuant to such power of attorney; and each such Limited Partner, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or
disaffirm the action of the General Partner or the liquidator taken in good faith under such power of attorney. Each Limited Partner shall execute and deliver to the General Partner or the liquidator, within 15 days after receipt of the request
therefor, such further designation, powers of attorney and other instruments as the General Partner or the liquidator deems necessary to effectuate this Agreement and the purposes of the Partnership. 

ARTICLE VII 
 RIGHTS
OF OTHER PARTNERS 
 7.01    Information. In addition to the other rights specifically set forth
herein, each Partner shall have access to all information to which such Partner is entitled to have access pursuant to Section 17-305 of the Act under the circumstances and subject to the conditions
therein stated. Without limiting the provisions of Section 17-305(b) of the Act, the Partners agree that if the General Partner from time to time enters into on behalf of the Partnership or the General
Partner contractual obligations regarding the confidentiality of information received with respect to the Partnership’s business or assets, it shall not be reasonable for any other Partner or assignee or representative thereof to examine or
copy such information unless such Partner agrees to comply with the terms of such contractual obligations including without limitation executing a counterpart of any applicable confidentiality agreements. 

  
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 7.02    Limitations. No Limited Partner shall have the
authority or power in its capacity as such to act for or on behalf of the Partnership or any other Partner, to do any act that would be binding on the Partnership or any other Partner, or to incur any expenditures on behalf of or with respect to the
Partnership. No Limited Partner shall have the right or power to withdraw from the Partnership. 
 7.03    Limited
Liability. No Limited Partner shall be liable for the losses, debts, liabilities, contracts, or other obligations of the Partnership except to the extent required by law or otherwise set forth herein. 

ARTICLE VIII 
 TAXES

 8.01    Tax Returns. The General Partner shall cause to be prepared and filed all necessary
federal and state income tax returns for the Partnership, including making the elections described in Section 8.02. Each Partner shall furnish to the General Partner all pertinent information in its possession relating to
Partnership operations that is necessary to enable such income tax returns to be prepared and filed. 
 8.02    Tax
Elections. The following elections shall be made on the appropriate returns of the Partnership: 
 (a)    to
adopt the calendar year as the Partnership’s fiscal year; 
 (b)    unless the accrual method is required under the
applicable sections of the Code, to adopt the cash method of accounting and to keep the Partnership’s books and records on the income-tax method; 

(c)    if there shall be a distribution of Partnership property as described in Section 734 of the Code or if there
shall be a transfer of a Partnership interest as described in Section 743 of the Code, upon written request of any Partner, to elect, pursuant to Section 754 of the Code, to adjust the basis of Partnership properties; 

(d)    to elect to amortize the organizational expenses of the Partnership ratably over a period of 60 months as permitted
by Section 709(b) of the Code; and 
 (e)    any other election the General Partner may deem appropriate and in the
best interests of the Partners. 
 No election shall be made by the Partnership or any Partner to be treated as an association taxable as a corporation or
to be excluded from the application of the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code or any similar provisions of applicable state laws. 

  
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 8.03    Partnership Tax Audit Procedures. 

(a)    For all tax years beginning before December 31, 2017, the General Partner shall be the “tax matters
partner” of the Partnership pursuant to Section 6231(a)(7) of the Code. The General Partner shall take such action as may be necessary to cause each other Partner to become a “notice partner” within the meaning of
Section 6223 of the Code. The General Partner shall inform each other Partner of all significant matters that may come to its attention in its capacity as tax matters partner by giving notice thereof within ten Business Days after becoming
aware thereof and, within such time, shall forward to each other Partner copies of all significant written communications it may receive in such capacity. The General Partner shall not take any action contemplated by Sections 6222 through 6232 of
the Code without the consent of a Required Interest. This provision is not intended to authorize the General Partner to take any action left to the determination of an individual Partner under Sections 6222 through 6232 of the Code. 

(b)    For all tax years beginning after December 31, 2017, the “partnership representative” (within the
meaning of Section 6223(a) of the Code or any analogous provision of state or local law) of the Partnership shall be the General Partner. The General Partner (or any individual designated by the General Partner) is authorized to take such
actions and to execute and file all statements and forms on behalf of the Partnership that are permitted or required by the Partnership Tax Audit Rules (including a “push-out” election under
Section 6226 of the Code or any analogous election under state or local tax law). Each Partner agrees to cooperate with the General Partner and to do or refrain from doing any or all things requested by the General Partner (including paying any
and all resulting taxes, additions to tax, penalties and interest in a timely fashion) in connection with any examination of the Partnership’s affairs by any federal, state, or local tax authorities, including resulting administrative and
judicial proceedings. No Partner shall have any claim against the General Partner for any actions taken (or any failures to take action) in good faith pursuant to this Section 8.03(b). Any reasonable, documented cost or
expense incurred by the General Partner in connection with its duties, including the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the Partnership. 

(c)    To the extent that any tax (including any Partnership Level Tax) is paid by the Partnership and the General Partner,
in good faith, determines that such tax relates to one or more specific Partners, the General Partner may either (i) offset such tax against any distributions to which such Partner is otherwise entitled, or (ii) require such Partner to
promptly reimburse the Partnership for such tax. 
 ARTICLE IX 

BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS 

9.01    Maintenance of Books. The books of account for the Partnership shall be maintained on a cash basis
in accordance with the terms of this Agreement except that the Capital Accounts of the Partners shall be maintained in accordance with Section 4.04. The calendar year shall be the accounting year of the Partnership. 

9.02    Financial Statements. Within 120 days after the end of each fiscal year during the term of the
Partnership, the General Partner shall cause each other Partner to be furnished with an unaudited balance sheet, an income statement, and a statement of changes in Partners’ capital of the Partnership for, or as of the end of, such period. All
financial statements shall be prepared in accordance with accounting principles generally employed for cash-basis records consistently applied (except as therein noted). 

  
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 9.03    Bank Accounts. The General Partner shall establish
and maintain one or more separate accounts for Partnership funds in the Partnership name at such financial institutions as it may designate. The General Partner may not commingle the Partnership’s funds with other funds of any Partner. 

ARTICLE X 

WITHDRAWAL, BANKRUPTCY, REMOVAL, ETC. 

10.01    Withdrawal, Bankruptcy, Etc. of General Partner. 

(a)    The General Partner covenants and agrees that it will not withdraw from the Partnership as the general partner
within the meaning of Section 17-602 of the Act. If the General Partner shall so withdraw from the Partnership in violation of such covenant and agreement, such withdrawal shall be effective only upon 90
days’ prior notice to all other Partners. 
 (b)    The General Partner shall not cease to be a general partner on
the occurrence of an event of the type described in Section 17-402(a)(4) through (10) of the Act, but shall cease to be a general partner 90 days thereafter. The General Partner shall notify each
other Partner that an event of the type described in Section 17-402(a)(4) through (10) of the Act has occurred (without regard to the lapse of any time periods therein) with respect to it within five
Business Days after such occurrence. 
 (c)    Following any notice pursuant to
Section 10.01(a) that the General Partner shall be withdrawing, or following the occurrence of an event of the type described in Section 17-402(a)(4) through (10) of the Act
with respect to the General Partner (without regard to the lapse of any time periods therein), and unless there shall be one other General Partner remaining, the greater of the Class A Limited Partner plus a Required Interest of the
Class B Limited Partners or a majority in interest as defined in Internal Revenue Service Procedure 94-46 (or any successor thereof) by written consent may select a new General Partner, which shall be
admitted to the Partnership as a general partner effective immediately prior to the existing General Partner’s ceasing to be a general partner with such general partner interest as the Limited Partners making such selection may specify, but
only if such new General Partner shall have made such Capital Contribution as such Limited Partners may specify and shall have executed and delivered to the Partnership a document including such new General Partner’s notice address, acceptance
of all the terms and provisions of this Agreement, an agreement to perform and discharge timely all of its obligations and liabilities hereunder, and a representation and warranty that the representation and warranties in
Section 3.02 are true and correct with respect to such new General Partner. Notwithstanding the foregoing provisions of this Section 10.01(c), the right to select such new General Partner shall not
exist or be exercised unless the Partnership shall have received the favorable opinion of the Partnership’s legal counsel or of other legal counsel acceptable to the Limited Partners making such selection to the effect that such selection and
admission will not result in (i) the loss of limited liability of any Limited Partner (except to the extent a Limited Partner has consented to become the General Partner) or (ii) in the Partnership being treated as an association taxable
as a corporation for federal income tax purposes. Notwithstanding the foregoing provisions of this Section 10.01(c), no such 

  
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new General Partner shall be admitted (and the existing General Partner shall continue as such) if the event that permitted the selection of a new General Partner shall have been an event of the
type described in Section 17-402(a)(5) of the Act that with the passage of time would cause the existing General Partner to become a Bankrupt Partner but, due to the failure of such situation to continue,
such General Partner does not become a Bankrupt Partner. 
 10.02    Conversion of Interest. Immediately
upon the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in the Partnership as a General Partner
shall be converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein immediately prior to its ceasing to be a General Partner, and such General Partner shall
automatically and without further action be admitted to the Partnership as a Limited Partner. 
 ARTICLE XI 

DISSOLUTION, LIQUIDATION, AND TERMINATION 

11.01    Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the first to
occur of any of the following: 
 (a)    the written consent of the General Partner, the Class A Limited Partner and
a Required Interest; 
 (b)    the written consent of the General Partner acting pursuant to
Section 3.09; 
 (c)    unless otherwise agreed to by the General Partner, the Class A
Limited Partner and a Required Interest, a date selected by the General Partner (in its sole discretion) that is within 30 days following the occurrence of the Vesting Date; 

(d)    the end of the term of the Partnership as set forth in Section 2.06; 

(e)    the General Partner’s ceasing to be the General Partner as described in
Section 10.01(b) with no new General Partner having been selected and admitted as provided in Section 10.01(c); or 

(f)    any other event causing dissolution as described in Section 17-801 of
the Act (other than an event described in Section 17-402(a)(4) through (10) of the Act, except as provided in Sections 10.01(b) and 11.01(d)); 

it being understood that if an “event of withdrawal of a general partner” (as defined in
Section 17-101(3) of the Act) shall occur with respect to the General Partner and at least one other General Partner shall have been or is about to be admitted pursuant to
Section 3.03(b), 10.01(c), or 10.02, the Partnership shall not dissolve but shall continue and the remaining General Partner shall, and hereby agrees to, carry on the business of the Partnership. 

11.02    Liquidation and Termination. Upon dissolution of the Partnership, unless it is continued as
provided in Section 11.01, the General Partner shall act as liquidator or may appoint one or more other Persons as liquidator; provided, however, that if the Partnership shall be 

  
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dissolved on account of an event of the type described in Section 17-402(a)(4) through (10) of Act with respect to the General Partner, the
liquidator shall be one or more Persons selected in writing by the Class A Limited Partner and a Required Interest. The liquidator shall proceed diligently to wind up the affairs of the Partnership and make final distributions as provided
herein, and shall file any amendments to the Certificate as may be required by applicable law. The costs of liquidation shall be borne as a Partnership expense. Until final distribution, the liquidator shall continue to manage the Partnership assets
with all of the power and authority of the General Partner. The steps to be accomplished by the liquidator are as follows: 

(a)    as promptly as possible after dissolution and again after final liquidation, the liquidator shall cause a proper
accounting to be made by a recognized firm of certified public accountants of the Partnership’s assets, liabilities, and operations through the last day of the calendar month in which the dissolution shall have occurred or the final liquidation
shall be completed, as applicable; 
 (b)    the liquidator shall pay all of the debts and liabilities of the Partnership
(including, without limitation, all expenses incurred in liquidation and any advances made by the General Partner pursuant to Section 4.03) or otherwise make adequate provision therefor (including, without limitation, the
establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine); and 

(c)    all remaining assets of the Partnership shall be distributed to the Partners as follows: 

(i)    the fair market value of the property shall be determined and the capital accounts of the Partners
shall be adjusted to reflect the manner in which the unrealized income, gain, loss, and deduction inherent in such property (that has not been reflected in the capital accounts previously) would be allocated among the Partners if there were a
taxable disposition of such property for the fair market value of such property on the Vesting Date; and 

(ii)    the Partnership property shall be distributed among the Partners in accordance with the positive
capital account balances of the Partners, as determined after taking into account all capital account adjustments for the taxable year of the Partnership during which the liquidation of the Partnership occurs (other than those made by reason of this
clause); and such distributions shall be made by the end of the taxable year of the Partnership during which the liquidation of the Partnership occurs (or, if later, within 90 days after the date of such liquidation). While the General Partner has
the right to sell EPD Units as noted in Section 5.04, and subject to the restrictions set forth in Section 5.05, it is the intent of the General Partner upon liquidation and termination of the
Partnership to distribute EPD Units to the Partners rather than sell the EPD Units and distribute the cash proceeds of such sale to the Partners. 
 For
purposes of this Section 11.02(c), the “fair market value” of each EPD Unit held by the Partnership on the Vesting Date shall be equal to the average of the closing sale prices per EPD Unit for the 20 trading days
ending on the Vesting Date (or, if no closing sale price is reported, the average of the bid and asked prices) as reported in the composite transactions for the principal United States securities exchange on which the EPD Units are traded or if the
EPD Units are not 

  
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listed on a national or regional stock exchange, as reported by The NASDAQ National Market. All distributions in kind to the Partners shall be made subject to the liability of each distributee
for costs, expenses, and liabilities theretofore incurred or for which the Partnership shall have committed prior to the date of termination and such costs, expenses, and liabilities shall be allocated to such distributee pursuant to this
Section 11.02. The distribution of property to a Partner in accordance with the provisions of this Section 11.02 shall constitute a complete return to the Partner of its Capital Contributions and a
complete distribution to the Partner of its interest in the Partnership and all the Partnership’s property and shall constitute a compromise to which all Partners have consented within the meaning of
Section 17-502(b) of the Act. 
 11.03    Cancellation of
Certificate. Upon completion of the distribution of Partnership assets as provided herein, the Partnership shall be terminated, and the General Partner (or, if there shall be no General Partner, the Limited Partners) shall cause the
cancellation of the Certificate and any other filings made pursuant to Section 2.05 and shall take such other actions as may be necessary to terminate the Partnership. 

ARTICLE XII 
 GENERAL
PROVISIONS 
 12.01    Offset. In the event that any sum is payable to any Partner pursuant to
this Agreement, any amounts owed by such Partner to the Partnership shall be deducted from said sum before payment to said Partner. 

12.02    Notices. All notices or requests or consents provided for or permitted to be given pursuant to this
Agreement must be in writing and must be given (a) by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or (b) by delivering such notice
by courier or in person to such party. Notices given or served pursuant hereto shall be effective two Business Days after such deposit, or upon receipt if delivered in person to the person to be notified. All notices to be sent to a Partner shall be
sent to or made at the address given on the Power of Attorney executed by the Partner and delivered to the General Partner on the date of this Agreement or in the instrument described in Section 3.03(c), 3.04, or
10.01(c), or such other address as such Partner may specify by notice to the General Partner. Any notice to the Partnership shall be given to the General Partner. 

12.03    Entire Agreement; Supersedure. This Agreement constitutes the entire agreement of the Partners
relating to the matters contained herein and supersedes all prior contracts or agreements, whether oral or written, among the parties hereto with respect to such matters. 

12.04    Effect of Waiver or Consent. No waiver or consent, express or implied, by any Person with respect
to any breach or default by any other Person of its obligations hereunder shall be deemed or construed to be a consent or waiver with respect to any other breach or default by such other Person of the same or any other obligations of such other
Person hereunder. Failure on the part of any Person to complain of any act or omission of any other Person, or to declare any other Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Person of
its rights hereunder until the applicable limitation period has run. 

  
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 12.05    Amendment or Modification. This Agreement may be
amended or modified from time to time only by a written instrument executed by the General Partner; provided, however, that (a) the vesting and distribution provisions of this Agreement may be amended or modified only by a written
instrument executed by the General Partner, the Class A Limited Partner and a Required Interest, and (b) no amendment or modification reducing a Partner’s Sharing Points (other than to reflect changes otherwise provided hereby) or
increasing its duties or adversely affecting its limited liability shall be effective without such Partner’s consent. 

12.06    Binding Effect; Joinder of Additional Parties. Subject to the restrictions on Dispositions set
forth herein, this Agreement shall be binding upon and shall inure to the benefit of the Partners, as well as the respective heirs, legal representatives, successors, and assigns of such Partners. 

12.07    Construction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR CONSTRUCTION OF THIS AGREEMENT TO THE LAWS OF ANOTHER
JURISDICTION. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof. Whenever the
context requires, the gender of all words used in this Agreement shall include the masculine, feminine, and neuter. All references to Articles and Sections refer to articles and sections of this Agreement. All sums and amounts payable or to be
payable pursuant to the provisions of this Agreement shall be payable in coin or currency of the United States of America that, at the time of payment, is legal tender for the payment of public and private debts in the United States of America. If
any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances
shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 
 12.08    Further
Assurances. In connection with this Agreement, as well as all transactions contemplated by this Agreement, each Partner agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and all such transactions. 

12.09    Indemnification. To the fullest extent permitted by law, each Partner shall indemnify the
Partnership and each other Partner and hold them harmless from and against all losses, costs, liabilities, damages, and expenses (including, without limitation, costs of suit and attorney’s fees) they may incur on account of any breach by such
indemnifying Partner of this Agreement. 
 12.10    Waiver of Certain Rights. Each Partner irrevocably
waives any right it might have to maintain any action for dissolution of the Partnership or to maintain any action for partition of the property of the Partnership. 

  
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 12.11    Counterparts. This Agreement may be executed in
any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

12.12    Dispute Resolution. (a) If the General Partner and one or more Limited Partners are unable to
resolve any controversy, dispute, claim or other matter in question arising out of, or relating to, this Agreement, any provision hereof, the alleged breach hereof, or in any way relating to the subject matter of this Agreement, or the relationship
between the parties created by this Agreement, including questions concerning the scope and applicability of this Section 12.12, whether sounding in contract, tort or otherwise, at law or in equity, under state or federal
law, whether provided by statute or common law, for damages or any other relief (any such controversy, dispute, claim or other matter in question, a “Dispute”), on or before the 30th day following the receipt by the General Partner
or such Limited Partners of written notice of such Dispute from the other party, which notice describes in reasonable detail the nature of the Dispute and the facts and circumstances relating thereto, the General Partner or such Limited Partners
may, by delivery of written notice to the other party, require that a representative of the General Partner and of such Limited Partners meet at a mutually agreeable time and place in an attempt to resolve such Dispute. Such meeting shall take place
on or before the 15th day following the date of the notice requiring such meeting, and if the Dispute has not been resolved within 15 days following such meeting, the General Partner or such Limited Partners may cause such Dispute to be resolved by
binding arbitration in Houston, Texas, by submitting such Dispute for arbitration within 30 days following the expiration of such 15-day period. This agreement to arbitrate shall be specifically enforceable
against the parties. 
 (b)    It is the intention of the parties that the arbitration shall be governed by and conducted
pursuant to the Federal Arbitration Act, as such Act is modified by this Section 12.12. If it is determined the Federal Arbitration Act is not applicable to this Agreement (e.g., this Agreement does not evidence a
transaction involving interstate commerce), this agreement to arbitrate shall nevertheless be enforceable pursuant to applicable State law. While the arbitrators may refer to the Commercial Arbitration Rules of the American Arbitration Association
(the “Rules”) for guidance with respect to procedural matters, the arbitration proceeding shall not be administered by the American Arbitration Association but instead shall be self-administered by the parties until the arbitrators
are selected and then the proceeding shall be administered by the arbitrators. 
 (c)    The validity, construction, and
interpretation of this agreement to arbitrate, and all procedural aspects of the arbitration conducted pursuant to this agreement to arbitrate, including but not limited to, the determination of the issues that are subject to arbitration (i.e.,
arbitrability), the scope of the arbitrable issues, allegations of “fraud in the inducement” to enter into this Agreement or this arbitration provision, allegations of waiver, laches, delay or other defenses to arbitrability, and the rules
governing the conduct of the arbitration (including the time for filing an answer, the time for the filing of counterclaims, the times for amending the pleadings, the specificity of the pleadings, the extent and scope of discovery, the issuance of
subpoenas, the times for the designation of experts, whether the arbitration is to be stayed pending resolution of related litigation involving third parties not bound by this arbitration agreement, the receipt of evidence, and the like), shall be
decided by the arbitrators. 

  
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 (d)    The rules of arbitration of the Federal Arbitration Act, as
modified by this Agreement, shall govern procedural aspects of the arbitration; to the extent the Federal Arbitration Act as modified by this Agreement does not address a procedural issue, the arbitrators may refer for guidance to the Commercial
Arbitration Rules then in effect with the American Arbitration Association. The arbitrators may refer for guidance to the Federal Rules of Civil Procedure, the Federal Rules of Civil Evidence, and the federal law with respect to the discovery
process, applicable legal privileges, and admissible evidence. In deciding the substance of the parties’ Dispute, the arbitrators shall refer to the substantive laws of the State of Delaware for guidance (excluding Delaware’s conflict-of-law rules or principles that might call for the application of the law of another jurisdiction); provided, however, IT IS EXPRESSLY AGREED THAT
NOTWITHSTANDING ANY OTHER PROVISION IN THIS SECTION 12.12 TO THE CONTRARY, THE ARBITRATORS SHALL HAVE ABSOLUTELY NO AUTHORITY TO AWARD CONSEQUENTIAL DAMAGES (SUCH AS LOSS OF PROFIT), TREBLE, EXEMPLARY OR PUNITIVE DAMAGES OF ANY TYPE UNDER ANY
CIRCUMSTANCES REGARDLESS OF WHETHER SUCH DAMAGES MAY BE AVAILABLE UNDER DELAWARE LAW, THE LAW OF ANY OTHER STATE, OR FEDERAL LAW, OR UNDER THE FEDERAL ARBITRATION ACT, OR UNDER THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION
ASSOCIATION. The arbitrators shall have the authority to assess the costs and expenses of the arbitration proceeding (including the arbitrators’ fees and expenses) against either or both parties. However, each party shall bear its own attorneys
fees and the arbitrators shall have no authority to award attorneys fees. 
 (e)    When a Dispute has been submitted for
arbitration, within 30 days of such submission, the General Partner will choose an arbitrator, and such Limited Partners will choose an arbitrator. The two arbitrators shall select a third arbitrator, failing agreement on which within 90 days of the
original notice, the General Partner and such Limited Partners (or either of them) shall apply to any United States District Judge for the Southern District of Texas, who shall appoint the third arbitrator. While the third arbitrator shall be
neutral, the two party-appointed arbitrators are not required to be neutral and it shall not be grounds for removal of either of the two party-appointed arbitrators or for vacating the arbitrators’ award that either of such arbitrators has past
or present minimal relationships with the party that appointed such arbitrator. Evident partiality on the part of an arbitrator exists only where the circumstances are such that a reasonable person would have to conclude there in fact existed actual
bias and a mere appearance or impression of bias will not constitute evident partiality or otherwise disqualify an arbitrator. Minimal or trivial past or present relationships between the neutral arbitrator and the party selecting such arbitrator or
any of the other arbitrators, or the failure to disclose such minimal or trivial past or present relationships, will not by themselves constitute evident partiality or otherwise disqualify any arbitrator. Upon selection of the third arbitrator, each
of the three arbitrators shall agree in writing to abide faithfully by the terms of this agreement to arbitrate. The three arbitrators shall make all of their decisions by majority vote. If one of the party-appointed arbitrators refuses to
participate in the proceedings or refuses to vote, the decision of the other two arbitrators shall be binding. If an arbitrator dies or becomes physically incapacitated and is unable to fulfill his or her duties as an arbitrator, the arbitration
proceeding shall continue with a substitute arbitrator selected as follows: if the incapacitated arbitrator is a party-appointed arbitrator, the party shall promptly select a new arbitrator, and if the incapacitated arbitrator is the neutral
arbitrator, the two-party appointed arbitrators shall select a substitute neutral arbitrator, failing agreement on which the General Partner and such Limited Partners (or either of them) shall apply to any
United States District Judge for the Southern District of Texas, who shall appoint the substitute neutral arbitrator. 

  
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 (f)    The final hearing shall be conducted within 120 days of the
selection of the third arbitrator. The final hearing shall not exceed ten working days, with each party to be granted one-half of the allocated time to present its case to the arbitrators. There shall be a
transcript of the hearing before the arbitrators. The arbitrators shall render their ultimate decision within 20 days of the completion of the final hearing completely resolving all of the Disputes between the parties that are the subject of the
arbitration proceeding. The arbitrators’ ultimate decision after final hearing shall be in writing, but shall be as brief as possible, and the arbitrators shall assign their reasons for their ultimate decision. In the case the arbitrators award
any monetary damages in favor of either party, the arbitrators shall certify in their award that they have not included any treble, exemplary or punitive damages. 

(g)    The arbitrators’ award shall, as between the parties to this Agreement and those in privity with them, be final
and entitled to all of the protections and benefits of a final judgment, e.g., res judicata (claim preclusion) and collateral estoppel (issue preclusion), as to all Disputes, including compulsory counterclaims, that were or could have been presented
to the arbitrators. The arbitrators’ award shall not be reviewable by or appealable to any court, except to the extent permitted by the Federal Arbitration Act. 

(h)    It is the intent of the parties that the arbitration proceeding shall be conducted expeditiously, without initial
recourse to the courts and without interlocutory appeals of the arbitrators’ decisions to the courts. However, if a party refuses to honor its obligations under this agreement to arbitrate, the other party may obtain appropriate relief
compelling arbitration in any court having jurisdiction over the parties; the order compelling arbitration shall require that the arbitration proceedings take place in Houston, Texas, as specified above. The parties may apply to any court for orders
requiring witnesses to obey subpoenas issued by the arbitrators. Moreover, any and all of the arbitrators’ orders and decisions may be enforced if necessary by any court. The arbitrators’ award may be confirmed in, and judgment upon the
award entered by, any federal or State court having jurisdiction over the parties. 
 (i)    To the fullest extent
permitted by law, this arbitration proceeding and the arbitrators award shall be maintained in confidence by the parties. However, a violation of this covenant shall not affect the enforceability of this arbitration agreement or of the
arbitrators’ award. 
 (j)    A party’s breach of this Agreement shall not affect this agreement to arbitrate.
Moreover, the parties’ obligations under this arbitration provision are enforceable even after this Agreement has terminated. The invalidity or unenforceability of any provision of this arbitration agreement shall not affect the validity or
enforceability of the parties’ obligation to submit their Disputes to binding arbitration or the other provisions of this agreement to arbitrate. 

12.13    No Effect on Employment Relationship. Nothing in this Agreement shall confer upon any employee of
the General Partner or any Affiliate thereof any right to continued employment nor shall it interfere in any way with the right of the General Partner or any of its Affiliates to terminate the employment of any employee at any time. 

  
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 12.14    Legal Representation. This Agreement and related
documents have been prepared by Vinson & Elkins LLP and Sidley Austin LLP, as counsel for the General Partner, and not as counsel for any other Partner or the Partnership. Each party other than the General Partner has been advised to seek
independent counsel in connection with this Agreement and the related documents. 
 [Signature Pages to Follow.] 

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

							
	GENERAL PARTNER:	 		 	ENTERPRISE PRODUCTS COMPANY
				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
			
	CLASS A LIMITED PARTNER:	 		 	EPCO HOLDINGS, INC.
				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
			
	CLASS B LIMITED PARTNERS:	 		 	All Class B Limited Partners initially admitted as Class B Limited Partners of the Partnership, pursuant to Powers of Attorney executed in favor of, and granted and delivered to the General Partner
			
		 		 	 By: ENTERPRISE PRODUCTS COMPANY
 (As
attorney-in-fact for the Class B Limited Partners pursuant to powers of attorney)

				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
				
	THE STATE OF TEXAS	 	§	 		 	
		 	§	 		 	
	COUNTY OF HARRIS	 	§	 		 	

 This instrument was acknowledged before me on the 3rd day of December, 2018, by Richard H. Bachmann, President
and Chief Executive Officer of each of Enterprise Products Company (a Texas corporation) and EPCO Holdings, Inc. (a Delaware corporation), in the applicable capacities indicated above. 

 

							
	(Seal)	 		 	  /s/ Sherri Reinartz-Sera

							
		 		 	 Notary Public in and for the
 State
of Texas

							
		 		 	                     Printed Name:	 	Sherri Reinartz-Sera

							
		 		 	                                      
        My Commission Expires:	 	04/20/2019

  
 Agreement of Limited
Partnership of EPCO Unit II L.P. 

 Exhibit A 

FORM OF POWER OF ATTORNEY 

For Executing Agreement of Limited Partnership of EPCO Unit II L.P. 

Know all by these presents, that the undersigned hereby constitutes and appoints Enterprise Products Company, a Texas corporation, and its
authorized representatives the undersigned’s true and lawful attorney-in-fact to: 
  

	 	(1)	 execute for and on behalf of the undersigned as a Class B limited partner thereunder that certain
Agreement of Limited Partnership of EPCO Unit II L.P. (the “Partnership Agreement”); and 

  

	 	(2)	 take any other action of any type whatsoever in connection with the foregoing that, in the opinion of each such
attorney-in-fact, may be of benefit to, in the best interest of, or legally required of the undersigned, it being understood that the documents executed by the attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as the attorney-in-fact may approve in the attorney-in-fact’s discretion. 

The undersigned hereby grants to each attorney-in-fact full
power and authority to do and perform all and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that the attorney-in-fact, or the attorney-in-facts substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. 

The undersigned acknowledges and agrees by execution of this Power of Attorney that the undersigned’s initial Sharing Points (as defined
in the Partnership Agreement) under the Partnership Agreement equal ________, which represents ____% of the total initial Sharing Points granted by the General Partner pursuant to the Partnership Agreement. 

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date written below. 

 

	
	
	   

	Signature
	
	   

	Type or Print Name
	
	   

	DateExhibit 10.1

 

EXECUTION COPY

 

SECURITIES PURCHASE
AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (the
“Agreement”), dated as of December 6, 2018, is by and among Amyris, Inc., a Delaware corporation with offices
located at 5885 Hollis Street, Suite 100, Emeryville, CA 94608 (the “Company”), and each of the investors listed
on the Schedule of Buyers attached hereto (individually, a “Buyer” and collectively, the “Buyers”).

 

RECITALS

 

A.       The
Company and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506(b) of Regulation
D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the 1933 Act.

 

B.       The
Company has authorized a new series of senior convertible notes of the Company, in the aggregate original principal amount of $60,000,000
(subject to increase pursuant to Section 1(e) below), substantially in the form attached hereto as Exhibit A (the
“Notes”), which Notes shall be convertible into shares of Common Stock (as defined below) (the shares of Common
Stock issuable pursuant to the terms of the Notes, including, without limitation, upon conversion or otherwise, collectively, the
“Conversion Shares”), in accordance with the terms of the Notes.

 

C.       Each
Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, a Note in the
aggregate original principal amount set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers.

 

D.       At
the Closing, the parties hereto shall execute and deliver a Registration Rights Agreement, in the form attached hereto as Exhibit
B (the “Registration Rights Agreement”), pursuant to which the Company has agreed to provide certain
registration rights with respect to the Registrable Securities (as defined in the Registration Rights Agreement), under the 1933
Act and the rules and regulations promulgated thereunder, and applicable state securities laws.

