Document:

virt_Ex10_9

		
			Exhibit 10.9
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			 
		

		
			 
		

		
			ESCROW CREDIT AGREEMENT
		

		
			 
		

		
			dated as of June 30, 2017,
		

		
			 
		

		
			among
		

		
			 
		

		
			ORCHESTRA BORROWER LLC,
as Borrower,
		

		
			 
		

		
			 
		

		
			The Lenders Party Hereto,
		

		
			 
		

		
			and
		

		
			 
		

		
			JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			JPMORGAN CHASE BANK, N.A.,
as Sole Lead Arranger and Bookrunner
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PAGE

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE 1 DEFINITIONS

					
1
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1.01.

					
					
						Defined Terms

					
1
				
	
					
						Section 1.02.

					
					
						Terms Generally

					
13
				
	
					
						Section 1.03.

					
					
						Accounting Terms; GAAP

					
14
				
	
					
						Section 1.04.

					
					
						Currency Translation

					
14
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 2 THE CREDITS

					
14
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 2.01.

					
					
						Commitments

					
14
				
	
					
						Section 2.02.

					
					
						Loans and Borrowings

					
15
				
	
					
						Section 2.03.

					
					
						Requests for Borrowings

					
15
				
	
					
						Section 2.04.

					
					
						Funding of Borrowings

					
16
				
	
					
						Section 2.05.

					
					
						[Reserved]

					
16
				
	
					
						Section 2.06.

					
					
						Termination and Reduction of Commitments

					
16
				
	
					
						Section 2.07.

					
					
						Repayment of Loans; Evidence of Debt

					
16
				
	
					
						Section 2.08.

					
					
						Repayment at Maturity

					
17
				
	
					
						Section 2.09.

					
					
						Prepayment of Loans

					
17
				
	
					
						Section 2.10.

					
					
						[Reserved]

					
18
				
	
					
						Section 2.11.

					
					
						Interest

					
18
				
	
					
						Section 2.12.

					
					
						[Reserved]

					
19
				
	
					
						Section 2.13.

					
					
						Increased Costs

					
19
				
	
					
						Section 2.14.

					
					
						Break Funding Payments

					
20
				
	
					
						Section 2.15.

					
					
						Taxes

					
20
				
	
					
						Section 2.16.

					
					
						Payments Generally; Pro Rata Treatment; Sharing of Setoffs

					
24
				
	
					
						Section 2.17.

					
					
						Mitigation Obligations; Replacement of Lenders

					
25
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 3 REPRESENTATIONS AND WARRANTIES

					
26
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 3.01.

					
					
						Organization; Powers

					
26
				
	
					
						Section 3.02.

					
					
						Authorization; Enforceability

					
26
				
	
					
						Section 3.03.

					
					
						Governmental Approvals; No Conflicts

					
26
				
	
					
						Section 3.04.

					
					
						Investment Company Status

					
27
				
	
					
						Section 3.05.

					
					
						Solvency

					
27
				
	
					
						Section 3.06.

					
					
						Federal Reserve Regulations

					
27
				
	
					
						Section 3.07.

					
					
						Use of Proceeds

					
27
				
	
					
						Section 3.08.

					
					
						PATRIOT Act, OFAC and FCP.

					
27
				
	
					
						Section 3.09.

					
					
						EEA Financial Institutions

					
28
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 4 CONDITIONS

					
28
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.01.

					
					
						Conditions to the Closing Date

					
28
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 5 AFFIRMATIVE COVENANTS

					
29
				

		
			
		

		
			

		 

		

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						Section 5.01.

					
					
						Financial Statements and Other Information

					
29
				
	
					
						Section 5.02.

					
					
						Notices of Material Events

					
31
				
	
					
						Section 5.03.

					
					
						Existence; Conduct of Business

					
31
				
	
					
						Section 5.04.

					
					
						Payment of Taxes, Etc

					
32
				
	
					
						Section 5.05.

					
					
						Use of Proceeds

					
32
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 6 NEGATIVE COVENANTS

					
32
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 7 EVENTS OF DEFAULT

					
32
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 7.01.

					
					
						Events of Default

					
32
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 8 ADMINISTRATIVE AGENT

					
34
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 9 MISCELLANEOUS

					
38
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 9.01.

					
					
						Notices

					
38
				
	
					
						Section 9.02.

					
					
						Waivers; Amendments

					
40
				
	
					
						Section 9.03.

					
					
						Expenses; Indemnity; Damage Waiver

					
42
				
	
					
						Section 9.04.

					
					
						Successors and Assigns

					
44
				
	
					
						Section 9.05.

					
					
						Survival

					
47
				
	
					
						Section 9.06.

					
					
						Counterparts; Integration; Effectiveness

					
48
				
	
					
						Section 9.07.

					
					
						Severability

					
48
				
	
					
						Section 9.08.

					
					
						Right of Setoff

					
48
				
	
					
						Section 9.09.

					
					
						Governing Law; Jurisdiction; Consent to Service of Process

					
49
				
	
					
						Section 9.10.

					
					
						Waiver of Jury Trial

					
49
				
	
					
						Section 9.11.

					
					
						Headings

					
50
				
	
					
						Section 9.12.

					
					
						Confidentiality

					
50
				
	
					
						Section 9.13.

					
					
						USA Patriot Act

					
51
				
	
					
						Section 9.14.

					
					
						[Reserved]

					
51
				
	
					
						Section 9.15.

					
					
						No Advisory or Fiduciary Responsibility

					
51
				
	
					
						Section 9.16.

					
					
						Interest Rate Limitation

					
52
				
	
					
						Section 9.17.

					
					
						Acknowledgement and Consent to Bail-in of EEA Financial Institutions

					
52
				

		
			 
		

		
			
		

		
			

		 

		

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						SCHEDULES:

					
					
						 

					
					
						 

				
	
					
						Schedule 1.01

					
					
						—    Disqualified Lenders

					
					
						 

				
	
					
						Schedule 2.01

					
					
						—    Commitments

					
					
						 

				
	
					
						Schedule 9.01

					
					
						—    Notices

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						EXHIBITS:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Exhibit A

					
					
						—    Form of Assignment and Assumption

					
					
						 

				
	
					
						Exhibit B-1

					
					
						—    Form of Tax Status Certificate 1

					
					
						 

				
	
					
						Exhibit B-2

					
					
						—    Form of Tax Status Certificate 2

					
					
						 

				
	
					
						Exhibit B-3

					
					
						—    Form of Tax Status Certificate 3

					
					
						 

				
	
					
						Exhibit B-4

					
					
						—    Form of Tax Status Certificate 4

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			ESCROW CREDIT AGREEMENT, dated as of June 30, 2017 (this “Agreement”), among ORCHESTRA BORROWER LLC, a Delaware limited liability company (the “Borrower”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”).
		

		
			 
		

		
			WHEREAS, the Borrower has requested the Lenders to extend credit in the form of Loans in an aggregate principal amount of $610,000,000, the proceeds of which shall be utilized as set forth below in Section 5.10.
		

		
			 
		

		
			NOW,  THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
		

		
			 
		

		
			ARTICLE 1
DEFINITIONS
		

		
			 
		

		
			Section 1.01.      Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
		

		
			 
		

		
			“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate.
		

		
			 
		

		
			“Administrative Agent” has the meaning set forth in the preamble hereto.
		

		
			 
		

		
			“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.
		

		
			 
		

		
			“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly Controls or is Controlled by or is under common Control with the Person specified.
		

		
			 
		

		
			“Agent Parties” has the meaning given to such term in Section 9.01(c).
		

		
			 
		

		
			“Agreement” has the meaning given to such term in the preliminary statements hereto.
		

		
			 
		

		
			“Applicable Account” means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent from time to time for the purpose of receiving payments of such type.
		

		
			 
		

		
			“Applicable Rate” means (x) from the Closing Date to and including August 2, 2017, 1.875% per annum and (y) thereafter, 3.75% per annum.
		

		
			 
		

		
			“Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any Person whose consent is required by Section 9.04), substantially in the form of Exhibit A-1 or any other form reasonably approved by the Administrative Agent.
		

		
			 
		

		
			“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
		

		
			 
		

		
			“Bail-in Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-in Legislation Schedule.
		

		
			 
		

		
			“Bankruptcy Code” means Title 11 of the United State Code, as amended, or any similar federal or state law for the relief of debtors.
		

		
			 
		

		
			“Bankruptcy Event” means with respect to any Person, such Person becomes insolvent or is otherwise the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof; provided further that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
		

		
			 
		

		
			“Board of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers of such Person, (c) in the case of any partnership, the board of directors or board of managers of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.
		

		
			 
		

		
			“Board of Governors” means the Board of Governors of the Federal Reserve System of the United States of America.
		

		
			 
		

		
			“Borrower” has the meaning assigned to such term in the preamble.
		

		
			 
		

		
			“Borrower Materials” has the meaning assigned to such term in Section 5.01.
		

		
			 
		

		
			“Borrowing” means Loans made or continued on the same date and as to which a single Interest Period is in effect.
		

		
			 
		

		
			
		

		
			

		 

		

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			“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03.
		

		
			 
		

		
			“Business Day” means any day other than a Saturday, Sunday or day on which banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.
		

		
			 
		

		
			“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
		

		
			 
		

		
			“Change in Law” means: (a) the adoption of any rule, regulation, treaty or other law after the Closing Date, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation or application thereof by any Governmental Authority or Regulatory Supervising Organization after the Closing Date or (c) the making or issuance of  any request, guideline or directive (whether or not having the force of law) of any Governmental Authority or Regulatory Supervising Organization made or issued after the Closing Date.
		

		
			 
		

		
			“Closing Date” means the date of satisfaction of each of the conditions set forth in Section 4.01.
		

		
			 
		

		
			“Code” means the Internal Revenue Code of 1986, as amended from time to time.
		

		
			 
		

		
			“Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Loan hereunder on the Closing Date, expressed as an amount representing the maximum principal amount of the Loan to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to an Assignment and Assumption.  The amount of each Lender’s Commitment as of the Closing Date is set forth on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as the case may be.
		

		
			 
		

		
			“Competitor” means any Person (a) engaged in trading financial assets through the use of an electronically automated trading system that generates order sets (which, for purposes of clarity, can consist of a single order) with the intention of (i) creating profit by providing two-sided liquidity to the market, (ii) making a profit margin consistent with the business of making the bid-offer spread or less per unit of the financial asset(s) being traded (including by providing either one-sided or two sided liquidity to the market) or (iii) creating simultaneous (within 500 milliseconds) order sets that are generated with the intention of locking in an arbitrage profit and (b) identified as a “Potential Competitor” on Part B of Schedule 1.01; provided, that any such Person shall be deemed not to be a Competitor if the Loans or commitments in respect thereof will be held by or booked to 
		

		
			
		

		
			

		 

		

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			any division or other identifiable unit or desk of such Person that, in the ordinary course of its business, holds commitments or extends credit of the type contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Borrower and the Lenders acknowledge and agree that the Administrative Agent will not have any responsibility or obligation to determine whether any Lender or potential Lender is a Competitor.
		

		
			 
		

		
			“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
		

		
			 
		

		
			“Default” means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
		

		
			 
		

		
			“Disqualified Lender” means each Person identified as a “Disqualified Lender” on Part A of Schedule 1.01, which Schedule may be provided to any Lender or prospective Lender upon request. Notwithstanding anything in this Agreement to the contrary, the Borrower and the Lenders acknowledge and agree that the Administrative Agent will not have any responsibility or obligation to determine whether any Lender or potential Lender is a Disqualified Lender and the Administrative Agent will not have any liability with respect to any assignment made to a Disqualified Lender.
		

		
			 
		

		
			“dollars” or “$” refers to lawful money of the United States of America.
		

		
			 
		

		
			“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
		

		
			 
		

		
			“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
		

		
			 
		

		
			“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
		

		
			 
		

		
			“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than Holdings, any Intermediate Parent, VFH, the Borrower or any of their respective subsidiaries, any VV Holder, any Affiliate of Vincent Viola (including any trust established for the benefit of his spouse or children) or any Disqualified Lender), other than, in each case, a natural person.
		

		
			
		

		
			

		 

		

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			“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person.
		

		
			 
		

		
			“Escrow Account” has the meaning set forth in the Escrow Agreement.
		

		
			 
		

		
			“Escrow Agent” means JPMorgan Chase Bank, N.A., in its capacity as such together with its successors in such capacity pursuant to the Escrow Agreement.
		

		
			 
		

		
			“Escrow Agreement” means the Escrow Agreement, dated as of the date hereof, by and among the Borrower, the Escrow Agent and the Administrative Agent.
		

		
			 
		

		
			“Escrow Assumption” has the meaning specified in Section 2.01(b).
		

		
			 
		

		
			“Escrow End Date” has the meaning set forth in the Escrow Agreement.
		

		
			 
		

		
			“Escrow Release Conditions” shall mean the conditions set forth in Section 4.03 of the VFH Credit Agreement.
		

		
			 
		

		
			“EU Bail-in Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
		

		
			 
		

		
			“Eurodollar” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
		

		
			 
		

		
			“Event of Default” has the meaning assigned to such term in Section 7.01.
		

		
			 
		

		
			“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time.
		

		
			 
		

		
			“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or successor version described above).
		

		
			 
		

		
			“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, as published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided,  however, that notwithstanding the foregoing, the Federal Funds Effective Rate will be deemed to be 0.00% per annum if the Federal Funds Effective Rate determined pursuant to this definition would otherwise be less than 0.00% per annum.
		

		
			
		

		
			

		 

		

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			“Financial Officer” means the chief financial officer, chief operating officer, principal accounting officer, treasurer or controller of the Borrower.
		

		
			 
		

		
			“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time but subject to Section 1.04.
		

		
			 
		

		
			“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental Authorities or Regulatory Supervising Organizations.
		

		
			 
		

		
			“Governmental Authority” means the government of the United States of America or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
		

		
			 
		

		
			“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by a Financial Officer.  The term “Guarantee” as a verb has a corresponding meaning.
		

		
			 
		

		
			“Holdings” means Virtu Financial LLC, a Delaware limited liability company.
		

		
			 
		

		
			“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate.”
		

		
			 
		

		
			“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business and any earn-out obligation 
		

		
			
		

		
			

		 

		

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			until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; provided that the term “Indebtedness” shall not include (x) deferred or prepaid revenue and (y) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.  The amount of Indebtedness of any Person for purposes of clause (e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith.
		

		
			 
		

		
			“Indemnified Taxes” means Taxes other than Excluded Taxes.
		

		
			 
		

		
			“Indemnitee” has the meaning assigned to such term in Section 9.03(b).
		

		
			 
		

		
			“Information” has the meaning assigned to such term in 9.12.
		

		
			 
		

		
			“Information Materials” means the presentation to the Lenders dated October 2016.
		

		
			 
		

		
			“Insolvent” means, with respect to any Person, that (i) the fair value of assets is less than the amount that will be required to pay the total liability on existing debts as they become absolute and matured, (ii) the present fair saleable value of assets is less than the amount that will be required to pay the probable liability on existing debts as they become absolute and matured, (iii) it is unable to pay its debts or other obligations as they generally become due, or (iv) it ceases to pay its current obligations in the ordinary course of business as they generally become absolute and matured, or (v) its aggregate property is not, at a fair valuation, sufficient, or if disposed of at a fairly conducted sale under legal process, would not be, sufficient to enable payment of all obligations, due and accruing due. The term “debts” as used in this definition includes any legal liability, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent and “values of assets” shall mean the amount of which the assets (both tangible and intangible) in their entirety would change hands between a willing buyer and a willing seller, with a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under compulsion to act.
		

		
			 
		

		
			“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.
		

		
			
		

		
			

		 

		

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			“Interest Payment Date” means, with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part.
		

		
			 
		

		
			“Interest Period” means, with respect to any Eurodollar Borrowing (i) in the case of the Borrowing to occur on the Closing Date, commencing on the Closing Date and ending on August 2, 2017 and (ii) in the case of any other Borrowing, commencing on the day following the day following the last day of the preceding Interest Period and ending one month thereafter; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month at the end of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent continuation of such Borrowing.
		

		
			 
		

		
			“Intermediate Parent” means any Subsidiary of Holdings and of which the VFH is a subsidiary.
		

		
			 
		

		
			“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period for which the LIBO Screen Rate is available that exceeds the Impacted Interest Period, in each case, at such time.
		

		
			 
		

		
			“KCG” means (a) KCG Holdings, Inc., a Delaware corporation, and (b) following the merger contemplated by Merger and Contribution pursuant to which KCG shall be the surviving Person, and its conversion into a Delaware limited liability company, KCG Holdings LLC, a Delaware limited liability company.
		

		
			 
		

		
			“Lead Arranger” means JPMorgan Chase Bank, N.A.
		

		
			 
		

		
			“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.
		

		
			 
		

		
			“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, in each case, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
		

		
			 
		

		
			“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, (i) in the case of the Interest Period ending on August 2, 2017, 0% and (ii) in the case of each other Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of 
		

		
			 
		

		
			
		

		
			

		 

		

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			such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two Business Days (or, subsequent to the Closing Date, five Business Days) prior to the commencement of such Interest Period; provided,  further, that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate comparable to such period as of approximately 11:00 a.m., London time, on such date.
		

		
			 
		

		
			Notwithstanding the foregoing, the LIBO Rate with respect to any applicable Interest Period pursuant to clause (ii) of the previous paragraph will be deemed to be 1.00% per annum if the LIBO Rate for such Interest Period determined pursuant to such clause (ii) would otherwise be less than 1.00% per annum.
		

		
			 
		

		
			“LIBOR Screen Rate” shall have the meaning set forth in the definition of “LIBO Rate.”
		

		
			 
		

		
			“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.
		

		
			 
		

		
			“Loan Documents” means this Agreement, the Escrow Agreement, the Soft-Call Agreement, any promissory notes delivered pursuant to Section 2.07(e) (except for purposes of Section 9.02) and any other agreement, document or instrument to which the Borrower is a party and which is designated as a Loan Document.
		

		
			 
		

		
			“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
		

		
			 
		

		
			“Majority in Interest,” means, at any time, Lenders holding outstanding Loans representing more than 50% of all Loans outstanding at such time.
		

		
			 
		

		
			“Material Adverse Effect” means any event, circumstance or condition that has had, or would reasonably be expected to have, a materially adverse effect on (a) the ability of the Borrower to perform its payment obligations under the Loan Documents or (b) the rights and remedies of the Administrative Agent and the Lenders under the Loan Documents.
		

		
			 
		

		
			“Maturity Date” means December 30, 2021.
		

		
			 
		

		
			“Maximum Rate” has the meaning assigned to such term in Section 9.16.
		

		
			
		

		
			

		 

		

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			“Merger Agreement” means that certain Agreement and Plan of Merger and Contribution, dated as of April 20, 2017, among Virtu Financial, Merger Sub and KCG.
		

		
			 
		

		
			“Merger and Contribution” means the merger of Merger Sub with and into KCG, with KCG surviving such merger, followed by the immediate series of contributions of the Escrow Borrower and its Subsidiaries (including KCG) to Holdings and then to the Borrower and then to Virtu Financial Operating LLC, resulting in KCG becoming an indirect, wholly owned subsidiary of the Borrower.
		

