Document:

Exhibit
10.4

 

AMENDED
AND RESTATED INTERCREDITOR AGREEMENT

 

This
AMENDED AND RESTATED INTERCREDITOR AGREEMENT (“Agreement”) is entered into as of December 13, 2019,
among SALLYPORT COMMERCIAL FINANCE, LLC (“First Lien Creditor”), Lind Global Macro Fund, LP (“Second
Lien Creditor”), and Boxlight Corporation (sometimes referred to as “Debtor”), in light of
the following.

 

RECITALS

 

The
Debtor and the First Lien Creditor have entered into that certain Account Sale and Purchase Agreement, dated August 15, 2017,
(the “First Lien Account Agreement”) pursuant to which First Lien Creditor has agreed to extend certain financial
accommodations to Debtor;

 

The
Debtor and the Second Lien Creditor have entered into that certain Securities Purchase Agreement and the Initial Note (as defined
below), each dated as of March 22, 2019 (the “Initial Second Lien Credit Agreement”) pursuant to which such
Second Lien Creditor has extended certain financial accommodations to Debtor;

 

The
Debtor and the Second Lien Creditor have also entered into that certain Securities Purchase Agreement and the Subsequent Note
(as defined below), each dated as of the date hereof (the “Subsequent Second Lien Credit Agreement”) pursuant
to which such Second Lien Creditor has extended certain financial accommodations to Debtor;

 

The
obligations of Debtor under the First Lien Documents are to be secured on a first priority basis by Liens on substantially all
of the assets of Debtor;

 

The
obligations of Debtor under the Second Lien Documents are to be secured on a second priority basis by Liens on substantially all
of the assets of Debtor;

 

The
First Lien Creditor and the Second Lien Creditor have entered into an Intercreditor Agreement dated as of March 22, 2019 (the
“Original Intercreditor Agreement”);

 

In
connection with the Debtor and the Second Lien Creditor entering into the Subsequent Second Lien Credit Agreement, the First Lien
Creditor and Second Lien Creditor desire to amend and restate the Original Intercreditor Agreement in substantially the form hereof
and enter into this Agreement to (a) reaffirm and confirm the relative priority of their respective security interests in the
assets of Debtor, (b) provide for the application, in accordance with such priorities, of proceeds of such assets and properties,
and (c) address certain other matters.

 

    	 	1	 

     

    

 

AGREEMENT

 

In
consideration of the foregoing, the mutual covenants and obligations herein set forth, and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

 

SECTION
1. Definitions; Rules of Construction.

 

1.1
Defined Terms. Any terms (whether capitalized or lower case) used in this Agreement that are defined in the UCC shall be
construed and defined as set forth in the UCC unless otherwise defined herein; provided, that to the extent that the UCC
is used to define any term used herein and if such term is defined differently in different Articles of the UCC, the definition
of such term contained in Article 9 of the UCC shall govern. As used in the Agreement, the following terms shall have the following
meanings:

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or
any successor statute.

 

“Bankruptcy
Law” means the Bankruptcy Code and any other federal, state, or foreign law for the relief of debtors or affecting creditors’
rights generally.

 

“Debtor”
has the meanings set forth in the recitals to this Agreement.

 

“Business
Day” means any day other than a Saturday, Sunday, or day on which banks in New York City are authorized or required
by law to close.

 

“Cash
Collateral” has the meaning set forth in Section 6.2.

 

“Claimholders”
means the First Lien Claimholders and the Second Lien Claimholders, or any one of them.

 

“Collateral”
means all of the assets of the Debtor, whether real, personal or mixed, constituting First Lien Collateral or Second Lien Collateral.
For the avoidance of doubt, any stock or other equity interest of the Debtor issued to the Second Lien Creditor in connection
with the conversion of the obligations owing to the Second Lien Creditor under any Note or any warrant received in connection
with any Second Lien Credit Agreement into such equity interests of the Debtor in accordance with the terms of any Second Lien
Credit Agreement shall not constitute Collateral.

 

“Conforming
Amendment” means any amendment to any Second Lien Document that is substantively identical to a corresponding amendment
to a comparable provision of a First Lien Document.

 

“Debt”
means First Lien Debt or Second Lien Debt, as the context requires.

 

“Default
Disposition” has the meaning set forth in Section 5.1(d).

 

“DIP
Financing” has the meaning set forth in Section 6.2.

 

    	 	2	 

     

    

 

“DIP
Financing Conditions” means (a) that Second Lien Creditor retains its Liens on the Collateral with the same priority
as is set forth in Section 2.1 (other than any administrative priority claim or a professional fee “carve-out”) ,
(b) in the case of DIP Financing, that the principal amount of loans and face amount of letters of credit available under such
DIP Financing plus the principal amount of outstanding obligations that constitute First Lien Debt does not exceed the First Lien
Cap, (c) the proposed Cash Collateral use or DIP Financing does not compel the Debtor to seek confirmation of a specific plan
of reorganization for which all or substantially all of the material terms are set forth in the Cash Collateral order or DIP Financing
documentation, as applicable, (d) the proposed Cash Collateral order or DIP Financing Documentation does not expressly require
the sale, liquidation or disposal of all or substantially all of the Collateral prior to a default under the Cash Collateral order
or DIP Financing Documentation, (e) in the case of DIP Financing, that the DIP Financing is otherwise subject to the terms of
this Agreement; (f) in the case of DIP Financing, the Liens securing such DIP Financing are pari passu with or superior in priority
to the then outstanding First Lien Debt and the Liens securing such First Lien Debt and (g) in the case of DIP Financing, the
interest rate and fees are commercially reasonable under the circumstances (and, if the DIP Financing includes any advance rates
or lending sublimits, such advance rates or lending sublimits, if any, are also commercially reasonable under the circumstances).

 

“DIP
Financing Documentation” means each of the agreements, documents and instruments providing for, or evidencing any First
Lien Debt owing in respect of, (i) any DIP Financing provided by the First Lien Creditor or (ii) any third party DIP Financing
deemed consented to pursuant to Section 6.2, together with any amendments, replacements, modifications, extensions, renewals or
supplements to, or restatements of, any of the foregoing.

 

“Disposition”
or “Dispose” means the sale, assignment, transfer, license, lease (as lessor), exchange, or other disposition
(including any sale and leaseback transaction) of any property by any person (or the granting of any option or other right to
do any of the foregoing).

 

“Enforcement
Action” means

 

(a)
the taking of any action to enforce any Lien in respect of the Collateral, including the institution of any foreclosure proceedings,
the noticing of any public or private sale or other disposition pursuant to Article 9 of the UCC or other applicable law, or any
diligently pursued in good faith attempt to vacate or obtain relief from a stay or other injunction restricting any other action
described in this definition,

 

(b)
the exercise of any right or remedy provided to a secured creditor under the First Lien Documents or the Second Lien Documents
(including, in either case, any delivery of any notice to otherwise seek to obtain payment directly from any account debtor of
the Debtor or any depositary bank, securities intermediary, or other person obligated on any Collateral of the Debtor, the taking
of any action or the exercise of any right or remedy in respect of the Collateral, or the exercise of any right of setoff or recoupment
with respect to obligations owed to the Debtor), under applicable law, at equity, in an Insolvency Proceeding or otherwise, including
the acceptance of Collateral in full or partial satisfaction of an obligation,

 

(c)
the Disposition of all or any portion of the Collateral, by private or public sale or any other means,

 

    	 	3	 

     

    

 

(d)
the solicitation of bids from third parties to conduct the Disposition of all or a material portion of the Collateral to the extent
undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable
time,

 

(e)
the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other
third parties for the purposes of valuing, marketing, or Disposing of all or a material portion of the Collateral to the extent
undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable
time,

 

(f)
the exercise of any other enforcement right relating to the Collateral (including the exercise of any voting rights relating to
any equity interests composing a portion of the Collateral) whether under the First Lien Documents, the Second Lien Documents,
under applicable law of any jurisdiction, in equity, in an Insolvency Proceeding, or otherwise (including the commencement of
applicable legal proceedings or other actions with respect to all or any material portion of the Collateral to facilitate the
actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral),
and

 

(g)
the pursuit of Default Dispositions relative to all or a material portion of the Collateral to the extent undertaken and being
diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable time;

 

provided,
that (i) taking of any action in connection with the attempt to receive, or receipt of Ordinary Course Collections and (ii) any
exercise of rights and remedies for specific performance or otherwise to compel the Debtor to comply with any obligations under
the Second Lien Documents shall not constitute an “Enforcement Action”, and provided, further, that the conversion
by the Second Lien Creditor of the obligations owing under any Note in accordance with the terms of any Second Lien Credit Agreement,
and the sale or other disposition of any equity interests received in connection therewith shall not be considered and “Enforcement
Action”.

 

“Excess
First Lien Debt” means the sum of (a) the portion of the sum of the principal amount of the advances of credit outstanding
under the First Lien Documents or the DIP Financing Documentation, that is in excess of the First Lien Cap, plus (b) the
portion of interest and fees that accrues or is charged with respect to that portion of the principal amount of the advances described
in clause (a)) of this definition; provided, however, that any First Lien Debt that is owed to Debtor or any of its Affiliates
shall be deemed to be Excess First Lien Debt (it being understood that nothing in this Agreement should be interpreted as a consent
by the First Lien Creditor or the Second Lien Creditor to permitting Debtor or any of its affiliates in becoming a Person to whom
First Lien Debt is owed).

 

“Excess
Second Lien Debt” means the sum of (a) the portion of the principal amount of the loans outstanding under the Second
Lien Documents that is in excess of the Second Lien Cap, plus (b) the portion of interest and fees that accrues or is charged
with respect to that portion of the loans described in clause (a) of this definition; provided, however, that any
Second Lien Debt that is owed to is owed to Debtor or any of its Affiliates shall be deemed to be Excess Second Lien Debt (it
being understood that nothing in this Agreement should be interpreted as a consent by the First Lien Creditor or the Second Lien
Creditor to permitting Debtor or any of its affiliates in becoming a Person to whom Second Lien Debt is owed).

 

    	 	4	 

     

    

 

“Final
Order” means an order of a court of competent jurisdiction as to which the time to appeal, petition for certiorari,
or move for re-argument or rehearing has expired and as to which no appeal, petition for certiorari, or other proceedings
for re-argument or rehearing shall then be pending or, in the event that an appeal, writ of certiorari, or re-argument or rehearing
thereof has been filed or sought, such order shall have been affirmed or confirmed by the highest court to which such order was
appealed, or from which certiorari, re-argument or rehearing was sought and the time to take any further appeal, petition for
certiorari or move for re-argument or rehearing shall have expired; provided, that the possibility that a motion under
Rule 59 or Rule 60 of the Federal Rules of Civil Procedure or any analogous rule under the Federal Rules of Bankruptcy Procedure
or applicable state court rules of civil procedure, may be filed with respect to such order shall not cause such order not to
be a Final Order.

 

“First
Lien Cap” means, as of any date of determination, the result of:

 

(a)
the sum of (which amount shall be increased by the amount of all interest, fees, costs, expenses, indemnities, and other amounts
accrued or charged with respect to any of the First Lien Debt (other than Excess First Lien Debt) as and when the same accrues
or becomes due and payable, irrespective of whether the same is added to the principal amount of the First Lien Debt and including
the same as would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts are
allowed or allowable, in whole or in part, in any such Insolvency Proceeding):

 

(i)
$6,000,000, plus

 

(ii)
the First Lien DIP Amount, minus

 

(b)
the sum of:

 

(i)
the aggregate amount of all payments of the principal of any term loan obligations under the First Lien Account Agreement or any
DIP Financing Documentation among Debtor and First Lien Claimholders, plus

 

(ii)
the amount of all payments of other obligations under the First Lien Account Agreement or any DIP Financing among the Debtor and
First Lien Claimholders that result in a permanent reduction of the credit commitments under the First Lien Account Agreement
or such DIP Financing.

 

“First
Lien Claimholders” means, as of any date of determination, the holders of the First Lien Debt at that time, including
the First Lien Creditor.

 

“First
Lien Collateral” means the assets of the Debtor, whether real, personal or mixed, with respect to which a Lien is granted
(or purported to be granted) as security for any First Lien Debt, including all proceeds and products thereof.

 

    	 	5	 

     

    

 

“First
Lien Collateral Documents” means the First Lien Account Agreement, and any other agreement, document, or instrument
pursuant to which a Lien is granted (or purported to be granted) securing any First Lien Debt or under which rights or remedies
with respect to such Liens are governed.

 

“First
Lien Account Agreement” has the meaning set forth in the recitals to this Agreement.

 

“First
Lien Debt” means all obligations and all other amounts owing, due, or secured under the terms of the First Lien Account
Agreement or any other First Lien Document, whether now existing or arising hereafter, including all principal, premium, interest,
fees, attorneys fees, costs, charges, expenses, reimbursement obligations, any indemnities or guarantees, and all other amounts
payable under or secured by any First Lien Document (including, in each case, any obligations and amounts in respect of any DIP
Financing Documentation and all other amounts accruing on or after the commencement of any Insolvency Proceeding relating to the
Debtor, or that would have accrued or become due under the terms of the First Lien Documents but for the effect of the Insolvency
Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency
Proceeding), in each case whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary,
liquidated or unliquidated, secured or unsecured.

 

“First
Lien Default” means any “Event of Default”, as such term is defined in any First Lien Document.

 

“First
Lien DIP Amount” means, solely to provide DIP Financing, $1,000,000.

 

“First
Lien Documents” means the First Lien Collateral Documents and the First Lien Account Agreement, and any DIP Financing
Documentation.

 

“First
Lien Priority Debt” means all First Lien Debt other than Excess First Lien Debt.

 

“Governmental
Authority” means the government of the United States of America or any other nation, any political subdivision thereof,
whether state, provincial, or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other
entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of or pertaining
to government.

 

“Inalienable
Interests” has the meaning set forth in Section 4.4.

 

“Initial
Note” has the meaning set forth in the Initial Second Lien Credit Agreement.

 

“Initial
Second Lien Credit Agreement” has the meaning set forth in the recitals to this Agreement.

 

    	 	6	 

     

    

 

“Insolvency
Proceeding” means:

 

(a)
any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to the Debtor;

 

(b)
any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other similar
case or proceeding with respect to the Debtor or with respect to a material portion of its assets;

 

(c)
any liquidation, dissolution, or winding up of the Debtor whether voluntary or involuntary and whether or not involving insolvency
or bankruptcy; or

 

(d)
any assignment for the benefit of creditors or any other marshaling of assets or liabilities of the Debtor.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
(statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement
of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of
a lessor under a capital lease and any synthetic or other financing lease having substantially the same economic effect as any
of the foregoing.

 

“Note”
means each of the Initial Note and the Subsequent Note and “Notes” means, collectively, the Initial Note and the Subsequent
Note.

 

“Ordinary
Course Collections” has the meaning set forth in Section 4.1.

 

“Payment
in Full of First Lien Priority Debt” means, except to the extent otherwise expressly provided in Section 5.5
or in Section 6.8:

 

(a)
payment in U.S. Dollars in full in cash, immediately available funds or other consideration (solely to the extent accepted by,
and consented to, by the First Lien Creditor in writing) of all of the First Lien Priority Debt; and

 

(b)
termination or expiration of all commitments, if any, of the First Lien Creditor to extend credit to the Debtor.

 

“Payment
in Full of Second Lien Priority Debt” means:

 

(a)
payment in U.S. Dollars in full in cash, immediately available funds, or other consideration acceptable to the Second Lien Creditor
of all of the Second Lien Priority Debt (other than unasserted contingent indemnification obligations); and

 

(b)
termination or expiration of all commitments, if any, of the Second Lien Creditor to extend credit to Debtor.

 

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

 

    	 	7	 

     

    

 

“Pledged
Collateral” has the meaning set forth in Section 5.4(a).

 

“Recovery”
has the meaning set forth in Section 6.8.

 

“Second
Lien Cap” means, as of any date of determination, the result of:

 

(a)
$5,775,000 (which amount shall be increased by the amount of all interest, fees, costs, expenses, indemnities, and other amounts
accrued or charged with respect to any of the Second Lien Debt (other than Excess Second Lien Debt) as and when the same accrues
or becomes due and payable, irrespective of whether the same is added to the principal amount of the Second Lien Debt and including
the same as would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts are
allowed or allowable, in whole or in part, in any such Insolvency Proceeding), minus

 

(b)
the aggregate amount of all payments of the principal of the term loan obligations under the Second Lien Credit Agreements, plus

 

(c)
any increase in the principal amount by payment-in-kind of interest accrued on the amount set forth in clause (a).

 

“Second
Lien Claimholders” means, as of any date of determination, the holders of the Second Lien Debt at that time, including
the Second Lien Collateral.

 

“Second
Lien Collateral” means all of the assets of the Debtor, whether real, personal, or mixed, with respect to which a Lien
is granted (or purported to be granted) as security for any Second Lien Debt, including all proceeds and products thereof.

 

“Second
Lien Collateral Documents” means the Second Lien Security Agreement, and any other agreement, document, or instrument
pursuant to which a Lien is granted (or purported to be granted) securing any Second Lien Debt or under which rights or remedies
with respect to such Liens are governed.

 

“Second
Lien Credit Agreement” means each of the Initial Second Lien Credit Agreement and Subsequent Second Lien Credit Agreement,
and “Second Lien Credit Agreements” mean, collectively, the Initial Second Lien Credit Agreement and the Subsequent
Second Lien Credit Agreement.

 

“Second
Lien Debt” means all obligations and all other amounts owing, due, or secured under the terms of the Second Lien Credit
Agreements or any other Second Lien Document, whether now existing or arising hereafter, including all principal, premium, interest,
fees, attorneys fees, costs, charges, expenses, reimbursement obligations, obligations with respect to loans, indemnities, guarantees,
and all other amounts payable under or secured by any Second Lien Document (including, in each case, all amounts accruing on or
after the commencement of any Insolvency Proceeding relating to the Debtor, or that would have accrued or become due under the
terms of the Second Lien Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all
or any portion of such amounts is allowable or allowed in such Insolvency Proceeding), in each case whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.

 

    	 	8	 

     

    

 

“Second
Lien Default” means any “Event of Default”, as such term is defined in any Second Lien Document.

 

“Second
Lien Deficiency Claim” means any portion of the Second Lien Debt consisting of an allowed unsecured claim under Section
506(a) of the Bankruptcy Code (or any similar provision under any other law governing an Insolvency Proceeding).

 

“Second
Lien Documents” means the Second Lien Collateral Documents, the Second Lien Credit Agreements, the Notes, and each of
the other Transaction Documents (as that term is defined in each Second Lien Credit Agreement).

 

“Second
Lien Priority Debt” means all Second Lien Debt other than Excess Second Lien Debt.

 

“Second
Lien Secured Claim” means any portion of the Second Lien Debt not constituting a Second Lien Deficiency.

 

“Second
Lien Security Agreement” means the “Security Agreement” as that term is defined in the Subsequent Second
Lien Credit Agreement.

 

“Standstill
Notice” means a written notice from Second Lien Creditor to First Lien Creditor identified by its terms as a “Standstill
Notice” for purposes of this Agreement stating one or more of the following: (a) a Second Lien Default has occurred and
is continuing and that, as a consequence thereof, Second Lien Creditor has accelerated the Second Lien Obligations, (b) a Second
Lien Default resulting from the failure to pay (i) regularly scheduled interest or (ii) any mandatory prepayment, in either case,
that is required to be paid pursuant to the terms of any Second Lien Credit Agreement (as in effect on the date hereof or as amended
as permitted hereby) has occurred and is continuing, or (c) a Second Lien Default resulting from the breach by the Debtor of any
other covenant of any Second Lien Credit Agreement (as in effect on the date hereof or as amended as permitted hereby) or any
other Second Lien Document.

 

“Standstill
Period” means the period of 180 days commencing on the date on which First Lien Creditor receives the applicable Standstill
Notice.

 

“Subsequent
Note” has the meaning set forth in the Subsequent Second Lien Credit Agreement.

 

“Subsequent
Second Lien Credit Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Subsidiary”
of a person means a corporation, partnership, limited liability company, or other entity in which that person directly or indirectly
owns or controls the equity interests having ordinary voting power to elect a majority of the board of directors (or appoint other
comparable managers) of such corporation, partnership, limited liability company, or other entity.

 

    	 	9	 

     

    

 

“Triggering
Event” means (a) the acceleration of any First Lien Priority Debt or such First Lien Priority Debt shall remain unpaid
after the maturity date provided for in the First Lien Account Agreement as of the date hereof, (b) First Lien Creditor’s
taking (or notifying Second Lien Creditor of its intention to immediately take) any Enforcement Action with respect to all or
a material portion of the Collateral, (c) the occurrence of (or First Lien Creditor’s notifying Second Lien Creditor of
its intention to consent to) a Default Disposition with respect to all or a material portion of the Collateral, (d) the occurrence
of a First Lien Default under the First Lien Account Agreement (as in effect on the date hereof) and such First Lien Default continues
unwaived or uncured for more than thirty (30) days, or (e) the commencement of an Insolvency Proceeding with respect to the Debtor.