 

E.       The
Notes and the Conversion Shares are collectively referred to herein as the “Securities.”

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises
and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

     

     

    

1.                 
PURCHASE AND SALE OF NOTES.

 

(a)              
Purchase of Notes . Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below,
the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company
on the Closing Date (as defined below) a Note in the original principal amount as is set forth opposite such Buyer’s name
in column (3) on the Schedule of Buyers.

 

(b)              
Closing. The closing (the “Closing”) of the purchase of the Notes by the Buyers shall occur at
the offices of Kelley Drye & Warren LLP, 101 Park Avenue, New York, NY 10178. The date and time of the Closing (the “Closing
Date”) shall be 10:00 a.m., New York time, on the first (1st) Business Day on which the conditions to the Closing set
forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer).
As used herein “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks
in New York, New York are authorized or required by law to remain closed.

 

(c)              
Purchase Price. The aggregate purchase price for the Notes to be purchased by each Buyer (the “Purchase
Price”) shall be the amount set forth opposite such Buyer’s name in column (4) on the Schedule of Buyers.

 

(d)              
Form of Payment. On the Closing Date, (i) each Buyer shall pay its respective Purchase Price (less, in the case of
any Buyer, the amounts withheld pursuant to Section 4(g)) to the Company for the Notes to be issued and sold to such Buyer
at the Closing, by wire transfer of immediately available funds in accordance with the Flow of Funds Letter (as defined below)
and (ii) the Company shall deliver to each Buyer a Note in the aggregate original principal amount as is set forth opposite
such Buyer’s name in column (3) of the Schedule of Buyers, duly executed on behalf of the Company and registered in the name
of such Buyer or its designee.

 

(e)              
DSM Shoe. Prior to or contemporaneously with the issuance of the Press Release, the Company shall deliver to DSM
International B.V. (“DSM”) notice of the transactions contemplated by this Agreement pursuant to Section 4.2
of the Amended and Restated Stockholder Agreement, dated as of August 7, 2017, between the Company and DSM International B.V (the
“DSM Stockholders Agreement”). If DSM properly elects pursuant to the DSM Stockholders Agreement to participate
in this offering of Notes (the “DSM Shoe”), DSM shall be entitled to execute a joinder to this Agreement and
the Registration Rights Agreement, mutatis mutandis, and, upon closing thereof, shall be issued up to the aggregate principal
amount of Notes that DSM is entitled to acquire pursuant to Section 4.2 of the DSM Stockholders Agreement (or such smaller amount
as elected by DSM pursuant to the DSM Shoe).

 

2.                 
BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally and not jointly, represents
and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing Date:

 

(a)              
Organization; Authority. Such Buyer is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations
hereunder and thereunder.

 

    2

     

    

(b)              
No Public Sale or Distribution. Such Buyer (i) is acquiring its Note, and (ii) upon conversion of its Note or otherwise
will acquire the Conversion Shares issuable upon conversion thereof or otherwise, in each case, for its own account and not with
a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities
laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations herein,
such Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement
or an exemption from registration under the 1933 Act. Such Buyer does not presently have any agreement or understanding, directly
or indirectly, with any Person to distribute any of the Securities in violation of applicable securities laws. For purposes of
this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity and any Governmental Entity or any department or agency
thereof.

 

(c)              
Accredited Investor Status. Such Buyer is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D.

 

(d)              
Reliance on Exemptions. Such Buyer understands that the Securities are being offered and sold to it 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 such Buyer’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and
the eligibility of such Buyer to acquire the Securities.

 

(e)              
Information. Such Buyer and its advisors, if any, have been furnished with all materials relating to the business,
finances and operations of the Company and materials relating to the offer and sale of the Securities that have been requested
by such Buyer. Such Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither
such inquiries nor any other due diligence investigations conducted by such Buyer or its advisors, if any, or its representatives
shall modify, amend or affect such Buyer’s right to rely on the Company’s representations and warranties contained
herein. Such Buyer understands that its investment in the Securities involves a high degree of risk. Such Buyer has sought such
accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition
of the Securities. Such Buyer acknowledges that, except for the matters that are expressly covered by the provisions of this Agreement,
such Buyer is relying on its own investigation and analysis in entering into this Agreement and consummating the transactions contemplated
hereby.

 

(f)               
No Governmental Review. Such Buyer 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 Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

    3

     

    

(g)              
Transfer or Resale. Such Buyer understands that except as provided in the Registration Rights Agreement and Section
4(h) hereof: (i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and
may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, (B) such Buyer shall
have delivered to the Company (if requested by the Company) an opinion of counsel, in a form reasonably acceptable to the Company,
to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption
from such registration, or (C) such Buyer provides the Company with reasonable assurance that such Securities can be sold, assigned
or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule
144”); (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of
Rule 144, and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or
the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require
compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC promulgated thereunder; and (iii)
neither the Company nor any other Person is under any obligation to register the Securities under the 1933 Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. Notwithstanding the foregoing, the Securities may
be pledged in connection with a bona fide margin account or other loan or financing arrangement secured by the Securities and such
pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Buyer effecting
a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company
pursuant to this Agreement or any other Transaction Document (as defined in Section 3(b)), including, without limitation, this
Section 2(g).

 

(h)              
Validity; Enforcement. This Agreement and the Registration Rights Agreement have been duly and validly authorized,
executed and delivered on behalf of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable
against such Buyer in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(i)                
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the Registration Rights
Agreement and the consummation by such Buyer of the transactions contemplated hereby and thereby will not (i) result in a violation
of the organizational documents of such Buyer, or (ii) conflict with, or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses
(ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

 

    4

     

    

3.                 
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth in the Disclosure Schedules,
which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or warranty otherwise made herein
to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company represents and
warrants to each of the Buyers that, as of the date hereof and as of the Closing Date:

 

(a)              
Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized and
validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power
and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted.
Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in
every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in
any of the other Transaction Documents or any other agreements or instruments to be entered into in connection herewith or therewith
or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under
any of the Transaction Documents (as defined below). Other than the Persons (as defined below) set forth in Exhibit 21.01 to the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the Company has no Subsidiaries. “Subsidiaries”
means any Person that would be a “significant subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X
promulgated by the SEC, as such regulation is in effect on the date hereof, and each of the foregoing, is individually
referred to herein as a “Subsidiary.”

 

(b)              
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform
its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms
hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company, and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Notes and
the reservation for issuance and issuance of the Conversion Shares issuable upon conversion of the Notes) have been duly authorized
by the Company’s board of directors or other governing body, as applicable, and (other than the filing with the SEC of one
or more Registration Statements in accordance with the requirements of the Registration Rights Agreement, a Form D with the SEC,
a Current Report on Form 8-K with the SEC, a Listing of Additional Shares notification form with the Principal Market and any other
filings as may be required by any state securities agencies) no further filing, consent or authorization with or of any Governmental
Entity is required by the Company, its Subsidiaries, their respective boards of directors or their stockholders or other governing
body. This Agreement has been, and the other Transaction Documents to which it is a party will be prior to the Closing, duly executed
and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with its respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution
may be limited by federal or state securities law. “Transaction Documents” means, collectively, this Agreement,
the Notes, the Registration Rights Agreement and the Irrevocable Transfer Agent Instructions (as defined below).

 

    5

     

    

(c)              
Issuance of Securities. The issuance of the Notes are duly authorized and upon issuance in accordance with the terms
of the Transaction Documents, after giving effect to any consents or waivers received by the Company on or prior to the Closing
Date, shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects,
claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively
“Liens”) with respect to the issuance thereof. As of the Closing, the Company shall have reserved from its duly
authorized capital stock that number of shares of Common Stock not less than the Required Registration Amount (as defined in the
Registration Rights Agreement. Upon issuance or conversion in accordance with the Notes, after giving effect to any consents or
waivers received by the Company on or prior to the Closing Date, the Conversion Shares, when issued, will be validly issued, fully
paid and nonassessable and free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock. Subject to the accuracy of the representations and warranties
of the Buyers in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under the
1933 Act.

(d)              
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Notes and
the Conversion Shares and the reservation for issuance of the Conversion Shares) will not (i) result in a violation of the Certificate
of Incorporation (as defined below) (including, without limitation, any certificate of designation contained therein) or Bylaws
(as defined below) of the Company, or any capital stock or other securities of the Company or any of its Subsidiaries, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in any respect under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its Subsidiaries is a party, after giving effect to any consents or waivers received by the Company
on or prior to the Closing Date or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, applicable foreign, federal and state securities laws and regulations and the rules and regulations of the
Nasdaq Global Select Market (the “Principal Market”) and including all applicable foreign, federal and state
laws, rules and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company
or any of its Subsidiaries is bound or affected, except in the case of each of clauses (ii) and (iii) above, for any such conflict,
default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    6

     

    

(e)              
Consents. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of,
or make any filing or registration with (other than the filing with the SEC of one or more Registration Statements in accordance
with the requirements of the Registration Rights Agreement, a Form D with the SEC, a Current Report on Form 8-K with the SEC, a
Listing of Additional Shares notification form with the Principal Market and any other filings as may be required by any state
securities agencies), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other Person
in order for it to execute, deliver or perform any of its respective obligations under or contemplated by the Transaction Documents,
in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which
the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected
on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which
could reasonably be expected to prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration,
application or filings contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal
Market and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Common
Stock in the foreseeable future. “Governmental Entity” means any applicable nation, state, county, city, town,
village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government,
governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or
entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any
administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality
of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization
or any of the foregoing.

 

(f)               
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that each Buyer
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii)
an “affiliate” (as defined in Rule 144) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial
owner” of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange Act
of 1934, as amended (the “1934 Act”)). The Company further acknowledges that no Buyer is acting as a financial
advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives or agents in
connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer’s
purchase of the Securities. The Company further represents to each Buyer that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation by the Company, each Subsidiary and their
respective representatives.

 

(g)              
No General Solicitation; Placement Agent’s Fees. Neither the Company, nor any of its Subsidiaries or affiliates,
nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with the offer or sale of the Securities. The Company acknowledges that it has engaged Oppenheimer
& Co. as placement agent (the “Placement Agent”) and B. Riley FBR, Inc., as financial advisor (collectively
with the Placement Agent, the “Engaged Parties”) in connection with the sale of the Securities. Other than the
Engaged Parties, neither the Company nor any of its Subsidiaries has engaged any placement agent, financial advisor or other agent
in connection with the offer or sale of the Securities.

 

    7

     

    

(h)              
No Integrated Offering. None of the Company, its Subsidiaries or, to the Company’s knowledge, any of their
affiliates nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would require registration of the issuance of any of the Securities under
the 1933 Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities to require
approval of stockholders of the Company for purposes of the 1933 Act or under any applicable stockholder approval provisions, including,
without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities
of the Company are listed or designated for quotation. None of the Company, its Subsidiaries, or, to the Company’s knowledge,
their affiliates nor any Person acting on their behalf will take any action or steps that would require registration of the issuance
of any of the Securities under the 1933 Act or cause the offering of any of the Securities to be integrated with other offerings
of securities of the Company.

 

(i)                
Dilutive Effect. The Company understands and acknowledges that the number of Conversion Shares will increase in certain
circumstances. The Company further acknowledges that its obligation to issue the Conversion Shares pursuant to the terms of the
Notes in accordance with this Agreement and the Notes is, in each case, absolute and unconditional regardless of the dilutive effect
that such issuance may have on the ownership interests of other stockholders of the Company.

 

(j)                
Application of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination, poison
pill (including, without limitation, any distribution under a rights agreement), stockholder rights plan or other similar anti-takeover
provision under the Certificate of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of its
incorporation or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated by this
Agreement, including, without limitation, the Company’s issuance of the Securities and any Buyer’s ownership of the
Securities. The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any
stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock or a
change in control of the Company or any of its Subsidiaries.

 

(k)              
SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has timely filed
all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant
to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits and appendices
included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”). The Company has delivered or has made available to the Buyers or their
respective representatives true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. As
of their respective dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules
and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they
were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all
material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto
as in effect as of the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting
principles (“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise indicated
in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may
exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position
of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the
aggregate). The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon
facts and circumstances known by the Company on the date hereof and there are no loss contingencies that are required to be accrued
by the Statement of Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for
by the Company in its financial statements or otherwise. The Company is not currently contemplating to amend or restate any of
the financial statements (including, without limitation, any notes or any letter of the independent accountants of the Company
with respect thereto) included in the SEC Documents (the “Financial Statements”), nor is the Company currently
aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements, in each case,
in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company
has not been informed by its independent accountants that they recommend that the Company amend or restate any of the Financial
Statements or that there is any need for the Company to amend or restate any of the Financial Statements.

 

    8

     

    

(l)                
Absence of Certain Changes. Except as set forth in the SEC documents, since the date of the Company’s most
recent audited financial statements contained in a Form 10-K, there has been no material adverse change and no material adverse
development in the business, assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any of its Subsidiaries. Except as set forth in the SEC Documents, since the date of the Company’s
most recent audited financial statements contained in a Form 10-K, neither the Company nor any of its Subsidiaries has (i) declared
or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or (iii)
made any capital expenditures, individually or in the aggregate, outside of the ordinary course of business. Neither the Company
nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to
believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of
any fact which would reasonably lead a creditor to do so. Except as set forth in the SEC Documents, the Company and its Subsidiaries,
individually and on a consolidated basis, are not as of the date hereof, and after giving effect to the transactions contemplated
hereby to occur at the Closing, will not be Insolvent (as defined below). For purposes of this Section 3(l), “Insolvent”
means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of the
Company’s and its Subsidiaries’ assets is less than the amount required to pay the Company’s and its Subsidiaries’
total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company and its Subsidiaries intend
to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature; and (ii) with respect
to the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company’s or such Subsidiary’s
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such
Subsidiary (as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise, as
such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to incur
or believes that it will incur debts that would be beyond its respective ability to pay as such debts mature. Neither the Company
nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage in any business or in
any transaction, for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably small capital
with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

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(m)            
No Undisclosed Events, Liabilities, Developments or Circumstances. Except for the transactions contemplated by the
Transaction Documents, no event, liability, development or circumstance has occurred or exists, or is reasonably expected to exist
or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects,
operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by the
Company under applicable securities laws on a registration statement on Form S-1 filed with the SEC relating to an issuance and
sale by the Company of its Common Stock and which has not been publicly announced, (ii) would reasonably be expected to have a
material adverse effect on any Buyer’s investment hereunder or (iii) would reasonably be expected to have a Material Adverse
Effect.

 

(n)              
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in material violation
of any term of or in default under its Certificate of Incorporation, any certificate of designation, preferences or rights of any
other outstanding series of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter,
certificate of formation, memorandum of association, articles of association, Certificate of Incorporation or certificate of incorporation
or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in material violation of any judgment, decree or order
or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for possible violations
which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without limiting the
generality of the foregoing, the Company is not in material violation of any of the rules, regulations or requirements of the Principal
Market and has no knowledge of any facts or circumstances that could reasonably lead to delisting or suspension of the Common Stock
by the Principal Market in the foreseeable future. Except as set forth in SEC Documents, during the two years prior to the date
hereof, (i) the Common Stock has been listed or designated for quotation on the Principal Market, (ii) trading in the Common Stock
has not been suspended by the SEC or the Principal Market and (iii) except as set forth in the SEC Documents, the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock
from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment, injunction, order
or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party which
has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice of the Company
or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct of business by
the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in the aggregate, which
have not had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

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(o)              
Foreign Corrupt Practices. Neither the Company, the Company’s subsidiary or any Company director or officer,
or, to the Company’s knowledge, any Company agent or employee, (individually and collectively, a “Company Affiliate”)
have violated the U.S. Foreign Corrupt Practices Act (the “FCPA”) or any other applicable anti-bribery or anti-corruption
laws, nor, to the Company’s knowledge, has any Company Affiliate offered, paid, promised to pay, or authorized the payment
of any money, or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or
any other person acting in an official capacity for any Governmental Entity to any political party or official thereof or to any
candidate for political office (individually and collectively, a “Government Official”) or to any person under
circumstances where such Company Affiliate knew or was aware of a high probability that all or a portion of such money or thing
of value would be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of:

 

(i)                
(A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government
Official to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing
such Government Official to influence or affect any act or decision of any Governmental Entity, or

 

(ii)             
assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the
Company or its Subsidiaries.

 

(p)              
Sarbanes-Oxley Act. The Company and each Subsidiary is in material compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002, as amended, and any and all applicable rules and regulations promulgated by the SEC thereunder.

 

(q)              
Transactions With Affiliates. Except as set forth in the SEC Documents, none of the officers or directors of the
Company or its Subsidiaries and, to the knowledge of the Company, none of the employees of the Company or its Subsidiaries is presently
a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors) required
to be disclosed under Item 404 of Regulation S-K under the 1934 Act.

 

(r)               
Equity Capitalization. 

 

(i)                
Definitions:

 

    11

     

    

(A)       “Common
Stock” means (x) the Company’s shares of common stock, $0.0001 par value per share, and (y) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(B)       “Preferred
Stock” means (x) the Company’s blank check preferred stock, $0.0001 par value per share, the terms of which may
be designated by the board of directors of the Company in a certificate of designations and (y) any capital stock into which such
preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred stock (other than
a conversion of such preferred stock into Common Stock in accordance with the terms of such certificate of designations).

 

(ii)             
Authorized and Outstanding Capital Stock. The authorized, issued and outstanding shares of capital stock of the Company
are as set forth in the SEC Documents (except for subsequent issuances, if any, pursuant to this Agreement, pursuant to reservations,
agreements, employee benefit or equity incentive plans referred to in the SEC Documents or pursuant to the exercise of convertible
securities, warrants or options referred to in the SEC Documents).

 

(iii)           
Valid Issuance; Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or
upon issuance will be, validly issued and are fully paid and nonassessable. The SEC Documents accurately set forth, as of the dates
referred to therein, the number of shares of Common Stock that are (A) reserved for issuance pursuant to Convertible Securities
(as defined below) (other than the Notes) and (B) that are, as of the date referred to therein, owned by Persons who are “affiliates”
(as defined in Rule 405 of the 1933 Act and calculated based on the assumption that only officers, directors and holders of at
least 10% of the Company’s issued and outstanding Common Stock are “affiliates” without conceding that any such
Persons are “affiliates” for purposes of federal securities laws) of the Company or any of its Subsidiaries.

 

(iv)            
Existing Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company’s or any
Subsidiary’s shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or
capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares,
interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the
Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except pursuant
to the Registration Rights Agreement); (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries;
(E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance
of the Securities; and (F) neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock”
plans or agreements or any similar plan or agreement.

 

    12

     

    

(v)              
Organizational Documents. True, correct and complete copies of the Company’s Restated Certificate of Incorporation,
as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s
Restated Bylaws, as in effect on the date hereof (the “Bylaws”), and the terms of all Convertible Securities
and the material rights of the holders thereof in respect thereto, are set forth in, or filed as exhibits to, the SEC Documents.

 

(s)               
Indebtedness and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as disclosed in the
SEC documents, has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents
or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries
is or may become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which,
by the other party(ies) to such contract, agreement or instrument would reasonably be expected to result in a Material Adverse
Effect, (iii) is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness,
except where such violations and defaults would not reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which,
in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. Neither the Company nor
any of its Subsidiaries have any liabilities or obligations required to be disclosed in the SEC Documents which are not so disclosed
in the SEC Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries’ respective
businesses and which, individually or in the aggregate, do not or could not have a Material Adverse Effect. For purposes of this
Agreement: (x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money,
(B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation,
“capital leases” in accordance with GAAP) (other than trade payables entered into in the ordinary course of business
consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and
other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations
so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising
under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property
or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such
agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any
leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or
become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations
of others of the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means,
as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease,
dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged,
or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole
or in part) against loss with respect thereto.

 

    13

     

    

(t)                
Litigation. Except as set forth in the SEC Documents, there is no action, claim, suit, investigation or proceeding,
whether commenced or threatened, before any court, governmental agency or body, domestic or foreign, now pending or, to the knowledge
of the Company, threatened against the Company or its Subsidiaries wherein an unfavorable decision, ruling or finding would reasonably
be expected to, individually or in the aggregate, (i) materially adversely affect the validity or enforceability of, or the
authority or ability of the Company to perform its obligations under, the Transaction Documents or (ii) have a Material Adverse
Effect. The Company is not a party to or subject to the provisions of any injunction, judgment, decree or order of any court, regulatory
body, administrative agency or other governmental agency or body that could reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect.

 

(u)              
Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses
in which the Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance
coverage sought or applied for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.

 

(v)              
Employee Relations. The Company is not a party to any collective bargaining agreement and does not employ any member
of a union. The Company and its Subsidiaries believe that their relations with their employees are good. No executive officer (as
defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any of its Subsidiaries has notified
the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary or otherwise terminate
such officer’s employment with the Company or any such Subsidiary. To the Company’s knowledge, no executive officer
or other key employee of the Company or any of its Subsidiaries is, or is now expected to be, in material violation of any material
term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement, or
any other contract or agreement or any restrictive covenant. The Company and its Subsidiaries are in compliance with all federal,
state, local and foreign laws and regulations respecting labor, employment and employment practices and benefits, terms and conditions
of employment and wages and hours, except where failure to be in compliance would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.

 

    14

     

    

(w)            
Title.

 

(i)                
Real Property. Each of the Company and its Subsidiaries holds good title to all real property, leases in real property,
facilities or other interests in real property owned or held by the Company or any of its Subsidiaries (the “Real Property”)
owned by the Company or any of its Subsidiaries (as applicable). Except as set forth in the SEC Documents, the Real Property is
free and clear of all Liens and is not subject to any material rights of way, building use restrictions, exceptions, variances,
reservations, or limitations of any nature except for (a) Liens for current taxes not yet due and (b) zoning laws and other land
use restrictions that do not impair the present or anticipated use of the property subject thereto. Any Real Property held under
lease by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company
or any of its Subsidiaries.

 

(ii)             
Fixtures and Equipment. Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold
interest in, the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that
are used by the Company or its Subsidiary in connection with the conduct of its business (the “Fixtures and Equipment”).
The Fixtures and Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses to which
they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient
for the conduct of the Company’s and/or its Subsidiaries’ businesses (as applicable) in the manner as conducted prior
to the Closing. Except as set forth in the SEC Documents, each of the Company and its Subsidiaries owns all of its Fixtures and
Equipment free and clear of all Liens except for (a) liens for current taxes not yet due and (b) zoning laws and other land use
restrictions that do not impair the present or anticipated use of the property subject thereto.

 

(x)              
Potential Products; FDA; EMEA.

 

(i)                
Except as described in the SEC Documents, the Company possesses all certificates, authorizations and permits issued by the
appropriate federal, state or foreign regulatory authorities necessary to conduct its business as currently conducted, including
without limitation all such certificates, authorizations and permits required by the United States Food and Drug Administration
(the “FDA”) or any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals
or biohazardous materials, except where the failure to so possess such certificates, authorizations and permits, individually or
in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. Except as described in the SEC Documents,
the Company has not received any notice of proceedings relating to the revocation or modification of any such certificate, authorization
or permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably
be expected to have a Material Adverse Effect.

 

    15

     

    

(ii)             
Except to the extent disclosed in the SEC Documents, the Company has not received any written notices or statements from
the FDA, the European Medicines Agency (the “EMEA”) or any other governmental agency, and otherwise has no knowledge
or reason to believe, that (i) any product of the Company described in the SEC Documents (each a “Potential Product”)
may or will be rejected or determined to be non-approvable; (ii) a delay in time for review and/or approval of a marketing authorization
application or marketing approval application in any jurisdiction for any Potential Product is or may be required, requested or
being implemented; (iii) one or more clinical studies for any Potential Product shall or may be requested or required in addition
to the clinical studies submitted to the FDA prior to the date hereof as a precondition to or condition of issuance or maintenance
of a marketing approval for any Potential Product; (iv) any license, approval, permit or authorization to conduct any clinical
trial of or market any product or Potential Product of the Company has been, will be or may be suspended, revoked, modified or
limited, except in the cases of clauses (i), (ii), (iii) and (iv) where such rejections, determinations, delays, requests, suspensions,
revocations, modifications or limitations would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

(iii)           
Except to the extent disclosed in the SEC Documents, to the Company’s knowledge, the preclinical and clinical testing,
application for marketing approval of, manufacture, distribution, promotion and sale of the products and Potential Products of
the Company is in compliance, in all material respects, with all applicable laws, rules and regulations applicable to such activities,
including without limitation applicable good laboratory practices, good clinical practices and good manufacturing practices, except
for such non-compliance as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
The descriptions of the results of such tests and trials contained in the SEC Documents are complete and accurate in all material
respects such that there would be no untrue statement of a material fact or omission of a material fact necessary to make the statements
in the SEC Documents, in light of the circumstances under which they are made, not misleading. The Company is not aware of any
studies, tests or trial the results of which reasonably call into question the results of the tests and trials conducted by or
on behalf of the Company that are described or referred to in the SEC Documents. Except to the extent disclosed in the SEC Documents,
the Company has not received notice of adverse finding, warning letter or clinical hold notice from the FDA or any non-U.S. counterpart
of any of the foregoing, or any untitled letter or other correspondence or notice from the FDA or any other governmental authority
or agency or any institutional or ethical review board alleging or asserting noncompliance with any law, rule or regulation applicable
in any jurisdiction, except notices, letters, and correspondences and non-U.S. counterparts thereof alleging or asserting such
noncompliance as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except
to the extent disclosed in the SEC Documents, the Company has not, either voluntarily or involuntarily, initiated, conducted or
issued, or caused to be initiated, conducted or issued, any recall, field correction, market withdrawal or replacement, safety
alert, warning, “dear doctor” letter, investigator notice, or other notice or action relating to an alleged or potential
lack of safety or efficacy of any product or Potential Product of the Company, any alleged product defect of any product or Potential
Product of the Company, or any violation of any material applicable law, rule, regulation or any clinical trial or marketing license,
approval, permit or authorization for any product or potential product of the Company, and the Company is not aware of any facts
or information that would cause it to initiate any such notice or action and has no knowledge or reason to believe that the FDA,
the EMEA or any other governmental agency or authority or any institutional or ethical review board or other non-governmental authority
intends to impose, require, request or suggest such notice or action.

 

    16

     

    

(y)              
Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use
all trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent
rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property
rights and all applications and registrations therefor (“Intellectual Property Rights”) necessary to conduct
their respective businesses as now conducted in all material respects. The SEC Documents accurately describe the material patents
owned by the Company or any of its Subsidiaries. Except as set forth in the SEC Documents, none of the Company’s material
Intellectual Property Rights have expired or terminated or have been abandoned or are expected to expire or terminate or are expected
to be abandoned, within three years from the date of this Agreement. The Company does not have any knowledge of any infringement
by the Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim, action or proceeding being made
or brought, or to the knowledge of the Company, being threatened, against the Company or any of its Subsidiaries regarding its
Intellectual Property Rights, except for such claims, actions or proceedings that would not, individually or the in aggregate,
be reasonably expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is aware of any facts
or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company and
its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their Intellectual
Property Rights.

 

(z)              
Environmental Laws(i). (i) The Company and its Subsidiaries (A) are in compliance with any and all Environmental
Laws (as defined below), (B) have received all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses and (C) are in compliance with all terms and conditions of any such permit, license
or approval where, in each of the foregoing clauses (A), (B) and (C), the failure to so comply would be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all applicable
federal, state, local or foreign laws relating to pollution or protection of human health or the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating
to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances
or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations,
codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans
or regulations issued, entered, promulgated or approved thereunder.

 

(ii)             
No Hazardous Materials:

 

    17

     

    

(A)            
have been disposed of or otherwise released from any Real Property of the Company or any of its Subsidiaries in violation
of any Environmental Laws; or

 

(B)             
are, to the Company’s knowledge, present on, over, beneath, in or upon any Real Property or any portion thereof in
quantities that would constitute a violation of any Environmental Laws. To the Company’s knowledge, no prior use by the Company
or any of its Subsidiaries of any Real Property has occurred that violates any Environmental Laws, which violation would have a
material adverse effect on the business of the Company or any of its Subsidiaries.

 

(iii)           
Neither the Company nor any of its Subsidiaries knows of any other person who or entity which has stored, treated, recycled,
disposed of or otherwise located on any Real Property any Hazardous Materials, including, without limitation, such substances as
asbestos and polychlorinated biphenyls.

 

(iv)            
None of the Real Property are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related
Liens.

 

(aa)           
Subsidiary Rights. The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject to limitations
imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by the
Company or such Subsidiary.

 

(bb)          
Tax Status. The Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state
income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers
of the Company and its Subsidiaries know of no basis for any such claim. The Company is not operated in such a manner as to qualify
as a passive foreign investment company, as defined in Section 1297 of the Internal Revenue Code of 1986, as amended (the “Code”).
The net operating loss carryforwards (“NOLs”) for United States federal income tax purposes of the consolidated
group of which the Company is the common parent, if any, shall not be adversely effected by the transactions contemplated hereby.
The transactions contemplated hereby do not constitute an “ownership change” within the meaning of Section 382 of the
Code, thereby preserving the Company’s ability to utilize such NOLs.

 

(cc)           
Internal Accounting and Disclosure Controls. The Company maintains internal control over financial reporting (as
such term is defined in Rule 13a-15(f) under the 1934 Act) that is effective to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles, including that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management’s
general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared with the existing
assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. Except as set forth
in the SEC Documents, the Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under
the 1934 Act) that are effective in ensuring that information required to be disclosed by the Company in the reports that it files
or submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified in the rules and
forms of the SEC, including, without limitation, controls and procedures designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the 1934 Act is accumulated and communicated to the Company’s
management, including its principal executive officer or officers and its principal financial officer or officers, as appropriate,
to allow timely decisions regarding required disclosure. Except as set forth in the SEC Documents, the Company has not received
any notice or correspondence from any accountant, Governmental Entity or other Person relating to any material weakness in any
part of the internal controls over financial reporting of the Company.

 

    18

     

    

(dd)          
Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or
any of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company
in its 1934 Act filings and is not so disclosed or that otherwise would be reasonably likely to have a Material Adverse Effect.

 

(ee)           
Investment Company Status. The Company is not, and upon consummation of the sale of the Securities will not be, an
“investment company,” an affiliate of an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter” for,
an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(ff)             
Acknowledgement Regarding Buyers’ Trading Activity. It is understood and acknowledged by the Company that (i)
following the public disclosure of the transactions contemplated by the Transaction Documents, in accordance with the terms thereof,
none of the Buyers have been asked by the Company or any of its Subsidiaries to agree, nor has any Buyer agreed with the Company
or any of its Subsidiaries, to desist from effecting any transactions in or with respect to (including, without limitation, purchasing
or selling, long and/or short) any securities of the Company, or “derivative” securities based on securities issued
by the Company or to hold any of the Securities for any specified term; (ii) any Buyer, and counterparties in “derivative”
transactions to which any such Buyer is a party, directly or indirectly, presently may have a “short” position in the
Common Stock which was established prior to such Buyer’s knowledge of the transactions contemplated by the Transaction Documents;
(iii) each Buyer shall not be deemed to have any affiliation with or control over any arm’s length counterparty in any “derivative”
transaction; and (iv) each Buyer may rely on the Company’s obligation to timely deliver shares of Common Stock upon conversion
or exchange, as applicable, of the Securities as and when required pursuant to the Transaction Documents for purposes of effecting
trading in the Common Stock of the Company. The Company further understands and acknowledges that following the public disclosure
of the transactions contemplated by the Transaction Documents pursuant to the Press Release (as defined below) one or more Buyers
may engage in hedging and/or trading activities (including, without limitation, the location and/or reservation of borrowable shares
of Common Stock) at various times during the period that the Securities are outstanding, including, without limitation, during
the periods that the value and/or number of the Conversion Shares deliverable with respect to the Securities are being determined
and such hedging and/or trading activities (including, without limitation, the location and/or reservation of borrowable shares
of Common Stock), if any, can reduce the value of the existing stockholders’ equity interest in the Company both at and after
the time the hedging and/or trading activities are being conducted. The Company acknowledges that such aforementioned hedging and/or
trading activities do not constitute a breach of this Agreement, the Notes or any other Transaction Document or any of the documents
executed in connection herewith or therewith.

