Document:

Exhibit 10.2

 

subscription
AGREEMENT

 

THIS SUBSCRIPTION AGREEMENT
(this “Agreement”) is made and entered into as of May 18, 2015, by and among Cyalume Technologies Holdings,
Inc., a Delaware corporation (the “Company”), and Monroe Capital Corporation, a Delaware corporation, Monroe
Capital Senior Secured Direct Loan Fund LP, a Delaware limited partnership, Monroe Capital Senior Secured Direct Loan Fund (Unleveraged)
LP, a Delaware limited partnership, and Monroe Capital Partners Fund II, LP, a Delaware limited partnership (each a “Subscriber”,
collectively, the “Subscribers”).

 

WHEREAS, Subscribers desire
to acquire the number of newly issued shares of the Company’s Series D Preferred Stock (the “Shares”)
set forth opposite each Subscriber’s name on the attached Subscription Schedule and the Company desires to issue such
equity to the Subscribers (the “Subscription Transaction”).

 

WHEREAS, the issuance and
delivery of the Shares is being made in connection with the loans being provided by the Subscribers under the Credit Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Certain
Defined Terms.

 

1.1           “Charter
Documents” means, with respect to any corporation, its articles or certificate of incorporation, certificates of designations,
charter and bylaws.

 

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

 

1.3           
“Common Stock” means the common stock, par value $0.001 per share, of the Company, and stock of any other class
of securities into which such securities may hereafter be reclassified or changed.

 

1.4           “Company’s
Knowledge” means with respect to any statement made to the Company’s Knowledge, that the statement is based upon
the actual knowledge of the executive officers of the Company having responsibility for the matter or matters that are the subject
of the statement.

 

1.5           “Credit
Agreement” means the credit agreement dated as of May 18, 2015 among Cyalume Technologies Holdings, Inc. and certain
of its Subsidiaries (as defined therein), as borrower, the various financial institutions party thereto, as lenders, and Monroe
Capital Management Advisors, LLC, as administrative agent and lead arranger.

 

1.6           
“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules
and regulations promulgated thereunder.

 

    	 

    	 

    

 

1.7           “Governmental
Agency” means any federal, foreign, domestic or local court, administrative agency, bureau, board, commission, office,
authority, department or other governmental entity.

 

1.8           “Lien”
means any mortgage, pledge, security interest, conditional sale or other title retention agreement, encumbrance, lien, easement,
option, debt, charge, claim or restriction of any kind.

 

1.9           “Loss”
has the meaning set forth in Section 6.1.

 

1.10         “Material
Adverse Effect” means a material adverse effect on the results of operations, assets, business or financial condition
of the Company and the Subsidiaries, taken as a whole, except that any of the following, either alone or in combination, shall
not be deemed a Material Adverse Effect: (i) effects caused by changes or circumstances affecting general market conditions in
the U.S. economy or which are generally applicable to the industry in which the Company operates; provided that such effects
are not borne disproportionately by the Company, (ii) effects resulting from or relating to the announcement or disclosure of the
issuance of the Shares or other transactions contemplated by this Agreement, (iii) effects caused by any event, occurrence or condition
resulting from or relating to the taking of any action by the Company as required in accordance with this Agreement, (iv) any change
in applicable laws or the interpretation thereof, (v) any change in United States generally acceptable accounting principles or
other accounting requirements or principles, or (vi) commencement of a war or material armed hostilities or act of terrorism directly
involving the United States of America.

 

1.11         “Material
Contract” means any contract of the Company that has been filed or was required to have been filed, in each case, within
the two (2) year period prior to the date hereof, as an exhibit to the SEC Reports pursuant to Item 601(b)(4) or Item 601(b)(10)
of Regulation S-K.

 

1.12         “Monroe
Entity” has the meaning set forth in Section 7.1.

 

1.13         “Person”
means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited
liability company, entity or Governmental Agency.

 

1.14         “Principal
Trading Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which,
as of the date of this Agreement, shall be the OTC Bulletin Board.

 

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

 

1.16         “Registration
Agreement” means that certain Registration Rights Agreement dated as of May 18, 2015, by and among the Company and Subscribers,
as may be amended, restated or otherwise modified from time to time.

 

1.17         “Required
Approvals” has the meaning set forth in Section 3.4.

 

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1.18         “Securities
Act” means the Securities Act of 1933, as amended from time to time, and any rules or regulations promulgated thereunder.

 

1.19         “Series D
Preferred Stock” means the Series D Preferred Stock, $0.001 par value per share, of the Company.

 

1.20         “Shares”
has the meaning set forth in the Recitals.

 

1.21         “Subsidiary”
means, with respect to any Person, any other Person of which a majority of the outstanding shares of capital stock or other equity
interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

1.22         “Trading
Market” means whichever of the New York Stock Exchange, the NYSE MKT LLC (formerly the American Stock Exchange), the
NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common
Stock is listed or quoted for trading on the date in question.

 

1.23         
“Transaction Documents” means, collectively, this Agreement and the Registration Agreement.  

 

2.            Issuance.

 

2.1           Issuance
and Delivery. On the date hereof, each Subscriber shall acquire the number of newly issued Shares set forth opposite such Subscriber’s
name on the attached Subscription Schedule. For tax purposes, the Company and Subscribers agree as of the date hereof, that
the value of the Shares shall be $5,617.50 per Share. The Company shall deliver the Shares to Subscribers free and clear of all
Liens other than transfer restrictions under federal and state securities laws, the Registration Agreement and the Company’s
Charter Documents.

 

Each Borrower, Administrative
Agent and each Lender (as each such term is defined in the Credit Agreement), having adverse interests and as a result of arms-length
bargaining, agree that (i) the Shares are not being issued as compensation, and (ii) for the purposes and within the meaning of
Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, the aggregate fair market value of the Shares is $56,175.00.
For federal income tax purposes, the parties agree that the original issue discount, if any, of the Term Loans (as defined in the
Credit Agreement), shall be determined by taking into account: (i) the value of the Shares set forth in the preceding sentence
for purposes of applying Treasury Regulation section 1.1273-2(h), and (ii) any payments from Borrower to the Lenders described
in Treasury Regulation section 1.1273-2(g)(2). Borrower’s calculation of the amounts set forth in the preceding sentence
shall be subject to the review and approval of the Administrative Agent and Lenders. To the extent any Note (as defined in the
Credit Agreement) is required to bear a legend pursuant to Treasury Regulation section 1.1275-3(b)(1), such Note shall be amended
to provide such legend no later than immediately prior to the first disposition of such Note, as provided in Treasury Regulation
section 1.1275-3(b)(2).