 

“UCC”
means the Uniform Commercial Code (or any similar or comparable legislation) as in effect in any applicable jurisdiction.

 

1.2
Construction. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms.
The words “include,” “includes,” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” The term “or” shall be construed to have, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or.” Except to the extent expressly provided herein, any term used in this Agreement
and not defined in this Agreement shall have the meaning set forth in the First Lien Account Agreement as in effect on the date
hereof. Unless the context requires otherwise:

 

(a)
except as otherwise provided herein, any definition of or reference to any agreement, instrument, or other document herein shall
be construed as referring to such agreement, instrument, or other document as from time to time amended, restated, supplemented,
modified, renewed, extended, Refinanced, refunded, or replaced in accordance with the terms hereof;

 

(b)
any reference to any agreement, instrument, or other document herein “as in effect on the date hereof” shall be construed
as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement,
modification, or Refinancing occurring after the date hereof in accordance with the terms hereof;

 

(c)
any definition of, or reference to, First Lien Debt or the Second Lien Debt herein shall be construed as referring to the First
Lien Debt or the Second Lien Debt (as applicable) as from time to time amended, restated, supplemented, modified, renewed or extended
in accordance with the terms hereof;

 

(d)
any reference herein to any person shall be construed to include such person’s successors and assigns and as to the Debtor
shall be deemed to include a receiver, trustee, or debtor-in-possession on behalf of any of such person or on behalf of any such
successor or assignee of such person;

 

    	 	10	 

     

    

 

(e)
except as otherwise expressly provided herein, any reference to First Lien Creditor agreeing to or having the right to do, or
refraining from or having the right to refrain from doing, an act shall be construed as binding on each of the First Lien Claimholders,
any reference to First Lien Creditor shall be construed as referring to First Lien Creditor, for itself and on behalf of the other
First Lien Claimholders, any reference to Second Lien Creditor agreeing to or having the right to do, or refraining from or having
the right to refrain from doing, an act shall be construed as binding upon each of the Second Lien Claimholders, any reference
to Second Lien Creditor shall be construed as referring to Second Lien Creditor, for itself and on behalf of the other Second
Lien Claimholders, any reference to the First Lien Claimholders shall be construed as including First Lien Creditor, and any reference
to the Second Lien Claimholders shall be construed as referring to Second Lien Creditor;

 

(f)
the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof;

 

(g)
all references herein to Sections shall be construed to refer to Sections of this Agreement unless otherwise specified herein;
and

 

(h)
the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.

 

SECTION
2. Lien Priorities.

 

2.1
Relative Priorities.

 

(a)
Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing
the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding
whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding)
and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or
deficiencies in the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor and Second Lien
Creditor hereby agree that:

 

(i)
any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or
on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor,
regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall
be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess
First Lien Debt;

 

(ii)
any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by
or on behalf of, or created for the benefit of, Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee
therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise,
shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority
Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt
or (2) any Excess Second Lien Debt;

 

    	 	11	 

     

    

 

(iii)
any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or
on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor,
regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall
be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority
Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral
securing any Excess Second Lien Debt; and

 

(iv)
any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or
on behalf of, or created for the benefit of, Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee
therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise,
shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority
Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.

 

(b)
All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and
prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for
all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated
to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent
that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements,
or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and
remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any
Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are
avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person
(but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First
Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the
Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect
to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien
Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other
person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the
First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2)

 

    	 	12	 

     

    

 

2.2
Prohibition on Contesting Liens or Claims. Each of Second Lien Creditor and First Lien Creditor agrees that it will not
(and hereby waives any right to), directly or indirectly, contest, or support any other person in contesting, in any proceeding
(including any Insolvency Proceeding), (a) the extent, validity, attachment, perfection, priority, or enforceability of a Lien
held by or on behalf of any of the First Lien Claimholders in the First Lien Collateral (or the extent, validity, allowability,
or enforceability of any First Lien Debt secured thereby or purported to be secured thereby) or by or on behalf of any of the
Second Lien Claimholders in the Second Lien Collateral (or the extent, validity, allowability, or enforceability of any Second
Lien Debt secured thereby or purported to be secured thereby), as the case may be, or the provisions of this Agreement; provided,
that nothing in this Agreement shall be construed to prevent or impair the rights of First Lien Creditor, any other First Lien
Claimholder, Second Lien Creditor, or any other Second Lien Claimholder to enforce the terms of this Agreement, including the
provisions of this Agreement relating to the priority of the Liens securing the First Lien Debt and the Second Lien Debt as provided
in Sections 2.1 and 3.

 

2.3
New Liens.

 

(a)
So long as the Payment in Full of First Lien Priority Debt has not occurred, and so long as no Insolvency Proceeding has been
commenced by or against the Debtor, the parties hereto agree that, subject to Section 2.4(b), the Debtor shall not:

 

(i)
grant or permit any additional Liens on any asset to secure any Second Lien Debt unless the Debtor gives First Lien Creditor at
least 5 Business Days prior written notice thereof and unless such notice also offers to grant a Lien on such asset to secure
the First Lien Debt concurrently with the grant of a Lien thereon in favor of Second Lien Creditor; or

 

(ii)
grant or permit any additional Liens on any asset to secure any First Lien Debt unless the Debtor gives Second Lien Creditor at
least 5 Business Days prior written notice thereof and unless such notice also offers to grant a Lien on such asset to secure
the Second Lien Debt concurrently with the grant of a Lien thereon in favor of First Lien Creditor.

 

(b)
To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies
available to First Lien Creditor or the other First Lien Claimholders, Second Lien Creditor agrees that any amounts received by
or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be
subject to Section 4.2.

 

2.4
Similar Liens and Agreements.

 

(a)
The parties hereto agree that it is their intention that the First Lien Collateral and the Second Lien Collateral be identical.
In furtherance of the foregoing and of Section 9.8, the parties hereto agree, subject to the other provisions of this Agreement:

 

(i)
upon request by First Lien Creditor or Second Lien Creditor, to cooperate in good faith (and to direct their counsel to cooperate
in good faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second
Lien Collateral and the steps taken or to be taken to perfect their respective Liens thereon and the identity of the respective
parties obligated under the First Lien Documents and the Second Lien Documents; and

 

    	 	13	 

     

    

 

(ii)
that the First Lien Collateral Documents and Second Lien Collateral Documents shall be, in all material respects, the same with
respect to the description of the Collateral covered thereby.

 

(b)
The foregoing to the contrary notwithstanding, each of the parties agrees that to the extent that First Lien Creditor or Second
Lien Creditor obtains a Lien in an asset (of a type that is not included in the types of assets included in the Collateral as
of the date hereof or which would not constitute Collateral without a grant of a security interest or lien separate from the First
Lien Documents or Second Lien Documents, as applicable, as in effect immediately prior to obtaining such Lien on such asset) which
the other party to this Agreement elects not to obtain after receiving prior written notice thereof in accordance with the provisions
of Section 2.3, the Collateral securing the First Lien Debt and the Second Lien Debt will not be identical, and the provisions
of the documents, agreements and instruments evidencing such Liens also will not be substantively similar, and any such difference
in the scope or extent of perfection with respect to the Collateral resulting therefrom are hereby expressly permitted by this
Agreement.

 

SECTION
3. Exercise of Remedies. 

 

3.1
Standstill. Until the Payment in Full of First Lien Priority Debt has occurred, whether or not any Insolvency Proceeding
has been commenced by or against the Debtor, Second Lien Creditor and the Second Lien Claimholders will not:

 

(a)
take any Enforcement Action with respect to any Collateral; provided, that (i) if a Second Lien Default has occurred and
is continuing, Second Lien Creditor may take Enforcement Actions after the expiration of the applicable Standstill Period (it
being understood that if at any time after the delivery of a Standstill Notice that commences a Standstill Period, no Second Lien
Default is continuing, Second Lien Creditor may not take Enforcement Actions until the expiration of a new Standstill Period commenced
by a new Standstill Notice relative to the occurrence of a new Second Lien Default, (ii) in no event shall Second Lien Creditor
or any other Second Lien Claimholder take an Enforcement Action with respect to the Collateral if, notwithstanding the expiration
of the Standstill Period, First Lien Creditor or any other First Lien Claimholder shall have commenced prior to the expiration
of the Standstill Period (or thereafter but prior to the commencement of any Enforcement Action by Second Lien Creditor with respect
to all or any material portion of the Collateral) and be diligently pursuing in good faith an Enforcement Action with respect
to all or any material portion of the Collateral, and (iii) prior to taking any Enforcement Action, or action to commence or petition
for any Insolvency Proceeding after the end of the Standstill Period, Second Lien Creditor shall give First Lien Creditor not
more than 20 Business Days and not less than 5 Business Days prior written notice of the intention of Second Lien Creditor or
any other Second Lien Claimholder to exercise such rights and remedies which notice may be sent prior to the end of the Standstill
Period).

 

    	 	14	 

     

    

 

(b)
commence or join with any person (other than First Lien Creditor) in commencing, or filing a petition for, any Insolvency Proceeding
against the Debtor until the expiration of the applicable Standstill Period (it being understood that if at any time after the
delivery of a Standstill Notice that commences a Standstill Period, no Second Lien Default is continuing, Second Lien Creditor
may not commence or join in commencing, or filing a petition for, any such Insolvency Proceeding until the expiration of a new
Standstill Period commenced by a new Standstill Notice relative to the occurrence of a new Second Lien Default, (ii) in no event
shall Second Lien Creditor or any other Second Lien Claimholder commence or join in commencing, or filing a petition for, any
such Insolvency Proceeding if, notwithstanding the expiration of the Standstill Period, First Lien Creditor or any other First
Lien Claimholder shall have commenced prior to the expiration of the Standstill Period (or thereafter but prior to the commencement
of, or filing of any such Insolvency Proceeding by Second Lien Creditor with respect to all or any material portion of the Collateral)
and be diligently pursuing in good faith an Enforcement Action with respect to all or any material portion of the Collateral,
and (iii) prior to taking any action to commence or petition for any Insolvency Proceeding after the end of the Standstill Period,
Second Lien Creditor shall give First Lien Creditor not more than 20 Business Days and not less than 5 Business Days prior written
notice of the intention of Second Lien Creditor or any other Second Lien Claimholder to commence or join in commencing, or filing
a petition for, any such Insolvency Proceeding, which notice may be sent prior to the end of the Standstill Period);

 

(c)
contest, protest, or object to any Enforcement Action by First Lien Creditor or any other First Lien Claimholder in accordance
with the terms hereof and has no right to direct First Lien Creditor to take any Enforcement Action or take any other action under
the First Lien Documents; and

 

(d)
object to (and waive any and all claims with respect to) the forbearance by First Lien Creditor or the First Lien Claimholders
from taking any Enforcement Action.

 

3.2
Exclusive Enforcement Rights. Until the Payment in Full of First Lien Priority Debt has occurred, whether or not any Insolvency
Proceeding has been commenced by or against the Debtor, but subject to the first proviso to Section 3.1(a), First Lien Creditor
and First Lien Claimholders shall have the exclusive right to take Enforcement Actions with respect to the Collateral without
any consultation with or the consent of Second Lien Creditor or any other Second Lien Claimholder. Subject to Section 3.7, in
connection with any Enforcement Action, First Lien Creditor and the other First Lien Claimholders may enforce the provisions of
the First Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise
of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral,
to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under
applicable law.

 

3.3
Second Lien Permitted Actions. Anything to the contrary in this Section 3 notwithstanding, Second Lien Creditor
and any other Second Lien Claimholder may:

 

(a)
if an Insolvency Proceeding has been commenced by or against the Debtor, file a claim or statement of interest with respect to
the Second Lien Debt;

 

(b)
take any action (not adverse to the priority status of the Liens on the Collateral securing the First Lien Priority Debt, or the
rights of First Lien Creditor or any other First Lien Claimholder to undertake Enforcement Actions) in order to create, preserve,
perfect or protect its Lien in and to the Collateral;

 

    	 	15	 

     

    

 

(c)
file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding, or other pleading
made by any person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Claimholders, including
any claims secured by the Collateral, if any;

 

(d)
vote on any plan of reorganization, file any proofs of claim, and make any other filings and motions that are, in each case, not
prohibited by the provisions of this Agreement, with respect to the Second Lien Debt and the Collateral;

 

(e)
join (but not exercise any control with respect to) any judicial foreclosure proceeding or other judicial lien enforcement proceeding
with respect to the Collateral initiated by First Lien Creditor to the extent that any such action could not reasonably be expected,
in any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with an Enforcement
Action by First Lien Creditor (it being understood that neither Second Lien Creditor nor any Second Lien Claimholder shall be
entitled to receive any proceeds thereof unless otherwise expressly permitted herein);

 

(f)
bid for or purchase Collateral at any public, private or judicial foreclosure upon such Collateral initiated by any First Lien
Claimholder or any other person, or any sale of Collateral during an Insolvency Proceeding; provided that to the extent the Second
Lien Creditor or such Second Lien Claimholder credit bids its claim against the purchase price, such bid shall result in the Payment
in Full of First Lien Priority Debt;

 

(g)
take Enforcement Actions after the expiration of the Standstill Period if and to the extent specifically permitted by Section
3.1(a);

 

(h)
inspect or appraise the Collateral or to receive information or reports concerning the Collateral, in each case pursuant to the
Second Lien Documents and applicable law; and

 

(i)
enforce the terms of any subordination agreement with respect to any indebtedness or other obligation subordinated to the Second
Lien Debt.

 

3.4
Retention of Proceeds. Neither Second Lien Creditor nor any other Second Lien Claimholder shall be permitted to retain
any proceeds of Collateral received in connection with any Enforcement Action unless and until the Payment in Full of First Lien
Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section
4.2.

 

3.5
Non-Interference. Subject to Sections 3.1(a), 3.3, and 6.5(b), Second Lien Creditor hereby:

 

(a)
agrees that Second Lien Creditor and the other Second Lien Claimholders will not take any action other than as expressly permitted
hereunder that would restrain, hinder, limit, delay, or otherwise interfere with any Enforcement Action by First Lien Creditor
or any other First Lien Claimholder, or that is otherwise not prohibited hereunder, including any Disposition of the Collateral,
whether by foreclosure or otherwise;

 

    	 	16	 

     

    

 

(b)
subject to Section 3.7, waives any and all rights it or the Second Lien Claimholders may have as a junior lien creditor
or otherwise to object to the manner in which First Lien Creditor or the First Lien Claimholders seek to enforce or collect the
First Lien Debt or the Liens securing the First Lien Debt granted in any of the First Lien Collateral, regardless of whether any
action or failure to act by or on behalf of First Lien Creditor or the First Lien Claimholders is adverse to the interest of the
Second Lien Claimholders;

 

(c)
waives any and all rights it or any other Second Lien Claimholders may have to oppose, object to, or seek to restrict the First
Lien Creditor or the other First Lien Claimholders from exercising their rights to set off or credit bid their debt; and

 

(d)
acknowledges and agrees that no covenant, agreement or restriction contained in the Second Lien Collateral Documents or any other
Second Lien Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of First Lien
Creditor or the First Lien Claimholders with respect to the Collateral as set forth in this Agreement and the First Lien Credit
Documents; provided, that nothing in this Agreement shall limit the right of the Second Lien Creditor to declare an event of default,
to impose default interest, and to accelerate the Second Lien Debt.

 

3.6
Unsecured Creditor Remedies. Except as set forth in Sections 2.2, 3.1 (b), (c) or (d), 3.5,
and 6, Second Lien Creditor and the Second Lien Claimholders may exercise rights and remedies as unsecured creditors generally
against the Debtor in accordance with the terms of the Second Lien Documents and applicable law so long as doing so is not, directly
or indirectly, inconsistent with the terms of this Agreement; provided, that in the event that any Second Lien Claimholder
becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor
with respect to the Second Lien Debt, such judgment Lien shall be subject to the terms of this Agreement for all purposes as the
other Liens securing the Second Lien Debt.

 

3.7
Commercially Reasonable Dispositions; Notice of Exercise. First Lien Creditor agrees that any Enforcement Action by First
Lien Creditor with respect to Collateral subject to Article 9 of the UCC shall be conducted by First Lien Creditor in a commercially
reasonable manner. Second Lien Creditor agrees that any Enforcement Action by Second Lien Creditor with respect to Collateral
subject to Article 9 of the UCC shall be conducted by Second Lien Creditor in a commercially reasonable manner. First Lien Creditor
shall provide reasonable prior notice to Second Lien Creditor of its initial material Enforcement Action. Second Lien Creditor
shall provide reasonable prior notice to First Lien Creditor of its initial material Enforcement Action.

 

    	 	17	 

     

    

 

SECTION
4. Proceeds.

 

4.1
Application of Proceeds.

 

(a)
Regardless of whether an Insolvency Proceeding has been commenced by or against the Debtor, any Collateral proceeds of Collateral
(or amounts distributed on account of a Lien in the Collateral or proceeds thereof), received in connection with any Enforcement
Action or received in connection with any Insolvency Proceeding involving the Debtor shall (at such time as such Collateral or
proceeds or other amounts have been monetized) be applied:

 

(i)
first, to the Payment in Full of the First Lien Priority Debt (together with the concurrent permanent reduction of commitments)
in accordance with the First Lien Documents,

 

(ii)
second, to the Payment in Full of the Second Lien Priority Debt in accordance with the Second Lien Documents,

 

(iii)
third, to the payment in full in cash, immediately available funds, or other consideration acceptable to the First Lien Creditor
(as set forth in writing) of the Excess First Lien Debt in accordance with the First Lien Documents, and

 

(iv)
fourth, to the payment in full in cash, immediately available funds, or other consideration acceptable to the Second Lien Creditor
of the Excess Second Lien Debt in accordance with the Second Lien Documents;

 

provided
that, notwithstanding the foregoing, debt and equity reorganization securities shall not be treated as Collateral or proceeds
of Collateral hereunder, and they may be distributed to and retained by the Second Lien Creditor and Second Lien Claimholders
prior to the Payment in Full of First Lien Priority Debt, subject to the provisions of Section 6.9(a) (referred to as “Permitted
Reorganization Securities”).

 

(b)
Notwithstanding the foregoing, if any Enforcement Action with respect to the Collateral produces non-cash proceeds (other than
Permitted Reorganization Securities for all purposes herein), then such non-cash proceeds shall be held by the First Lien Creditor
as additional collateral and, at such time as such non-cash proceeds are monetized, shall be applied in the order of application
set forth above. First Lien Creditor shall have no duty or obligation to Dispose of such non-cash proceeds and may Dispose of
such non-cash proceeds or continue to hold such non-cash proceeds, in each case, in its discretion; provided, that any
non-cash proceeds received by First Lien Creditor (other than any non-cash proceeds received on account of any Second Lien Secured
Claim) may be distributed by First Lien Creditor to the First Lien Claimholders in full or partial satisfaction of First Lien
Debt in an amount determined by First Lien Creditor acting at the direction of the requisite First Lien Claimholders or as a court
of competent jurisdiction may direct pursuant to a Final Order, including an order confirming a plan of reorganization in an Insolvency
Proceeding. No receipt and application of any Collateral, or proceeds thereof, received in the ordinary course of business and
absent any affirmative enforcement action or remedies (other than the exercise of control with respect to any deposit account
or securities account collateral and any notification to account debtors) by First Lien Creditor to collect or otherwise realize
upon such Collateral (such Collateral, and the proceeds thereof, “Ordinary Course Collections”) shall constitute
an Enforcement Action for purposes of this Agreement and all Ordinary Course Collections received by First Lien Creditor may be
applied, reversed, reapplied, credited, or reborrowed, in whole or in part, pursuant to the First Lien Account Agreement. Nothing
in this Agreement shall be deemed to subordinate the right of the Second Lien Creditor or the Second Lien Claimholders to receive
payment, it being the intent of the parties hereto, that the subordinations herein shall only apply to the Liens on the Collateral
and the proceeds thereof; provided that this provision shall, for clarity, in no way limit the terms set forth in Sections
4.2 and 4.5 hereof.