 

    19

     

    

(gg)          
Manipulation of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company,
no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization
or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any
of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities (other
than the Engaged Parties), (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company or any of its Subsidiaries (other than the Engaged Parties) in connection with the offering of the Securities
or (iv) paid or agreed to pay any Person for research services with respect to any securities of the Company or any of its Subsidiaries.

 

(hh)          
U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and
so long as any of the Securities are held by any of the Buyers, shall become, a U.S. real property holding corporation within the
meaning of Section 897 of the Code, and the Company and each Subsidiary shall so certify upon any Buyer’s request.

 

(ii)             
Registration Eligibility. The Company is eligible to register the Registrable Securities (as defined in the Registration
Rights Agreement) for resale by the Buyers using Form S-3 promulgated under the 1933 Act.

 

(jj)             
Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which
are required to be paid in connection with the issuance, sale and transfer of the Securities to be sold to each Buyer hereunder
will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been
complied with in all material respects.

 

(kk)          
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%)
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

    20

     

    

(ll)             
Shell Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

(mm)     
Illegal or Unauthorized Payments; Political Contributions. Neither the Company nor any of its Subsidiaries nor, to
the Company’s knowledge, any of the officers, directors, employees, agents or other representatives of the Company or any
of its Subsidiaries or any other business entity or enterprise with which the Company or any Subsidiary is or has been affiliated
or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services,
whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization,
or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving
the direct or indirect use of funds of the Company or any of its Subsidiaries.

 

(nn)          
Money Laundering. The Company and its Subsidiaries are in compliance with, and have not previously violated, the
USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, without
limitation, the laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets
Control, including, but not limited, to (i) Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001));
and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(oo)          
Management. Except as set forth in the SEC Documents, during the past five year period, no current or former officer
or director or, to the knowledge of the Company, no current ten percent (10%) or greater stockholder of the Company or any of its
Subsidiaries has been the subject of:

 

(i)                
a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver,
fiscal agent or similar officer for such Person, or any partnership in which such person was a general partner at or within two
years before the filing of such petition or such appointment, or any corporation or business association of which such person was
an executive officer at or within two years before the time of the filing of such petition or such appointment;

 

(ii)             
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations
that do not relate to driving while intoxicated or driving under the influence);

 

(iii)           
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1)              
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker,
leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated
person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;

 

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(2)              
Engaging in any particular type of business practice; or

 

(3)              
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any
violation of securities laws or commodities laws;

 

(iv)            
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or
otherwise limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding
sub paragraph, or to be associated with persons engaged in any such activity;

 

(v)              
a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)            
a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have
violated any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended
or vacated.

 

(pp)          
Stock Option Plans(b). Each stock option granted by the Company was granted (i) in accordance with the terms of the
applicable stock option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common
Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the
Company’s stock option plan has been backdated. The Company has not, and has no policy or practice to, knowingly coordinate
the grant of stock options with the release or other public announcement of material information regarding the Company or its Subsidiaries
or their financial results or prospects.

 

(qq)          
No Disagreements with Accountants and Lawyers(c). There are no material disagreements of any kind presently existing,
or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed
by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s
ability to perform any of its obligations under any of the Transaction Documents. In addition, on or prior to the date hereof,
the Company had discussions with its accountants about its financial statements previously filed with the SEC. Based on those discussions,
the Company has no reason to believe that it will need to restate any such financial statements or any part thereof.

 

(rr)             
No Disqualification Events(d). With respect to Securities to be offered and sold hereunder in reliance on Rule 506(b)
under the 1933 Act (“Regulation D Securities”), none of the Company, any of its predecessors, any affiliated
issuer, any director, executive officer, other officer of the Company participating in the offering contemplated hereby, or, to
the Company’s knowledge, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the 1933 Act) connected with
the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer
Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the 1933 Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule
506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished
to the Buyers a copy of any disclosures provided thereunder.

 

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(ss)            
Other Covered Persons(e). The Company is not aware of any Person (other than the Engaged Parties) that has been or
will be paid (directly or indirectly) remuneration for solicitation of Buyers or potential purchasers in connection with the sale
of the Securities.

 

(tt)             
No Additional Agreements. The Company does not have any agreement or understanding with any Buyer with respect to
the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

(uu)          
Public Utility Holding Act. None of the Company nor any of its Subsidiaries is a “holding company,” or
an “affiliate” of a “holding company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(vv)          
Federal Power Act. None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility”
under the Federal Power Act, as amended.

 

(ww)      
Ranking of Notes. No Indebtedness of the Company, at the Closing, will be senior to the Notes in right of payment.

 

(xx)          
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided any of the
Buyers or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material,
non-public information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated
by this Agreement and the other Transaction Documents. The Company understands and confirms that each of the Buyers will rely on
the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Buyers regarding
the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement,
furnished by or on behalf of the Company or any of its Subsidiaries is true and correct in all material respects and does not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading. All of the written information furnished after the
date hereof by or on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement
and the other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which
such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement
did not at the time of release contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made,
not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries
or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or
otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement
by the Company but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by
or on behalf of the Company or any of its Subsidiaries and made available to you have been prepared in good faith based upon reasonable
assumptions and represented, at the time each such financial projection or forecast was delivered to each Buyer, the Company’s
best estimate of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed
as facts and that the actual results during the period or periods covered by any such financial projections or forecasts may differ
from the projected or forecasted results). The Company acknowledges and agrees that no Buyer makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

 

    23

     

    

4.                 
COVENANTS.

 

(a)              
Reasonable Best Efforts. Each Buyer shall use its reasonable best efforts to timely satisfy each of the covenants
hereunder and conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company shall use its reasonable
best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 7 of
this Agreement.

 

(b)              
Form D and Blue Sky. The Company shall file a Form D with respect to the Securities as required under Regulation
D and, if requested by a Buyer, provide a copy thereof promptly after such filing. The Company shall, on or before the Closing
Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to, qualify
the Securities for sale to the Buyers at the Closing pursuant to this Agreement under applicable securities or “Blue Sky”
laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any
such action so taken to the Buyers on or prior to the Closing Date. Without limiting any other obligation of the Company under
this Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities required
under all applicable securities laws (including, without limitation, all applicable federal securities laws and all applicable
“Blue Sky” laws), and the Company shall comply with all applicable foreign, federal, state and local laws, statutes,
rules, regulations and the like relating to the offering and sale of the Securities to the Buyers.

 

(c)              
Reporting Status. Until the date on which the Buyers shall have sold all of the Registrable Securities (the “Reporting
Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the
Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules
and regulations thereunder would no longer require or otherwise permit such termination.

 

    24

     

    

(d)              
Use of Proceeds. The Company will use the proceeds from the sale of the Securities for general corporate purposes,
including the repayment of outstanding indebtedness.

 

(e)              
Financial Information. The Company agrees to send the following to each Investor (as defined in the Registration
Rights Agreement) during the Reporting Period (i) unless the following are filed with the SEC through EDGAR and are available to
the public through the EDGAR system, within three (3) Business Days after the filing thereof with the SEC, a copy of its Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q, any interim reports or any consolidated balance sheets, income statements,
stockholders’ equity statements and/or cash flow statements for any period other than annual, any Current Reports on Form
8-K and any registration statements (other than on Form S-8) or amendments filed pursuant to the 1933 Act and (ii) unless the following
are either filed with the SEC through EDGAR or are otherwise widely disseminated via a recognized news release service (such as
PR Newswire), within three (3) Business Days after the release thereof, copies of all press releases issued by the Company or any
of its Subsidiaries.

 

(f)               
Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of
the Registrable Securities upon each national securities exchange and automated quotation system, if any, upon which the Common
Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain
such listing or designation for quotation (as the case may be) of all Registrable Securities from time to time issuable under the
terms of the Transaction Documents on such national securities exchange or automated quotation system. The Company shall maintain
the Common Stock’s listing or authorization for quotation (as the case may be) on the Principal Market, The New York Stock
Exchange, the NYSE American, the Nasdaq Capital Market or the Nasdaq Global Market (each, an “Eligible Market”).
Neither the Company nor any of its Subsidiaries shall take any action which would be reasonably expected to result in the delisting
or suspension of the Common Stock on an Eligible Market. The Company shall pay all fees and expenses in connection with satisfying
its obligations under this Section 4(f).

 

(g)              
Fees. The Company shall reimburse the lead Buyer for all reasonable out-of-pocket costs and expenses incurred by
it or its affiliates in connection with the structuring, documentation, negotiation and closing of the transactions contemplated
by the Transaction Documents (including, without limitation, as applicable, all reasonable legal fees of outside counsel and disbursements
of Kelley Drye & Warren LLP, counsel to the lead Buyer, any other reasonable fees and expenses in connection with the structuring,
documentation, negotiation and closing of the transactions contemplated by the Transaction Documents and due diligence and regulatory
filings in connection therewith) (the “Transaction Expenses”) and shall be withheld by the lead Buyer from its
Purchase Price at the Closing, less $50,000 previously paid by the Company to the lead investor; provided, that the Company shall
promptly reimburse Kelley Drye & Warren LLP on demand for all Transaction Expenses not so reimbursed through such withholding
at the Closing. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees,
transfer agent fees, DTC (as defined below) fees or broker’s commissions (other than for Persons engaged by any Buyer or
its investment advisor) relating to or arising out of the transactions contemplated hereby (including, without limitation, any
fees or commissions payable to the Engaged Parties, who are the Company’s sole placement agent and financial advisor, respectively,
in connection with the transactions contemplated by this Agreement). The Company shall pay, and hold each Buyer harmless against,
any liability, loss or expense (including, without limitation, reasonable attorneys’ fees and documented out-of-pocket expenses)
arising in connection with any claim relating to any such payment. Except as otherwise set forth in the Transaction Documents,
each party to this Agreement shall bear its own expenses in connection with the sale of the Securities to the Buyers.

 

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(h)              
Pledge of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges
and agrees that the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing
arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment
of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with any
notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document, including,
without limitation, Section 2(g) hereof; provided that an Investor and its pledgee shall be required to comply with the
provisions of Section 2(g) hereof in order to effect a sale, transfer or assignment of Securities to such pledgee.

 

(i)                
Disclosure of Transactions and Other Material Information.

 

(i)                
Disclosure of Transaction. The Company shall, on or before 9:30 a.m., New York time, on the first (1st)
Business Day after the date of this Agreement, issue a press release (the “Press Release”) reasonably acceptable
to the Buyers disclosing all the material terms of the transactions contemplated by the Transaction Documents. On or before 9:30
a.m., New York time, on the first (1st) Business Day after the date of this Agreement, the Company shall file a Current
Report on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form
required by the 1934 Act and attaching the form of this Agreement, the form of Notes, and the form of the Registration Rights Agreement)
(including all attachments, the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall
have disclosed all material, non-public information (if any) provided to any of the Buyers by the Company or any of its Subsidiaries
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction
Documents. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their affiliates,
on the other hand, shall terminate.

 

(ii)             
Limitations on Disclosure. The Company shall not, and the Company shall cause each of its Subsidiaries and each of
its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public information
regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of such
Buyer (which may be granted or withheld in such Buyer’s sole discretion). To the extent that the Company delivers any material,
non-public information to a Buyer without such Buyer’s consent, the Company hereby covenants and agrees that such Buyer shall
not have any duty of confidentiality with respect to such material, non-public information. Subject to the foregoing, neither the
Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to make the Press
Release and any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the
8-K Filing and (ii) as is required by applicable law and regulations. Without the prior written consent of the applicable Buyer
(which may be granted or withheld in such Buyer’s sole discretion), the Company shall not (and shall cause each of its Subsidiaries
and affiliates to not) disclose the name of such Buyer in any filing, announcement, release or otherwise, except as required by
applicable law or regulation. Notwithstanding anything contained in this Agreement to the contrary and without implication that
the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer shall have (unless expressly
agreed to by a particular Buyer after the date hereof in a written definitive and binding agreement executed by the Company and
such particular Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)), any duty of
confidentiality with respect to any material, non-public information regarding the Company or any of its Subsidiaries.

 

    26

     

    

(j)                
Additional Registration Statements. Until the Applicable Date (as defined below) and at any time thereafter while
any Registration Statement is not effective or the prospectus contained therein is not available for use or any Current Public
Information Failure (as defined in the Registration Rights Agreement) exists, the Company shall not file a registration statement
or an offering statement under the 1933 Act relating to securities that are not the Registrable Securities (other than a registration
statement on Form S-8 or such supplements or amendments to registration statements that are outstanding and have been declared
effective by the SEC as of the date hereof (solely to the extent necessary to keep such registration statements effective and available
and not with respect to any Subsequent Placement)). “Applicable Date” means the earlier of (x) the first date
on which the resale by the Buyers of all the Registrable Securities required to be filed on the initial Registration Statement
(as defined in the Registration Rights Agreement) pursuant to the Registration Rights Agreement is declared effective by the SEC
(and each prospectus contained therein is available for use on such date) or (y) the first date on which all of the Registrable
Securities are eligible to be resold by the Buyers pursuant to Rule 144 (or, if a Current Public Information Failure has occurred
and is continuing, such later date after which the Company has cured such Current Public Information Failure).

 

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(k)              
Additional Issuance of Securities. So long as any Buyer beneficially owns any Notes, the Company will not, without
the prior written consent of the Required Holders, issue any Notes (other than to the Buyers as contemplated hereby or with respect
to the DSM Shoe) and the Company shall not issue any other securities that would cause a breach or default under the Notes. The
Company agrees that for the period commencing on the date hereof and ending on the date immediately following the later of (x)
the 90th calendar day after the Closing Date and (y) the thirtieth (30th) calendar day after the Applicable
Date (provided that such period shall be extended by the number of calendar days during such period and any extension thereof contemplated
by this proviso on which any Registration Statement is not effective or any prospectus contained therein is not available for use
or any Current Public Information Failure exists) (the “Restricted Period”), neither the Company nor any of
its Subsidiaries shall directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of
(or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity security or
any equity-linked or related security (including, without limitation, any “equity security” (as that term is defined
under Rule 405 promulgated under the 1933 Act), any Convertible Securities (as defined below), any preferred stock or any equity
purchase rights) (any such issuance, offer, sale, grant, disposition or announcement (whether occurring during the Restricted Period
or at any time thereafter) other than to the Buyers as contemplated hereby or with respect to the DSM Shoe is referred to as a
“Subsequent Placement”). Notwithstanding the foregoing, this Section 4(k) shall not apply in respect of the
issuance of (i) shares of Common Stock, restricted stock units, standard options to purchase Common Stock or other equity awards
(and any shares of Common Stock issued upon exercise or settlement thereof) to directors, officers, consultants or employees of
the Company in their capacity as such pursuant to an Approved Stock Plan (as defined below), provided that the exercise price of
any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none
of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the
Buyers; (ii) shares of Common Stock or other securities issued upon the conversion or exercise of Convertible Securities (other
than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above)
issued prior to the date hereof, provided that the conversion, exercise or other method of issuance (as the case may be) of any
such Convertible Security is made solely pursuant to the conversion, exercise or other method of issuance (as the case may be)
provisions of such Convertible Security that were in effect on the date immediately prior to the date of this Agreement, the conversion,
exercise or issuance price of any such Convertible Securities (other than standard options to purchase Common Stock issued pursuant
to an Approved Stock Plan that are covered by clause (i) above) is not lowered, except pursuant to the terms thereof that were
in effect on the date immediately prior to the date of this Agreement, none of such Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to
increase the number of shares issuable thereunder, except pursuant to the terms thereof that were in effect on the date immediately
prior to the date of this Agreement, and none of the terms or conditions of any such Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are otherwise
materially changed in any manner that adversely affects any of the Buyers, except pursuant to the terms thereof that were in effect
on the date immediately prior to the date of this Agreement; (iii) the Conversion Shares; and (iv) any shares of Common Stock or
Convertible Securities issued or issuable in connection with strategic or commercial alliances, acquisitions, mergers, and strategic
partnerships, provided, that (x) the primary purpose of such issuance is not to raise capital as reasonably determined, (y) the
purchaser or acquirer of the securities in such issuance solely consists of either (A) the actual participants in such strategic
or commercial alliance or strategic or commercial partnership, (B) the actual owners of such assets or securities acquired in such
acquisition or merger or (C) the stockholders, partners or members of the foregoing Persons, in each case, which is, itself or
through its subsidiaries, an operating company or an owner of an asset, in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, and (z) the number or amount of securities
issued to such Persons by the Company shall not be disproportionate to each such Person’s actual participation in such strategic
or commercial alliance or strategic or commercial partnership or ownership of such assets or securities to be acquired by the Company,
as applicable, (each of the foregoing in clauses (i) through (iv), collectively the “Excluded Securities”).
“Approved Stock Plan” means any employee benefit plan which has been approved by the board of directors of the
Company prior to or subsequent to the date hereof pursuant to which shares of Common Stock, restricted stock units, standard options
to purchase Common Stock and other equity awards may be issued to any employee, consultant, officer or director for services provided
to the Company in their capacity as such. “Convertible Securities” means any capital stock or other security
of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible into,
exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any capital stock or other security
of the Company (including, without limitation, Common Stock) or any of its Subsidiaries.

 

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(l)                
Reservation of Shares. So long as any of the Notes remain outstanding, the Company shall take all action necessary
to at all times have authorized, and reserved for the purpose of issuance, no less than the Required Registration Amount (as defined
in the Registration Rights Agreement),; provided that at no time shall the number of shares of Common Stock reserved pursuant to
this Section 4(l) be reduced other than proportionally in connection with any conversion, exercise and/or redemption, as applicable
of Notes. If at any time the number of shares of Common Stock authorized and reserved for issuance is not sufficient to meet the
Required Registration Amount, the Company will as soon as practicable take all corporate action necessary to authorize and reserve
a sufficient number of shares, including, without limitation, calling a special meeting of stockholders to authorize additional
shares to meet the Company’s obligations pursuant to the Transaction Documents, in the case of an insufficient number of
authorized shares, obtain stockholder approval of an increase in such authorized number of shares, and voting the management shares
of the Company in favor of an increase in the authorized shares of the Company to ensure that the number of authorized shares is
sufficient to meet the Required Registration Amount.

 

(m)            
Conduct of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any
law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect.

 

(n)              
Other Notes; Variable Securities. So long as any Notes remain outstanding, the Company and each Subsidiary shall
be prohibited from effecting or entering into an agreement to effect any Subsequent Placement involving a Variable Rate Transaction
(other than a Permitted ATM (as defined below) or any Notes issued hereunder). “Variable Rate Transaction” means
a transaction in which the Company or any Subsidiary (i) issues or sells any Convertible Securities either (A) at a conversion,
exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares
of Common Stock at any time after the initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of such Convertible Securities or upon the
occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the
Common Stock, other than pursuant to a customary “weighted average” anti-dilution provision or customary adjustments
for stock splits, stock dividends, stock combinations, recapitalizations and similar events or (ii) enters into any agreement (including,
without limitation, an equity line of credit or an “at-the-market” offering) whereby the Company or any Subsidiary
may sell securities at a future determined price (other than standard and customary “preemptive” or “participation”
rights) (other than with respect to an “at-the-market” offering occurring both (x) after the thirtieth (30th)
calendar day after the Applicable Date and (y) at a price per share of Common Stock greater than the initial Conversion Price (as
defined in the Notes) as of the Closing Date (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations
and similar events) (a “Permitted ATM”)). Each Buyer shall be entitled to obtain injunctive relief against the
Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

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(o)              
Passive Foreign Investment Company. The Company shall conduct its business, and shall cause its Subsidiaries to conduct
their respective businesses, in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign
investment company within the meaning of Section 1297 of the Code.

 

(p)              
Restriction on Redemption and Cash Dividends. So long as any Notes are outstanding, the Company shall not, directly
or indirectly, redeem, or declare or pay any cash dividend or distribution on, any securities of the Company without the prior
express written consent of the Buyers.

 

(q)              
Corporate Existence. So long as any Buyer beneficially owns any Notes, the Company shall not be party to any Fundamental
Transaction (as defined in the Notes) unless the Company is in compliance with the applicable provisions governing Fundamental
Transactions set forth in the Notes.

 

(r)               
Conversion Procedures. Each of the form of Conversion Notice (as defined in the Notes) included in the Notes set
forth the totality of the procedures required of the Buyers in order to convert the Notes. Except as provided in Section 5(d),
no additional legal opinion, other information or instructions shall be required of the Buyers to convert their Notes. The Company
shall honor conversions of the Notes and shall deliver the Conversion Shares in accordance with the terms, conditions and time
periods set forth in the Notes.

 

(s)               
Regulation M. The Company will not take any action prohibited by Regulation M under the 1934 Act, in connection with
the distribution of the Securities contemplated hereby.

 

(t)                
General Solicitation(f). None of the Company, any of its affiliates (as defined in Rule 501(b) under the 1933 Act)
or any person acting on behalf of the Company or such affiliate will solicit any offer to buy or offer or sell the Securities by
means of any form of general solicitation or general advertising within the meaning of Regulation D, including: (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio;
and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(u)              
Integration(g). None of the Company or any person acting on behalf of the Company will sell, offer for sale, or solicit
offers to buy or otherwise negotiate in respect of any security (as defined in the 1933 Act) which will be integrated with the
sale of the Securities in a manner which would require the registration of the Securities under the 1933 Act or require stockholder
approval under the rules and regulations of the Principal Market and the Company will take all action that is appropriate or necessary
to assure that its offerings of other securities will not be integrated for purposes of the 1933 Act or the rules and regulations
of the Principal Market, with the issuance of Securities contemplated hereby.

 

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(v)              
Notice of Disqualification Events(a). The Company will notify the Buyers in writing, prior to the Closing Date of
(i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would reasonably be expected, with
the passage of time, to become a Disqualification Event relating to any Issuer Covered Person.

 

(w)            
Post Closing Deliverables(b). By no later than December 21, 2018, the Company shall have duly executed and delivered
to such Buyer the FCPA Questionnaire in the form attached hereto as Exhibit C.

 

5.                 
REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)              
Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to each holder of Securities), a register for the Notes in which the Company shall record the name
and address of the Person in whose name the Notes have been issued (including the name and address of each transferee), the principal
amount of the Notes held by such Person and the number of Conversion Shares issuable pursuant to the terms of the Notes. The Company
shall keep the register open and available at all times during business hours for inspection of any Buyer or its legal representatives.

 

(b)              
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent and any subsequent
transfer agent (as applicable, the “Transfer Agent”) in a form acceptable to each of the Buyers (the “Irrevocable
Transfer Agent Instructions”) to issue certificates or credit shares to the applicable balance accounts at The Depository
Trust Company (“DTC”), registered in the name of each Buyer or its respective nominee(s), for the Conversion
Shares in such amounts as specified from time to time by each Buyer to the Company upon conversion of the Notes. The Company represents
and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5(b),
and stop transfer instructions to give effect to Section 2(g) hereof, will be given by the Company to its transfer agent with respect
to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the Company, as applicable,
to the extent provided in this Agreement, the other Transaction Documents and applicable law. If a Buyer effects a sale, assignment
or transfer of the Securities in accordance with Section 2(g), the Company shall permit the transfer and shall promptly instruct
its transfer agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name and
in such denominations as specified by such Buyer to effect such sale, transfer or assignment. In the event that such sale, assignment
or transfer involves Conversion Shares sold, assigned or transferred pursuant to an effective registration statement or in compliance
with Rule 144, the transfer agent shall issue such shares to such Buyer, assignee or transferee (as the case may be) without any
restrictive legend in accordance with Section 5(d) below. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to a Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach of
its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened breach by the
Company of the provisions of this Section 5(b), that a Buyer shall be entitled, in addition to all other available remedies,
to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being required. The Company shall cause its counsel to issue the legal opinion
referred to in the Irrevocable Transfer Agent Instructions to the Company’s transfer agent on each Effective Date (as defined
in the Registration Rights Agreement). Any fees (with respect to the transfer agent, counsel to the Company or otherwise) associated
with the issuance of such opinion or the removal of any legends on any of the Securities shall be borne by the Company.

 

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(c)              
Legends. Each Buyer understands that the Securities have been issued (or will be issued in the case of the Conversion
Shares) pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities laws, and
except as set forth below, the Securities shall bear any legend as required by the “blue sky” laws of any state and
a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such stock
certificates):

 

[NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN][THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY),
IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE
TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

(d)              
Removal of Legends. Certificates evidencing Securities shall not be required to contain the legend set forth in Section 5(c)
above or any other legend (i) while a registration statement (including a Registration Statement) covering the resale of such Securities
is effective under the 1933 Act, (ii) following any sale of such Securities pursuant to Rule 144 (assuming the transferor is not
an affiliate of the Company), (iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 (provided
that a Buyer provides the Company with reasonable assurances that such Securities are eligible for sale, assignment or transfer
under Rule 144 which shall not include an opinion of Buyer’s counsel), (iv) in connection with a sale, assignment or other
transfer (other than under Rule 144), provided that such Buyer provides the Company with an opinion of counsel to such Buyer, in
a form reasonably acceptable to the Company, to the effect that such sale, assignment or transfer of the Securities may be made
without registration under the applicable requirements of the 1933 Act or (v) if such legend is not required under applicable requirements
of the 1933 Act (including, without limitation, controlling judicial interpretations and pronouncements issued by the SEC). If
a legend is not required pursuant to the foregoing, the Company shall no later than two (2) Trading Days (or such earlier date
as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the
date such Buyer delivers such legended certificate representing such Securities to the Company) following the delivery by a Buyer
to the Company or the transfer agent (with notice to the Company) of a legended certificate representing such Securities (endorsed
or with stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer,
if applicable), together with any other deliveries from such Buyer as may be required above in this Section 5(d), as directed
by such Buyer, either: (A) provided that the Company’s transfer agent is participating in the DTC Fast Automated Securities
Transfer Program and such Securities are Conversion Shares, credit the aggregate number of shares of Common Stock to which such
Buyer shall be entitled to such Buyer’s or its designee’s balance account with DTC through its Deposit/Withdrawal at
Custodian system or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer
Program, issue and deliver (via reputable overnight courier) to such Buyer, a certificate representing such Securities that is
free from all restrictive and other legends, registered in the name of such Buyer or its designee (the date by which such credit
is so required to be made to the balance account of such Buyer’s or such Buyer’s designee with DTC or such certificate
is required to be delivered to such Buyer pursuant to the foregoing is referred to herein as the “Required Delivery Date”,
and the date such shares of Common Stock are actually delivered without restrictive legend to such Buyer or such Buyer’s
designee with DTC, as applicable, the “Share Delivery Date”). The Company shall be responsible for any transfer
agent fees or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities
in accordance herewith.

 

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(e)              
Failure to Timely Deliver; Buy-In. If the Company fails, for any reason or for no reason, to issue and deliver (or
cause to be delivered) to a Buyer (or its designee) by the Required Delivery Date, either (I) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, a certificate for the number of Conversion Shares to which such Buyer is
entitled and register such Conversion Shares on the Company’s share register or, if the Transfer Agent is participating in
the DTC Fast Automated Securities Transfer Program, to credit the balance account of such Buyer or such Buyer’s designee
with DTC for such number of Conversion Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above or (II)
if the Registration Statement covering the resale of the Conversion Shares submitted for legend removal by such Buyer pursuant
to Section 5(d) above (the “Unavailable Shares”) is not available for the resale of such Unavailable Shares
and the Company fails to promptly, but in no event later than as required pursuant to the Registration Rights Agreement (x) so
notify such Buyer and (y) deliver the Conversion Shares electronically without any restrictive legend by crediting such aggregate
number of Conversion Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above to such Buyer’s or
its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system (the event described in the immediately
foregoing clause (II) is hereinafter referred as a “Notice Failure” and together with the event described in
clause (I) above, a “Delivery Failure”), and if on or after such Trading Day such Buyer purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Buyer of shares of Common
Stock submitted for legend removal by such Buyer pursuant to Section 5(d) above that such Buyer is entitled to receive from the
Company (a “Buy-In”), then the Company shall, within two (2) Trading Days after such Buyer’s request and
in such Buyer’s discretion, either (i) pay cash to such Buyer in an amount equal to such Buyer’s total purchase price
(including brokerage commissions and other out-of-pocket expenses, if any, for the shares of Common Stock so purchased) (the “Buy-In
Price”), at which point the Company’s obligation to so deliver such certificate or credit such Buyer’s balance
account shall terminate and such shares shall be cancelled, or (ii) promptly honor its obligation to so deliver to such Buyer a
certificate or certificates or credit the balance account of such Buyer or such Buyer’s designee with DTC representing such
number of shares of Common Stock that would have been so delivered if the Company timely complied with its obligations hereunder
and pay cash to such Buyer in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
shares of Conversion Shares that the Company was required to deliver to such Buyer by the Required Delivery Date multiplied by
(B) the lowest Closing Sale Price (as defined in the Notes) of the Common Stock on any Trading Day during the period commencing
on the date of the delivery by such Buyer to the Company of the applicable Conversion Shares and ending on the date of such delivery
and payment under this clause (ii). Nothing shall limit such Buyer’s right to pursue any other remedies available to it hereunder,
at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing shares of Common Stock (or to electronically deliver such shares
of Common Stock) as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, with respect to any
given Notice Failure and/or Delivery Failure, this Section 5(e) shall not apply to the applicable Buyer the extent the Company
has already paid such amounts in full to such Buyer with respect to such Notice Failure and/or Delivery Failure, as applicable,
pursuant to the analogous sections of the Note held by such Buyer.

 

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(f)               
FAST Compliance. While any Notes remain outstanding, the Company shall maintain a transfer agent that participates
in the DTC Fast Automated Securities Transfer Program.

 

6.                 
CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

(a)              
The obligation of the Company hereunder to issue and sell the Notes to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof: 

 

(i)                
Such Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to
the Company.

 

(ii)             
Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price (less, in the case of any Buyer,
the amounts withheld pursuant to Section 4(g)) for the Note being purchased by such Buyer at the Closing by wire transfer
of immediately available funds in accordance with the Flow of Funds Letter.

 

(iii)           
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by such Buyer at or prior to the Closing Date.

 

7.                 
CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

(a)              
The obligation of each Buyer hereunder to purchase its Note at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof: 

 

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(i)                
The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party
and the Company shall have duly executed and delivered to such Buyer a Note in such original principal amount as is set forth across
from such Buyer’s name in column (3) of the Schedule of Buyers as being purchased by such Buyer at the Closing pursuant to
this Agreement.