 

2.2           The
Closing. The closing of the Subscription Transaction shall take place on the date hereof (the “Subscription Transaction
Closing”). At the Subscription Transaction Closing: (i) the Company shall deliver to each Subscriber, as applicable,
each of the items set forth in Section 5.1 hereof; and (ii) Subscribers shall deliver to the Company each of the
items set forth in Section 5.2 hereof.

 

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3.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Subscriber that:

 

3.1           Organization
and Qualification. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the
requisite corporate power and authority to own or lease and use its properties and assets and to carry on its business as currently
conducted in all material respects. Neither the Company nor any Subsidiary is in violation or default of any of the provisions
of its respective Charter Documents. The Company and each of its Subsidiaries is duly qualified to conduct 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, would not have or reasonably be expected to result in a Material Adverse Effect, and no Proceeding has been instituted, is
pending, or, to the Company’s Knowledge, has been threatened in writing in any such jurisdiction revoking, limiting or curtailing
or seeking to revoke, limit or curtail such power and authority or qualification.

 

3.2           Authorization;
Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and
thereunder. The Company’s execution and delivery of each of the Transaction Documents to which it is a party and the consummation
by it of the transactions contemplated hereby and thereby (including, but not limited to, the issuance and delivery of the Shares)
have been duly authorized by all necessary corporate action on the part of the Company, and no further corporate action is required
by the Company, its Board of Directors or its stockholders in connection therewith other than in connection with the Required Approvals.
Each of the Transaction Documents to which it is a party has been (or upon delivery will have been) duly executed by the Company
and is, or when delivered in accordance with the terms hereof, will constitute the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by other equitable principles of general application, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

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3.3           No
Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party and the
consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation, the issuance of
the Shares and assuming the filing of the Second Amended and Restated Certificate of Designation of Series A Preferred Stock, the
Amended and Restated Certificate of Designation of Series B Preferred Stock, the Amended and Restated Certificate of Designation
of Series C Preferred Stock and the Certificate of Designation of Series D Preferred Stock with the Delaware Secretary of State)
do not and will not (i) conflict with or violate any provisions of the Company’s or any Subsidiary’s Charter Documents,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would result in a default) under,
result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary or give to others any
rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of any Material
Contract (other than any such conflict, default or right that has been waived on or prior to the date hereof), or (iii) subject
to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal
and state securities laws and regulations and the rules and regulations, assuming the correctness of the representations and warranties
made by the Subscribers herein, of any self-regulatory organization to which the Company or its securities are subject, including
all applicable Trading Markets), or by which any property or asset of the Company or a Subsidiary is bound or affected, except
in the case of clauses (ii) and (iii) such as would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect or a material adverse effect on the legality, validity or enforceability of any Transaction Document
or on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document.

 

3.4           Filings,
Consents and Approvals. Assuming the filing of the Amended and Restated Certificate of Designation of Series A Preferred Stock,
the Amended and Restated Certificate of Designation of Series B Preferred Stock, the Amended and Restated Certificate of Designation
of Series C Preferred Stock and the Certificate of Designation of Series D Preferred Stock with the Delaware Secretary of State,
neither the Company nor any of its Subsidiaries is required to obtain any consent, waiver, approval, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority,
holder of outstanding securities of the Company or any Subsidiary or other Person in connection with the execution, delivery and
performance by the Company of the Transaction Documents (including the issuance of the Shares), other than any such consent, waiver
or approval that has been waived or granted on or prior to the date hereof (collectively, the “Required Approvals”).

 

3.5           Issuance
of the Shares. The Shares have been duly authorized and, when issued in accordance with the terms of the Transaction Documents,
will be duly and validly issued, fully paid and nonassessable and free and clear of all Liens, other than restrictions on transfer
provided for in the Transaction Documents or imposed by applicable securities laws, and shall not be subject to preemptive or similar
rights. Assuming the accuracy of the representations and warranties of the Subscribers in this Agreement, the Shares will be issued
in compliance with all applicable federal and state securities laws. As of the Subscription Transaction Closing, the Company shall
have reserved from its duly authorized capital stock the number of shares of Common Stock issuable upon the conversion of the Shares.
The Company shall, so long as any of the Shares are outstanding, take all action necessary to reserve and keep available out of
its authorized and unissued capital stock, solely for the purpose of effecting the conversion of the Shares, the number of shares
of Common Stock issuable upon conversion of the Shares.

 

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3.6           Capitalization.
The number of shares and type of all authorized, issued and outstanding 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), after giving
effect to the transactions contemplated by this Agreement, is set forth in Schedule 3.6 hereto. The Company has not issued
any capital stock since the date of its most recently filed SEC Report other than to reflect stock option and warrant exercises
or vesting of restricted stock units that do not, individually or in the aggregate, have a material adverse effect on the issued
and outstanding capital stock, options and other securities. All of the outstanding shares of capital stock of the Company are
validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal and state securities laws,
and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance
of the Shares.

 

3.7           SEC
Reports; Disclosure Materials. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the
date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC
Reports”), on a timely basis 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, except where the failure to file on a timely basis would not have or reasonably
be expected to result in a Material Adverse Effect and would not have or reasonably be expected to result in any limitation or
prohibition on the Subscribers from using Rule 144 to resell any Shares. As of their respective filing dates, or to the extent
corrected by a subsequent amendment, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when
filed, 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 light of the circumstances under which they were made, not misleading. Each of the
Material Contracts to which the Company or any Subsidiary is a party or to which the property or assets of the Company or any of
its Subsidiaries are subject has been filed (or incorporated by reference) as an exhibit to the SEC Reports.

 

3.8           Private
Placement. Assuming the accuracy of each Subscribers representations and warranties set forth in Section 4 of this Agreement,
no registration under the Securities Act is required for the issuance of the Shares by the Company to the Subscribers under the
Transaction Documents. The issuance of the Shares hereunder does not contravene the rules and regulations of the Principal Trading
Market.