 

    	 	18	 

     

    

 

4.2
Turnover.

 

(a)
Unless and until the Payment in Full of First Lien Priority Debt has occurred (irrespective of whether any Insolvency Proceeding
has been commenced by or against the Debtor), any Collateral, or proceeds thereof (including assets or proceeds subject to Liens
referred to in the final sentence of Section 2.3 or the proviso in Section 3.6), received by Second Lien Creditor
or any Second Lien Claimholder in violation of Section 4.1(a) above or Section 4.5 (i) in connection with an Enforcement
Action with respect to the Collateral by Second Lien Creditor or any Second Lien Claimholder, or (ii) as a result of the collusion
by Second Lien Creditor or any Second Lien Claimholder with the Debtor in violating the rights of First Lien Creditor or any other
First Lien Claimholder (within the meaning of Section 9-332 of the UCC), shall be segregated and held in trust and forthwith paid
over to First Lien Creditor for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements
or as a court of competent jurisdiction may otherwise direct, for application to the First Lien Priority Debt in accordance with
the First Lien Account Agreement and Section 4.1(a) above. First Lien Creditor is hereby authorized to make any such endorsements
as agent for the Second Lien Claimholders and this authorization is coupled with an interest and is irrevocable until the Payment
in Full of First Lien Debt.

 

(b)
Unless and until the Payment in Full of First Lien Priority Debt has occurred and except as otherwise expressly provided in Section
2.1, if the Debtor (or any of its assets) is the subject of an Insolvency Proceeding and if any distribution is received by
Second Lien Creditor or any Second Lien Claimholder on account of their Second Lien Secured Claims in connection with such Insolvency
Proceeding in violation of Section 4.1(a) above (unless such distribution is made under a confirmed plan of reorganization
of the Debtor that is accepted by the requisite affirmative vote of all classes composed of the secured claims of the First Lien
Claimholders or otherwise provides for the Payment in Full of First Lien Priority Debt), then such distribution shall be segregated
and held in trust and forthwith paid over to First Lien Creditor for the benefit of the First Lien Claimholders in the same form
as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct for application to the
First Lien Priority Debt in accordance with the First Lien Account Agreement and Section 4.1(a) above. For the avoidance
of doubt, except as otherwise expressly provided in Section 2.1, unless and until the Payment in Full of First Lien Priority
Debt has occurred, the Second Lien Creditor shall be required to turnover to the First Lien Creditor and the First Lien Creditor
shall be entitled to apply (or, in the case of non-cash proceeds, hold) in accordance with Section 4.1 any cash or non-cash
distribution received by the Second Lien Claimholders in violation of Section 4.1(a) above on account of their Second Lien
Secured Claims pursuant to a confirmed plan of reorganization of the Debtor (unless such distribution is made under a confirmed
plan of reorganization of the Debtor that is accepted by the requisite affirmative vote of all classes composed of the secured
claims of the First Lien Claimholders or otherwise provides for the Payment in Full of First Lien Priority Debt, but in any event,
not including any payments on account of adequate protection received on account of the Second Lien Claims as permitted hereunder)
irrespective of whether such plan of reorganization (or any Final Order in respect thereof) purports to find that the distribution
to the First Lien Claimholders pays the First Lien Priority Debt in full. First Lien Creditor is hereby authorized to make any
such endorsements as agent for the Second Lien Creditor or any such Second Lien Claimholder. This authorization is coupled with
an interest and is irrevocable until the Payment in Full of First Lien Priority Debt.

 

    	 	19	 

     

    

 

4.3
No Subordination of the Relative Priority of Claims. The parties agree that the subordination of Liens set forth herein
is with respect to the priority of their respective Liens in and to the Collateral only and shall not constitute a subordination
of the Second Lien Debt to the First Lien Debt or a subordination of the First Lien Debt to the Second Lien Debt and nothing in
this Agreement will affect (a) the entitlement of any Second Lien Claimholder to receive and retain required payments of interest,
principal and other amounts in respect of the Second Lien Debt unless the receipt is expressly prohibited by, or results from
the Second Lien Claimholder’s breach of, this Agreement or (b) the right of the Second Lien Claimholder to convert any obligations
owing under the Note into equity interests of the Debtor and take all other actions related thereto as contemplated by the Second
Lien Credit Agreements.

 

4.4
Non-Lienable Assets. Notwithstanding anything to the contrary contained herein (including Section 4.3), if any assets,
licenses, rights, or privileges of the Debtor are incapable of being the subject of a Lien in favor of a secured party (including
because of restrictions under applicable law, the nature of the rights or interests of the Debtor, or the absence of a consent
to such Lien by a third party and irrespective of whether the applicable collateral documents attempt (or purport) to encumber
such assets, licenses, rights, or privileges (the “Inalienable Interests”), then the First Lien Creditor and
the Second Lien Creditor agree that any distribution or recovery First Lien Creditor, or the other First Lien Claimholders, or
Second Lien Creditor, or the other Second Lien Claimholders, may receive with respect to, or that is allocable to, the value of
any such Inalienable Interests, or any proceeds thereof, whether received in their capacity as unsecured creditors or otherwise,
shall be turned over and applied in accordance with Sections 4.1 and 4.2 as if such distribution or recovery were,
or were on account of, Collateral or the proceeds of Collateral. Until the Payment in Full of First Lien Priority Debt occurs,
the Second Lien Creditor hereby appoints the First Lien Creditor, and any officer or agent of the First Lien Creditor, with full
power of substitution, the attorney-in-fact of each Second Lien Claimholder for the limited purpose of carrying out the provisions
of this Section 4.4 and taking any action and executing any instrument that the First Lien Creditor may reasonably deem
necessary or advisable to accomplish the purposes of this Section 4.4, which appointment is irrevocable and coupled with
an interest.

 

4.5
Prepayments. Nothing shall prohibit or otherwise require the consent of the First Lien Creditor for the prepayment of any
of the Second Lien Debt, and nothing shall prohibit or otherwise require the consent of the Second Lien Creditor for the prepayment
of the First Lien Debt.

 

    	 	20	 

     

    

 

SECTION
5. Releases; Dispositions; Other Agreements.

 

5.1
Releases.

 

(a)
Subject to the terms hereof, First Lien Creditor shall have the exclusive right to make determinations regarding the release or
Disposition of any Collateral pursuant to the terms of the First Lien Documents or in accordance with the provisions of this Agreement,
in each case without any consultation with, consent of, or notice to Second Lien Creditor or any Second Lien Claimholder.

 

(b)
If, in connection with an Enforcement Action by First Lien Creditor as provided for in Section 3, First Lien Creditor releases
any of its Liens on any part of the Collateral (or such Liens are released by operation of law) or releases the Debtor from its
obligations in respect of the First Lien Debt, then the Liens of Second Lien Creditor on such Collateral, and the obligations
of the Debtor in respect of the Second Lien Debt, shall be automatically, unconditionally, and simultaneously released (unless
such Enforcement Action was not conducted in accordance with applicable law as finally determined by a court of competent jurisdiction)
and the net cash proceeds of any such Enforcement Action are applied in accordance with Section 4.1.

 

(c)
If, in connection with any Disposition of any Collateral permitted under the terms of the First Lien Documents and the Second
Lien Documents (as each is in effect as of the date hereof), First Lien Creditor releases any of its Liens on the portion of the
Collateral that is the subject of such Disposition, or releases the Debtor from its obligations in respect of the First Lien Debt
(if the Debtor is the subject of such Disposition), in each case other than (i) in connection with the Payment in Full of First
Lien Priority Debt, or (ii) after the occurrence and during the continuance of any Second Lien Default, then the Liens of Second
Lien Creditor on such Collateral, and the obligations of the Debtor in respect of the Second Lien Debt, shall be automatically,
unconditionally, and simultaneously released so long as the net cash proceeds of any such Disposition are applied in accordance
with the terms of the First Lien Documents as in effect as of the date hereof.

 

(d)
In the event of any private or public Disposition of all or any material portion of the Collateral by the Debtor with the consent
of First Lien Creditor after the occurrence and during the continuance of a First Lien Default (and prior to the Payment in Full
of First Lien Priority Debt), which Disposition is conducted by the Debtors with the consent of First Lien Creditor in connection
with good faith efforts by First Lien Creditor to collect the First Lien Debt through the Disposition of Collateral (any such
Disposition, a “Default Disposition”), then the Liens of Second Lien Creditor on such Collateral shall be automatically,
unconditionally, and simultaneously released (and, if the Default Disposition includes equity interests in the Debtor, Second
Lien Creditor further agrees to release those persons whose equity interests are Disposed of from all of their obligations under
the Second Lien Documents) so long as (i) First Lien Creditor also releases its Liens on such Collateral (and, if the Default
Disposition includes Equity Interests in the Debtor, First Lien Creditor is also releasing those persons whose Equity Interests
are Disposed of from all of their obligations under the First Lien Documents), (ii) the net cash proceeds of any such Default
Disposition are applied in accordance with Section 4.1 (as if they were proceeds received in connection with an Enforcement
Action), (iii) the Debtor consummating such Default Disposition have (a) provided Second Lien Creditor with not less than 10 Business
Days written notice, and (b) conducted such Default Disposition in a commercially reasonable manner as if such Default Disposition
were a disposition of collateral by a secured creditor in accordance with Article 9 of the UCC and (iv) no sales or dispositions
may be made to the Debtor or Equity Sponsor or any of their Affiliates (unless such disposition is a sale pursuant to Section
363 of the Bankruptcy Code (or any similar provision of any other Bankruptcy Law) or a disposition pursuant to a public sale).

 

    	 	21	 

     

    

 

(e)
To the extent that the Liens of Second Lien Creditor in and to any Collateral are to be released as provided in this Section
5.1,

 

(i)
Second Lien Creditor shall promptly, upon the written request of First Lien Creditor, execute and deliver such release documents
and confirmations of the authorization to file UCC amendments, in each case, as First Lien Creditor may reasonably require in
connection with such Disposition to evidence and effectuate such release; provided, that any such release or UCC amendment
by Second Lien Creditor shall not extend to or otherwise affect any of the rights, if any, of Second Lien Creditor to the proceeds
from any such Disposition of any Collateral,

 

(ii)
from and after the time that the Liens of Second Lien Creditor in and to the Collateral are released, Second Lien Creditor shall
be automatically and irrevocably deemed to have authorized First Lien Creditor to file UCC amendments releasing the Collateral
subject to such Disposition as to UCC financing statements between the Debtor and Second Lien Creditor or any other Second Lien
Claimholder to evidence such release,

 

(iii)
Second Lien Creditor shall be deemed to have consented under the Second Lien Documents to such Disposition to the same extent
as the consent of First Lien Creditor and the other First Lien Claimholders, and

 

(iv)
in accordance with the provisions of applicable law, the Liens of Second Lien Creditor shall automatically attach to any proceeds
of any Collateral subject to any such Disposition to the extent not used to repay First Lien Debt.

 

(f)
Until the Payment in Full of First Lien Priority Debt occurs, Second Lien Creditor hereby irrevocably constitutes and appoints
First Lien Creditor and any officer or agent of First Lien Creditor, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of Second Lien Creditor or such holder or in First Lien Creditor’s
own name, from time to time in First Lien Creditor’s discretion, for the purpose of carrying out the terms of this Section
5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary to
accomplish the purposes of this Section 5.1, including any financing statement amendments (form UCC-3) or any other endorsements
or other instruments of transfer or release.

 

(g)
Until the Payment in Full of First Lien Priority Debt occurs, to the extent that First Lien Creditor or the First Lien Claimholders
(i) have released any Lien on Collateral or the Debtor with respect to the First Lien Debt, and any such Liens or obligations
are later reinstated, or (ii) obtain any new Liens from the Debtor or obtain a guaranty from the Debtor of the First Lien Debt,
then Second Lien Creditor, for itself and for the Second Lien Claimholders, shall be entitled to obtain a Lien on any such Collateral,
subject to the terms (including the lien subordination provisions) of this Agreement, and a guaranty from the Debtor, as the case
may be.

 

    	 	22	 

     

    

 

5.2
Insurance. Unless and until the Payment in Full of First Lien Priority Debt has occurred:

 

(a)
(i) First Lien Creditor and the First Lien Claimholders shall have the sole and exclusive right, subject to the rights the Debtor
under the First Lien Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event
of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation)
affecting the Collateral; and (ii) all proceeds of any such insurance policy and any such award (or any payments with respect
to a deed in lieu of condemnation) shall be paid, subject to the rights the Debtor under the First Lien Documents and the Second
Lien Documents, first to the First Lien Claimholders and the Second Lien Claimholders in accordance with the priorities
set forth in Section 4.1, until paid in full in cash, and second, to the owner of the subject property, such other
person as may be entitled thereto, or as a court of competent jurisdiction may otherwise direct; and

 

(b)
if Second Lien Creditor or any other Second Lien Claimholder shall, at any time, receive any proceeds of any such insurance policy
or any such award or payment in contravention of this Section 5.2, it shall pay such proceeds over to First Lien Creditor
in accordance with the terms of Section 4.2.

 

5.3
Amendments; Refinancings; Legend.

 

(a)
The First Lien Documents may be amended, supplemented, or otherwise modified in accordance with their terms without notice to,
or the consent of, Second Lien Creditor or any other Second Lien Claimholder, all without affecting the lien subordination or
other provisions of this Agreement; provided, that any such amendment, supplement, or modification shall not, without the
prior written consent of Second Lien Creditor:

 

(i)
contravene the provisions of this Agreement;

 

(ii)
increase the total yield by more than [2.00] percentage points per annum (including by adding or increasing any interest rate
floor but excluding increases resulting from (A) increases in the underlying reference rate not caused by an amendment, supplement,
modification of the First Lien Account Agreement, or (B) the accrual of interest at the default rate);

 

(iii)
(A) change to earlier dates any scheduled dates upon which payments of principal or interest are due thereon, (B) extend in any
four-quarter period the date of payment of more than two (2) scheduled principal payments or extend prior to Payment in Full of
the First Lien Priority Debt the date of payment of more than four (4) scheduled principal payments, or (C) extend the scheduled
final maturity of the First Lien Account Agreement beyond the scheduled maturity of either Second Lien Credit Agreement;

 

(iv)
modify (or have the effect of a modification of) the redemption, mandatory prepayment, or defeasance provisions of the First Lien
Account Agreement or any other First Lien Document in a manner that makes them more restrictive or burdensome to the Debtor;

 

    	 	23	 

     

    

 

(v)
change any covenants, defaults, or events of default under the First Lien Account Agreement or any other First Lien Document (including
the addition of covenants, defaults, or events of default not contained in the First Lien Account Agreement or other First Lien
Documents as in effect on the date hereof) to restrict the Debtor from making payments of the Second Lien Debt or amending the
Second Lien Documents that would otherwise be permitted under the First Lien Documents as in effect on the date hereof;

 

(vi)
subordinate any First Lien Debt or the Liens of the First Lien Claimholders on the Collateral, except in the case of a DIP Financing
and with respect to Liens of the type permitted to be prior to the Liens of the First Lien Claimholders in accordance with the
definition of Permitted Liens under the First Lien Account Agreement (as in effect on the date hereof) or in connection with any
administrative priority claim or a professional fee “carve-out”; or

 

(vii)
add or make more restrictive any First Lien Default or any covenant with respect to the First Lien Debt or make any change to
any First Lien Default or any covenant which would have the effect of making such First Lien Default or covenant more restrictive,
unless a corresponding amendment is also offered to the Second Lien Creditor by the Debtor preserving any cushions that may exist,
regardless of whether or not the Second Lien Creditor accept such offer.

 

(b)
The Second Lien Documents may be amended, supplemented, or otherwise modified in accordance with their terms without notice to,
or the consent of, First Lien Creditor or the First Lien Claimholders, all without affecting the lien subordination or other provisions
of this Agreement; provided, that, any such amendment, supplement, or modification shall not (except with respect to any
Conforming Amendment (provided that any Conforming Amendment to any Second Lien Credit Agreement shall maintain an equivalent
proportionate difference between dollar amounts or ratios, as the case may be, in the relevant provision in such Second Lien Credit
Agreement and those in the corresponding covenant in the First Lien Account Agreement, to the extent that such difference exists
between such Second Lien Credit Agreement and the First Lien Account Agreement on the date hereof or subsequent to the date hereof
to the extent both the Second Lien Credit Agreements and the First Lien Account Agreement are amended in accordance with the terms
thereof), without the prior written consent of First Lien Creditor:

 

(i)
contravene the provisions of this Agreement;

 

(ii)
increase the total yield by more than 2.00 percentage points per annum (including by adding or increasing any interest rate floor
but excluding increases resulting from (A) increases in the underlying reference rate not caused by an amendment, supplement,
modification or Refinancing of the applicable Second Lien Credit Agreement, or (B) the accrual of interest at the default rate);

 

(iii)
change to earlier dates any scheduled dates upon which payments of principal or interest are due thereon;

 

    	 	24	 

     

    

 

(iv)
(A) the redemption, mandatory prepayment, or defeasance provisions thereof in a manner that makes them more restrictive or burdensome
to the Debtor, or (B) change the redemption, mandatory prepayment, or defeasance provisions to require any redemption, mandatory
prepayment, or defeasance to any Second Lien Claimholder or any other Person (other than to the First Lien Claimholders) prior
to the Payment in Full of First Lien Priority Debt (unless any such payment would be permitted pursuant to Section 4.5 of this
Agreement);

 

(v)
change any covenants, defaults, or events of default under the Second Lien Credit Agreements or any other Second Lien Document
(including the addition of covenants, defaults, or events of default not contained in the Second Lien Documents or other Second
Lien Documents as in effect on the date hereof) to restrict the Debtor from making payments of the First Lien Debt or amending
the First Lien Documents that would otherwise be permitted under the Second Lien Documents as in effect on the date hereof or
to restrict the Debtor from the Disposition of any assets that would otherwise be permitted under the Second Lien Documents as
in effect on the date hereof;

 

(vi)
change any financial covenant in a manner adverse to the Debtor thereunder (it being understood that any waiver of any default
or Second Lien Default arising from the failure to comply with any financial covenant, in and of itself, shall not be deemed to
be adverse to the Debtor);

 

(vii)
change any default or Second Lien Default thereunder in a manner adverse to the Debtor thereunder (it being understood that any
waiver of any such default or Second Lien Default, in and of itself, shall not be deemed to be adverse to the Debtor);

 

provided,
the affirmative vote of the First Lien Claimholders shall not be required in connection with any of the actions listed in the
foregoing clauses (i) through (vii) to the extent such amendments are parallel to permitted amendments to the First Lien Documents
so long as the provisions that are amended remain in the same proportion to the corresponding provisions in the First Lien Documents
as on the date hereof.

 

(c)
Any refinancing of all or any portion of the First Lien Debt shall constitute a repayment of such First Lien Debt and a release
of the Lien on the Collateral in favor of the First Lien Creditor. Nothing contained in this Section 5.3(c) shall in any manner
relieve the Second Lien Creditor from its obligations under Section 1.8 of the Note and the Security Agreement with respect to
certain other future creditors of the Debtor.

 

(d)
The Debtor agrees that any promissory note evidencing the Second Lien Debt shall at all times include the following language (or
language to similar effect approved by First Lien Creditor):

 

“Anything
herein to the contrary notwithstanding, the liens and security interests securing the obligations evidenced by this promissory
note, the exercise of any right or remedy with respect thereto, and certain of the rights of the holder hereof are subject to
the provisions of the Intercreditor Agreement dated as of March __, 2019 (as amended, restated, supplemented, or otherwise modified
from time to time, the “Intercreditor Agreement”), by and between SALLYPORT COMMERCIAL FINANCE, LLC,
as First Lien Creditor, and LIND GLOBAL MACRO FUND, L.P., as Second Lien Creditor. In the event of any conflict between the terms
of the Intercreditor Agreement and this promissory note, the terms of the Intercreditor Agreement shall govern and control.”

 

    	 	25	 

     

    

 

5.4
Bailee for Perfection.

 

(a)
First Lien Creditor and Second Lien Creditor each agree to hold, control or otherwise acquire possession of, that part of the
Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that
possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law (such Collateral being
referred to as the “Pledged Collateral”), as bailee and as a non-fiduciary representative, on behalf of and
for the benefit of, Second Lien Creditor or First Lien Creditor, as applicable (such bailment and agency being intended, among
other things, to satisfy the requirements of Sections 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), solely
for the purpose of perfecting the security interest granted under the Second Lien Documents or the First Lien Documents, as applicable,
subject to the terms and conditions of this Section 5.4. Unless and until the Payment in Full of First Lien Priority Debt,
Second Lien Creditor agrees to promptly notify First Lien Creditor of any Pledged Collateral held by it or by any other Second
Lien Claimholder, and, immediately upon the request of First Lien Creditor at any time prior to the Payment in Full of First Lien
Priority Debt, Second Lien Creditor agrees to deliver to First Lien Creditor any such Pledged Collateral held by it or by any
other Second Lien Claimholder, together with any necessary endorsements (or otherwise allow First Lien Creditor to obtain control
of such Pledged Collateral).