 

(ii)             
Such Buyer shall have received the opinion of Fenwick & West LLP, the Company’s counsel, dated as of the Closing
Date, in the form acceptable to such Buyer.

 

(iii)           
The Company shall have delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form acceptable
to such Buyer, which instructions shall have been delivered to and acknowledged in writing by the Company’s transfer agent.

 

(iv)            
The Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company in
Delaware issued by the Delaware Secretary of State as of a date within ten (10) days of the Closing Date.

 

(v)              
Prior to or contemporaneously with the issuance of the Press Release, the Company shall have delivered to DSM notice of
the transactions contemplated by this Agreement pursuant to Section 4.2 of the Amended and Restated Stockholder Agreement, dated
as of August 7, 2017, between the Company and DSM International B.V.

 

(vi)            
The Company shall have delivered to such Buyer a copy of the Certificate of Incorporation, as currently in effect, certified
by the Delaware Secretary of State.

 

(vii)         
The Company shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary
or Assistant Secretary of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3(b)
as adopted by the Company’s board of directors in a form reasonably acceptable to such Buyer, (ii) the Certificate of Incorporation
of the Company and (iii) the Bylaws of the Company, each as in effect at the Closing.

 

(viii)       
Each and every representation and warranty of the Company shall be true and correct as of the date when made and as of the
Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects
with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to
the Closing Date. Such Buyer shall have received a certificate, duly executed by the Chief Executive Officer or Chief Financial
Officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably
requested by such Buyer in the form acceptable to such Buyer.

 

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(ix)            
The Company shall have delivered to such Buyer a letter from the Company’s transfer agent certifying the number of
shares of Common Stock outstanding on the Closing Date immediately prior to the Closing.

 

(x)              
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not
have been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall
suspension by the SEC or the Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC or
the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

(xi)            
The Company shall have obtained all governmental, regulatory or third party consents and approvals (or waiver of such consents
or approvals), if any, necessary for the sale of the Securities, including without limitation, those required by the Principal
Market, if any.

 

(xii)         
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

 

(xiii)       
Since the date of execution of this Agreement, no event or series of events shall have occurred that would reasonably be
expected to or result in a Material Adverse Effect.

 

(xiv)        
The Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be)
the Conversion Shares.

 

(xv)          
Such Buyer shall have received a letter on the letterhead of the Company, duly executed by the Chief Executive Officer or
Chief Financial Officer of the Company, setting forth the wire amounts of each Buyer and the wire transfer instructions of the
Company (the “Flow of Funds Letter”).

 

(xvi)        
The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating
to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

8.                 
TERMINATION.

 

In the event that the Closing shall not have
occurred with respect to a Buyer within five (5) days of the date hereof due to the Company’s failure to satisfy the conditions
set forth in Section 7 hereof, then such Buyer shall have the right to terminate its obligations under this Agreement with respect
to itself at any time on or after the close of business on such date without liability of such Buyer to any other party; provided,
however, (i) the right to terminate this Agreement under this Section 8 shall not be available to such Buyer if the failure
of the transactions contemplated by this Agreement to have been consummated by such date is the result of such Buyer’s breach
of this Agreement and (ii) the abandonment of the sale and purchase of the Notes shall be applicable only to such Buyer providing
such written notice, provided further that no such termination shall affect any obligation of the Company under this Agreement
to reimburse such Buyer for the expenses described in Section 4(g) above. Nothing contained in this Section 8 shall be
deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the
other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations
under this Agreement or the other Transaction Documents.

 

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9.                 
MISCELLANEOUS.

 

(a)              
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action
against the Company in any other jurisdiction to collect on the Company’s obligations to such Buyer or to enforce a judgment
or other court ruling in favor of such Buyer. EACH PARTY 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 UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

(b)              
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page 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 signature page were an original
thereof.

 

(c)              
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

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(d)              
Severability; Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined
to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid
or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity
or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this
Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained in this Agreement or any other Transaction
Document (and without implication that the following is required or applicable), it is the intention of the parties that in no
event shall amounts and value paid by the Company and/or any of its Subsidiaries (as the case may be), or payable to or received
by any of the Buyers, under the Transaction Documents (including without limitation, any amounts that would be characterized as
“interest” under applicable law) exceed amounts permitted under any applicable law. Accordingly, if any obligation
to pay, payment made to any Buyer, or collection by any Buyer pursuant the Transaction Documents is finally judicially determined
to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed to have been made by mutual
mistake of such Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by the applicable law. Such
adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of such Buyer, the amount of interest
or any other amounts which would constitute unlawful amounts required to be paid or actually paid to such Buyer under the Transaction
Documents. For greater certainty, to the extent that any interest, charges, fees, expenses or other amounts required to be paid
to or received by such Buyer under any of the Transaction Documents or related thereto are held to be within the meaning of “interest”
or another applicable term to otherwise be violative of applicable law, such amounts shall be pro-rated over the period of time
to which they relate.

 

    38

     

    

(e)              
Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached
hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between
the Buyers, the Company, and Persons acting on their behalf, including, without limitation, any transactions by any Buyer with
respect to Common Stock or the Securities, and the other matters contained herein and therein, and this Agreement, the other Transaction
Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the
entire understanding of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained
in this Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any agreements any Buyer
has entered into with, or any instruments any Buyer has received from, the Company or any of its Subsidiaries prior to the date
hereof with respect to any prior investment made by such Buyer in the Company or (ii) waive, alter, modify or amend in any respect
any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Buyer or any other Person, in any
agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and any Buyer, or any
instruments any Buyer received from the Company and/or any of its Subsidiaries prior to the date hereof, and all such agreements
and instruments shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company
nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes,
the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an instrument in writing signed
by the Company and the Required Holders (as defined below), and any amendment to any provision of this Agreement made in conformity
with the provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable; provided
that no such amendment shall be effective to the extent that it (A) applies to less than all of the holders of the Securities then
outstanding or (B) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may
be granted or withheld in such Buyer’s sole discretion). No waiver shall be effective unless it is in writing and signed
by an authorized representative of the waiving party, provided that the Required Holders may waive any provision of this Agreement,
and any waiver of any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding
on all Buyers and holders of Securities, as applicable, provided that no such waiver shall be effective to the extent that it (1)
applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver as to itself only) or
(2) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted or
withheld in such Buyer’s sole discretion). The Company has not, directly or indirectly, made any agreements with any Buyers
relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction
Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement, no Buyer has made
any commitment or promise or has any other obligation to provide any financing to the Company, any Subsidiary or otherwise. As
a material inducement for each Buyer to enter into this Agreement, the Company expressly acknowledges and agrees that (x) no due
diligence or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its representatives shall affect
such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s
representations and warranties contained in this Agreement or any other Transaction Document and (y) unless a provision of this
Agreement or any other Transaction Document is expressly preceded by the phrase “except as disclosed in the SEC Documents,”
nothing contained in any of the SEC Documents shall affect such Buyer’s right to rely on, or shall modify or qualify in any
manner or be an exception to any of, the Company’s representations and warranties contained in this Agreement or any other
Transaction Document. “Required Holders” means (I) prior to the Closing Date, each Buyer entitled to purchase
Notes at the Closing and (II) on or after the Closing Date, CVI Investments, Inc., so long as it holds any Notes or Registrable
Securities, and thereafter holders of a majority of the Registrable Securities as of such time (excluding any Registrable Securities
held by the Company or any of its Subsidiaries as of such time) issued or issuable hereunder or pursuant to the Notes (or the Buyers,
with respect to any waiver or amendment of Section 4(o)).

 

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(f)               
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii)
upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept
on file by the sending party) or electronic mail (provided that such sent email is kept on file (whether electronically or otherwise)
by the sending party and the sending party does not receive an automatically generated message from the recipient’s email
server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight
courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses,
facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Amyris, Inc.

5885 Hollis St., Suite 100

Emeryville, CA 94608

Telephone: (510) 450-0761

Facsimile: (510) 225-2648

Attention: General Counsel

Email: generalcounsel@amyris.com

 

With a copy (for informational purposes only) to:

 

Fenwick & West LLP

801 California Street

Mountain View, California 94041

Telephone: (650) 988-8500

Attention: Faisal Rashid

Email: frashid@fenwick.com

 

If to the Transfer Agent:

 

EQ Shareowner Services

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120

Telephone: (651) 450-4079

Attention: Andy Le

Email: wfssrelationshipmanagement@eq-US.com

 

If to a Buyer, to its address, e-mail address and facsimile number set forth
on the Schedule of Buyers, with copies to such Buyer’s representatives as set forth on the Schedule of Buyers, with a copy
(for informational purposes only) to:

 

    40

     

    

Kelley Drye & Warren LLP

101 Park Avenue

New York, NY 10178

Telephone: (212) 808-7540

Facsimile: (212) 808-7897

Attention: Michael A. Adelstein, Esq.

E-mail: madelstein@kelleydrye.com

 

or to such other address, e-mail address and/or facsimile number
and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five
(5) days prior to the effectiveness of such change, provided that Kelley Drye & Warren LLP shall only be provided copies of
notices sent to the lead Buyer. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s facsimile machine or e-mail containing the time,
date, recipient facsimile number and, with respect to each facsimile transmission, an image of the first page of such transmission
or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)              
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Notes. The Company shall not assign this Agreement or any rights
or obligations hereunder without the prior written consent of the Required Holders, including, without limitation, by way of a
Fundamental Transaction (as defined in the Notes) (unless the Company is in compliance with the applicable provisions governing
Fundamental Transactions set forth in the Notes). A Buyer may assign some or all of its rights hereunder in connection with any
transfer of any of its Securities without the consent of the Company, in which event such assignee shall be deemed to be a Buyer
hereunder with respect to such assigned rights.

 

(h)              
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
other than the Indemnitees referred to in Section 9(k).

 

(i)                
Survival. The representations, warranties, agreements and covenants shall survive the Closing. Each Buyer shall be
responsible only for its own representations, warranties, agreements and covenants hereunder.

 

(j)                
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 any 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.

 

    41

     

    

(k)              
Indemnification. In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring
the Securities thereunder and in addition to all of the Company’s other obligations under the Transaction Documents, the
Company shall defend, protect, indemnify and hold harmless each Buyer and each holder of any Securities and all of their stockholders,
partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’ agents
or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this
Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether
any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’
fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising
out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the Company or any Subsidiary
in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of the Company or any Subsidiary
contained in any of the Transaction Documents or (iii) any cause of action, suit, proceeding or claim brought or made against such
Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Company or any Subsidiary)
or which otherwise involves such Indemnitee that arises out of or results from (A) the execution, delivery, performance or enforcement
of any of the Transaction Documents, (B) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, (C) any disclosure properly made by such Buyer pursuant to Section 4(i),
or (D) the status of such Buyer or holder of the Securities either as an investor in the Company pursuant to the transactions contemplated
by the Transaction Documents or as a party to this Agreement (including, without limitation, as a party in interest or otherwise
in any action or proceeding for injunctive or other equitable relief). To the extent that the foregoing undertaking by the Company
may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and
procedures with respect to the rights and obligations under this Section 9(k) shall be the same as those set forth in Section 6
of the Registration Rights Agreement.

 

(l)                
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty
shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted
for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur with respect
to the Common Stock after the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty against, or a prohibition of, any actions with
respect to the borrowing of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the
Company in order for such Buyer (or its broker or other financial representative) to effect short sales or similar transactions
in the future.

 

    42

     

    

(m)            
Remedies. Each Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder
of Securities, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which such
holders have been granted at any time under any other agreement or contract and all of the rights which such holders have under
any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically
(without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails
to perform, observe, or discharge any or all of its or such Subsidiary’s (as the case may be) obligations under the Transaction
Documents, any remedy at law would inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled
to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent
jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security. The
remedies provided in this Agreement and the other Transaction Documents shall be cumulative and in addition to all other remedies
available under this Agreement and the other Transaction Documents, at law or in equity (including a decree of specific performance
and/or other injunctive relief).

 

(n)              
Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) the Transaction Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and
the Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then such Buyer
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the
case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

(o)              
Payment Set Aside; Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or
pursuant to any of the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder,
and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise
restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law,
foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred
to in this Agreement and the other Transaction Documents are in United States Dollars (“U.S. Dollars”), and
all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated
in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on
the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into U.S.
Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date
of calculation.

 

(p)              
Judgment Currency.

 

(i)                
If for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other
Transaction Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency
being hereinafter in this Section 9(p) referred to as the “Judgment Currency”) an amount due in US Dollars
under this Agreement, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

 

    43

     

    

(1)              
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any
other jurisdiction that will give effect to such conversion being made on such date: or

 

(2)              
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the
date as of which such conversion is made pursuant to this Section 9(p)(i)(2) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(ii)             
If in the case of any proceeding in the court of any jurisdiction referred to in Section 9(p)(i)(2) above, there is
a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due,
the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency,
when converted at the Exchange Rate prevailing on the date of payment, will produce the amount of US Dollars which could have been
purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on
the Judgment Conversion Date.

 

(iii)           
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment
being obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

 

    44

     

    

(q)              
Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents
are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance
of the obligations of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and the Company acknowledges
that the Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create
a presumption that the Buyers are in any way acting in concert or as a group or entity, and the Company shall not assert any such
claim with respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company
acknowledges that the Buyers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect
to such obligations or the transactions contemplated by the Transaction Documents. The decision of each Buyer to purchase Securities
pursuant to the Transaction Documents has been made by such Buyer independently of any other Buyer. Each Buyer acknowledges that
no other Buyer has acted as agent for such Buyer in connection with such Buyer making its investment hereunder and that no other
Buyer will be acting as agent of such Buyer in connection with monitoring such Buyer’s investment in the Securities or enforcing
its rights under the Transaction Documents. The Company and each Buyer confirms that each Buyer has independently participated
with the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel
and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer
to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase
and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer,
and was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do
so by any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company, each Subsidiary and a Buyer, solely, and not between the Company, its Subsidiaries and the Buyers
collectively and not between and among the Buyers.

 

[signature pages follow]

 

    45

     

    

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

 

 

	 	
        COMPANY:

         

	 	
        AMYRIS, INC.

         

         

         

        By: /s/ Kathleen Valiasek

Name: Kathleen Valiasek

        Title: Chief Financial Officer

         

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

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

 

 

	 	
        BUYER:

         

	 	
        CVI Investments, Inc.

         

         

         

         

        By: /s/ Martin Kobinger

Name: Martin Kobinger

        Title: Investment Manager

         

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

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

 

 

	 	
        BUYER:

         

	 	
        B. Riley fbr, inc.

         

         

         

         

        By: /s/ Bryant Riley

Name: Bryant Riley

        Title: Executive Officer

         

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

SCHEDULE OF BUYERS

 

 

	(1)	(2)	(3)	(6)	(9)
	 	 	 	 	 
	
        Buyer
	
        Address and Facsimile Number
	
        Original Principal Amount of
        Notes
	
        Purchase Price
	
        Legal Representative’s

        Address and Facsimile Number

	 	 	 	 	 
	CVI Investments, Inc.	
        c/o Heights Capital Management

        101 California Street

        Suite 3250

        San Francisco, CA 94111

        Attention: Martin Kobinger,

        Investment Manager

        Facsimile: 415-403-6525

        

        
	$55,000,000	$55,000,000	
        Kelley Drye & Warren LLP

        101 Park Avenue

        New York, NY 10178

        Telephone: (212) 808-7540

        Facsimile: (212) 808-7897

        Attention: Michael A. Adelstein, Esq.

	

B. Riley FBR, Inc.	
         

        B. Riley FBR, Inc.

        11100 Santa Monica Blvd. Suite 800

        Los Angeles, CA 90025

        Attn: Operations

        Facsimile: 310-966-1448

         
	

                                                                                 

                                                                                $5,000,000
	

                                                                                 

                                                                                $5,000,000
	

N/A
	TOTAL	 	$60,000,000	$60,000,000	 

 

 

 

    

     

    

EXHIBIT A

 

[FORM OF SENIOR CONVERTIBLE NOTE]

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER
SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE,
INCLUDING SECTIONS 3(c)(iii) AND 17(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE
UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE.

 

Amyris, Inc.

 

Senior Convertible Note

 

	Issuance Date:  December [●], 2018_	Original Principal Amount: U.S.  $[●]

 

FOR VALUE RECEIVED, Amyris, Inc., a Delaware
corporation (the “Company”), hereby promises to pay to the order of [BUYER] or its registered assigns (“Holder”)
the amount set forth above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion
or otherwise, the “Principal”) when due, whether upon the Maturity Date, on any Installment Date with respect
to the Installment Amount due on such Installment Date (each as defined below), or upon acceleration, redemption or otherwise (in
each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding Principal
at the applicable Interest Rate (as defined below) from the date set forth above as the Issuance Date (the “Issuance Date”)
until the same becomes due and payable, whether upon the Maturity Date, on any Installment Date with respect to the Installment
Amount due on such Installment Date, or upon acceleration, conversion, redemption or otherwise (in each case in accordance with
the terms hereof). This Senior Convertible Note (including all Senior Convertible Notes issued in exchange, transfer or replacement
hereof, this “Note”) is one of an issue of Senior Convertible Notes issued pursuant to the Securities Purchase
Agreement, dated as of December 6, 2018 (the “Subscription Date”), by and among the Company and the investors
(the “Buyers”) referred to therein, as amended from time to time (collectively, the “Notes”,
and such other Senior Convertible Notes, the “Other Notes”). Certain capitalized terms used herein are defined
in Section 30.

 

    

     

    

1.                 
PAYMENTS OF PRINCIPAL. On each Installment Date, the Company shall pay to the Holder an amount equal to the Installment
Amount due on such Installment Date in accordance with Section 8. On the Maturity Date, the Company shall pay to the Holder an
amount in cash (excluding any amounts paid in shares of Common Stock on the Maturity Date in accordance with Section 8) representing
all outstanding Principal, accrued and unpaid Interest and accrued and unpaid Late Charges (as defined in Section 23(c)) on such
Principal and Interest. Other than as specifically permitted by this Note, the Company may not prepay any portion of the outstanding
Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest, if any.

 

2.                 
INTEREST; INTEREST RATE.

 

(a)              
Interest on this Note shall commence accruing on the Issuance Date and shall be computed on the basis of a 360-day year
and twelve 30-day months and shall be payable in arrears on each Interest Date and shall be payable in accordance with the terms
of this Note. Interest shall be paid (i) on each Interest Date occurring on an Installment Date in accordance with Section 8 as
part of the applicable Installment Amount due on the applicable Installment Date and (ii) with respect to each other Interest Date,
to the record holder of this Note on the applicable Interest Date, in shares of Common Stock (“Interest Shares”)
so long as there has been no Equity Conditions Failure; provided however, that the Company may, at its option following notice
to the Holder, pay Interest on any Interest Date in cash (“Cash Interest”) or in a combination of Cash Interest
and Interest Shares. The Company shall deliver a written notice (each, an “Interest Election Notice”) to each
holder of the Notes on or prior to the fifth (5th) Trading Day prior to the applicable Interest Date (the date such
notice is delivered to all of the holder, the “Interest Notice Date”) which notice (i) either (A) confirms that
Interest to be paid on such Interest Date shall be paid entirely in Interest Shares or (B) elects to pay Interest as Cash Interest
or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest
and the amount of Interest, if any, that shall be paid in Interest Shares and (ii) certifies that there has been no Equity Conditions
Failure. If the Company shall fail to deliver any such notice prior to the applicable Interest Notice Date, then the Company shall
be deemed to have provided an Interest Election on such Interest Notice Date that confirms that Interest to be paid on such Interest
Date shall be paid entirely in Interest Shares and certifies that there has been no Equity Conditions Failure If an Equity Conditions
Failure has occurred as of the Interest Notice Date, then unless the Company has elected to pay such Interest as Cash Interest,
the Interest Election Notice shall indicate that unless the Holder waives the Equity Conditions Failure, the Interest shall be
paid as Cash Interest. Notwithstanding anything herein to the contrary, if no Equity Conditions Failure has occurred as of the
Interest Notice Date but an Equity Conditions Failure occurs thereafter at any time prior to the Interest Date, (A) the Company
shall provide the Holder a subsequent notice to that effect and (B) unless the Holder waives the Equity Conditions Failure, the
Interest shall be paid in cash. Interest to be paid on an Interest Date in Interest Shares shall be paid in a number of fully paid
and nonassessable shares (rounded to the nearest whole share in accordance with Section 3(a)) of Common Stock equal to the quotient
of (1) the amount of Interest payable on such Interest Date less any Cash Interest paid and (2) the Installment Conversion Price
in effect on the applicable Interest Date (determined as if such Interest Date was an Installment Date hereunder).

 

    2

     

    

(b)                          
When any Interest Shares are to be paid on an Interest Date, the Company shall (i) (A) provided that the Company’s
transfer agent (the “Transfer Agent”) is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of Interest Shares to which the Holder shall be entitled
to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (B)
if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver on the applicable
Interest Date, to the address set forth in the register maintained by the Company for such purpose pursuant to the Securities Purchase
Agreement or to such address as specified by the Holder in writing to the Company at least two (2) Business Days prior to the applicable
Interest Date, a certificate, registered in the name of the Holder or its designee, for the number of Interest Shares to which
the Holder shall be entitled and (ii) with respect to each Interest Date, pay to the Holder, in cash by wire transfer of immediately
available funds, the amount of any Cash Interest.

 

(c)                          
Prior to the payment of Interest on an Interest Date, Interest on this Note shall accrue at the Interest Rate and be payable
by way of inclusion of the Interest in the Conversion Amount on each Conversion Date in accordance with Section 3(b) or upon any
redemption in accordance with Section 11 or any required payment upon any Bankruptcy Event of Default. From and after the occurrence
and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to eighteen percent (18.0%)
per annum. In the event that such Event of Default is subsequently cured (and no other Event of Default then exists (including,
without limitation, for the Company’s failure to pay such Interest at the Default Rate on the applicable Interest Date)),
the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day immediately following the
date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event
of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and
including the date of such cure of such Event of Default.

 

3.                 
CONVERSION OF NOTES. At any time after the Issuance Date, this Note shall be convertible into validly issued, fully
paid and non-assessable shares of Common Stock (as defined below), on the terms and conditions set forth in this Section 3.

 

(a)              
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date,
the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly
issued, fully paid and non-assessable shares of Common Stock in accordance with Section 3(c), at the Conversion Rate (as defined
below). The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in
the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the
nearest whole share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including,
without limitation, fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance
and delivery of Common Stock upon conversion of any Conversion Amount.

 

    3

     

    

(b)              
Conversion Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant
to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion
Rate”).

 

(i)                
“Conversion Amount” means the sum of (x) the portion of the Principal to be converted, redeemed or otherwise
with respect to which this determination is being made and (y) all accrued and unpaid Interest with respect to such portion of
the Principal amount and accrued and unpaid Late Charges with respect to such portion of such Principal and such Interest, if any.

 

(ii)             
“Conversion Price” means, as of any Conversion Date or other date of determination, $6.32, subject to
adjustment as provided herein.

 

(c)              
Mechanics of Conversion.

 

 

 

 

 

    4

     

    

(i)                
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 4:59
p.m., New York time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the
“Conversion Notice”) to the Company. If required by Section 3(c)(iii), within two (2) Trading Days following
a conversion of this Note as aforesaid, the Holder shall surrender this Note to a nationally recognized overnight delivery service
for delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction
as contemplated by Section 17(b)). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice,
if such Common Stock may then be resold pursuant to Rule 144 or an effective and available registration statement, the Company
shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of such Conversion Notice and instructions
to the Transfer Agent, in the form attached hereto as Exhibit II, to the Holder and the Transfer Agent which confirmation
shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On
or before the second (2nd) Trading Day following the date on which the Company has received a Conversion Notice (or such earlier
date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on
the applicable Conversion Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the “Share
Delivery Deadline”), the Company shall (1) provided that the Transfer Agent is participating in DTC’s Fast Automated
Securities Transfer Program and either (x) the shares of Common Stock issuable pursuant to such conversion are eligible to be resold
by the Holder pursuant to Rule 144 or (y) the resale of such shares of Common Stock issuable pursuant to such conversion by the
Holder is registered pursuant to a registration statement that has been declared effective by the SEC (assuming the Company has
not notified the Holder prior thereto that a Grace Period is in effect and continuing) (as applicable, the “DTC Issuance
Condition”), credit such aggregate number of shares of Common Stock to which the Holder shall be entitled pursuant to
such conversion to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian
system or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, no DTC Issuance
Condition has been satisfied, or the DTC Fast Automated Securities Transfer Program is otherwise not available for the issuance
of such Common Stock, then upon the request of the Holder, issue and deliver (via reputable overnight courier) to the address as
specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares
of Common Stock to which the Holder shall be entitled pursuant to such conversion. If the shares of Common Stock issuable upon
the conversion are not eligible for legend removal pursuant to Section 5(d) of the Securities Purchase Agreement, then such shares
of Common Stock issued upon conversion must contain the legend required by Section 5(c) of the Securities Purchase Agreement. If
this Note is physically surrendered for conversion pursuant to Section 3(c)(iii) and the outstanding Principal of this Note is
greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and
in no event later than five (5) Business Days after receipt of this Note and at its own expense, issue and deliver to the Holder
(or its designee) a new Note (in accordance with Section 17(d)) representing the outstanding Principal not converted. The Person
or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes
as the record holder or holders of such shares of Common Stock on the Conversion Date. In the event of a partial conversion of
this Note pursuant hereto, the Principal amount converted shall be deducted from the Installment Amount(s) relating to the Installment
Date(s) as set forth in the applicable Conversion Notice. Notwithstanding anything to the contrary contained in this Note or the
Registration Rights Agreement, while the Registration Statement (as defined in the Registration Rights Agreement) is effective
and no Grace Period (as defined in the Registration Rights Agreement) is in effect, the Company shall cause the Transfer Agent
to deliver unlegended shares of Common Stock to the Holder (or its designee) in connection with any sale of Registrable Securities
(as defined in the Registration Rights Agreement) with respect to which the Holder has entered into a contract for sale, and delivered
a copy of the prospectus included as part of the particular Registration Statement to the extent applicable, and for which the
Holder has not yet settled.

 

    5

     

    

(ii)             
Company’s Failure to Timely Convert. If the Holder shall have delivered a valid Conversion Notice to the Company
pursuant to Section 3(c) and the Company shall fail, for any reason or for no reason, on or prior to the applicable Share Delivery
Deadline, either (I) (A) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, no DTC
Issuance Condition has been satisfied, or the DTC Fast Automated Securities Transfer Program is otherwise not available for the
issuance of such Common Stock, to issue and deliver to the Holder (or its designee) a certificate for the number of shares of Common
Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or (B) if
the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program and a DTC Issuance Condition has been
satisfied, to credit the balance account of the Holder or the Holder’s designee with DTC for such number of shares of Common
Stock to which the Holder is entitled upon the Holder’s conversion of this Note pursuant to such conversion (as the case
may be) or (II) if, after the Effectiveness Deadline (as defined in the Registration Rights Agreement), the Registration Statement
covering the resale of the shares of Common Stock that are the subject of the Conversion Notice (the “Unavailable Conversion
Shares”) is not available for the resale of such Unavailable Conversion Shares and the Holder is unable to sell such
Unavailable Conversion Shares without restriction pursuant to Rule 144 (as defined in the Securities Purchase Agreement) and the
Company fails to promptly, but in no event later than as required pursuant to the Registration Rights Agreement (x) so notify the
Holder (including, without limitation, that a Grace Period is in effect, if applicable) and (y) if a DTC Issuance Condition was
otherwise satisfied, deliver the shares of Common Stock electronically without any restrictive legend by crediting such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such conversion to the Holder’s or its designee’s
balance account with DTC through its Deposit/Withdrawal At Custodian system (the event described in the immediately foregoing clause
(II) is hereinafter referred as a “Notice Failure” and together with the event described in clause (I) above,
a “Conversion Failure”), and the Company has not elected properly in advance (in accordance with Section 3(f))
to settle such conversion in cash pursuant to Section 3(f), and if on or after such Share Delivery Deadline the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock corresponding to all or any portion of the number of shares
of Common Stock issuable upon such conversion that the Holder is entitled to receive from the Company and has not received from
the Company in connection with such Conversion Failure or Notice Failure, as applicable (a “Buy-In”), then,
in addition to all other remedies available to the Holder, the Company shall, within two (2) Business Days after receipt of the
Holder’s request and in the Holder’s discretion, either: (I) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock
so purchased (including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In
Price”), at which point the Company’s obligation to so issue and deliver such certificate (and to issue such shares
of Common Stock) or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the
number of shares of Common Stock to which the Holder is entitled upon the Holder’s conversion hereunder (as the case may
be) (and to issue such shares of Common Stock) shall terminate, or (II) promptly honor its obligation to so issue and deliver to
the Holder a certificate or certificates representing such shares of Common Stock or credit the balance account of such Holder
or such Holder’s designee, as applicable, with DTC for the number of shares of Common Stock to which the Holder is entitled
upon the Holder’s conversion hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if
any) of the Buy-In Price over the product of (x) such number of shares of Common Stock multiplied by (y) the lowest Closing Sale
Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice and ending
on the date of such issuance and payment under this clause (II) (the “Buy-In Payment Amount”). Nothing shall
limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock (or to electronically deliver such shares of Common Stock) upon the conversion
of this Note as required pursuant to the terms hereof.

 

    6

     

    

(iii)           
Registration; Book-Entry. The Company shall maintain a register (the “Register”) for the recordation
of the names and addresses of the holders of each Note and the principal amount of the Notes held by such holders (the “Registered
Notes”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and the holders of the Notes shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes
(including, without limitation, the right to receive payments of Principal and Interest hereunder) notwithstanding notice to the
contrary. A Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or
sale on the Register. Upon its receipt of a written request to assign, transfer or sell all or part of any Registered Note by the
holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered
Notes in the same aggregate principal amount as the principal amount of the surrendered Registered Note to the designated assignee
or transferee pursuant to Section 17, provided that if the Company does not so record an assignment, transfer or sale (as
the case may be) of all or part of any Registered Note within two (2) Business Days of such a request, then the Register shall
be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything to
the contrary set forth in this Section 3, following conversion of any portion of this Note in accordance with the terms hereof,
the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented
by this Note is being converted (in which event this Note shall be delivered to the Company following conversion thereof as contemplated
by Section 3(c)(i)) or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion
Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records
showing the Principal, Interest and Late Charges converted and/or paid (as the case may be) and the dates of such conversions,
and/or payments (as the case may be) or shall use such other method, reasonably satisfactory to the Holder and the Company, so
as not to require physical surrender of this Note upon conversion. If the Company does not update the Register to record such Principal,
Interest and Late Charges converted and/or paid (as the case may be) and the dates of such conversions, and/or payments (as the
case may be) within two (2) Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect
such occurrence.

 

(iv)            
Pro Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder
of Notes for the same Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for
conversion, the Company, subject to Section 3(d), shall convert from each holder of Notes electing to have Notes converted on such
date a pro rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount of Notes
submitted for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted for conversion
on such date. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in connection with a
conversion of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in dispute and resolve
such dispute in accordance with Section 22.

 

(d)              
Limitations on Conversions.