		
			 
		

		
			“Merger Sub” means Orchestra Merger Sub, Inc., a Delaware corporation.
		

		
			 
		

		
			“NYFRB” means the Federal Reserve Bank of New York.
		

		
			 
		

		
			“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such date (or for any day that is not a Business Day, for the immediately preceding Business); provided that if none of such rates for published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided,  further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
		

		
			 
		

		
			“OFAC” has the meaning assigned to such term in Section 3.08(c).
		

		
			 
		

		
			“Other Taxes” means any and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar Taxes, charges or levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.
		

		
			 
		

		
			“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.
		

		
			 
		

		
			“Participant” has the meaning assigned to such term in Section 9.04(c).
		

		
			 
		

		
			“Participant Register” has the meaning assigned to such term in Section 9.04(c)(ii).
		

		
			 
		

		
			“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
		

		
			 
		

		
			“Platform” has the meaning assigned to such term in Section 5.01.
		

		
			 
		

		
			“Prime Rate” means the rate of interest per annum determined by the Administrative Agent as its prime rate in effect at its principal office in New York City and notified to the Borrower, as in effect from time to time.  The Prime Rate is a 
		

		
			 
		

		
			
		

		
			

		 

		

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			reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.
		

		
			 
		

		
			“Proposed Change” has the meaning assigned to such term in Section 9.02(c).
		

		
			 
		

		
			“Public Lender” has the meaning assigned to such term in Section 5.01.
		

		
			 
		

		
			“Register” has the meaning assigned to such term in Section 9.04(b).
		

		
			 
		

		
			“Regulatory Supervising Organization” means any of (a) the SEC, (b) the Financial Industry Regulatory Authority, (c) the Chicago Stock Exchange, (d) the Commodity Futures Trading Commission, (e) state securities commissions, (f) the Irish Financial Regulator and (g) any other U.S. or foreign governmental or self-regulatory organization, exchange, clearing house or financial regulatory authority of which the Borrower is a member or to whose rules it is subject.
		

		
			 
		

		
			“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the partners, directors, officers, employees, trustees, agents, controlling persons, advisors and other representatives of such Person and of each of such Person’s Affiliates and permitted successors and assigns.
		

		
			 
		

		
			“Required Lenders” means, at any time, Lenders having Loans and unused Commitments representing more than 50% of the outstanding Loans and unused Commitments at such time; provided that to the extent set forth in Section 9.02, (a) the Loans and unused Commitments of the Borrower or any Affiliate thereof shall be excluded for purposes of making a determination of Required Lenders.
		

		
			 
		

		
			“Requirements of Law” means, with respect to any Person, any statutes, laws (common, statutory or otherwise), treaties, rules, regulations (including any official interpretations thereof), orders, decrees, writs, injunctions or determinations of any arbitrator or court or other Governmental Authority or Regulatory Supervising Organization, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
		

		
			 
		

		
			“Responsible Officer” means the chief executive officer, chief operating officer, president, vice president, chief financial officer, treasurer or assistant treasurer, or other similar officer, manager or a director of the Borrower and any manager, sole member or managing member thereof, and as to any document delivered on the Closing Date, any secretary or assistant secretary of the Borrower.  Any document delivered hereunder that is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary limited liability company action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower.
		

		
			 
		

		
			“Sanctions” means economic sanctions administered or enforced by the United States Government (including without limitation, sanctions enforced by OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury.
		

		
			 
		

		
			
		

		
			

		 

		

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			“SDN List” has the meaning assigned to such term in Section 3.08(d).
		

		
			 
		

		
			“SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.
		

		
			 
		

		
			“Second Lien Notes” means $500,000,000 aggregate principal amount of 6.750% second lien senior secured notes due 2022 issued by the Borrower and Orchestra Co-Issuer, Inc. prior to the Closing Date.
		

		
			 
		

		
			“Soft-Call Agreement” means that certain Soft-Call Agreement, dated as of the Closing Date, by and between VFH and the Administrative Agent.
		

		
			 
		

		
			“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board).  Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D Statutory Reserve Rates shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
		

		
			 
		

		
			“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
		

		
			 
		

		
			“Subsidiary” means any subsidiary of the Borrower.
		

		
			 
		

		
			“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement or contract involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower shall be a Swap Agreement.
		

		
			
		

		
			

		 

		

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			“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
		

		
			 
		

		
			“Transactions” means, collectively, (i) the transactions contemplated by this Agreement and the other Loan Documents (including the entering into of the Escrow Agreement, the funding of the Loans on the Closing Date, the release of funds from the Escrow Account and the Escrow Assumption), (ii) the consummation of the Merger and Contribution pursuant to the terms of the Merger Agreement, (iii) the issuance of the Second Lien Notes by the Borrower and the assumption of such notes by VFH on the date of the Escrow Assumption, and (iv) the payment of fees and expenses in connection with the foregoing
		

		
			 
		

		
			“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time.
		

		
			 
		

		
			“VFGM” means Virtu Financial Global Markets LLC, a Delaware limited liability company.
		

		
			 
		

		
			“VFH” means VFH Parent LLC, a Delaware limited liability company.
		

		
			 
		

		
			“VFH Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent under the VFH Credit Agreement, together with its successors in such capacity.
		

		
			 
		

		
			“VFH Credit Agreement” means that certain Fourth Amended and Restated Credit Agreement, dated as of June 30, 2017, among Holdings, VFH, the lenders party thereto from time to time and the VFH Administrative Agent (as it may be amended, amended and restated or otherwise modi-fied or supplemented from time to time).
		

		
			 
		

		
			“Virtu Financial” means Virtu Financial, Inc., a Delaware corporation.
		

		
			 
		

		
			“VV Holders” means (i) Vincent Viola, (ii) TJMT Holdings LLC (f/k/a Virtu Holdings LLC), (iii) any immediate family member of Vincent Viola, a trust, family-partnership or estate-planning vehicle solely for the benefit of Vincent Viola and/or any of his immediate family members (including siblings of Vincent Viola and Teresa Viola), (iv) Virtu Employee Holdco LLC and (v) any other Affiliate of any of the foregoing.
		

		
			 
		

		
			“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
		

		
			 
		

		
			Section 1.02.      Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed 
		

		
			
		

		
			

		 

		

			13

		

 

		

			 

		

		

		
			by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (a) any definition of or reference to any agreement (including this Agreement and the other Loan Documents), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority or Regulatory Supervising Organization, any other Governmental Authority or Regulatory Supervising Organization that shall have succeeded to any or all functions thereof, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
		

		
			 
		

		
			Section 1.03.      Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time.
		

		
			 
		

		
			Section 1.04.      Currency Translation.  Notwithstanding the foregoing, for purposes of any determination under Article 7 or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than dollars shall be translated into dollars at currency exchange rates in effect on the date of such determination; provided that, for the avoidance of doubt, the foregoing provisions of this Section 1.04 shall otherwise apply to such Sections.
		

		
			 
		

		
			ARTICLE 2
THE CREDITS
		

		
			 
		

		
			Section 2.01.      Commitments.  Subject to the terms and conditions set forth herein:
		

		
			 
		

		
			(a)      Each Lender severally agrees to make Loans to the Borrower on the Closing Date in an aggregate principal amount equal to the amount of such Lender’s Commitment.  Amounts repaid or prepaid in respect of Loans may not be reborrowed.
		

		
			 
		

		
			(b)      Upon the satisfaction of the Escrow Release Conditions, the Lenders hereby irrevocable agree that the outstanding principal amount of Loans (i.e., the original principal amount of Loans less all voluntary and mandatory prepayments previously made with respect thereto) shall be automatically converted into New Term Loans (as defined in the VFH Credit Agreement) of VFH which shall be deemed issued under, and outstanding pursuant to, the VFH Credit Agreement (the “Escrow Assumption”). Each Lender (for itself and its successors and assigns) hereby agrees that the only conditions to the effectiveness of the Escrow Assumption shall be the occurrence of the Escrow 
		

		
			
		

		
			

		 

		

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			Release Conditions, and hereby irrevocable waives any other conditions to the Escrow Assumption.  Upon the effectiveness of the Escrow Assumption, and without any further action, this Agreement and the other Loan Documents shall automatically and without further action by any Person (a) cease to be of force or effect and (b) be superseded by the provisions of the VFH Credit Agreement and the Loans shall cease to be outstanding under this Agreement.
		

		
			 
		

		
			Section 2.02.      Loans and Borrowings.  (a)  Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder, provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required hereby.
		

		
			 
		

		
			(b)      Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
		

		
			 
		

		
			(c)      There shall not at any time be more than a total of one Eurodollar Borrowing outstanding.
		

		
			 
		

		
			Section 2.03.      Requests for Borrowing on the Closing Date; Continuation of Borrowings.
		

		
			 
		

		
			(a)      To request a Borrowing on the Closing Date, the Borrower shall notify the Administrative Agent of such request by delivering a written Borrowing Request not later than 2:00 p.m., New York City time, three Business Days before the Closing Date (or such shorter period of time as may be agreed to by the Administrative Agent).  Such Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a written Borrowing Request signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information:
		

		
			 
		

		
			(i)      the aggregate amount of such Borrowing;
		

		
			 
		

		
			(ii)      the date of such Borrowing, which shall be a Business Day;
		

		
			 
		

		
			(iii)      the location and number of the Escrow Account to which funds are to be disbursed; and
		

		
			 
		

		
			(iv)      that as of the date of such Borrowing, all applicable conditions set forth in Section 4.01 are satisfied.
		

		
			 
		

		
			Promptly following receipt of the Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
		

		
			
		

		
			

		 

		

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			(b)      At the end of each Interest Period, the applicable Borrowing shall automatically be continued as a Eurodollar Borrowing for another Interest Period.
		

		
			 
		

		
			Section 2.04.      Funding of Borrowings.  (a)  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds in dollars by 12:00 p.m., New York City time to the Applicable Account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly transferring the amounts so received, in like funds, to the Escrow Account.
		

		
			 
		

		
			(b)      Unless the Administrative Agent shall have received notice from a Lender prior to the Closing Date that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance on such assumption and in its sole discretion, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender agrees to pay to the Administrative Agent an amount equal to such share on demand of the Administrative Agent.  If such Lender does not pay such corresponding amount forthwith upon demand of the Administrative Agent therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower agrees to pay such corresponding amount to the Administrative Agent forthwith on demand.  The Administrative Agent shall also be entitled to recover from such Lender or Borrower interest on such corresponding amount, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to such Borrowing in accordance with Section 2.11.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
		

		
			 
		

		
			(c)      The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 9.03(c) are several and not joint.  The failure of any Lender to make any Loan or to make any payment under Section 9.03(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 9.03(c).
		

		
			 
		

		
			Section 2.05.      [Reserved].
		

		
			 
		

		
			Section 2.06.      Termination and Reduction of Commitments.  (a)  Unless previously terminated, the Commitments shall terminate at 5:00 p.m., New York City time, on the Closing Date.
		

		
			 
		

		
			Section 2.07.      Repayment of Loans; Evidence of Debt.  (a)  The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of 
		

		
			
		

		
			

		 

		

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			each Lender the then unpaid principal amount of each Loan of such Lender as provided in Section 2.08.
		

		
			 
		

		
			(b)      Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
		

		
			 
		

		
			(c)      The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
		

		
			 
		

		
			(d)      The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein, provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to pay any amounts due hereunder in accordance with the terms of this Agreement. In the event of any inconsistency between the entries made pursuant to paragraphs (b) and (c) of this Section, the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this Section shall control.
		

		
			 
		

		
			(e)      Any Lender may request through the Administrative Agent that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form provided by the Administrative Agent and approved by the Borrower.
		

		
			 
		

		
			Section 2.08.      Repayment at Maturity.
		

		
			 
		

		
			(a)      To the extent not previously paid, all Loans shall be due and payable on the Maturity Date.
		

		
			 
		

		
			(b)      Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing.  Repayments of Borrowings shall be accompanied by accrued interest on the amount repaid.
		

		
			 
		

		
			Section 2.09.      Prepayment of Loans.  (a)  The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section.
		

		
			 
		

		
			(b)      In the event that the proceeds from the Escrow Account are distributed to the Administrative Agent pursuant to Section 3(b) or 3(c) of the Escrow Agreement, the Loans and all accrued interest thereon shall be immediately due and payable and the Administrative Agent, on behalf of the Borrower, shall apply all funds so received from the Escrow Account to repay in full all outstanding Loans at 99.875% of the principal 
		

		
			
		

		
			

		 

		

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			amount thereof plus accrued and unpaid interest thereon and other obligations under the Loan Documents (other than principal, interest and contingent indemnification obligations) and, to the extent that there are any remaining amounts after payment in full of all such obligations under the Loan Documents, shall promptly remit such remaining amounts to the Borrower.  To the extent that the amount received by the Administrative Agent from the Escrow Agent is insufficient to pay all of the foregoing obligations under the Loan Documents then outstanding, the Borrower shall remain liable for any deficiency.
		

		
			 
		

		
			(c)      The Borrower shall notify the Administrative Agent by telephone (confirmed by facsimile) of any prepayment under Section 2.09(a) three Business Days before the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and principal amount of the Loans to be prepaid; provided that a notice of optional prepayment may state that such notice is conditional upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice of prepayment may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied.  Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each prepayment of a Borrowing shall be applied ratably to the Loans.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.11.
		

		
			 
		

		
			Section 2.10.      [Reserved].
		

		
			 
		

		
			Section 2.11.      Interest.
		

		
			 
		

		
			(a)      The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
		

		
			 
		

		
			(b)      Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to the Loans at such time.
		

		
			 
		

		
			(c)      Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.
		

		
			 
		

		
			(d)      All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The Adjusted LIBO Rate for each Interest Period shall be 
		

		
			
		

		
			

		 

		

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			determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
		

		
			 
		

		
			Section 2.12.      [Reserved].
		

		
			 
		

		
			Section 2.13.      Increased Costs.  (a)  If any Change in Law shall:
		

		
			 
		

		
			(i)      impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or
		

		
			 
		

		
			(ii)      impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender;
		

		
			 
		

		
			and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan or to increase the cost of such Lender) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then, from time to time upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such increased costs actually incurred or reduction actually suffered.  Notwithstanding the foregoing, this paragraph will not apply to any such increased costs or reductions resulting from Taxes, as to which Section 2.15 shall govern.
		

		
			 
		

		
			(b)      If any Lender determines that any Change in Law regarding capital requirements has the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then, from time to time upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction actually suffered.
		

		
			 
		

		
			(c)      A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company in reasonable detail, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt thereof.
		

		
			 
		

		
			(d)      Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law 
		

		
			
		

		
			

		 

		

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			giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
		

		
			 
		

		
			Section 2.14.      Break Funding Payments.  In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(c) and is revoked in accordance therewith) or (c) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.17 or Section 9.02(c), then, in any such event, the Borrower shall, after receipt of a written request by any Lender affected by any such event (which request shall set forth in reasonable detail the basis for requesting such amount), compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender (it being understood that the deemed amount shall not exceed the actual amount) to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the Eurocurrency market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt of such demand.  Notwithstanding the foregoing, this Section 2.14 will not apply to losses, costs or expenses resulting from Taxes, as to which Section 2.15 shall govern.
		

		
			 
		

		
			Section 2.15.      Taxes.  (a)  Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes, provided that if the applicable withholding agent shall be required by applicable Requirements of Law (as determined in the good faith discretion of the applicable withholding agent) to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the amount payable by the Borrower shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional amounts payable under this Section) the applicable Lender  (or, in the case of any amount received by the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law.
		

		
			
		

		
			

		 

		

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			(b)      Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law.
		

		
			 
		

		
			(c)      The Borrower shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes payable by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower under any Loan Document and any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
		

		
			 
		

		
			(d)      As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
		

		
			 
		

		
			(e)      Each Lender shall, at such times as are reasonably requested by Borrower or the Administrative Agent, provide Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by applicable Requirements of Law, or reasonably requested by Borrower or the Administrative Agent, certifying as to any entitlement of such Lender to an exemption from, or reduction in, any withholding Tax with respect to any payments to be made to such Lender under the Loan Documents (including, in the case of a Lender seeking exemption from the withholding imposed under FATCA, any documentation necessary to prevent such withholding).  Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation expired, obsolete or inaccurate in any material respect, deliver promptly to Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or promptly notify Borrower and the Administrative Agent of its inability to do so.  Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding tax or are subject to such Tax at a rate reduced by an applicable tax treaty, Borrower, Administrative Agent or other applicable withholding agent shall withhold amounts required to be withheld by applicable Requirements of Law from such payments at the applicable statutory rate.
		

		
			 
		

		
			Without limiting the generality of the foregoing:
		

		
			 
		

		
			(i)      Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly 
		

		
			 
		

		
			
		

		
			

		 

		

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			completed and duly signed original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding.
		

		
			 
		

		
			(ii)      Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter when required by any Requirements of Law or upon the reasonable request of Borrower or the Administrative Agent) whichever of the following is applicable:
		

		
			 
		

		
			(A)      two duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party,
		

		
			 
		

		
			(B)      two duly completed copies of Internal Revenue Service Form W-8ECI (or any successor forms),
		

		
			 
		

		
			(C)      in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate, in substantially the form of Exhibit B (any such certificate a “United States Tax Compliance Certificate”), or any other form approved by the Administrative Agent, to the effect that such Lender is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no payments in connection with the Loan Documents are effectively connected with such Lender’s conduct of a U.S. trade or business and (y) two duly completed copies of Internal Revenue Service Form W-8BEN-E (or any successor forms),
		

		
			 
		

		
			(D)      to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or is a Participant holding a participation granted by a participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY (or other successor forms) or any other required information from each beneficial owner, as applicable (provided that, if the Lender is a partnership (and not a participating Lender) and one or more beneficial owners are claiming the portfolio interest exemption, the United States Tax Compliance Certificate shall be provided by such Lender on behalf of such beneficial owner(s)), or
		

		
			 
		

		
			(E)      any other form prescribed by applicable Requirements of Law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such 
		

		
			
		

		
			

		 

		

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			supplementary documentation as may be prescribed by applicable Requirements of Law to permit Borrower and the Administrative Agent to determine the withholding or deduction required to be made.
		

		
			 
		

		
			Each Lender shall, from time to time after the initial delivery by such Lender of the forms described above, whenever a lapse in time or change in such Lender’s circumstances renders such forms, certificates or other evidence so delivered expired, obsolete or inaccurate, promptly (1) deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) renewals, amendments or additional or successor forms, properly completed and duly executed by such Lender, together with any other certificate or statement of exemption required in order to confirm or establish such Lender’s status or that such Lender is entitled to an exemption from or reduction in U.S. federal withholding tax or (2) notify Administrative Agent and Borrower of its inability to deliver any such forms, certificates or other evidence.
		

		
			 
		

		
			Notwithstanding any other provision of this clause (e), a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver.
		

		
			 
		

		
			Each Lender hereby authorizes the Administrative Agent to deliver to the Borrower and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this clause (e).
		

