Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AGREEMENT 

THIS PURCHASE AGREEMENT (this “Agreement”) dated as of August 31, 2022 is made by and between ARENA BUSINESS
SOLUTIONS GLOBAL SPC II, LTD., a Cayman Islands exempt company (the “Investor”), and COMERA LIFE SCIENCES HOLDINGS, INC., Delaware corporation (the “Company”). 

WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to
issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to $15.0 million of the Company’s shares of common stock, par value $0.0001 per share , subject to the
Company’s option to increase this amount by $15.0 million for an aggregate of up to $30.0 million (the “Common Shares”); and 

WHEREAS, the Common Shares are listed for trading on the Nasdaq Capital Market under the symbol “CMRA”; and 

WHEREAS, the offer and sale of the Common Shares issuable hereunder will be made in reliance upon Section 4(a)(2) under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other exemption from the registration requirements of the Securities Act as may be available with respect
to any or all of the transactions to be made hereunder. 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 
 CERTAIN
DEFINITIONS 
 “Additional Commitment Amount” shall mean $15.0 million of Common Shares. 

“Additional Commitment Fee Shares” shall have the meaning set forth in Section 13.04. 

“Advance” shall mean the portion of the Commitment Amount or the Additional Commitment Amount, if applicable, requested by
the Company in an Advance Notice. 
 “Advance Date” shall mean the 1st Trading Day after expiration of the applicable
Pricing Period for each Advance. 
 “Advance Halt” shall have the meaning set forth in Section 2.05(d). 

“Advance Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an
officer of the Company or other authorized representative of the Company identified on Schedule 1 hereto and setting forth the amount of an Advance that the Company desires to issue and sell to the Investor. 

“Advance Notice Date” shall mean each date the Company delivers (in accordance with Section 2.02 of this Agreement) to
the Investor an Advance Notice, subject to the terms of this Agreement. 
  

 “Affiliate” shall have the meaning set forth in Section 3.07. 

“Agreement” shall have the meaning set forth in the preamble of this Agreement. 

“Applicable Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives,
policies, guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable laws that relate to money laundering, terrorist financing,
financial record keeping and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices Act of 1977, and (iii) any
Sanctions laws. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal, state or similar laws for the relief
of debtors. 
 “Black Out Period” shall have the meaning set forth in Section 6.02. 

“Business Combination Agreement” means the business combination agreement, dated as of January 31, 2022, among the
Company, OTR Acquisition Corp., CLS Sub Merger 1 Corp., CLS Sub Merger 2 Corp. and Comera Life Sciences, Inc., as amended. 

“Business Day” means any day on which the Principal Market is open for trading, including any day on which the Principal
Market is open for trading for a period of time less than the customary time. 

“Buy-In” shall have the meaning set forth in Section 2.06. 

“Buy-In Price” shall have the meaning set forth in Section 2.06. 

“Closing” shall have meaning set forth in Section 2.05. 

“Commitment Amount” shall mean $15.0 million of Common Shares, provided that, the Company shall not affect any
sales under this Agreement and the Investor shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares
issued under this Agreement (including any Additional Commitment Amount) would exceed 19.99% of the outstanding Common Shares as of the date of this Agreement (the “Exchange Cap”); provided further that, the Exchange Cap will
not apply if (a) the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Principal Market or (b) the average price of all applicable sales of Common Shares hereunder
(including the Commitment Fee Shares and Additional Commitment Fee Shares, if any, in the number of shares sold for these purposes) equals or exceeds $1.80 per share (which represents the lower of (i) the Nasdaq Official Closing Price (as
reflected on Nasdaq.com) immediately preceding the signing of this Agreement; or (ii) the average Nasdaq Official Closing Price of the Common Shares (as reflected on Nasdaq.com) for the five Trading Days immediately preceding the signing of
this Agreement). 
 “Commitment Fee Price Per Share” shall have the meaning set forth in Section 13.04. 

  
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 “Commitment Fee Shares” shall have the meaning set forth in
Section 13.04. 
 “Commitment Period” shall mean the period commencing on the date hereof and expiring upon the date
of termination of this Agreement in accordance with Section 11.02. 
 “Common Shares” shall have meaning set forth in
the recitals of this Agreement. 
 “Common Share Equivalents” shall have the meaning set forth in Section 6.20. 

“Company” shall have the meaning set forth in the preamble of this Agreement. 

“Company Indemnitees” shall have the meaning set forth in Section 5.02. 

“Condition Satisfaction Date” shall have the meaning set forth in Section 7.01 

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

“Environmental Laws” shall have the meaning set forth in Section 4.08. 

“Estimated Commitment Fee Shares” shall have the meaning set forth in Section13.04. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Hazardous Materials” shall have the meaning set forth in Section 4.08. 

“Indemnified Liabilities” shall have the meaning set forth in Section 5.01. 

“Investor” shall have the meaning set forth in the preamble of this Agreement. 

“Investor Indemnitees” shall have the meaning set forth in Section 5.01. 

“Market Price” shall mean the simple average of the daily VWAP of the Common Shares during the Pricing Period. 

“Material Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have
(i) a material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect on the results of operations, assets, business or condition (financial or
otherwise) of the Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement. 

“Material Outside Event” shall have the meaning set forth in Section 6.08. 

  
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 “Maximum Advance Amount” shall be calculated as follows: (a) if the
Advance Notice is received by 8:30 a.m. Eastern Time, the lower of: (i) an amount equal to thirty percent (30%) of the Daily Value Traded of Common Shares on the Company’s Principal Market on the ten (10) Trading Days immediately
preceding an Advance Notice, or (ii) $10.0 million, and (b) if the Advance Notice is received after 8:30 a.m. Eastern Time but prior to 10:30 a.m. Eastern Time, the lower of (i) an amount equal to twenty percent (20%) of the Daily
Value Traded of Common Shares on the ten (10) Trading Days immediately preceding an Advance Notice, or (ii) $10 million. For purposes hereof, “Daily Value Traded” is the product obtained by multiplying the daily trading
volume of the Company’s Common Shares on the Principal Market during regular trading hours as reported by Bloomberg L.P., by the VWAP for such Trading Day. For the avoidance of doubt, the daily trading volume shall include all trades on the
Principal Market during regular trading hours. 
 “OFAC” shall mean the U.S. Department of Treasury’s Office of
Foreign Asset Control. 
 “Option Notice” shall have the meaning set forth in Section 13.04. 

“Ownership Limitation” shall have the meaning set forth in Section 2.04(a). 

“Person” shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Plan of
Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares. 

“Pricing Period” shall mean one (1) Trading Day, as notified by the Company to the Investor in the applicable Advance
Notice, commencing on the Advance Notice Date. 
 “Principal Market” shall mean the New York Stock Exchange, the NYSE
American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, the OTCQB, the OTCBB or the NYSE Euronext, whichever is at the time the principal trading exchange or market for the Common Shares. 

“Purchase Price” shall mean the price per Share obtained by multiplying the Market Price by 96%. 

“Registrable Securities” shall mean (i) the Shares, and (ii) any securities issued or issuable with respect to any
of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. 

“Registration Limitation” shall have the meaning set forth in Section 2.04(b). 

“Registration Statement” shall mean a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by
the Investor of the Registrable Securities under the Securities Act. 
 “Regulation D” shall mean the provisions of
Regulation D promulgated under the Securities Act. 

  
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 “Required Delivery Date” means any date on which the Company or its
transfer agent is required to deliver Common Shares to Investor hereunder. 
 “Sanctions” means any sanctions administered
or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority. 

“Sanctions Programs” means any OFAC economic sanction program (including, without limitation, programs related to Crimea,
Cuba, Iran, North Korea, Sudan and Syria). 
 “SEC” shall mean the U.S. Securities and Exchange Commission. 

“SEC Documents” shall have the meaning set forth in Section 4.04. 

“Securities Act” shall have the meaning set forth in the recitals of this Agreement. 

“Series A Preferred Stock” shall have the meaning set forth in Section 4.05. 

“Settlement Document” shall have the meaning set forth in Section 2.05(a). 

“Shares” shall mean the Commitment Fee Shares, the Additional Commitment Fee Shares, if any, and the Common Shares to be
issued from time to time hereunder pursuant to an Advance. 
 “Subsidiaries” shall have the meaning set forth in
Section 4.01. 
 “Trading Day” shall mean any day during which the Principal Market shall be open for business. 

“Transaction Documents” shall have the meaning set forth in Section 4.02. 

“Variable Rate Transaction” shall have the meaning set forth in Section 6.20. 

“VWAP” means, for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the
Principal Market (a) from 9:30 a.m. Eastern Time through 4:00 p.m. Eastern Time, excluding the opening price and the closing price, if the Advance Notice is received before 8:30 a.m. Eastern Time, and (b) from 11:00 a.m. Eastern Time
through 4:00 p.m. Eastern Time, excluding the opening price and the closing price, if the Advance Notice is received after 8:30 a.m. Eastern Time and before 10:30 a.m. Eastern Time (each, the “Measurement Period”); provided, however
for both (a) and (b) above, upon an Advance Halt the VWAP calculation shall terminate as of the effective time of the Material Outside Event; provided further, that the VWAP calculation shall exclude all trades over that number of Common Shares
equal to 5% of the total volume traded over the applicable Measurement Period. For illustration purposes only, if 1,000,000 Common Shares trade over the applicable Measurement Period, then any trade over 50,000 Common Shares will be excluded from
the VWAP calculation. 

  
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 ARTICLE II 

ADVANCES 

Section 2.01    Advances; Mechanics. Subject to the terms and conditions of this
Agreement (including, without limitation, the provisions of Article VII hereof), the Company, at its sole and exclusive option, may issue and sell to the Investor, and the Investor shall purchase from the Company, Common Shares on the following
terms. 
 Section 2.02    Advance Notice. At any time during the Commitment Period, the
Company may require the Investor to purchase Shares by delivering an Advance Notice to the Investor, subject to the conditions set forth in Section 7.01, and in accordance with the following provisions: 

(a)    The Company shall, in its sole discretion, select the amount of the Advance, not to exceed the Maximum Advance
Amount, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance Notice. 

(b)    There shall be no mandatory minimum Advances and no non-usages fee for not
utilizing the Commitment Amount or the Additional Commitment Amount, if applicable, or any part thereof. 
 (c)    The
Company shall be limited to delivering one (1) Advance Notice to Investor per Trading Day. 
 (d)    The Advance
Notice shall be valid upon delivery to Investor in accordance with Exhibit C. 

Section 2.03    Date of Delivery of Advance Notice. An Advance Notice shall be deemed
delivered on the day it is received by the Investor if such notice is received by email prior to 10:30 a.m. Eastern Time (or later if waived by the Investor in its sole discretion) in accordance with the instructions set forth on Exhibit C.