 

    7

     

    

(i)                
Beneficial Ownership. The Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include
the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock
issuable upon conversion of this Note with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or nonconverted portion
of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or
warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous
to the limitation contained in this Section 3(d)(i). For purposes of this Section 3(d)(i), beneficial ownership shall be calculated
in accordance with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding shares of Common Stock
the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent public
announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number
of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company receives a Conversion
Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding
Share Number, the Company shall notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the
extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this
Section 3(d)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of shares of Common Stock
to be purchased pursuant to such Conversion Notice. For any reason at any time, upon the written request of the Holder, the Company
shall within one (1) Business Day confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Note, by the Holder and any other Attribution Party since the date as
of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder
upon conversion of this Note results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate,
more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the
1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled
ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. Upon delivery of a written notice
to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st)
day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified
in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the
other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the Holder. For purposes of
clarity, the shares of Common Stock issuable pursuant to the terms of this Note in excess of the Maximum Percentage shall not be
deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the
1934 Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability of the
provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(d)(i) to the extent
necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 3(d)(i) or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder
of this Note.

 

    8

     

    

(ii)             
Principal Market Regulation. The Company shall not issue any shares of Common Stock upon conversion of this Note
or otherwise pursuant to the terms of this Note if the issuance of such shares of Common Stock would exceed the aggregate number
of shares of Common Stock which the Company may issue upon conversion of the Notes or otherwise pursuant to the terms of this Note
without breaching the Company’s obligations under the rules or regulations of the Principal Market (the number of shares
which may be issued without violating such rules and regulations, including rules related to the aggregate of offerings under NASDAQ
Listing Rule 5635(d), the “Exchange Cap”), except that such limitation shall not apply in the event that the
Company (A) obtains the approval of its stockholders as required by the applicable rules of the Principal Market for issuances
of shares of Common Stock upon conversion of the Notes or otherwise pursuant to the terms of this Note in excess of such amount
or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be
reasonably satisfactory to the Holder. Until such approval or such written opinion is obtained, no Buyer shall be issued in the
aggregate, upon conversion of any Notes or otherwise pursuant to the terms of this Note, shares of Common Stock in an amount greater
than the product of (i) the Exchange Cap multiplied by (ii) the quotient of (A) the aggregate original principal amount of Notes
issued to such Buyer pursuant to the Securities Purchase Agreement on the applicable Closing Date divided by (B) the aggregate
original principal amount of all Notes issued to the Buyers pursuant to the Securities Purchase Agreement as of the applicable
Closing Date for each of the Notes (with respect to each Buyer, the “Exchange Cap Allocation”). In the event
that any Buyer shall sell or otherwise transfer any of such Buyer’s Notes, the transferee shall be allocated a pro rata portion
of such Buyer’s Exchange Cap Allocation with respect to such portion of such Notes so transferred, and the restrictions of
the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation so allocated to such
transferee. Upon conversion and exercise in full of a holder’s Notes, the difference (if any) between such holder’s
Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder upon such holder’s conversion
in full of such holder’s Notes shall be allocated to the respective Exchange Cap Allocations of the remaining holders of
Notes on a pro rata basis in proportion to the shares of Common Stock underlying the Notes then held by each such holder. At any
time after the date hereof, in the event that the Company is prohibited from issuing shares of Common Stock pursuant to this Section
3(d)(ii) (the “Exchange Cap Shares”), the Company shall pay cash in exchange for the cancellation of such shares
of Common Stock at a price equal to the sum of (i) the product of (x) such number of Exchange Cap Shares and (y) the greatest Closing
Sale Price of the Common Stock on any Trading Day during the period commencing on the date the Holder delivers the applicable Conversion
Notice with respect to such Exchange Cap Shares to the Company and ending on the date of such issuance and payment under this Section
3(d)(ii) and (ii) to the extent of any Buy-In related thereto, any Buy-In Payment Amount, any brokerage commissions and other out-of-pocket
expenses, if any, of the Holder incurred in connection therewith (collectively, the “Exchange Cap Share Cancellation Amount”).

 

    9

     

    

(e)              
Right of Alternate Conversion Upon an Event of Default.

 

(i)                
General. Subject to Section 3(d), at any time an Alternate Conversion Event has occurred and is continuing, the Holder
may, at the Holder’s option, convert (each, an “Alternate Conversion”, and the date of such Alternate
Conversion, each, an “Alternate Conversion Date”) all, or any part of, the Conversion Amount (such portion of
the Conversion Amount subject to such Alternate Conversion, the “Alternate Conversion Amount”) into shares of
Common Stock at the Alternate Conversion Price.

 

(ii)             
Mechanics of Alternate Conversion. On any Alternate Conversion Date, the Holder may voluntarily convert any Alternate
Conversion Amount pursuant to Section 3(c) (with “Alternate Conversion Price” replacing “Conversion Price”
for all purposes hereunder with respect to such Alternate Conversion and with “Redemption Premium of the Conversion Amount”
replacing “Conversion Amount” in clause (x) of the definition of Conversion Rate above with respect to such Alternate
Conversion) by designating in the Conversion Notice delivered pursuant to this Section 3(e) of this Note that the Holder is electing
to use the Alternate Conversion Price for such conversion; provided that in the event of the Conversion Floor Price Condition,
on the applicable Alternate Conversion Date the Company shall also deliver to the Holder the applicable Alternate Conversion Floor
Amount. Notwithstanding anything to the contrary in this Section 3(e), but subject to Section 3(d), until the Company delivers
shares of Common Stock representing the applicable Alternate Conversion Amount to the Holder, such Alternate Conversion Amount
may be converted by the Holder into shares of Common Stock pursuant to Section 3(c) without regard to this Section 3(e).

 

    10

     

    

(f)   
Cash Settlement in Lieu of Conversion. Notwithstanding anything in this Section 3 to the contrary, with respect to
any Conversion Notice delivered to the Company pursuant to Section 3(c) or 3(e) hereunder, if at least ten (10) Trading Days prior
to the Conversion Date with respect to such Conversion Notice the Company has delivered a written notice to the Holder (each, a
“Cash Settlement Election Notice”) electing to satisfy all conversions of all Notes then outstanding with cash,
in lieu of the conversion of the Conversion Amount set forth in such Conversion Notice on such Conversion Date into shares of Common
Stock in accordance herewith and therewith, respectively, the Company shall be required to redeem such Conversion Amount, in cash
within one (1) business day of such Conversion Date (each a “Net Settlement Redemption”), at a redemption price
equal to the greater of (i) 100% of the Conversion Amount to be redeemed in such Net Settlement Redemption and (ii) the product
of (X) the Conversion Rate with respect to the Conversion Amount in effect at such time as the Holder delivers such Conversion
Notice multiplied by (Y) the Net Settlement Market Price (each, a “Cash Settlement Price”). At any time after
the delivery to the Holder by the Company of a Cash Settlement Election Notice, the Company may withdraw such Cash Settlement Election
Notice by delivery of a subsequent written notice to the Holder electing to satisfy all conversions of all Notes then outstanding
with shares of Common Stock in accordance with the terms of the Notes then in effect (each, a “Cash Settlement Withdrawal
Notice”, and such delivery date to the Holder, each a “Cash Settlement Withdrawal Notice Date”); provided,
that a Cash Settlement Withdrawal Notice shall only apply to Conversion Notices delivered to the Company after the applicable Cash
Settlement Withdrawal Notice Date and not with respect to any Conversion Notices delivered on or prior to such Cash Settlement
Withdrawal Notice Date. Net Settlement Redemptions required by this Section 3(e) shall be made in accordance with the provisions
of Section 11.

 

4.                 
RIGHTS UPON EVENT OF DEFAULT.

 

(a)              
Event of Default. Each of the following events shall constitute an “Event of Default” and each
of the events in clauses (viii), (ix) and (x) shall constitute a “Bankruptcy Event of Default”:

 

(i)                
the failure of the applicable Registration Statement (as defined in the Registration Rights Agreement) to be filed with
the SEC on or prior to the date that is thirty (30) days after the applicable Filing Deadline (as defined in the Registration Rights
Agreement) or the failure of the applicable Registration Statement to be declared effective by the SEC on or prior to the date
that is thirty (30) days after the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement);

 

(ii)             
while the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration
Rights Agreement, the effectiveness of the applicable Registration Statement lapses for any reason (including, without limitation,
the issuance of a stop order) or such Registration Statement (or the prospectus contained therein) is unavailable to any holder
of Registrable Securities (as defined in the Registration Rights Agreement) for sale of all of such holder’s Registrable
Securities in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a
period of five (5) consecutive days or for more than an aggregate of ten (10) days in any 365-day period (excluding days during
an Allowable Grace Period (as defined in the Registration Rights Agreement));

 

    11

     

    

(iii)           
the suspension from trading or the failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market
for a period of five (5) consecutive Trading Days;

 

(iv)            
the Company’s (A) failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock
within five (5) Trading Days after the applicable Conversion Date or exercise date (as the case may be);

 

(v)              
except to the extent the Company is in compliance with Section 10(b) below, at any time following the tenth (10th)
consecutive day that the Holder’s Authorized Share Allocation (as defined in Section 10(a) below) is less than the number
of shares of Common Stock that the Holder would be entitled to receive upon a conversion of the full Conversion Amount of this
Note (without regard to any limitations on conversion set forth in Section 3(d) or otherwise);

 

(vi)            
the Company’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or other amounts when and
as due under this Note (including, without limitation, the Company’s or any Subsidiary’s failure to pay any redemption
payments or amounts hereunder) or any other Transaction Document (as defined in the Securities Purchase Agreement) or any other
agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby,
except, in the case of a failure to pay Interest and Late Charges when and as due, in which case only if such failure remains uncured
for a period of at least five (5) Trading Days;

 

(vii)         
the Company fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to the Holder
upon conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement) acquired by
the Holder under the Securities Purchase Agreement (including this Note) as and when required by such Securities or the Securities
Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured
for at least five (5) Trading Days;

 

(viii)       
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be
instituted by or against the Company or any U.S. Subsidiary and, if instituted against the Company or any US Subsidiary by a third
party, shall not be dismissed within thirty (30) days of their initiation;

 

    12

     

    

(ix)            
the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state
or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt
or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company
or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the
consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance of any such action
or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under
federal, state or foreign law;

 

(x)              
the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary
of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt
or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

(xi)            
a final judgment or judgments for the payment of money aggregating in excess of $10,000,000 are rendered against the Company
and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged,
settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; provided, however,
any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the
$10,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity
provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by
insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or
indemnity within thirty (30) days of the issuance of such judgment;

 

    13

     

    

(xii)         
the Company and/or any Subsidiary, individually or in the aggregate, fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $10,000,000 due to any third party (other than, with respect
to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by
proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP)
or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $10,000,000, which breach
or violation results in the acceleration of amounts due thereunder;

 

(xiii)       
other than as specifically set forth in another clause of this Section 4(a), the Company or any Subsidiary breaches any
representation or warranty, in any material respect when made (other than representations or warranties subject to material adverse
effect or materiality, which may not be breached in any respect) or any covenant (excluding Section 4(n) of the Securities Purchase
Agreement) or other term or condition of any Transaction Document, except, in the case of a breach of a covenant or other term
or condition that is curable, only if such breach remains uncured for a period of ten (10) consecutive Trading Days;

 

(xiv)        
a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A)
the Equity Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Event of Default
has occurred;

 

(xv)          
any breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 13 of this
Note;

 

(xvi)        
any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

    14

     

    

(b)              
Notice of an Event of Default; Redemption Right. Upon the occurrence of an Event of Default with respect to this
Note or any Other Note, the Company shall within two (2) Business Days of becoming aware of the occurrence of the Event of Default
(the “Event of Default Notice Deadline”) deliver written notice thereof via facsimile or electronic mail and
overnight courier (with next day delivery specified) (an “Event of Default Notice”) to the Holder. At any time
after the earlier of the Holder’s receipt of an Event of Default Notice and the Holder becoming aware of an Event of Default
(such earlier date, the “Event of Default Right Commencement Date”) and ending (such ending date, the “Event
of Default Right Expiration Date”, and each such period, an “Event of Default Redemption Right Period”)
on the twentieth (20th) Trading Day (or, if the Company delivers the Event of Default Notice on or prior to the Event
of Default Notice Deadline, on the later of (x) the date such Event of Default is cured and (y) the Holder’s receipt of an
Event of Default Notice that includes (I) a reasonable description of the applicable Event of Default, (II) a certification as
to whether, in the opinion of the Company, such Event of Default is capable of being cured and, if applicable, a reasonable description
of any existing plans of the Company to cure such Event of Default and (III) a certification as to the date the Event of Default
occurred and, if cured on or prior to the date of such Event of Default Notice, the applicable Event of Default Right Expiration
Date, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof (the “Event
of Default Redemption Notice”) to the Company, which Event of Default Redemption Notice shall indicate the portion of
this Note the Holder is electing to redeem. Each portion of this Note subject to redemption by the Company pursuant to this Section
4(b) shall be redeemed by the Company at a price equal to the greater of (i) the product of (A) the Conversion Amount to be redeemed
multiplied by (B) the Redemption Premium and (ii) the product of (X) the Conversion Rate with respect to the Conversion Amount
in effect at such time as the Holder delivers an Event of Default Redemption Notice multiplied by (Y) the by (2) the greatest Closing
Sale Price of the Common Stock on any Trading Day during the period commencing on the date immediately preceding such Event of
Default and ending on the date the Company makes the entire payment required to be made under this Section 4(b) (the “Event
of Default Redemption Price”). Redemptions required by this Section 4(b) shall be made in accordance with the provisions
of Section 11. To the extent redemptions required by this Section 4(b) are deemed or determined by a court of competent jurisdiction
to be prepayments of this Note by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything
to the contrary in this Section 3(d), but subject to Section 3(d), until the Event of Default Redemption Price (together with any
Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section 4(b) (together with any
Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to the terms of this Note.
In the event of a partial redemption of this Note pursuant hereto, the Principal amount redeemed shall be deducted from the Installment
Amount(s) relating to the applicable Installment Date(s) as set forth in the Event of Default Redemption Notice. In the event of
the Company’s redemption of any portion of this Note under this Section 4(b), the Holder’s damages would be uncertain
and difficult to estimate because of the parties’ inability to predict future interest rates and the uncertainty of the availability
of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption premium due under this Section 4(b)
is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment
opportunity and not as a penalty. Any redemption upon an Event of Default shall not constitute an election of remedies by the Holder,
and all other rights and remedies of the Holder shall be preserved.

 

(c)              
Mandatory Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding
any conversion that is then required or in process, upon any Bankruptcy Event of Default, whether occurring prior to or following
the Maturity Date, the Company shall immediately pay to the Holder an amount in cash representing (i) all outstanding Principal,
accrued and unpaid Interest and accrued and unpaid Late Charges on such Principal and Interest, multiplied by (ii) the Redemption
Premium, in addition to any and all other amounts due hereunder, without the requirement for any notice or demand or other action
by the Holder or any other person or entity, provided that the Holder may, in its sole discretion, waive such right to receive
payment upon a Bankruptcy Event of Default, in whole or in part, and any such waiver shall not affect any other rights of the Holder
hereunder, including any other rights in respect of such Bankruptcy Event of Default, any right to conversion, and any right to
payment of the Event of Default Redemption Price or any other Redemption Price, as applicable.

 

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5.                 
RIGHTS UPON FUNDAMENTAL TRANSACTION.

 

(a)              
Assumption. The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor
Entity assumes in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance
with the provisions of this Section 5(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (such approval not to be unreasonably withheld or delayed) prior to such Fundamental Transaction, including
agreements to deliver to each holder of Notes in exchange for such Notes a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to the Notes, including, without limitation, having a principal amount and
interest rate equal to the principal amounts then outstanding and the interest rates of the Notes held by such holder, having similar
conversion rights as the Notes and having similar ranking and security to the Notes, and satisfactory to the Holder and (ii) either
(A) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose common stock is quoted on or listed
for trading on an Eligible Market or (B) such Fundamental Transaction is a Change of Control in which at least 90% of the outstanding
shares of Common Stock of the Company (other than shares held by the Successor Entity, its affiliates, and dissenting shareholders)
are converted into the right to receive cash (a “Cash Acquisition”). Upon the occurrence of any Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Note and the other Transaction Documents referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Note and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein. Upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation
that there shall be issued upon conversion or redemption of this Note at any time after the consummation of such Fundamental Transaction,
in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under
Sections 6 and 14, which shall continue to be receivable thereafter)) issuable upon the conversion or redemption of the Notes prior
to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the Successor Entity
(including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction
had this Note been converted immediately prior to such Fundamental Transaction (without regard to any limitations on the conversion
of this Note), as adjusted in accordance with the provisions of this Note, or, if such Fundamental Transaction is a Cash Acquisition,
the cash into which the shares of Common Stock issuable upon the conversion of the Notes were entitled to receive as a result of
such Fundamental Transaction. Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice
to the Company to waive this Section 5(a) to permit the Fundamental Transaction without the assumption of this Note. The provisions
of this Section 5 shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard
to any limitations on the conversion of this Note.

 

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(b)              
Notice of a Change of Control; Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10)
Trading Days prior to the consummation of a Change of Control (the “Change of Control Date”), but not prior
to the public announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile or electronic
mail and overnight courier to the Holder (a “Change of Control Notice”). At any time during the period beginning
after the Holder’s receipt of a Change of Control Notice or the Holder becoming aware of a Change of Control if a Change
of Control Notice is not delivered to the Holder in accordance with the immediately preceding sentence (as applicable) and ending
on twenty (20) Trading Days after the later of (A) the date of consummation of such Change of Control or (B) the date of receipt
of such Change of Control Notice or (C) the date of the announcement of such Change of Control, the Holder may require the Company
to redeem all or any portion of this Note by delivering written notice thereof (“Change of Control Redemption Notice”)
to the Company (or, with respect to a Cash Acquisition, the Holder shall be deemed to have delivered a Change of Control Redemption
Notice to the Company for the entire Note then outstanding as of the tenth (10th) Trading Day immediately prior to the
Change of Control Date), which Change of Control Redemption Notice shall indicate the Conversion Amount the Holder is electing
to redeem. The portion of this Note subject to redemption pursuant to this Section 5 shall be redeemed by the Company in cash at
a price equal to the greatest of (i) the product of (x) the Change of Control Redemption Premium multiplied by (y) the Conversion
Amount being redeemed, (ii) the product of (A) the Change of Control Equity Redemption Premium multiplied by (B) the Conversion
Amount being redeemed multiplied by (C) the quotient determined by dividing (I) the greatest Closing Sale Price of the shares of
Common Stock during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the
applicable Change of Control and (2) the public announcement of such Change of Control and ending on the date the Holder delivers
the Change of Control Redemption Notice by (II) the Conversion Price then in effect and (iii) the product of (A) the Change of
Control Equity Redemption Premium multiplied by (B) the Conversion Amount being redeemed multiplied by (C) the quotient of (I)
the aggregate cash consideration and the aggregate cash value of any non-cash consideration per share of Common Stock to be paid
to the holders of the shares of Common Stock upon consummation of such Change of Control (any such non-cash consideration constituting
publicly-traded securities shall be valued at the highest of the Closing Sale Price of such securities as of the Trading Day immediately
prior to the consummation of such Change of Control, the Closing Sale Price of such securities on the Trading Day immediately following
the public announcement of such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately
prior to the public announcement of such proposed Change of Control) divided by (II) the Conversion Price then in effect (the “Change
of Control Redemption Price”). Redemptions required by this Section 5 shall be made in accordance with the provisions
of Section 11 and shall have priority to payments to stockholders in connection with such Change of Control. To the extent redemptions
required by this Section 5(a) are deemed or determined by a court of competent jurisdiction to be prepayments of this Note by the
Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section
5, but subject to Section 3(d), until the Change of Control Redemption Price (together with any Late Charges thereon) is paid in
full, the Conversion Amount submitted for redemption under this Section 5(a) (together with any Late Charges thereon) may be converted,
in whole or in part, by the Holder into Common Stock pursuant to Section 3, except that in the case of a Cash Acquisition, the
Holder may not convert this Note into Common Stock but may convert this Note into the aggregate cash consideration and the aggregate
cash value (determined as set forth above) of any non-cash consideration per share of Common Stock to be paid to the holders of
the shares of Common Stock upon consummation of such Change of Control. In the event of a partial redemption of this Note pursuant
hereto, the Principal amount redeemed shall be deducted from the Installment Amount(s) relating to the applicable Installment Date(s)
as set forth in the Change of Control Redemption Notice. In the event of the Company’s redemption of any portion of this
Note under this Section 5(a), the Holder’s damages would be uncertain and difficult to estimate because of the parties’
inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity
for the Holder. Accordingly, any redemption premium due under this Section 5(a) is intended by the parties to be, and shall be
deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty.

 

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6.                 
RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)              
Purchase Rights. In addition to any adjustments pursuant to Section 7 below, if at any time the Company grants, issues
or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all
or substantially all of the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note
(without taking into account any limitations or restrictions on the convertibility of this Note and assuming for such purpose that
the Note was converted at the Conversion Price as of the applicable record date) immediately prior to the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder and the other
Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right
to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares of Common Stock as a
result of such Purchase Right (and beneficial ownership) to the extent of any such excess) and such Purchase Right to such extent
shall be held in abeyance (and, if such Purchase Right has an expiration date, maturity date or other similar provision, such term
shall be extended by such number of days held in abeyance, if applicable) for the benefit of the Holder until such time or times,
if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage,
at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase
Right or on any subsequent Purchase Right held similarly in abeyance (and, if such Purchase Right has an expiration date, maturity
date or other similar provision, such term shall be extended by such number of days held in abeyance, if applicable)) to the same
extent as if there had been no such limitation).

 

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(b)              
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which all or substantially all of the record holders of shares of Common Stock are entitled
to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”),
the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon a conversion
of this Note, (i) if the Common Stock shall remain outstanding following such Fundamental Transaction, then in addition to the
shares of Common Stock receivable upon such conversion, such securities or other assets to which the Holder would have been entitled
with respect to such shares of Common Stock had such shares of Common Stock been held by the Holder upon the consummation of such
Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Note) or (ii) if the
Common Stock shall cease to remain outstanding following such Fundamental Transaction, then in lieu of the shares of Common Stock
otherwise receivable upon such conversion, such securities or other assets received by the holders of shares of Common Stock in
connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled to receive had
this Note initially been issued with conversion rights for the form of such consideration (as opposed to shares of Common Stock)
at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant to the preceding sentence
shall be in a form and substance reasonably satisfactory to the Holder and Other Holders. The provisions of this Section 6 shall
apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion
or redemption of this Note.

 

7.                 
RIGHTS UPON ISSUANCE OF OTHER SECURITIES.

 

(a)              
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of
Section 4(c), if the Company at any time on or after the Subscription Date subdivides (by any stock split, stock dividend, stock
combination, recapitalization or other similar transaction) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced.
Without limiting any provision of Section 6 or Section 14, if the Company at any time on or after the Subscription Date combines
(by any stock split, stock dividend, stock combination, recapitalization or other similar transaction) one or more classes of its
outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination
will be proportionately increased. Any adjustment pursuant to this Section 7(a) shall become effective immediately after the effective
date of such subdivision or combination. If any event requiring an adjustment under this Section 7(a) occurs during the period
that a Conversion Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately
to reflect such event.

 

(b)              
Calculations. All calculations under this Section 7 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue
or sale of Common Stock.

 

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(c)              
Voluntary Adjustment by Company. The Company may at any time during the term of this Note, with the prior written
consent of the Required Holders (as defined in the Securities Purchase Agreement), reduce the then current Conversion Price of
each of the Notes to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

8.                 
INSTALLMENT CONVERSION OR REDEMPTION.

 

(a)  
General. On each applicable Installment Date, provided there has been no Equity Conditions Failure, the Company shall
pay to the Holder of this Note the applicable Installment Amount due on such date by converting such Installment Amount in accordance
with this Section 8 (an “Installment Conversion”); provided, however, that the Company may, at
its option following notice to the Holder as set forth below, pay the Installment Amount by redeeming such Installment Amount in
cash (an “Installment Redemption”) or by any combination of an Installment Conversion and an Installment Redemption
so long as all of the outstanding applicable Installment Amount due on any Installment Date shall be converted and/or redeemed
by the Company on the applicable Installment Date, subject to the provisions of this Section 8. On or prior to the date which is
the tenth (10th) Trading Day prior to each Installment Date (each, an “Installment Notice Due Date”), the Company
shall deliver written notice (each, an “Installment Notice” and the date all of the holders receive such notice
is referred to as to the “Installment Notice Date”), to each holder of Notes and such Installment Notice shall
(i) either (A) confirm that the applicable Installment Amount of such holder’s Note shall be converted in whole pursuant
to an Installment Conversion or (B) (1) state that the Company elects to redeem for cash, or is required to redeem for cash in
accordance with the provisions of the Notes, in whole or in part, the applicable Installment Amount pursuant to an Installment
Redemption and (2) specify the portion of such Installment Amount which the Company elects or is required to redeem pursuant to
an Installment Redemption (such amount to be redeemed in cash, the “Installment Redemption Amount”) and the
portion of the applicable Installment Amount, if any, with respect to which the Company will, and is permitted to, effect an Installment
Conversion (such amount of the applicable Installment Amount so specified to be so converted pursuant to this Section 8 is referred
to herein as the “Installment Conversion Amount”), which amounts when added together, must at least equal the
entire applicable Installment Amount and (ii) if the applicable Installment Amount is to be paid, in whole or in part, pursuant
to an Installment Conversion, certify that there is not then an Equity Conditions Failure as of the applicable Installment Notice
Date. Each Installment Notice shall be irrevocable. If the Company does not timely deliver an Installment Notice in accordance
with this Section 8 with respect to a particular Installment Date, then the Company shall be deemed to have delivered an irrevocable
Installment Notice confirming an Installment Conversion of the entire Installment Amount payable on such Installment Date and shall
be deemed to have certified that there is not then an Equity Conditions Failure in connection with such Installment Conversion.
Except as expressly provided in this Section 8(a), the Company shall convert and/or redeem the applicable Installment Amount of
this Note pursuant to this Section 8 and the corresponding Installment Amounts of the Other Notes pursuant to the corresponding
provisions of the Other Notes in the same ratio of the applicable Installment Amount being converted and/or redeemed hereunder.
The applicable Installment Conversion Amount (whether set forth in the applicable Installment Notice or by operation of this Section
8) shall be converted in accordance with Section 8(b) and the applicable Installment Redemption Amount shall be redeemed in accordance
with Section 8(c).

 

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(b)              
Mechanics of Installment Conversion. Subject to Section 3(d), if the Company delivers an Installment Notice or is
deemed to have delivered an Installment Notice certifying that such Installment Amount is being paid, in whole or in part, in an
Installment Conversion in accordance with Section 8(a), then the remainder of this Section 8(b) shall apply. The applicable Installment
Conversion Amount, if any, shall be converted on the applicable Installment Date at the applicable Installment Conversion Price
and the Company shall, on such Installment Date, (A) deliver to the Holder’s account with DTC such shares of Common Stock
issued upon such conversion (subject to the reduction contemplated by the immediately following sentence and, if applicable, the
penultimate sentence of this Section 8(b)) and (B) in the event of the Conversion Floor Price Condition, the Company shall deliver
to the Holder the applicable Conversion Installment Floor Amount, provided that the Equity Conditions are then satisfied (or waived
in writing by the Holder) on such Installment Date and an Installment Conversion is not otherwise prohibited under any other provision
of this Note. If the Company confirmed (or is deemed to have confirmed by operation of Section 8(a)) the conversion of the applicable
Installment Conversion Amount, in whole or in part, and there was no Equity Conditions Failure as of the applicable Installment
Notice Date (or is deemed to have certified that the Equity Conditions in connection with any such conversion have been satisfied
by operation of Section 8(a)) but an Equity Conditions Failure occurred between the applicable Installment Notice Date and any
time through the applicable Installment Date (the “Interim Installment Period”), the Company shall provide the
Holder a subsequent notice to that effect. If the Company confirmed (or is deemed to have confirmed by operation of Section 8(a))
the conversion of the applicable Installment Conversion Amount, in whole or in part, and there is an Equity Conditions Failure
(which is not waived in writing by the Holder) during such Interim Installment Period or an Installment Conversion is not otherwise
permitted under any other provision of this Note, then, at the option of the Holder designated in writing to the Company, the Holder
may require the Company to do any one or more of the following: (i) the Company shall redeem all or any part designated by the
Holder of the unconverted Installment Conversion Amount (such designated amount is referred to as the “Designated Redemption
Amount”) and the Company shall pay to the Holder within two (2) days of such Installment Date, by wire transfer of immediately
available funds, an amount in cash equal to 108% of such Designated Redemption Amount (each, a “Designed Redemption Payment
Amount”), and/or (ii) the Installment Conversion shall be null and void with respect to all or any part designated by
the Holder of the unconverted Installment Conversion Amount and the Holder shall be entitled to all the rights of a holder of this
Note with respect to such designated part of the Installment Conversion Amount; provided, however, the Conversion Price for such
designated part of such unconverted Installment Conversion Amount shall thereafter be adjusted to equal the lesser of (A) the Installment
Conversion Price as in effect on the date on which the Holder voided the Installment Conversion and (B) the Installment Conversion
Price that would be in effect on the date on which the Holder delivers a Conversion Notice relating thereto as if such date was
an Installment Date. If the Company fails to redeem any Designated Redemption Amount by the second (2nd) day following the applicable
Installment Date by payment of such amount by such date, then the Holder shall have the rights set forth in Section 11(a) as if
the Company failed to pay the applicable Installment Redemption Price (as defined below) and all other rights under this Note (including,
without limitation, such failure constituting an Event of Default described in Section 4(a)(vi)). Notwithstanding anything to the
contrary in this Section 8(b), but subject to 3(d), until the Company delivers the Designated Redemption Payment Amount or Common
Stock representing the Installment Conversion Amount, as applicable, to the Holder, the Installment Conversion Amount may be converted
by the Holder into Common Stock pursuant to Section 3. In the event that the Holder elects to convert the Installment Conversion
Amount prior to the applicable Installment Date as set forth in the immediately preceding sentence, the Designated Redemption Payment
Amount or Installment Conversion Amount, as applicable, so converted shall be deducted from the Installment Amount(s) relating
to the applicable Installment Date(s) as set forth in the applicable Conversion Notice. The Company shall pay any and all taxes
that may be payable with respect to the issuance and delivery of any shares of Common Stock in any Installment Conversion hereunder.

 

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(c)              
Mechanics of Installment Redemption. If the Company elects or is required to effect an Installment Redemption, in
whole or in part, in accordance with Section 8(a), then the Installment Redemption Amount, if any, shall be redeemed by the Company
in cash on the applicable Installment Date by wire transfer to the Holder of immediately available funds in an amount equal to
108% of the applicable Installment Redemption Amount (the “Installment Redemption Price”). If the Company fails
to redeem such Installment Redemption Amount on such Installment Date by payment of the Installment Redemption Price, and such
failure continues for one Trading Day after such Installment Date, then, at the option of the Holder designated in writing to the
Company (any such designation shall be a “Conversion Notice” for purposes of this Note), the Holder may require
the Company to convert all or any part of the Installment Redemption Amount at the Installment Conversion Price (determined as
of the date of such designation as if such date were an Installment Date). Conversions required by this Section 8(c) shall be made
in accordance with the provisions of Section 3(c). Notwithstanding anything to the contrary in this Section 8(c), but subject to
Section 3(d), until the Installment Redemption Price (together with any Late Charges thereon) is paid in full, the Installment
Redemption Amount (together with any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock
pursuant to Section 3. In the event the Holder elects to convert all or any portion of the Installment Redemption Amount prior
to the applicable Installment Date as set forth in the immediately preceding sentence, the Installment Redemption Amount so converted
shall be deducted from the Installment Amounts relating to the applicable Installment Date(s) as set forth in the applicable Conversion
Notice. Redemptions required by this Section 8(c) shall be made in accordance with the provisions of Section 11.