		
			 
		

		
			(f)      If the Borrower determines in good faith that a reasonable basis exists for contesting any taxes for which indemnification has been demanded hereunder, the Administrative Agent or the relevant Lender, as applicable, shall cooperate with the Borrower in a reasonable challenge of such taxes if so requested by the Borrower, provided that (a) the Administrative Agent or such Lender determines in its reasonable discretion that it would not be prejudiced by cooperating in such challenge, (b) the Borrower pays all related expenses of the Administrative Agent or such Lender, as applicable and (c) the Borrower indemnifies the Administrative Agent or such Lender, as applicable, for any liabilities or other costs incurred by such party in connection with such challenge.  The Administrative Agent or a Lender shall claim any refund that it determines is reasonably available to it, unless it concludes in its reasonable discretion that it would be adversely affected by making such a claim.  If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees promptly to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.  The Administrative Agent or such Lender, as the case may be, 
		

		
			
		

		
			

		 

		

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			shall, at the Borrower’s request, provide the Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (provided that the Administrative Agent or such Lender may delete any information therein that the Administrative Agent or such Lender deems confidential).  Notwithstanding anything to the contrary, this Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to taxes which it deems confidential).
		

		
			 
		

		
			(g)      The agreements in this Section 2.15 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
		

		
			 
		

		
			Section 2.16.      Payments Generally; Pro Rata Treatment; Sharing of Setoffs.  (a) The Borrower shall make each payment required to be made by it under any Loan Document (whether of principal, interest or fees, or of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without condition or deduction for any counterclaim, recoupment or setoff.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to such account as may be specified by the Administrative Agent, except that payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment (other than payments on the Eurodollar Loans) under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day.  If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.  In the case of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate for the period of such extension.  All payments under each Loan Document shall be made in dollars.
		

		
			 
		

		
			(b)      If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties.
		

		
			 
		

		
			(c)      If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that 
		

		
			
		

		
			

		 

		

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			the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest and (ii) the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant.  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
		

		
			 
		

		
			(d)      Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and in its sole discretion, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
		

		
			 
		

		
			Section 2.17.      Mitigation Obligations; Replacement of Lenders.  (a)  If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder affected by such event, or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, and (ii) would not subject such Lender to any unreimbursed cost or expense reasonably deemed by such Lender to be material and would not be inconsistent with the internal policies of, or otherwise be disadvantageous in any material economic, legal or regulatory respect to, such Lender.
		

		
			 
		

		
			(b)      If (i) any Lender requests compensation under Section 2.13 or (ii) the Borrower is required to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 2.15, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender 
		

		
			
		

		
			

		 

		

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			accepts such assignment and delegation); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and unreimbursed participations in LC Disbursements, accrued but unpaid interest thereon, accrued but unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) the Borrower or such assignee shall have paid (unless waived) to the Administrative Agent the processing and recordation fee specified in Section 9.04(b)(ii) and (D) in the case of any such assignment resulting from a claim for compensation under Section 2.13, or payments required to be made pursuant to Section 2.15, such assignment will result in a material reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.
		

		
			 
		

		
			ARTICLE 3
REPRESENTATIONS AND WARRANTIES
		

		
			 
		

		
			The Borrower represents and warrants to the Administrative Agent and each of the Lenders that:
		

		
			 
		

		
			Section 3.01.      Organization; Powers.  The Borrower is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has organizational power and authority to carry on its business as now conducted and as proposed to be conducted and to execute, deliver and perform its obligations under each Loan Document to which it is a party and to effect the Transactions and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.
		

		
			 
		

		
			Section 3.02.      Authorization; Enforceability.  The Transactions to be entered into by the Borrower have been duly authorized by all necessary limited liability company action and, if required, action by the holders of the Borrower’s Equity Interests.  This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which the Borrower is to be a party, when executed and delivered by the Borrower, will constitute, a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
		

		
			 
		

		
			Section 3.03.      Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, 
		

		
			
		

		
			

		 

		

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			any Governmental Authority or Regulatory Supervising Organization, except such as have been obtained or made and are in full force and effect and except filings necessary to perfect Liens created under the Loan Documents, (b) will not violate (i) the Organizational Documents of, or (ii) any Requirements of Law applicable to the Borrower, (iii) will not violate or result in a default under any indenture or other agreement or instrument binding upon the Borrower or its assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by the Borrower, or give rise to a right of, or result in, termination, cancellation or acceleration of any obligation thereunder and (iv) will not result in the creation or imposition of any Lien on any asset of the Borrower, except Liens created under the Loan Documents, except (in the case of each of clauses (a), (b)(ii) and (c)) to the extent that the failure to obtain or make such consent, approval, registration, filing or action, or such violation, as the case may be, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			Section 3.04.      Investment Company Status.  The Borrower is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended from time to time.
		

		
			 
		

		
			Section 3.05.      Solvency.  Immediately after the consummation of the Transactions to occur on the Closing Date, the Borrower will not be Insolvent.
		

		
			 
		

		
			Section 3.06.      Federal Reserve Regulations.  No part of the proceeds of the Loans will be used, directly or indirectly, to purchase or carry any margin stock or to refinance any Indebtedness originally incurred for such purpose, or for any other purpose, in each case, that entails a violation (including on the part of any Lender) of the provisions of Regulations U or X of the Board of Governors.
		

		
			 
		

		
			Section 3.07.      Use of Proceeds.   The proceeds of the Loans, if released to the Borrower in accordance with the Escrow Agreement, shall be used to fund a portion of the Transactions.
		

		
			 
		

		
			Section 3.08.      PATRIOT Act, OFAC and FCP.(a)      the Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of funding (i) any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii) any other transaction that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor, lender or otherwise) of Sanctions.
		

		
			 
		

		
			(b)      the Borrower will not use the proceeds of the Loans directly or, to the knowledge of Holdings, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”).
		

		
			
		

		
			

		 

		

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			(c)      Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, none of the Borrower or any Subsidiary has, in the past three years, committed a violation of applicable regulations of the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), Title III of the USA Patriot Act or the FCPA.
		

		
			 
		

		
			(d)      (i) The Borrower is not an individual or entity currently on OFAC’s list of Specially Designated Nationals and Blocked Persons (the “SDN List”) and is not owned 50% or more, directly or indirectly, by one or more parties on the SDN List and (ii) except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, to the knowledge of Borrower, any director, officer, employee or agent of the Borrower or any Subsidiary, in each case, is an individual or entity currently on the SDN List or is owned 50% or more, directly or indirectly, by one or more parties on the SDN List, nor is Hthe Borrower or any Subsidiary located, organized or resident in a country or territory that is the subject of Sanctions.
		

		
			 
		

		
			Section 3.09.      EEA Financial Institutions.  The Borrower is not an EEA Financial Institution.
		

		
			 
		

		
			ARTICLE 4
CONDITIONS
		

		
			 
		

		
			Section 4.01.      Conditions to the Closing Date.  The obligations of the Lenders to make Loans hereunder on the Closing Date shall not become effective until the date on which each of the following conditions shall be satisfied (or waived in accordance with Section 9.02):
		

		
			 
		

		
			(a)      The Administrative Agent (or its counsel) shall have received executed counterparts to this Agreement from the Borrower and each Lender and an executed counterpart of the Soft-Call Agreement from VFH.
		

		
			 
		

		
			(b)      The Administrative Agent shall have received a fully executed copy of the Escrow Agreement together with evidence reasonably satisfactory to the Administrative Agent that the “Initial Escrow Deposit” (as defined in the Escrow Agreement) has been made (or will be made substantially concurrently with the effectiveness of this Agreement).
		

		
			 
		

		
			(c)      The Administrative Agent shall have received such documents as it may reasonably require with respect to the formation, good standing in its jurisdiction of organization, authorization and incumbency of the Borrower and all information reasonably requested in writing at least 10  Business Days prior to the Closing Date by the Administrative Agent or the Lead Arranger that they shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act.
		

		
			 
		

		
			(d)      The Administrative Agent shall have received the legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York counsel for the Borrower, which 
		

		
			
		

		
			

		 

		

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			opinion shall be in form and substance reasonably satisfactory to the Administrative Agent.
		

		
			 
		

		
			(e)      The Administrative Agent shall have received all fees and other amounts previously agreed in writing by the Lead Arranger and the Borrower to be due and payable on or prior to the Closing Date.
		

		
			 
		

		
			(f)      The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower stating that:
		

		
			 
		

		
			(i)      Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date (except for any representation and warranty that is made as of a specified earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date).
		

		
			 
		

		
			(ii)      No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date.
		

		
			 
		

		
			The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding.
		

		
			 
		

		
			ARTICLE 5
AFFIRMATIVE COVENANTS
		

		
			 
		

		
			Until the earlier to occur of (i) the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts (other than contingent amounts not yet due) payable under any Loan Document shall have been paid in full and (ii) the Escrow Assumption, the Borrower covenants and agrees with the Administrative Agent and each of the Lenders that:
		

		
			 
		

		
			Section 5.01.      Financial Statements and Other Information.  The Borrower will furnish to the Administrative Agent, which will furnish to each Lender:
		

		
			 
		

		
			(a)      copies of all notices provided by VFH to the Lenders (as defined in the VFH Credit Agreement) with Term Loans (as defined in the VFH Credit Agreement) under the VFH Credit Agreement;
		

		
			 
		

		
			(b)      promptly after the request by the Administrative Agent on the behalf of any Lender, all documentation and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act; and
		

		
			 
		

		
			(c)      promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or compliance 
		

		
			
		

		
			

		 

		

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			with the terms of any Loan Document, as the Administrative Agent on its own behalf or on behalf of any Lender may reasonably request in writing.
		

		
			 
		

		
			Documents required to be delivered pursuant to Section 5.01(a) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto, on Virtu Financial’s website on the Internet at the website address listed on Schedule 9.01 (or otherwise notified pursuant to Section 9.01(e)); or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent upon its reasonable request until a written notice to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and, upon its reasonable request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to request the delivery of or maintain paper copies of the documents referred to above, and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents.
		

		
			 
		

		
			The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.12); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the Lead Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”; provided, that the following Borrower Materials may be marked “PUBLIC” unless the Borrower, after receiving notice from the Administrative Agent within a reasonable 
		

		
			
		

		
			

		 

		

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			period of time prior to the intended distribution of such Borrower Materials, notifies the Administrative Agent that such Borrower Materials contain material non-public information: (1) the Loan Documents and (2) any notification of changes in the terms of the facilities provided hereunder.
		

		
			 
		

		
			The Borrower hereby represents and warrants that each of the Borrower, its controlling Person and each of its subsidiaries, either (i) has no registered or publicly traded securities outstanding, or (ii) files its financial statements with the SEC and/or makes its financial statements available to potential holders of its 144A securities, and, accordingly, the Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under Section 5.01(a) above, along with the Loan Documents, available to Public Lenders and (ii) agrees that at the time such financial statements are provided hereunder, they shall already have been made available to holders of its securities.  The Borrower will not request that any other material be posted to Public Lenders without expressly representing and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information within the meaning of the federal securities laws or that the Borrower has no outstanding publicly traded securities, including 144A securities.  In no event shall the Administrative Agent post compliance certificates or budgets to Public Lenders.
		

		
			 
		

		
			Section 5.02.      Notices of Material Events.  Promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof, the Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent) written notice of the following:
		

		
			 
		

		
			(a)      the occurrence of any Default;
		

		
			 
		

		
			(b)      the filing or commencement of any action, suit or proceeding by or before any arbitrator, Governmental Authority or Regulatory Supervising Organization against or, to the knowledge of a Financial Officer or another executive officer of the Borrower, affecting the Borrower that could reasonably be expected to result in a Material Adverse Effect; and
		

		
			 
		

		
			(c)      the commencement of any investigation by any Governmental Authority of or affecting the Borrower that could reasonably be expected to result in a Material Adverse Effect.
		

		
			 
		

		
			Each notice delivered under this Section shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
		

		
			 
		

		
			Section 5.03.      Existence; Conduct of Business.  The Borrower shall do or cause to be done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises (including exchange memberships), patents, copyrights, trademarks, trade names and Governmental Approvals material to the conduct of its business, except to the extent (other than with respect to the preservation of the existence of the Borrower) that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
		

		
			
		

		
			

		 

		

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			Section 5.04.      Payment of Taxes, Etc.  The Borrower will pay its obligations in respect of Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where the failure to make such payment could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
		

		
			 
		

		
			Section 5.05.      Use of Proceeds.  The Borrower will use the proceeds of the Loans borrowed on the Closing Date as set forth in the Escrow Agreement.
		

		
			 
		

		
			ARTICLE 6
NEGATIVE COVENANTS
		

		
			 
		

		
			Until the earlier to occur of (i) the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts (other than contingent amounts not yet due) payable under any Loan Document shall have been paid in full and (ii) the Escrow Assumption, the Borrower shall not engage in any material activities other than performing its obligations under the Loan Documents and the indenture and escrow agreement entered into in connection with the Second Lien Notes, receiving distributions or borrowing intercompany loans to pay or prefund interest, fees and other amounts in respect of such Indebtedness and other ordinary course expenses, maintaining its existence, owning the Equity Interests of Merger Sub, engaging and causing Merger Sub to engage in the Transactions to which each is a party and other activities reasonably related to any of the foregoing.
		

		
			 
		

		
			ARTICLE 7
EVENTS OF DEFAULT
		

		
			 
		

		
			Section 7.01.      Events of Default.  If any of the following events (any such event, an “Event of Default”) shall occur:
		

		
			 
		

		
			(a)      the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
		

		
			 
		

		
			(b)      the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in paragraph (a) of this Section) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;
		

		
			 
		

		
			(c)      any representation or warranty made or deemed made by or on behalf of the Borrower in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made;
		

		
			
		

		
			

		 

		

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			(d)      the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02, 5.03 (with respect to the existence of the Borrower), 5.05 or in Article 6;
		

		
			 
		

		
			(e)      the Borrower shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraph (a), (b) or (d) of this Section), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower;
		

		
			 
		

		
			(f)      [Reserved];
		

		
			 
		

		
			(g)      [Reserved];
		

		
			 
		

		
			(h)      an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, court protection, reorganization or other relief in respect of the Borrower or its debts, or of a material part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, examiner, sequestrator, conservator or similar official for the Borrower or for a material part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
		

		
			 
		

		
			(i)      the Borrower shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, court protection, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, examiner, custodian, sequestrator, conservator or similar official for the Borrower or for a material part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors;
		

		
			 
		

		
			(j)      one or more enforceable judgments for the payment of money in an aggregate amount in excess of $15,000,000 (to the extent not covered by insurance as to which the insurer has been notified of such judgment or order and has not denied coverage) shall be rendered against the Borrower and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any judgment creditor shall legally attach or levy upon assets of the Borrower that are material to the businesses and operations of the Borrower to enforce any such judgment;
		

		
			 
		

		
			(k)      the Escrow Agreement shall cease to be, or shall be asserted by the Borrower not to be, for any reason, in full force and effect or (ii) any Lien created by the Escrow Agreement shall cease to be, or the Borrower or any Affiliate of the Borrower shall so assert such Lien not to be, enforceable and of the same effect and priority purported to be created thereby with respect to the Escrow Account (other than in connection with releases in accordance with the terms of the Escrow Agreement); or
		

		
			 
		

		
			(l)      the Borrower ceases for any reason to be a direct or indirect wholly-owned subsidiary of Virtu Financial other than as a result of the Merger and Contribution;
		

		
			
		

		
			

		 

		

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			then, and in every such event (other than an event described in paragraph (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event described in paragraph (h) or (i) of this Article, principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
		

		
			 
		

		
			ARTICLE 8
ADMINISTRATIVE AGENT
		

		
			 
		

		
			Each Lender hereby irrevocably appoints the Administrative Agent its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to it by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
		

		
			 
		

		
			Without limiting the generality of the foregoing, the Administrative Agent is hereby expressly authorized to negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.
		

		
			 
		

		
			The institution serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Affiliate thereof as if it were not the Administrative Agent hereunder.
		

		
			 
		

		
			The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the  Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, and (c) except as expressly set forth in the Loan Documents, 
		

		
			
		

		
			

		 

		

			34

		

 

		

			 

		

		

		
			the Administrative Agent shall not have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Borrower or its Affiliates that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of any Lien purported to be created by the Escrow Agreement, (vi) the value or the sufficiency of the funds held in the Escrow Account, (vii) the financial condition or business affairs of the Borrower or any other Person liable for the payment of any obligations under the Loan Documents or as to the use of the proceeds of the Loans, (viii) the properties, books or records of the Borrower, (ix) the existence or possible existence of any Event of Default or Default or (x) the satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
		

		
			 
		

		
			The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
		

		
			 
		

		
			The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
		

		
			 
		

		
			Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Agent may resign at any time upon 30 days’ notice 
		

		
			
		

		
			

		 

		

			35

		

 

		

			 

		

		

		
			to the Lenders and the Borrower.  If the Administrative Agent becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced in any such proceeding or appointment and the Administrative Agent is not performing its role hereunder as Administrative Agent, then the Administrative Agent may be removed as the Administrative Agent hereunder at the request of the Borrower and the Required Lenders.  Upon receipt of any such notice of resignation or upon such removal, the Required Lenders shall have the right, with the Borrower’s consent (such consent not to be unreasonably withheld or delayed) (provided that no consent of the Borrower shall be required if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. If a successor Administrative Agent has not been appointed pursuant to the immediately preceding sentence by the 30th day after the date such notice of resignation was given by the Administrative Agent, the Administrative Agent’s resignation shall become effective and the Required Lenders shall thereafter perform all the duties of the Administrative Agent hereunder and/or under any other Loan Document until such time, if any, as the Required Lenders appoint a successor Administrative Agent.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Administrative Agent.
		

		
			 
		

		
			Each Lender acknowledges and represents and warrants that it has, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder. The Administrative Agent shall not have any duty or responsibility, either initially or on a continuing basis, to make any investigation or any appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and the Administrative Agent shall not have 
		

		
			
		

		
			

		 

		

			36

		

 

		

			 

		

		

		
			any responsibility with respect to the accuracy or completeness of any information provided to Lenders.
		

		
			 
		

		
			In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
		

		
			 
		

		
			(a)      to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other obligations under the Loan Documents that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.12 and 9.03) allowed in such judicial proceeding; and
		

		
			 
		

		
			(b)      to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
		

		
			 
		

		
			and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of such Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.12 and 9.03.
		

		
			 
		

		
			Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
		

		
			 
		

		
			To the extent required by any applicable law, the Administrative Agent may deduct or withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax.  If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not property executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective, or for any other reason), such Lender shall indemnify and hold harmless the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower pursuant to Section 2.15 and without limiting any obligation of the Borrower to do so pursuant to such Section) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Taxes or otherwise, 
		

		
			
		

		
			

		 

		

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			together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Article 8.  The agreements in this Article 8 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the repayment, satisfaction or discharge of all other obligations.
		