 Section 2.04    Advance Limitations. Regardless of the amount of an Advance
requested by the Company in the Advance Notice, the final amount of an Advance pursuant to an Advance Notice shall be reduced in accordance with each of the following limitations: 

(a)    Ownership Limitation; Commitment Amount. In no event shall the number of Common Shares issuable to the
Investor pursuant to an Advance cause the aggregate number of Common Shares beneficially owned (as calculated pursuant to Section 13(d) of the Exchange Act) by the Investor and its Affiliates as a result of previous issuances and sales of
Common Shares to Investor under this Agreement to exceed 4.99% of the then outstanding Common Shares (the “Ownership Limitation”). In connection with each Advance Notice delivered by the Company, any portion of an Advance that would
(i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and sold to the Investor hereunder to exceed the Commitment Amount and the Additional Commitment Amount, if applicable, shall
automatically be withdrawn with no further action required by the Company, and such Advance Notice shall be deemed automatically modified to reduce the amount of the Advance requested by an amount equal to such withdrawn portion; provided that in
the event of any such automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event. 

  
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 (b)    Registration Limitation. In no event shall an Advance
exceed the amount registered under the Registration Statement then in effect (the “Registration Limitation”) or the Exchange Cap to the extent applicable. In connection with each Advance Notice, any portion of an Advance that would
exceed the Registration Limitation or Exchange Cap shall automatically be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested Advance
by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event. 

(c)    Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge and agree that upon
the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an unconditional contract binding on both parties for the purchase and sale of Shares pursuant to such Advance Notice in accordance with the terms
of this Agreement and subject to Applicable Law and Section 3.08 (Trading Activities), the Investor may sell Common Shares during the Pricing Period. 

Section 2.05    Closings. The closing of each Advance and each sale and purchase of
Shares related to each Advance (each, a “Closing”) shall take place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. The parties acknowledge that the Purchase Price is not known
at the time the Advance Notice is delivered (at which time the Investor is irrevocably bound) but shall be determined on each Closing based on the daily prices of the Common Shares that are the inputs to the determination of the Purchase Price as
set forth further below. In connection with each Closing, the Company and the Investor shall fulfill each of its obligations as set forth below: 

(a)    On each Advance Date, the Investor shall deliver to the Company a written document, in the form attached hereto as
Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to be purchased by the Investor (taking into account any adjustments pursuant to Section 2.04), the Market Price,
the Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another
reporting service reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement. 

(b)    Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event, not later than
two (2) Trading Days after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number of Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the
Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit
notification to the Investor that such share transfer has been requested. The Company shall promptly notify Investor if it has reasonable grounds to dispute the calculations set forth in the Settlement Document, and the Company agrees that such
calculations shall be deemed agree-upon and final upon transfer of the Shares. All Shares to be purchased by the Investor pursuant to an Advance Notice shall be issued electronically through DTC’s Deposit/Withdrawal At Custodian system.
Promptly upon receipt of such notification (in any 

  
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event, not later than three (3) Trading Days after such receipt), the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Settlement Document)
in cash in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be
rounded to the next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering such Common
Shares (it being understood and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant to the plan of distribution set forth in the prospectus included in the Registration
Statement and otherwise in compliance with the requirements of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption from its registration requirements). 

(c)    On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents,
instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein. 

(d)    Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period (i) the
Company notifies Investor that a Material Outside Event set forth in Section 6.08(i) through (v) has occurred or if the Material Outside Event set forth in Sections 6.08(vi) or (vii) shall have occurred, or (ii) the Company
notifies the Investor of a Black Out Period, the parties agree that the pending Advance shall end (the “Advance Halt”) and the final number of Shares to be purchased by the Investor at the Closing for such Advance shall be equal to
the number of Common Shares sold by the Investor during the applicable Pricing Period prior to the notification from the Company of a Material Outside Event or Black Out Period. 

Section 2.06    Failure to Timely Deliver. 

(a)    If on or prior to the Required Delivery Date either (I) if the transfer agent is not participating in the DTC
Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver a certificate to Investor and register such Common Shares on the Company’s share register or, if the transfer agent is participating in the DTC Fast
Automated Securities Transfer Program, credit the balance account of Investor or Investor’s designee with DTC for the number of Common Shares to which Investor submitted for legend removal by Investor pursuant to clause (ii) below or
otherwise or (II) if the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program, the transfer agent fails to credit the balance account of Investor or Investor’s designee with DTC for such
number of Common Shares submitted for legend removal by Investor (i.e., Commitment Fee Shares issued on the date hereof or Additional Commitment Fee Shares, if any) and the Company fails to promptly, but in no event later than two (2) Business
Days (x) so notify Investor and (y) deliver the Common Shares electronically without any restrictive legend (so long as there is an effective Registration Statement covering such Common Shares) by crediting such aggregate number of Common
Shares submitted for legend removal by Investor to Investor’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system, and if on or after such Trading Day Investor purchases (in an open market
transaction or otherwise) Common Shares to deliver in satisfaction of a sale by 

  
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Investor of Common Shares submitted for legend removal by Investor that Investor is entitled to receive from the Company (a “Buy-In”),
then the Company shall, within two (2) Business Days after Investor’s request and in Investor’s discretion, either (i) pay cash to Investor in an amount equal to Investor’s total purchase price (including brokerage
commissions, borrow fees and other out-of-pocket expenses, if any, for the Common Shares so purchased) (the “Buy-In
Price”), at which point the Company’s obligation to so deliver such certificate or credit Investor’s balance account shall terminate and such shares shall be cancelled, or (ii) promptly honor its obligation to so deliver to
Investor a certificate or certificates or credit the balance account of Investor or Investor’s designee with DTC representing such number of Common Shares that would have been so delivered if the Company timely complied with its obligations
hereunder and pay cash to Investor in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Common Shares that the Company was required to deliver to Investor
by the Required Delivery Date multiplied by (B) the price at which Investor sold such Common Shares in anticipation of the Company’s timely compliance with its delivery obligations hereunder. Nothing shall limit Investor’s right to
pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing
Common Shares (or to electronically deliver such Common Shares) as required pursuant to the terms hereof. 
 (b)    In
the event the Investor sells Common Shares after receipt of an Advance Notice and the Company fails to perform its obligations as mandated in Section 2.05, the Company agrees that in addition to and in no way limiting the rights and obligations
set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage, or
expense (including, without limitation, all brokerage commissions, borrow fees, legal fees and expenses and all other related out-of-pocket expenses), as incurred,
arising out of or in connection with such default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall be entitled to an injunction or injunctions to
prevent such breaches of this Agreement and to specifically enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement. 

(c)    In the event the Company provides an Advance Notice and the Investor fails to perform its obligations as mandated
in Section 2.05, the Investor agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity, including,
without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including, without limitation, legal fees and expenses and all other related out-of-pocket expenses), as incurred, arising out of or in connection with such default by the Investor and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly
agreed that the Company shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond
or other security, the terms and provisions of this Agreement. 

  
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 Section 2.07    Completion of Resale
Pursuant to the Registration Statement. After the Investor has purchased the full Commitment Amount and the Additional Commitment Amount, if applicable, and has completed the subsequent resale of the full Commitment Amount and the Additional
Commitment Amount, if applicable, pursuant to the Registration Statement, Investor will notify the Company that all subsequent resales are completed and the Company will be under no further obligation to maintain the effectiveness of the
Registration Statement. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF INVESTOR 

Investor hereby represents and warrants to, and agrees with, the Company that the following are true and correct as of the date hereof and as
of each Advance Notice Date and each Advance Date: 
 Section 3.01    Organization and
Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands and has all requisite power and authority to execute, deliver and perform this Agreement, including all transactions
contemplated hereby. The decision to invest and the execution and delivery of this Agreement by the Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby
have been duly authorized and require no other proceedings on the part of the Investor. The undersigned has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf of the Investor or its shareholders.
This Agreement has been duly executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute the legal, valid and binding obligations of the Investor, enforceable against
the Investor in accordance with its terms. 
 Section 3.02    Evaluation of Risks. The
Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting
its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment. 

Section 3.03    No Legal, Investment or Tax Advice from the Company. The Investor
acknowledges that it had the opportunity to review this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on
any statements or representations of the Company or any of the Company’s representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions
contemplated by this Agreement or the laws of any jurisdiction, and the Investor acknowledges that the Investor may lose all or a part of its investment. 

Section 3.04    Investment Purpose. The Investor is acquiring the Common Shares for its
own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration requirements of the Securities
Act; provided, however, that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of

  
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the Securities at any time in accordance with, or pursuant to, a registration statement filed pursuant to this Agreement or an applicable exemption under the Securities Act. The Investor does not
presently have any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Common Shares. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling
stockholder” in each Registration Statement and in any prospectus contained therein. 

Section 3.05    Accredited Investor. The Investor is an “Accredited Investor”
as that term is defined in Rule 501(a)(3) of Regulation D. 
 Section 3.06    Information.
The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and operations of the Company and information the Investor deemed material to making an informed investment
decision. The Investor and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management and have received answers to such questions. Neither such inquiries nor any other due diligence
investigations conducted by such Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained in this
Agreement. The Investor acknowledges and agrees that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and warranties of the Company, its employees or any third party other
than the representations and warranties of the Company contained in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting, legal and tax advice, as it has considered
necessary to make an informed investment decision with respect to the transactions contemplated hereby. 