 

4.          Representations
and Warranties of the Subscribers. Each Subscriber hereby represents and warrants to the Company that:

 

4.1           Authority
and Valid and Binding Effect. Each Subscriber has the requisite power, authority and legal capacity to execute, deliver and
carry out the Transaction Documents and all other instruments, documents and agreements contemplated or required by the provisions
of any of the Transaction Documents to be executed, delivered or carried out by each Subscriber hereunder or thereunder. The Transaction
Documents constitute the legal, valid and binding obligations of each Subscriber, and all such obligations of each Subscriber are
enforceable in accordance with their respective terms.

 

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4.2           Investor
Representations.

 

(a)          Each
Subscriber is acquiring the Shares for its own account with the present intention of holding such securities for purposes of investment,
and it has no intention of selling such securities in a public distribution in violation of the federal securities laws or any
applicable state securities laws; provided that nothing contained herein shall prevent each Subscriber and subsequent holders
of such Shares from transferring such securities in compliance with the provisions of the Certificate of Designation of Series
D Preferred Stock;

 

(b)          Each
Subscriber acknowledges that the Company is entering into this Agreement, and will not be registering or qualifying the Shares
under the Securities Act or applicable state securities laws, in reliance upon the truth and accuracy of each Subscriber’s
representations and warranties in this Section 4.2;

 

(c)          Each
Subscriber has been furnished all materials relating to the Company and the Shares which it has requested, has been afforded the
opportunity to obtain any additional information necessary to evaluate such Subscriber’s participation in the transactions
contemplated by this Agreement and was able to ask questions of, and received answers from the Company or a person acting on the
Company’s behalf, concerning the terms and conditions of the transactions contemplated by this Agreement. Any questions raised
by any Subscriber or its representatives concerning the transactions contemplated by this Agreement and the other Transaction Document
have been answered to the satisfaction of such Subscriber and its representatives. Each Subscriber’s decision to acquire
the applicable Shares is based in part on the answers to such questions as such Subscriber and its representatives have raised
concerning the transaction and on its own evaluation of the risks and merits of the acquisition of the applicable Shares and the
Company’s past and proposed business activities;

 

(d)          Each
Subscriber has the necessary knowledge and experience, either alone or with its financial advisor(s), in financial and business
matters as to be able to evaluate the merits and risks of its participation in the transactions contemplated by this Agreement
and the other Transaction Document to which it is or will be a party;

 

(e)          Each
Subscriber is an “accredited investor” as defined in Rule 501(a) under the Securities Act;

 

(f)          Each
Subscriber is familiar with Commission’s Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act; and

 

(g)          No
Subscriber has engaged any broker or finder who is entitled to any fee or commission from the Company in connection with this Agreement
or the transactions contemplated hereby.

 

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4.3           No
Other Agreements. No Subscriber has entered into any other agreements or commitments, and is not, to its knowledge, subject
to any rule, regulation or court order that would prevent such Subscriber from becoming the sole beneficial and record owner of,
and having good and valid title to, all of the Shares to be received by such Subscriber pursuant to this Agreement, free and clear
of any Lien.

 

4.4           Consultation
with Counsel. Subscribers have consulted with (or have been given the opportunity to consult with but have voluntarily elected
not to do so) their own legal and tax advisors regarding this Agreement and the transactions contemplated by this Agreement and
the other Transaction Document.

 

5.           Closing
Deliveries.

 

5.1           Deliveries
by Company to Subscribers. At the Subscription Transaction Closing, the Company shall deliver to Subscribers each of the following:

 

(a)          Duly
completed and executed copies of the Transaction Documents; and

 

(b)          Stock
certificates in the name of each Subscriber, as applicable, evidencing the number of Shares acquired by it hereunder.

 

5.2           Delivery
by Subscribers. At the Subscription Transaction Closing, Subscribers shall deliver to the Company duly completed and executed
copies of the Transaction Documents.

 

6.           Indemnification.

 

6.1           Subscriber’s
Indemnification. Each Subscriber agrees, severally and not jointly, to indemnify the Company and its officers, directors, employees,
stockholders, agents and representatives (each, individually, a “Company Indemnitee”), and hold each Company
Indemnitee harmless against any loss, liability, fine, penalty, deficiency, damage or expense, including reasonable legal expenses
and costs (each individually and collectively, a “Loss”), which such Company Indemnitee suffers as a result
of or relating to the breach by Subscribers of any representation or warranty contained in Section 4 hereof.

 

6.2           The
Company’s Indemnification. The Company agrees to indemnify each Subscriber and each of its respective agents and representatives
(each, individually, a “Subscriber Indemnitee”), and hold each Subscriber Indemnitee harmless against any Loss
which such Subscriber Indemnitee suffers as a result of or relating to the breach by the Company of any representation or warranty
contained in Section 3 hereof.

 

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7.           Miscellaneous.

 

7.1           Rights
of Lender. Notwithstanding anything contained herein to the contrary, nothing contained in this Agreement or the Certificate
of Incorporation (including the Amended and Restated Certificate of Designation of Series A Preferred Stock, the Amended and Restated
Certificate of Designation of Series B Preferred Stock, the Amended and Restated Certificate of Designation of Series C Preferred
Stock and the Certificate of Designation of Series D Preferred Stock) of the Company shall affect, limit or impair the rights and
remedies of Monroe Capital Corporation, as lender, Monroe Capital Corporation SBIC, LP, as lender, Monroe Capital Partners Fund
II, LP, as lender, Monroe Capital Senior Secured Direct Loan Financing SPV LLC, as lender, Monroe Capital Senior Secured Direct
Loan Fund LP, as lender, Monroe Capital Senior Secured Direct Loan Fund (Unleveraged) LP, as lender, or Monroe Capital Management
Advisors, LLC, as administrative agent and lead arranger, or any of its affiliates (each a “Monroe Entity”)
in its capacity as a lender or agent pursuant to any agreement under which the Company or any of its Subsidiaries or affiliates
have borrowed money from a Monroe Entity, including without limitation, that certain Credit Agreement and the “Loan Documents”
(as defined therein), in each case, as amended, restated, supplemented or otherwise modified from time to time. Without limiting
the generality of the foregoing, any Monroe Entity, in exercising its rights as a lender or agent will have no duty to consider
(i) its status as a direct or indirect holder of equity in the Company or any of its Subsidiaries or affiliates, or (ii) any duty
it may have to any other direct or indirect holder of equity in the Company or any of its Subsidiaries or affiliates.