		
			 
		

		
			Notwithstanding any other provision of this Agreement or any provision of any other Loan Document, the Lead Arranger is named as such for recognition purposes only, and in its capacity as such shall have no duties, responsibilities or liabilities with respect to this Agreement or any other Loan Document; it being understood and agreed that the Lead Arranger shall be entitled to all indemnification and reimbursement rights in favor of the Administrative Agent provided herein and in the other Loan Documents.  Without limitation of the foregoing, the Lead Arranger in its capacity as such shall not, by reason of this Agreement or any other Loan Document, have any fiduciary relationship in respect of any Lender, the Borrower or any other Person.
		

		
			 
		

		
			The Escrow Agent shall be entitled to all rights, privileges and immunities provided to it in the Escrow Agreement.
		

		
			 
		

		
			ARTICLE 9
MISCELLANEOUS
		

		
			 
		

		
			Section 9.01.      Notices.  (a)  Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax or other electronic transmission, as follows:
		

		
			 
		

		
			(i)      if to the Borrower or the Administrative Agent, to the address, fax number, e-mail address or telephone number specified for such Person on Schedule 9.01; and
		

		
			 
		

		
			(ii)      if to any Lender, to it at its address (or fax number, telephone number or e-mail address) set forth in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).
		

		
			 
		

		
			Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall 
		

		
			
		

		
			

		 

		

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			be deemed to have been given at the opening of business on the next business day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).
		

		
			 
		

		
			(b)      Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures reasonably approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
		

		
			 
		

		
			Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
		

		
			 
		

		
			(c)      The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
		

		
			 
		

		
			(d)      Public Lenders. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in 
		

		
			
		

		
			

		 

		

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			order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United States Federal and state securities laws, to make reference to communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws.
		

		
			 
		

		
			(e)      Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change its address, electronic mail address, fax or telephone number for notices and other communications or website hereunder by notice to the other parties hereto.  Each Lender may change its address, fax or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, fax number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
		

		
			 
		

		
			(f)      Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent and each of the parties hereto hereby consents to such recording.
		

		
			 
		

		
			Section 9.02.      Waivers; Amendments.  (a)  No failure or delay by the Administrative Agent or any Lender in exercising any right or power under this Agreement or any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or any Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.  No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.
		

		
			 
		

		
			
		

		
			

		 

		

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			(b)      Neither this Agreement nor any Loan Document nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Borrower, in each case with the consent of the Required Lenders, provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that the waiver of any Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender), (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby, provided that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay default interest pursuant to Section 2.11(b), (iii) postpone the maturity of any Loan, or any date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby, (iv) change Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of the Lenders holding a Majority in Interest of the outstanding Loans and unused Commitments, (v) change any of the provisions of this Section without the written consent of each Lender directly and adversely affected thereby, (vi) change the percentage set forth in the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, (vii) [reserved], (viii) [reserved], (ix)[reserved], or (x) [reserved]; provided further that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent without the prior written consent of the Administrative Agent, and (B) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so long as, in each case, the Lenders shall have received at least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.  Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior to such inclusion.
		

		
			 
		

		
			(c)      In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the consent of all Lenders or all directly and adversely affected Lenders, if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as 
		

		
			
		

		
			

		 

		

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			described in paragraph (b) of this Section being referred to as a “Non-Consenting Lender”), then, so long as the Lender that is acting as Administrative Agent is not a Non-Consenting Lender, the Borrower may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment), provided that (a) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, which consent shall not unreasonably be withheld, (b) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding par principal amount of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (c) unless waived, the Borrower or such Eligible Assignee shall have paid to the Administrative Agent the processing and recordation fee specified in Section 9.04(b).
		

		
			 
		

		
			Section 9.03.      Expenses; Indemnity; Damage Waiver.  (a)  The Borrower shall pay (i) all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Administrative Agent, the Lead Arranger and their Affiliates (without duplication), including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP and to the extent reasonably determined by the Administrative Agent to be necessary, one local counsel in each applicable jurisdiction (exclusive of any reasonably necessary special counsel) for the Administrative Agent and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party, and any other counsel retained with the Borrower’s consent (such consent not to be unreasonably withheld or delayed), in connection with the syndication of the credit facilities provided for herein, and the preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (whether or not successful) (ii) [reserved] and (iii) all reasonable and documented or invoiced out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of counsel for the Administrative Agent and the Lenders, in connection with the enforcement or protection of any rights or remedies (A) in connection with the Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Laws), including its rights under this Section or (B) in connection with the Loans made hereunder, including all such out-of-pocket costs and expenses incurred during any workout, restructuring or negotiations in respect of such Loans; provided that such counsel shall be limited to one lead counsel and such local counsel (exclusive of any reasonably necessary special counsel) as may reasonably be deemed necessary by the Administrative Agent in each relevant jurisdiction and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party, and any other counsel retained with the Borrower’s consent (such consent not to be unreasonably withheld or delayed).
		

		
			 
		

		
			(b)      The Borrower shall indemnify the Administrative Agent, each Lender, the Lead Arranger and each Related Party of any of the foregoing Persons (each such Person 
		

		
			
		

		
			

		 

		

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			being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented or invoiced out-of-pocket fees and expenses of any counsel for any Indemnitee (provided that such counsel shall be limited to one lead counsel and such local counsel (exclusive of any reasonably necessary special counsel) as may reasonably be deemed necessary by the Indemnitees in each relevant jurisdiction and, in the case of an actual or perceived conflict of interest, one additional counsel per affected party), incurred by or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any Loan Document or any other agreement or instrument contemplated hereby or thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or the use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, costs or related expenses (x) resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or its Related Parties (as determined by a court of competent jurisdiction in a final and non-appealable judgment), (y) resulted from a material breach of the Loan Documents by such Indemnitee or its Related Parties (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (z) arise from disputes between or among Indemnitees that do not involve an act or omission by the Borrower, except that the Administrative Agent and the Lead Arranger shall be indemnified in their capacities as such with respect to any dispute under this clause (z).
		

		
			 
		

		
			(c)      To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Lead Arranger under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Lead Arranger, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Lead Arranger in its capacity as such.  For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the aggregate Loans and unused Commitments at such time.  The obligations of the Lenders under this paragraph (c) are subject to the last sentence of Section 2.02(a) (which shall apply mutatis mutandis to the Lenders’ obligations under this paragraph (c)).
		

		
			 
		

		
			(d)      To the extent permitted by applicable law, the Borrower shall not assert, and each hereby waives, any claim against any Indemnitee (i) for any direct or actual damages arising from the use by unintended recipients of information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems (including the Internet) in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such direct or actual damages are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted 
		

		
			
		

		
			

		 

		

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			from the gross negligence or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof.
		

		
			 
		

		
			(e)      All amounts due under this Section shall be payable not later than ten (10) Business Days after written demand therefor; provided, however, that any Indemnitee shall promptly refund an indemnification payment received hereunder to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such payment pursuant to this Section 9.03.
		

		
			 
		

		
			Section 9.04.      Successors and Assigns.  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section), the Indemnitees and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
		

		
			 
		

		
			(b)      (i) Subject to the conditions set forth in paragraphs (b)(ii) and (f) below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of (A) the Borrower; provided that no consent of the Borrower shall be required for an assignment to any Lender, an Affiliate of any Lender or an Approved Fund or (y) if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing; provided further that if any such purported assignment is to a Competitor (other than any such assignment to the Lead Arranger (or any Affiliate of the Lead Arranger) for the purpose of facilitating bona fide trades of Term Loans to entities that are not Disqualified Lenders), the Borrower may unreasonably withhold its consent; and provided further that the Borrower shall have the right to withhold its consent to any assignment if in order for such assignment to comply with applicable law, the Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority and (B) the Administrative Agent; provided that, no consent of the Administrative Agent shall be required for an assignment to any Lender, an Affiliate of any Lender or an Approved Fund.  Notwithstanding anything in this Section 9.04 to the contrary, if the consent of the Borrower is required by this paragraph with respect to any assignment and the Borrower has not given the Administrative Agent written notice of its objection to such assignment within ten (10) days after written notice to the Borrower, the Borrower shall be deemed to have consented to such assignment.
		

		
			 
		

		
			
		

		
			

		 

		

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			(ii)      Assignments shall be subject to the following additional conditions: (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the trade date specified in the Assignment and Assumption with respect to such assignment or, if no trade date is so specified, as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $250,000 (and integral multiples thereof), unless the Borrower and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing, (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent or, if previously agreed by the Administrative Agent, manually, in each case together (unless waived by the Administrative Agent) with a processing and recordation fee of $3,500; provided that the Administrative Agent, in its sole discretion, may elect to waive such processing and recordation fee; provided further that assignments made pursuant to Section 2.17(b) or Section 9.02(c) shall not require the signature of the assigning Lender to become effective and (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax forms required by Section 2.15(e) and an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
		

		
			 
		

		
			(iii)      Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of (and subject to the obligations and limitations of) Sections 2.13, 2.14, 2.15 and 9.03 and to any fees payable hereunder that have accrued for such Lender’s account but have not yet been paid).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c)(i) of this Section.
		

		
			 
		

		
			
		

		
			

		 

		

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			(iv)      The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal and interest amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
		

		
			 
		

		
			(v)      Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and any tax forms required by Section 2.15(e) (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 9.04 and any written consent to such assignment required by paragraph (b) of this Section 9.04, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
		

		
			 
		

		
			(vi)      The words “execution,” “signed,” “signature” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.
		

		
			 
		

		
			(c)      (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other Persons other than a natural person, any VV Holder, any Affiliate of Vincent Viola (including any trust established for the benefit of his spouse or children), a Disqualified Lender, Holdings, any Intermediate Parent, VFH, the Borrower or any of their respective Subsidiaries (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and any other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and 
		

		
			
		

		
			

		 

		

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			any other Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that directly and adversely affects such Participant.  Subject to paragraph (c)(iii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 (subject to the obligations and limitations of such Sections, including Section 2.15(e), provided that any forms required to be delivered by any Participant pursuant to Section 2.15(e) shall be provided solely to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.16(c) as though it were a Lender.
		

		
			 
		

		
			(ii)      Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”).  The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
		

		
			 
		

		
			(iii)      A Participant shall not be entitled to receive any greater payment under Section 2.13 or Section 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.
		

		
			 
		

		
			(d)      Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other “central” bank, and this Section shall not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
		

		
			 
		

		
			Section 9.05.      Survival.  All covenants, agreements, representations and warranties made by the Borrower in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired 
		

		
			
		

		
			

		 

		

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			or terminated.  The provisions of Sections 2.13, 2.14, 2.15, 9.03, 9.08 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.
		

		
			 
		

		
			Section 9.06.      Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent or the syndication of the Loans and Commitments constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.
		

		
			 
		

		
			Section 9.07.      Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or unenforceable provisions with valid, legal and enforceable provisions the economic effect of which comes as close as reasonably possible to that of the invalid, illegal or unenforceable provisions.
		

		
			 
		

		
			Section 9.08.      Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower then due and owing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although (i) such obligations may be contingent or unmatured and (ii) such obligations are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such Indebtedness.  The applicable Lender shall notify the Borrower and the Administrative Agent of such setoff and application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section.  The rights of each Lender and its respective Affiliates under this Section are 
		

		
			
		

		
			

		 

		

			48

		

 

		

			 

		

		

		
			in addition to other rights and remedies (including other rights of setoff) that such Lender and its respective Affiliates may have.
		

		
			 
		

		
			Section 9.09.      Governing Law; Jurisdiction; Consent to Service of Process.  (a)  This Agreement shall be construed in accordance with and governed by the laws of the State of New York.
		

		
			 
		

		
			(b)      Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in any Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against the Borrower or its properties in the courts of any jurisdiction.
		

		
			 
		

		
			(c)      Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
		

		
			 
		

		
			(d)      Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
		

		
			 
		

		
			Section 9.10.      Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
		

		
			 
		

		
			
		

		
			

		 

		

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			Section 9.11.      Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
		

		
			 
		

		
			Section 9.12.      Confidentiality.  (a)  Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees, trustees and agents, including accountants, legal counsel and other agents and advisors and numbering, administration and settlement service providers (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and any failure of such Persons acting on behalf of the Administrative Agent or the relevant Lender to comply with this Section 9.12 shall constitute a breach of this Section 9.12 by the Administrative Agent or the relevant Lender, as applicable), (ii) to the extent requested by any regulatory authority or self-regulatory authority, required by applicable law or by any subpoena or similar legal process; provided that solely to the extent permitted by law and other than in connection with routine audits and reviews by regulatory and self-regulatory authorities, each Lender and the Administrative Agent shall notify the Borrower as promptly as practicable of any such requested or required disclosure in connection with any legal or regulatory proceeding; provided further that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by the Borrower, (iii) to any other party to this Agreement, (iv) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (v) subject to an agreement containing confidentiality undertakings substantially similar to those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (B) any actual or prospective counterparty (or its advisors) to any Swap Agreement or derivative transaction relating to the Borrower and its obligations under the Loan Documents or (C) any pledgee referred to in Section 9.04(d) (it being understood that each Person identified as a “Disqualified Lender” on Schedule 1.01 may be disclosed to any assignee or Participant, or prospective assignee or Participant, in reliance on this clause (v)), (vi) if required by any rating agency; provided that prior to any such disclosure, such rating agency shall have agreed in writing to maintain the confidentiality of such Information or (vii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower, Virtu Financial, Inc. or any of Virtu Financial, Inc.’s subsidiaries.  In addition, the Administrative Agent and the Lead Arranger may disclose the existence of this Agreement and information about this Agreement (other than any Information) to market data collectors and similar services providers to the lending industry to the extent reasonably required by such market data collectors or service providers to enable such party to receive league table credit for such party’s role in connection with this Agreement and the Transactions. For the purposes hereof, “Information” means all information received from the Borrower, Virtu Financial. or any of Virtu Financial’s subsidiaries relating to the Borrower, Virtu Financial or any of its subsidiaries or any of their respective business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the 
		

		
			
		

		
			

		 

		

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			Borrower, Virtu Financial or any of Virtu Financial’s subsidiaries and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Borrower, Virtu Financial or any of Virtu Financial’s subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
		

		
			 
		

		
			(b)      EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
		

		
			 
		

		
			(c)      ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT, WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
		

		
			 
		

		
			Section 9.13.      USA Patriot Act.  Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the USA Patriot Act.
		

		
			 
		

		
			Section 9.14.      [Reserved].
		

		
			 
		

		
			Section 9.15.      No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Lead Arranger are arm’s-length commercial transactions between the Borrower and its 
		

		
			
		

		
			

		 

		

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			Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Lead Arranger, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Lenders and the Lead Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates or any other Person and (B) none of the Administrative Agent, the Lenders and the Lead Arranger has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and the Lead Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent, the Lenders and the Lead Arranger has any obligation to disclose any of such interests to the Borrower or any of its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Lenders and the Lead Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
		

		
			 
		

		
			Section 9.16.      Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the obligations hereunder.
		

		
			 
		

		
			Section 9.17.      Acknowledgement and Consent to Bail-in of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
		

		
			 
		

		
			(a)      the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
		

		
			
		

		
			

		 

		

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			(b)      the effects of any Bail-In Action on any such liability, including, to the extent applicable:
		

		
			 
		

		
			(i)      reduction in full or in part or cancellation of any such liability;
		

		
			 
		

		
			(ii)      a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
		

		
			 
		

		
			(iii)      the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						ORCHESTRA BORROWER LLC,

					
						as Borrower

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page]

		

 

		

			 

		

	
					
						

					
						 

					
					
						JPMORGAN CHASE BANK, N.A.,

					
						as Administrative Agent and Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			[Signature Page]Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”), is dated as of July 5, 2017, by and between Energous Corporation,
a Delaware corporation (the “Company”) and Dialog Semiconductor plc., a public limited company organized under
the laws of England and Wales (the “Investor”).

 

BACKGROUND

 

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

 

		B.	The
                                         Investor wishes to purchase, and the Company wishes to sell and issue to the Investor,
                                         upon the terms and subject to the conditions stated in this Agreement, (i) an aggregate
                                         of up to 976,139 shares of Common Stock at a purchase price of $15.3666 per share (as
                                         adjusted by any stock split, dividend or other distribution, recapitalization or similar
                                         event, the “Shares”) and (ii) warrants to purchase an aggregate of
                                         up to 654,013 shares (subject to adjustment as described in the Warrants) of Common Stock
                                         (the “Warrants”) in the form attached hereto as Exhibit B,
                                         which Warrants shall have an exercise price equal to $19.9766 per share (subject to adjustment
                                         as described Warrants) and a term of exercise of three (3) years from and after the Closing.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and the Investor agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1            Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Applicable
Law” collectively means any and all laws, rules, regulations, and governmental, judicial or administrative decrees,
orders and decisions that are applicable to the Company or any of its Subsidiaries, this Agreement, the other Transaction Documents,
including the U.S. Gramm-Leach-Bliley Act of 1999, as amended, and the regulations promulgated under such Act, the U.S. Fair Credit
Reporting Act of 1970, as amended, or any regulations or guidelines promulgated under such Act, the U.S. Bank Secrecy Act, orders
and guidelines of the Office of Foreign Assets Control and the USA Patriot Act, and any other applicable data protection, privacy,
consumer protection or confidentiality laws or regulations (including the rules and regulations of any self-regulatory organization
to which the Company or its securities are subject, including The Nasdaq Stock Market or comparable securities trading market).

 

     

     

    

 

“Board”
has the meaning set forth in Section 2.2.

 

“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 Applicable Law to remain closed.

 

“Change
of Control of the Company” means a change in ownership or control of the Company effected through any of the following
transactions: (a) a merger, consolidation or other reorganization approved by the Company’s stockholders, unless securities
representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation
are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the Persons
who beneficially owned the Company’s outstanding voting securities immediately prior to such transaction; (b) a stockholder-approved
sale, transfer or other disposition of all or substantially all of the Company’s assets; or (c) the closing of any transaction
or series of transactions to which any Person or any group of Persons comprising a “group” within the meaning of Rule
13d-5(b)(1) of the Exchange Act becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 or the Exchange
Act) of securities possessing (or convertible into or exercisable for securities possessing) more than fifty percent (50%) of
the total combined voting power of the Company’s securities (as measured in terms of the power to vote with respect to the
election of Board members) outstanding immediately after the consummation of such transaction or series of transactions, whether
such transaction involves a directly issuance from the Company or the acquisition of outstanding securities held by one or more
of the Company’s existing stockholders.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the date and time of the Closing and shall be a date no later than July 5, 2017 or such other date and time
as is mutually agreed to by the Company and the Investor.

 

“Common
Stock” means the common stock of the Company, par value $0.00001 per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Disclosure
Letter” has the meaning set forth in the lead-in paragraph to Article III.

 

“Disclosure
Materials” has the meaning set forth in Section 3.1(h).

 

    	 	-2-	 

     

    

 

“Effectiveness
Period” has the meaning set forth in Section 6.1(b).

 

“Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including but not limited to those
related to Hazardous Materials.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
has the meaning set forth in Section 3.1(h).

 

“Hazardous
Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health
and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment,
storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or
shall be restricted, prohibited or penalized by any applicable law, including, without limitation, asbestos, urea formaldehyde
foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted,
prohibited or penalized substances.

 

“Indemnified
Party” has the meaning set forth in Section 6.4(c).