Section 3.07    Not an Affiliate. The Investor is not an officer, director or a person
that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with the Company or any “affiliate” of the Company (as that term is defined in Rule 405 promulgated under the
Securities Act). 
 Section 3.08    Trading Activities. The Investor’s trading
activities with respect to the Common Shares shall be in compliance with all applicable federal and state securities laws, rules and regulations and the rules and regulations of the Principal Market. Neither the Investor nor its affiliates has any
open short position in the Common Shares, nor has the Investor entered into any hedging transaction that establishes a net short position with respect to the Common Shares, and the Investor agrees that it shall not, and that it will cause its
affiliates not to, engage in any short sales or hedging transactions with respect to the Common Shares; provided that the Company acknowledges and agrees that upon receipt of an Advance Notice the Investor has the right to sell (a) the Common
Shares to be issued to the Investor pursuant to the Advance Notice prior to receiving such Common Shares, or (b) other Common Shares issued or sold by the Company to Investor pursuant to this Agreement and which the Company has continuously
held as a long position. 
 Section 3.09    General Solicitation. Neither the Investor,
nor any of its affiliates, nor any person acting on its or their behalf, has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Common
Shares by the Investor. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as set forth in the SEC Documents, or in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall
qualify any representation or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules or in another Section of the Disclosure Schedules, to the extent that it is reasonably
apparent on the face of such disclosure that such disclosure is applicable to such Section, the Company represents and warrants to the Investor that, as of the date hereof and each Advance Notice Date (other than representations and warranties which
address matters only as of a certain date, which shall be true and correct as written as of such certain date), that: 

Section 4.01    Organization and Qualification. Each of the Company and its Subsidiaries
(as defined below) is an entity duly organized and validly existing under the laws of its state of organization or incorporation, and has the requisite power and authority to own its properties and to carry on its business as now being conducted.
Each of the Company and its Subsidiaries is duly qualified to do business and is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary, except to the
extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect. “Subsidiaries” means any Person (as defined below) in which the Company, directly or indirectly, (x) owns any of the
outstanding capital stock or holds any equity or similar interest of such Person or (y) controls or operates all or any part of the business, operations or administration of such Person, and each of the foregoing, is individually referred to
herein as a “Subsidiary.” 
 Section 4.02    Authorization, Enforcement,
Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the
terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction Documents, and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the
issuance of the Common Shares) have been or (with respect to consummation) will be duly authorized by the Company’s board of directors and no further consent or authorization will be required by the Company, its board of directors or its
shareholders (except as otherwise contemplated by this Agreement). This Agreement and the other Transaction Documents to which it is a party have been (or, when executed and delivered, will be) duly executed and delivered by the Company and,
assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement of
applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction Documents” means, collectively, this Agreement and each of
the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. 

  
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 Section 4.03    No Conflict. The
execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not
(i) result in a violation of the certificate of incorporation or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be amended prior to the date on which any of the transactions
contemplated hereby are consummated), (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Company or its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and
regulations) applicable to the Company or its Subsidiaries or by which any property or asset of the Company or its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations or conflicts
would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.04    SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the Exchange Act for the two years preceding the date hereof (or such
shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within two years preceding the date hereof or amended after the date hereof, or filed after the date hereof, and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements filed by the Company under the Securities Act, being hereinafter referred to as the “SEC
Documents”). The Company has made available to the Investor through the SEC’s website at http://www.sec.gov, true and complete copies of the SEC Documents, and none of the SEC Documents, when viewed as a whole as of the date hereof,
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of
their respective dates (or, with respect to any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all material respects with the requirements of the Exchange Act or the
Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents. As of their respective dates (or, with respect to any financial statements that have been amended or superseded, the date
of such amended or superseding financial statements), the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations
of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such
financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial
position of the Company as of the respective dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit
adjustments). 

  
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 Section 4.05    Equity Capitalization.
As of the date hereof, the authorized capital of the Company consists of 151,000,000 shares of capital stock, consisting of 150,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001
per share, of which 4,305 shares have been designated as Series A Convertible Perpetual Preferred Stock (“Series A Preferred Stock”) and 995,695 are undesignated shares of preferred stock. As of the date hereof, the Company had
19,087,185 Common Shares outstanding, 3,150,000 of which are being held in escrow pursuant to the earn-out provision relating to the Business Combination Agreement, and 4,305 shares of Series of Series A
Preferred Stock outstanding, convertible into 342,754 Common Shares. 

Section 4.06    Intellectual Property Rights. The Company and its Subsidiaries own or
possess adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and
rights, if any, necessary to conduct their respective businesses as now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its
Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, or trade secrets. To the knowledge of the Company, there is no claim, action or
proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries regarding any material trademark, trade name, patents, patent rights, invention, copyright, license, service
names, service marks, service mark registrations, trade secret or other infringement; and the Company is not aware of any facts or circumstances which might give rise to any of the foregoing. 

Section 4.07    Employee Relations. Neither the Company nor any of its Subsidiaries is
involved in any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect. 

Section 4.08    Environmental Laws. The Company and its Subsidiaries (i) have not
received written notice alleging any failure to comply in all material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to
conduct their respective businesses and (iii) have not received written notice alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the
failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or
protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations
issued, entered, promulgated or approved thereunder. 

  
 14 

 Section 4.09    Title. Except as would
not cause a Material Adverse Effect, the Company (or its Subsidiaries) have indefeasible fee simple or leasehold title to its properties and assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable
interest. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Company and its Subsidiaries. 

Section 4.10    Insurance. The Company and each of its Subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. The Company
has no reason to believe that it 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
have a Material Adverse Effect. 
 Section 4.11    Regulatory Permits. Except as would
not cause a Material Adverse Effect, the Company and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and
neither the Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permits. 

Section 4.12    Internal Accounting Controls. The Company maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and management is not aware of any material weaknesses that are not
disclosed in the SEC Documents as and when required. 
 Section 4.13    Absence of
Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the
Company’s Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect. 

Section 4.14    Subsidiaries. As of the date hereof, the Company does not own or control,
directly or indirectly, any interest in any other corporation, partnership, association or other business entity other than its wholly owned subsidiaries, Comera Life Sciences, Inc. and OTR Acquisition Corp. 

Section 4.15    Tax Status. Except as would not have a Material Adverse Effect, each of
the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject,

  
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(ii) has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. The Company has not
received written notification any unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to pay would
cause a Material Adverse Effect. 
 Section 4.16    Certain Transactions. Except as not
required to be disclosed pursuant to Applicable Law (including, for the avoidance of doubt, not yet required to be disclosed at the relevant time), none of the officers or directors of the Company is presently a party to any transaction with the
Company (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 or director, or to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer or director has a substantial interest or is an officer, director, trustee
or partner. 
 Section 4.17    Rights of First Refusal. The Company is not obligated to
offer the Common Shares offered hereunder on a right of first refusal basis or otherwise to any third parties including, but not limited to, current or former shareholders of the Company, underwriters, brokers, agents or other third parties. 

Section 4.18    Dilution. The Company is aware and acknowledges that issuance of Common
Shares hereunder could cause dilution to existing shareholders and could significantly increase the outstanding number of Common Shares. 

Section 4.19    Acknowledgment Regarding Investor’s Purchase of Shares. The Company
acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company further acknowledges that the Investor is not acting
as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives or agents in connection
with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that it shall not be able to request Advances under this Agreement if
the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. 

Section 4.20    Sanctions Matters. Neither the Company, nor any Subsidiary of the
Company, nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary of the Company, is a Person that is, or is owned or controlled by a Person that is on the list of Specially
Designated Nationals and Blocked Persons maintained by OFAC from time to time; 
 (a)    the subject of any Sanctions; or

  
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 (b)    has a place of business in, or is operating, organized, resident
or doing business in a country or territory that is, or whose government is, the subject of Sanctions Programs (including without limitation Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

Section 4.21    DTC Eligibility. The Company, through the transfer agent, currently
participates in the DTC Fast Automated Securities Transfer (FAST) Program and the Common Shares can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer (FAST) Program. 

ARTICLE V 

INDEMNIFICATION 
 The
Investor and the Company represent to the other the following with respect to itself: 

Section 5.01    Indemnification by the Company. In consideration of the Investor’s
execution and delivery of this Agreement, and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the Investor, its investment manager, and each of their
respective officers, directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company in this Agreement or
any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate,
instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities, which is permissible under Applicable Law. 

  
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 Section 5.02    Indemnification by the
Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the
Company and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of
them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment
thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided, however, that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for inclusion in the documents
referred to in the foregoing indemnity, and will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged
omission made therein in reliance upon and in conformity with written information furnished to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or breach of any representation or warranty
made by the Investor in this Agreement or any instrument or document contemplated hereby or thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor(s) contained in this Agreement or any other
certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Law, the Investor shall make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Law. 

Section 5.03    Notice of Claim. Promptly after receipt by an Investor Indemnitee or
Company Indemnitee of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee, as applicable, shall, if a claim for
an Indemnified Liability in respect thereof is to be made against any indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so notify the indemnifying party will
not relieve it of liability under this Article V except to the extent the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company Indemnitee, as the case may be; provided,
however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee or Company Indemnitee to
be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due
to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the 

  
 18 

 
indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The indemnifying party shall keep the Investor
Indemnitee or Company Indemnitee reasonably apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without
its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor Indemnitee or Company
Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or Company Indemnitee of a
release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect to all
third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification required by this Article V shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received and payment therefor is due, subject to receipt by the indemnifying party of an undertaking to repay any amounts that such party is ultimately not entitled to receive as indemnification pursuant to this
Agreement. 
 Section 5.04    Remedies. The remedies provided for in this Article V are
not exclusive and shall not limit any right or remedy which may be available to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V shall survive expiration or termination of
this Agreement. 
 Section 5.05    Limitation of Liability. Notwithstanding the
foregoing, no party shall be entitled to recover from the other party for punitive, indirect, incidental or consequential damages. 

ARTICLE VI 
 COVENANTS OF
THE COMPANY 
 Section 6.01    Registration Statement. 

(a)    Filing of a Registration Statement. As promptly as practicable following the date of this Agreement but in no
event later than thirty (30) calendar days from the date hereof, the Company shall prepare and file with the SEC a Registration Statement for the resale by the Investor of Registrable Securities and shall file one or more additional
Registration Statements for the resale by Investor of Registrable Securities if necessary. The Company acknowledges and agrees that it shall not have the ability to request any Advances until the effectiveness of a Registration Statement registering
the applicable Registrable Securities for resale by the Investor. 
 (b)    Maintaining a Registration Statement.
The Company shall use commercially reasonable efforts to maintain the effectiveness of any Registration Statement that has been declared effective at all times during the Commitment Period, provided, however, that if the Company has received
notification pursuant to Section 2.04 that the Investor has completed resales pursuant to the Registration Statement for the full Commitment Amount and the Additional Commitment Amount, if applicable, then the Company shall be under no further
obligation to maintain the effectiveness of the Registration Statement. Notwithstanding anything to the contrary 

  
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contained in this Agreement, the Company shall use commercially reasonable efforts to ensure that, when filed, each Registration Statement (including, without limitation, all amendments and
supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. During the Commitment Period, the Company shall notify the
Investor promptly if (i) the Registration Statement shall cease to be effective under the Securities Act, (ii) the Common Shares shall cease to be authorized for listing on the Principal Market, (iii) the Common Shares cease to be
registered under Section 12(b) or Section 12(g) of the Exchange Act or (iv) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act. 