 

(d)  
Deferred Installment Amount. Notwithstanding any provision of this Section 8(d) to the contrary, the Holder may,
at its option and in its sole discretion, deliver a written notice to the Company no later than two days prior to the applicable
Installment Date electing to have the payment of all or any portion of an Installment Amount payable on such Installment Date deferred
(such amount deferred, the “Deferral Amount”, and such deferral, each a “Deferral”) until
any subsequent Installment Date selected by the Holder, in its sole discretion, in which case, the Deferral Amount shall be added
to, and become part of, such subsequent Installment Amount and such Deferral Amount shall continue to accrue Interest hereunder.
Any notice delivered by the Holder pursuant to this Section 8(d) shall set forth (i) the Deferral Amount and (ii) the date that
such Deferral Amount shall now be payable.

 

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(e)  
Acceleration of Installment Amounts. Notwithstanding anything herein to the contrary, at any time during the period
commencing on an Installment Date (a “Current Installment Date”) and ending on the Trading Day immediately prior
to the next Installment Date (each, an “Installment Period”), but solely to the extent the Company has elected
an Installment Conversion with respect to such Current Installment Date, at the option of the Holder, at one or more times, the
Holder may convert other Installment Amounts (each, an “Acceleration”, and each such amount, an “Acceleration
Amount”), in whole or in part, at the Installment Conversion Price of such Current Installment Date in accordance with
the conversion procedures set forth in Section 3 hereunder, mutatis mutandis; provided, that if a Conversion Floor Price
Condition exists and the Company and the Holder have mutually waived the Equity Conditions with respect to such Price Failure to
permit an Installment Conversion, in whole or in part, with respect to such Current Installment Date, with each Acceleration the
Company shall also deliver to the Holder the Acceleration Floor Amount on the applicable Share Delivery Deadline. Notwithstanding
the foregoing, with respect to any given Installment Period, the Holder may not elect to effect any Acceleration (a “Current
Acceleration”) during such Installment Period if the sum of (x) the Acceleration Amounts with respect to Accelerations
previously consummated by the Holder during the applicable Installment Period and (y) the Acceleration Amount of such Current Acceleration,
collectively, exceeds three (3) times the Installment Amount with respect to such Current Installment Date.

 

(f)   
Blocker Notice; Designated Specified Amounts. Notwithstanding anything to the contrary in this Note, at any time
any shares of Common Stock deliverable to the Holder hereunder would result in a violation of Section 3(d)(i) above, the Holder
shall deliver (or, if the Holder fails to deliver a written notice, shall nevertheless be deemed to have delivered, as applicable)
to the Company a written notice (which may be an e-mail) (a “Blocker Notice”) either (I) with respect to such
Installment Conversion that the Company has notified the Holder it has elected to effect, at least two (2) Business Days prior
to the applicable Current Installment Date, or (II) with respect to any Interest Shares the Company has notified the Holder it
has elected to issue, at least two (2) Business Days prior to the applicable Interest Date (A) stating that such Installment Conversion
or issuance of Interest Shares, as applicable, would result in a violation of Section 3(d)(i) above in the absence of the proviso
at the end of the first sentence of such section, and (B) specifying the portion of (x) the applicable Installment Amount with
respect to which such Installment Conversion would result in, or (y) the applicable Interest Shares to the extent that the issuance
thereof would result in, a violation of Section 3(d)(i) if such Installment Conversion or Interest Share issuance were effected
(such amount so specified is referred to herein as the “Designated Specified Amount”), the Installment Amount
of the Holder for such Current Installment Date or the Interest for such Interest Date, as the case may be, shall be automatically
reduced by such Designated Specified Amount (and the Holder shall not be entitled to beneficial ownership of such shares of Common
Stock issuable with respect to such Designated Specified Amount), and the Holder shall be deemed to have been issued a right hereunder
(in full satisfaction of the amount by which the Installment Amount or Interest was so reduced) to convert, subject to the limitations
on conversion set forth in Section 3(d)(i) hereunder, all, or any part, of such Designated Specified Amount into Common Stock (each,
a “Withdrawn Designated Specified Amount”) at the Installment Conversion Price or Interest Conversion Price,
as applicable, in effect for such Current Installment Date or Interest Date (such price, the “Measurement Price”),
by delivery of one or more written notices to the Company (each, a “Withdrawal Notice” and each date of receipt
by the Company of a Withdrawal Notice, each a “Withdrawal Notice Date”) solely to the extent the Common Stock
issuable to the Holder of such Withdrawn Designated Specified Amount set forth in such Withdrawal Notice at each such applicable
Withdrawal Notice Date would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage. Upon
receipt of any Withdrawal Notice, (A) the Company shall convert the applicable Withdrawn Designated Specified Amount specified
in such Withdrawal Notice into Common Stock in accordance with the conversion procedures set forth in Section 3 hereunder, mutatis
mutandis (with “Measurement Price” replacing “Conversion Price”, “Withdrawal Notice” replacing
“Conversion Notice” and “Withdrawal Notice Date” replacing “Conversion Date” for all purposes
hereunder with respect to such conversion), and (B) the applicable Designated Specified Amount shall be decreased by the applicable
Withdrawn Designated Specified Amount. Until converted in accordance herewith, the Designated Specified Amount shall remain outstanding
hereunder and shall be entitled to all rights and remedies hereunder (except that such Designated Specified Amount shall not accrue
interest hereunder (other than Late Charges, if any)).

 

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9.                 
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will
at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the rights
of the Holder of this Note. Without limiting the generality of the foregoing or any other provision of this Note or the other Transaction
Documents, the Company (a) shall not increase the par value of any shares of Common Stock receivable upon conversion of this
Note above the Conversion Price then in effect, and (b) shall take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the conversion of
this Note. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance Date,
the Holder is not permitted to convert this Note in full for any reason (other than pursuant to restrictions set forth in Section
3(d) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining
such consents or approvals as necessary to permit such conversion into shares of Common Stock.

 

 

 

 

 

 

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10.             
RESERVATION OF AUTHORIZED SHARES.

 

(a)              
Reservation. So long as any Notes remain outstanding, the Company shall at all times reserve at least 150% of the
number of shares of Common Stock as shall from time to time be necessary to effect the conversion, including without limitation,
Installment Conversions, Alternate Conversions and Accelerations, of all of the Notes then outstanding (without regard to any limitations
on conversions and assuming such Notes remain outstanding until the Maturity Date) at the Conversion Price then in effect (the
“Required Reserve Amount”). The Required Reserve Amount (including, without limitation, each increase in the
number of shares so reserved) shall be allocated pro rata among the holders of the Notes based on the original principal amount
of the Notes held by each holder on the applicable Closing Date or increase in the number of reserved shares, as the case may be
(the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such
holder’s Notes, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation.
Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Notes shall be allocated to the remaining
holders of Notes, pro rata based on the principal amount of the Notes then held by such holders.

 

(b)              
Insufficient Authorized Shares. If, notwithstanding Section 10(a), and not in limitation thereof, at any time while
any of the Notes remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common
Stock to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number of shares of Common Stock
equal to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately take
all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company
to reserve the Required Reserve Amount for the Notes then outstanding. Without limiting the generality of the foregoing sentence,
as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90)
days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval
of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each
stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase
in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such
proposal. In the event that the Company is prohibited from issuing shares of Common Stock pursuant to the terms of this Note due
to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of
Common Stock (such unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu of
delivering such Authorized Failure Shares to the Holder, the Company shall pay cash in exchange for the redemption of such portion
of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x)
such number of Authorized Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during
the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such Authorized Failure
Shares to the Company and ending on the date of such issuance and payment under this Section 10(a); and (ii) to the extent the
Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of Authorized Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred
in connection therewith. Nothing contained in Section 10(a) or this Section 10(b) shall limit any obligations of the Company under
any provision of the Securities Purchase Agreement.

 

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11.             
REDEMPTIONS.

 

(a)              
Mechanics. The Company shall deliver the applicable Event of Default Redemption Price to the Holder in cash within
five (5) Business Days after the Company’s receipt of the Holder’s Event of Default Redemption Notice. If the Holder
has submitted a Change of Control Redemption Notice in accordance with Section 5(a), the Company shall deliver the applicable Change
of Control Redemption Price to the Holder in cash concurrently with the consummation of such Change of Control if such notice is
received prior to the consummation of such Change of Control and on the later of the consummation of such Change of Control and
the date five (5) Business Days after the Company’s receipt of such notice otherwise. The Company shall deliver the applicable
Installment Redemption Price to the Holder in cash on the applicable Installment Date. The Company shall deliver the applicable
Cash Settlement Price to the Holder in cash on the applicable Conversion Date. Notwithstanding anything herein to the contrary,
in connection with any redemption hereunder at a time the Holder is entitled to receive a cash payment under any of the other Transaction
Documents, at the option of the Holder delivered in writing to the Company, the applicable Redemption Price hereunder shall be
increased by the amount of such cash payment owed to the Holder under such other Transaction Document and, upon payment in full
or conversion in accordance herewith, shall satisfy the Company’s payment obligation under such other Transaction Document.
In the event of a redemption of less than all of the Conversion Amount of this Note, the Company shall, upon delivery by the Holder
of its existing Note to the Company for cancellation, promptly cause to be issued and delivered to the Holder a new Note (in accordance
with Section 17(d)) representing the outstanding Principal which has not been redeemed. In the event that the Company does not
pay the applicable Redemption Price to the Holder within the time period required, at any time thereafter and until the Company
pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption, to require the Company to promptly
return to the Holder all or any portion of this Note representing the Conversion Amount that was submitted for redemption and for
which the applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the Company’s receipt
of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such Conversion Amount, and (y) the
Company shall immediately return this Note, or issue a new Note (in accordance with Section 17(d)), to the Holder, but none of
the foregoing shall amend, modify or waive any Event of Default or Alternate Conversion Event, if any, then outstanding. The Holder’s
delivery of a notice voiding a Redemption Notice and exercise of its rights following such notice shall not affect the Company’s
obligations to make any payments of Late Charges which have accrued prior to the date of such notice with respect to the Conversion
Amount subject to such notice.

 

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(b)              
Redemption by Other Holders. Upon the Company’s receipt of notice from any of the holders of the Other Notes
for redemption or repayment as a result of an event or occurrence substantially similar to the events or occurrences described
in Section 4(b) or Section 5(a) (each, an “Other Redemption Notice”), the Company shall immediately, but no
later than one (1) Business Day of its receipt thereof, forward to the Holder by facsimile or electronic mail a copy of such notice.
If the Company receives a Redemption Notice and one or more Other Redemption Notices, during the seven (7) Business Day period
beginning on and including the date which is two (2) Business Days prior to the Company’s receipt of the Holder’s applicable
Redemption Notice and ending on and including the date which is two (2) Business Days after the Company’s receipt of the
Holder’s applicable Redemption Notice and the Company is unable to redeem all principal, interest and other amounts designated
in such Redemption Notice and such Other Redemption Notices received during such seven (7) Business Day period, then the Company
shall redeem a pro rata amount from each holder of the Notes (including the Holder) based on the principal amount of the Notes
submitted for redemption pursuant to such Redemption Notice and such Other Redemption Notices received by the Company during such
seven (7) Business Day period.

 

12.             
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including,
without limitation, the Delaware General Corporation Law) and as expressly provided in this Note.

 

13.             
COVENANTS. Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

 

(a)              
Rank. All payments due under this Note shall rank pari passu with all Other Notes and all other unsecured
indebtedness of the Company.

 

(b)              
Incurrence of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness (other than (i) the Indebtedness evidenced by this
Note and the Other Notes and (ii) other Permitted Indebtedness).

 

(c)              
Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, engage in any material line of business substantially different from those lines of business conducted
by or publicly contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business
substantially related or incidental thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, modify its or their corporate structure or purpose.

 

(d)              
Preservation of Existence, Etc. The Company shall maintain and preserve its existence, rights and privileges, and
become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased
by it or in which the transaction of its business makes such qualification necessary.

 

(e)              
Maintenance of Properties, Etc. The Company shall maintain and preserve all of its properties which are necessary
or useful (as determined by the Company in good faith) in the proper conduct of its business in good working order and condition,
ordinary wear and tear excepted, and comply at all times with the provisions of all leases to which it is a party as lessee or
under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder.

 

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(f)               
Maintenance of Intellectual Property. The Company will take all action necessary or advisable to maintain all of
the Intellectual Property Rights (as defined in the Securities Purchase Agreement) of the Company that are necessary or material
(as determined by the Company in good faith) to the conduct of its business in full force and effect.

 

(g)              
Maintenance of Insurance. The Company shall maintain insurance with responsible and reputable insurance companies
or associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance)
with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering
such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in
accordance with sound business practice by companies in similar businesses similarly situated.

 

(h)              
Transactions with Affiliates. The Company shall not enter into, renew, extend or be a party to, any transaction or
series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property or assets
of any kind or the rendering of services of any kind) with any affiliate, except transactions for fair consideration and on terms
no less favorable to it than would be obtainable in a comparable arm’s length transaction with a Person that is not an affiliate
thereof.

 

(i)                
Restricted Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders
of a majority in aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the
Securities Purchase Agreement and the Notes) or (ii) issue any other securities that would cause a breach or default under the
Notes.

 

(j)                
Independent Investigation. At the request of the Holder either (x) at any time when an Event of Default has occurred
and is continuing, or (y) upon the occurrence of an event that with the passage of time or giving of notice would constitute an
Event of Default, the Company shall hire an independent, reputable investment bank selected by the Company and approved by the
Holder to investigate as to whether any breach of this Note has occurred (the “Independent Investigator”). If
the Independent Investigator determines that such breach of this Note has occurred, the Independent Investigator shall notify the
Company of such breach and the Company shall deliver written notice to each holder of a Note of such breach. In connection with
such investigation, the Independent Investigator may, during normal business hours and upon signing a confidentiality agreement
in a form reasonably acceptable to the Company, inspect all contracts, books, records, personnel, offices and other facilities
and properties of the Company and its Subsidiaries and, to the extent available to the Company after the Company uses reasonable
efforts to obtain them, the records of its legal advisors and accountants (including the accountants’ work papers) and any
books of account, records, reports and other papers not contractually required of the Company to be confidential or secret, or
subject to attorney-client or other evidentiary privilege, and the Independent Investigator may make such copies and inspections
thereof as the Independent Investigator may reasonably request. The Company shall furnish the Independent Investigator with such
financial and operating data and other information with respect to the business and properties of the Company as the Independent
Investigator may reasonably request. The Company shall permit the Independent Investigator to discuss the affairs, finances and
accounts of the Company with, and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors,
key employees and independent public accountants or any of them (and by this provision the Company authorizes said accountants
to discuss with such Independent Investigator the finances and affairs of the Company and any Subsidiaries), all at such reasonable
times, upon reasonable notice, and as often as may be reasonably requested.

 

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14.             
DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 7, if the Company shall declare or make
any dividend or other distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock,
by way of return of capital or otherwise (including without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(the “Distributions”), then the Holder will be entitled to such Distributions as if the Holder had held the
number of shares of Common Stock acquirable upon complete conversion of this Note (without taking into account any limitations
or restrictions on the convertibility of this Note and assuming for such purpose that the Note was converted at the Conversion
Price as of the applicable record date) immediately prior to the date on which a record is taken for such Distribution or, if no
such record is taken, the date as of which the record holders of Common Stock are to be determined for such Distributions (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares of Common Stock as a
result of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion of such Distribution shall
be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto would not result in the
Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such
Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly
in abeyance) to the same extent as if there had been no such limitation).

 

15.             
AMENDING THE TERMS OF THIS NOTE. Except for Section 3(d)(i), which may not be amended, modified or waived by the
parties hereto, the prior written consent of the Company and the Required Holders shall be required for any change, waiver or amendment
to this Note. Any amendment or waiver effected in accordance with this Section 15 shall be binding upon the Holder and the Company,
provided that no such amendment shall be effective to the extent that it (1) applies to less than all of the holders of Notes or
(2) imposes any obligation or liability on any Investor without such Investor’s prior written consent (which may be granted
or withheld in such Investor’s sole discretion).

 

16.             
TRANSFER. This Note and any shares of Common Stock issued upon conversion of this Note may be offered, sold, assigned
or transferred by the Holder without the consent of the Company, subject only to the provisions of Section 2(g) of the Securities
Purchase Agreement; provided, however, that any purchaser, assignee or transferee of this Note shall agree in writing to be bound
by the terms of the Securities Purchase Agreement and this Note.

 

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17.             
REISSUANCE OF THIS NOTE.

 

(a)              
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 17(d)), registered as the
Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 17(d)) to the Holder representing the outstanding Principal
not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions
of Section 3(c)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented by this
Note may be less than the Principal stated on the face of this Note.

 

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 17(d)) representing the outstanding
Principal.

 

(c)              
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Note or Notes (in accordance with Section 17(d) and in principal amounts of at
least $1,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such
portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such
new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 17(a) or Section 17(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges, if any, on the
Principal and Interest of this Note, from the Issuance Date.

 

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18.             
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue damages for any failure by the Company to comply with the terms of this Note. No failure on
the part of the Holder to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by the Holder of any right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. In addition, the exercise of any right or remedy of the Holder at
law or equity or under this Note or any of the documents shall not be deemed to be an election of Holder’s rights or remedies
under such documents or at law or equity. The Company covenants to the Holder that there shall be no characterization concerning
this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be
entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary and permanent injunctive
or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages
and without posting a bond or other security. The Company shall provide all information and documentation to the Holder that is
reasonably requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions
of this Note (including, without limitation, compliance with Section 7).

 

19.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) while an Event of Default has occurred and is continuing,
this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding
or the Holder otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note or (b) there
occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights
and involving a claim under this Note, then the Company shall pay the reasonable out-of-pocket costs incurred by the Holder for
such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding,
including, without limitation, reasonable attorneys’ fees and disbursements. The Company expressly acknowledges and agrees
that no amounts due under this Note shall be affected, or limited, by the fact that the purchase price paid for this Note was less
than the original Principal amount hereof.

 

20.             
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and
shall not be construed against any such Person as the drafter hereof. The headings of this Note are for convenience of reference
and shall not form part of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer
to this entire Note instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references
are to sections of this Note. Terms used in this Note and not otherwise defined herein, but defined in the other Transaction Documents,
shall have the meanings ascribed to such terms on the initial Closing Date in such other Transaction Documents unless otherwise
consented to in writing by the Holder.

 

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21.             
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder or the Company in the exercise of
any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party. Notwithstanding the foregoing,
nothing contained in this Section 21 shall permit any waiver of any provision of Section 3(d).

 

22.             
DISPUTE RESOLUTION.

 

(a)              
Submission to Dispute Resolution.

 

(i)                
In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, an Installment Conversion
Price, an Alternate Conversion Price, a VWAP or a fair market value or the arithmetic calculation of a Conversion Rate, or the
applicable Redemption Price (as the case may be) (including, without limitation, a dispute relating to the determination of any
of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or
electronic mail at any time after the Holder or the Company, as the case may be, learned of the circumstances giving rise to such
dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Closing Bid Price, such Closing
Sale Price, such Conversion Price, such Installment Conversion Price, such Alternate Conversion Price, such VWAP or such fair market
value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price (as the case may be), at any time
after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be)
of such dispute to the Company or the Holder (as the case may be), then the Holder and the Company shall jointly agree upon (with
Oppenheimer & Co. Inc., deemed pre-approved by both parties) and select an independent, reputable investment bank to resolve
such dispute.

 

(ii)             
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 22 and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).

 

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(iii)           
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company
and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The
fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of
such dispute shall be final and binding upon all parties absent manifest error.

 

(b)              
Miscellaneous. The Company and the Holder expressly acknowledges and agrees that (i) this Section 22 constitutes
an agreement to arbitrate between the Company and the Holder (and constitutes an arbitration agreement) under § 7501, et seq.
of the New York Civil Practice Law and Rules (“CPLR”) and that the Holder and the Company are each authorized
to apply for an order to compel arbitration pursuant to CPLR § 7503(a) in order to compel compliance with this Section 22,
(ii) the terms of this Note and each other applicable Transaction Document shall serve as the basis for the selected investment
bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized)
to make all findings, determinations and the like that such investment bank determines are required to be made by such investment
bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings,
determinations and the like to the terms of this Note and any other applicable Transaction Documents, (iii) the Holder and the
Company , each in its sole discretion, shall have the right to submit any dispute described in this Section 22 to any state or
federal court sitting in The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section
22 and (iv) nothing in this Section 22 shall limit the Holder from obtaining any injunctive relief or other equitable remedies
(including, without limitation, with respect to any matters described in this Section 22).

 

23.             
NOTICES; CURRENCY; PAYMENTS.

 

(a)              
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the
reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) promptly
upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property to all or substantially all holders of shares of
Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided
in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided
to the Holder.

 

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(b)              
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S.
Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed
that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date
of such period of time).

 

(c)              
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise
expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn
on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the
Company in writing (which address, in the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers
attached to the Securities Purchase Agreement), provided that the Holder may elect to receive a payment of cash via wire transfer
of immediately available funds by providing the Company with prior written notice setting out such request and the Holder’s
wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a
Business Day, the same shall instead be due on the next succeeding day which is a Business Day. Any amount of Principal or other
amounts due under the Transaction Documents which is not paid when due (except to the extent such amount is simultaneously accruing
Interest at the Default Rate hereunder) shall result in a late charge being incurred and payable by the Company in an amount equal
to interest on such amount at the rate of eighteen percent (18%) per annum from the date such amount was due until the same is
paid in full (“Late Charge”).

 

24.             
CANCELLATION. After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note
have been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation
and shall not be reissued.

 

25.             
WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment,
protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this
Note and the Securities Purchase Agreement.

 

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26.             
GOVERNING LAW. 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 New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. Except as otherwise required
by Section 22 above, the Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein (i) shall be deemed
or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations,
or to enforce a judgment or other court ruling in favor of the Holder or (ii) shall limit, or shall be deemed or construed to limit,
any provision of Section 22. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE OF THIS NOTE, THE HOLDER  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 NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

27.             
JUDGMENT CURRENCY.

 

(a)              
If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary
to convert into any other currency (such other currency being hereinafter in this Section 27 referred to as the “Judgment
Currency”) an amount due in U.S. dollars under this Note, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:

 

(i)                
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any
other jurisdiction that will give effect to such conversion being made on such date: or

 

(ii)             
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the
date as of which such conversion is made pursuant to this Section 27(a)(ii) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(b)              
If in the case of any proceeding in the court of any jurisdiction referred to in Section 27(a)(ii) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.

 

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(c)              
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment
being obtained for any other amounts due under or in respect of this Note.

 

28.             
SEVERABILITY. If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Note so long as this Note as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

29.             
MAXIMUM PAYMENTS. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall
be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable
law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such
law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded
to the Company.

 

30.             
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

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

 

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

 

(c)              
“Acceleration Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately
available funds pursuant to wire instructions delivered to the Company by the Holder in writing, equal to the product obtained
by multiplying (A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding
the relevant Conversion Date with respect to such Acceleration and (II) the applicable Installment Conversion Price and (B) the
difference obtained by subtracting (I) the number of shares of Common Stock delivered (or to be delivered) to the Holder on the
applicable Share Delivery Deadline with respect to such Acceleration from (II) the quotient obtain by dividing (x) the applicable
Acceleration Amount that the Holder has elected to be the subject of the applicable Acceleration, by (y) the applicable Installment
Conversion Price without giving effect to clause (x) of such definition.

 

    36

     

    

(d)              
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

(e)              
“Alternate Conversion Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately
available funds pursuant to wire instructions delivered to the Company by the Holder in writing, equal to the product obtained
by multiplying (A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding
the relevant Alternate Conversion Date and (II) the applicable Alternate Conversion Price and (B) the difference obtained by subtracting
(I) the number of shares of Common Stock delivered (or to be delivered) to the Holder on the applicable Share Delivery Deadline
with respect to such Alternate Conversion from (II) the quotient obtain by dividing (x) the applicable Conversion Amount that the
Holder has elected to be the subject of the applicable Alternate Conversion, by (y) the applicable Alternate Conversion Price without
giving effect to clause (x) of such definition.

 

(f)               
“Alternate Conversion Price” means, with respect to any Alternate Conversion that price which shall be
the greater of (x) the Floor Price and (y) the lowest of (i) the applicable Conversion Price as in effect on the applicable Conversion
Date of the applicable Alternate Conversion, (ii) 80% of the VWAP of the Common Stock as of the Trading Day immediately preceding
the delivery or deemed delivery of the applicable Conversion Notice, and (iii) 80% of the price computed as the quotient of (I)
the sum of the VWAP of the Common Stock for each of the three (3) Trading Days with the lowest VWAP of the Common Stock during
the fifteen (15) consecutive Trading Day period ending and including the Trading Day immediately preceding the delivery or deemed
delivery of the applicable Conversion Notice, divided by (II) three (3) (such period, the “Alternate Conversion Measuring
Period”); provided, that if the Company consummates or enters into an agreement with respect to a Variable Rate Transaction
(as defined in the Securities Purchase Agreement) in violation of Section 4(n) of the Securities Purchase Agreement (each, a “Prohibited
Variable Rate Transaction”, and each applicable variable price in such Prohibited Variable Rate Transaction, each, a
“Variable Price”), the Holder shall have the right, but not the obligation, in its sole discretion to substitute
the Variable Price (or the formula used to calculate such Variable Price) as the Alternate Conversion Price hereunder. All such
determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar
transaction that proportionately decreases or increases the Common Stock during such Alternate Conversion Measuring Period.

 

(g)              
“Alternate Conversion Event” means the occurrence of any of the following:

 

(i)                
any Event of Default pursuant to clauses (iii), (vi) or (viii) or (ix) through (xii) of the definition of Event of Default;

 

    37

     

    

(ii)             
the occurrence of (x) any public disclosure, directly or indirectly, by the Company of any default of Indebtedness that
(without regard to any forbearance or standstill with respect thereto, but after giving effect to any permanent waiver of such
default) then permits the acceleration by the holder thereof, or (y) any redemption of Indebtedness at the option of the holder
thereof, or acceleration by the holder thereof prior to maturity of, in each case, at least an aggregate of $5,000,000 of Indebtedness
(as defined in the Securities Purchase Agreement) of the Company or any of its Subsidiaries, other than with respect to any Other
Notes;

 

(iii)           
a final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company
and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged,
settled or stayed pending appeal, or are not discharged or satisfied within thirty (30) days after the expiration of such stay;
provided, however, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included
in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer
or indemnity provider (which written statement may be under reservation of rights but shall otherwise be reasonably satisfactory
to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company or such Subsidiary (as
the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

 

(iv)            
the Company and/or any Subsidiary, individually or in the aggregate, fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $5,000,000 due to any third party (other than, with respect to
unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper
proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) or
is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $5,000,000, which breach
or violation results in the acceleration of amounts due thereunder;

 

(v)              
the maturity date for the GACP Facility is accelerated pursuant to the terms thereof to January 12, 2019 (or any such date
earlier than July 1, 2021), or any amount under the GACP Facility (other than mandatory prepayment amounts pursuant to Section
2.6(b) of the GACP Facility) otherwise becomes due prior to July 1, 2021; or

 

(vi)            
any voluntary prepayment of the GACP Facility (other than a Permitted GACP Refinancing) unless such voluntary prepayment
is made with net proceeds of a Subsequent Placement (as defined in the Securities Purchase Agreement) of Common Stock, Convertible
Securities or Options (excluding any proceeds obtained by the Company from the offering of the Notes) occurring after the end of
the Restricted Period (as defined in the Securities Purchase Agreement).

 

(vii)         
any breach of Section 4(n) of the Securities Purchase Agreement.

 

    38

     

    

(h)              
 “Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect
Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together
with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock
would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934
Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum
Percentage.

 

(i)                
“Bloomberg” means Bloomberg, L.P.

 

(j)                
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.

 

(k)              
“Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any
of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the shares of Common Stock in which holders of the Company’s voting power immediately prior to such
reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to
hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of
the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their
equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries.

 

(l)                
“Change of Control Redemption Premium” means 125%.

 

(m)            
Change of Control Equity Redemption Premium” means (x) if on or prior to the first anniversary of the Issuance
Date, 130%, (y) if after the first anniversary of the Issuance Date, but on or prior the second anniversary of the Issuance Date,
120% or (z) if after the second anniversary of the Issuance Date, 110%.

 

(n)              
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date,
the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price
or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior
to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do
not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively,
is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing
Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the
Closing Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved in accordance with the procedures in Section 22. All such determinations
shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
during such period.

 

    39

     

    

(o)              
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the
date the Company initially issued Notes (or, with respect to the DSM Shoe (as defined in the Securities Purchase Agreement), the
date of issuance of the Other Note to DSM (as defined in the Securities Purchase Agreement) pursuant to the DSM Shoe) pursuant
to the terms of the Securities Purchase Agreement.

 

(p)              
“Common Stock” means (i) the Company’s shares of common stock, $0.0001 par value per share, and
(ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(q)              
“Conversion Installment Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately
available funds pursuant to wire instructions delivered to the Company by the Holder in writing, equal to the product obtained
by multiplying (A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding
the relevant Installment Date and (II) the applicable Installment Conversion Price and (B) the difference obtained by subtracting
(I) the number of shares of Common Stock delivered (or to be delivered) to the Holder on the applicable Installment Date with respect
to such Installment Conversion from (II) the quotient obtain by dividing (x) the applicable Installment Amount subject to such
Installment Conversion, by (y) the applicable Installment Conversion Price without giving effect to clause (x) of such definition.

 

(r)               
“Conversion Floor Price Condition” means that the relevant Alternate Conversion Price or Installment
Conversion Price, as applicable, is being determined based on clause (x) of such definitions.

 

(s)               
“Convertible Securities” means any stock or other security (other than Options) that is at any time and
under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any shares of Common Stock.

 

    40

     

    

(t)                
“Current Subsidiary” means any Person in which the Company on the Subscription Date, directly or indirectly,
(i) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates
all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current
Subsidiaries”.

 

(u)              
“Eligible Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the
Nasdaq Global Market or the Principal Market.