 

(b)
First Lien Creditor shall have no obligation whatsoever to Second Lien Creditor or any other Second Lien Claimholder to ensure
that the Pledged Collateral is genuine or owned by any of Debtor or to preserve rights or benefits of any person except as expressly
set forth in this Section 5.4. Second Lien Creditor shall have no obligation whatsoever to First Lien Creditor or any other
First Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by the Debtor or to preserve rights or benefits
of any person except as expressly set forth in this Section 5.4. The duties or responsibilities of First Lien Creditor
under this Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and non-fiduciary
representative in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Payment in Full of First
Lien Priority Debt as provided in Section 5.8. The duties or responsibilities of Second Lien Creditor under this Section
5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and non-fiduciary representative in
accordance with this Section 5.4.

 

(c)
First Lien Creditor acting pursuant to this Section 5.4 shall not have by reason of the First Lien Collateral Documents,
the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of Second Lien Creditor or any other
Second Lien Claimholder. Second Lien Creditor acting pursuant to this Section 5.4 shall not have by reason of the First
Lien Collateral Documents, the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of First
Lien Creditor or any other First Lien Claimholder.

 

    	 	26	 

     

    

 

(d)
Upon the Payment in Full in cash of all First Priority Lien Debt, First Lien Creditor shall, to the extent permitted by applicable
law, deliver the remaining tangible Pledged Collateral (if any) together with any necessary endorsements, first, to Second
Lien Creditor to the extent Second Lien Debt remain outstanding as confirmed in writing by Second Lien Creditor, and, to the extent
that Second Lien Creditor confirms no Second Lien Debt are outstanding, second, to the Debtor to the extent no First Lien
Debt or Second Lien Debt remain outstanding (in each case, so as to allow such person to obtain possession or control of such
Pledged Collateral). At such time, First Lien Creditor further agrees to take all other action reasonably requested by Second
Lien Creditor at the expense of the Debtor (including amending any outstanding control agreements) to enable Second Lien Creditor
to obtain a first priority security interest in the Collateral.

 

5.5
Injunctive Relief. Should any Second Lien Claimholder in any way take, attempt to, or threaten to take any action contrary
to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, First Lien Creditor
or any other First Lien Claimholder may obtain relief against such Second Lien Claimholder by injunction, specific performance,
or other appropriate equitable relief, it being understood and agreed by Second Lien Creditor that (a) the First Lien Claimholders’
damages from such actions may at that time be difficult to ascertain and may be irreparable, and (b) each Second Lien Claimholder
waives any defense that the Debtor or First Lien Claimholders cannot demonstrate damage or be made whole by the awarding of damages.
Should any other First Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this
Agreement with respect to the Collateral, or fail to take any action required by this Agreement, Second Lien Creditor or any Second
Lien Claimholder or the Debtor may obtain relief against such First Lien Claimholder by injunction, specific performance, or other
appropriate equitable relief, it being understood and agreed by First Lien that (i) the Second Lien Claimholders’ damages
from such actions may at that time be difficult to ascertain and may be irreparable, and (ii) each First Lien Claimholder waives
any defense that the Debtor or Second Lien Claimholders cannot demonstrate damage or be made whole by the awarding of damages.
First Lien Creditor and Second Lien Creditor hereby irrevocably waive any defense based on the adequacy of a remedy at law and
any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by First
Lien Creditor or the other First Lien Claimholders or Second Lien Creditor or the other Second Lien Claimholders, as the case
may be.

 

5.6
Transfer of Pledged Collateral to Second Lien Creditor.

 

(a)
First Lien Creditor hereby agrees that upon the Payment in Full of First Lien Priority Debt, to the extent permitted by applicable
law, upon the written request of Second Lien Creditor (with all costs and expenses in connection therewith to be for the account
of Second Lien Creditor and to be paid by Debtor):

 

(i)
First Lien Creditor shall, without recourse or warranty, take commercially reasonable steps to transfer the possession and control
of the Pledged Collateral, if any, then in its possession or control to Second Lien Creditor, except in the event and to the extent
(A) such Collateral is sold, liquidated, or otherwise disposed of by First Lien Creditor or any other First Lien Claimholder or
by the Debtor as provided herein in full or partial satisfaction of any of the First Lien Debt or (B) it is otherwise required
by any order of any court or other governmental authority or applicable law; and

 

    	 	27	 

     

    

 

(ii)
in connection with the terms of any collateral access agreement, whether with a landlord, processor, warehouseman, or other third
party or any control agreement, First Lien Creditor shall notify the other parties thereto that its rights thereunder have been
assigned to Second Lien Creditor (to the extent such assignment is not prohibited by the terms of such agreement) and shall confirm
to such parties that Second Lien Creditor is thereafter the “Agent” (or other comparable term) as such term is used
in any such agreement and is otherwise entitled to the rights of the secured party under such agreement.

 

(b)
The foregoing provision shall not impose on First Lien Creditor or any other First Lien Claimholder any obligations which would
conflict with prior perfected claims therein in favor of any other person or any order or decree of any court or other governmental
authority or any applicable law or give rise to risk of legal liability.

 

SECTION
6. Insolvency Proceedings.

 

6.1
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any
Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any
distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency
Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement
within the meaning of Section 510 of the Bankruptcy Code.

 

6.2
Financing. If the Debtor shall be subject to any Insolvency Proceeding and if First Lien Creditor consents to the use of
cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash Collateral”),
on which First Lien Creditor has a Lien or consents to the Debtor obtaining financing provided under Section 364 of the Bankruptcy
Code or any similar provision of any other Bankruptcy Law (such financing, a “DIP Financing”), and if such
Cash Collateral use or DIP Financing, as applicable, meets the applicable DIP Financing Conditions, then Second Lien Creditor
unconditionally agrees that it will consent to such Cash Collateral use or raise no objection to such DIP Financing, as applicable
(other than objections to the failure to grant adequate protection that Second Lien Creditor is permitted to seek under Section
6.5 in connection therewith), and, if DIP Financing is involved, Second Lien Creditor will subordinate its Liens in the Collateral
(and in any other assets of the Debtor that may serve as collateral (including avoidance actions, or the proceeds thereof) for
such DIP Financing) to the Liens securing such DIP Financing. If such Cash Collateral use or DIP Financing, as applicable, meets
some, but not all, of the applicable DIP Financing Conditions, then Second Lien Creditor unconditionally agrees that it will only
withhold its consent to such Cash Collateral use or will only raise an objection to such DIP Financing based upon the DIP Financing
Condition(s) which are not met and will not withhold its consent or object on any other basis (other than objections to the failure
to grant adequate protection that Second Lien Creditor is permitted to seek under Section 6.5 in connection therewith)
and, if DIP Financing is involved and any permitted objection of Second Lien Creditor is withdrawn, overruled, or otherwise eliminated,
Second Lien Creditor will subordinate its Liens in the Collateral (and in any other assets of the Debtor that may serve as collateral
(including avoidance actions, or the proceeds thereof) for such DIP Financing) to the Liens securing such DIP Financing. If the
proposed DIP Financing meets the applicable DIP Financing Conditions, Second Lien Creditor agrees that it shall not, and nor shall
any of the Second Lien Claimholders, directly or indirectly, provide, offer to provide, or support any DIP Financing secured by
a Lien senior to or pari passu with the Liens securing the First Lien Priority Debt; provided, however, that
the First Lien Creditor may withhold its consent or object to any DIP Financing proposed by Second Lien Creditor or any Second
Lien Claimholder which is proposed if First Lien Creditor has not proposed or consented to DIP Financing which satisfies the DIP
Financing Conditions. If, in connection with any Cash Collateral use or DIP Financing, any Liens on the Collateral held by the
First Lien Claimholders to secure the First Lien Debt are subject to a surcharge or are subordinated to an administrative priority
claim, a professional fee “carve-out,” or fees owed to the United States Trustee, and so long as the amount of such
surcharge, claim, carve out or fee is reasonable under the circumstances, then the Liens on the Collateral of the Second Lien
Claimholders securing the Second Lien Debt shall also be subordinated to such interest or claim and shall remain subordinated
to the Liens on the Collateral of the First Lien Claimholders consistent with this Agreement.

 

    	 	28	 

     

    

 

6.3
Sales. Second Lien Creditor agrees that it will consent to, and will not object or oppose a motion to Dispose of any Collateral
free and clear of the Liens or other claims or interests in favor of the Second Lien Creditor under Section 363 or Section 1129
of the Bankruptcy Code if (a) the requisite First Lien Claimholders have consented to such Disposition of such Collateral, (b)
such motion does not impair, subject to the priorities set forth in this Agreement, the rights of the Second Lien Claimholders
under Section 363(k) of the Bankruptcy Code (so long as the right of the Second Lien Claimholders to offset its claim against
the purchase price only arises after the First Lien Priority Debt has been paid in full in cash), (c) either (i) pursuant to court
order, the Liens of the Second Lien Claimholders attach to the net proceeds of the Disposition with the same priority and validity
as the Liens held by the Second Lien Claimholders on such Collateral, and the Liens remain subject to the terms of this Agreement,
or (ii) the proceeds of the Disposition are applied in accordance with Section 4.1, and (d) the net cash proceeds of the Disposition
that are applied to First Lien Priority Debt permanently reduce the First Lien Debt to the extent provided in Section 4.1.
The foregoing to the contrary notwithstanding, the Second Lien Claimholders may raise any objections to such Disposition of the
Collateral that could be raised by a creditor of the Debtor whose claims are not secured by Liens on such Collateral, provided
such objections are not inconsistent with any other term or provision of this Agreement and are not based on their status as secured
creditors (without limiting the foregoing, Second Lien Creditors may not raise any objections based on rights afforded by Sections
363(e) and (f) of the Bankruptcy Code to secured creditors (or any comparable provision of any other Bankruptcy Law) with respect
to the Liens granted to Second Lien Creditor in respect of such assets).

 

6.4
Relief from the Automatic Stay. Until the Payment in Full of First Lien Priority Debt has occurred, Second Lien Creditor
agrees not to (a) seek (or support any other person seeking) relief from the automatic stay or any other stay in any Insolvency
Proceeding in respect of the Collateral, without the prior written consent of First Lien Creditor; provided, that Second
Lien Creditor may seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral
if and to the extent that First Lien Creditor has obtained relief from or modification of such stay in respect of the Collateral,
or (b) oppose any request by the First Lien Creditor or any other First Lien Claimholder to seek relief from the automatic stay
or any other stay in any Insolvency Proceeding in respect of the Collateral.

 

    	 	29	 

     

    

 

6.5
Adequate Protection.

 

(a)
In any Insolvency Proceeding involving the Debtor, Second Lien Creditor agrees that no Second Lien Claimholder shall object to
or contest,

 

(i)
any request by First Lien Creditor or other First Lien Claimholder for adequate protection of their interest in the Collateral,
including replacement or additional Liens on post-petition assets;

 

(ii)
any (x) objection by First Lien Creditor or First Lien Claimholders to any motion, relief, action, or proceeding based on First
Lien Creditor or First Lien Claimholders claiming a lack of adequate protection or (y) request by any First Lien Claimholder for
relief from the automatic stay; or

 

(iii)
the payment of interest, fees, expenses or other amounts to First Lien Creditor or any other First Lien Claimholder under Section
506(b) of the Bankruptcy Code.;

 

(b)
In any Insolvency Proceeding involving the Debtor:

 

(i)
if any one or more First Lien Claimholders are granted adequate protection in the form of an additional or replacement Lien (on
existing or future assets the Debtor) in connection with any DIP Financing or use of Cash Collateral, then First Lien Creditor
agrees that Second Lien Creditor shall also be entitled to seek, without objection from First Lien Claimholders, adequate protection
in the form of an additional or replacement Lien (on such existing or future assets the Debtor), which additional or replacement
Lien, if obtained, shall be subordinate to the Liens securing the First Lien Debt (including those under a DIP Financing) on the
same basis as the other Liens securing the Second Lien Debt are subordinate to the First Lien Debt under this Agreement;

 

(ii)
no Second Lien Claimholder may seek adequate protection except for adequate protection permitted pursuant to Section 6.5(a)(iv)
or adequate protection in the form of an additional or replacement Lien in and to existing or future assets the Debtor, and
Second Lien Creditor further agrees that First Lien Creditor shall also be entitled to seek, without objection from the Second
Lien Claimholders, a senior adequate protection Lien in and to such existing or future assets the Debtor as security for the First
Lien Debt and that any adequate protection Lien securing the Second Lien Debt shall be subordinated to such senior adequate protection
Lien securing the First Lien Debt on the same basis as the other Liens securing the Second Lien Debt are subordinated to the Liens
securing the First Lien Debt under this Agreement;

 

    	 	30	 

     

    

 

(iii)
if any one or more First Lien Claimholders are granted adequate protection in the form of a super-priority or other administrative
expense claim in connection with any DIP Financing or use of Cash Collateral, then First Lien Creditor agrees that Second Lien
Creditor shall also be entitled to seek, without objection from First Lien Claimholders, adequate protection in the form of a
super-priority or other administrative expense claim (as applicable), which super-priority or other administrative expense claim,
if obtained, shall be subordinate to the super-priority or other administrative expense claim of the First Lien Claimholders (such
subordination to include an express provision that the Second Lien Claimholders will not object to (and will consent to) a plan
of reorganization that is accepted by the requisite affirmative vote of all classes composed of the secured claims of First Lien
Claimholders based upon the failure of such plan of reorganization to pay the Second Lien Claimholders’ super-priority or
other administrative expense claims in full in accordance with Section 1129(a)(9)(A) of the Bankruptcy Code);

 

(iv)
if any one or more Second Lien Claimholders are granted adequate protection in the form of a super-priority or other administrative
expense claim in connection with any DIP Financing or use of Cash Collateral, then Second Lien Creditor agrees that First Lien
Creditor shall also be entitled to seek, without objection from Second Lien Claimholders, adequate protection in the form of a
super-priority or other administrative expense claim (as applicable), which super-priority or other administrative expense claim,
if obtained, shall be senior to the super-priority or other administrative expense claim of the Second Lien Claimholders; and

 

(v)
Second Lien Creditor (A) may seek, without objection from the First Lien Claimholders, adequate protection with respect to the
Second Lien Claimholders’ rights in the Collateral in the form of periodic cash payments in an amount not exceeding interest
at the non-default contract rate, together with payment of reasonable out-of-pocket expenses, and (B) without the consent of First
Lien Creditor, shall not seek any other adequate protection in the form of cash payments with respect to their rights in the Collateral.

 

(c)
Neither Second Lien Creditor nor any other Second Lien Claimholder shall object to, oppose, or challenge the determination of
the extent of any Liens held by the First Lien Creditor or any other First Lien Claimholder or the value of any claims of the
First Lien Creditor or any other First Lien Claimholder under Section 506(a) of the Bankruptcy Code or any claim by the First
Lien Creditor or any other First Lien Claimholder for allowance in any Insolvency Proceeding of First Lien Debt consisting of
post-petition interest, fees, or expenses.

 

(d)
Neither First Lien Creditor nor any other First Lien Claimholder shall object to, oppose, or challenge the determination of the
extent of any Liens held by the Second Lien Creditor or any other Second Lien Claimholders or the value of any claims of the Second
Lien Creditor or any other Second Lien Claimholders under Section 506(a) of the Bankruptcy Code or any claim by the Second Lien
Creditor or any other Second Lien Claimholders for allowance in any Insolvency Proceeding of Second Lien Debt consisting of post-petition
interest, fees, or expenses.

 

    	 	31	 

     

    

 

6.6
Specific Sections of the Bankruptcy Code. Second Lien Creditor shall not object to, oppose, support any objection, or take
any other action to impede, the right of any First Lien Claimholder to make an election under Section 1111(b)(2) of the Bankruptcy
Code. The Second Lien Creditor, for itself and on behalf of the Second Lien Claimholders, waives any claim they may hereafter
have against First Lien Creditor or any First Lien Claimholder arising out of the election by First Lien Creditor or any other
First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code. The Second Lien Creditor, for itself and
on behalf of the Second Lien Claimholders, agrees that they will not, directly or indirectly, assert or support the assertion
of, and hereby waive any right that they may to assert or support the assertion of any claim under Section 506(c) or the “equities
of the case” exception of Section 552(b) of the Bankruptcy Code as against First Lien Creditor or any other First Lien Claimholder
or any of the Collateral to the extent securing the First Lien Debt.

 

6.7
No Waiver. Subject to Section 3.1(a) and the other provisions of this Section 6, nothing contained herein
shall prohibit or in any way limit any First Lien Claimholder from objecting in any Insolvency Proceeding involving the Debtor
to any action taken by any Second Lien Claimholder, including the seeking by any Second Lien Claimholder of adequate protection
or the assertion by any Second Lien Claimholder of any of its rights and remedies under the Second Lien Documents.

 

6.8
Avoidance Issues. If any First Lien Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge,
or otherwise pay to the estate of the Debtor any amount paid in respect of First Lien Debt (or if any First Lien Claimholder elects
to do so upon the advice of counsel in connection with the settlement of any claims for turn over or disgorgement) (a “Recovery”),
then such First Lien Claimholder shall be entitled to a reinstatement of the First Lien Debt with respect to all such amounts,
and all rights, interests, priorities, and privileges recognized in this Agreement shall apply with respect to any such Recovery.
If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect,
and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties
hereto from such date of reinstatement and, to the extent the First Lien Cap was decreased in connection with such payment of
the First Lien Debt, the First Lien Cap shall be increased to such extent.

 

6.9
Plan of Reorganization.

 

(a)
If, in any Insolvency Proceeding involving the Debtor, debt obligations of the reorganized debtor secured by Liens upon any property
of the reorganized debtor are distributed pursuant to a confirmed plan of reorganization or similar dispositive restructuring
plan, both on account of First Lien Debt and on account of Second Lien Debt, then, to the extent the debt obligations distributed
on account of the First Lien Debt and on account of the Second Lien Debt are secured by Liens upon the same property, the provisions
of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect
to the Liens securing such debt obligations.

 

    	 	32	 

     

    

 

(b)
The provisions of Section 1129(b)(1) of the Bankruptcy Code notwithstanding, the Second Lien Claimholders agree that they will
not propose, support, or vote in favor of any plan of reorganization of the Debtor that is inconsistent with the priorities set
forth in Section 2.1 and Section 4.1 of this Agreement.

 

(c)
If, in connection with an Insolvency Proceeding involving the Debtor, the Second Lien Claimholders receive any cash, debt, or
equity securities on account of Second Lien Secured Claims (other than Permitted Reorganization Securities), the Second Lien Creditor
or the other Second Lien Claimholders, as applicable, shall turnover such cash, claims, or securities to First Lien Creditor for
application in accordance with Section 4.1 (and subject to the proviso to Section 4.1), unless such distribution
is made under a confirmed plan of reorganization of the Debtor that is accepted by the requisite affirmative vote of all classes
composed of the secured claims of First Lien Claimholders. Second Lien Creditor irrevocably authorizes and empowers First Lien
Creditor, in the name of each Second Lien Claimholder, to demand, sue for, collect, and receive any and all such distributions
in respect of any Second Lien Secured Claim to which the First Lien Claimholders are entitled hereunder. In furtherance of the
foregoing, First Lien Creditor is hereby authorized to make any such endorsements as agent for Second Lien Creditor or any such
Second Lien Claimholders. This authorization is coupled with an interest and is irrevocable until the Payment in Full of First
Lien Priority Debt.

 

SECTION
7. Reliance; Waivers; Etc.

 

7.1
Reliance. Other than any reliance on the terms of this Agreement, First Lien Creditor acknowledges that it and such First
Lien Claimholders have, independently and without reliance on Second Lien Creditor or any other Second Lien Claimholder, and based
on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such First
Lien Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking
or not taking any action under the First Lien Account Agreement or this Agreement. Second Lien Creditor acknowledges that it and
the Second Lien Claimholders have, independently and without reliance on First Lien Creditor or any other First Lien Claimholder,
and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each
of the Second Lien Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision
in taking or not taking any action under the Second Lien Documents or this Agreement.

 

7.2
No Warranties or Liability. First Lien Creditor acknowledges and agrees that each of Second Lien Creditor and the other
Second Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution,
validity, legality, completeness, collectibility, or enforceability of any of the Second Lien Documents, the ownership of any
Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, the Second Lien
Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Second Lien Documents
in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Second Lien Creditor acknowledges
and agrees that First Lien Creditor and the other First Lien Claimholders have made no express or implied representation or warranty,
including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the First
Lien Documents, the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly
provided herein, the First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of
credit under their respective First Lien Documents in accordance with law and as they may otherwise, in their sole discretion,
deem appropriate. Second Lien Creditor and the other Second Lien Claimholders shall have no duty to First Lien Creditor or any
other First Lien Claimholder, and First Lien Creditor and the other First Lien Claimholders shall have no duty to Second Lien
Creditor or any other Second Lien Claimholder, to act or refrain from acting in a manner that allows, or results in, the occurrence
or continuance of an event of default or default under any agreements with the Debtor (including the First Lien Documents and
the Second Lien Documents), regardless of any knowledge thereof which they may have or be charged with.