(c)    Filing Procedures. Not less than one business day prior to the filing of a Registration Statement and not
less than one business day prior to the filing of any related amendments and supplements to any Registration Statements (except for any amendments or supplements caused by the filing of any annual reports on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any similar or successor reports), the Company shall
furnish to the Investor copies of all such documents proposed to be filed, which documents (other than those filed pursuant to Rule 424 promulgated under the Securities Act) will be subject to the reasonable and prompt review of the Investor (in
each of which cases, if such document contains material non-public information as consented to by the Investor pursuant to Section 6.13, the information provided to Investor will be kept strictly
confidential until filed and treated as subject to Section 6.08). The Investor shall furnish comments on a Registration Statement and any related amendment and supplement to a Registration Statement to the Company within 24 hours of the receipt
thereof. If the Investor fails to provide comments to the Company within such 24-hour period, then the Registration Statement, related amendment or related supplement, as applicable, shall be deemed accepted
by the Investor in the form originally delivered by the Company to the Investor. 
 (d)    Delivery of Final
Documents. The Company shall furnish to the Investor without charge, (i) at least one copy of each Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all
documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) at the request of the Investor, at least one copy of the final prospectus included in such Registration Statement and all amendments and supplements
thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents as the Investor may reasonably request from time to time in order to facilitate the disposition of the Common Shares owned by the
Investor pursuant to a Registration Statement. Filing of the forgoing with the SEC via its EDGAR system shall satisfy the requirements of this section. 

(e)    Amendments and Other Filings. The Company shall use commercially reasonable efforts to (i) prepare and
file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC such 

  
 20 

 
additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related prospectus to be amended or supplemented
by any required prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424 promulgated under the Securities Act; (iii) provide the Investor copies of all correspondence
from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which would constitute material non-public information), and (iv) comply
with the provisions of the Securities Act with respect to the disposition of all Common Shares of the Company covered by such Registration Statement until such time as all of such Common Shares shall have been disposed of in accordance with the
intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including
pursuant to this Section 6.01(e)) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or
any analogous report under the Exchange Act, the Company shall use commercially reasonable efforts to file such report in a prospectus supplement filed pursuant to Rule 424 promulgated under the Securities Act to incorporate such filing into the
Registration Statement, if applicable, or shall file such amendments or supplements with the SEC either on the day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement the Registration
Statement, if feasible, or otherwise promptly thereafter. 

(f)    Blue-Sky. The Company shall use its commercially reasonable efforts
to, if required by Applicable Law, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably
requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the
Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or advisable
to qualify the Common Shares for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Articles of Incorporation or Bylaws,
(x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.01(f), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service
of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Common Shares for sale under the
securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 

Section 6.02    Suspension of Registration Statement. 

(a)    Establishment of a Black Out Period. During the Commitment Period, the Company from time to time may suspend
the use of the Registration Statement by written notice to the Investor in the event that the Company determines in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material nonpublic
information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the Registration

  
 21 

 
Statement or prospectus so that such Registration Statement or prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (a “Black Out Period”). 

(b)    No Sales by Investor During the Black Out Period. During such Black Out Period, the Investor agrees not to
sell any Common Shares of the Company. 
 (c)    Limitations on the Black Out Period. The Company shall not impose
any Black Out Period that is longer than 60 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions that the Company may impose on transfers of the Company’s equity
securities by its directors and senior executive officers. In addition, the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information is made during a Black Out
Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall immediately notify the Investor of the termination of the Black Out Period. 

Section 6.03    Listing of Common Shares. As of each Advance Date, the Shares to be sold
by the Company from time to time hereunder will have been registered under Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official notice of issuance. 

Section 6.04    Opinion of Counsel. Prior to the date of the delivery by the Company of
the first Advance Notice, the Investor shall have received an opinion letter and negative assurances letter from counsel to the Company in form and substance reasonably satisfactory to the Investor. 

Section 6.05    Exchange Act Registration. The Company will use commercially reasonable
efforts to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder) to
terminate or suspend its reporting and filing obligations under the Exchange Act. 

Section 6.06    Transfer Agent Instructions. For any time while there is a Registration
Statement in effect for this transaction, the Company shall (if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent for the Common Shares (with a copy to the Investor)
instructions to issue Common Shares to the Investor free of restrictive legends upon each Advance if the delivery of such instructions are consistent with Applicable Law. 

Section 6.07    Corporate Existence. The Company will use commercially reasonable efforts
to preserve and continue the corporate existence of the Company during the Commitment Period. 

Section 6.08    Notice of Certain Events Affecting Registration; Suspension of Right to Make
an Advance. The Company will promptly notify the Investor, and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement or related prospectus relating to an offering of
Common Shares (in each of which cases the information provided to Investor will be kept strictly confidential): (i) except for requests made 

  
 22 

 
in connection with SEC or other Federal or state governmental authority investigations disclosed in the SEC Documents, receipt of any request for additional information by the SEC or any other
Federal or state governmental authority during the period of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related prospectus; (ii) the issuance by the SEC or any other
Federal governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction or the initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement made in the
Registration Statement or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related prospectus
or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and that in the case of the related prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or of the necessity to amend the Registration Statement or supplement a related prospectus to comply with the Securities Act or any other law; and (v) the Company’s reasonable
determination that a post-effective amendment to the Registration Statement would be appropriate; and the Company will promptly make available to the Investor any such supplement or amendment to the related prospectus. The Company shall not deliver
to the Investor any Advance Notice, and the Company shall not sell any Shares pursuant any pending Advance Notice (other than as required pursuant to Section 2.05(d)), during the continuation of any of the foregoing events in clauses
(i) through (v) above, or in the event that (vi) there shall be no bid for the Common Shares on the Principal Market for a period of 15 consecutive minutes at any time during the applicable Pricing Period or (vii) there shall be a
“trading halt” or circuit breaker” event with respect to the Common Shares on the Principal Market during the applicable Pricing Period (each of the events described in the immediately preceding clauses (i) through (vii),
inclusive, a “Material Outside Event”). 

Section 6.09    Consolidation. If an Advance Notice has been delivered to the Investor,
then the Company shall not effect any consolidation of the Company with or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance Notice has been closed in
accordance with Section 2.05 hereof, and all Shares in connection with such Advance have been received by the Investor. 

Section 6.10    Issuance of the Company’s Common Shares. The issuance and sale of
the Common Shares hereunder shall be made in accordance with the provisions and requirements of Section 4(a)(2) of the Securities Act or Regulation D under the Securities Act and any applicable state securities law. 

Section 6.11    Market Activities. The Company will not, directly or indirectly, take any
action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company under Regulation M of the Exchange Act. 

  
 23 

 Section 6.12    Expenses. The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing
and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement,
(iii) all reasonable fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees and disbursements of Investor’s counsel, accountants and other advisors), (iv) the
qualification of the Shares under securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the printing and delivery of copies of any prospectus and any amendments or supplements
thereto, (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of the SEC and the Principal Market. 

Section 6.13    Current Report. The Company shall not, and the Company shall cause each
of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or any of its
Subsidiaries without the express prior written consent of the Investor (which may be granted or withheld in the Investor’s sole discretion and must include an agreement to keep such information confidential until publicly disclosed or 45 days
have passed); it being understood that the mere notification of Investor required pursuant to Section 6.08(iv) hereof shall not in and of itself be deemed to be material non-public information.
Notwithstanding anything contained in this Agreement to the contrary, the Company expressly agrees that it shall publicly disclose, no later than 45 days following the date hereof, but in any event prior to delivering the first Advance Notice
hereunder, any information communicated to the Investor by or, to the knowledge of the Company, on behalf of the Company in connection with the transactions contemplated herein, which, following the date hereof would, if not so disclosed, constitute
material, non-public information regarding the Company or its Subsidiaries. 

Section 6.14    Advance Notice Limitation. The Company shall not deliver an Advance
Notice if a shareholder meeting or corporate action date, or the record date for any shareholder meeting or any corporate action, would fall during the period beginning two Trading Days prior to the date of delivery of such Advance Notice and ending
two Trading Days following the Closing of such Advance. 
 Section 6.15    Use of
Proceeds. The Company will use the proceeds from the sale of the Common Shares hereunder for working capital and other general corporate purposes or, if different, in a manner consistent with the application thereof described in the Registration
Statement. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated herein, or lend, contribute, facilitate or otherwise make available such proceeds to any Person (i) to fund,
either directly or indirectly, any activities or business of or with any Person that is identified on the list of Specially Designated Nationals and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of such
funding, is, or whose government is, the subject of Sanctions or Sanctions Programs, or (ii) in any other manner that will result in a violation of Sanctions. 

  
 24 

 Section 6.16    Compliance with Laws.
The Company shall comply in all material respects with all Applicable Laws. 

Section 6.17    Aggregation. From and after the date of this Agreement, neither the
Company, nor or any of its affiliates will, and the Company shall use its commercially reasonable 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 cause this offering of the Securities by the Company to the Investor to be aggregated with other offerings by the Company in a manner that would require shareholder approval pursuant to the rules of
the Principal Market on which any of the securities of the Company are listed or designated, unless shareholder approval is obtained before the closing of such subsequent transaction in accordance with the rules of such Principal Market. 

Section 6.18    Other Transactions. The Company shall not enter into, announce or
recommend to its shareholders 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 Shares to the Investor in accordance with the terms of the Transaction Documents. 

Section 6.19    Integration. From and after the date of this Agreement, neither the
Company, nor or any of its affiliates will, and the Company shall use its commercially reasonable 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 6.20    Limitation on Variable Rate Transactions. From the date hereof until the
earlier of (i) the date that the Investor has purchased $7.5 million in Common Shares hereunder or (ii) six (6) months after any Termination hereunder, the Company shall be prohibited from effecting or entering into an agreement to
effect any issuance by the Company of Common Shares or Common Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, other than in connection with an Exempt Issuance. The Investor shall be entitled to seek
injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other security being required.
“Common Share Equivalents” means any securities of the Company which entitle the holder thereof to acquire at any time Common Shares, including, without limitation, Common Shares, any debt, preferred shares, rights, options,
warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares. “Variable Rate Transaction” means a transaction in which the
Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Common Shares or Common Share Equivalents either (A) at a conversion price,
exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such equity or debt securities (including, without limitation,
pursuant to any “cashless exercise” provision), or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such equity or debt security or upon the occurrence
of specified or contingent 