 

(v)              
“Equity Conditions” means, with respect to an given date of determination: (i) on each day during the
period beginning ten (10) Trading Days prior to such applicable date of determination and ending on and including such applicable
date of determination either (x) one or more Registration Statements filed pursuant to the Registration Rights Agreement shall
be effective and the prospectus contained therein shall be available on such applicable date of determination (with, for the avoidance
of doubt, any shares of Common Stock previously sold pursuant to such prospectus deemed unavailable) for the resale of all shares
of Common Stock to be issued in connection with the event requiring this determination (or issuable upon conversion of the Conversion
Amount being redeemed), as applicable, in the event requiring this determination at the Conversion Price then in effect (without
regard to any limitations on conversion set forth herein) (each, a “Required Minimum Securities Amount”), in
each case, in accordance with the terms of the Registration Rights Agreement and there shall not have been during such period any
Grace Periods (as defined in the Registration Rights Agreement) or (y) all Registrable Securities shall be eligible for sale pursuant
to Rule 144 (as defined in the Securities Purchase Agreement) without the need for registration under any applicable federal or
state securities laws (in each case, disregarding any limitation on conversion of the Notes, other issuance of securities with
respect to the Notes) and no Current Information Failure (as defined in the Registration Rights Agreement) exists or is continuing;
(ii) on each day during the period beginning thirty calendar days prior to the applicable date of determination and ending on and
including the applicable date of determination (the “Equity Conditions Measuring Period”), the Common Stock
(including all Registrable Securities) is listed or designated for quotation (as applicable) on an Eligible Market and shall not
have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and occurring prior
to the applicable date of determination due to business announcements by the Company); (iii) during the Equity Conditions Measuring
Period, the Company shall have delivered all shares of Common Stock issuable upon conversion of this Note on a timely basis as
set forth in Section 3 hereof and all other shares of capital stock required to be delivered by the Company on a timely basis as
set forth in the other Transaction Documents; (iv) any shares of Common Stock to be issued in connection with the event requiring
determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination) may
be issued in full without violating Section 3(d)(i) hereof (after giving effect to Section 8(f), if applicable); (v) any shares
of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion
Amount being redeemed in the event requiring this determination) may be issued in full without violating Section 3(d)(ii) hereof;
(vi) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion
of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion
set forth herein)) may be issued in full without violating the rules or regulations of the Eligible Market on which the Common
Stock is then listed or designated for quotation (as applicable); (vii) on each day during the Equity Conditions Measuring Period,
no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been abandoned,
terminated or consummated; (viii) the Company shall have no knowledge of any fact that would reasonably be expected to cause any
Registration Statement required to be filed pursuant to the Registration Rights Agreement to not be effective or the prospectus
contained therein to not be available for the resale of the applicable Required Minimum Securities Amount of Registrable Securities
in accordance with the terms of the Registration Rights Agreement, unless any Registrable Securities are eligible for sale pursuant
to Rule 144 without the need for registration under any applicable federal or state securities laws (in each case, disregarding
any limitation on conversion of the Notes, other issuance of securities with respect to the Notes) and no Current Information Failure
exists or is continuing; (ix) the Holder shall not be in possession of any material, non-public information provided to any of
them by the Company, any of its Subsidiaries or any of their respective affiliates, employees, officers, representatives, agents
or the like; (x) on each day during the Equity Conditions Measuring Period, the Company shall not have breached in any material
respect Sections 4(b), (e), (f) (l) or (r) of the Securities Purchase Agreement; (xi) there shall not have occurred any Volume
Failure or Price Failure as of such applicable date of determination; (xii) on the applicable date of determination (A) no Authorized
Share Failure shall exist or be continuing and the applicable Required Minimum Securities Amount of shares of Common Stock are
available under the certificate of incorporation of the Company and reserved by the Company to be issued pursuant to the Notes
and (B) all shares of Common Stock to be issued in connection with the event requiring this determination (or issuable upon conversion
of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion
set forth herein)) may be issued in full without resulting in an Authorized Share Failure; (xiii) on each day during the Equity
Conditions Measuring Period, there shall not have occurred and there shall not exist an Event of Default or an event that with
the passage of time or giving of notice would constitute an Event of Default; (xiv) no bone fide dispute shall exist, by and between
any of holder of Notes, the Company, the Principal Market (or such applicable Eligible Market in which the Common Stock of the
Company is then principally trading) and/or FINRA with respect to any term or provision of any Note or any other Transaction Document
which would prevent the Holder from timely receiving shares of Common Stock that are freely tradable on the Principal Market (or
applicable Eligible Market); and (xv) the shares of Common Stock issuable pursuant the event requiring the satisfaction of the
Equity Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

 

    41

     

    

(w)            
“Equity Conditions Failure” means that on any day during the period commencing on the applicable Installment
Notice Date through the later of the applicable Installment Date and the date on which the applicable shares of Common Stock are
actually delivered to the Holder, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

 

 

 

 

 

 

 

 

 

    42

     

    

(x)              
 “Fiscal Year” means the fiscal year adopted by the Company for financial reporting purposes as of the
date hereof that ends on December 31.

 

(y)              
 “Floor Price” means $0.84 (or such lower amount as permitted, from time to time, by the Principal Market).

 

(z)              
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through
subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not
the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of
all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined
in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make,
or allow the Company to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a
purchase, tender or exchange offer with respect to (and that that is accepted by the holders of) at least either (x) 50% of the
outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock
held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender
or exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the
beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv)
consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually
or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding
shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or
(z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined
in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (B) that the Company shall, directly
or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject
Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in
Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender,
tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock,
(y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such
Subject Entities as of the date of this Note calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger
or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without approval of
the stockholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to
circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition
or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

 

    43

     

    

(aa)           
 “GAAP” means United States generally accepted accounting principles, consistently applied.

 

(bb)          
“GACP Facility” means any Indebtedness borrowed from GACP Finance Co. LLC (or any of its affiliates)
with such terms and conditions as in effect as of the Issuance Date, together with any Indebtedness refinancing thereof that does
not (x) decrease the maturity date thereunder to a date earlier than July 1, 2021, (y) increase any mandatory prepayments required
thereunder or (z) increase the principal amount outstanding thereof (the “Permitted GACP Refinancing”).

 

(cc)           
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

 

(dd)          
“Holder Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount
of this Note on the applicable Closing Date and (ii) the denominator of which is the aggregate original principal amount of all
Notes issued to the initial purchasers pursuant to the Securities Purchase Agreement as of the applicable Closing Date for each
of the Notes.

 

(ee)     
 “Indebtedness” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(ff)             
“Installment Amount” means the sum of (A) (i) with respect to any Installment Date other than the Maturity
Date, the lesser of (x) the Holder Pro Rata Amount (excluding DSM, if applicable) of $1,875,000 (or, with respect to DSM and the
DSM Shoe, 1/32nd of the portion of the Other Note issued to DSM in the DSM Shoe) and (y) the Principal amount then outstanding
under this Note as of such Installment Date, and (ii) with respect to the Installment Date that is the Maturity Date, the Principal
amount then outstanding under this Note as of such Installment Date (in each case, as any such Installment Amount may be reduced
pursuant to the terms of this Note, whether upon conversion, redemption or Deferral), (B) any Deferral Amount deferred pursuant
to Section 8(d) and included in such Installment Amount in accordance therewith, (C) any Acceleration Amount accelerated pursuant
to Section 8(e) and included in such Installment Amount in accordance therewith and (D) in each case of clauses (A) through (C)
above, the sum of any accrued and unpaid Interest as of such Installment Date under this Note, if any, and accrued and unpaid Late
Charges, if any, under this Note as of such Installment Date. In the event the Holder shall sell or otherwise transfer any portion
of this Note, the transferee shall be allocated a pro rata portion of each unpaid Installment Amount hereunder.

 

    44

     

    

(gg)          
“Installment Conversion Price” means, with respect to a particular date of determination, the greater
of (x) the Floor Price and (y) the lowest of (i) the Conversion Price then in effect, and (ii) 85% of the quotient of (A) the sum
of the VWAP of the Common Stock for each of the three (3) Trading Days with the lowest VWAP of the Common Stock during the fifteen
(15) consecutive Trading Day period ending and including the Trading Day immediately prior to the applicable Installment Date,
divided by (B) three (3). All such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination
or other similar transaction during any such measuring period.

 

(hh)          
“Installment Date” means (i) April 1, 2019; (ii) thereafter, the first Trading Day of the calendar month
immediately following the previous Installment Date until the Maturity Date, and (iii) the Maturity Date.

 

(ii)             
“Interest Date” means (x) if prior to the initial Installment Date or after the Maturity Date, the first
Trading Day of each calendar quarter or (y) if on or after the initial Installment Date, but on or prior to the Maturity Date,
such Installment Date, if any, in such calendar month.

 

(jj)             
“Interest Rate” means six percent (6%) per annum, as may be adjusted from time to time in accordance
with Section 2.

 

(kk)          
“Maturity Date” shall mean [ ][1]; provided, however,
the Maturity Date may be extended at the option of the Holder (i) in the event that, and for so long as, an Event of Default shall
have occurred and be continuing or any event shall have occurred and be continuing that with the passage of time and the failure
to cure would result in an Event of Default or (ii) through the date that is twenty (20) Business Days after the consummation of
a Fundamental Transaction in the event that a Fundamental Transaction is publicly announced or a Change of Control Notice is delivered
prior to the Maturity Date, provided further that if a Holder elects to convert some or all of this Note pursuant to Section 3
hereof, and the Conversion Amount would be limited pursuant to Section 3(d) hereunder, the Maturity Date shall automatically be
extended until such time as such provision shall not limit the conversion of this Note.

 

(ll)             
“New Subsidiary” means, as of any date of determination, any Person in which the Company after the Subscription
Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all
of the foregoing, collectively, “New Subsidiaries”.

 

(mm)     
“Net Settlement Market Price” means the quotient of (a) the sum of the daily VWAPs of the Common Stock
during the fifteen (15) consecutive Trading Day period ending and including the Trading Day immediately prior to the applicable
Conversion Date divided by (b) fifteen.

 

 

_____________________

1
       Insert third anniversary of the Issuance Date.

    45

     

    

(nn)          
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

(oo)          
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(pp)          
“Permitted Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) the
GACP Facility, (iii) Indebtedness (other than the GACP Facility) deemed to be disclosed pursuant to the Securities Purchase Agreement,
as in effect as of the Subscription Date (including all other Indebtedness accrued in the balance sheet included in the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 218), (iii) Indebtedness incurred after the Issuance Date to
finance the acquisition, construction or development of capital assets and related expenses, and not secured by any lien or security
interest other than on such assets and improvements and accessions thereto, (iv) Indebtedness of subsidiaries that are organized
under the laws of a jurisdiction outside of the United States and not guaranteed by, or secured by a lien on assets of, the Company,
and (v) up to $300,000,000, in the aggregate, of additional Indebtedness of the Company incurred after the Issuance Date.

 

(qq)          
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(rr)             
 “Price Failure” means, with respect to a particular date of determination, if either (I) the VWAP of
the Common Stock on each Trading Day during the four (4) Trading Day period ending on the Trading Day immediately preceding such
date of determination or (I) the VWAP of the Common Stock on at least fifteen (15) Trading Days during the twenty (20) Trading
Day period ending on the Trading Day immediately preceding such date of determination, in either case, fails to exceed the greater
of (x) the Floor Price and (y) $2.00 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other
similar transactions occurring after the Subscription Date). All such determinations to be appropriately adjusted for any stock
splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring period.

 

(ss)            
 “Principal Market” means the Nasdaq Global Select Market.

 

(tt)             
“Redemption Notices” means, collectively, the Event of Default Redemption Notices, the Installment Notices
with respect to any Installment Redemption, and the Change of Control Redemption Notices, any Cash Settlement Election Notices
and each of the foregoing, individually, a “Redemption Notice.”

 

    46

     

    

(uu)          
“Redemption Premium” means 125%.

 

(vv)          
“Redemption Prices” means, collectively, Event of Default Redemption Prices, the Change of Control Redemption
Prices, Cash Settlement Prices and the Installment Redemption Prices, and each of the foregoing, individually, a “Redemption
Price.”

 

(ww)      
“Registration Rights Agreement” means that certain registration rights agreement, dated as of the initial
Closing Date, by and among the Company and the initial holders of the Notes relating to, among other things, the registration of
the resale of the Common Stock issuable upon conversion of the Notes or otherwise pursuant to the terms of the Notes, as may be
amended from time to time.

 

(xx)          
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(yy)          
“Securities Purchase Agreement” means that certain securities purchase agreement, dated as of the Subscription
Date, by and among the Company and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be amended
from time to time.

 

(zz)           
 “Subscription Date” means December 6, 2018.

 

(aaa)       
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person,
Persons or Group.

 

(bbb)      
 “Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all
New Subsidiaries, and each of the foregoing, individually, a “Subsidiary.”

 

(ccc)       
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(ddd)      
“Trading Day” means, as applicable, (x) with respect to all price or trading volume determinations relating
to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

    47

     

    

(eee)       
“Volume Failure” means, with respect to a particular date of determination, if either (x) the aggregate
daily dollar trading volume (as reported on Bloomberg) of the Common Stock on the Principal Market on each Trading Day during the
four (4) Trading Day period ending on the Trading Day immediately preceding such date of determination or (y) the aggregate daily
dollar trading volume (as reported on Bloomberg) of the Common Stock on the Principal Market on at least fifteen (15) Trading Days
during the twenty (20) Trading Day period ending on the Trading Day immediately preceding such date of determination (such period,
the “Volume Failure Measuring Period”), in either case, is less than $2,000,000 (as adjusted for any stock splits,
stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the Subscription Date). All
such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or
other similar transactions during such Volume Failure Measuring Period.

 

(fff)          
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security
on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted
average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending
at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security
by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If
the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section
22. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction during such period.

 

    48

     

    

31.             
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one (1) Business Day of such receipt or prior to (or
simultaneous with) such delivery, as applicable, publicly disclose such material, non-public information on a Current Report on
Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating
to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder contemporaneously with delivery of such
notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice
do not constitute material, non-public information relating to the Company or any of its Subsidiaries. If the Company or any of
its Subsidiaries provides material non-public information to the Holder that is not promptly filed in a Current Report on Form
8-K and the Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees that
the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers,
directors, employees, affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis of, such
material non-public information. Nothing contained in this Section 31 shall limit any obligations of the Company, or any rights
of the Holder, under Section 4(i) of the Securities Purchase Agreement.

 

[signature page follows]

 

 

 

 

 

 

    49

     

    

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed as of the Issuance Date set out above.

 

 

	 	
        AMYRIS, INC.

         

         

         

	 	By:_________________________________
	 	Name:
	 	Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Convertible Note - Signature Page

 

    

     

    

EXHIBIT I

 

AMYRIS, INC.

CONVERSION NOTICE

 

Reference is made to the Senior Convertible Note (the “Note”)
issued to the undersigned by Amyris, Inc., a Delaware corporation (the “Company”). In accordance with and pursuant
to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below
into shares of Common Stock, $0.001 par value per share (the “Common Stock”), of the Company, as of the date
specified below. Capitalized terms not defined herein shall have the meaning as set forth in the Note.

 

	Date of Conversion:	 
	Aggregate Principal to be converted:	 
	Aggregate accrued and unpaid Interest and accrued and unpaid Late Charges with respect to such portion of the Aggregate Principal and such Aggregate Interest to be converted:	 
	AGGREGATE CONVERSION AMOUNT

 TO BE CONVERTED:	 
	Please confirm the following information:
	Conversion Price:	 
	Number of shares of Common Stock to be issued:	 
	
         

        Installment Amount(s) to be reduced (and corresponding Installment
        Date(s)) and amount of reduction:
	 
	
        [_]       If this Conversion
        Notice is being delivered with respect to an Alternate Conversion, check here if Holder is electing to use the following Alternate
        Conversion Price:____________

        [_]       If
        this Conversion Notice is being delivered with respect to an Acceleration, check here if Holder is electing to use _________ as
        the Installment Conversion Price (as applicable) related to the following Installment Date:____________

         

        Notwithstanding anything to the contrary contained herein, this
        Conversion Notice shall constitute a representation by the Holder of the Note submitting this Conversion Notice that after giving
        effect to the conversion provided for in this Conversion Notice, such Holder (together with its affiliates) will not have beneficial
        ownership (together with the beneficial ownership of such Person’s affiliates) of a number of shares of Common Stock which
        exceeds the Maximum Percentage (as defined in the Note) of the total outstanding shares of Common Stock of the Company as determined
        pursuant to the provisions of Section 3(d)(i) of the Note.

        Please issue the Common Stock into which the Note is being converted
        to Holder, or for its benefit, as follows:

        [_]       Check
        here if requesting delivery as a certificate to the following name and to the following address:

	 	 	 	 	 	 	 

 

    

     

    

	Issue to:	 
	 	 
	 	 
	 	 
	[_]         Check here if requesting delivery by
    Deposit/Withdrawal at Custodian as follows:
	DTC Participant:	 
	DTC Number:	 
	Account Number:	 
	 	 	 	 	 	 	 

 

 

	
        Date: _____________ __, 

         

        

        Name of Registered Holder

         

         

         
	 
	
        By: ____________________________

Name:

Title:

         

        Tax ID:_____________________

         

        Facsimile:___________________

         

        E-mail Address: 

         

	 

    

     

    

Exhibit II

 

ACKNOWLEDGMENT AND TRANSFER AGENT INSTRUCTIONS

 

 

 

[See attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

5885 Hollis Street, Suite 100

Emeryville, CA 94608

510.450.0761

 

[_______________], 20[__]

 

EQ Shareowner Services

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120

ISSUANCE INSTRUCTION

 

	Reference/Control Number	 	N/A
	Company/Issue Name	 	Amyris, Inc. (AMY5)
	Full Option Plan/Reserve Name	 	Reserve [__] - [_______] 
	
        Treasury or

        Original Issue Shares
	 	 
	Share Issuance Date	 	[________], 20[__]
	No. of Shares to Debit from Reserve	 	[_______________]
	No. of Shares Withheld for Taxes (if any)	 	
         

        N/A

	No. of Shares to Issue	 	[___________________]
	Name of Optionee	 	N/A

 

If Shares are withheld for taxes, shares should be returned to:

 

[ ] Plan Reserve – If Plan Reserve, indicate name of Reserve
below

__________________________________________________

[X] Authorized, Unissued Reserve (Reserve 01)

[ ] Treasury Account

 

Check one of the above

 

TRANSFER VIA DWAC (company provides cost basis directly to broker)

 

If shares are to be delivered electronically via DWAC to the broker, please complete
below:

 

Settlement Date [__________], 20[__]Broker Contact: [____________]

 

Broker DTCC Participant # [____]Broker’s Direct Phone # [__________]

Account # [_______]

 

________________________________

Print Name/Title of Authorized Signer

	
         

         
	 	
         

         

        [________], 20[__]

	Authorized Signer	 	Date

 

 

    

     

    

EXHIBIT B

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of December __, 2018, is by and among Amyris, Inc., a Delaware corporation with offices
located at 5885 Hollis Street, Suite 100, Emeryville, CA 94608 (the “Company”), and the undersigned buyers (each,
a “Buyer,” and collectively, the “Buyers”).

 

RECITALS

 

A.       In
connection with the Securities Purchase Agreement by and among the parties hereto, dated as of December 6, 2018 (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to each Buyer the Notes (as defined in the Securities Purchase Agreement) which will be convertible
into Conversion Shares (as defined in the Securities Purchase Agreement) in accordance with the terms of the Notes.

 

B.       To
induce the Buyers to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar
successor statute (collectively, the “1933 Act”), and applicable state securities laws.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows:

 

1.                 
Definitions.

 

Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used in this Agreement, the
following terms shall have the following meanings:

 

(a)       “Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized
or required by law to remain closed.

 

(b)       “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(c)       “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

    

     

    

(d)       “Effectiveness
Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 2(a),
the earlier of the (A) 60th calendar day after the Closing Date (or the 90th calendar day after the Closing
Date if such Registration Statement is subject to a limited or full review by the SEC) and (B) 4th Business Day after the date
the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed
or will not be subject to further review and (ii) with respect to any additional Registration Statements that may be required to
be filed by the Company pursuant to this Agreement, the earlier of the (A) 60th calendar day following the date on which
the Company was required to file such additional Registration Statement (or the 90th calendar day following the date
on which the Company was required to file such additional Registration Statement if such additional Registration Statement is subject
to a limited or full review by the SEC) and (B) 4th Business Day after the date the Company is notified (orally or in writing,
whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will not be subject to further review;
provided, that with respect to subsection (ii) hereof, if the Effectiveness Deadline would fall between the filing date of the
Company’s Annual Report on Form 10-K and the filing date of the Company’s definitive proxy statement, then the Effectiveness
Deadline shall be two business days after the Company files its definitive proxy statement.

 

(e)       “Filing
Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 2(a),
the 30th calendar day after the Closing Date and (ii) with respect to any additional Registration Statements that may be required
to be filed by the Company pursuant to this Agreement, the date on which the Company was required to file such additional Registration
Statement pursuant to the terms of this Agreement.

 

(f)       “Investor”
means a Buyer or any transferee or assignee of any Registrable Securities or Notes, as applicable, to whom a Buyer assigns its
rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9
and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities or Notes, as applicable,
assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9.

 

(g)       “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
or a government or any department or agency thereof.

 

(h)       “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 and the declaration of effectiveness
of such Registration Statement(s) by the SEC.

 

(i)       “Registrable
Securities” means (i) the Conversion Shares, and (ii) any capital stock of the Company issued or issuable with respect
to the Conversion Shares or the Notes, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock (as
defined in the Notes) are converted or exchanged, in each case, without regard to any limitations on conversion of the Notes; provided
however, that all such securities shall cease to be Registrable Securities at such time as they have been resold under a Registration
Statement or pursuant to Rule 144 promulgated under the 1933 Act.

 

    2

     

    

(j)       “Registration
Statement” means a registration statement or registration statements of the Company filed under the 1933 Act covering
Registrable Securities.

 

(k)       “Required
Holders” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(l)       “Required
Registration Amount” means 150% of the maximum number of Conversion Shares issuable upon conversion of the Notes (assuming
for purposes hereof that (x) the Notes are convertible at the initial Conversion Price (as defined in the Notes), (y) interest
on the Notes shall accrue through the third anniversary of the Closing Date and will be converted in shares of Common Stock at
an interest conversion price equal to the Installment Conversion Price (as defined in the Notes) assuming an Interest Date (as
defined in the Note) as of the date hereof and (z) any such conversion shall not take into account any limitations on the conversion
of the Notes set forth in the Notes), all subject to adjustment as provided in Section 2(d) and/or Section 2(f).

 

(m)       “Rule
144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company
to the public without registration.

 

(n)       “Rule
415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(o)       “SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

2.                 
Registration.

 

(a)              
Mandatory Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing
Deadline, file with the SEC an initial Registration Statement on Form S-3 covering the resale of all of the Registrable Securities,
provided that such initial Registration Statement shall register for resale at least the number of shares of Common Stock equal
to the Required Registration Amount as of the date such Registration Statement is initially filed with the SEC; provided further
that if Form S-3 is unavailable for such a registration, the Company shall use such other form as is required by Section 2(c).
Such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this Agreement,
shall contain (except if otherwise directed by the Required Holders) the “Selling Stockholders” and “Plan
of Distribution” sections in substantially the form attached hereto as Exhibit A. The Company shall use its reasonable
best efforts to have such initial Registration Statement, and each other Registration Statement required to be filed pursuant to
the terms of this Agreement, declared effective by the SEC as soon as practicable, but in no event later than the applicable Effectiveness
Deadline for such Registration Statement.

 

(b)              
Legal Counsel. Subject to Section 5 hereof, Kelley Drye & Warren LLP, counsel solely to the lead investor
(“Legal Counsel”) shall review and oversee any registration, solely on behalf of the lead investor, pursuant
to this Section 2.

 

    3

     

    

(c)              
Ineligibility to Use Form S-3. 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 or another
appropriate form reasonably acceptable to the Required Holders and (ii) undertake to register the resale of the Registrable Securities
on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of all Registration
Statements then in effect until such time as a Registration Statement on Form S-3 covering the resale of all the Registrable Securities
has been declared effective by the SEC and the prospectus contained therein is available for use.

 

(d)              
Sufficient Number of Shares Registered. In the event the number of shares available under any Registration Statement
is insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor’s
allocated portion of the Registrable Securities pursuant to Section 2(h), the Company shall amend such Registration Statement
(if permissible), or file with the SEC a new Registration Statement (on the short form available therefor, if applicable), or both,
so as to cover at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of
such amendment or new Registration Statement, in each case, as soon as practicable, but in any event not later than fifteen (15)
days after the necessity therefor arises (but taking account of any Staff position with respect to the date on which the Staff
will permit such amendment to the Registration Statement and/or such new Registration Statement (as the case may be) to be filed
with the SEC). The Company shall use its reasonable best efforts to cause such amendment to such Registration Statement and/or
such new Registration Statement (as the case may be) to become effective as soon as practicable following the filing thereof with
the SEC, but in no event later than the applicable Effectiveness Deadline for such Registration Statement. For purposes of the
foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover
all of the Registrable Securities” if at any time the number of shares of Common Stock available for resale under the applicable
Registration Statement is less than the product determined by multiplying (i) the Required Registration Amount as of such time
by (ii) 0.90. The calculation set forth in the foregoing sentence shall be made without regard to any limitations on conversion,
amortization and/or redemption of the Notes (and such calculation shall assume (A) that the Notes are then convertible in full
into shares of Common Stock at the then prevailing Conversion Rate (as defined in the Notes) and (B) the initial outstanding principal
amount of the Notes remains outstanding through the scheduled Maturity Date (as defined in the Notes) and no redemptions of the
Notes occur prior to the scheduled Maturity Date.

 

    4

     

    

(e)              
Effect of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration
Statement covering the resale of all of the Registrable Securities required to be covered thereby (after any reduction pursuant
to Section 2(f)) and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before
the Filing Deadline for such Registration Statement (a “Filing Failure”) (it being understood that if the Company
files a Registration Statement without affording each Investor and Legal Counsel the opportunity to review and comment on the same
as required by Section 3(c) hereof, the Company shall be deemed to not have satisfied this clause (i)(A) and such event
shall be deemed to be a Filing Failure) or (B) not declared effective by the SEC on or before the Effectiveness Deadline for such
Registration Statement (an “Effectiveness Failure”) (it being understood that if on the Business Day immediately
following the Effective Date for such Registration Statement the Company shall not have filed a “final” prospectus
for such Registration Statement with the SEC under Rule 424(b) in accordance with Section 3(b) (whether or not such a prospectus
is technically required by such rule), the Company shall be deemed to not have satisfied this clause (i)(B) and such event shall
be deemed to be an Effectiveness Failure), (ii) other than during an Allowable Grace Period (as defined below), on any day after
the Effective Date of a Registration Statement sales of all of the Registrable Securities required to be included on such Registration
Statement (after any reduction pursuant to Section 2(f)) cannot be made pursuant to such Registration Statement (including,
without limitation, because of a failure to keep such Registration Statement effective, a failure to disclose such information
as is necessary for sales to be made pursuant to such Registration Statement, a suspension or delisting of (or a failure to timely
list) the shares of Common Stock on an Eligible Market (as defined in the Securities Purchase Agreement), or a failure to register
a sufficient number of shares of Common Stock or by reason of a stop order) or the prospectus contained therein is not available
for use for any reason (a “Maintenance Failure”), or (iii) if a Registration Statement is not effective for
any reason or the prospectus contained therein is not available for use for any reason, and either (x) the Company fails for any
reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public
information requirement under Rule 144(c) or (y) the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes
such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Current
Public Information Failure”) as a result of which any of the Investors are unable to sell Registrable Securities without
restriction under Rule 144 (including, without limitation, volume restrictions), then, as partial relief for the damages to
any holder by reason of any such delay in, or reduction of, its ability to sell the underlying shares of Common Stock (which remedy
shall not be exclusive of any other remedies available at law or in equity, including, without limitation, specific performance),
the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal
to two percent (2%) of such Investor’s original principal amount stated in such Investor’s Note on the Closing Date
(1) on the date of such Filing Failure, Effectiveness Failure, Maintenance Failure or Current Public Information Failure, as applicable,
and (2) on every thirty (30) day anniversary of (I) a Filing Failure until such Filing Failure is cured; (II) an Effectiveness
Failure until such Effectiveness Failure is cured; (III) a Maintenance Failure until such Maintenance Failure is cured; and
(IV) a Current Public Information Failure until the earlier of (i) the date such Current Public Information Failure is cured and
(ii) such time that such public information is no longer required pursuant to Rule 144 (in each case, pro rated for periods
totaling less than thirty (30) days). The payments to which a holder of Registrable Securities shall be entitled pursuant to this
Section 2(e) are referred to herein as “Registration Delay Payments.” Following the initial Registration
Delay Payment for any particular event or failure (which shall be paid on the date of such event or failure, as set forth above),
without limiting the foregoing, if an event or failure giving rise to the Registration Delay Payments is cured prior to any thirty
(30) day anniversary of such event or failure, then such Registration Delay Payment shall be made on the third (3rd)
Business Day after such cure. In the event the Company fails to make Registration Delay Payments in a timely manner in accordance
with the foregoing, such Registration Delay Payments shall bear interest at the rate of two percent (2%) per month (prorated for
partial months) until paid in full. Notwithstanding the foregoing, no Registration Delay Payments shall be owed to an Investor
(other than with respect to a Maintenance Failure resulting from a suspension or delisting of (or a failure to timely list) the
shares of Common Stock on an Eligible Market) with respect to any period during which all of such Investor’s Registrable
Securities may be sold by such Investor without restriction under Rule 144 (including, without limitation, volume restrictions)
and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable).

 

    5

     

    

(f)               
Offering. Notwithstanding anything to the contrary contained in this Agreement, in the event the staff of the SEC
(the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed
pursuant to this Agreement as constituting an offering of securities by, or on behalf of, the Company, or in any other manner,
such that the Staff or the SEC do not permit such Registration Statement to become effective and used for resales
in a manner that does not constitute such an offering and that permits the continuous resale at the market by the Investors participating therein (or
as otherwise may be acceptable to each Investor) without being named therein as an “underwriter,” then the Company
shall reduce the number of shares to be included in such Registration Statement by all Investors until such time as the Staff and
the SEC shall so permit such Registration Statement to become effective as aforesaid. In making such reduction, the Company shall
reduce the number of shares to be included by all Investors on a pro rata basis (based upon the number of Registrable Securities
otherwise required to be included for each Investor) unless the inclusion of shares by a particular Investor or a particular set
of Investors are resulting in the Staff or the SEC’s “by or on behalf of the Company” offering position, in which
event the shares held by such Investor or set of Investors shall be the only shares subject to reduction (and if by a set of Investors
on a pro rata basis by such Investors or on such other basis as would result in the exclusion of the least number of shares by
all such Investors); provided, that, with respect to such pro rata portion allocated to any Investor, such Investor may elect the
allocation of such pro rata portion among the Registrable Securities of such Investor. In addition, in the event that the Staff
or the SEC requires any Investor seeking to sell securities under a Registration Statement filed pursuant to this Agreement to
be specifically identified as an “underwriter” in order to permit such Registration Statement to become effective,
and such Investor does not consent to being so named as an underwriter in such Registration Statement, then, in each such
case, the Company shall reduce the total number of Registrable Securities to be registered on behalf of such Investor, until
such time as the Staff or the SEC does not require such identification or until such Investor accepts such identification and the
manner thereof. Any reduction pursuant to this paragraph will first reduce all Registrable Securities other than those issued
pursuant to the Securities Purchase Agreement. In the event of any reduction in Registrable Securities pursuant to this
paragraph, an affected Investor shall have the right to require, upon delivery of a written request to the Company signed
by such Investor, the Company to file a registration statement within twenty (20) days of such request (subject to any restrictions
imposed by Rule 415 or required by the Staff or the SEC) for resale by such Investor in a manner acceptable to such Investor,
and the Company shall following such request cause to be and keep effective such registration statement in the same manner
as otherwise contemplated in this Agreement for registration statements hereunder, in each case until such time as: (i)
all Registrable Securities held by such Investor have been registered and sold pursuant to an effective Registration Statement
in a manner acceptable to such Investor or (ii) all Registrable Securities may be resold by such Investor without restriction
(including, without limitation, volume limitations) pursuant to Rule 144 (taking account of any Staff position with respect to
“affiliate” status) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2),
if applicable) or (iii) such Investor agrees to be named as an underwriter in any such Registration Statement in a manner acceptable
to such Investor as to all Registrable Securities held by such Investor and that have not theretofore been included in a Registration
Statement under this Agreement (it being understood that the special demand right under this sentence may be exercised by an Investor
multiple times and with respect to limited amounts of Registrable Securities in order to permit the resale thereof by such Investor
as contemplated above).