 

“Indemnifying
Party” has the meaning set forth in Section 6.4(c).

 

“Insolvent”
has the meaning set forth in Section 3.1(i).

 

“Investor”
has the meaning set forth in the Preamble.

 

“Investor
Controlled Entity” shall mean an entity of which the Investor collectively owns or controls, directly or indirectly,
not less than a majority of the outstanding voting power entitled to vote in the election of directors of such entity (or, in
the event the entity is not a corporation, the governing members, board or other similar body of such entity).

 

“Lien”
means, with respect to any asset, any pledge, lien, collateral assignment, security interest, encumbrance, right of first refusal,
mortgage, deed of trust, title retention, conditional sale or other security arrangement, or adverse claim of title.

 

“Losses”
means any and all losses, claims, damages, liabilities, settlement costs and expenses, including, without limitation, reasonable
attorneys’ fees.

 

“Material
Adverse Effect” means (i) a material adverse effect on the legality, validity, or enforceability of any of the
Transaction Documents, (ii) a material adverse effect on the results of operations, assets, business or financial condition
of the Company and the Subsidiaries, taken as a whole on a consolidated basis, or (iii) a material adverse effect on the
Company’s ability to perform on a timely basis its obligations under any of the Transaction Documents.

 

    	 	-3-	 

     

    

 

“Material
Permits” has the meaning set forth in Section 3.1(m).

 

“Non-Voting
Convertible Securities” means any securities of the Company that are convertible into, exchangeable for or otherwise
exercisable to acquire Voting Stock of the Company, including convertible securities, warrants, rights or options to purchase
Voting Stock of the Company.

 

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

 

“Preferred
Stock” means the preferred stock of the Company, par value $0.00001 per share.

 

“Prior
Securities Purchase Agreement” means that Securities Purchase Agreement dated as of November 6, 2016 by and between
the Company and the Investor pursuant to which the Investor purchased 763,552 shares of Common Stock (the “Prior Shares”)
and a warrant to purchase an aggregate of up to 763,552 shares of Common Stock (subject to adjustment) (the “Prior Warrant,”
and any shares of Common Stock to be issued on exercise of the Prior Warrant, the “Prior Warrant Shares”).

 

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

 

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

 

“Purchase
Price” has the meaning set forth in Section 2.1.

 

“Registrable
Securities” means the Shares and the Warrant Shares issued or issuable pursuant to the Transaction Documents and the
Prior Shares and Prior Warrant Shares, together with any securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the foregoing.

 

“Registration
Statement” means each registration statement filed under Article VI, including (in each case) the Prospectus,
amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

    	 	-4-	 

     

    

 

“Regulation
D” has the meaning set forth in the Background.

 

“Rule
144,” “Rule 144(c),” “Rule 415,” and “Rule 424” means Rule
144, Rule 144(c), Rule 415 and Rule 424, respectively, promulgated by the SEC pursuant to the Securities Act, as such Rules may
be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect
as such Rule.

 

“SEC”
has the meaning set forth in the Background.

 

“SEC
Reports” has the meaning set forth in Section 3.1(h).

 

“Securities”
means, collectively, the Shares purchased hereunder, the Warrants and the Warrant Shares.

 

“Securities
Act” has the meaning set forth in the Background.

 

“Shares”
has the meaning set forth in the Background.

 

“Strategic
Alliance Agreement” means that certain Strategic Alliance Agreement between the Company and Dialog Semiconductor (UK)
Ltd., dated as of November 6, 2016.

 

“Subsidiary”
means any direct or indirect subsidiary of the Company.

 

“Trading
Day” means (a) any day on which the Securities are listed or quoted and traded on The Nasdaq Stock Market or comparable
securities trading market, or (b) if trading ceases to occur on any such market, any Business Day.

 

“Transaction
Documents” means this Agreement, the schedules and exhibits attached hereto, and the Warrants.

 

“Transfer
Agent” means Wells Fargo or any successor transfer agent for the Company.

 

“Voting
Period” means the period beginning on the Closing Date and ending on the earlier of (i) the three year anniversary of
the Closing Date or (ii) the effective date of the termination of the Strategic Alliance Agreement.

 

“Voting
Stock” means shares of Common Stock and any other securities of the Company having the ordinary power to vote in the
election of members of the Board.

 

“Warrants”
has the meaning set forth in the Background.

 

“Warrant
Shares” means the shares of Common Stock to be issued upon exercise of the Warrants (as adjusted by any stock split,
dividend or other distribution, recapitalization or similar event).

 

“13D
Group” means any group of Persons that would be required under Section 13(d) of the Exchange Act, and the rules
and regulations promulgated thereunder, to file a statement on Schedule 13D or Schedule 13G with the SEC as a “person”
within the meaning of Section 13(d)(3) of the Exchange Act if such group beneficially owned Voting Stock representing more
than 5% of any class of Voting Stock then outstanding.

 

    	 	-5-	 

     

    

 

ARTICLE
II

PURCHASE AND SALE

 

2.1            Purchase
and Sale of the Shares and Warrants. Subject to the terms and conditions of this Agreement, the Investor hereby agrees to
purchase, and the Company hereby agrees to sell and issue to the Investor, the Shares and Warrants as set forth opposite the Investor’s
name on Exhibit A for the aggregate purchase price (the “Purchase Price”) set forth opposite the
Investor’s name on Exhibit A.

 

2.2            Closing.

 

(a)              
At the Closing, the Company shall deliver to the Investor (i) the Shares and Warrants, registered in the name of the Investor
as indicated on Exhibit A and (ii) a certificate, in the form set forth on Exhibit C, executed by the
secretary of the Company and dated as of the Closing Date, as to the Certificate of Incorporation, by-laws, foreign qualification,
incumbency of the Company’s officers and good standing of the Company and the resolutions adopted by the Company’s
Board of Directors (the “Board”) authorizing the transactions contemplated by the Transaction Documents.

 

(b)              
At the Closing, the Investor shall deliver to the Company the Purchase Price to the Company by wire transfer of immediately
available funds to an account specified by the Company in writing.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

3.1            Representations
and Warranties of the Company. Except as disclosed in the SEC Reports filed since March 27, 2014 (but excluding all disclosures
contained in the exhibits to such SEC Reports and the schedules to such exhibits, excluding the “Risk Factors” section
contained in such SEC Reports, and excluding forward-looking statements identifying risks and uncertainties that are not historical
facts contained in such SEC Reports) or the Disclosure Letter delivered by the Company to the Investor concurrently with the execution
hereof (the “Disclosure Letter”), the Company hereby represents and warrants to the Investor as follows:

 

(a)              
Subsidiaries. The Company has no Subsidiaries other than those listed on Section 3.1(a) of the Disclosure
Letter. Except as disclosed in Section 3.1(a) of the Disclosure Letter, the Company owns, directly or indirectly,
all of the capital stock or comparable equity interests of each Subsidiary free and clear of any Lien and all the issued and outstanding
shares of capital stock or comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights.

 

    	 	-6-	 

     

    

 

(b)              
Organization and Qualification. Each of the Company and its Subsidiaries is an entity duly organized, validly existing
and in good standing under the Applicable Laws of the jurisdiction of its incorporation or organization (as applicable), with
the requisite legal authority to own or lease and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation
or by-laws or other organizational or charter documents. Each of the Company and its Subsidiaries is duly qualified to do business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, has not had and would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(c)              
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Company and no
further consent or action is required by the Company, its officers, the Board or its stockholders. The issuance of the Shares,
the Warrants and the Warrant Shares do not require the approval of the stockholders of the Company. Each of the Transaction Documents
has been (or upon delivery will be) duly executed by the Company and is, or when delivered in accordance with the terms hereof,
will constitute, the valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as may be limited by (i) applicable bankruptcy, insolvency, reorganization or other Applicable Laws of general application
relating to or affecting the enforcement of creditors rights generally; and (ii) the effect of rules of law governing the availability
of specific performance and other equitable remedies.

 

(d)              
No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents and the consummation
by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision
of the Company’s or any Subsidiary’s certificate or articles of incorporation, by-laws or other organizational or
charter documents; (ii) conflict with, or constitute a default (or an event that 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 (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or
otherwise) to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary
is bound or affected; or (iii) result in a violation of any Applicable Law, except, in the case of clause (ii) or (iii), to the
extent that such conflict or violation has not had and would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

(e)              
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents or the
consummation of the transactions contemplated hereby and thereby, other than (i) the filings required to comply with the Company’s
registration obligations hereunder, (ii) the application(s) to The Nasdaq Stock Market for the listing of the shares of Common
Stock purchased pursuant to this Agreement and the Warrant Shares for trading thereon in the time and manner required thereby,
and (iii) filings required under applicable U.S. federal and state securities laws.

 

    	 	-7-	 

     

    

 

(f)               
The Securities. The Securities are duly authorized and, when issued and paid for in accordance with the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens and will not be subject
to preemptive rights, rights of first refusal, or similar rights of stockholders. The Company has reserved from its duly authorized
capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement and upon exercise of the Warrants.

 

(g)              
Capitalization. As of June 23, 2017, the aggregate number of shares and type of all authorized, issued and outstanding
classes of capital stock, options and other securities of the Company (whether or not presently convertible into or exercisable
or exchangeable for shares of capital stock of the Company) consists of (i) 50,000,000 authorized shares of Common Stock, with
20,820,190 shares of Common Stock outstanding; (ii) 10,000,000 shares of Preferred Stock, none of which are outstanding; (iii)
2,430,114 shares of Common Stock, on a diluted basis, reserved for issuance upon the exercise of outstanding warrants; and (iv) 5,011,811
shares of Common Stock, reserved for issuance upon the exercise of outstanding employee stock options and/or restricted stock
units. Since June 23, 2017, the Company has not issued or granted, as applicable, any capital stock, options or other securities
of the Company (whether or not presently convertible into or exercisable or exchangeable for shares of capital stock of the Company).
All outstanding shares of capital stock are duly authorized, validly issued, fully paid and nonassessable and have been issued
in compliance with all applicable securities laws and regulations. Except as disclosed in this Section 3.1(g) or in
Section 3.1(g) of the Disclosure Letter, the Company does not have outstanding any other options, warrants, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or entered into any agreement giving any Person any right to subscribe for or acquire, any shares of Preferred
Stock or Common Stock, or securities or rights convertible or exchangeable into shares of Preferred Stock or Common Stock. There
are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement providing
rights to security holders) and the issuance and sale of the Securities will not obligate the Company to issue shares of Common
Stock or other securities to any Person (other than the Investor) and will not result in a right of any holder of securities to
adjust the exercise, conversion, exchange or reset price under such securities. To the knowledge of the Company, based solely
on an examination of Schedules 13D and Schedules 13G on file with the SEC, except pursuant to this Agreement, no Person
or group of related Persons beneficially owns (as determined pursuant to Rule 13d-3 under the Exchange Act) or has the right to
acquire, by agreement with or by obligation binding upon the Company, beneficial ownership of in excess of five percent (5%) of
the outstanding Common Stock.

 

    	 	-8-	 

     

    

 

(h)              
SEC Reports; Financial Statements. The Company has filed all reports required to be filed by it under the Securities
Act and the Exchange Act since March 27, 2014, including pursuant to Sections 13(a) or 15(d) of the Exchange Act, or has
received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.
Such reports required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a)
or 15(d) of the Exchange Act, together with any materials filed or furnished by the Company under the Securities Act and the Exchange
Act, whether or not any such reports were required being collectively referred to herein as the “SEC Reports”
and, together with this Agreement and the Disclosure Letter, the “Disclosure Materials”. As of their respective
dates, the SEC Reports filed by the Company complied in all material respects with the requirements of the Securities Act and
the Exchange Act, as applicable, and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports,
when filed by the Company, 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. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a
consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP,
and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries
taken as a whole as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject,
in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. All material agreements to which the Company
or any Subsidiary is a party or to which the property or assets of the Company or any Subsidiary are subject that are required
to be filed with the SEC or identified on the SEC Reports are included as part of or identified in the SEC Reports. The Company
is eligible to use Form S-3 to register the resale of the Registrable Securities. The Company has not received any comments from
the SEC or the staff of the SEC Division of Corporation Finance on the Company’s SEC Reports (or any Company filings with
the SEC during the years ended December 31, 2014, 2015 and 2016) that remain unresolved.

 

(i)                
No Change. Except as otherwise disclosed in the SEC Reports, since March 27, 2014, (A) there has been no event,
occurrence or development that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse
Effect, (B) the Company has not incurred any liabilities (contingent or otherwise) other than those arising from operations in
the ordinary course of business consistent with past practice, and (C) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders, or purchased, redeemed, or made any agreements to purchase or redeem any shares
of its capital stock other than pursuant to the Company’s stock repurchase plan described in the SEC Reports. The Company
has not taken any steps to seek protection pursuant to any bankruptcy law nor does the Company believe that its creditors intend
to initiate involuntary bankruptcy Proceedings or have any actual knowledge of any fact which would reasonably lead a creditor
to do so. The Company is not Insolvent (as hereinafter defined) as of the date hereof, and will not be Insolvent after giving
effect to the transactions contemplated hereby to occur at the applicable Closing. For purposes of this Section 3.1(i),
“Insolvent” means (i) the present fair saleable value of the Company’s assets is less than the amount
required to pay the Company’s total indebtedness, (ii) the Company is unable to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured or (iii) the Company has 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.

 

    	 	-9-	 

     

    

 

(j)                
Litigation. Except as disclosed in Section 3.1(j) of the Disclosure Letter or the SEC Reports, there
is no Proceeding pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary or any of its properties
that has or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Neither the Company,
nor, to the knowledge of the Company, any director or officer thereof, is or has been the subject of any Proceeding involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has
not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation involving the Company or,
to the knowledge of the Company, any current or former director or officer of the Company. Except as disclosed in the Disclosure
Letter, neither the Company nor any Subsidiary is a party or subject to the provisions of any order, writ, injunction, judgment
or decree of any court or government agency or instrumentality that has had or would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. There is no Proceeding by the Company or any Subsidiary currently pending or which
the Company or any Subsidiary intends to initiate that would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect. Since March 27, 2014, (i) the Common Stock has been designated for quotation on The Nasdaq Stock Market,
(ii) trading in the Common Stock has not been suspended by the SEC or The Nasdaq Stock Market and (iii) the Company has received
no communication, written or oral, from the SEC or The Nasdaq Stock Market regarding the suspension or delisting of the Common
Stock.

 

(k)              
Key Employees. There are no currently effective employment contracts, offer letters containing economic terms, consulting
agreements, deferred compensation arrangements, bonus plans, incentive plans, profit sharing plans, retirement agreements or other
employee compensation plans or agreements containing terms and conditions that would result in the material payment to any employee
or former employee of the Company or any of its Subsidiaries of any material money or other property or the acceleration, vesting
or provision of any other material rights or benefits to any employee or former employee of the Company or any of its Subsidiaries
by virtue of the issuance of the Securities pursuant to this Agreement (either alone or upon the occurrence of any other event).

 

(l)                
Registration Rights and Voting Rights. Except as disclosed in Section 3.1(l) of the Disclosure Letter
or required pursuant to Article VI of this Agreement, the Company is presently not under any obligation, and has not granted
any rights, to register any of the Company’s presently outstanding securities or any of its securities that may hereafter
be issued that have not expired or been satisfied. To the knowledge of the Company, no stockholder of the Company has entered
into any agreement with respect to the voting of equity securities of the Company.

 

(m)            
Compliance with Laws; Permits. Neither the Company nor any of its Subsidiaries is, or since March 27, 2014 has been,
in violation of any Applicable Law in respect of the conduct of its business or the ownership of its properties, which violation
has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company and
its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign
regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports (“Material Permits”),
except where the failure to possess such permits has not had and would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect, and neither the Company nor any Subsidiary has received any notice of Proceedings relating
to the revocation or modification of any Material Permit, the revocation or modification of which has had or would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

    	 	-10-	 

     

    

 

(n)              
Foreign Assets Control Regulations, Etc.

 

(i) Neither
the sale of the Securities by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy
Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) or any enabling legislation or executive order relating thereto.

 

(ii)
Neither the Company nor any Subsidiary (i) is a Person described or designated in the
Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism
Order or (ii) engages in any dealings or transactions with any such Person. The Company and its Subsidiaries are in compliance,
in all material respects, with the USA Patriot Act.

 

(iii)
No part of the proceeds from the sale of the Securities hereunder will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political party, candidate for political office, or anyone else
acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of
the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company.

 

(o)              
Status under Certain Statutes. Neither the Company nor any Subsidiary is subject to regulation under the Investment
Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.

 

(p)              
Environmental Matters.

 

(i)
Neither the Company nor any Subsidiary has knowledge of any claim
or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of
its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other
assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not
reasonably be expected to result in a Material Adverse Effect.

 

(ii)
Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation
of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or
formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not reasonably
be expected to result in a Material Adverse Effect.

 

(iii)
Neither the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or
operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each
case in any manner that could reasonably be expected to result in a Material Adverse Effect.

 

    	 	-11-	 

     

    

 

(iv)
All buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable
Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect.

 

(q)              
Title to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their respective properties
that individually or in the aggregate are material, including all such properties reflected in the most recent audited balance
sheet or purported to have been acquired by the Company or any Subsidiary after said date (except as sold or otherwise disposed
of in the ordinary course of business), in each case free and clear of Liens. All leases that individually or in the aggregate
are material are valid and subsisting and are in full force and effect in all material respects.

 

(r)               
Offering Valid. Assuming the accuracy of the representations and warranties of the Investor contained in Section 3.2
hereof, the offer, sale and issuance of the Common Stock, the Warrants, and the Warrant Shares will be exempt from the registration
requirements of the Securities Act, and will have been registered or qualified (or are exempt from registration and qualification)
under the registration, permit or qualification requirements of all applicable state securities laws.

 

(s)               
Private Placement. Neither the Company, nor any of its 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. Neither the Company nor any of its Affiliates nor, any Person acting on the Company’s
behalf has, directly or indirectly, at any time within the past six (6) months, made any offer or sale of any security or solicitation
of any offer to buy any security under circumstances that would (i) eliminate the availability of the exemption from registration
under Regulation D in connection with the offer and sale by the Company of the Securities as contemplated hereby or (ii) cause
the offering of the Securities pursuant to the Transaction Documents to be integrated with prior offerings by the Company for
purposes of any Applicable Law or stockholder approval provisions, including, without limitation, under the rules and regulations
of The Nasdaq Stock Market, in a manner which would require any stockholder approval.

 

(t)                
Transfer Taxes. On the Closing Date, all documentary, stamp, issue, stock transfer and other taxes (other than income
taxes) required to be paid in connection with the sale and transfer of the shares of Common Stock to be sold to the Investor hereunder
will be, or will have been, fully paid or provided for by the Company, and all Applicable Laws imposing such taxes will be or
will have been complied with fully.