  
 25 

 
events directly or indirectly related to the business of the Company or the market for the Common Share (including, without limitation, any “full ratchet” or “weighted
average” anti-dilution provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar
transaction), (ii) issues or sells any equity or debt securities, including without limitation, Common Shares or Common Share Equivalents, either (A) at a price that is subject to being reset at some future date after the initial issuance of
such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares (other than standard anti-dilution protection for any
reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction), or (B) that is subject to or contains any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes” put or call right) that provides for the issuance of additional equity securities of the
Company or the payment of cash by the Company, or (iii) enters into any agreement, including, but not limited to, an “equity line” that is not an Exempt Issuance or other continuous offering or similar offering of Common Shares or
Common Share Equivalents, whereby the Company may sell Common Shares or Common Share Equivalents at a future determined price. “Exempt Issuance” means the issuance of (a) Common Shares, options, restricted stock units or other equity
incentive awards to employees, officers, consultants, directors or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Board of Directors of the Company or a majority of the members of a committee of
directors established for such purpose, (b) any Shares issued to the Investor pursuant to this Agreement, (c) Common Shares, Common Share Equivalents or other securities issued to the Investor pursuant to any other existing or future
contract, agreement or arrangement between the Company and the Investor, (d) Common Shares, Common Share Equivalents or other securities upon the exercise, exchange or conversion of any Common Shares, Common Share Equivalents or other
securities held by the Investor at any time, (e) any securities issued upon the exercise or exchange of or conversion of any Common Share Equivalents issued and outstanding on the date hereof, provided that such securities or Common Share
Equivalents referred to in this clause (e) have not been amended since the date hereof to increase the number of such securities or Common Shares underlying such securities or to decrease the exercise price, exchange price or conversion price
of such securities, (f) Common Share Equivalents that are convertible into, exchangeable or exercisable for, or include the right to receive Common Share at a conversion price, exercise price, exchange rate or other price (which may be below
the then current market price of the Common Shares) that is fixed at the time of initial issuance of such Common Share Equivalents (subject only to standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction), which fixed conversion price, exercise price, exchange rate or other price shall not at any time after the initial issuance of such
Common Share Equivalent be based upon or varying with the trading prices of or quotations for the Common Shares or subject to being reset at some future date, (g) securities issued pursuant to acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions approved by the Board of Directors of the Company or a majority of the members of a committee of directors established for such purpose, which acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating
company or an asset in a business synergistic with the business of the Company and shall provide 

  
 26 

 
to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising
capital or to an entity whose primary business is investing in securities, and (h) Common Shares issued pursuant to an “at-the-market offering” by the
Company exclusively through a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer (an “ATM Agreement”), provided that the Company issues to
the Investor that number of Common Shares having an aggregate dollar value equal to $200,000 based on a per Common Share price equal to the simple average of the daily VWAP of the Common Shares during the ten (10) Trading Days immediately
following the date upon which the Company executes any such ATM Agreement (which such Common Shares, for the avoidance of doubt, shall be treated hereunder as Additional Commitment Fee Shares). 

Section 6.21    DTC. The Company shall take all action necessary to ensure that its
Common Shares can be transferred electronically as DWAC Shares. “DWAC Shares” means Common Shares 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 Deposit/Withdrawal at Custodian (“DWAC”) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program
hereafter adopted by DTC performing substantially the same function, in accordance with the terms of this Agreement. 

Section 6.22    Non-Public Information. Each
party hereto agrees not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information for any purpose other than in connection with, or in furtherance of, the transactions contemplated
hereby in full compliance with applicable securities laws; provided, however that a party may disclose Confidential Information that 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. Each party hereto acknowledges that the Confidential Information shall remain the
property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other party. The Company confirms that neither it nor any other Person acting on its
behalf shall provide the Investor or its agents or counsel with any information that constitutes material, non-public information, unless a simultaneous public announcement thereof is made by the Company in
the manner contemplated by Regulation FD under the Exchange Act. 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, the 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, the Company shall have 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. The Investor shall not have any liability to the Company, any of its
Subsidiaries, or any of their respective directors, officers, employees, shareholders or agents, for any such disclosure. The Company understands and confirms that the Investor shall be relying on the foregoing covenants in effecting transactions in
securities of the Company. 

  
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 ARTICLE VII 

CONDITIONS FOR DELIVERY OF ADVANCE NOTICE 

Section 7.01    Conditions Precedent to the Right of the Company to Deliver an Advance
Notice. The right of the Company to deliver an Advance Notice and the obligations of the Investor hereunder with respect to an Advance is subject to: 

(a)    the satisfaction by the Company, on each Advance Notice Date (a “Condition Satisfaction Date”), of
each of the following conditions: 
 (b)    Accuracy of the Company’s Representations and Warranties. The
representations and warranties of the Company in this Agreement shall be true and correct in all material respects. 

(c)    Registration of the Common Shares with the SEC. There is an effective Registration Statement pursuant to
which the Investor is permitted to utilize the prospectus thereunder to resell all of the Commitment Fee Shares and Common Shares issuable pursuant to such Advance Notice. The Company shall have filed with the SEC all reports, notices and other
documents required under the Exchange Act and applicable SEC regulations during the twelve-month period immediately preceding the applicable Condition Satisfaction Date. 

(d)    Authority. The Company shall have obtained all permits and qualifications required by any applicable state
for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and regulations to
which the Company is subject. 
 (e)    No Material Outside Event. No Material Outside Event shall have occurred
and be continuing. 
 (f)    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 at or prior the applicable Condition Satisfaction Date (for the avoidance of doubt, if the
Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement at the time of the applicable Condition Satisfaction Date, but did not comply with any timing
requirement set forth herein, then this condition shall be deemed satisfied unless the Investor is materially prejudiced by the failure of the Company to comply with any such timing requirement). 

(g)    No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement. 

  
 28 

 (h)    No Suspension of Trading in or Delisting of Common Shares.
The Common Shares are quoted for trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading on the Principal Market. The issuance of Common Shares with respect to the
applicable Advance Notice will not violate the shareholder approval requirements of the Principal Market. The Company shall not have received any written notice that is then still pending threatening the continued quotation of the Common Shares on
the Principal Market. 
 (i)    Authorized. There shall be a sufficient number of authorized but unissued and
otherwise unreserved Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice. 

(j)    Executed Advance Notice. The representations contained in the applicable Advance Notice shall be true and
correct in all material respects as of the applicable Condition Satisfaction Date. 
 (k)    Consecutive Advance
Notices. Except with respect to the first Advance Notice, the Pricing Period for all prior Advances has been completed. 
 Furthermore,
the Company shall not have the right to deliver an Advance Notice to the Investor if any of the following shall occur: 

(l)    the Company breaches any representation or warranty in any material respect, or breaches any covenant or other term
or condition under any Transaction Document in any material respect, and except in the case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at least three (3) consecutive Business Days; 

(m)    if any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law for
so long as such proceeding is not dismissed; 
 (n)    if the Company is at any time insolvent, or, pursuant to or within
the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property, or (iv) makes a general assignment for the benefit of its creditors or (v) the Company is generally unable to pay its debts as the same become due; 

(o)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief
against the Company in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation of the Company or any Subsidiary for so long as such order, decree or
similar action remains in effect; or 
 (p)    if at any time the Company is not eligible to transfer its Common Shares
electronically through DTC’s Deposit/Withdrawal At Custodian system. 
 ARTICLE VIII 

NON-DISCLOSURE OF NON-PUBLIC INFORMATION 

The Company covenants and agrees that, other than as expressly required by Section 6.08 hereof or, with the Investor’s consent
pursuant to Section 6.01(c) and 6.13, it shall refrain from disclosing, and shall cause its officers, directors, employees and agents to refrain from disclosing, 

  
 29 

 
any material non-public information (as determined under the Securities Act, the Exchange Act, or the rules and regulations of the SEC) to the Investor
without also disseminating such information to the public, unless prior to disclosure of such information the Company identifies such information as being material non-public information and provides the
Investor with the opportunity to accept or refuse to accept such material non-public information for review. Unless specifically agreed to in writing, in no event shall the Investor have a duty of
confidentially, or be deemed to have agreed to maintain information in confidence, with respect to the delivery of any Advance Notices. 

ARTICLE IX 
 NON
EXCLUSIVE AGREEMENT 
 Notwithstanding anything contained herein, this Agreement and the rights awarded to the Investor hereunder are non-exclusive, and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or convertible notes, bonds,
debentures, options to acquire shares or other securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures, and/or
grant any rights with respect to its existing and/or future share capital. 
 ARTICLE X 

CHOICE OF LAW/JURISDICTION 

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of
conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the
United States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement. 

ARTICLE XI 
 ASSIGNMENT;
TERMINATION 
 Section 11.01    Assignment. Neither this Agreement nor any rights
or obligations of the parties hereto may be assigned to any other Person. 
 Section 11.02    Termination.

 (a)    Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the
earliest of (i) the first day of the month next following the 36-month anniversary of the date hereof or (ii) the date on which the Investor shall have made payment of Advances pursuant to this
Agreement for Common Shares equal to the Commitment Amount and the Additional Commitment Amount, if applicable. 

(b)    The Company may terminate this Agreement effective upon five Trading Days’ prior written notice to the
Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may be
terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent. 

  
 30 

 (c)    Nothing in this Section 11.02 shall be deemed to release the
Company or the Investor from any liability for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement. The indemnification
provisions contained in Article V shall survive termination hereunder. 
 ARTICLE XII 

NOTICES 
 Other than with respect
to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.02 in accordance with Exhibit C, any notices, consents, waivers, or other communications required or permitted to be given under
the terms of this Agreement must be in writing and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or e-mail if sent on a
Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5 days after being sent by U.S. certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications (except for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be: 

 

			
	If to the Company, to:	  	 Comera Life Sciences Holdings, Inc.
 12 Gill
Street
 Suite 4650
 Woburn, Massachusetts 01801

Attention: Jeffrey S. Hackman, President and Chief Executive Officer

Telephone: (617) 871-2101

Email: jhackman@comerals.com

		
	With a Copy (which shall not constitute notice or delivery of process) to:	  	 Foley Hoag LLP
 155 Seaport Boulevard

Boston, Massachusetts 02210
 Attention: Ryan M. Rourke Reed

Telephone: (617) 832-1181

Email: rrourkereed@foleyhoag.com

		
	If to the Investor(s):	  	 Arena Business Solutions Global SPC II. Ltd.

405 Lexington Ave, 59th Floor
 New York, NY 10174

Attention: Yoav Stramer
 Telephone: (212) 752-2568
 Email: ystramer@arenaco.com

  
 31 

			
		
	With a Copy (which shall not constitute notice or delivery of process) to:	  	 K&L Gates LLP
 599 Lexington Avenue

New York, New York 10022
 Attention: Matthew Ogurick, Esq.

Telephone: (212) 536-4085

Email: matthew.ogurick@klgates.com

 Either may change its information contained in this Article XII by delivering notice to the other party as set forth herein.

 ARTICLE XIII 

MISCELLANEOUS 

Section 13.01    Counterparts. This Agreement may be executed in identical counterparts,
both which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures, including by e-mail attachment, shall be deemed originals for all purposes of this Agreement. 

Section 13.02    Entire Agreement; Amendments. This Agreement supersedes all other prior
oral or written agreements between the Investor, the Company, their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire understanding of the parties with
respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be
waived or amended other than by an instrument in writing signed by the parties to this Agreement. The provisions of the existing confidentiality agreement between the Investor and the Company shall remain in force, except that all provisions therein
dealing with the treatment of material non-public information are superseded by this Agreement. 