 

7.2           Remedies.
The parties hereto shall have all applicable rights and remedies set forth in the Transaction Documents, and all rights and remedies
which the parties hereto have been granted at any time under any other agreement or contract contemplated by the Transaction Documents,
and all of the rights which the parties hereto have under any law. Any Person having any rights under any provision of the Transaction
Documents shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages
by reason of any breach of any provision of any of the Transaction Documents and to exercise all other rights granted by law.

 

7.3           Benefit
of Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and Subscribers and
their respective successors and assigns, heirs, executors and personal representatives, as applicable. None of the parties hereto
may assign any of their rights or obligations hereunder without the prior written consent of each other party hereto.

 

7.4           Notices.
All notices, demands and other communications to be given or delivered to the parties hereto under or by reason of the provisions
of this Agreement will be in writing and will be deemed to have been given when personally delivered, sent by reputable overnight
courier or transmitted by facsimile or telecopy (transmission confirmed), to the addresses indicated on Annex 1 attached
hereto (unless another address is so specified in writing). Any party hereto may change the name and address of the designee to
whom notice shall be sent by giving written notice of such change to the other parties hereto.

 

7.5           Choice
of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applicable
to agreements made and to be performed entirely within such State.

 

7.6           Entire
Agreement. This Agreement and the other Transaction Document embody the entire agreement and understanding between the Company
and Subscribers, and the final expression thereof, and supersede any and all prior agreements and understandings, written or oral,
formal or informal, between the Company and Subscribers, as applicable, relating to the subject matter hereof and thereof. No extensions,
changes, modifications or amendments whatsoever of this Agreement shall be made or claimed by any party hereto, and no notices
of any extension, change, modification or amendment made or claimed by a party hereto of this Agreement shall have any force and
effect whatsoever unless the same shall be endorsed in writing and fully signed by each of the parties hereto.

 

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7.7           No
Implied Waivers; Cumulative Remedies; Writing Required. No delay or failure of the Company or any Subscriber in exercising
any right, power or remedy hereunder shall affect or operate as a waiver thereof, nor shall any single or partial exercise thereof
or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or
of any other right, power or remedy. The rights and remedies hereunder of the Company and each Subscriber are cumulative and not
exclusive of any rights or remedies which it or they, as applicable, would otherwise have. Any waiver, permit, consent or approval
of any kind or character on the part of the Company and/or any Subscriber of any breach or default under this Agreement or any
such waiver of any provision or condition of this Agreement must be in writing by the Company and/or such Subscriber, as applicable,
and shall be effective only to the extent in such writing specifically set forth.

 

7.8           Survival.
All representations, warranties, covenants and agreements of the parties hereto contained herein, or made in writing in connection
herewith, shall survive the execution and delivery of this Agreement and the issuance of the Shares
for a period of eighteen (18) months after the Subscription Transaction Closing.

 

7.9           Waivers/Personal
Jurisdiction.

 

(a)          EXCLUSIVE
JURISDICTION. THE PARTIES HERETO AGREE THAT ALL ACTIONS TO ENFORCE THIS AGREEMENT AND ALL DISPUTES AMONG OR BETWEEN THEM ARISING
OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG OR BETWEEN THEM IN CONNECTION WITH THIS
AGREEMENT, AND WHETHER ARISING IN CONTRACT, TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED ONLY BY THE DELAWARE CHANCERY COURT LOCATED
IN NEW CASTLE COUNTY, DELAWARE, AND THE PARTIES HERETO HEREBY CONSENT AND SUBMIT TO THE JURISDICTION OF SUCH COURT.

 

(b)          WAIVERS.
THE PARTIES HERETO HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS UPON THEM AND CONSENT THAT ALL SUCH SERVICE OF PROCESS
BE MADE BY REGISTERED MAIL DIRECTED TO THEM AT THEIR RESPECTIVE ADDRESSES SET FORTH IN ANNEX 1 OF THIS AGREEMENT, AND SERVICE SO
MADE SHALL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT THEREOF. THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A
JURY TRIAL, ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE IN NEW CASTLE COUNTY, DELAWARE IN CONNECTION
WITH ANY CLAIM OR CAUSE OF ACTION TO ENFORCE THIS AGREEMENT OR BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW
OR STATUTORY CLAIMS.  THE PARTIES HERETO AGREE THAT NEW CASTLE COUNTY, DELAWARE IS A REASONABLY CONVENIENT FORUM TO RESOLVE
ANY DISPUTE AMONG THE PARTIES HERETO. EACH OF THE PARTIES HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND KNOWINGLY AND
VOLUNTARILY WAIVES HIS OR ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. NOTHING IN THIS SECTION 7.9 SHALL AFFECT THE
RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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(c)          OTHER
JURISDICTIONS. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE PARTIES AGREE THAT EACH PARTY HERETO SHALL HAVE
THE RIGHT TO PROCEED AGAINST ANY OTHER PARTY IN A COURT IN ANY LOCATION TO ENABLE IT TO ENFORCE A JUDGMENT OR OTHER COURT ORDER
ENTERED IN HIS OR ITS FAVOR. EACH PARTY WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH ANY PARTY
HAS COMMENCED A PROCEEDING DESCRIBED IN THIS SECTION 7.9.

 

7.10         No
Third-Party Beneficiaries. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to
any Person, other than the parties hereto and their respective permitted successors and assigns, any rights or remedies under or
by reason of this Agreement.

 

7.11         Herein,
etc. Words such as “herein,” “hereunder,” “hereof” and the like shall be deemed to refer
to this Agreement as a whole and not to any particular document or Article, Section or other portion of a document.

 

7.12         Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law in any jurisdiction, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating any other provision of
this Agreement.

 

7.13         Headings.
Section and subsection headings in this Agreement are included for convenience of reference only and shall not constitute a part
of this Agreement for any other purpose.

 

7.14         Counterparts.
This Agreement may be executed in any number of counterparts and by any party hereto on separate counterparts, each of which, when
so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument.
One or more counterparts of this Agreement may be delivered by facsimile or other form of electronic transmission, with the intention
that delivery by such means shall have the same effect as delivery of an original counterpart.

 

[SIGNATURE PAGE FOLLOWS]

 

    	11

    	 

    

 

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

 

	 	THE COMPANY:
	 	 
	 	CYALUME TECHNOLOGIES HOLDINGS, INC.
	 	 	 