 

    	 	33	 

     

    

 

7.3
No Waiver of Lien Priorities.

 

(a)
No right of First Lien Creditor or any other First Lien Claimholder to enforce any provision of this Agreement or any First Lien
Document shall at any time in any way be prejudiced or impaired by any claim by the Debtor relative to any act or failure to act
on the part of the Debtor or by any act or failure to act by First Lien Creditor or any other First Lien Claimholder, or by any
noncompliance by any person with the terms, provisions, and covenants of this Agreement, any of the First Lien Documents or any
of the Second Lien Documents, regardless of any knowledge thereof which First Lien Creditor or any other First Lien Claimholder
may have (or be otherwise charged with). No right of Second Lien Creditor or any other Second Lien Claimholder to enforce any
provision of this Agreement or any Second Lien Document shall at any time in any way be prejudiced or impaired by any act or failure
to act on the part of the Debtor or by any claim by the Debtor relative to any act or failure to act by Second Lien Creditor or
any other Second Lien Claimholder with respect to the terms, provisions, and covenants of any of the Second Lien Documents.

 

(b)
Without in any way limiting the generality of Section 7.3(a) (but subject to the provisions of Section 5.3(a) and
the other terms hereof), First Lien Creditor and the other First Lien Claimholders may, at any time and from time to time in accordance
with the First Lien Documents or applicable law, without the consent of, or notice to, Second Lien Creditor or any other Second
Lien Claimholder, without incurring any liabilities to Second Lien Creditor or any other Second Lien Claimholder and without impairing
or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right
or remedy of Second Lien Creditor or any other Second Lien Claimholder is affected, impaired, or extinguished thereby) do any
one or more of the following without the prior written consent of Second Lien Creditor:

 

(i)
change the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase,
or alter, the terms of any of the First Lien Debt or any Lien on any First Lien Collateral or guarantee thereof or any liability
of the Debtor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of
the First Lien Debt, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew,
exchange, extend, modify, or supplement in any manner any Liens held by First Lien Creditor or any other First Lien Claimholder,
the First Lien Debt, or any of the First Lien Documents;

 

    	 	34	 

     

    

 

(ii)
sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the
First Lien Collateral or any liability of the Debtor to First Lien Creditor or any other First Lien Claimholder, or any liability
incurred directly or indirectly in respect thereof;

 

(iii)
settle or compromise any First Lien Debt or any other liability of the Debtor or any security therefor or any liability incurred
directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including
the First Lien Debt) in any manner or order; and

 

(iv)
exercise or delay in or refrain from exercising any right or remedy against the Debtor or any other person, elect any remedy and
otherwise deal freely with the Debtor or any First Lien Collateral and any security and any guarantor or any liability of the
Debtor to First Lien Creditor or any other First Lien Claimholder or any liability incurred directly or indirectly in respect
thereof.

 

(c)
Without in any way limiting the generality of Section 7.3(a) (but subject to the all of the other terms, restrictions, covenants,
and agreements contained in this Agreement (including, without limitation, Sections 4.2 and 5.3(b) and the other terms
hereof), Second Lien Creditor and the other Second Lien Claimholders may, at any time and from time to time in accordance with
the Second Lien Documents or applicable law, without the consent of, or notice to, First Lien Creditor or any other First Lien
Claimholder, without incurring any liabilities to First Lien Creditor or any other First Lien Claimholder and without impairing
or releasing the Lien priorities and subordinations provided in this Agreement do any one or more of the following without the
prior written consent of First Lien Creditor:

 

(i)
change the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase,
or alter, the terms of any of the Second Lien Debt or guarantee thereof or any liability of the Debtor, or any liability incurred
directly or indirectly in respect thereof (including any increase in or extension of the Second Lien Debt, without any restriction
as to the tenor or terms of any such increase or extension);

 

(ii)
settle or compromise any Second Lien Debt or any other liability of the Debtor or any liability incurred directly or indirectly
in respect thereof and apply any sums in respect of regularly scheduled payments of interest by whomsoever paid and however realized
to the payment of regularly scheduled interest payments in any manner or order; and

 

(iii)
deal freely with the Debtor and any guarantor or any liability of the Debtor to Second Lien Creditor or any other Second Lien
Claimholders or any liability incurred directly or indirectly in respect thereof.

 

    	 	35	 

     

    

 

(d)
Except as otherwise provided herein, Second Lien Creditor also agrees that First Lien Creditor and the other First Lien Claimholders
shall have no liability to Second Lien Creditor or any other Second Lien Claimholder, and Second Lien Creditor hereby waives any
claim against First Lien Creditor or any other First Lien Claimholder arising out of any and all actions which First Lien Creditor
or any other First Lien Claimholder may, pursuant to the terms hereof, take, permit or omit to take with respect to:

 

(i)
the First Lien Documents;

 

(ii)
the collection of the First Lien Debt; or

 

(iii)
the foreclosure upon, or sale, liquidation, or other disposition of, or the failure to foreclose upon, or sell, liquidate, or
otherwise dispose of, any First Lien Collateral. Second Lien Creditor agrees that First Lien Creditor and the other First Lien
Claimholders have no duty to them in respect of the maintenance or preservation of the First Lien Collateral, the First Lien Debt,
or otherwise.

 

(e)
Until the Payment in Full of First Lien Priority Debt, Second Lien Creditor agrees not to assert and hereby waives, to the fullest
extent permitted by law, any right to demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling,
appraisal, valuation, or other similar right that may otherwise be available under applicable law with respect to the Collateral
or any other similar rights a junior secured creditor may have under applicable law.

 

7.4
Obligations Unconditional. For so long as this Agreement is in full force and effect, all rights, interests, agreements,
and obligations of First Lien Creditor and the other First Lien Claimholders and Second Lien Creditor and the other Second Lien
Claimholders, respectively, hereunder shall remain in full force and effect irrespective of:

 

(a)
any lack of validity or enforceability of any First Lien Documents or any Second Lien Documents;

 

(b)
except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in any
other terms of, all or any of the First Lien Debt or Second Lien Debt, or any amendment or waiver or other modification, including
any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First Lien Document or any
Second Lien Document;

 

(c)
except as otherwise expressly restricted in this Agreement, any exchange of any security interest in any Collateral or any other
collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or
any of the First Lien Debt or Second Lien Debt or any guarantee thereof;

 

(d)
the commencement of any Insolvency Proceeding in respect of the Debtor; or

 

(e)
any other circumstances which otherwise might constitute a defense available to the Debtor in respect of the First Lien Debt,
the First Lien Creditor, any other First Lien Claimholder, the Second Lien Debt, the Second Lien Creditor, or any other Second
Lien Claimholder.

 

    	 	36	 

     

    

 

SECTION
8. Representations and Warranties.

 

8.1
Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as
follows:

 

(a)
Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and
has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

(b)
This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such
party, enforceable in accordance with its terms.

 

(c)
The execution, delivery, and performance by such party of this Agreement (i) do not require any consent or approval of, registration
or filing with or any other action by any governmental authority and (ii) will not violate any provision of law, statute, rule
or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party or
any order of any governmental authority or any provision of any indenture, agreement or other instrument binding upon such party.

 

8.2
Representations and Warranties of Each Agent. First Lien Creditor and Second Lien Creditor each represents and warrants
to the other that it has been authorized by the First Lien Claimholders or the Second Lien Claimholders, as applicable, under
the First Lien Account Agreement or the Second Lien Credit Agreements, as applicable, to enter into this Agreement and that each
of the agreements, covenants, waivers, and other provisions hereof is valid, binding, and enforceable against the First Lien Creditor
or Second Lien Creditor, as applicable, as fully as if they were parties hereto.

 

8.3
Survival. All representations and warranties made by one party hereto in this Agreement shall be considered to have been
relied upon by the other party hereto and shall survive the execution and delivery of this Agreement, regardless of any investigation
made by any such other party.

 

SECTION
9. Miscellaneous.

 

9.1
Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any of the First
Lien Documents or any of the Second Lien Documents, the provisions of this Agreement shall govern and control.

 

    	 	37	 

     

    

 

9.2
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and
delivered by the parties hereto. This is a continuing agreement of lien subordination and the First Lien Claimholders may continue,
at any time and without notice to Second Lien Creditor or any Second Lien Claimholder, to extend credit and other financial accommodations
to or for the benefit of the Debtor constituting First Lien Priority Debt in reliance hereof. First Lien Creditor, for itself
and on behalf of First Lien Claimholders, and Second Lien Creditor, for itself and on behalf of Second Lien Claimholder, each
hereby waive any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The
terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any provision
of this Agreement that is prohibited or unenforceable shall not invalidate the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
All references to the Debtor shall include the Debtor as debtor and debtor in possession and any receiver or trustee for the Debtor
in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:

 

(a)
with respect to First Lien Creditor, the other First Lien Claimholders, and the First Lien Debt, on the date that the First Lien
Debt is paid in U.S. Dollars in full in cash or immediately available funds and all commitments, if any, to extend credit to the
Debtor are terminated or have expired; and

 

(b)
with respect to Second Lien Creditor, the other Second Lien Claimholders, and the Second Lien Debt, on the date that the Second
Lien Debt is paid in U.S. Dollars in full in cash or immediately available funds and all commitments, if any, to extend credit
to the Debtor are terminated or have expired.

 

9.3
Amendments; Waivers. No amendment, modification, or waiver of any of the provisions of this Agreement shall be effective
unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall
be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such
waiver or the obligations of the other parties to such party in any other respect or at any other time. For the purposes of clarification,
it is hereby agreed and acknowledged by all parties hereto that neither the consent nor signature of the Debtor or any of their
respective Subsidiaries or other Affiliates shall be required for any amendment, modification, or waive of any of the provisions
of this Agreement.

 

9.4
Information Concerning Financial Condition of the Debtor. First Lien Creditor and the other First Lien Claimholders, on
the one hand, and Second Lien Creditor and the other Second Lien Claimholders, on the other hand, shall each be responsible for
keeping themselves informed of (a) the financial condition of the Debtor and all endorsers or guarantors of the First Lien Debt
or the Second Lien Debt and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Debt or the Second
Lien Debt. First Lien Creditor and the other First Lien Claimholders shall have no duty to advise Second Lien Creditor or any
other Second Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise.
Second Lien Creditor and the other Second Lien Claimholders shall have no duty to advise First Lien Creditor or any other First
Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event
First Lien Creditor or any other First Lien Claimholder, in its or their sole discretion, undertakes at any time or from time
to time to provide any such information to Second Lien Creditor or any other Second Lien Claimholder, it or they shall be under
no obligation:

 

(a)
to make, and First Lien Creditor and the other First Lien Claimholders shall not make, any express or implied representation or
warranty, including with respect to the accuracy, completeness, truthfulness, or validity of any such information so provided;

 

(b)
to provide any additional information or to provide any such information on any subsequent occasion;

 

    	 	38	 

     

    

 

(c)
to undertake any investigation; or

 

(d)
to disclose any information, which pursuant to accepted or reasonable commercial practices, such party wishes to maintain confidential
or is otherwise required to maintain confidential.

 

9.5
Subrogation. With respect to any payments or distributions in cash, property, or other assets that Second Lien Creditor
or any other Second Lien Claimholder pays over to First Lien Creditor or any other First Lien Claimholder under the terms of this
Agreement, Second Lien Creditor and the other Second Lien Claimholders shall be subrogated to the rights of First Lien Creditor
and the other First Lien Claimholders; provided, that Second Lien Creditor hereby agrees not to assert or enforce any such
rights of subrogation it may acquire as a result of any payment hereunder until the Payment in Full of all First Lien Priority
Debt has occurred. Any payments or distributions in cash, property or other assets received by Second Lien Creditor or any other
Second Lien Claimholder that are paid over to First Lien Creditor or the First Lien Claimholders pursuant to this Agreement shall
not reduce any of the Second Lien Debt.

 

9.6
SUBMISSION TO JURISDICTION; WAIVERS. 

 

(a)
ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO SHALL BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY, AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY,
FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

 

(i)
ACCEPTS GENERALLY AND UNCONDITIONALLY THE JURISDICTION AND VENUE OF SUCH COURTS;

 

(ii)
WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

 

(iii)
AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.7; AND

 

(iv)
AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY
IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

 

    	 	39	 

     

    

 

(b)
EACH OF THE PARTIES HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY
ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS SECTION 9.6(b) AND EXECUTED BY FIRST LIEN CREDITOR AND SECOND LIEN CREDITOR), AND THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

9.7
Notices. All notices to the Second Lien Claimholders and the First Lien Claimholders permitted or required under this Agreement
shall also be sent to Second Lien Creditor and First Lien Creditor, respectively. Unless otherwise specifically provided herein,
any notice hereunder shall be in writing and may be personally served or sent by telefacsimile or United States mail or courier
service or electronic mail and shall be deemed to have been given when delivered in person or by courier service and signed for
against receipt thereof, upon receipt of telefacsimile or electronic mail, or 3 Business Days after depositing it in the United
States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be
as may be designated by such party in a written notice to all of the other parties:

 

If
to the First Lien Creditor:

 

Sallyport
Commercial Finance, LLC

14100
Southwest FWY, Ste. #210

Sugar
Land, TX 77478

Telephone:
(832)939-9450

Email:
nhart@sallyportcf.com

Attention:
Nick Hart

 

If
to the Second Lien Creditor:

 

Lind
Global Macro Fund, LP

c/o
The Lind Partners LLC

370
Lexington Avenue, Suite 1900

New
York, NY 10017

Telephone:
(646) 395-3931

Email:
jeaston@thelindpartners.com and

notice@thelindpartners.com

Attention:
Jeff Easton

 

    	 	40	 

     

    

 

With
a copy (which shall not constitute notice) to:

 

Morgan,
Lewis & Bockius LLP

One
Federal Street

Boston,
MA 02110

Telephone:
(617) 951-8000

Email:
bryan.keighery@morganlewis.com

Attention:
Bryan S. Keighery

 

9.8
Further Assurances. First Lien Creditor and Second Lien Creditor each agrees to take such further action and shall execute
and deliver such additional documents and instruments (in recordable form, if requested) as First Lien Creditor or Second Lien
Creditor may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement, all at the
expense of the Debtor. In furtherance of the foregoing, (a) the First Lien Creditor agrees that, if there is a Refinancing of
the Second Lien Debt and if the agent or other representative of the holders of the indebtedness that Refinances the Second Lien
Debt so requests, it will execute and deliver either an acknowledgement of the joinder of such agent or representative to this
Agreement or an agreement with such agent or representative identical to this Agreement (subject to changing names of parties,
documents and addresses, as appropriate) in favor of any such agent or representative, and (b) the Second Lien Creditor agrees
that, (i) if there is a Refinancing of the First Lien Debt and if the agent or other representative of the holders of the indebtedness
that Refinances the First Lien Debt so requests, it will execute and deliver either an acknowledgement of the joinder of such
agent or representative to this Agreement or an agreement with such agent or representative identical to this Agreement (subject
to changing names of parties, documents and addresses, as appropriate) in favor of any such agent or representative.

 

9.9
APPLICABLE LAW. THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES
HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AGREES THAT THIS AGREEMENT RELATES TO A TRANSACTION
COVERING IN THE AGGREGATE NOT LESS THAN $250,000.

 

9.10
Binding on Successors and Assigns. This Agreement shall be binding upon First Lien Creditor, the First Lien Claimholders,
Second Lien Creditor, the Second Lien Claimholders, and their respective successors and assigns.

 

9.11
Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute
a part of this Agreement for any other purpose or be given any substantive effect.

 

    	 	41	 

     

    

 

9.12
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith
by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument,
as applicable.

 

9.13
No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the
parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of the First Lien Claimholders
and the Second Lien Claimholders. In no event shall the Debtor be a third party beneficiary of this Agreement.

 

9.14
Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose
of defining the relative rights of First Lien Creditor and the other First Lien Claimholders, on the one hand, and Second Lien
Creditor and the other Second Lien Claimholders on the other hand. Neither the Debtor nor any other creditor thereof shall have
any rights hereunder and the Debtor may not rely on the terms hereof. Nothing in this Agreement shall impair, as between the Debtor
and First Lien Creditor and the other First Lien Claimholders, or as between the Debtor and Second Lien Creditor and the other
Second Lien Claimholders, the obligations the Debtor to pay principal, interest, fees and other amounts as provided in the First
Lien Documents and the Second Lien Documents, respectively.

 

9.15
Costs and Attorneys Fees. In the event it becomes necessary for First Lien Creditor, any other First Lien Claimholder,
Second Lien Creditor, or any other Second Lien Claimholder to commence or become a party to any proceeding or action to enforce
the provisions of this Agreement, the court or body before which the same shall be tried shall award to the prevailing party (only
if the prevailing party did not institute such proceeding or action) all costs and expenses thereof, including reasonable attorneys
fees, the usual and customary and lawfully recoverable court costs, and all other expenses in connection therewith.

 

9.16
Integration. This Agreement reflects the entire understanding of the parties with respect to the subject matter hereof
and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.

 

9.17
Reciprocal Rights. The parties agree that the provisions of Sections 2.3, 2.4(b), 3, 4.2, 4.5,
5.1, 5.2, 5.4, 5.5, 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8,
6.9(b) and 9.5, including, as applicable, the defined terms referenced therein (but only to the extent used therein),
which govern the relationship, and certain rights, restrictions, and agreements, between the First Lien Creditor and the other
First Lien Claimholders with respect to the First Lien Debt, on the one hand, and the Second Lien Creditor and the other Second
Lien Claimholders with respect to the Second Lien Debt, on the other hand, (a) shall, from and after the Payment in Full of First
Lien Priority Debt and until the payment in full of the Second Lien Priority Debt, apply to and govern, mutatis mutandis, the
relationship between the Second Lien Creditor and the other Second Lien Claimholders with respect to the Second Lien Priority
Debt, on the one hand, and the First Lien Creditor and the other First Lien Claimholders with respect to the Excess First Lien
Debt, on the other hand, and (b) shall, from and after both the Payment in Full of First Lien Priority Debt and the payment in
full of Second Lien Priority Debt, and until the payment in full in cash of the Excess First Lien Debt and the termination or
expiration of all commitments, if any, to extend credit that would constitute Excess First Lien Debt, apply to and govern, mutatis
mutandis, the relationship between the First Lien Creditor and the other First Lien Claimholders with respect to the Excess First
Lien Debt, on the one hand, and the Second Lien Creditor and the other Second Lien Claimholders with respect to the Excess Second
Lien Debt, on the other hand.

 

9.18
Transitional Arrangements. This Agreement shall supersede the Original Intercreditor Agreement on the date hereof. Upon
the effectiveness of this Agreement, the rights and obligations of the respective parties under the Original Intercreditor Agreement
shall be subsumed within and governed by this Agreement.

 

[signature
pages follow]

 

    	 	42	 

     

    

 

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

 

	 	SALLYPORT
    COMMERCIAL FINANCE, LLC, 
	 	as
    First Lien Creditor
	 	 	 
	 	By:
    	/s/
    Nick Hart
	 	Name:
    	Nick Hart

	 	Title:
    	President

 

    	 	 	 

     

    

 

	 	LIND
    GLOBAL MACRO FUND, L.P.,
	 	as
    Second Lien Creditor
	 	By:
    	Lind
Global Partners LLC, its general partner
	 	 	 
	 	By:
    	/s/
    Jeff Easton
	 	Name:
    	Jeff
    Easton
	 	Title:
    	Managing
    Director of the General Partner

 

    	 	2	 

     

    

 

ACKNOWLEDGMENT

 

The
Debtor hereby acknowledge that it has received a copy of the foregoing Amended and Restated Intercreditor Agreement (as in effect
on the date hereof, the “Initial Intercreditor Agreement”) and agree to recognize all rights granted by the
Initial Intercreditor Agreement to First Lien Creditor, the other First Lien Claimholders, Second Lien Creditor, and the other
Second Lien Claimholders, waive the provisions of Section 9-615(a) of the UCC in connection with the application of proceeds of
Collateral in accordance with the provisions of the Initial Intercreditor Agreement, agree that they will not do any act or perform
any obligation which is not in accordance with the agreements set forth in the Initial Intercreditor Agreement. Debtor further
acknowledges and agrees that it is not an intended beneficiary or third party beneficiary under the Initial Intercreditor Agreement,
as amended, restated, supplemented, or otherwise modified hereafter.