Section 13.03    Reporting Entity for the Common Shares. The reporting entity relied upon
for the determination of the trading price or trading volume of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The written mutual consent of the Investor and the
Company shall be required to employ any other reporting entity. 

Section 13.04    Commitment and Structuring and Due Diligence Fee. Each of the parties
shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that, on the date hereof or
promptly thereafter, the Company will pay Investor’s counsel’s fee not to exceed $50,000. The Company shall also issue to Investor as a commitment fee that number of Common Shares having an aggregate dollar value equal to $650,000 based on
a per Common Share price (the “Commitment Fee Price Per Share”) equal to the simple average of the daily VWAP of the Common Shares during the ten (10) Trading Days immediately preceding the effectiveness of the Registration
Statement (the “Commitment Fee  

  
 32 

 
Shares”). All of the Commitment Fee Shares shall be deemed fully earned on the date hereof. In furtherance of the foregoing, the Company shall issue 185,714 Commitment Fee Shares on
the date hereof based on an estimated Commitment Fee Per Share Price of $2.80 multiplied by 125% (the “Estimated Commitment Fee Shares”); provided, however, the minimum number of Commitment Fee Shares issuable shall be not less than
65,000. In the event that the number of Commitment Fee Shares exceeds the Estimated Commitment Fee Shares, then, no later than two (2) Trading Days after the effectiveness of the Registration Statement, the Company shall cause its transfer
agent to deliver to the Investor as through DTC’s Deposit/Withdrawal At Custodian system such number of additional Common Shares equal to the number of Commitment Fee Shares minus the Estimated Commitment Fee Shares. In the event that the
Estimated Commitment Fee Shares exceeds the number of Commitment Fee Shares, then the Investor shall return such excess shares. The Company shall have the option, by delivery of a notice at any time prior to the end of the term of this Agreement
(the “Option Notice”), to cause the Investor to increase the Commitment Amount by the Additional Commitment Amount. In connection with the delivery of the Option Notice, the Company shall issue to Investor within five
(5) Trading Days as an additional commitment fee that number of Common Shares having an aggregate dollar value equal to $300,000 based on a per Common Share price (the “Additional Commitment Fee Price Per Share”) equal to the
simple average of the daily VWAP of the Common Shares during the ten (10) Trading Days immediately preceding the date of the Option Notice (the “Additional Commitment Fee Shares”). 

Section 13.05    Brokerage. Each of the parties hereto represents that it has had no
dealings in connection with this transaction with any finder or broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the other against and
hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or
the transactions contemplated hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Purchase Agreement to be executed
by the undersigned, thereunto duly authorized, as of the date first set forth above. 
  

			
	COMPANY:
	
	COMERA LIFE SCIENCES HOLDINGS, INC.
		
	By:	 	 /s/ Michael Campbell

	Name:	 	Michael Campbell
	Title:	 	Executive Vice President and Chief Financial Officer
	
	INVESTOR:
	
	ARENA BUSINESS SOLUTIONS GLOBAL SPC II, LTD.

  

			
	By:	 	 /s/ Lawrence Cutler

	Name:	 	Lawrence Cutler
	Title:	 	Authorized Signatory

  
 1 

 EXHIBIT A 

ADVANCE NOTICE 
 COMERA
LIFE SCIENCES HOLDINGS, INC. 
 Dated:
______________                                       
                                       Advance
Notice Number: ____ 
 The undersigned, _______________________, hereby certifies, with respect to the sale of Common Shares of
COMERA LIFE SCIENCES HOLDINGS, INC. (the “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Purchase Agreement, dated as of August ___, 2022 (the “Agreement”), as
follows: 
  

	1	 The undersigned is the duly elected ______________ of the Company. 

 

	2	 There are no fundamental changes to the information set forth in the Registration Statement which would require
the Company to file a post-effective amendment to the Registration Statement. 

  

	3	 All conditions to the delivery of this Advance Notice are satisfied as of the date hereof.

  

	4	 The number of Common Shares that the Company is requesting in this Advance is _____________________.

  

	5	 The number of Common Shares of the Company issued and outstanding as of the date hereof is ___________.

  

	6	 The Pricing Period shall be one (1) Trading Day. 

The undersigned has executed this Advance Notice as of the date first set forth above. 

 

			
	COMERA LIFE SCIENCES HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 1 

 EXHIBIT B 

FORM OF SETTLEMENT DOCUMENT 
 VIA
EMAIL 
 COMERA LIFE SCIENCES HOLDINGS, INC. 

Attn: 
 Email: 

Subject: 
  

			
		  	Below please find the settlement information with respect to the Advance Notice Date of:
		
	1.	  	Amount of Advance requested in the Advance Notice
		
	2.	  	Adjusted Advance (after taking into account any adjustments pursuant to Section 2.01):
		
	3.	  	Market Price
		
	4.	  	Purchase Price (Market Price x 96%) per share
		
	5.	  	Number of Shares due to Investor

 Please issue the number of Shares due to the Investor to the account of the Investor as follows: 

INVESTOR’S DTC PARTICIPANT #: 
 ACCOUNT NAME: 

ACCOUNT NUMBER: 
 ADDRESS: 

CITY: 
 COUNTRY: 

CONTACT PERSON: 
 NUMBER AND/OR EMAIL: 

 

			
	Sincerely,
	
	ARENA BUSINESS SOLUTIONS GLOBAL SPC II, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 1 

			
	Agreed and Approved:
	
	COMERA LIFE SCIENCES HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2 

 SCHEDULE 1 

Authorized Representatives 

The following individuals may execute Advance Notices: 
  

	 	1.	 Jeffrey S. Hackman, President and Chief Executive Officer 

 

	 	2.	 Michael Campbell, Executive Vice President and Chief Financial Officer 

 EXHIBIT C 

VIA EMAIL 
 Email: ELOC@arenaco.com 

Subject: ELOC: Comera Advance Notice 
  

			
		  	Below please find the Advance Notice Date of:
		
	1.	  	Amount of Advance Shares:
		
	2.	  	Time of Advance:Exhibit 4.1

 

 

ASHFORD INC.

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

(Rights Agent)

 

Rights Agreement

 

Dated as of August 30, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

Page

 

	1. Definitions	1
	2. Appointment of Rights Agent	7
	3. Issue of Right Certificates	7
	4. Form of Right Certificates	9
	5. Countersignature and Registration	9
	6. Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	9
	7. Exercise of Rights; Purchase Price; Expiration Date of Rights	10
	8. Cancellation and Destruction of Right Certificates	12
	9. Status and Availability of Preferred Shares	12
	10. Preferred Shares Record Date	12
	11. Adjustment of Purchase Price, Number of Shares or Number of Rights	13
	12. Certificate of Adjustment	19
	13. Consolidation, Merger, Sale or Transfer of Assets or Earning Power	19
	14. Fractional Rights and Fractional Shares	20
	15. Rights of Action	21
	16. Agreement of Right Holders	22
	17. Right Certificate Holder Not Deemed a Stockholder	22
	18. Concerning the Rights Agent	23
	19. Merger or Consolidation or Change of Name of Rights Agent	23
	20. Duties of Rights Agent	24
	21. Change of Rights Agent	27
	22. Issuance of New Right Certificates	27
	23. Redemption	28
	24. Exchange	28
	25. Notice of Certain Events	30
	26. Notices	31
	27. Supplements and Amendments	31
	28. Successors	32
	29. Benefits of This Agreement	32
	30. Severability	32
	31. Governing Law	32
	32. Counterparts	32
	33. Descriptive Headings; Interpretation	33
	34. Administration	33
	35. Force Majeure	33

 

    -i-

     

    

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
 “Agreement”) dated as of August 30, 2022 is between Ashford Inc., a Nevada corporation (the “Company”),
and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”).

 

The Board of Directors of
the Company (the “Board”) adopted resolutions creating a series of preferred stock designated as “Series F Preferred
Stock” and authorized and declared (i) a dividend to the holders of the Common Shares (as defined below) outstanding on the Close
of Business (as defined below) on September 9, 2022 (the “Record Date”) of one preferred share purchase right (a “Right”)
for each Common Share and (ii) a dividend to the holders of the Series D Preferred Shares (as defined below) outstanding on the Close
of Business on the Record Date of one Right in respect of each Common Share that is issuable upon conversion of the Company’s Series
D Convertible Preferred Stock, par value $0.001 per share (the “Series D Preferred Shares”) as determined under the
Certificate of Designation of the Series D Convertible Preferred Stock of Ashford Inc. (the “Series D Certificate of Designation”),
and authorized the issuance, with respect to each additional Common Share, of one Right (subject to adjustment) and, with respect to each
additional Series D Preferred Share, of one Right (subject to adjustment) in respect of each Common Share issuable upon conversion of
such Series D Preferred Share, in each case, that is issued by the Company between the Record Date and the earliest of (i) the Close
of Business on the Distribution Date, (ii) the Redemption Date or (iii) the Close of Business on the Final Expiration Date (as
all are defined below), and additional Common Shares and Series D Preferred Shares that shall become outstanding after the Distribution
Date as provided in Section 22 of this Agreement, each Right initially representing the right to purchase one one-thousandths (subject
to adjustment) of a Preferred Share (as defined below), subject to adjustment, upon the terms and subject to the conditions below.