 

(u)              
Placement Agent’s Fees. The Company has not employed any broker, investment banker, finder or other Person
in a similar capacity and has not incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s
fees, and no broker, investment banker, finder or other Person in a similar capacity has acted, directly or indirectly, for the
Company or any of its Subsidiaries, in connection with this Agreement or the transactions contemplated hereby. The Company shall
pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation, reasonable attorney’s
fees and out-of-pocket expenses) arising in connection with any such claim for fees arising out of the issuance of the Securities
pursuant to this Agreement and the Transaction Documents.

 

    	 	-12-	 

     

    

 

(v)              
Application of Takeover Protections. Except as described in Section 3.1(v) of the Disclosure Letter,
there is no control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s charter documents or the Applicable Laws of its state of incorporation
or otherwise, that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their
obligations or exercising their rights under the Transaction Documents, including, without limitation, as a result of the Company’s
issuance of the Securities (including the issuance of the Warrant Shares) and the Investor’s ownership of the Securities.

 

3.2            Representations,
Warranties and Covenants of the Investor. The Investor hereby represents and warrants to the Company as follows:

 

(a)              
Organization; Authority. The Investor is an entity duly organized, validly existing and in good standing under the
Applicable Laws of the jurisdiction of its organization with the requisite corporate, partnership or other power and authority
to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations
thereunder. The purchase by the Investor of the Securities hereunder has been duly authorized by all necessary corporate, partnership
or other action on the part of the Investor. This Agreement has been duly executed and delivered by the Investor and constitutes
the valid and binding obligation of the Investor, enforceable against it in accordance with its terms, except as may be limited
by (i) applicable bankruptcy, insolvency, reorganization or other Applicable Laws of general application relating to or affecting
the enforcement of creditors rights generally, and (ii) the effect of rules of law governing the availability of specific performance
and other equitable remedies. The Investor is not required to obtain any consent, waiver, authorization or order of, give notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Investor of the Transaction Documents or the consummation
of the transactions contemplated hereby and thereby, other than filings required under applicable U.S. federal and state securities
laws.

 

(b)              
No Public Sale or Distribution. The Investor is (i) acquiring the Common Stock and the Warrants and (ii) upon exercise
of the Warrants will acquire the Warrant Shares issuable upon exercise thereof, not with a view towards, or for resale in connection
with, the public sale or distribution thereof, except pursuant to sales registered under the Securities Act or under an exemption
from such registration and in compliance with applicable federal and state securities laws, and the Investor does not have a present
arrangement to effect any distribution of the Securities to or through any person or entity; provided, however,
that by making the representations herein, the Investor does not agree 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 under the Securities Act.

 

    	 	-13-	 

     

    

 

(c)              
Investor Status. At the time the Investor was offered the Securities, it was, and at the date hereof it is, an “accredited
investor” as defined in Rule 501(a) under the Securities Act or a “qualified institutional buyer” as defined
in Rule 144A(a) under the Securities Act.

 

(d)              
Experience of the Investor. The Investor, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the
prospective investment in the Securities, and has so evaluated the merits and risks of such investment. The Investor understands
that it must bear the economic risk of this investment in the Securities, and is able to bear such risk and is able to afford
a complete loss of such investment.

 

(e)              
Access to Information. The Investor acknowledges that it has had access to the Disclosure Materials and information
about the Company and the Subsidiaries and their respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment. No information, inquiry, or investigation conducted
by or on behalf of the Investor or its representatives or counsel shall modify, amend or affect the Investor’s right to
rely on the truth, accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties
contained in the Transaction Documents.

 

(f)               
Restricted Securities. The Investor understands that the Securities are characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities
Act only in certain limited circumstances. The Investor has been advised or is aware that it may be deemed to be an “affiliate”
of the Company within the meaning of the Securities Act following the execution of this Agreement.

 

(g)              
Placement Agent’s Fees. The Investor has not employed any broker, investment banker, finder or other Person
in a similar capacity or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s
fees, and no broker, investment banker, finder or other Person in a similar capacity has acted, directly or indirectly, for the
Company or any of its Subsidiaries, in connection with this Agreement or the transactions contemplated hereby. The Investor shall
pay, and hold the Company harmless against, any liability, loss or expense (including, without limitation, reasonable attorney’s
fees and out-of-pocket expenses) arising in connection with any such claim for any such fees described in the preceding sentence
arising out of the purchase of the Securities pursuant to this Agreement.

 

(h)              
Litigation. There is no Proceeding pending or, to the Investor’s knowledge, threatened against the Investor
or any subsidiary or any of its properties which in any manner challenge or seek to prevent, enjoin, alter or materially delay
the transactions contemplated by this Agreement.

 

(i)                
No Ownership of Company Securities. Except for the Prior Shares, the Prior Warrant and the Prior Warrant Shares,
as of the date of this Agreement, neither the Investor, nor any Investor Controlled Entity or Affiliate of the Investor (other
than any officer or director of the Investor) beneficially owns any shares of Common Stock, or any other equity securities of
the Company, or any options, warrants or other rights to acquire equity securities of the Company or any other securities convertible
into equity securities of the Company. Except for the Prior Shares, the Prior Warrant and the Prior Warrant Shares, since March
27, 2014, neither the Investor, nor any Investor Controlled Entity, or Affiliate of the Investor (other than any officer or director
of the Investor), has purchased, sold, transferred, made any short sale of, granted any option for the purchase of, or entered
into any hedging or similar transaction with the same economic effect as a sale of, any equity securities or any options, warrants
or other rights to acquire equity securities of the Company.

 

    	 	-14-	 

     

    

 

ARTICLE
IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1            Transfer
Restrictions.

 

(a)              
The Investor covenants that the Securities will only be disposed of pursuant to an effective registration statement under,
and in compliance with the requirements of, the Securities Act, to the Company or pursuant to an available exemption from the
registration requirements of the Securities Act, and in compliance with any applicable state securities laws. In connection with
any transfer of Securities other than pursuant to an effective registration statement or to the Company, the Company may require
the transferor to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration under the Securities
Act. Notwithstanding the foregoing, the Company hereby consents to and agrees to register on the books of the Company and with
its Transfer Agent, without any such legal opinion, except to the extent that the Transfer Agent requests such legal opinion,
any transfer of Securities by the Investor to an Affiliate of the Investor, provided, that (i) the transferee certifies
to the Company that it is an “accredited investor,” as defined in Rule 501(a) under the Securities Act and (ii) the
transferee agrees in writing to be subject to the terms and conditions of this Agreement.

 

(b)              
The Investor agrees to the imprinting, so long as is required by this Section 4.1(b), of the following legends
on any certificate evidencing any of the Securities:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

    	 	-15-	 

     

    

 

THESE
SECURITIES ARE SUBJECT TO TRANSFER RESTRICTIONS AS SET FORTH IN A CERTAIN SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER AND
THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.

 

Certificates
evidencing Securities shall not be required to contain the legends set forth above (i) following any sale of such Securities pursuant
to a Registration Statement covering the resale of the Securities is effective under the Securities Act; (ii) following any sale
of such Securities pursuant to Rule 144 if the holder provides the Company with a legal opinion reasonably acceptable to the Company
to the effect that the Securities have been sold under Rule 144; (iii) if the Securities are eligible for sale under Rule 144(b)(1);
or (iv) if the holder provides the Company with a legal opinion reasonably acceptable to the Company to the effect that the legend
is not required under applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements
issued by the staff of the SEC). The Company may not make any notation on its records or give instructions to the Transfer Agent
that enlarge the restrictions on transfer set forth in this Section 4.1(b) unless required by Applicable Law.

 

(c)              
Notwithstanding the foregoing provisions of this Section 4.1, during the Voting Period, Investor agrees that it
shall not sell, transfer or dispose of, directly or indirectly, any Securities, other than pursuant to an effective registration
statement, pursuant to Rule 144, pursuant to another available exemption from the registration requirements of the Securities
Act in an unregistered block trade executed on behalf of Investor, to the Company, in response to a Change of Control (or agreement
related to a Change of Control), or a tender or exchange offer for the Common Stock, as part of a merger or other transaction
in which all outstanding shares of Common Stock of the Company are converted into or exchanged for other consideration and is
approved by the stockholders of the Company, or with prior Board approval, unless the transferee agrees in writing to be bound
by and subject to the terms and conditions of this Agreement.

 

4.2            Furnishing
of Information. During the time a Registration Statement is required to be effective, the Company covenants to timely file
(or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to the Exchange Act. Upon the request of the Investor, the Company shall deliver to the
Investor a written certification of a duly authorized officer as to whether it has complied with the preceding sentence. As long
as the Investor owns Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare
and furnish to the Investor and make publicly available in accordance with Rule 144(c) such information as is required for the
Investor to sell the Securities under Rule 144. The Company further covenants that it will take such further action as the Investor
may reasonably request, all to the extent necessary from time to time to enable such Person to sell such Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144.

 

4.3            Integration.
The Company shall not, and shall use its commercially reasonably efforts to ensure that no Affiliate thereof shall, sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities
Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the
Securities Act of the sale of the Securities to the Investor or that would be integrated with the offer or sale of the Securities
such that approval of the stockholders of the Company would be required pursuant to the rules and regulations of The Nasdaq Stock
Market or a comparable securities trading market.

 

    	 	-16-	 

     

    

 

4.4            Reservation
of Securities. The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant
to the Transaction Documents in such amount as may be required to fulfill its obligations to issue Warrant Shares under the Transaction
Documents. In the event that at any time the then authorized shares of Common Stock are insufficient for the Company to satisfy
its obligations to issue such Warrant Shares under the Transaction Documents, the Company shall promptly take such actions as
may be required to increase the number of authorized shares.

 

4.5            Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing of the Common Stock on The Nasdaq Stock
Market or a comparable securities trading market, and promptly following the Closing (but not later than the 30 day anniversary
of the Closing) to list the Shares and Warrant Shares on The Nasdaq Stock Market. The Company further agrees, if the Company applies
to have the Common Stock traded on any other securities trading market, it will include in such application the Shares and the
Warrant Shares, and will take such other action as is necessary or desirable in the reasonable opinion of the Investor to cause
the Shares and Warrant Shares to be listed on such other securities trading market as promptly as possible. The Company will take
all action reasonably necessary to continue the listing and trading of its Common Stock on The Nasdaq Stock Market or comparable
securities trading market and will comply in all material respects with the Company’s reporting, filing and other obligations
under the by-laws or rules of such market.

 

4.6            Anti-Takeover
Provisions. If any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s charter documents or the Applicable Laws of its
state of incorporation or otherwise, that is or would reasonably be expected to become applicable to the Investor as a result
of the Investor and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including,
without limitation, as a result of the Company’s issuance of the Securities and/or Investor’s exercise of Warrants
and the Investor’s ownership of the Securities, shall become applicable to the transactions contemplated by the Transaction
Documents, the Company and the Board shall use best efforts to grant such approvals and take such actions as are necessary so
that the transactions contemplated by the Transaction Documents may be consummated as promptly as practicable on the terms contemplated
hereby and otherwise act to minimize the effects of any such statute or regulation on the transactions contemplated hereby.

 

4.7            [Reserved].

 

4.8            Voting
Agreement.

 

(a)              
During the Voting Period, each of the Investor, any Investor Controlled Entity or any Affiliate of the Investor (other
than any officer or director of the Investor) (the “Investor Group”) shall:

 

    	 	-17-	 

     

    

 

(i)                
vote all Securities in each vote of the Company’s stockholders in the manner recommended by the Board; provided that
this Section 4.8(a) shall not apply to proposals (i) seeking approvals of the Company’s stockholders with respect
to amendments to the Company’s Certificate of Incorporation or by-laws that directly conflict with the rights of the Investor
under this Agreement, (ii) that directly affect the Investor by naming the Investor specifically in such amendment or (iii) that
seek approval of, or are otherwise made in connection with, any transaction, offer or proposal that would, if consummated, result
in a Change of Control of the Company; and

 

(ii)             
with respect to votes of the Company’s stockholders relating to the election of members of the Board, vote all Securities
in favor of individuals recommended by the Board for election to the Board.

 

(b)              
During the Voting Period, the Investor shall take such actions as may be reasonably necessary to ensure that any Securities
held by any member of the Investor Group are present for any vote of the Company’s stockholders for purposes of establishing
a quorum with respect to such vote.

 

4.9            Standstill.

 

(a)              
Subject to Section 20.11 of the Strategic Alliance Agreement, the Investor agrees that prior to November 6, 2019, no member
of the Investor Group shall directly or indirectly:

 

(i)                
act, alone or in concert with others, to seek to control the management, Board or policies of the Company;

 

(ii)             
enter into any joint venture, securities lending or option agreement, put or call, guarantee of loans, guarantee of profits
or division of losses or profits, contract, arrangement or understanding with any Person with respect to any securities of the
Company or any Subsidiary of the Company;

 

(iii)           
acquire additional shares of Voting Stock without the consent of the Board, except for the Warrant Shares and the Prior
Warrant Shares;

 

(iv)            
solicit or participate in the solicitation of proxies with respect to any Voting Stock, or seek to advise or influence
any person with respect to the voting of any Voting Stock (other than as otherwise provided or contemplated by this Agreement);

 

(v)              
deposit any Voting Stock in a voting trust or, except as otherwise provided or contemplated herein, subject any Voting
Stock to any arrangement or agreement with any third party with respect to the voting of such Voting Stock;

 

(vi)            
join a 13D Group (other than a group comprising solely of the Investor and its Affiliates) for the purpose of acquiring,
holding, voting or disposing of Voting Stock or Non-Voting Convertible Securities;

    	 	-18-	 

     

    

 

(vii)         
take any action which would reasonably be expected to require the Company to make a public announcement regarding the possibility
of a business combination or merger involving the Company or any of its Subsidiaries;

 

(viii)       
publicly disclose any intention, plan or arrangement inconsistent with the foregoing;

 

(ix)            
knowingly advise, assist or encourage any other Persons in connection with any of the foregoing; or

 

(x)              
request that the Company (or its respective directors, officers, affiliates, employees or agents), directly or indirectly,
amend or waive any provision of this Section 4.9(a) in a manner that requires public disclosure of such request.

 

Notwithstanding
anything to the contrary in this Agreement, (i) the prohibitions in this Article IV shall not affect the Investor’s
ability to hold the Shares, the Warrants, the Warrant Shares, the Prior Shares, the Prior Warrant or the Prior Warrant Shares,
(ii) the provisions of Section 4.8 and this Section 4.9 shall not prohibit any member of the Investor Group from
making or disclosing any offer or proposal on a confidential basis to the Board (and, if the Board rejects that offer or proposal
or fails to enter onto a binding agreement with respect to such offer or proposal within 30 days, making a public announcement
regarding such offer or proposal) in connection with a potential business combination or merger transaction with Investor that
would result in a Change of Control of the Company, (iii) if a Change of Control of the Company has occurred, then the provisions
of Section 4.7, Section 4.8 and this Section 4.9 shall immediately terminate without further force or effect
and the Company and the Investor shall be released from compliance therewith, (iv) if (x) the Company has entered into any agreement
to effect a Change of Control of the Company or (y) a third party has made a public offer or proposal (including a tender or exchange
offer) or publicly announced an intention to make any such offer or proposal that would, if consummated, result in a Change of
Control of the Company, then, in each case in this clause (iv), the Company and the Investor shall be released from the provisions
of Section 4.7, Section 4.8 and this Section 4.9 for the pendency of such agreement, offer or proposal, and
(v) the provisions of Section 4.8 and this Section 4.9 shall not prohibit the Investor from disclosing the acquisition
of the Shares, Warrants and Warrant Shares hereunder on Schedule 13D or Schedule 13G, provided that the Investor shall give the
Company prior notice of such filing.

 

4.10         
Lock-Up. The Investor hereby agrees not to sell, transfer or otherwise dispose of, directly or indirectly, any Shares
or Warrant Shares or enter into any swap or other arrangement that transfers to another Person any of the economic consequences
of ownership of Shares or Warrant Shares until the six month anniversary of the Closing, except (i) to the Company, (ii) in response
to a Change of Control (or agreement related to a Change of Control), or a tender or exchange offer for the Common Stock (other
than a tender or exchange offer by any member of the Investor Group), (iii) as part of a merger or other transaction in which
all outstanding shares of Common Stock of the Company are converted into or exchanged for other consideration and is approved
by the stockholders of the Company, (iv) a transfer to an Affiliate of the Investor, provided such Affiliate agrees in writing
to be bound by the terms of Section 4.1, Section 4.8, Section 4.9, and this Section 4.10, or (v) with prior
Board approval. From and after the six month anniversary of the Closing Date through the end of the Voting Period, the Investor
hereby agrees not to sell, transfer or otherwise dispose of Shares or Warrant Shares in any calendar week in an amount in excess
of 1% of the total outstanding shares of the Company, other than (i) in any transaction provided for in clauses (i) – (v)
of the immediately preceding sentence or (ii) pursuant to an underwritten offering or a block trade executed on behalf of Investor.

 

    	 	-19-	 

     

    

 

4.11         
Press Releases. No later than the Trading Day immediately following the execution of this Agreement, the Company
will issue a press release disclosing the transactions contemplated by the Agreement, and the Company shall file a Form 8-K relating
to the Transaction Documents. The Company shall provide the Investor with a reasonable opportunity to review and provide comments
on the drafts of such press release and Form 8-K. The Company and the Investor shall consult with each other in issuing any subsequent
press releases with respect to the transactions contemplated hereby, and the Company and the Investor shall not issue any such
subsequent press release or otherwise make any such public statement without the prior consent of the other party, which consent
shall not be unreasonably withheld, conditioned or delayed, except if such disclosure is required by Applicable Law, in which
case the disclosing party shall if possible promptly provide the other party with prior notice of such public statement or communication.

 

4.12         
Antitrust Filings. If the exercise of the Warrants requires any antitrust filings under Applicable Law, then the
Investor and the Company agree to make any such required filings and to cooperate with each other in making any such filings.

 

4.13         
Information Rights; Nondisclosure. So long as the Investor holds in the aggregate at least 876,281 shares of Common
Stock (including for such calculation, any shares of Common Stock underlying the Warrant or the Prior Warrant), (i) the Company
will furnish, or cause to be furnished, to the Investor such additional information regarding the Investor's investment in the
Company as the Investor may reasonably request, including such information as is necessary or appropriate to permit the Investor
Group to comply on a timely basis with their financial reporting obligations in respect of the Investor's investment in the Company
and (ii) the Company agrees to provide best efforts to keep the Investor
reasonably informed on a prompt basis regarding any negotiations that have reached the stage where specific terms are being discussed
with any third parties regarding potential investments or acquisitions involving the Company or any of its Subsidiaries.
All such information, and all other confidential information that the Company provides to Investor, will be subject to the provisions
of, and treated as “Confidential Information” under, the Strategic Alliance Agreement.

 

ARTICLE
V

CONDITIONS PRECEDENT

 

5.1            Conditions
Precedent to the Obligations of the Investor. The obligation of the Investor to acquire Securities at the Closing is subject
to the satisfaction or waiver by the Investor, at the Closing, of each of the following conditions:

 

(a)              
Representations and Warranties. The representations and warranties of the Company contained herein shall be true
and correct in all material respects (other than those representations and warranties that are qualified by materiality or Material
Adverse Effect qualifiers, which shall be true and correct in all respects) as of the date when made and as of the Closing as
though made on and as of such date.