 

ACKNOWLEDGED
AS OF THE DATE FIRST WRITTEN ABOVE:

 

	 	BOXLIGHT
    CORPORATION
	 	 
	 	By:	/s/
    Michael Pope
	 	Title:	President

 

    	 	3Exhibit
10.1

 

EQUITY
PURCHASE AGREEMENT

 

THIS
EQUITY PURCHASE AGREEMENT (this “Agreement”) is entered into as of October 24, 2019 (the “Execution
Date”), by and among Capital Park Holdings Corp., a Delaware corporation (the “Company”), SBI Investments
LLC, 2014-1, a statutory series of Delaware limited liability company (“SBI”) and Oasis Capital, LLC, a Puerto
Rico limited liability company (“Oasis” and together with SBI, the “Investors”, and each, an “Investor”).

 

RECITALS

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the
Investor, from time to time as provided herein, and the Investors shall purchase from the Company up to Ten Million Dollars ($10,000,000.00)
of the Company’s Common Stock (as defined 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 Investors hereby agree as follows:

 

Article
I

CERTAIN
DEFINITIONS

 

Section
1.1 RECITALS. The parties acknowledge
and agree that the recitals set forth above are true and correct and are hereby incorporated in and made a part of this Agreement.

 

Section
1.2 DEFINED TERMS. As used in this Agreement,
the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):

 

“Agreement”
shall have the meaning specified in the preamble hereof.

 

“Available
Amount” means, initially, the Maximum Commitment Amount, which amount shall be reduced by the Investment Amount following
each successful Closing, each time an Investor purchases shares of Common Stock pursuant to a Put.

 

“Average
Daily Trading Volume” shall mean the average trading volume of the Company’s Common Stock in the ten (10) Trading
Days immediately preceding the respective Put Date.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Claim
Notice” shall have the meaning specified in Section 9.3(a).

 

“Clearing
Costs” shall mean all of an Investor’s reasonable, out-of-pocket broker and Transfer Agent fees.

 

“Clearing
Date” shall be the date on which an Investor receives the Put Shares as DWAC Shares in its brokerage account.

 

“Closing”
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

    	 	 	 

    	 

    

 

“Closing
Certificate” shall mean the closing “Officer’s Certificate” of the Company in the form of Exhibit
B hereto.

 

“Closing
Date” shall mean the date of any Closing hereunder.

 

“Commitment
Period” shall mean the period commencing on the Execution Date, and ending on the earlier of (i) the date on which the
Investors shall have purchased Put Shares pursuant to this Agreement equal to the Maximum Commitment Amount, (ii) October 24,
2021, or (iii) written notice of termination by the Company to the Investors (which shall not occur at any time that any Investor
holds any of the Put Shares).

 

“Commitment
Shares” means 28,572 shares of Preferred Stock issued by the Company to the Investors pursuant to Section 6.5.

 

“Common
Stock” shall mean the Company’s common stock, $0.001 par value per share, and any shares of any other class of
common stock whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when
declared) and assets (upon liquidation of the Company).

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

“Company”
shall have the meaning specified in the preamble to this Agreement.

 

“Confidential
Information” means any information disclosed by any party to this Agreement, or their affiliates, agents or representatives,
to another party to this Agreement, either directly or indirectly, in writing, orally or by inspection of tangible objects (including,
without limitation, documents, formulae, business information, trade secrets, technology, strategies. prototypes, samples, plant
and equipment), which may or may not be designated as “Confidential,” “Proprietary” or some similar designation.
Confidential Information may also include information disclosed by third parties. Confidential Information shall not, however,
include any information which (i) was publicly known and made generally available in the public domain prior to the time of disclosure
by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to
the receiving party through no fault, action or inaction of the receiving party; (iii) is already in the possession of the receiving
party at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately
prior to the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s
obligations of confidentiality; (v) is independently developed by the receiving party without use of or reference to the disclosing
party’s Confidential Information, as shown by documents and other competent evidence in the receiving party’s possession;
or (vi) is required by law to be disclosed by the receiving party, provided that the receiving party gives the disclosing party
prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information
from public disclosure.

 

“Conversion
Shares” means any shares of Common Stock issuable upon the conversion of shares of Preferred Stock.

 

“Current
Report” shall have the meaning set forth in Section 6.4.

 

    	 	- 2 -	 

    	 

    

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Damages”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees
and disbursements and costs and expenses of expert witnesses and investigation).

 

“Dispute
Period” shall have the meaning specified in Section 9.3(a).

 

“Disqualification
Event” shall have the meaning specified in Section 4.27.

 

“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

“DTC/FAST
Program” shall mean the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.

 

“DWAC
Eligible” shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s operational
arrangements, including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without
revocation) by the DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program,
(d) the Put Shares, Commitment Shares, or the Conversion Shares, as applicable, are otherwise eligible for delivery via DWAC,
and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Put Shares, Commitment Shares, or Conversion
Shares, as applicable via DWAC.

 

“DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and
without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified
DWAC account with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the
same function.

 

“Environmental
Laws” shall have the meaning set forth in Section 4.14.

 

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

 

“Exchange
Cap” shall have the meaning set forth in Section 7.1(d).

 

“Execution
Date” shall have the meaning set forth in the preamble to this Agreement.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Indemnified
Party” shall have the meaning specified in Section 9.2.

 

“Indemnifying
Party” shall have the meaning specified in Section 9.2.

 

“Indemnity
Notice” shall have the meaning specified in Section 9.3(b).

 

“Intellectual
Property” shall mean all trademarks, trademark applications, trade names, service marks, service mark registrations,
service names, patents, patent applications, patent rights, copyrights, inventions, licenses, trade secrets or other intellectual
property rights.

 

    	 	- 3 -	 

    	 

    

 

“Investment
Amount” shall mean the dollar value equal to the amount of Put Shares referenced in the Put Notice multiplied by the
Purchase Price minus the Clearing Costs.

 

“Investor”
shall have the meaning specified in the preamble to this Agreement.

 

“Issuer
Covered Person” shall have the meaning specified in Section 4.27.

 

“Lien”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or any other restriction.

 

“Market
Price” shall mean the one (1) lowest traded price of the Common Stock on the Principal Market for any Trading Day during
the Valuation Period, as reported by Bloomberg Finance L.P. or other reputable source.

 

“Material
Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company
and/or the Subsidiaries that is material and adverse to the Company and/or the Subsidiaries and/or any condition, circumstance,
or situation that would prohibit or otherwise materially interfere with the ability of the Company and/or the Subsidiaries to
enter into and/or perform its obligations under any Transaction Document.

 

“Maximum
Commitment Amount” shall mean Ten Million Dollars ($10,000,000.00).

 

“Maximum
Put Amount” shall mean the lesser of (i) such amount that equals two hundred fifty percent (250%) of the Average Daily
Trading Volume, and (ii) One Million Dollars ($1,000,000.00).

 

“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Preferred
Stock” shall mean the Company’s Series B Preferred Stock, $0.001 par value per share.

 

“Preferred
Stock COD” shall mean the Company’s Amended Certificate of Designation, Preferences and Rights of Series B Preferred
Stock.

 

“Principal
Market” shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, NASDAQ), or principal quotation systems (i.e.
OTCQX, OTCQB, OTC Pink, the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time
the principal trading platform or market for the Common Stock.

 

“Purchase
Price” shall mean 85% of the Market Price on such date on which the Purchase Price is calculated in accordance with
the terms and conditions of this Agreement.

 

“Put”
shall mean the right of the Company to require an Investor to purchase shares of Common Stock, subject to the terms and conditions
of this Agreement.

 

“Put
Date” shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section
2.2(b).

 

“Put
Notice” shall mean a written notice, substantially in the form of Exhibit A hereto, addressed to an Investor
and setting forth the amount of Put Shares which the Company intends to require the Investor to purchase pursuant to the terms
of this Agreement.

 

    	 	- 4 -	 

    	 

    

 

“Put
Shares” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable
Put Notice in accordance with the terms and conditions of this Agreement.

 

“Registration
Rights Agreement” means that agreement in the form attached hereto as Exhibit D.

 

“Registration
Statement” shall have the meaning specified in Section 6.4.

 

“Regulation
D” shall mean Regulation D promulgated under the Securities Act.

 

“Rule
144” shall mean Rule 144 promulgated under the Securities Act or any similar provision then in force under the Securities
Act.

 

“Schedules”
shall have the meaning specified in the preamble to Article IV.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“Securities”
means, collectively, the Put Shares, Conversion Shares and the Commitment Shares.

 

“SEC
Documents” shall have the meaning specified in Section 4.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Short
Sales” shall mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

“Subsidiary”
or “Subsidiaries” means any Person the Company wholly-owns or controls, or in which the Company, directly or
indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to
Item 601(b)(21) of Regulation S-K promulgated under the Securities Act.

 

“Third
Party Claim” shall have the meaning specified in Section 9.3(a).

 

“Trading
Day” shall mean a day on which the Principal Market shall be open for business.

 

“Transaction
Documents” shall mean this Agreement, the Registration Rights Agreement and all schedules and exhibits hereto and thereto.

 

“Transfer
Agent” shall mean Island Stock Transfer, the current transfer agent of the Company, and any successor transfer agent
of the Company.

 

“Valuation
Period” shall mean the period of five (5) consecutive Trading Days immediately following the Clearing Date associated
with the applicable Put Notice during which the Purchase Price of the Common Stock is valued, provided, however, that the Valuation
Period shall instead begin on the Clearing Date if the respective Put Shares are received as DWAC Shares in the applicable Investor’s
brokerage account prior to 11:00 a.m. EST on the respective Clearing Date.

 

    	 	- 5 -	 

    	 

    

 

Article
II

PURCHASE
AND SALE OF COMMON STOCK

 

Section
2.1 PUTS. Upon the terms and conditions
set forth herein (including, without limitation, the provisions of Article VII), the Company shall have the right, but
not the obligation, to direct an Investor, by its delivery to the Investor of a Put Notice from time to time during the Commitment
Period, to purchase Put Shares, provided that notwithstanding any other terms of this Agreement, in each instance, (i) the Investment
Amount is not more than the Maximum Put Amount (ii) the aggregate Investment Amount of all Puts shall not exceed the Maximum Commitment
Amount and (iii) the Company cannot deliver consecutive Put Notices and/or consummate closings to the same Investor, meaning for
the avoidance of doubt, that Put Notices delivered by the Company must alternate between Oasis and SBI.

 

Section
2.2 MECHANICS.

 

(a)
PUT NOTICE. At any time and from time
to time during the Commitment Period, except as provided in this Agreement, the Company may deliver a Put Notice to an Investor,
subject to satisfaction of the conditions set forth in Section 7.2 and otherwise provided herein. The Company shall deliver,
or cause to be delivered, the Put Shares as DWAC Shares to the applicable Investor within two (2) Trading Days following the Put
Date.

 

(b)
DATE OF DELIVERY OF PUT NOTICE. A Put
Notice shall be deemed delivered on (i) the Trading Day it is received by e-mail by the applicable Investor if such notice is
received on or prior to 8:30 a.m. EST or (ii) the immediately succeeding Trading Day if it is received by e-mail after 8:30 a.m.
EST on a Trading Day or at any time on a day which is not a Trading Day. The Company shall not deliver another Put Notice to an
Investor within ten (10) Trading Days of a prior Put Notice, and a successive Put Notice shall not be delivered to the same Investor
as set forth in Section 2.1 above.

 

Section
2.3 CLOSINGS.

 

(a)
TIMING. The Closing of a Put shall occur
within one (1) Trading Day following the end of the respective Valuation Period, whereby the applicable Investor shall deliver
the Investment Amount by wire transfer of immediately available funds to an account designated by the Company. In addition, on
or prior to such Closing, each of the Company and the applicable Investor shall deliver to each other all documents, instruments
and writings required to be delivered or reasonably requested by either of them pursuant to this Agreement in order to implement
and effect the transactions contemplated herein.

 

(b)
RETURN OF SURPLUS. If the value of the
Put Shares delivered to an Investor causes the Company to exceed the Maximum Commitment Amount, then the Investor shall return
to the Company the surplus amount of Put Shares associated with such Put and the Purchase Price with respect to such Put shall
be reduced by any Clearing Costs related to the return of such Put Shares.

 

(c)
RESALES DURING VALUATION PERIOD. The parties
acknowledge and agree that during the Valuation Period, the applicable Investor may contract for, or otherwise effect, the resale
of the subject purchased Put Shares to third-parties.

 

Article
III

REPRESENTATIONS
AND WARRANTIES OF INVESTOR

 

Each
Investor, severally, on its own behalf, represents and warrants to the Company that:

 

Section
3.1 INTENT. The Investor is entering into
this Agreement for its own account, and the Investor has no present arrangement (whether or not legally binding) at any time to
sell the Securities to or through any Person in violation of the Securities Act or any applicable state securities laws; provided,
however, that the Investor reserves the right to dispose of the Put Shares at any time in accordance with federal and state
securities laws applicable to such disposition.

 

    	 	- 6 -	 

    	 

    

 

Section
3.2 NO LEGAL ADVICE FROM THE COMPANY.
The Investor acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement
with its own legal counsel and investment and tax advisors. Except with respect to the representations, warranties and covenants
contained in this Agreement, the Investor is relying solely on such counsel and advisors and not on any statements or representations
of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the
transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

Section
3.3 ACCREDITED INVESTOR. The Investor
is an accredited investor as defined in Rule 501(a)(3) of Regulation D, and the Investor has such experience in business and financial
matters that it is capable of evaluating the merits and risks of an investment in the Securities. The Investor acknowledges that
an investment in the Securities is speculative and involves a high degree of risk.

 

Section
3.4 AUTHORITY. The Investor has the requisite
power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to
consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other Transaction
Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary
action and no further consent or authorization of the Investor is required. Each Transaction Document to which it is a party has
been duly executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the
valid and binding obligation of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

 

Section
3.5 NOT AN AFFILIATE. To the Investor’s
knowledge, the Investor is not an officer, director or “affiliate” (as such term is defined in Rule 405 of the Securities
Act) of the Company.

 

Section
3.6 ORGANIZATION AND STANDING. The Investor
is an entity duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation with full
right, limited liability company power and authority to enter into and to consummate the transactions contemplated by this Agreement
and the other Transaction Documents.

 

Section
3.7 ABSENCE OF CONFLICTS. The execution
and delivery of this Agreement and the other Transaction Documents, and the consummation of the transactions contemplated hereby
and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation, order, writ,
judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or agreement
to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or constitute
a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture,
instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require
the approval of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship
or legal obligation to which the Investor is subject or to which any of its assets, operations or management may be subject.

 

Section
3.8 DISCLOSURE; ACCESS TO INFORMATION.
The Investor had an opportunity to review copies of the SEC Documents filed on behalf of the Company and has had access to all
publicly available information with respect to the Company, provided, however, that the Investor makes no representation or warranty
hereunder with respect to any SEC Document and is relying on the representations and warranties of the Company in Article IV with
respect to the SEC Documents.

 

    	 	- 7 -	 

    	 

    

 

Section
3.9 MANNER OF SALE. At no time was the
Investor presented with or solicited by or through any leaflet, public promotional meeting, television advertisement or any other
form of general solicitation or advertisement regarding the Securities.

 

Article
IV

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to each Investor that, except as disclosed in the SEC Documents or except as set forth in the
disclosure schedules hereto (the “Schedules”) (which Schedules shall be deemed a part hereof and shall qualify any
representation or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of the
Schedules or to the extent the relevance of such disclosure to such representation or warranty is reasonably apparent), as of
the Execution Date and at each Closing Date:

 

Section
4.1 ORGANIZATION OF THE COMPANY. The Company
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Each of the
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, with the requisite power and authority to own and use its properties and assets
and to carry on its business as currently conducted. Each of the Company and the Subsidiaries is not in violation or default of
any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.
Each of the Company and the 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, could not have or reasonably be
expected to result in a Material Adverse Effect and to the best of the Company’s knowledge, no proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

Section
4.2 AUTHORITY. The Company has the requisite
corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents.
The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent
or authorization of the Company or its Board of Directors or stockholders is required. Each of this Agreement and the other Transaction
Documents has been duly executed and delivered by the Company and when executed and delivered by all parties hereto and thereto
in accordance with the terms hereof and thereof, will constitute a valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application.

 

    	 	- 8 -	 

    	 

    

 

Section
4.3 CAPITALIZATION. As of the Execution
Date, the authorized capital stock of the Company consists of (a) 25,000,000 shares of Common Stock, par value of $0.001 per share,
of which approximately 9,558,686 shares of Common Stock are issued and outstanding and (b) 5,000,000 shares of preferred stock,
of which 125,000 shares of preferred stock are issued and outstanding which consist of 96,429 shares of Preferred Stock already
issued and outstanding and 28,571 shares of Preferred Stock issued in connection with the execution of the Agreement. Except as
set forth on Schedule 4.3, the Company has not issued any capital stock since its most recently filed periodic report under
the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans,
the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant
to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report
under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right
to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 4.3, and
except as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments,
understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common
Stock or Common Stock Equivalents. Except as set forth on Schedule 4.3 or as disclosed in the SEC Documents, the issuance
and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other
than the Investors) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. Except as set forth on Schedule 4.3 or as disclosed in the SEC Documents,
there are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital
stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

Section
4.4 LISTING AND MAINTENANCE REQUIREMENTS.
The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed
to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange
Act, nor has the Company received any notification that the SEC is contemplating terminating such registration. The Company has
not, in the twelve (12) months preceding the Execution Date, received notice from the Principal Market on which the Common Stock
is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Principal Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to
be, in compliance with all such listing and maintenance requirements.

 

Section
4.5 SEC DOCUMENTS; DISCLOSURE. Except
as set forth on Schedule 4.5, the Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the one (1) year preceding the Execution Date (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 Documents”) on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their respective
dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents 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. The financial
statements of the Company included in the SEC Documents comply as to form and substance in all material respects with applicable
accounting requirements and the published rules and regulations of the SEC or other applicable rules and regulations with respect
thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a
consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements or the notes
thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or
summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments). The Company maintains a system of internal accounting controls appropriate for its size.
There is no transaction, arrangement, or other relationship between the Company and an unconsolidated or other off balance sheet
entity that is not disclosed by the Company in its financial statements or otherwise that would be reasonably likely to have a
Material Adverse Effect. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investors or their
agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The
Company understands and confirms that each Investor will rely on the foregoing representation in effecting transactions in securities
of the Company.

 

    	 	- 9 -	 

    	 

    

 

Section
4.6 VALID ISSUANCES. The Securities are
duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be validly issued,
fully paid, and non-assessable, free and clear of all Liens imposed by the Company, other than restrictions on transfer provided
for in the Transaction Documents and under the Securities Act.

 

Section
4.7 NO CONFLICTS. The execution, delivery
and performance of this Agreement and the other Transaction Documents by the Company, and the consummation by the Company of the
transactions contemplated hereby and thereby, including, without limitation, the issuance of the Put Shares, Commitment Shares
and Conversion Shares do not and will not: (a) result in a violation of the Company’s or any Subsidiary’s certificate
or articles of incorporation, by-laws or other organizational or charter documents, (b) conflict with, or constitute a material
default (or an event that with notice or lapse of time or both would become a material 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 of, any agreement, indenture, instrument or any “lock-up” or similar provision
of any underwriting or similar agreement to which the Company or any Subsidiary is a party, or (c) result in a violation of any
federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations)
applicable to the Company or any Subsidiary or by which any property or asset of the Company or any Subsidiary is bound or affected
(except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect), nor is the Company otherwise in violation of, conflict with or in default
under any of the foregoing. The business of the Company is not being conducted in violation of any law, ordinance or regulation
of any governmental entity, except for possible violations that either singly or in the aggregate do not and will not have a Material
Adverse Effect. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or
perform any of its obligations under this Agreement or the other Transaction Documents (other than any SEC, FINRA or state securities
filings that may be required to be made by the Company in connection with the issuance of the Commitment Shares or subsequent
to any Closing or any registration statement that may be filed pursuant hereto); provided that, for purposes of the representation
made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of
Investor herein.

 

Section
4.8 NO MATERIAL ADVERSE CHANGE. Except
as set forth on Schedule 4.8, no event has occurred that would have a Material Adverse Effect on the Company or any Subsidiary
that has not been disclosed in subsequent SEC filings.

 

Section
4.9 LITIGATION AND OTHER PROCEEDINGS.
Except as set forth on Schedule 4.9, there are no actions, suits, investigations, inquiries or proceedings pending or,
to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties,
nor has the Company received any written or oral notice of any such action, suit, proceeding, inquiry or investigation, which
would have a Material Adverse Effect or would require disclosure under the Securities Act or the Exchange Act. No judgment, order,
writ, injunction or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator
or governmental agency which would have a Material Adverse Effect. Except as set forth on Schedule 4.9, there has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company,
any Subsidiary, or any current or former director or officer of the Company or any Subsidiary.