	 	By:	 /s/ Michael Bielonko
	 	Name:	Michael Bielonko
	 	Title:	Chief Financial Officer

 

Signature
Page to Subscription Agreement 

 

    	 

    	 

    

 

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL CORPORATION 
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	Name:	Jeffrey Cupples
	 	Title:	Director

 

Signature Page to Subscription Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL SENIOR SECURED
	 	DIRECT LOAN FUND LP
	 	 	 
	 	By:	MONROE CAPITAL SENIOR 

SECURED DIRECT LOAN FUND LLC,

 its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	Name:	Jeffrey Cupples
	 	Title:	Director

 

Signature Page to Subscription Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL SENIOR SECURED 
	 	DIRECT LOAN FUND (UNLEVERAGED) 
	 	LP
	 	By:	MONROE CAPITAL SENIOR 

SECURED DIRECT LOAN FUND LLC, 

its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	Name:	Jeffrey Cupples
	 	Title:	Director

 

Signature Page to Subscription Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL PARTNERS FUND II, 
	 	LP
	 	By:	MONROE CAPITAL PARTNERS FUND 

II, LLC, its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	Name:	Jeffrey Cupples
	 	Title:	Director

 

Signature Page to Subscription Agreement

 

    	 

    	 

    

 

ANNEX 1

 

Names, Addresses and Facsimile Numbers of
Parties

 

	
        If to the Company:

         

        Cyalume Technologies Holdings, Inc.

        910 SE 17th Street, Suite 300

        Fort Lauderdale, Florida 33316

        Attention:

        Facsimile:
	 	With a copy to:

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attention:  Jason Simon

Facsimile: 703.714.8386
	 	 	 
	
        If to Subscribers:

         

        Monroe Capital Corporation

        311 South Wacker Drive, Suite 6400

        Chicago, Illinois 60606

        Attention: Zia Uddin

        Facsimile: 312.258.8350
	 	With a copy to:

Vedder Price P.C.

222 North LaSalle Street, Suite 2400

Chicago, Illinois  60601

Attention:Michael A. Nemeroff, Esq.

Facsimile:(312) 609-5005
	 	 	 
	
        Monroe Capital Senior Secured Direct Loan Fund LP

        311 South Wacker Drive, Suite 6400

        Chicago, Illinois 60606

        Attention: Zia Uddin

        Facsimile: 312.258.8350
	 	Vedder Price P.C.

222 North LaSalle Street, Suite 2400

Chicago, Illinois  60601

Attention:Michael A. Nemeroff, Esq.

Facsimile:(312) 609-5005
	 	 	 
	
        Monroe Capital Senior Secured Direct Loan Fund (Unleveraged) LP

        311 South Wacker Drive, Suite 6400

        Chicago, Illinois 60606

        Attention: Zia Uddin

        Facsimile: 312.258.8350 
	 	Vedder Price P.C.

222 North LaSalle Street, Suite 2400

Chicago, Illinois  60601

Attention:Michael A. Nemeroff, Esq.

Facsimile:(312) 609-5005
	 	 	 
	
        Monroe Capital Partners Fund II, LP

        311 South Wacker Drive, Suite 6400

        Chicago, Illinois 60606

        Attention: Zia Uddin

        Facsimile: 312.258.8350
	 	Vedder Price P.C.

222 North LaSalle Street, Suite 2400

Chicago, Illinois  60601

Attention:Michael A. Nemeroff, Esq.

Facsimile:(312) 609-5005

 

    	 

    	 

    

 

Subscription
SCHEDULE

 

	Name of 

Subscriber	 	Number of Shares 

of Series D 

Preferred Stock
	Monroe Capital Corporation	 	3.06
	Monroe Capital Senior Secured Direct Loan Fund LP	 	2.69
	Monroe Capital Senior Secured Direct Loan Fund (Unleveraged) LP	 	2.26
	Monroe Capital Partners Fund II, LP	 	1.99
	Total:	 	10Exhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of May 18, 2015, by and among Cyalume Technologies
Holdings, Inc., a Delaware corporation (the “Company”), and the stockholders listed on Schedule I hereto
(the “Subscribers”).

 

WHEREAS, the Company and
the Subscribers are parties to the Subscription Agreement, dated as of the date hereof (the “Subscription Agreement”),
pursuant to which the Subscribers are acquiring newly issued shares of the Company’s Series D Convertible Preferred Stock,
par value $0.001 per share (the “Series D Preferred Stock”); and

 

WHEREAS, in connection with
the consummation of the transactions contemplated by the Subscription Agreement, the parties desire to enter into this Agreement
in order to grant certain rights to the Holders (as defined below) as set forth below.

 

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 Subscribers agree as follows:

 

1.            Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Subscription Agreement shall have the meanings
given such terms in the Subscription Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
has the meaning set forth in Section 7(b).

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person, as such terms are used in and construed under Rule 405 under the
Securities Act. With respect to a Subscriber, any investment fund or managed account that is managed on a discretionary basis by
the same investment manager (or any Affiliate thereof) as such Subscriber will be deemed to be an Affiliate of such Subscriber.

 

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

 

“Board”
has the meaning set forth in Section 3(a)(i).

 

“Business Day”
means any day, except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any securities into which such common stock may hereinafter
be reclassified.

 

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

 

“Convertible Securities” means
any securities of the Company or any of its Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock,
directly or indirectly, upon the conversion, exchange or reclassification of such security, including without limitation, any debt,
preferred stock, rights or any other instrument that is at any time convertible into or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock or other securities that entitle the holder to receive, directly or indirectly, Common
Stock, but excluding Options.

 

    	 

    	 

    

 

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

 

“GAAP”
means generally accepted accounting principles in the United States.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities. As
of the date of this Agreement, the sole Holders are the Subscribers.

 

“Indemnified Party”
has the meaning set forth in Section 5(c).

 

“Indemnifying Party”
has the meaning set forth in Section 5(c).

 

“Losses”
has the meaning set forth in Section 5(a).

 

“Options” means
any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

 

“Other Securities”
has the meaning set forth in Section 2(a).

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Principal Trading
Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of
the date hereof, shall be the OTC Bulletin Board.

 

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

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
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.

 

“Registrable Securities”
means (i) Common Stock issued or issuable upon conversion of the Series D Shares and (ii), any securities issued or issuable in
respect of the shares described in clause (i) above in connection with any stock split, dividend or other distribution, recapitalization,
share combination, reorganization, merger, consolidation or similar event (it being understood that for purposes of this Agreement,
a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or obtain
from the Company Registrable Securities, whether or not such acquisition has actually been effected); provided, that with
respect to a particular Holder, such securities shall cease to be Registrable Securities upon the sale of such shares pursuant
to a Registration Statement or Rule 144 under the Securities Act (in which case, only such security sold by such Holder shall cease
to be a Registrable Security).