 

    6

     

    

(g)              
Piggyback Registrations. Without limiting any obligation of the Company hereunder or under the Securities Purchase
Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities or the prospectus contained
therein is not available for use and the Company shall determine to prepare and file with the SEC a registration statement or offering
statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities
(other than on Form S-4 or Form S-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with
the Company’s stock option or other employee benefit plans), then the Company shall deliver to each Investor a written notice
of such determination and, if within five (5) days after the date of the delivery of such notice, any such Investor shall
so request in writing, the Company shall include in such registration statement or offering statement all or any part of such Registrable
Securities such Investor requests to be registered; provided, however, the Company shall not be required to register any Registrable
Securities pursuant to this Section 2(g) that are eligible for resale pursuant to Rule 144 without restriction (including,
without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2),
if applicable) or that are the subject of a then-effective Registration Statement.

 

(h)              
Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement
and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based
on the number of Registrable Securities held by each Investor at the time such Registration Statement covering such initial number
of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise
transfers any of such Investor’s Registrable Securities, each transferee or assignee (as the case may be) that becomes an
Investor shall be allocated a pro rata portion of the then-remaining number of Registrable Securities included in such Registration
Statement for such transferor or assignee (as the case may be). Any shares of Common Stock included in a Registration Statement
and which remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement
shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors
which are covered by such Registration Statement.

 

(i)                
No Inclusion of Other Securities. The Company shall in no event include any securities other than Registrable Securities
on any Registration Statement filed in accordance herewith without the prior written consent of the Required Holders. Until the
Applicable Date (as defined in the Securities Purchase Agreement), the Company shall not enter into any agreement providing any
registration rights to any of its security holders, except as otherwise permitted under the Securities Purchase Agreement.

 

3.                 
Related Obligations.

 

The Company shall use its reasonable best efforts
to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant
thereto, the Company shall have the following obligations:

 

    7

     

    

(a)              
The Company shall promptly prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities
(but in no event later than the applicable Filing Deadline) and use its reasonable best efforts to cause such Registration Statement
to become effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). Subject to
Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the prospectus contained therein available
for use) pursuant to Rule 415 for resales by the Investors on a delayed or continuous basis at then-prevailing market prices (and
not fixed prices) at all times until the earlier of (i) the date as of which all of the Investors may sell all of the Registrable
Securities required to be covered by such Registration Statement (disregarding any reduction pursuant to Section 2(f)) without
restriction pursuant to Rule 144 (including, without limitation, volume restrictions) and without the need for current public information
required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (ii) the date on which the Investors shall have sold all of the
Registrable Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything
to the contrary contained in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration
Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation,
all amendments and supplements thereto) used in connection with such Registration Statement (1) shall not contain any 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 the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will disclose (whether
directly or through incorporation by reference to other SEC filings to the extent permitted) all material information regarding
the Company and its securities. The Company shall submit to the SEC, within two (2) Business Days after the later of the date that
(i) the Company learns that no review of a particular Registration Statement will be made by the Staff or that the Staff has no
further comments on a particular Registration Statement (as the case may be) and (ii) the consent of Legal Counsel is obtained
pursuant to Section 3(c) (which consent shall be promptly sought), a request for acceleration of effectiveness of such Registration
Statement to a time and date not later than two (2) business days after the submission of such request or as soon thereafter as
the Staff determines is practicable. The Company shall respond in writing to comments made by the SEC in respect of a Registration
Statement as soon as practicable, but in no event later than fifteen (15) days after the receipt of comments by or notice from
the SEC that an amendment is required in order for a Registration Statement to be declared effective.

 

(b)              
Subject to Section 3(r) of this Agreement, the Company shall prepare and file with the SEC such amendments (including,
without limitation, post-effective amendments) and supplements to each Registration Statement and the prospectus used in connection
with each such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as
may be necessary to keep each such Registration Statement effective at all times during the Registration Period for such Registration
Statement, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable
Securities of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth
in such Registration Statement; provided, however, by 8:30 a.m. (New York time) on the Business Day immediately following each
Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the 1933 Act the final prospectus to be
used in connection with sales pursuant to the applicable Registration Statement (whether or not such a prospectus is technically
required by such rule). In the case of amendments and supplements to any Registration Statement which are required to be filed
pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason of the Company filing
a report on Form 8-K, Form 10-Q or Form 10-K or any analogous report under the Securities Exchange Act of 1934, as amended (the
“1934 Act”), the Company shall, if permitted under the applicable rules and regulations of the SEC, have incorporated
such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the
SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement
such Registration Statement.

 

    8

     

    

(c)              
The Company shall (A) permit Legal Counsel, and legal counsel for each other Investor if requested by such legal counsel
a reasonable amount of time prior to the filing, to review and comment upon (i) each Registration Statement at least five (5) Business
Days prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without
limitation, the prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and any similar or successor reports) within a reasonable number of days prior to their filing with the SEC,
and (B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel or any legal counsel
for any other Investor reasonably objects. The Company shall not submit a request for acceleration of the effectiveness of a Registration
Statement or any amendment or supplement thereto or to any prospectus contained therein without the prior consent of Legal Counsel,
which consent shall not be unreasonably withheld. The Company shall promptly furnish to Legal Counsel, and legal counsel for each
other Investor if requested by such legal counsel, without charge, (i) copies of any correspondence from the SEC or the Staff to
the Company or its representatives relating to each Registration Statement, provided that such correspondence shall not contain
any material, non-public information regarding the Company or any of its Subsidiaries (as defined in the Securities Purchase Agreement),
(ii) after the same is prepared and filed with the SEC, one (1) copy (which may be a PDF copy) of each Registration Statement
and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents
incorporated therein by reference, if requested by an Investor, and all exhibits and (iii) upon the effectiveness of each
Registration Statement, one (1) copy (which may be a PDF copy) of the prospectus included in such Registration Statement and all
amendments and supplements thereto. The Company shall reasonably cooperate with Legal Counsel and legal counsel for each other
Investor in performing the Company’s obligations pursuant to this Section 3.

 

(d)              
The Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement,
without charge, (i) after the same is prepared and filed with the SEC, at least one (1) copy (which may be a PDF copy) of each
Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and
schedules, all documents incorporated therein by reference, if requested by an Investor, all exhibits and each preliminary prospectus,
(ii) upon the effectiveness of each Registration Statement, ten (10) copies (which may be PDF copies) of the prospectus included
in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may
reasonably request from time to time) and (iii) such other documents, including, without limitation, copies of any preliminary
or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by such Investor.

 

    9

     

    

(e)              
The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and
qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other
securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including, without limitation, post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify Legal Counsel, legal counsel for each other Investor and each Investor who holds Registrable Securities of the
receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable
Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt
of actual notice of the initiation or threatening of any proceeding for such purpose.

 

(f)               
The Company shall notify Legal Counsel, legal counsel for each other Investor and each Investor in writing of the happening
of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus included in a
Registration Statement, as then in effect, may include an untrue statement of a material fact or omission to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company
or any of its Subsidiaries), and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration
Statement and such prospectus contained therein to correct such untrue statement or omission and deliver one (1) copy (which may
be a PDF copy) of such supplement or amendment to Legal Counsel, legal counsel for each other Investor and each Investor (or such
other number of copies as Legal Counsel, legal counsel for each other Investor or such Investor may reasonably request) if requested
by such persons. The Company shall also promptly notify Legal Counsel, legal counsel for each other Investor and each Investor
in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, when a Registration Statement
or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel, legal
counsel for each other Investor and each Investor by facsimile or e-mail within one (1) day of effectiveness), and when the Company
receives written notice from the SEC that a Registration Statement or any post-effective amendment will be reviewed by the SEC,
(ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information,
(iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate;
and (iv) of the receipt of any request by the SEC or any other federal or state governmental authority for any additional information
relating to the Registration Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond
as promptly as practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto
(it being understood and agreed that the Company’s response to any such comments shall be delivered to the SEC no later than
fifteen (15) Business Days after the receipt thereof).

 

    10

     

    

(g)              
The Company shall (i) use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss
of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension as soon as practicable and (ii) notify Legal Counsel,
legal counsel for each other Investor and each Investor who holds Registrable Securities of the issuance of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(h)              
If any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter
and such Investor consents to so being named an underwriter, at the request of any Investor, the Company shall furnish to such
Investor, on the date of the effectiveness of such Registration Statement and thereafter from time to time on such dates as an
Investor may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants
in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public
offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes
of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed
to the Investors.

 

(i)                
If any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter
and such Investor consents to so being named an underwriter, upon the written request of such Investor, the Company shall make
available for inspection by (i) such Investor, (ii) legal counsel for such Investor and (iii) one (1) firm of accountants or other
agents retained by such Investor (collectively, the “Inspectors”), all pertinent financial and other records,
and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably
deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which
any Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold in strict confidence and
not to make any disclosure (except to such Investor) or use of any Record or other information which the Company’s board
of directors determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (1)
the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is
otherwise required under the 1933 Act, (2) the release of such Records is ordered pursuant to a final, non-appealable subpoena
or order from a court or government body of competent jurisdiction, or (3) the information in such Records has been made generally
available to the public other than by disclosure in violation of this Agreement or any other Transaction Document (as defined in
the Securities Purchase Agreement). Such Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the
Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and such Investor, if
any) shall be deemed to limit any Investor’s ability to sell Registrable Securities in a manner which is otherwise consistent
with applicable laws and regulations.

 

    11

     

    

(j)                
The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required
to be disclosed in such Registration Statement pursuant to the 1933 Act, (iii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction
Document. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor
and allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

(k)              
Without limiting any obligation of the Company under the Securities Purchase Agreement, the Company shall use its reasonable
best efforts either to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed on each
securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing
of such Registrable Securities is then permitted under the rules of such exchange, (ii) secure designation and quotation of
all of the Registrable Securities covered by each Registration Statement on an Eligible Market (as defined in the Securities Purchase
Agreement), or (iii) if, despite the Company’s reasonable best efforts to satisfy the preceding clauses (i) or (ii)
the Company is unsuccessful in satisfying the preceding clauses (i) or (ii), without limiting the generality of the foregoing,
to use its reasonable best efforts to arrange for at least two market makers to register with the Financial Industry Regulatory
Authority (“FINRA”) as such with respect to such Registrable Securities. In addition, the Company shall cooperate
with each Investor and any broker or dealer through which any such Investor proposes to sell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as reasonably requested by such Investor. The Company shall pay all of the Company’s
fees and expenses in connection with satisfying its obligations under this Section 3(k), except for any fees, expenses or
commissions of any broker or dealer.

 

(l)                
The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable,
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts
(as the case may be) as the Investors may reasonably request from time to time and registered in such names as the Investors may
request.

 

(m)            
If requested by an Investor, the Company shall as soon as practicable after receipt of notice from such Investor and subject
to Section 3(r) hereof, (i) incorporate in a prospectus supplement or post-effective amendment such information as an Investor
reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without
limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required
filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or prospectus
contained therein if reasonably requested by an Investor holding any Registrable Securities.

 

    12

     

    

(n)              
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by a Registration Statement
to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

(o)              
The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90)
days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by,
the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the
Company’s fiscal quarter next following the applicable Effective Date of each Registration Statement.

 

(p)              
The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC
in connection with any registration hereunder.

 

(q)              
Within two (2) Business Day after a Registration Statement which covers Registrable Securities is declared effective by
the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation
that such Registration Statement has been declared effective by the SEC substantially in the form provided to the Buyers prior
to the Closing Date.

 

(r)               
Notwithstanding anything to the contrary herein (but subject to the last sentence of this Section 3(r)), at any time
after the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information
concerning the Company or any of its Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the
board of directors of the Company, in the best interest of the Company and, in the opinion of counsel to the Company, otherwise
required (a “Grace Period”), provided that the Company shall promptly notify the Investors in writing of the
(i) existence of material, non-public information giving rise to a Grace Period (provided that in each such notice the Company
shall not disclose the content of such material, non-public information to any of the Investors) and the date on which such Grace
Period will begin and (ii) date on which such Grace Period ends, provided further that (I) no Grace Period shall exceed fifteen
(15) consecutive days and during any three hundred sixty five (365) day period all such Grace Periods shall not exceed an aggregate
of forty (40) days, (II) the first day of any Grace Period must be at least five (5) Trading Days after the last day of any
prior Grace Period and (III) no Grace Period may exist during the forty (40) Trading Day period immediately following the Effective
Date of such Registration Statement (provided that such forty (40) Trading Day period shall be extended by the number of Trading
Days during such period and any extension thereof contemplated by this proviso during which such Registration Statement is not
effective or the prospectus contained therein is not available for use) (each, an “Allowable Grace Period”).
For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include the date the Investors
receive the notice referred to in clause (i) above and shall end on and include the later of the date the Investors receive the
notice referred to in clause (ii) above and the date referred to in such notice. The provisions of Section 3(g) hereof shall
not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the Company shall again
be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public
information is no longer applicable. Notwithstanding anything to the contrary contained in this Section 3(r), the Company
shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the
terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which such Investor
has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement
to the extent applicable, prior to such Investor’s receipt of the notice of a Grace Period and for which the Investor has
not yet settled.

 

    13

     

    

(s)               
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investors of
its Registrable Securities pursuant to each Registration Statement.

 

(t)                
Neither the Company nor any Subsidiary or affiliate thereof shall identify any Investor as an underwriter in any public
disclosure or filing with the SEC, the Principal Market or any Eligible Market and any Buyer being deemed an underwriter by the
SEC shall not relieve the Company of any obligations it has under this Agreement or any other Transaction Document (as defined
in the Securities Purchase Agreement); provided, however, that the foregoing shall not prohibit the Company from including the
disclosure found in the "Plan of Distribution" section attached hereto as Exhibit A in the Registration Statement.

 

(u)              
Neither the Company nor any of its Subsidiaries 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 Buyers in this Agreement or otherwise conflicts with the provisions hereof.

 

4.                 
Obligations of the Investors.

 

(a)              
At least five (5) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall
notify each Investor in writing of the information the Company requires from each such Investor with respect to such Registration
Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement
with respect to the Registrable Securities of a particular Investor that such Investor shall furnish to the Company such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held
by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the Company may reasonably request.

 

(b)              
Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless
such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable
Securities from such Registration Statement.

 

    14

     

    

(c)              
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3(g) or the first sentence of 3(f), such Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt
of notice that no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(c), the
Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance
with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which
such Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening
of any event of the kind described in Section 3(g) or the first sentence of Section 3(f) and for which such Investor
has not yet settled.

 

5.                 
Expenses of Registration.

 

All reasonable expenses, other than underwriting
discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and
3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, FINRA filing
fees (if any) and fees and disbursements of counsel for the Company shall be paid by the Company. The Company shall reimburse Legal
Counsel for its fees and disbursements in connection with registration, filing or qualification pursuant to Sections 2 and
3 of this Agreement which amount shall be limited to $5,000 for each such registration, filing or qualification.

 

6.                 
Indemnification.

 

(a)              
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor
and each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) and each Person, if any, who controls such Investor within the meaning of the 1933 Act or the 1934 Act and each of the directors,
officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling
Persons (each, an “Indemnified Person”), against any losses, obligations, claims, damages, liabilities, contingencies,
judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees and costs
of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from
the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending
or threatened, whether or not an Indemnified Person is or may be a party thereto (“Indemnified Damages”), to
which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light
of the circumstances under which the statements therein were made, not misleading or (iii) any violation or alleged violation by
the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule
or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the
matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to Section 6(c),
the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal
fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply
to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection
with the preparation of such Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was
timely made available by the Company pursuant to Section 3(d); and (ii) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld
or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person and shall survive the transfer of any of the Registrable Securities by any of the Investors pursuant to Section 9.

 

    15

     

    

(b)              
In connection with any Registration Statement in which an Investor is participating, such Investor agrees to severally and
not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a),
the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls
the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this
Section 6(b), such Investor will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this
Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent shall
not be unreasonably withheld or delayed, provided further that such Investor shall be liable under this Section 6(b) for only
that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the applicable
sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities
by any of the Investors pursuant to Section 9.

 

    16

     

    

(c)              
Promptly after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice
of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against
any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof,
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory
to the indemnifying party and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified
Person or Indemnified Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such
counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses;
(ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory
to such Indemnified Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such
Claim (including, without limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the
case may be) and the indemnifying party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have
been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Person
or such Indemnified Party and the indemnifying party (in which case, if such Indemnified Person or such Indemnified Party (as the
case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying
party, then the indemnifying party shall not have the right to assume the defense thereof and such counsel shall be at the expense
of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible
for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnified Person or Indemnified Party
(as the case may be). The Indemnified Party or Indemnified Person (as the case may be) shall reasonably cooperate with the indemnifying
party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to
the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person (as the case may be)
which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person (as the case
may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent;
provided, however, the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party
shall, without the prior written consent of the Indemnified Party or Indemnified Person (as the case may be), consent to entry
of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the case may be) of a release from all liability
in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified
Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified
Party or Indemnified Person (as the case may be) with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time
of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or
Indemnified Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially
and adversely prejudiced in its ability to defend such action.

 

    17

     

    

(d)              
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)              
The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right
of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying
party may be subject to pursuant to the law.

 

7.                 
Contribution.

 

To the extent any indemnification by an indemnifying
party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts
for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however: (i) no contribution
shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set
forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which Person is guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled
to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received
by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding
the provisions of this Section 7, no Investor shall be required to contribute, in the aggregate, any amount in excess of the
amount by which the net proceeds actually received by such Investor from the applicable sale of the Registrable Securities subject
to the Claim exceeds the amount of any damages that such Investor has otherwise been required to pay, or would otherwise be required
to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

8.                 
Reports Under the 1934 Act.

 

With a view to making available to the Investors
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;

 

(b)              
file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the
1934 Act so long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall
limit any obligations of the Company under the Securities Purchase Agreement) and the filing of such reports and other documents
is required for the applicable provisions of Rule 144; and

 

    18

     

    

(c)              
furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement
by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144, the 1933 Act
and the 1934 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 with the SEC if such reports are not publicly available via EDGAR, and (iii) such other information
as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.

 

9.                 
Assignment of Registration Rights.

 

All or any portion of the rights under this
Agreement shall be automatically assignable by each Investor to any transferee or assignee (as the case may be) of all or any portion
of such Investor’s Registrable Securities or Notes if: (i) such Investor agrees in writing with such transferee or assignee
(as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished to the Company within
a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a reasonable time after such
transfer or assignment (as the case may be), furnished with written notice of (a) the name and address of such transferee or assignee
(as the case may be), and (b) the securities with respect to which such registration rights are being transferred or assigned (as
the case may be); (iii) immediately following such transfer or assignment (as the case may be) the further disposition of
such securities by such transferee or assignee (as the case may be) is restricted under the 1933 Act or applicable state securities
laws if so required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence
such transferee or assignee (as the case may be) agrees in writing with the Company to be bound by all of the provisions contained
herein; (v) such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements
of the Securities Purchase Agreement and the Notes (as the case may be); and (vi) such transfer or assignment (as the case may
be) shall have been conducted in accordance with all applicable federal and state securities laws.

 

10.             
Amendment of Registration Rights.

 

Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and the Required Holders; provided that any such
amendment or waiver that complies with the foregoing, but that disproportionately, materially and adversely affects the rights
and obligations of any Investor relative to the comparable rights and obligations of the other Investors shall require the prior
written consent of such adversely affected Investor. Any amendment or waiver effected in accordance with this Section 10 shall
be binding upon each Investor and the Company, provided that no such amendment shall be effective to the extent that it (1) applies
to less than all of the holders of Registrable Securities or (2) imposes any obligation or liability on any Investor without such
Investor’s prior written consent (which may be granted or withheld in such Investor’s sole discretion).

 

    19

     

    

11.             
Miscellaneous.

 

(a)              
Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person
owns, or is deemed to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from such record owner of such Registrable Securities.

 

(b)              
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party) or electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending party
and the sending party does not receive an automatically generated message from the recipient's email server that such e-mail could
not be delivered to such recipient); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery
service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses, facsimile
numbers and email addresses for such communications shall be:

 

If to the Company:

 

Amyris, Inc..

5885 Hollis St., Suite 100

Emeryville, CA 94608

Telephone: (510) 450-0761

Facsimile: (510) 225-2648

Attention: General Counsel

Email: generalcounsel@amyris.com

 

With a copy (for informational purposes only) to:

 

Fenwick & West LLP

801 California Street

Mountain View, California 94041

Telephone: (650) 988-8500

Attention: Faisal Rashid

Email: frashid@fenwick.com

 

    20

     

    

If to the Transfer Agent:

 

EQ Shareowner Services

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120

Telephone: (651) 450-4079

Attention: Andy Le

Email: wfssrelationshipmanagement@eq-US.com

 

If to Legal Counsel:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, NY 10178

Telephone: (212) 808-7540

Facsimile: (212) 808-7897

Attention: Michael A. Adelstein, Esq.

Email: madelstein@kelleydrye.com

 

If to a Buyer, to its address, facsimile number and/or email address
set forth on the Schedule of Buyers attached to the Securities Purchase Agreement, with copies to such Buyer’s representatives
as set forth on the Schedule of Buyers, or to such other address, facsimile number, and/or email address and/or to the attention
of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the
effectiveness of such change, provided that Kelley Drye & Warren LLP shall only be provided notices sent to the lead investor.
Notwithstanding anything to the contrary in this Agreement, if an Investor has not provided the Company with contact information
for its legal counsel, the Company will not be required to provide notice to the Investor’s legal counsel. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or email containing the time, date, recipient facsimile number or email address
and an image of the first page of such transmission or (C) provided by a courier or overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

(c)              
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising
such right or remedy, shall not operate as a waiver thereof. The Company and each Investor acknowledge and agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions
to prevent or cure breaches of the provisions of this Agreement by any other party hereto and to enforce specifically the terms
and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this
being in addition to any other remedy to which any party may be entitled by law or equity.

 

    21

     

    

(d)              
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. EACH PARTY 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 HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)              
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court
of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to
apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express,
without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(f)               
This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments
referenced herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject
matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein and therein. This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto
and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto solely
with respect to the subject matter hereof and thereof; provided, however, nothing contained in this Agreement or any other Transaction
Document shall (or shall be deemed to) (i) have any effect on any agreements any Investor has entered into with the Company or
any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Investor in the Company, (ii)
waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries or any rights of or benefits
to any Investor or any other Person in any agreement entered into prior to the date hereof between or among the Company and/or
any of its Subsidiaries and any Investor and all such agreements shall continue in full force and effect or (iii) limit any obligations
of the Company under any of the other Transaction Documents.

 

    22

     

    

(g)              
Subject to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon
the permitted successors and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision
hereof be enforced by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons
referred to in Sections 6 and 7 hereof.

 

(h)              
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine,
neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and
words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(i)                
This Agreement may be executed in two or more identical counterparts, each of which shall be deemed an original, but all
of which 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. In the event that any signature is delivered by facsimile transmission or by an email which contains
a portable document format (.pdf) file of an executed signature page, such signature page 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 signature page
were an original thereof.

 

(j)                
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 any 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.

 

(k)              
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent
and no rules of strict construction will be applied against any party. Notwithstanding anything to the contrary set forth in Section
10, terms used in this Agreement but defined in the other Transaction Documents shall have the meanings ascribed to such terms
on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by each Investor.

 

(l)                
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by the Required Holders, determined as if all of the outstanding Notes then held by the
Investors have been converted for Registrable Securities without regard to any limitations on redemption, amortization and/or conversion
of the Notes then held by Investors.

 

    23

     

    

(m)            
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns,
and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(n)              
The obligations of each Investor under this Agreement and the other Transaction Documents are several and not joint with
the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of
any other Investor under this Agreement or any other Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as, and the
Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind
of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Investors are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by this Agreement or any of the other the Transaction Documents. Each Investor shall
be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement
or out of any other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party
in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained herein
was solely in the control of the Company, not the action or decision of any Investor, and was done solely for the convenience of
the Company and not because it was required or requested to do so by any Investor. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction Document is between the Company and an Investor, solely, and
not between the Company and the Investors collectively and not between and among Investors.

 

[signature page follows]

 

    24

     

    

IN WITNESS WHEREOF, each Buyer and the Company have caused
their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

 

 

	 	COMPANY:

                            

	 	
        AMYRIS, INC.

         

         

         

        By: ________________________

Name:

        Title:

         

 

 

 

 

 

 

 

    

     

    

IN WITNESS WHEREOF, each Buyer and the Company have caused
their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

 

 

	 	BUYERS:

                            

	 	
        CVI Investments, Inc.

         

         

         

         

        By: _____________________

Name:

        Title:

         

 

 

 

 

 

 

 

 

 

    

     

    

IN WITNESS WHEREOF, each Buyer and the Company have caused
their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

 

 

	 	BUYERS:

                                             

	 	
        B. Riley FBR, inc.

         

         

         

         

        By: _____________________________

Name: Bryant Riley

        Title: Executive Officer

         

 

 

 

 

 

 

 

    

     

    

EXHIBIT A

 

SELLING STOCKHOLDERS

 

The shares of common stock being offered by
the selling stockholders are those issuable to the selling stockholders upon conversion of the notes. For additional information
regarding the issuance of the notes, see “Private Placement of Notes” above. We are registering the shares of common
stock in order to permit the selling stockholders to offer the shares for resale from time to time. Except for the ownership of
the notes issued pursuant to the Securities Purchase Agreement, the selling stockholders have not had any material relationship
with us within the past three years.

 

The table below lists the selling stockholders
and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder) of the shares of common stock held by each of the selling stockholders. The
second column lists the number of shares of common stock beneficially owned by the selling stockholders, based on their respective
ownership of shares of common stock and notes, as of ________, 201_, assuming conversion of the notes held by each such selling
stockholder on that date but taking account of any limitations on conversion set forth therein.

 

The third column lists the shares of common
stock being offered by this prospectus by the selling stockholders and does not take in account any limitations on conversion of
the notes set forth therein.

 

In accordance with the terms of a registration
rights agreement with the holders of the notes, this prospectus generally covers the resale of 150% of the maximum number of shares
of common stock issued or issuable pursuant to the Notes, including payment of interest on the notes through [DATE], determined
as if the outstanding notes (including interest on the notes through [DATE]) were converted in full (without regard to any limitations
on conversion contained therein solely for the purpose of such calculation) at a conversion price calculated as of the trading
day immediately preceding the date this registration statement was initially filed with the SEC. Because the conversion price of
the notes may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares being
offered by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant
to this prospectus.

 

Under the terms of the notes, a selling stockholder
may not convert the notes to the extent (but only to the extent) such selling stockholder or any of its affiliates would beneficially
own a number of shares of our common stock which would exceed 4.99% of the outstanding shares of the Company. The number of shares
in the second column reflects these limitations. The selling stockholders may sell all, some or none of their shares in this offering.
See “Plan of Distribution.”

 

    

     

    

	
         

         

        Name of Selling Stockholder

         
	Number of Shares of Common Stock Owned Prior to Offering	Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus	Number of Shares of Common Stock of Owned After Offering
	

CVI Investments, Inc. (1)	 	 	 
	B. Riley FBR, Inc. (2)	 	 	 
	[OTHER INVESTOR] (3)	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

		(1)	[ ]

 

		(2)	[ ]

 

		(3)	[ ]

 

 

 

 

 

 

 

 

    

     

    

PLAN OF DISTRIBUTION

 

We are registering the shares of common stock
issuable upon conversion of the notes to permit the resale of these shares of common stock by the holders of the notes from time
to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of
the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock.

 

The selling stockholders may sell all or a portion
of the shares of common stock held by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers
or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible
for underwriting discounts or commissions or agent’s commissions. The shares of common stock may be sold in one or more transactions
at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale or at negotiated
prices. These sales may be effected in transactions, which may involve crosses or block transactions, pursuant to one or more of
the following methods:

 

		·	on any national securities exchange or quotation service on which the securities may be listed
or quoted at the time of sale;

 

		·	in the over-the-counter market;

 

		·	in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

 

		·	through the writing or settlement of options, whether such options are listed on an options exchange
or otherwise;

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the shares as agent but may position
and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	short sales made after the date the Registration Statement is declared effective by the SEC;

 

		·	broker-dealers may agree with a selling security holder to sell a specified number of such shares
at a stipulated price per share;

 

		·	a combination of any such methods of sale; and

 

    

     

    

		·	any other method permitted pursuant to applicable law.

 

The selling stockholders may also sell shares
of common stock under Rule 144 promulgated under the Securities Act of 1933, as amended, if available, rather than under this
prospectus. In addition, the selling stockholders may transfer the shares of common stock by other means not described in this
prospectus. If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters,
broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions
or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act
as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers
or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of
common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders
may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common
stock to broker-dealers that in turn may sell such shares.

 

The selling stockholders may pledge or grant
a security interest in some or all of the notes or shares of common stock owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant
to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act
amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as
selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of common stock in
other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this prospectus.

 

To the extent required by the Securities Act
and the rules and regulations thereunder, the selling stockholders and any broker-dealer participating in the distribution of the
shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission
paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts
under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if
required, will be distributed, which will set forth the aggregate amount of shares of common stock being offered and the terms
of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting
compensation from the selling stockholders and any discounts, commissions or concessions allowed or re-allowed or paid to broker-dealers.

 

Under the securities laws of some states, the
shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some
states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or
an exemption from registration or qualification is available and is complied with.

 

    

     

    

There can be no assurance that any selling stockholder
will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus
forms a part.

 

The selling stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange
Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any
other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution
of the shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing
may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities
with respect to the shares of common stock.

 

We will pay all expenses of the registration
of the shares of common stock pursuant to the registration rights agreement, estimated to be $[     ]
in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities
or “blue sky” laws; provided, however, a selling stockholder will pay all underwriting discounts and selling commissions,
if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act in
accordance with the registration rights agreements or the selling stockholders will be entitled to contribution. We may be indemnified
by the selling stockholders against civil liabilities, including liabilities under the Securities Act that may arise from any written
information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related
registration rights agreements or we may be entitled to contribution.

 

Once sold under the registration statement,
of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our
affiliates.

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