 

    	 	- 10 -	 

    	 

    

 

Section
4.10 REGISTRATION RIGHTS. Except as set
forth on Schedule 4.10, no Person (other than the Investors) has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

Section
4.11 INVESTORS’ STATUS. The Company
acknowledges and agrees that each Investor is acting solely in the capacity of arm’s length purchaser with respect to the
Transaction Documents and the transactions contemplated hereby and thereby. The Company further acknowledges that neither Investor
is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated hereby and thereby and any advice given by an Investor or any of its representatives or agents
in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the
Investor’s purchase of the Securities. The Company further represents to each Investor that the Company’s decision
to enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives
and advisors.

 

Section
4.12 NO GENERAL SOLICITATION; NO INTEGRATED
OFFERING. Neither the Company, any Subsidiary, nor any of their respective affiliates, nor any Person acting on their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Securities. Neither the Company, any Subsidiary, nor any of their respective
affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would require registration of the offer and sale of any of the Securities
under the Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities
to be integrated with prior offerings by the Company in a manner that would require stockholder approval pursuant to the rules
of the Principal Market on which any of the securities of the Company are listed or designated. The issuance and sale of the Securities
hereunder does not contravene the rules and regulations of the Principal Market.

 

Section
4.13 INTELLECTUAL PROPERTY RIGHTS. The
Company and each Subsidiary own or possess adequate rights or licenses to use all material trademarks, trade names, service marks,
service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations,
trade secrets and rights necessary to conduct their respective businesses as now conducted. None of the Company’s, nor any
Subsidiary’s material Intellectual Property has expired or terminated, or, by the terms and conditions thereof, could expire
or terminate within two years from the date of this Agreement. The Company does not have any knowledge of any infringement by
the Company and/or any Subsidiary of any material Intellectual Property of others, or of any such development of similar or identical
trade secrets or technical information by others, and there is no claim, action or proceeding being made or brought against, or
to the Company’s knowledge, being threatened against, the Company and/or any Subsidiary regarding the infringement of any
Intellectual Property, which could reasonably be expected to have a Material Adverse Effect.

 

Section
4.14 ENVIRONMENTAL LAWS. To the Company’s
knowledge, the Company and each Subsidiary (i) is in compliance with any and all applicable foreign, federal, state and local
laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”), (ii) has received all permits, licenses or other
approvals required of it under applicable Environmental Laws to conduct its respective businesses and (iii) is in compliance with
all terms and conditions of any such permit, license or approval, except where, in each of the three foregoing clauses, the failure
to so comply could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    	 	- 11 -	 

    	 

    

 

Section
4.15 TITLE. Except as disclosed in the
SEC Documents, the Company and each Subsidiary has good and marketable title in fee simple to all real property owned by it and
good and marketable title in all personal property owned by it that is material to the business of the Company and each Subsidiary,
in each case free and clear of all Liens and, except for Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company or any Subsidiary and Liens for
the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property
and facilities held under lease by the Company or any Subsidiary is held under valid, subsisting and enforceable leases with which
the Company is in compliance with such exceptions as are not material and do not interfere with the use made and proposed to be
made of such property and buildings by the Company or any Subsidiary.

 

Section
4.16 INSURANCE. The Company and each Subsidiary
is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management
of the Company believes to be prudent and customary in the businesses in which the Company and each Subsidiary is engaged. Neither
the Company, nor any Subsidiary has been refused any insurance coverage sought or applied for, and the Company has no reason to
believe that it or any Subsidiary will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially
and adversely affect the condition, financial or otherwise, or the earnings, business or operations of the Company, taken as a
whole.

 

Section
4.17 REGULATORY PERMITS. The Company and
each Subsidiary possesses all material certificates, authorizations and permits issued by the appropriate federal, state or foreign
regulatory authorities necessary to conduct its businesses, and neither the Company, nor any Subsidiary has received any notice
of proceedings relating to the revocation or modification of any such certificate, authorization or permit.

 

Section
4.18 TAX STATUS. The Company and each
Subsidiary has made or filed all federal and state income and all other material tax returns, reports and declarations required
by any jurisdiction to which it is subject (unless and only to the extent that the Company has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount
claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

 

Section
4.19 TRANSACTIONS WITH AFFILIATES. Except
as set forth in the SEC Documents, none of the officers or directors of the Company or any Subsidiary, and to the knowledge of
the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or
any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, in each
case in excess of the lesser of (i) $120,000 or (ii) one percent of the average of the Company’s total assets at year end
for the last two completed fiscal years, other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company or any Subsidiary and (iii) other employee benefits, including stock option agreements
under any stock option plan of the Company.

 

    	 	- 12 -	 

    	 

    

 

Section
4.20 APPLICATION OF TAKEOVER PROTECTIONS.
The Company and its board of directors have taken or will take prior to the Execution Date all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the articles of incorporation or the laws of the state of its incorporation
which is or could become applicable to the Investors as a result of the transactions contemplated by this Agreement, including,
without limitation, the Company’s issuance of the Securities and the Investors’ ownership of the Securities.

 

Section
4.21 FOREIGN CORRUPT PRACTICES. Neither
the Company, any Subsidiary, nor to the knowledge of the Company, any agent or other Person acting on behalf of the Company or
any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials
or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully
any contribution made by the Company or any Subsidiary (or made by any Person acting on its behalf of which the Company is aware)
which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977,
as amended.

 

Section
4.22 SARBANES-OXLEY. The Company is in
compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended, which are applicable to it.

 

Section
4.23 CERTAIN FEES. No brokerage or finder’s
fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Investors
shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees
of a type contemplated in this Section 4.23 that may be due in connection with the transactions contemplated by the Transaction
Documents.

 

Section
4.24 INVESTMENT COMPANY. The Company is
not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section
4.25 ACCOUNTANTS. The Company’s
accountants are set forth in the SEC Documents and, to the knowledge of the Company, such accountants are an independent registered
public accounting firm as required by the Securities Act.

 

Section
4.26 NO MARKET MANIPULATION. Neither the
Company, nor any Subsidiary has, and to its knowledge no Person acting on either of their behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting
purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company.

 

    	 	- 13 -	 

    	 

    

 

Section
4.27 NO DISQUALIFICATION EVENTS. None
of the Company, any Subsidiary, any of their predecessors, any affiliated issuer, any director, executive officer, other officer
of the Company or any Subsidiary participating in the offering contemplated hereby, any beneficial owner of 20% or more of the
Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term
is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by
Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered
Person is subject to a Disqualification Event.

 

Section
4.28 MONEY LAUNDERING. The Company and
each Subsidiary is in compliance with, and has not previously violated, the USA PATRIOT ACT of 2001 and all other applicable U.S.
and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the laws, regulations and Executive Orders
and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i) Executive
Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B,
Chapter V.

 

Section
4.29 ILLEGAL OR UNAUTHORIZED PAYMENTS; POLITICAL
CONTRIBUTIONS. Neither the Company, nor any Subsidiary has, nor, to the best of the Company’s knowledge (after reasonable
inquiry of its officers and directors), any of the officers, directors, employees, agents or other representatives of the Company,
any Subsidiary or any other business entity or enterprise with which the Company is or has been affiliated or associated, has,
directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services, whether or not in
contravention of applicable law, (a) as a kickback or bribe to any Person or (b) to any political organization, or the holder
of or any aspirant to any elective or appointive public office except for personal political contributions not involving the direct
or indirect use of funds of the Company.

 

Section
4.30 SHELL COMPANY STATUS. The Company
is not currently an issuer identified in Rule 144(i)(1)(i) under the Securities Act, is subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act, has filed all reports and other materials required to be filed by Section 13 or 15(d)
of the Exchange Act, as applicable during the preceding 12 months, and, as of a date at least one year prior to the Execution
Date, has filed current “Form 10 information” with the SEC (as defined in Rule 144(i)(3) of the Securities Act) reflecting
its status as an entity that is no longer an issuer described in Rule 144(i)(1)(i) of the Securities Act.

 

Section
4.31 ABSENCE OF SCHEDULES. In the event
that on the Execution Date and on each Closing Date, the Company does not deliver any disclosure schedule contemplated by this
Agreement, the Company hereby acknowledges and agrees that (x) to the extent the Company has (x) previously delivered to the Investor
such disclosure schedule, the information therein has not changed as of such Closing Date, and (y) not previously delivered to
the Investor such disclosure schedule, (i) each such undelivered disclosure schedule shall be deemed to read as follows: “Nothing
to Disclose”, and (ii) the Investors have not otherwise waived delivery of such disclosure schedule.

 

Section
4.32 NO OTHER REPRESENTATIONS. Except
as expressly set forth in this Agreement or in another Transaction Document, none of the Company or any Subsidiaries make any
further representations or warranties, express or implied, and any such representations and warranties are hereby expressly disclaimed.

 

Article
V

COVENANTS
OF INVESTOR

 

Section
5.1 COMPLIANCE WITH LAW; TRADING IN SECURITIES.
Each Investor covenants, severally, that the Investor’s trading activities with respect to shares of Common Stock will be
in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of FINRA and
the Principal Market.

 

    	 	- 14 -	 

    	 

    

 

Section
5.2 SHORT SALES AND CONFIDENTIALITY. Each
Investor covenants, severally, that neither the Investor, nor any affiliate of the Investor acting on its behalf or pursuant to
any understanding with it, will execute any Short Sales during the period from the Execution Date to the end of the Commitment
Period. For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number
of shares of Common Stock reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale. Each Investor
shall, until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company in accordance
with the terms of this Agreement, maintain the confidentiality of the existence and terms of this transaction and the information
included in the Transaction Documents. Each Investor agrees not to disclose any Confidential Information of the Company to any
third party, except for the Investor’s attorneys, accountants and advisors who have a need to know such Confidential Information
and are bound by confidentiality, and shall not use any Confidential Information for any purpose other than in connection with,
or in furtherance of, the transactions contemplated hereby and will employ reasonable efforts to preserve the confidentiality
of the Confidential Information, and will, in any event, ensure that Investor’s attorneys, accountants and advisors employ
at least the same practices used to protect their own confidential information of similar nature.. Each Investor acknowledges
that the Confidential Information of the Company shall remain the property of the Company and agrees that it shall take all reasonable
measures to protect the secrecy of any Confidential Information disclosed by the Company.

 

Article
VI

COVENANTS
OF THE COMPANY

 

Section
6.1 FILING OF PREFERRED STOCK COD. By
the Execution Date, the Company shall have obtained all required approvals regarding, and shall have filed the Preferred Stock
COD with the State of Delaware, in the form attached hereto as Exhibit E.

 

Section
6.2 LISTING OF COMMON STOCK. The Company
shall promptly secure the listing of all of the Put Shares and Conversion Shares to be issued to the Investors hereunder on the
Principal Market (subject to official notice of issuance) and shall use commercially reasonable best efforts to maintain, so long
as any shares of Common Stock shall be so listed, the listing of all such Put Shares and Conversion Shares from time to time issuable
hereunder. The Company shall use its commercially reasonable efforts to continue the listing and trading of the Common Stock on
the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or rules of FINRA and the Principal Market.
The Company shall not take any action that would reasonably be expected to result in the delisting or suspension of the Common
Stock on the Principal Market. The Company shall promptly, and in no event later than the following Trading Day, provide to the
Investors copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock for listing
on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this
Section 6.2). The Company shall take all action necessary to ensure that its Common Stock can be transferred electronically
as DWAC Shares.

 

    	 	- 15 -	 

    	 

    

 

Section
6.3 OTHER EQUITY LINES. So long as this
Agreement remains in effect, the Company covenants and agrees that it will not, without the prior written consent of the Investors,
enter into any other equity line of credit transactions or other agreements similar to this Agreement, with any other party, without
the Investors’ prior written consent, which consent may be granted or withheld in the Investors’ sole and absolute
discretion. Notwithstanding the foregoing, any non-equity line financing consummated via an underwriting offering or through a
placement agent shall not require Investors’ consent. For the avoidance of doubt, the Company shall not be restricted from
entering into, and shall not need the Investors’ consent for, any agreement providing for the issuance or distribution of
any equity securities of the Company pursuant to any agreement or arrangement that is not expressly restricted by this Section
6.3 or the other terms of the Transaction Documents.

 

Section
6.4 FILING OF CURRENT REPORT AND REGISTRATION
STATEMENT. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the SEC within the time required by the Exchange Act, relating to the transactions contemplated by, and describing
the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company shall permit
each Investor to review and comment upon the final pre-filing draft version of the Current Report at least two (2) Trading Days
prior to its filing with the SEC, and the Company shall give reasonable consideration to all such comments. Each Investor shall
use its reasonable best efforts to comment upon the final pre-filing draft version of the Current Report within one (1) Trading
Day from the date the Investor receives it from the Company. Pursuant to the terms of the Registration Rights Agreement, the Company
shall also file with the SEC, on or before December 8, 2019, a new registration statement on Form S-1 (the “Registration
Statement”) covering only the resale of the Put Shares.

 

Section
6.5 ISSUANCE OF COMMITMENT SHARES. In
consideration for the Investors’ execution and delivery of, and performance under this Agreement, the Company shall cause
the Transfer Agent to issue the Commitment Shares to the Investors on the Execution Date, with 14,286 Commitment Shares to Oasis,
and 14,286 Commitment Shares to SBI. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the
Execution Date, and the issuance of the Commitment Shares is not contingent upon any other event or condition, including, without
limitation, the effectiveness of the Registration Statement or the Company’s submission of a Put Notice to an Investor and
irrespective of any termination of this Agreement. At all times while any Investor holds Commitment Shares or Conversion Shares,
the Company shall file all reports, schedules, registrations, forms, statements, information and other documents required to be
filed by a publicly reporting company with the SEC pursuant to the reporting requirements of the Exchange Act, within the applicable
time periods prescribed for such filings under the Exchange Act, and take all other Company actions necessary for the Investors
to be able utilize Rule 144.

 

Section
6.6 DUE DILIGENCE; CONFIDENTIALITY; NON-PUBLIC
INFORMATION. Each Investor shall have the right, from time to time as such Investor may reasonably deem appropriate, to perform
reasonable due diligence on the Company during normal business hours. The Company, each Subsidiary and their respective officers
and employees shall provide information and reasonably cooperate with such Investor in connection with any reasonable request
by such Investor related to the Investor’s due diligence of the Company. The Company agrees not to disclose any Confidential
Information of the Investors to any third party, except for attorneys, accountants, advisors who have a need to know such Confidential
Information and are bound by confidentiality, and shall not use any Confidential Information for any purpose other than in connection
with, or in furtherance of, the transactions contemplated hereby. The Company acknowledges that the Confidential Information of
each Investor shall remain the property of such Investor and agrees that it shall take all reasonable measures to protect the
secrecy of any Confidential Information disclosed by each Investor. The Company confirms that neither it nor any other Person
acting on its behalf shall provide any Investor or its agents or counsel with any information that constitutes or might constitute
material, non-public information, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated
by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined
in the reasonable good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction
Documents, an Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement
or otherwise, of such material, non-public information without the prior approval by the Company; provided the Investor shall
have first provided notice to the Company that it believes it has received information that constitutes material, non-public information,
and the Company shall have had at least twenty-four (24) hours to publicly disclose such material, non-public information prior
to any such disclosure by the Investor, and the Company shall have failed to publicly disclose such material, non-public information
within such time period. Such Investor shall not have any liability to the Company, any Subsidiary, or any of their respective
directors, officers, employees, stockholders, affiliates or agents, for any such disclosure. The Company understands and confirms
that each Investor shall be relying on the foregoing covenants in effecting transactions in securities of the Company.

 

    	 	- 16 -	 

    	 

    

 

Section
6.7 PURCHASE RECORDS. The Company shall
maintain records showing the Available Amount at any given time and the date, Investment Amount and Put Shares for each Put, contained
in the applicable Put Notice.

 

Section
6.8 TAXES. The Company shall pay any and
all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery of any shares of Common Stock
to the Investors made under this Agreement.

 

Section
6.9 USE OF PROCEEDS. The Company will
use the net proceeds from the offering of Put Shares hereunder in the manner described in the Registration Statement or the SEC
Documents.

 

Section
6.10 OTHER TRANSACTIONS. The Company shall
not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which the terms
thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its obligations
under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Put Shares to the
Investors in accordance with the terms of the Transaction Documents.

 

Section
6.11 INTEGRATION. In any case subject
to the terms of the Registration Rights Agreement, from and after the Execution Date, neither the Company, nor or any of its affiliates
will, and the Company shall use its reasonable best efforts to ensure that no Person acting on their behalf will, directly or
indirectly, make any offers or sales of any security or solicit any offers to buy any security, under circumstances that would
require registration of the offer and sale of any of the Securities under the Securities Act.

 

Section
6.12 TRANSACTION DOCUMENTS. On the Execution
Date, the Company shall deliver to the Investors executed copies of all of the Transaction Documents.

 

Article
VII

CONDITIONS
TO DELIVERY OF PUT NOTICES AND CONDITIONS TO CLOSING

 

Section
7.1 CONDITIONS PRECEDENT TO THE RIGHT OF THE
COMPANY TO ISSUE AND SELL PUT SHARES. The right of the Company to issue and sell the Put Shares to the Investors is subject
to the satisfaction of each of the conditions set forth below:

 

(a)
ACCURACY OF INVESTORS’ REPRESENTATIONS
AND WARRANTIES. The representations and warranties of each Investor shall be true and correct in all material respects as
of the Execution Date and as of the date of each Closing as though made at each such time.

 

    	 	- 17 -	 

    	 

    

 

(b)
PERFORMANCE BY INVESTOR. The applicable
Investor shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by such Investor at or prior to such Closing.

 

(c)
REGISTRATION STATEMENT. The Company shall
not have the right to issue any Put Shares if the Registration Statement, and any amendment or supplement thereto, shall fail
to be and remain effective for the resale by the Investors of the Put Shares.

 

(d)
PRINCIPAL MARKET REGULATION. The Company
shall not issue any Put Shares, and the Investors shall not have the right to receive any Put Shares, if the issuance of such
Put Shares would exceed the aggregate number of shares of Common Stock which the Company may issue without breaching the Company’s
obligations under the rules or regulations of the Principal Market (the “Exchange Cap”).

 

Section
7.2 CONDITIONS PRECEDENT TO THE OBLIGATION
OF INVESTOR TO PURCHASE PUT SHARES. The obligation of the Investors hereunder to purchase Put Shares is subject to the satisfaction
of each of the following conditions:

 

(a)
REGISTRATION STATEMENT. The Registration
Statement, and any amendment or supplement thereto, shall be and remain effective for the resale by the Investors of the Put Shares
and (i) neither the Company nor the Investors shall have received notice that the SEC has issued or intends to issue a stop order
with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has threatened to do so and (ii) no other suspension of the use of,
or withdrawal of the effectiveness of, such Registration Statement or related prospectus shall exist. The Company shall have prepared
and filed with the SEC a final and complete prospectus (the preliminary form of which shall be included in the Registration Statement)
and shall have delivered to each Investor a true and complete copy thereof. Such prospectus shall be current and available for
the resale by the Investors of all of the Put Shares covered thereby. For the avoidance of doubt, any filing available to the
Investors via the SEC’s live EDGAR system shall be deemed “delivered” hereunder.

 

(b)
ACCURACY OF THE COMPANY’S REPRESENTATIONS
AND WARRANTIES. The representations and warranties of the Company shall be true and correct in all material respects as of
the Execution Date and as of the date of each Closing (except for representations and warranties under the first sentence of Section
4.3, which are specifically made as of the Execution Date and shall be true and correct in all respects as of the Execution
Date).

 

(c)
PERFORMANCE BY THE COMPANY. The Company
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by the Company.

 

(d)
NO INJUNCTION. No statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or adopted by any court or governmental
authority of competent jurisdiction that prohibits or directly and materially adversely affects any of the transactions contemplated
by the Transaction Documents, and no proceeding shall have been commenced that may have the effect of prohibiting or materially
adversely affecting any of the transactions contemplated by the Transaction Documents.

 

(e)
ADVERSE CHANGES. Since the date of filing
of the Company’s most recent SEC Document, no event that had or is reasonably likely to have a Material Adverse Effect has
occurred.

 

    	 	- 18 -	 

    	 

    

 

(f)
NO SUSPENSION OF TRADING IN OR DELISTING OF
COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC, the Principal Market or FINRA, or
otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation on and shall not have
been delisted from the Principal Market. In the event of a suspension, delisting, or halting for any reason, of the trading of
the Common Stock, as contemplated by this Section 7.2(f), an Investor shall have the right to return to the Company any
remaining amount of Put Shares associated with such Put, and the Purchase Price with respect to such Put shall be reduced accordingly.