 

    	2

    	 

    

 

“Registration Statements”
means any one or more registration statements of the Company filed under the Securities Act that covers the resale of any of the
Registrable Securities pursuant to the provisions of this Agreement, including (in each case) the amendments and supplements to
such Registration Statements, including pre- and post-effective amendments thereto, all exhibits and all material incorporated
by reference or deemed to be incorporated by reference in such Registration Statements.

 

“Regulation D”
means Regulation D, as promulgated by the Commission under the Securities Act.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

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

 

“Selling Holder”
has the meaning set forth in Section 2(a).

 

“Series D Shares”
means the shares of Series D Preferred Stock acquired by the Subscribers pursuant to the terms of the Subscription Agreement.

 

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

 

“Subscription Agreement”
has the meaning set forth in the Recitals.

 

“Subsidiary” means,
with respect to any Person, any other Person of which a majority of the outstanding shares of capital stock or other equity interests
having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

“Suspension Period”
has the meaning set forth in Section 3(a)(i).

 

“Trading Day”
means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market, or (ii) if the Common
Stock is not listed on its Principal Trading Market, a day on which the Common Stock is traded on any Trading Market, or (iii)
if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market
as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC), or any similar organization
or agency succeeding to its functions of reporting prices; provided that, in the event that the Common Stock is not listed
or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE MKT LLC (formerly the American Stock Exchange), the NASDAQ Global Select
Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted
for trading on the date in question.

 

“Transaction Documents”
has the meaning set forth in the Subscription Agreement.

 

    	3

    	 

    

 

2.            Piggyback
Registration.

 

(a)          The
Company shall notify all Holders in writing at least fifteen (15) days prior to the filing of any registration statement under
the Securities Act for purposes of a public offering of securities (such securities, “Other Securities”) of
the Company of the same type and class as the Registrable Securities including, but not limited to, registration statements relating
to secondary offerings of securities of the Company (other than a registration statement (i) on Form S-4, Form S-8 or any successor
forms thereto, (ii) filed solely in connection with any employee benefit or dividend reinvestment plan or (iii) for the purpose
of effecting a rights offering relating to the Common Stock), and will afford each Holder an opportunity to include in such registration
statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by it (a “Selling Holder”) shall, within ten (10)
days after the above-described notice from the Company, so notify the Company in writing. If a Selling Holder decides not to include
all of its Registrable Securities in any registration statement thereafter filed by the Company, such Selling Holder shall nevertheless
continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements
as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 

(b)          Underwriting.
If a registration statement of which the Company gives notice under this Section 2 is for an underwritten offering, the
Company shall so advise the Holders by written notice. In such event, the right of any such Holder to include Registrable Securities
in a registration pursuant to this Section 2 shall be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Selling
Holders shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting
by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing
factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting
shall be allocated as follows: (i) first, all Other Securities being sold by the Company or by any Person (other than the Holders)
exercising a contractual right to demand registration pursuant to which such registration statement was filed, (ii) second, to
the Selling Holders and to any security holders requesting piggyback registration pursuant to the terms of that certain Registration
Rights Agreement, dated as of November 19, 2013, entered into between the Company and US VC Partners, L.P. or that certain Registration
Rights Agreement, dated as of July 30, 2014, entered into among the Company and the purchasers listed on Schedule I thereto, in
proportion (as nearly as practicable) to the number of Registrable Securities or shares of Common Stock, as applicable, owned or
held, or underlying Convertible Securities owned or held, by each Selling Holder or other security holder, as applicable, and (iii)
among any other holders of Other Securities requesting such registration, pro rata, based on the aggregate number of Other Securities
owned by each such holder. If any Selling Holder disapproves of the terms of any such underwriting, such Selling Holder may elect
to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) Business Days prior to
the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall
be excluded and withdrawn from the registration.

 

(c)          Right
to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2 whether or not any Holder has elected to include Registrable Securities in such registration, and shall promptly
notify any Selling Holder of such termination or withdrawal. The registration expenses of such withdrawn registration shall be
borne by the Company in accordance with Section 4.

 

    	4

    	 

    

 

3.            Registration
Procedures.

 

(a)          Whenever
the Company is required to effect the registration of any Registrable Securities pursuant to the terms hereof, the Company shall
use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto, the Company shall as expeditiously as reasonably possible (but subject to
Section 2(c)):

 

i.            Prepare
and file with the Commission a Registration Statement with respect to such Registrable Securities and use all reasonable best efforts
to cause such Registration Statement to become effective, and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such Registration Statement effective until the Holders have completed the distribution
related thereto; and before filing a Registration Statement or Prospectus or any amendment or supplements thereto, furnish to the
Holders and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated
by reference in the Prospectus, which are not yet publicly available and, if requested by the Holders, the exhibits incorporated
by reference, which are not yet publicly available, and the Holders shall have the opportunity to object to any information pertaining
to the Holders that is contained therein and the Company will make the corrections reasonably requested by the Holders with respect
to such information prior to filing any registration statement or amendment thereto or any prospectus or any supplement; provided,
however, that at any time, upon written notice to the Holders and for a period not to exceed sixty (60) days thereafter
(the “Suspension Period”), the Company may delay the filing or effectiveness of any Registration Statement or
suspend the use or effectiveness of any Registration Statement (and the Holders hereby agree not to offer or sell any Registrable
Securities pursuant to such Registration Statement during the Suspension Period) if the Company reasonably believes in the good
faith judgment of the board of directors of the Company (the “Board”) that there is or may be in existence material
nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration
statement could result in a violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state
securities law or any rule or regulation thereunder. In the event that the Company shall exercise its right to delay or suspend
the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is
to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend
the Suspension Period for an additional consecutive sixty (60) days with the consent of the Holders of a majority of the Registrable
Securities registered under the applicable Registration Statement, which consent shall not be unreasonably withheld. No more than
two (2) such Suspension Periods shall occur in any twelve (12) month period, and the Company shall not file a registration statement
with respect to any Other Securities held by any other holder other than the Subscribers during each such Suspension Period. In
no event shall any Suspension Period, when taken together with all prior Suspension Periods, exceed 120 days in the aggregate.
If so directed by the Company, all Holders registering Registrable Securities under such Registration Statement shall (i) not
offer to sell any Registrable Securities pursuant to the Registration Statement during the period in which the delay or suspension
is in effect after receiving notice of such delay or suspension; and (ii) use their reasonable best efforts to deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the Prospectus
relating to such Registrable Securities current at the time of receipt of such notice.