 

Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms have the meanings indicated:

 

1.1 “Acquiring
Person” means any Person (other than an Exempt Person) who or which, together with all Affiliates and Associates of such
Person, shall be the Beneficial Owner of 10% or more of the Common Shares of the Company then outstanding, but shall not include (i)
the Company, (ii) any Subsidiary of the Company, (iii) any employee benefit plan of the Company or of any Subsidiary of the Company,
(iv) any entity or trustee holding (or acting in a fiduciary capacity in respect of) Common Shares for or pursuant to the terms of
any such employee benefit plan or for the purpose of funding any such plan or funding other employee benefits for employees of the
Company or of any Subsidiary of the Company, (v) Monty J. Bennett and his Affiliates and Associates and (vi) any Person who or
which, at the Close of Business on the Record Date, was a Beneficial Owner of 10% or more of the Common Shares of the Company then
outstanding, other than a Person who or which is not an Affiliate or Associate of the Beneficial Owner on the Record Date and who or
which subsequently becomes an Affiliate or Associate of such Beneficial Owner without the prior written approval of the Board (a
 “Grandfathered Stockholder”); provided, however, that if a Grandfathered Stockholder becomes, after
the Record Date, the Beneficial Owner of any additional Common Shares (other than as a result of (A) a stock dividend, stock split,
reverse stock split, subdivision or similar transaction effected by the Company in which all registered holders of Common Shares are
treated substantially equally, (B) the grant or issuance by the Company to its directors, officers and/or employees of options,
warrants, rights or similar interests, or any exchange thereof, to acquire Common Shares by the Company pursuant to any executive
compensation plan or arrangement, employee benefit, stock incentive plan, stock option plan or stock ownership plan of the Company
adopted by the Board, and the subsequent vesting, exercise or conversion of such options, warrants, rights or similar interests, (C)
the grant or issuance by the Company to its directors, officers and/or employees of restricted Common Shares or restricted stock
units pursuant to a restricted stock or other compensation plan or arrangement adopted by the Board and the subsequent vesting of
such shares or stock units, (D) the acquisition of Common Shares directly from the Company, or (E) the acquisition of Common Shares
solely as a result of corporate action of the Company not caused, directly or indirectly, by such Person), regardless of whether,
thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of Common Shares then outstanding
beneficially owned by such Grandfathered Stockholder, then such Grandfathered Stockholder shall be deemed an Acquiring Person
unless, upon such acquisition of beneficial ownership of additional Common Shares, such Grandfathered Stockholder is not the
Beneficial Owner of 10% or more of the Common Shares then outstanding; provided further that upon the first decrease of a
Grandfathered Stockholder’s beneficial ownership below 10%, such Grandfathered Stockholder shall no longer be considered a
Grandfathered Stockholder and this clause (v) shall have no further force or effect with respect to such Grandfathered
Stockholder.

 

    -1-

     

    

 

Notwithstanding the
foregoing, no Person shall become an Acquiring Person as the result of an acquisition of Common Shares by the Company which, by
reducing the number of shares outstanding, increases the proportionate number of Common Shares beneficially owned by such Person to
ten percent (10%) or more of the then outstanding Common Shares of the Company (or such other percentage as would otherwise result
in such Person becoming an Acquiring Person); provided, however, that if a Person would, but for the provisions of
this paragraph, become an Acquiring Person by reason of an acquisition of Common Shares by the Company and shall, after such share
purchases by the Company, become the Beneficial Owner of any additional Common Shares of the Company at any time such that the
Person is or thereby becomes the Beneficial Owner of ten percent (10%) or more of the Common Shares of the Company then outstanding
(or such other percentage as would otherwise result in such Person becoming an Acquiring Person) (other than as a result of (A) a
stock dividend, stock split, reverse stock split, subdivision or similar transaction effected by the Company in which all registered
holders of Common Shares are treated substantially equally, (B) the grant or issuance by the Company to its directors, officers
and/or employees of options, warrants, rights or similar interests, or any exchange thereof, to acquire Common Shares by the Company
pursuant to any executive compensation plan or arrangement, employee benefit, stock incentive plan, stock option plan or stock
ownership plan of the Company adopted by the Board, and the subsequent vesting, exercise or conversion of such options, warrants,
rights or similar interests, (C) the grant or issuance by the Company to its directors, officers and/or employees of restricted
Common Shares or restricted stock units pursuant to a restricted stock or other compensation plan or arrangement adopted by the
Board and the subsequent vesting of such shares or stock units, (D) the acquisition of Common Shares directly from the Company, or
(E) the acquisition of Common Shares solely as a result of corporate action of the Company not caused, directly or indirectly, by
such Person), then such Person shall be deemed to be an Acquiring Person.

 

    -2-

     

    

 

Notwithstanding the foregoing
paragraphs of this Section 1.1, if the Board determines that a Person who would otherwise be an Acquiring Person, has become such
inadvertently (including, without limitation, because (A) such Person was unaware that it beneficially owned that number of Common
Shares that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent
of its beneficial ownership of Common Shares but had no actual knowledge of the consequences of such beneficial ownership under this Agreement)
and without any intention of obtaining, changing or influencing control of the Company, and such Person divests as promptly as practicable
(as determined by the Board ) a sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, then such
Person shall not be deemed to have become an Acquiring Person for any purposes of this Agreement. Notwithstanding the foregoing, if a
bona fide swaps or derivatives dealer who would otherwise be an Acquiring Person has become so as a result of its actions in the ordinary
course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting
any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies
of the Company, then, and unless and until the Board shall otherwise determine, such Person shall not be deemed to be an Acquiring Person
for any purposes of this Agreement.

 

1.2 “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act, as in effect on the date of this Agreement.

 

1.3 “Authorized Officer”
means the Chief Executive Officer, the Chief Financial Officer, the Chairman of the Board, the President, a Vice President, the Treasurer
or the Secretary of the Company or such other officers of the Company as the Board may from time to time designate.

 

1.4 A Person shall be deemed
the “Beneficial Owner” of, shall be deemed to have “beneficial ownership” of and shall be deemed
to “beneficially own” any securities:

 

1.4.1 which such Person or
any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly, within the meaning of Rule 13d-3 of
the General Rules and Regulations under the Exchange Act;

 

1.4.2 which such Person
or any of such Person’s Affiliates or Associates has (i) the right or the obligation to acquire (whether such right is
exercisable, or such obligation is required to be performed, immediately or only after the passage of time or upon the satisfaction
of conditions) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering of securities), written or otherwise, or upon the
exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however,
that a Person shall not be deemed to be the Beneficial Owner of, or to beneficially own, (w) securities tendered pursuant to a
tender or exchange offer made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the
Exchange Act by or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities
are accepted for purchase or exchange, (x) securities which such Person has a right to acquire upon the exercise of Rights at
any time prior to the time that any Person becomes an Acquiring Person, (y) securities issuable upon the exercise of Rights
from and after the time that any Person becomes an Acquiring Person if such Rights were acquired by such first Person or any of such
first Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3.1 or Section 22
hereof (“Original Rights”) or pursuant to Section 11.9 or Section 11.14 with respect to an adjustment
to Original Rights, or (z) securities which such Person or any of such Person’s Affiliates or Associates may acquire,
does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition agreement between the
Company and such Person (or one or more of such Person’s Affiliates or Associates) if such agreement has been approved by the
Board prior to such Person’s becoming an Acquiring Person; or (ii) the right to vote pursuant to any agreement,
arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to
beneficially own, any security by reason of such agreement, arrangement or understanding if the agreement, arrangement or
understanding to vote such security (A) arises solely from a revocable proxy or consent given to such Person in response to a
public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations promulgated
under the Exchange Act and (B) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or
successor report);

 

    -3-

     

    

 

1.4.3 which are beneficially
owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such other Person) with which such first Person or
any of such first Person’s Affiliates or Associates has (i) formed, or is acting together as, a group for the purposes of acquiring,
holding, voting (except pursuant to a revocable proxy as described in clause (ii) of Section 1.4.2) or disposing securities of the Company,
regardless of whether such Persons are party to any written or unwritten agreement, arrangement or understanding, (ii) shared information
about an upcoming Schedule 13D filing (or amendment thereto) that such Person and/or such first Person and/or their respective Affiliates
and Associates will be required to make, to the extent such information is not yet public and communicated with the purpose of causing
others to make purchases, and such Person and/or first Person and/or their respective Affiliates and Associates subsequently purchases
the Company’s securities based on such information, (iii) entered into any pooling arrangement, whether formal or informal, written
or unwritten, (iv) engaged in activities undertaken with the purpose or effect of changing or influencing control of the Company or in
connection with or as a participant in any transaction having such purpose or effect, or (v) taken concerted actions related to the Company’s
equity securities where such Person and such first Person are directly or indirectly obligated to take such concerted action; or

 

1.4.4 which are the subject
of, or the reference securities for, or that underlie, any Derivative Interest of such Person or any of such Person’s Affiliates
or Associates, with the number of Common Shares deemed beneficially owned being the notional or other number of Common Shares specified
in the documentation evidencing the Derivative Interest as being subject to be acquired upon the exercise or settlement of the Derivative
Interest or as the basis upon which the value or settlement amount of such Derivative Interest is to be calculated in whole or in part
or, if no such number of Common Shares is specified in such documentation, as determined by the Board to be the number of Common Shares
to which the Derivative Interest relates.

 

Notwithstanding anything
in this definition of Beneficial Owner to the contrary, (i) the phrase “then outstanding,” when used with
reference to a Person’s beneficial ownership of securities of the Company, means the number of such securities then issued and
outstanding together with the number of such securities not then actually issued and outstanding which such Person would be deemed
to beneficially own hereunder, but the number of securities not outstanding that such Person is otherwise deemed to beneficially own
for purposes of this Agreement shall not be included for the purpose of computing the percentage of the outstanding securities
beneficially owned by any other Person (unless such other Person is also deemed to beneficially own for purposes of this Agreement
such securities not outstanding), and (ii) no Person shall be deemed to beneficially own the securities of any other person solely
by virtue of being a party to that certain Investor Rights Agreement by and among the Company, Archie Bennett, Jr., Monty J.
Bennett, MJB Investments, LP, the Alayna Jo Bennett Max 2019 Gift Trust, the Archie Bennett, III 2019 Gift Trust, the Audra
Marie Bennett Maxwell 2019 Gift Trust, the Jory Glazener 2019 Gift Trust, the Krista Koleas 2019 Gift Trust, the Matthew Wade
Bennett 2019 Gift Trust, the Beverly Rene Bennett Flood 2019 Gift Trust, the Supplemental Needs Trust FBO Lucas Wade Bennett, James
L. Cowen, Jeremy J. Welter and Mark A. Sharkey and any other documents or agreements made or entered into in connection with the
closing of the transactions contemplated by that certain Combination Agreement dated as of May 31, 2019 and entered into among
Archie Bennett, Jr., Monty J. Bennett, Remington Holdings, L.P., Remington Holdings GP, LLC, MJB Investments, LP, Ashford Inc.,
James L. Cowen, Jeremy J. Welter, Ashford Nevada Holding Corp. and Ashford Merger Sub Inc.

 

    -4-

     

    

 

1.5 “Book Entry”
shall mean an uncertificated book entry for the Common Shares.

 

1.6 “Business Day”
means any day other than a Saturday, a Sunday or a day on which banking institutions in the state of New York are authorized or obligated
by law or executive order to close.

 

1.7 “Close of Business”
on any given date means 5:00 p.m., New York time, on such date; provided, however, that if such date is not a Business
Day, it means 5:00 p.m., New York time, on the next succeeding Business Day.

 

1.8 “Common Shares”
when used with reference to the Company or without reference means the shares of common stock, par value $0.001 per share, of the Company.
 “Common Shares” when used with reference to any Person other than the Company means the capital stock (or, in the case
of any entity other than a corporation, the equivalent equity interest) with the greatest voting power of such other Person or, if such
other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.