 

    	 	-20-	 

     

    

 

(b)              
Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior
to the Closing.

 

(c)              
No Stockholder Approval Required. No approval on the part of the stockholders of the Company shall be required in
connection with the execution and delivery by the Company of this Agreement and the other Transaction Documents and the consummation
of the transactions to be performed by the Company contemplated by the Transaction Documents.

 

(d)              
Regulatory Approvals. All material approvals, authorizations and consents of any governmental entity or Person required
to consummate the transactions contemplated by this Agreement and the other Transaction Documents (including any such approvals,
authorizations and consents under applicable foreign antitrust laws) shall have been obtained and remain in full force and effect,
and all statutory waiting periods relating to such approvals, authorizations and consents shall have expired or been terminated.

 

(e)              
Qualification Under State Securities Laws. All registrations, qualifications, permits and approvals, if any, required
to be obtained prior to the Closing under applicable state securities laws shall have been obtained for the lawful execution,
delivery and performance of this Agreement and the other Transaction Documents, including, without limitation, the offer and sale
of the Securities.

 

(f)               
No Litigation. No litigation, order, writ, injunction, judgment, decree or other claim shall be pending or, to the
knowledge of the Investor, threatened that questions the validity of this Agreement or the other Transaction Documents or the
right of the Company or the Investor to enter into such agreements or to consummate the transactions contemplated hereby and thereby.

 

(g)              
No Violation. No statute, rule, regulation, order, or interpretation shall have been enacted, entered or deemed
applicable by any domestic or foreign government or governmental or administrative agency or court which would make the transactions
contemplated by the Agreement or the other Transaction Documents illegal.

 

5.2            Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Securities at the Closing is subject
to the satisfaction or waiver by the Company, at the Closing, of each of the following conditions:

 

(a)              
Representations and Warranties. The representations and warranties of the Investor contained herein shall be true
and correct in all material respects as of the date when made and as of the Closing Date as though made on and as of such date.

 

(b)              
Performance. The Investor shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement and the other Transaction Documents to be performed, satisfied or complied
with by the Investor at or prior to the Closing.

 

    	 	-21-	 

     

    

 

(c)              
Regulatory Approvals. All material approvals, authorizations and consents of any governmental entity or Person required
to consummate the transactions contemplated by this Agreement and the other Transaction Documents (including any such approvals,
authorizations and consents under applicable foreign antitrust laws) shall have been obtained and remain in full force and effect,
and all statutory waiting periods relating to such approvals, authorizations and consents shall have expired or been terminated.

 

(d)              
Qualification Under State Securities Laws. All registrations, qualifications, permits and approvals, if any, required
to be obtained prior to the Closing under applicable state securities laws shall have been obtained for the lawful execution,
delivery and performance of this Agreement and the other Transaction Documents, including, without limitation, the offer and sale
of the Securities.

 

(e)              
No Litigation. No litigation, order, writ, injunction, judgment, decree or other claim shall be pending or, to the
knowledge of the Company, threatened that questions the validity of this Agreement or the other Transaction Documents or the right
of the Company or the Investor to enter into such agreements or to consummate the transactions contemplated hereby and thereby.

 

(f)               
No Violation. No statute, rule, regulation, order, or interpretation shall have been enacted, entered or deemed
applicable by any domestic or foreign government or governmental or administrative agency or court which would make the transactions
contemplated by this Agreement or the other Transaction Documents illegal.

 

ARTICLE
VI

REGISTRATION RIGHTS

 

6.1            Registration
Statement.

 

(a)              
Until such time as the date that all Registrable Securities have been sold or can be sold publicly under Rule 144 without
volume limitation and without volume limitations under Section 4.10 of this Agreement or Section 4.10 of the Prior Securities
Purchase Agreement, upon written request by the Investor, the Company shall, as soon as reasonably practicable following Investor’s
request, prepare and file with the SEC a registration statement under the Securities Act covering the resale of such portion of
the Registrable Securities requested by the Investor in an offering to be made on a continuous basis pursuant to Rule 415. Each
Registration Statement shall be on Form S-3 or any successor form thereto (except if the Company is not then eligible to register
for resale the Registrable Securities on Form S-3 or any successor form thereto, in which case such registration shall be on another
appropriate form in accordance with the Securities Act). The Company shall not be obligated to file and have declared effective
more than two (2) Registration Statements per year pursuant to this Section 6.1 and any other agreement between the Company
and the Investor, and each registration hereunder shall include Registrable Securities consisting of not less than 100,000
shares of Common Stock (as adjusted by any stock split, dividend or other distribution, recapitalization or similar event).

 

    	 	-22-	 

     

    

 

(b)              
The Company shall use its best efforts to cause each Registration Statement to be declared effective by the SEC as promptly
as practical after the filing thereof (but in no event sooner than six (6) months after the Closing Date of this Agreement), and,
subject to Section 6.1(e), shall use its best efforts to keep each Registration Statement continuously effective under
the Securities Act for all Registrable Securities for a period up to the earlier of seventy five (75) days or until the date that
all Registrable Securities covered by such Registration Statement have been sold or can be sold publicly under Rule 144 on a single
day (the “Effectiveness Period”).

 

(c)              
The Company shall notify the Investor in writing promptly (and in any event within two (2) Trading Days) after receiving
notification from the SEC that a Registration Statement has been declared effective.

 

(d)              
The Company may require the Investor to provide such information regarding the Investor as may be required under the Securities
Act to effect the registration contemplated hereunder.

 

(e)              
If at any time after a Registration Statement has become effective, the Company is engaged in any plan, proposal or agreement
with respect to any financing, acquisition, recapitalization, reorganization or other material transaction or development the
public disclosure of which would be detrimental to the Company, then the Company may direct that such request be delayed or that
use of the Prospectus contained in such Registration Statement be suspended, as applicable, for a period of up to forty-five (45)
days. The Company will notify the Investor of the delay or suspension. In the case of notice suspending an effective Registration
Statement, the Investor will immediately discontinue any sales of Registrable Securities pursuant to such Registration Statement
until the Investor has received copies of a supplemented or amended Prospectus or until the Investor is advised in writing by
the Company that the then-current Prospectus may be used and has received copies of any additional or supplemental filings that
are incorporated or deemed incorporated by reference in such Prospectus. The Company may exercise the rights provided by this
Section 6.1(e) for an aggregate of ninety (90) days within any 365-day period.

 

(f)The
Company will use its best efforts to cooperate with the Investor in the disposition of the Registrable Securities covered by a
Registration Statement.

 

6.2            Registration
Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)              
(i) Prepare and file with the SEC such amendments, including post-effective amendments, to each Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep each Registration Statement continuously effective,
as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the SEC such additional Registration
Statements in order to register for resale under the Securities Act all of the Registrable Securities during the Effectiveness
Period; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so
supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably practical, to any comments
received from the SEC with respect to each Registration Statement or any amendment thereto; and (iv) comply in all material respects
with the provisions of the Securities Act and the Exchange Act applicable to the Company with respect to the disposition of all
Registrable Securities covered by a Registration Statement during the applicable period in accordance with the intended methods
of disposition by the Investor thereof set forth in a Registration Statement as so amended or in such Prospectus as so supplemented.

 

    	 	-23-	 

     

    

 

(b)              
Notify the Investor as promptly as reasonably practical, and confirm such notice in writing no later than two (2) Trading
Days thereafter, of any of the following events: (i) any Registration Statement or any post-effective amendment is declared
effective; (ii) the Company becomes aware that the SEC has issued any stop order suspending the effectiveness of any Registration
Statement or initiates any Proceedings for that purpose; (iii) the Company receives notice of any suspension of the qualification
or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any
Proceeding for such purpose; or (iv) the financial statements included in any Registration Statement become ineligible for inclusion
therein or any Registration Statement or Prospectus or other document contains any untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(c)              
Use its best efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness
of any Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, as soon as possible.

 

(d)              
If requested by the Investor, promptly provide the Investor, without charge, at least one conformed copy of each Registration
Statement and each amendment thereto, including financial statements and schedules, and all exhibits to the extent requested by
the Investor (including those previously furnished or incorporated by reference) promptly after the filing of such documents with
the SEC.

 

(e)              
Promptly deliver to the Investor, without charge, as many copies of the Prospectus or Prospectuses (including each form
of prospectus) and each amendment or supplement thereto as the Investor may reasonably request. The Company hereby consents to
the use of such Prospectus and each amendment or supplement thereto by the Investor in connection with the offering and sale of
the Registrable Securities covered by such Prospectus and any amendment or supplement thereto to the extent permitted by federal
and state securities laws and regulations.

 

(f)               
Prior to any public offering of Registrable Securities, use its best efforts to register or qualify or cooperate with the
Investor in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as the Investor
requests in writing, to keep each such registration or qualification (or exemption therefrom) effective for so long as required,
but not to exceed the duration of the Effectiveness Period, and to do any and all other acts or things reasonably necessary or
advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement; provided,
however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign
corporation or as a dealer in securities in any jurisdiction in which it would not otherwise be required to qualify but for this
Section 6.2(f) or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise
so subject.

 

    	 	-24-	 

     

    

 

(g)              
Upon sale of such Registrable Securities pursuant to an effective Registration Statement, cooperate with the Investor to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee,
which certificates shall be free, to the extent permitted by this Agreement and under Applicable Law, of all restrictive legends,
and to enable such Registrable Securities to be in such denominations and registered in such names as any the Investor may reasonably
request.

 

(h)              
Promptly upon the occurrence of any event described in Section 6.2(b)(iv), prepare a supplement or amendment,
including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither
such Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

 

(i)                
Comply with all rules and regulations of the SEC applicable to the Company in connection with the registration of the Securities.

 

(j)                
The Company shall comply with all applicable rules and regulations of the SEC under the Securities Act and the Exchange
Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or
amendment thereof, with the SEC pursuant to Rule 424 under the Securities Act, promptly inform the holders in writing if, at any
time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof,
the holders are required to make available a Prospectus in connection with any disposition of Registrable Securities and take
such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

6.3            Registration
Expenses. The Company shall pay all fees and expenses incident to the performance of or compliance with Article VI
of this Agreement, including, without limitation, (a) all registration and filing fees and expenses, including without limitation
those related to filings with the SEC, The Nasdaq Stock Market or comparable securities trading market and in connection with
applicable state securities or Blue Sky laws, (b) printing expenses (including without limitation expenses of printing certificates
for Registrable Securities), (c) messenger, telephone and delivery expenses incurred by the Company, (d) fees and disbursements
of counsel for the Company, (e) fees and expenses of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement, (f) reasonable fees and expenses of one special counsel for the Investor (not
to exceed $25,000 per registration or $100,000 in the aggregate for all registrations pursuant to this Agreement); and (g) all
listing fees to be paid by the Company to The Nasdaq Stock Market or comparable securities trading market; provided, however,
that the Company shall not be responsible for underwriting discounts and commissions of the Investor.

 

    	 	-25-	 

     

    

 

6.4            Indemnification.

 

(a)              
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify
and hold harmless the Investor, the officers, directors, partners, members, agents and employees of each of them, each Person
who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, partners, members, agents and employees of each such controlling Person, to the fullest extent permitted by Applicable
Law, from and against all Losses arising out of or relating to any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus or any form of Company prospectus or in any amendment or supplement thereto or in
any Company preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement
thereto, in the light of the circumstances under which they were made) not misleading, provided, however, that the
Company shall not be liable in any such case to the extent that such Losses arise out of, or are based upon, an untrue statement
or omission or alleged untrue statement or omission made in such Registration Statement in reliance upon and in conformity with
information that relates solely to the Investor or the Investor’s proposed method of distribution of Registrable Securities
and was provided by the Investor in writing for use in such Registration Statement, such Prospectus or such form of Prospectus
or in any amendment or supplement thereto.

 

(b)              
Indemnification by the Investor. The Investor shall, notwithstanding any termination of this Agreement, indemnify
and hold harmless the Company, its officers, directors, partners, members, agents and employees of each of them, each Person who
controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the officers,
directors, partners, members, agents and employees of each such controlling Person, to the fullest extent permitted by Applicable
Law, from and against all Losses arising out of any untrue statement of a material fact contained in any Registration Statement,
any Prospectus or any form of Company prospectus or in any amendment or supplement thereto or in any Company preliminary prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the
circumstances under which they were made) not misleading, in each case, on the effective date thereof, but only to the extent
that such untrue statement or omission is based solely upon information regarding the Investor furnished to the Company by the
Investor in writing expressly for use therein, or to the extent that such information solely relates to the Investor or the Investor’s
proposed method of distribution of Registrable Securities and was provided by the Investor for use in such Registration Statement,
such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event shall the liability of the Investor
under this Article VI be greater in amount than the dollar amount of the net proceeds received by the Investor upon the
sale of the Registrable Securities giving rise to such indemnification obligation.

 

    	 	-26-	 

     

    

 

(c)              
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled
to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the
defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable
fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that such failure shall have materially and adversely prejudiced the Indemnifying Party. An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (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 Proceeding; or (iii) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified
Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is
likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party or that additional or
different defenses may be available to the Indemnified Party (in which case, if such Indemnified Party notifies the Indemnifying
Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense thereof and the reasonable fees and expenses of separate counsel shall be at the expense
of the Indemnifying Party), it being understood, however, that the Indemnifying Party shall not, in connection with any one such
Proceeding (including separate Proceedings that have been or will be consolidated before a single judge) be liable for the fees
and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall
not be liable for any settlement of any such Proceeding effected without its written consent, unless such consent is unreasonably
withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement
of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. All reasonable
fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating
or preparing to defend such Proceeding in a manner not inconsistent with this Section 6.4(c)) shall be paid to the Indemnified
Party, as incurred, within twenty (20) Trading Days of written notice thereof to the Indemnifying Party (regardless of whether
it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the
Indemnifying Party shall reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified
Party is not entitled to indemnification hereunder).

 

    	 	-27-	 

     

    

 

(d)              
Contribution. If a claim for indemnification under Section 6.4(a) or (b) is unavailable to an Indemnified
Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements
or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or
made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section
6.4(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section 6.4(d) was available to such party in accordance with its terms. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 6.4(d) were determined by pro rata allocation or
by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 6.4(d), the Investor shall not be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by the Investor from the sale
of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that the Investor has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

 

6.5            Dispositions.
The Investor agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in
connection with sales of Registrable Securities pursuant to a Registration Statement and shall sell its Registrable Securities
in accordance with the Plan of Distribution set forth in the Prospectus. The Investor further agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Sections 6.2(b)(ii), (iii) or (iv),
the Investor will use best efforts to discontinue disposition of Registrable Securities under a Registration Statement until the
Investor is advised in writing by the Company that the use of the Prospectus, or amended Prospectus, as applicable, may be used.
The Investor acknowledges and agrees that the provisions of Section 4.9 of this Agreement shall apply with respect to any
proposed disposition pursuant to a Registration Statement filed pursuant to this Article VI. The Company may provide appropriate
stop orders to enforce the provisions of this paragraph.

 

6.6            [Reserved.]

 

6.7            Assignment
of Registration Rights. The registration rights under this Article VI of this Agreement with respect to applicable
shares transferred by Investor pursuant to this agreement shall be automatically transferred to any transferee of all or any portion
of Investor’s Registrable Securities, to the extent of such shares transferred, if (a) Investor agrees in writing with the
transferee or assignee to assign such rights and a copy of such agreement is furnished to the Company within a reasonable time
after such assignment; (b) the Company is furnished with written notice of (i) the name and address of such transferee and (ii)
the securities with respect to which such registration rights are being transferred; (c) following such transfer or assignment,
the further disposition of such securities by the transferee is restricted under this Agreement, the Securities Act and applicable
state securities laws; (d) at or before the time the Company receives the written notice contemplated by clause (b) of this sentence
the transferee agrees in writing to be bound by all of the provisions of this Agreement; and (e) such transfer shall have been
made in accordance with the applicable requirements of this Agreement.

 

    	 	-28-	 

     

    

 

ARTICLE
VII

MISCELLANEOUS

 

7.1            Termination.
This Agreement may be terminated by the Company or the Investor, by written notice to the other, if the Closing has not been consummated
by the third Business Day following the date of this Agreement; provided, that no such termination will affect the right
of any party to sue for any breach by the other party (or parties).

 

7.2            Fees
and Expenses. The Company shall pay all Transfer Agent fees, documentary, stamp, issue and transfer taxes and other taxes
and duties levied in connection with the sale, issuance and transfer of the Securities.

 

7.3            Entire
Agreement. The Transaction Documents, the Strategic Alliance Agreement and the Prior Securities Purchase Agreement, together
with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules.

 

7.4            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number specified in this Section 7.4 prior to 6:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section 7.4 on a day that is not a Trading Day or later than 6:30 p.m. (New York City
time) on any Trading Day, (c) the Trading Day following the date of deposit with a nationally recognized overnight courier service,
or (d) upon actual receipt by the party to whom such notice is required to be given. The addresses, facsimile numbers for such
notices and communications are as follows:

 

Notices for the Company:

 

Energous Corporation,
Inc.

3590 North First Street,
Suite 210

San Jose, CA 95134

Attention: Brian Sereda

Telephone No.: (408)
963-0200

 

 

With a copy to:

 

Fenwick & West LLP

801 California Street

Mountain View, CA 94041

Attention: Mark Leahy
and Horace Nash

Telephone No.: (650)
988-8500

Facsimile No.: (650)
938-5200

 

    	 	-29-	 

     

    

 

 

Notices for the Investor:

 

Dialog Semiconductor
plc

100 Longwater Avenue

Green Park

Reading, RG2 6GP

Attn: Legal Department

Telephone No.: +44 (0)
1793 757700

 

7.5            Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an
amendment, by the Company and the Investor or in the case of a waiver, by the party against whom the waiver is to be effective.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such
right.

 

7.6            Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. 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.

 

7.7            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investor. Notwithstanding the foregoing, nothing in this Section 7.7 shall prevent any assignment of this Agreement
by the Company or the Investor that is deemed to occur in connection with a Change of Control of the Company. The Investor may
assign some or all of its rights hereunder in connection with transfer of any of its Securities without the consent of the Company,
in which event such assignee shall be deemed to be an Investor hereunder with respect to such assigned rights.

 

7.8            No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except that
each Indemnified Party is an intended third party beneficiary of Section 6.4 and (in each case) may enforce the provisions
of such Section 6.4 directly against the parties with obligations thereunder.

 

    	 	-30-	 

     

    

 

7.9            Governing
Law; Venue; Service of Process; Waiver of Jury Trial. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THAT BODY OF LAWS PERTAINING TO CONFLICT OF LAWS. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-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 (INCLUDING WITH RESPECT
TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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 AND THAT 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 VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH
EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS 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. THE COMPANY AND INVESTOR HEREBY WAIVE ALL RIGHTS TO A TRIAL
BY JURY.

 

7.10         
Survival. The representations and warranties contained herein shall survive the Closing. The agreements and covenants
contained herein shall survive the Closing in accordance with their respective terms.