 

ii.           Prepare
and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus (and all amendments
and supplements thereto) used in connection with such Registration Statement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement.

 

    	5

    	 

    

 

iii.          Furnish
to the Holders selling such Registrable Securities such number of copies of a Prospectus, including a preliminary prospectus, in
conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate
the disposition of Registrable Securities owned by them.

 

iv.     
    Use its reasonable best efforts to register and qualify the Registrable Securities covered by such
Registration Statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by
any Holder selling any such Registrable Securities; provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions.

 

v.           In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering and take all such other customary actions as the Holders
participating in such offering or the managing underwriters of such offering reasonably request in order to expedite or facilitate
the disposition of the securities covered by such registration statement (including, without limitation, making members of senior
management of the Company reasonably available to participate in “road-show” and other customary marketing activities
(including one-on-one meetings with prospective purchasers of the securities)). Each Holder participating in such underwriting
shall also enter into and perform its obligations under such an agreement.

 

vi.          Notify
each Holder of Registrable Securities covered by such Registration Statement at any time when a Prospectus relating thereto is
required to be delivered under the Securities Act of the occurrence of any event as a result of which the Prospectus included in
such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing. The Company will use reasonable best efforts to amend or supplement such Prospectus in order to cause such Prospectus
not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances then existing.

 

vii.         Furnish
to each selling Holder of Registrable Securities and each underwriter, if any, with (i) a legal opinion of the counsel representing
the Company for the purposes of such registration, dated the effective date of such Registration Statement (and, if such registration
includes an underwritten public offering, dated the date of the closing under the underwriting agreement) in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter
from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering addressed to the underwriters and covering such
matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders participating in such
sale, lead underwriters or managing underwriters reasonably request.

 

viii.        To
the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (i) make available, for inspection
by the Holders and any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney retained
by any such underwriter, all financial and other records, pertinent corporate documents and properties of the Company, (ii) cause
the Company’s officers and employees to supply all information reasonably requested by such Holders or such underwriter or
attorney in connection with such Registration Statement, and (iii) make the Company’s independent accountants available for
any such underwriter’s due diligence, in each case, as necessary or advisable to verify the accuracy of the information in
such Registration Statement and to conduct appropriate due diligence in connection therewith.

 

    	6

    	 

    

 

ix.          Provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement.

 

x.           Make
generally available to its stockholders a consolidated earnings statement (which need not be audited) for the 12 months beginning
after the effective date of such Registration Statement as soon as reasonably practicable, and in any event no later than thirty
(30) days after the end of such period, which earnings statement shall satisfy the requirements of an earnings statement under
Section 11(a) of the Securities Act and Rule 158 thereunder.

 

xi.          Promptly
respond to any and all comments received from the Commission, with a view towards causing the Registration Statement or any amendment
thereto to be declared effective by the Commission as soon as reasonably practicable and shall file an acceleration request as
soon as reasonably practicable following the resolution or clearance of all Commission comments or, if applicable, following notification
by the Commission that any such registration statement or any amendment thereto will not be subject to review.

 

xii.         At
all times after the Company has filed a registration statement with the Commission pursuant to the requirements of the Securities
Act, the Company shall use its reasonable best efforts to file all reports required to be filed by it under the Securities Act
and the Exchange Act and the rules and regulations adopted by the Commission thereunder, and use its reasonable best efforts to
take such further action as the Holders may reasonably request, all to the extent required to enable the Holders to be eligible
to sell Registrable Securities pursuant to Rule 144 (or any similar rule then in effect).

 

xiii.        Promptly
notify the Holders participating in a sale and the underwriter or underwriters by written notice, if any:

 

(1)         when
the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment
to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when
the same has become effective;

 

(2)         of
the notification to the Company by the Commission of its initiation of any proceeding with respect to the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement; and

 

(3)         of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the applicable securities or Blue Sky laws of any jurisdiction.

 

xiv.        Permit
any Holder, which in such Holder’s sole and exclusive judgment, might be deemed to be an underwriter or a controlling Person
of the Company, to participate in the preparation of such Registration Statement and to require the insertion therein of language,
furnished to the Company in writing, which in the reasonable judgment of such Holder and its counsel should be included.

 

xv.         Make
such representations and warranties to Holders participating in a sale of Registrable Securities and the underwriters as are customarily
made by issuers to selling stockholders and underwriters, as the case may be, in primary underwritten public offerings.

 

xvi.        Use
reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of such Registration Statement or
of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the lifting
thereof at the earliest reasonable time.

 

    	7

    	 

    

 

xvii.       Use
its reasonable best efforts to comply with all applicable rules and regulations of the Commission.

 

(b)          Selling
Holder Obligations. In connection with any offering under any Registration Statement under this Agreement, the Company may
require that each seller of Registrable Securities (i) furnish to the Company in writing such (A) information with respect
to such seller of Registrable Securities as may be required by law or regulations for use in connection with any related Registration
Statement or Prospectus (or amendment or supplement thereto) and all information required to be disclosed in order to make the
information previously furnished to the Company by such seller of Registrable Securities not contain a material misstatement of
fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material
fact with respect to such seller of Registrable Securities necessary in order to make the statements therein not misleading and
(B) the intended method of disposition of its Registrable Securities; and (ii) shall comply with the Securities Act and the
Exchange Act and all applicable state securities laws and comply with all applicable regulations in connection with the registration
and the disposition of the Registrable Securities. If any seller of Registrable Securities fails to provide such information in
a timely manner after written request therefor, the Company may exclude such seller’s Registrable Securities from a registration
under Sections 2 or 3 hereof.