 

(g)
BENEFICIAL OWNERSHIP LIMITATION. The number
of Put Shares to be purchased by an Investor shall not exceed the number of such shares that, when aggregated with all other shares
of Common Stock then owned by such Investor beneficially or deemed beneficially owned by such Investor, would result in such Investor
owning more than the Beneficial Ownership Limitation (as defined below), as determined in accordance with Section 16 of the Exchange
Act and the regulations promulgated thereunder. For purposes of this Section 7.2(g), in the event that the amount of Common
Stock outstanding, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder,
is greater on a Closing Date than on the date upon which the Put Notice associated with such Closing Date is given, the amount
of Common Stock outstanding on such Closing Date shall govern for purposes of determining whether the Investor, when aggregating
all purchases of Common Stock made pursuant to this Agreement, would own more than the Beneficial Ownership Limitation following
such Closing Date. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable pursuant to a Put Notice.

 

(h)
PRINCIPAL MARKET REGULATION. The issuance
of the Put Shares shall not exceed the Exchange Cap.

 

(i)
NO KNOWLEDGE. The Company shall have no
knowledge of any event more likely than not to have the effect of causing the Registration Statement to be suspended or otherwise
ineffective (which event is more likely than not to occur within the fifteen (15) Trading Days following the Trading Day on which
such Put Notice is deemed delivered). The Company shall have no knowledge of any untrue statement (or alleged untrue statement)
of a material fact or omission (or alleged omission) of a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, in the Registration Statement, any
effective registration statement filed pursuant to the Registration Rights Agreement or any post-effective amendment or prospectus
which is a part of the foregoing, unless the Company has filed an amendment with the SEC or taken such other.

 

(j)
NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT.
The issuance of the Put Shares shall not violate the shareholder approval requirements of the Principal Market.

 

(k)
OFFICER’S CERTIFICATE. On the date
of delivery of each Put Notice, each Investor shall have received the Closing Certificate executed by an executive officer of
the Company and to the effect that all the conditions to such Closing shall have been satisfied as of the date of each such certificate.

 

(l)
DWAC ELIGIBLE. The Common Stock must be
DWAC Eligible and not subject to a “DTC chill.”

 

(m)
SEC DOCUMENTS. All reports, schedules,
registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC pursuant
to the reporting requirements of the Exchange Act (other than Forms 8-K) shall have been filed with the SEC within the applicable
time periods prescribed for such filings under the Exchange Act.

 

    	 	- 19 -	 

    	 

    

 

(n)
REMOVED AND RESERVED.

 

(o)
REMOVED AND RESERVED.

 

(p)
MINIMUM PRICING. The lowest traded price
of the Common Stock in the five (5) Trading Days immediately preceding the respective Put Date must exceed $0.001 per share.

 

(q)
NO VIOLATION. No statute, regulation,
order, guidance, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any
federal, state, local or foreign court or governmental authority of competent jurisdiction, including, without limitation, the
SEC, which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by the
Transaction Documents.

 

(r)
LEGAL OPINION. The Company shall cause
to be delivered to the Investors a written opinion of counsel, in form and substance reasonably satisfactory to the Investors
and their counsel, relating to the availability and effectiveness of the Registration Statement, as supplemented by any prospectus
supplement or amendment thereto, and regarding the Company’s compliance with the Delaware Statutes and the federal securities
laws of the United States in the issuance, sale and registration of the Securities.

 

Article
VIII

LEGENDS

 

Section
8.1 NO RESTRICTIVE STOCK LEGEND. No restrictive
stock legend shall be placed on the share certificates representing the Put Shares or Conversion Shares (provided the subject
Investor has delivered such documents as reasonably requested by the Company to issue such Conversion Shares without a legend
pursuant to Rule 144 or other exemption or registration under the Securities Act).

 

Section
8.2 INVESTORS’ COMPLIANCE. Nothing
in this Article VIII shall affect in any way the Investors’ obligations hereunder to comply with all applicable securities
laws upon the sale of the Common Stock.

 

Article
IX

NOTICES;
INDEMNIFICATION

 

Section
9.1 NOTICES. All notices, demands, requests,
consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified
herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt requested, postage
prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by hand delivery, telegram, or
e-mail as a PDF, addressed as set forth below or to such other address as such party shall have specified most recently by written
notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (i) upon hand delivery or delivery by e-mail at the address designated below (if delivered on a business day during
normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other
than on a business day during normal business hours where such notice is to be received) or (ii) on the second business day following
the date of mailing by express courier service or on the fifth business day after deposited in the mail, in each case, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

    	 	- 20 -	 

    	 

    

 

The
addresses for such communications shall be:

 

If
to the Company:

 

CAPITAL
PARK HOLDINGS CORP.

8117
Preston Road, Suite 300

Dallas,
Texas 75225

Email:
eric.blue@capitalpark.net

Attention:
Eric Blue, CEO

 

with
a copy to (that shall not constitute notice)

 

Locke
Lord LLP

2200
Ross Avenue, Suite 2800

Dallas,
Texas 75201

Email:
Neil.Rajan@lockelord.com

MEarley@lockelord.com

Attention:
Neil Rajan and Michelle Earley

 

If
to the Investors:

 

Oasis
Capital, LLC

208
Ponce de Leon Ave, Suite 1600

San
Juan, PR 00918

E-mail:
adam@oasis-cap.com

Attention:
Adam Long, Managing Partner

 

with
a copy to (that shall not constitute notice)

 

K&L
Gates LLP

200
S. Biscayne Blvd., Suite 3900

Miami,
FL 33131

E-mail:
john.owens@klgates.com

Attention:
John D. Owens, III, Esq.

 

SBI
INVESTMENTS LLC, 2014-1

107
Grand Street, 7th floor

New
York, NY 10013

E-mail:
jjuchno@seaotterglobal.com

Attention:
Jonathan Juchno, Principal

Phone:
646.762.9974

 

with
a copy to (that shall not constitute notice)

 

K&L
Gates LLP

200
S. Biscayne Blvd., Suite 3900

Miami,
FL 33131

E-mail:
john.owens@klgates.com

Attention:
John D. Owens, III, Esq.

 

Any
party hereto may from time to time change its address or e-mail for notices under this Section 9.1 by giving at least ten
(10) days’ prior written notice of such changed address to the other parties hereto.

 

    	 	- 21 -	 

    	 

    

 

Section
9.2 INDEMNIFICATION. Each party hereto
(an “Indemnifying Party”) agrees to indemnify and hold harmless the other parties along with their officers,
directors, employees, and authorized agents and representatives, and each Person or entity, if any, who controls such party within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or the rules and regulations thereunder (an
“Indemnified Party”) from and against any and all Damages, joint or several, and any and all actions in respect
thereof to which the Indemnified Party becomes subject to, resulting from, arising out of or relating to (i) any misrepresentation,
breach of warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of the Indemnifying Party
contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, any registration statement pursuant to the Registration Rights Agreement or any post-effective amendment thereof or
supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained
in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to
make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading,
or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as such Damages are incurred, except
to the extent such Damages result primarily from the Indemnified Party’s failure to perform any covenant or agreement contained
in this Agreement or the Indemnified Party’s negligence, recklessness, fraud, willful misconduct or bad faith in performing
its obligations under this Agreement; provided, however, that the foregoing indemnity agreement shall not apply
to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue statement
or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity with
written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement,
any post-effective amendment thereof or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

 

Section
9.3 METHOD OF ASSERTING INDEMNIFICATION CLAIMS.
All claims for indemnification by any Indemnified Party under Section 9.2 shall be asserted and resolved as follows:

 

(a)
In the event any claim or demand in respect of
which an Indemnified Party might seek indemnity under Section 9.2 is asserted against or sought to be collected from such
Indemnified Party by a Person other than a party hereto or an affiliate thereof (a “Third Party Claim”), the
Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any, and specifying the nature
of and basis for such Third Party Claim and for the Indemnified Party’s claim for indemnification that is being asserted
under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then reasonably ascertainable,
the estimated amount, determined in good faith, of such Third Party Claim (a “Claim Notice”) with reasonable
promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after
the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the
Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability to defend has
been prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as
practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice
or an Indemnity Notice (as defined below) (the “Dispute Period”) whether the Indemnifying Party disputes its
liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party
desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

 

    	 	- 22 -	 

    	 

    

 

(i)
If the Indemnifying Party notifies the Indemnified
Party within the Dispute Period that the Indemnifying Party desires to defend the Indemnified Party with respect to the Third
Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall have the right to defend, with counsel reasonably
satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying Party, such Third Party Claim by all appropriate
proceedings, which proceedings shall be vigorously and diligently prosecuted by the Indemnifying Party to a final conclusion or
will be settled at the discretion of the Indemnifying Party (but only with the consent of the Indemnified Party in the case of
any settlement that provides for any relief other than the payment of monetary damages or that provides for the payment of monetary
damages as to which the Indemnified Party shall not be indemnified in full pursuant to Section 9.2). The Indemnifying Party
shall have full control of such defense and proceedings, including any compromise or settlement thereof; provided, however,
that the Indemnified Party may, at the sole cost and expense of the Indemnified Party, at any time prior to the Indemnifying Party’s
delivery of the notice referred to in the first sentence of this clause (i), file any motion, answer or other pleadings or take
any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests; and provided,
further, that if requested by the Indemnifying Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying
Party, provide reasonable cooperation to the Indemnifying Party in contesting any Third Party Claim that the Indemnifying Party
elects to contest. The Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim
controlled by the Indemnifying Party pursuant to this clause (i), and except as provided in the preceding sentence, the Indemnified
Party shall bear its own costs and expenses with respect to such participation. Notwithstanding the foregoing, the Indemnified
Party may takeover the control of the defense or settlement of a Third Party Claim at any time if it irrevocably waives its right
to indemnity under Section 9.2 with respect to such Third Party Claim.

 

(ii)
If the Indemnifying Party fails to notify the
Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Third Party Claim pursuant to this
Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute vigorously and diligently or settle
the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute Period, then the Indemnified
Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the Third Party Claim by all appropriate
proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable manner and in good faith or will be
settled at the discretion of the Indemnified Party (with the consent of the Indemnifying Party, which consent will not be unreasonably
withheld). The Indemnified Party will have full control of such defense and proceedings, including any compromise or settlement
thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole cost and expense
of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting any Third Party
Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause (ii), if the Indemnifying
Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes its liability or the amount
of its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such dispute is resolved in
favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will not be required to bear
the costs and expenses of the Indemnified Party’s defense pursuant to this clause (ii) or of the Indemnifying Party’s
participation therein at the Indemnified Party’s request, and the Indemnified Party shall reimburse the Indemnifying Party
in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying
Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this clause
(ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

 

    	 	- 23 -	 

    	 

    

 

(iii)
If the Indemnifying Party notifies the Indemnified
Party that it does not dispute its liability or the amount of its liability to the Indemnified Party with respect to the Third
Party Claim under Section 9.2 or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying
Party disputes its liability or the amount of its liability to the Indemnified Party with respect to such Third Party Claim, the
amount of Damages specified in the Claim Notice shall be conclusively deemed a liability of the Indemnifying Party under Section
9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying
Party has timely disputed its liability or the amount of its liability with respect to such Third Party Claim, the Indemnifying
Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however,
that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to
institute such legal action as it deems appropriate.

 

(b)
In the event any Indemnified Party should have
a claim under Section 9.2 against the Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party
shall deliver a written notification of a claim for indemnity under Section 9.2 specifying the nature of and basis for
such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good faith,
of such claim (an “Indemnity Notice”) with reasonable promptness to the Indemnifying Party. The failure by
any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder except to the extent that
the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies the Indemnified
Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to notify the
Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim described
in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability of the
Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified
Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such
claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute;
provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party
shall be entitled to institute such legal action as it deems appropriate.

 

(c)
The Indemnifying Party agrees to pay the Indemnified
Party, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim.

 

(d)
The indemnity provisions contained herein shall
be in addition to (i) any cause of action or similar rights of the Indemnified Party against the Indemnifying Party or others,
and (ii) any liabilities the Indemnifying Party may be subject to.

 

Article
X

MISCELLANEOUS

 

Section
10.1 GOVERNING LAW. This Agreement shall
be governed by and interpreted in accordance with the laws of the State of Delaware without regard to the principles of conflicts
of law (whether of the State of Delaware or any other jurisdiction).

 

Section
10.2 ARBITRATION. Any disputes, claims,
or controversies arising out of or relating to the Transaction Documents, or the transactions, contemplated thereby, or the breach,
termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this
Agreement to arbitrate, shall be referred to and resolved solely and exclusively by binding arbitration to be conducted before
the Judicial Arbitration and Mediation Service (“JAMS” ), or its successor pursuant the expedited procedures
set forth in the JAMS Comprehensive Arbitration Rules and Procedures (the “Rules” ), including Rules 16.1 and
16.2 of those Rules. The arbitration shall be held in New York, New York, before a tribunal consisting of three (3) arbitrators
each of whom will be selected in accordance with the “strike and rank” methodology set forth in Rule 15. Any party
to this Agreement may, without waiving any remedy under this Agreement, seek from any federal or state court sitting in the State
of New York any interim or provisional relief that is necessary to protect the rights or property of that party, pending the establishment
of the arbitral tribunal. The costs and expenses of such arbitration shall be paid by and be the sole responsibility of the Company,
including but not limited to the Investors’ attorneys’ fees and each arbitrator’s fees. The arbitrators’
decision must set forth a reasoned basis for any award of damages or finding of liability. The arbitrators’ decision and
award will be made and delivered as soon as reasonably possibly and in any case within sixty (60) days’ following the conclusion
of the arbitration hearing and shall be final and binding on the parties and may be entered by any court having jurisdiction thereof.

 

    	 	- 24 -	 

    	 

    

 

Section
10.3 JURY TRIAL WAIVER. THE COMPANY
AND EACH INVESTOR HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES HERETO
AGAINST ANOTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THE TRANSACTION DOCUMENTS.

 

Section
10.4 ASSIGNMENT. This Agreement shall
be binding upon and inure to the benefit of the Company and the Investors and their respective successors. Neither this Agreement
nor any rights of the Investors or the Company hereunder may be assigned by any party to any other Person.

 

Section
10.5 NO THIRD PARTY BENEFICIARIES. This
Agreement is intended for the benefit of the Company and the Investors and their respective successors, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as set forth in Article IX.

 

Section
10.6 TERMINATION. The Company may terminate
this Agreement at any time by written notice to the Investors, except while any Investor holds any of the Put Shares. In addition,
this Agreement shall automatically terminate on the earlier of (i) the end of the Commitment Period; (ii) the date that the Company
sells and the Investors purchase the Maximum Commitment Amount; (iii) the date in which the Registration Statement is no longer
effective, or (iv) the date that, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case
or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially
all of its property or the Company makes a general assignment for the benefit of its creditors; provided, however,
that the provisions of Articles III, IV, V, VI, IX and the agreements and covenants of the Company and the Investors set
forth in Article X shall survive the termination of this Agreement for the maximum length of time allowed under applicable
law.

 

Section
10.7 ENTIRE AGREEMENT. The Transaction
Documents, together with the exhibits and schedules thereto, contain the entire understanding of the Company and the Investors
with respect to the matters covered herein and therein and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section
10.8 FEES AND EXPENSES. Except as expressly
set forth in the Transaction Documents or any other writing to the contrary, each party shall pay the fees and expenses of its
advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes
and other taxes and duties levied in connection with the delivery of any Securities to the Investors. The Investors shall withhold
$25,000.00 from the Investment Amount with respect to the first Put under this Agreement for reimbursement of the Investors’
legal fees relating to the preparation of the Transaction Documents.

 

    	 	- 25 -	 

    	 

    

 

Section
10.9 COUNTERPARTS. This Agreement may
be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall be deemed to be
an original instrument which shall be enforceable against the parties actually executing such counterparts and all of which together
shall constitute one and the same instrument. This Agreement may be delivered to the other parties hereto by e-mail of a copy
of this Agreement bearing the signature of the parties so delivering this Agreement.

 

Section
10.10 SEVERABILITY. In the event that
any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void,
this Agreement shall continue in full force and effect without said provision; provided that such severability shall be ineffective
if it materially changes the economic benefit of this Agreement to any party.

 

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

 

Section
10.12 NO STRICT CONSTRUCTION. The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party.

 

Section 10.13 EQUITABLE RELIEF.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investors by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Investors shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

Section
10.14 TITLE AND SUBTITLES. The titles
and subtitles used in this Agreement are used for the convenience of reference and are not to be considered in construing or interpreting
this Agreement.

 

Section
10.15 AMENDMENTS; WAIVERS. No provision
of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day immediately preceding
the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, (i) no provision
of this Agreement may be amended other than by a written instrument signed by both parties hereto and (ii) no provision of this
Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.
No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right,
power or privilege.

 

Section
10.16 PUBLICITY. The Company and the Investors
shall consult with each other in issuing any press releases or otherwise making public statements with respect to the transactions
contemplated hereby and no party shall issue any such press release or otherwise make any such public statement, other than as
required by law, without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed,
except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party
shall provide the other party with prior notice of such public statement. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Investor without the prior written consent of the Investor, except to the extent required by
law. Each Investor acknowledges that this Agreement and all or part of the Transaction Documents may be deemed to be “material
contracts,” as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required
to file such documents as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. Each
Investor further agrees that the status of such documents and materials as material contracts shall be determined solely by the
Company, in consultation with its counsel.

 

**
Signature Page Follows **

 

    	 	- 26 -	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the Execution Date.

 

	 	CAPITAL PARK HOLDINGS CORP.
	 	 	 
	 	By:	 
	 	Name:
    	Eric
    Blue
	 	Title:
	Chief
    Executive Officer
	 	 	 
	 	OASIS CAPITAL, LLC
	 	 	 
	 	By:	
	 	Name:	Adam
    Long
	 	Title:	Managing
    Partner
	 	 	 
	 	SBI INVESTMENTS LLC, 2014-1
	 	 	 
	 	By:
	 
	 	Name:	Jonathan
    Juchno 
	 	Title:
	Principal

 

**
Signature Page to Equity Purchase Agreement **

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

FORM
OF PUT NOTICE

 

TO:
[OASIS CAPITAL, LLC] [SBI INVESTMENTS LLC, 2014-1]

 

DATE:
                                              

 

We
refer to the Equity Purchase Agreement, dated October 24, 2019 (the “Agreement”), entered into by and between
CAPITAL PARK HOLDINGS CORP. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the
same meaning when used herein.

 

We
hereby:

 

1)
Give you notice that we require you to purchase ____________ Put Shares; and

 

2)
The purchase price per share, pursuant to the terms of the Agreement, is ______________; and

 

3)
Certify that, as of the date hereof, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

	 	CAPITAL PARK HOLDINGS CORP.
	 	 	 
	 	By:
    	 
	 	Name:	Eric
    Blue
	 	Title:
	Chief
    Executive Officer

 

    	 	 	 

    	 

    

 

EXHIBIT
B

 

FORM
OF OFFICER’S CERTIFICATE

OF
CAPITAL PARK HOLDINGS CORP.

 

Pursuant
to Section 7.2(k) of that certain equity purchase agreement, dated October 24, 2019 (the “Agreement”),
by and between CAPITAL PARK HOLDINGS CORP. (the “Company”) and the “Investors” named therein, the
undersigned, in his capacity as Chief Executive Officer of the Company, and not in his individual capacity, hereby certifies,
as of the date hereof (such date, the “Condition Satisfaction Date”), the following:

 

1.
The representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction
Date as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular
date) with respect to all periods, and as to all events and circumstances occurring or existing to and including the Condition
Satisfaction Date, except for any conditions which have temporarily caused any representations or warranties of the Company set
forth in the Agreement to be incorrect and which have been corrected with no continuing impairment to the Company or the Investor;
and

 

2.
All of the conditions precedent to the obligation of the Investor to purchase Put Shares set forth in the Agreement, including
but not limited to Section 7.2 of the Agreement, have been satisfied as of the Condition Satisfaction Date.

 

Capitalized
terms used herein shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN
WITNESS WHEREOF, the undersigned has hereunto affixed his hand as of [ _ ], 2019.

 

	 	By:	
	 	Name:	Eric
    Blue 
	 	Title:	Chief
    Executive Officer

 

    	 	 	 

    	 

    

 

EXHIBIT
C

 

FORM
OF TRANSFER AGENT

INSTRUCTION
LETTER

 

    	 	 	 

    	 

    

 

EXHIBIT
D

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

    	 	 	 

    	 

    

 

EXHIBIT
E

 

PREFERRED
STOCK COD

 

    	 	 	 

    	 

    

 

DISCLOSURE
SCHEDULES

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