 

7.11         
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or email attachment, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or email-attached
signature page were an original thereof.

 

7.12         
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

7.13         
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen
or destroyed, the Company shall promptly issue or cause to be issued in exchange and substitution for and upon cancellation thereof,
or in lieu of and substitution therefor, a new certificate or instrument, and the Investor will pay only those costs and expenses
that are customarily charged by or on behalf the Company or the Transfer Agent to any stockholder of the Company in connection
therewith. The Company may require the execution by the holder thereof of a customary lost certificate affidavit of that fact
and a customary agreement to indemnify and hold harmless the Company (and Transfer Agent, if applicable) for any losses in connection
therewith.

 

    	 	-31-	 

     

    

 

7.14         
Remedies. In addition to being entitled to exercise all rights provided herein or granted by Applicable Law, including
recovery of damages, the Investor and the Company will be entitled to seek specific performance under the Transaction Documents.
The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation (other
than in connection with any action for temporary restraining order) the defense that a remedy at law would be adequate.

 

7.15         
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution
payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive
directly or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date
hereof and prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be
amended to appropriately account for such event.

 

[SIGNATURE
PAGES TO FOLLOW]

 

    	 	-32-	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	 	COMPANY:
	 	ENERGOUS
    CORPORATION, INC.
	 	 
	 	By:	 	 
	 	Name: 	 	Stephen R. Rizzone
	 	Title: 	 	President and Chief Executive
    Officer  

 

    
Signature Page to Securities Purchase Agreement

     

    

 

	 	INVESTOR:
	 	DIALOG
    SEMICONDUCTOR PLC.
	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

    
Signature Page to Securities Purchase Agreement

     

    

 

	Exhibits:	 	 	 
	 	 	 	 
	A	 	Securities
    Purchased	 
	 	 	 	 
	B	 	Form of Warrant	 
	 	 	 	 
	C	 	Form of Secretary’s
    Certificate - Company	 

 

 

     

     

    

 

Exhibit
A

SECURITIES PURCHASED

 

 

 

	Investor	 	Common
    Stock	 	Warrants	 	Purchase
    Price	 
	 	 	 	 	 	 	 	 	 
	Dialog Semiconductor plc.	 	976,139	 	654,013	 	$	14,999,934.92	 

 

 

     

     

    

 

Exhibit
B

FORM OF WARRANT

 

 

 

 

 

 

     

     

    

NEITHER
THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES
AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY SUCH SECURITIES IN ACCORDANCE WITH THE PURCHASE AGREEMENT (AS DEFINED BELOW).

 

ENERGOUS
CORPORATION

 

WARRANT

 

	Warrant No.
    003	 	Dated: July
    5, 2017

 

Energous
Corporation, a Delaware corporation (the “Company”), hereby certifies that, for value received, Dialog Semiconductor
plc., a public limited company organized under the laws of England and Wales (“Dialog”), or its successors
or assigns (the “Holder”), is entitled to purchase from the Company up to a total of 654,013 shares of common
stock, $.00001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant Shares”) at an exercise price initially equal to $19.9766
per share (as adjusted from time to time as provided in Section 9, the “Exercise Price”), at any
time on or after date which is six months and one day after the date hereof (the “Earliest Exercise Date”)
and through and including July 5, 2020 (the “Expiration Date”), subject to the following terms and conditions.
This Warrant (this “Warrant”) is issued pursuant to that certain Securities Purchase Agreement, dated as of
the date hereof, by and among the Company and the Investor named therein (as amended from time to time, the “Purchase
Agreement”).

 

1.             
Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Purchase Agreement.

 

2.             
Registration of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the Holder of record hereof. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary. The Warrant Shares shall be afforded the registration
rights set forth in Article VI of the Purchase Agreement.

 

     

     

    

 

3.             
Exercise and Duration of Warrant.

 

(a)              
This Warrant shall be exercisable by the Holder at any time and from time to time on or after the Earliest Exercise Date
to and including the Expiration Date. At 6:30 P.M., New York City time, on the Expiration Date, the portion of this Warrant
not exercised prior thereto shall be and become void and of no value.

 

(b)              
The Holder may exercise this Warrant by delivering to the Company an exercise notice, in the form attached hereto (the
“Exercise Notice”), appropriately completed and duly signed, and the date such items are delivered to the Company
(as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall be
required to deliver the original Warrant in order to effect an exercise hereunder unless the Holder shall deliver an affidavit
of loss or such other documentation reasonably requested by the Company in lieu of such original Warrant in connection with any
such exercise. Execution and delivery of the Exercise Notice in respect of less than all the Warrant Shares issuable upon exercise
of this Warrant shall have the same effect as cancellation of the original Warrant and issuance of a new warrant to purchase Common
Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the right
to purchase the remaining number of Warrant Shares.

 

(c)              
This Warrant shall not be exercisable through the making of a cash payment of the Exercise Price, but instead the Holder
may only exercise this Warrant by converting this Warrant into shares of Common Stock, in which event the Company will issue to
the Holder the number of shares of Common Stock equal to the amount resulting from the following equation:

 

	X
    = (A - B) x C 
 A	 	where:

 

		X =	the number of shares of Common
                                         Stock issuable upon exercise pursuant to this Section 3(d);

 

		A =	the Current Market Price Per Common
                                         Share (as defined in Section 10) on the date on which the Holder delivers an Exercise
                                         Notice to the Company pursuant to Section 3(b);

 

		B =	the Exercise Price; and

 

		C =	the number of shares of Common
                                         Stock as to which this Warrant is being exercised pursuant to Section 3(b).

 

If the foregoing
calculation results in zero or a negative number, then no shares of Common Stock shall be issued upon exercise pursuant to this
Section 3(d).

 

     

     

    

 

4.             
Delivery of Warrant Shares.

 

(a)              
Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered to or upon
the written order of the Holder and in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable
upon such exercise (i) free of restrictive legends if (x) sold under a registration statement covering the resale of the Warrant
Shares and naming the Holder as a selling stockholder or (y) if such shares are freely transferable without volume restrictions
pursuant to Rule 144 under the Securities Act, or (ii) if such shares are not freely transferable without volume restrictions
pursuant to Rule 144 under the Securities Act, such certificate will bear the legends set forth in Section 4.1(b) of the
Purchase Agreement. The Holder, or any Person so designated by the Holder to receive Warrant Shares, shall be deemed to have become
the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon request of the Holder, use best efforts
to deliver, or to cause its transfer agent to deliver, Warrant Shares hereunder electronically through The Depository Trust Company
or another established clearing corporation performing similar functions.

 

(b)              
This Warrant is exercisable, either in its entirety or, from time to time, for a portion of the number of Warrant Shares.
Upon surrender of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its
expense, a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

(c)              
The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and
unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to
any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to
the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing
herein 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 upon exercise of this Warrant as required pursuant to the terms hereof.

 

5.             
Exchange, Transfer or Assignment of Warrant.

 

(a)              
Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that the registered holder hereof
may be treated by the Company and all other Persons dealing with this Warrant as the absolute owner hereof for any purpose and
as the Person entitled to exercise the rights represented hereby.

 

(b)              
Subject to compliance with applicable securities laws and the Purchase Agreement, the Holder shall be entitled, without
obtaining the consent of the Company, to assign and transfer this Warrant, at any time in whole or from time to time in part,
to an Affiliate of the Holder, provided such Affiliate agrees in writing to be bound by the terms of Section 4.1, Section 4.8,
Section 4.9, and Section 4.10 of the Purchase Agreement. The Holder may not otherwise sell, assign or transfer this Warrant, in
whole or part. Subject to the preceding sentence, upon surrender of this Warrant to the Company, together with the form of warrant
assignment attached hereto (the “Warrant Assignment”) duly executed, the Company shall, as promptly as practicable
and without charge, execute and deliver a new Warrant in the name of the assignee or assignees named in such Warrant Assignment
and, if the Holder’s entire interest is not being assigned, in the name of the Holder and this Warrant shall promptly be
canceled.

 

     

     

    

 

6.             
Charges, Taxes and Expenses. The Company shall pay any and all documentary, stamp, issue, transfer and other similar
taxes that may be payable upon the initial issuance of the Warrants hereunder. Issuance and delivery of certificates for shares
of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any documentary, stamp, issue, transfer
and other similar tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such
certificates upon the exercise of the Warrants hereunder, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issuance, delivery or registration of any certificates for Warrant Shares or Warrant in a name other than that of the Holder.

 

7.             
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company, at no cost to Holder, shall
issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for
this Warrant, a New Warrant, but only upon receipt of an affidavit of such loss, theft or destruction and customary indemnity,
if requested.

 

8.             
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue
Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other
than the Holder (after giving effect to the adjustments and restrictions of Section 9, if any). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued, fully paid and nonassessable and free and clear of all liens, security
interests, charges and other encumbrances or restrictions on sale, except to the extent created by the Holder. The Company will
use reasonable commercial efforts to take all such action to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation
system upon which the Common Stock may be listed, in each case, applicable to the Company.

 

9.             
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 9.

 

(a)              
Stock Dividends, Splits and Combinations. If the Company, at any time while this Warrant is outstanding, (i) pays
a stock dividend on its Common Stock or otherwise makes a distribution on its Common Stock that is payable in shares of Common
Stock, (ii)  subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding
shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant
to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such dividend, distribution, subdivision or combination.

 

     

     

    

 

(b)              
Fundamental Transactions. If any capital reorganization, reclassification of the capital stock of the Company, consolidation
or merger of the Company with another corporation, or sale, transfer or other disposition of all or substantially all of the Company’s
assets to another corporation shall be effected (all such transactions being hereinafter referred to as a “Fundamental
Transaction”), then the Company shall ensure that lawful and adequate provision shall be made whereby the Holder shall
thereafter have the right to purchase and receive upon the basis and upon the terms and conditions herein specified and in lieu
of the Warrant Shares immediately theretofore issuable upon exercise of this Warrant, such shares of stock, securities or assets
as would have been issuable or payable with respect to or in exchange for a number of Warrant Shares equal to the number of Warrant
Shares immediately theretofore issuable upon exercise of this Warrant, had such reorganization, reclassification, consolidation,
merger, sale, transfer or other disposition not taken place, and in any such case appropriate provision shall be made with respect
to the rights and interests of the Holder to the end that the provisions hereof (including, without limitation, provision for
adjustment of the Exercise Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any
share of stock, securities or assets thereafter deliverable upon the exercise thereof. The Company shall not effect any such consolidation,
merger, sale, transfer or other disposition unless prior to or simultaneously with the consummation thereof the successor corporation
(if other than the Company) resulting from such consolidation or merger, or the corporation purchasing or otherwise acquiring
such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Holder, at the last address
of the Holder appearing on the books of the Company, such shares of stock, securities or assets as, in accordance with the foregoing
provisions, the Holder may be entitled to purchase, and the other obligations under this Warrant. The provisions of this Section 9(b)
shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales, transfers or other
dispositions, each of which transactions shall also constitute a Fundamental Transaction.

 

(c)              
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9,
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased (as the case
may be), proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the decreased or increased
(as the case may be) number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to
such adjustment.

 

(d)              
Calculations. All calculations under this Section 9 shall be made 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. No adjustment in the Exercise Price or the number of Warrant Shares issuable upon exercise of the Warrant, as
the case may be, shall be required if the amount of such adjustment would be less than 1/10th of a cent or 1/100th of a share,
as the case may be; provided, however, that any adjustments which by reason of this Section 9(d) are not
required to be made shall be carried forward and taken into account in any subsequent adjustment.

 

     

     

    

 

(e)              
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company
at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments
and showing in detail the facts upon which such adjustment is based. Upon any such occurrence and/or otherwise upon written request
by or on behalf of the Holder, the Company will promptly deliver a copy of each such certificate to the Holder and to the Transfer
Agent.

 

(f)               
Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities
or other property in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe
for or purchase any capital stock of the Company, (ii) enters into any agreement contemplating, or solicits stockholder approval
for, any Fundamental Transaction or Change of Control or (iii) authorizes the voluntary dissolution, liquidation or winding
up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions
of such transaction, including the effect on the Exercise Price and the number, kind or class of securities or other property
issuable upon exercise of this Warrant, at least fifteen calendar days prior to the applicable record or effective date on which
a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company
will take all steps reasonably necessary to facilitate the exercise of the Warrant pursuant to Section 3(b) (which exercise
may be conditioned upon the occurrence of such event); provided, however, that the failure to deliver such notice
or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

10.            Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this
Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section 10, be issuable upon exercise
of this Warrant, then the number of Warrant Shares to be issued will be rounded down to the nearest whole share.

 

11.            Notices.
Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall be
in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 6:30 p.m. (New York City
time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 6:30
p.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of delivery to the courier service,
if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice
is required to be given. The address for such notices or communications shall be as set forth in the Purchase Agreement.

 

     

     

    

 

12.            Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholder services business
shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

13.            Miscellaneous.

 

(a)              
The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, 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 Warrant, and will at all times in good faith
carry out all the provisions of this Warrant. Without limiting the generality of the foregoing, the Company (i) will not
increase the par value of any Warrant Shares above the amount payable therefor on such exercise and (ii) will not, and will
not permit its transfer agent to, close its stockholder books or records in any manner which interferes with the timely exercise
of this Warrant.

 

(b)              
GOVERNING LAW; VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO THAT BODY OF LAWS PERTAINING TO CONFLICT OF LAWS. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO
THE NON-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
(INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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
AND THAT 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 VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT
DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS 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 OF THE COMPANY AND THE HOLDER HEREBY
WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

     

     

    

 

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

 

(d)              
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby
and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)              
No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding all rights hereunder
terminate on the Expiration Date.

 

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

 

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

 

(h)              
Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived with the written consent
of the Company and the Holder.

 

[SIGNATURE
PAGE FOLLOWS]

 

     

     

    

 

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

 

	 	ENERGOUS CORPORATION
	 	 
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 

 

 

     

     

    

 

FORM OF EXERCISE
NOTICE

 

(To be executed
by the Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant)

 

To: Energous
Corporation

 

The undersigned
is the Holder of Warrant No. _______ (the “Warrant”) issued by Energous Corporation, a Delaware corporation
(the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings
set forth in the Warrant.

 

		1.	The Warrant
                                         is currently exercisable to purchase a total of ______________ Warrant Shares.

 

		2.	The undersigned
                                         Holder hereby exercises its right to purchase _________________ Warrant Shares pursuant
                                         to the Warrant.

 

		3.	Following
                                         this exercise, the Warrant shall be exercisable to purchase a total of ______________
                                         Warrant Shares.

 

	Dated:  ____________________,
    ______	Name of Holder:
	 	 
	 	 
	 	(Print)	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	(Signature must conform in all respects to name of holder as
    specified on the face of the Warrant)

 

 

     

     

    

 

FORM OF WARRANT
ASSIGNMENT

 

Dated ________________,
_____

 

FOR VALUE
RECEIVED, _______________________ hereby sells, assigns and

transfers
unto _____________________________ (the “Assignee”),

(please type
or print in block letters)

 

	 
	(insert
    address)

 

its right to purchase up to ______________
shares of Common Stock represented by this Warrant and does hereby irrevocably constitute and appoint _______________________
Attorney, to transfer the same on the books of the Company, with full power of substitution in the premises.

 

	 	Signature: 	 	 

 

 

 

     

     

    

 

Exhibit
C

Form of Secretary’s Certificate - Company

 

 

 

 

     

     

    

 

Energous
Corporation

Secretary’s
Certificate

 

I,
Brian Sereda, certify that I am the Secretary of Energous Corporation, a Delaware corporation (the “Company”),
and that, as such, I am authorized to execute this certificate on behalf of the Company and in connection with that certain Securities
Purchase Agreement, dated as of July 5, 2017 (the “Purchase Agreement”), by and among the Company and the Investor
named therein (the “Investor”), and do hereby further certify that:

 

1.     
Attached hereto as Exhibit A is a true and complete copy of the Second Amended and Restated Certificate of Incorporation
of the Company dated and effective March 26, 2014 filed with the Secretary of State of the State of Delaware (the “Certificate
of Incorporation”), as amended by that Certificate of Amendment dated March 26, 2014 and effective March 27, 2014; no
other amendments to the Certificate of Incorporation have been adopted, the Company has not filed any amendments to the Certificate
of Incorporation with the Secretary of State of the State of Delaware, and no action has been taken by the Company, its shareholders,
directors or officers in contemplation of the filing of any such amendment or other document; the Certificate of Incorporation
remains in full force and effect on the date hereof;

 

2.     
Attached hereto as Exhibit B is a certificate of good standing certified by the Secretary of State of the State
of Delaware;

 

3.     
Attached hereto as Exhibit C is a certificate of foreign qualification certified by the Secretary of State of the
State of California;

 

4.     
Attached hereto as Exhibit D is a true and complete copy of the By-laws of the Company; such By-laws have not been
amended and are in full force and effect as of the date hereof;

 

5.     
Attached hereto as Exhibit E are true and complete copies of the resolutions adopted by the Board of Directors of
the Company, either at a meeting or meetings properly held or by the unanimous written consent of the Board of Directors, relating
to the issuance, offering and sale of the shares of the Company’s common stock (the “Common Stock”) and
the warrants to purchase shares of Common Stock (the “Warrants”) pursuant to the Purchase Agreement; all of
such resolutions were duly adopted, have not been amended, modified or rescinded and remain in full force and effect; and such
resolutions are the only resolutions adopted by the Board of Directors with respect to the issuance, offering and sale of the
Common Stock and Warrants pursuant to the Purchase Agreement;

 

6.     
Attached hereto as Exhibit F is a true and complete copy of an incumbency certificate of the Company’s officers.

 

[Signature
page follows]

 

     

     

    

 

In
witness whereof, I have hereunto signed my name this fifth day of July, 2017.

 

	 	By:	 	 	 
	 	 	 	Brian Sereda,
    Secretary	 

 

 

 

     

     

    

 

Exhibit
A

Certificate
of Incorporation

 

 

 

 

     

     

    

 

Exhibit
B

Delaware
Good Standing

 

 

 

 

 

     

     

    

 

Exhibit
C

Foreign
Qualification

 

 

 

 

 

     

     

    

 

Exhibit
D

By-laws

 

 

 

 

 

     

     

    

 

Exhibit
E

Board
of Director Resolutions

 

 

 

 

 

     

     

    

 

Exhibit
F

Incumbency
Certificate

 

The undersigned
individuals of Energous Corporation, a Delaware corporation (the “Corporation”), are designated as appropriate parties
with the power and authority to enter into contracts, agreements and to provide written directions pertaining to services associated
with stock transfer and registrar needs:

 

 

	Name	Title	Signature
	 	 	 
	 	 	 
	Stephen R. Rizzone
	President and Chief Executive
        Officer
	

	 	 	 
	 	 	 
	Brian Sereda	Chief Financial Officer and Secretary	  

	 	 	 
	 	 	 
	 	 	 

 

IN WITNESS
WHEREOF I have hereunto set my hand and the Corporate Seal of the Corporation this fifth day of July, 2017.

 

	 	 
	 	Name:	 	Brian Sereda
	 	Title:	 	Secretary

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