 

4.            Registration
Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company whether or not any Registrable
Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include,
without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to
filings required to be made with any Trading Market on which the Common Stock is then listed or quoted for trading, and (B) with
respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements
of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination
of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing
prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities
included in a Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and disbursements
of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses
of one counsel to the Subscribers, and (vii) fees and expenses of all other Persons retained by the Company in connection with
the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. In no event shall the Company be responsible for any underwriting, broker or similar fees or commissions
of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

    	8

    	 

    

 

5.            Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each
Holder and its Affiliates and its and their respective officers, directors, agents, partners, members, managers, stockholders,
Affiliates and employees of each of them, each underwriter, broker or any other Person acting on behalf of such Holder, each Person
who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person and its Affiliates,
to the fullest extent permitted by applicable law, from and against any and all losses, claims, actions, damages, liabilities,
costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and
expenses, joint or several (collectively, “Losses”) to which any of the foregoing Persons may become subject
under the Securities Act or otherwise, as and when incurred, insofar as such Losses arise out of or are based upon (i) any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus,
free writing prospectus (as defined in Rule 405 under the Securities Act) or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state 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 light
of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance
of its obligations under this Agreement, except to the extent, but only to the extent, that (A) such untrue statements, alleged
untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was reviewed and approved in writing by such Holder
expressly for use in such Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement
thereto or (B) in the case of an occurrence of an event of the type specified in Section 3(a)xiii(2)-(3), related to the
use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated and defined in Section 7(b)
below, to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have
been corrected. The Company shall promptly notify the Holders by written notice of the institution, threat or assertion of any
Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as
defined in Section 6(c)) and shall survive the transfer of the Registrable Securities by the Holders.

 

(b)          Indemnification
by Holders. Each selling Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, arising out of or are based solely upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any
form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent
that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company
by such Holder expressly for use therein or (ii) to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and approved in writing by such Holder expressly for
use in a Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event
shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by
such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

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(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 have the right to 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 it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have 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: (1) the Indemnifying Party has agreed in writing
to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and
to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such
Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified
Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent such Indemnified
Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects
to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume
the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided that the Indemnifying
Party shall not 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,
which consent shall not be unreasonably withheld, delayed or conditioned. 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, and in no event shall such settlement include any non-monetary limitation on the actions
of any Indemnified Party or any of its Affiliates or any admission of fault or liability on behalf of any such Indemnified Party.

 

Subject to the terms of this
Agreement, all 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 5) shall be paid
to the Indemnified Party, as incurred, within twenty (20) Trading Days of written notice thereof to the Indemnifying Party; provided
that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable
to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder).
The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any such action
shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 5, except to the
extent that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action.

 

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(d)          Contribution.
If a claim for indemnification under Section 5(a) or Section 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, 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 this Agreement, 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 5 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 5(d) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), (A) no Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission and (B) no contribution will be made
under circumstances where the maker of such contribution would not have been required to indemnify the Indemnified Party under
the fault standards set forth in this Section 5. 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.

 

The indemnity and contribution agreements contained
in this Section 5 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and
are not in diminution or limitation of the indemnification provisions under the Subscription Agreement.

 

6.            Rule
144 Compliance. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of
the Commission that may at any time permit a Holder to sell securities of the Company to the public without registration, the Company
shall:

 

(a)          make
and keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule promulgated
under the Securities Act;

 

(b)          file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and Exchange
Act; and

 

(c)          furnish
to any Holder, promptly upon request, a written statement by the Company as to its compliance with the reporting requirements of
Rule 144, the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company filed with
the Commission, and such other reports and documents as such Holder may reasonably request in connection with availing itself of
any rule or regulation of the Commission allowing it to sell any such Registrable Securities without registration.

 

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7.            Miscellaneous.

 

(a)          Remedies.
In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that
monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions
of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach,
(i) it shall waive the defense that a remedy at law would be adequate, and (ii) no Holder will be required to post a bond or other
security to maintain such action.

 

(b)          Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(a)xiii(2)-(3), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

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

 

(d)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
or waived unless the same shall be in writing and signed by the Company and the Holder(s) of at least a majority of the Registrable
Securities then outstanding, provided that any party may give a waiver as to itself. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and
that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities
to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended,
modified or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(e)          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Subscription Agreement.

 

(f)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. Each Holder may assign its respective rights (but only with all related obligations)
with respect to any or all of its Registrable Securities hereunder to a permitted transferee of such Registrable Securities; provided
in each case that (i) such Holder agrees in writing with such transferee to assign such rights and related obligations under
this Agreement, and for such transferee to assume such obligations, and a copy of such agreement is furnished to the Company within
a reasonable time after such assignment, (ii) the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such
registration rights are being transferred or assigned, (iii) at or before the time the Company received the written notice
contemplated by clause (ii) of this sentence, the transferee agrees in writing with the Company to be bound by all of the
provisions contained herein and (iv) the transferee is an “accredited investor,” as that term is defined in Rule 501
of Regulation D.

 

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

 

(h)          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof.

 

(i)          Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

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

 

(k)          Headings.
The headings in this Agreement are for convenience only and shall not limit or otherwise affect the meaning hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	13

    	 

    

 

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

 

	 	CYALUME TECHNOLOGIES HOLDINGS, INC.
	 	 	 
	 	By:	 /s/ Michael Bielonko
	 	 	Name:  Michael Bielonko
	 	 	Title:  Chief Financial Officer

 

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

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

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL CORPORATION
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	 	Name:  Jeffrey Cupples
	 	 	Title:  Director

 

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL SENIOR SECURED DIRECT

 LOAN FUND LP
	 	 	 
	 	By:	MONROE CAPITAL SENIOR SECURED 

DIRECT LOAN FUND LLC, its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	 	Name:  Jeffrey Cupples
	 	 	Title:  Director

 

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL SENIOR SECURED DIRECT 

LOAN FUND (UNLEVERAGED) LP
	 	 	 
	 	By:	MONROE CAPITAL SENIOR SECURED 

DIRECT LOAN FUND LLC, its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	 	Name:  Jeffrey Cupples
	 	 	Title:  Director

 

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

	 	SUBSCRIBER:
	 	 
	 	MONROE CAPITAL PARTNERS FUND II, LP
	 	 	 
	 	By:	MONROE CAPITAL PARTNERS FUND II, LLC,

 its general partner
	 	 	 
	 	By:	 /s/ Jeffrey Cupples
	 	 	Name:  Jeffrey Cupples
	 	 	Title:  Director

 

Signature Page to Registration Rights
Agreement

 

    	 

    	 

    

 

SCHEDULE I

 

SUBSCRIBERS

 

Monroe Capital Corporation

Monroe Capital Senior Secured Direct Loan Fund
LP

Monroe Capital Senior Secured Direct Loan Fund
(Unleveraged) LP

Monroe Capital Partners Fund II, LP

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