 

1.9 “Common Stock
Equivalents” has the meaning set forth in Section 11.1.3(ii)(C).

 

1.10 “Current Per
Share Market Price” has the meaning set forth in Section 11.4.1.

 

1.11 “Current Value”
has the meaning set forth in Section 11.1.3(i)(A).

 

1.12
 “Derivative Interest” shall mean any derivative securities (as defined under Rule 16a-1 under the Exchange
Act) that increase in value as the value of the underlying equity increases, including, but not limited to, a long convertible
security, a long call option and a short put option position, in each case, regardless of whether (x) such interest conveys any
voting rights in such security, (y) such interest is required to be, or is capable of being, settled through delivery of such
security or (z) transactions hedge the economic effect of such interest.

 

    -5-

     

    

 

1.13 “Distribution
Date” has the meaning set forth in Section 3.1.

 

1.14 “Earning Power”
has the meaning set forth in Section 13.4.

 

1.15 “Equivalent
Preferred Shares” has the meaning set forth in Section 11.2.

 

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

 

1.17 “Exchange Property”
has the meaning set forth in Section 24.6.

 

1.18 “Exchange Ratio”
has the meaning set forth in Section 24.1.

 

1.19 “Exchange Recipients”
has the meaning set forth in Section 24.6.

 

1.20 “Exempt Person”
shall mean any Person that the Board determines is exempt from this Agreement (which exemption may, in the determination of the Board,
be limited to the acquisition of Beneficial Ownership of Common Shares in a particular transaction or a specified series of transactions
involving such Person); provided that such determination is made, and no Person shall qualify as an Exempt Person unless such determination
is made, prior to such time as any Person becomes an Acquiring Person; provided further that any Person will cease to be an Exempt
Person if the Board makes a contrary determination with respect to such Person.

 

1.21 “Expiration
Date” has the meaning set forth in Section 7.1.

 

1.22 “Final Expiration
Date” means July 30, 2023.

 

1.23 “NYSE”
means the New York Stock Exchange.

 

1.24 “Person”
means any individual, firm, corporation, partnership, limited partnership, limited liability partnership, business trust, limited liability
company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity.

 

1.25 “Preferred Shares”
means shares of Series F Preferred Stock, par value $0.001 per share, of the Company having such rights and preferences as are set forth
in the form of the Certificate of Designation set forth as Exhibit A hereto, as the same may be amended from time to time.

 

1.26 “Purchase Price”
has the meaning set forth in Section 7.2.

 

1.27 “Redemption
Date” has the meaning set forth in Section 23.2.

 

1.28 “Redemption
Price” has the meaning set forth in Section 23.1.

 

1.29 “Right Certificate”
means a certificate evidencing a Right in substantially the form of Exhibit B hereto.

 

    -6-

     

    

 

1.30 “Series D Certificate
of Designation” has the meaning set forth in the preamble.

 

1.31 “Series D Preferred
Shares” has the meaning set forth in the preamble.

 

1.32 “Spread”
has the meaning set forth in Section 11.1.3(i).

 

1.33 “Stock Acquisition
Date” means the earlier of (i) the date of the public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that an Acquiring
Person has become such or (ii) the date that a majority of the Board shall become aware of the existence of an Acquiring Person.

 

1.34 “Subsidiary”
of any Person means any corporation or entity of which securities or other ownership interest having ordinary voting power sufficient
to elect a majority of the board of directors or other person performing similar functions are beneficially owned, directly or indirectly,
by such Person and any corporation or other entity that is otherwise controlled by such Person.

 

1.35 “Substitution
Period” has the meaning set forth in Section 11.1.3.

 

1.36 “Summary of
Rights” means the Summary of Rights to Purchase Preferred Shares in substantially the form of Exhibit C hereto.

 

1.37 “Trading Day”
means a day on which the principal national securities exchange on which a security is listed or admitted to trading is open for the transaction
of business or, if a security is not listed or admitted to trading on any national securities exchange, a Business Day.

 

2. Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express
terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may
from time to time appoint such co-Rights Agents as it may deem necessary or desirable, upon ten (10) calendar days’ prior written
notice to the Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights Agent
and any co-Rights Agents under the provisions of this Agreement shall be as the Company shall reasonably determine; provided that
such duties of the Rights Agent are consistent with the terms and provisions of this Agreement and that contemporaneously with such appointment
the Company shall notify, in writing, the Rights Agent and any co-Rights Agent of such duties. The Rights Agent shall have no duty to
supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights Agent.

 

3. Issue
of Right Certificates.

 

3.1 Until the earlier of
(i) the tenth Business Day after the Stock Acquisition Date (or, in the event the Board determines on or before such tenth day
Business Day to effect an exchange in accordance with Section 24 and determines in accordance with Section 24.6 that a
later date is advisable, such later date that is not more than twenty (20) days after the Stock Acquisition Date) or (ii) the
tenth (10th) Business Day (or such later date as may be determined by action of the Board prior to such time as any Person becomes
an Acquiring Person) after the date of the commencement by any Person (other than the Company, any Subsidiary of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company, or any entity or trustee holding (or acting in a fiduciary
capacity in respect of) Common Shares for or pursuant to the terms of any such benefit plan or for the purpose of funding any such
plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company) of, or of the first public
announcement of the intention of any Person (other than any of the Persons referred to in the preceding parenthetical) to commence,
a tender or exchange offer the consummation of which would result in any Person becoming an Acquiring Person (including any such
date which is after the date of this Agreement and prior to the issuance of the Rights; such date being herein referred to as
the “Distribution Date”, provided, however, that the Distribution Date shall in no event be prior
to the Record Date), (x) the Rights will be evidenced (subject to the provisions of Section 3.2) by the certificates for
Common Shares and Series D Preferred Shares registered in the names of the holders thereof and not by separate Right Certificates,
and (y) the Rights will be transferable only in connection with the transfer of Common Shares and Series D Preferred Shares. As
soon as practicable after the Distribution Date, the Company will prepare and execute, and, at the request of the Company, the
Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if so requested and
provided with all necessary information and documents, at the expense of the Company, send) by first-class, insured, postage-prepaid
mail, to each record holder of Common Shares and Series D Preferred Shares as of the Close of Business on the Distribution Date
(other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address of such holder shown on the
records of the Company, a Right Certificate, in substantially the form of Exhibit B hereto, evidencing one Right issued
to holders of the Common Shares for each Common Share so held, and one Right issued to holders of the Series D Preferred Shares for
each Common Share issuable upon conversion of each such Series D Preferred Share, subject to adjustment as provided herein. As of
the Distribution Date, the Rights will be evidenced solely by such Right Certificates. The Company shall promptly notify the Rights
Agent in writing upon the occurrence of the Distribution Date. Until such written notice is received by the Rights Agent, the Rights
Agent may presume conclusively for all purposes that the Distribution Date has not occurred. Notwithstanding anything in this
Agreement to the contrary, if, at any time after the date hereof and prior to the Distribution Date, the number of Common Shares
issuable upon conversion of any Series D Preferred Shares then outstanding is adjusted pursuant to the terms of the Series D
Certificate of Designation, then the number of Rights associated with such Series D Preferred Shares shall be proportionately
adjusted so that the number of Rights thereafter associated with each such Series D Preferred Share equals the result obtained by
multiplying the number of Common Shares issuable upon conversion of such Series D Preferred Share by the number of Rights associated
with each Common Share then outstanding. If an Event occurs that would require an adjustment under Section 11 hereof and this
Section 3, the adjustments provided for in this Section 3 shall be in addition and prior to any adjustment required pursuant to
Section 11 hereof.

 

    -7-

     

    

 

3.2 The Company will
make available or cause to be made available, promptly after the Record Date, a copy of the Summary of Rights to any holder of
Rights (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person) who may so request from time to time
prior to the Expiration Date. With respect to certificates representing Common Shares (or Book Entry Common Shares) and Series D
Preferred Shares outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates
registered in the names of the holders thereof together with the Summary of Rights. Until the Distribution Date (or, if earlier, the
Expiration Date), the surrender for transfer of any certificate representing Common Shares or Series D Preferred Shares outstanding
on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated
with the Common Shares or the Series D Preferred Share represented thereby, as applicable. With respect to Book Entry Common Shares
outstanding as of the Record Date, until the Distribution Date, the Rights shall be evidenced by the balances indicated in the Book
Entry account system of the transfer agent for the Common Shares. Until the earlier of the Distribution Date and the Expiration
Date, the transfer of any Common Shares or Series D Preferred Shares outstanding on the Record Date (whether represented by
certificates or evidenced by the balances indicated in the Book Entry account system of the transfer agent for Common Shares, and,
in either case, regardless of whether a copy of the Summary of Rights is submitted with the surrender or request for transfer),
shall also constitute the transfer of the Rights associated with such Common Shares or Series D Preferred Shares, as applicable.

 

3.3 Certificates for Common
Shares and Series D Preferred Shares which are issued (including, without limitation, reacquired Common Shares or Series D Preferred Shares
referred to in this Section 3.3) after the Record Date but prior to the earliest of (i) the Close of Business on the Distribution
Date, (ii) the Redemption Date or (iii) the Close of Business on the Final Expiration Date shall have impressed on, printed
on, written on or otherwise affixed to them the following legend:

 

This certificate also evidences
and entitles the holder hereof to certain Rights as set forth in the Rights Agreement between Ashford Inc. and Computershare Trust Company,
N.A., (as Rights Agent or any successor Rights Agent thereunder), dated as of August 30, 2022, as it may from time to time be amended
or supplemented pursuant to its terms (the “Rights Agreement”), the terms of which
are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Ashford Inc. Under certain
circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced
by this certificate. Ashford Inc. will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt
of a written request therefor. Under certain circumstances, as set forth in the Rights Agreement, Rights that are or were acquired or
beneficially owned by Acquiring Persons (as defined in the Rights Agreement) will become null and void and will no longer be transferable.

 

If the Company purchases or
acquires any Common Shares or Series D Preferred Shares after the Record Date but prior to the Close of Business on the Distribution Date,
any Rights associated with such Common Shares or Series D Preferred Shares shall be deemed canceled and retired so that the Company shall
not be entitled to exercise any Rights associated with the Common Shares or Series D Preferred Shares which are no longer outstanding.

 

With respect to Common Shares
in Book Entry form for which there has been sent a confirmation or account statement containing the foregoing legend, until the earliest
of the Distribution Date and the Expiration Date, the Rights associated with the Common Shares shall be evidenced by such Common Shares
alone and registered holders of Common Shares shall also be the registered holders of the associated Rights, and the transfer of any such
Common Shares shall also constitute the transfer of the Rights associated with such Common Shares.

 

Notwithstanding this Section 3.3,
neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability
of any part of this Agreement or the rights of any holder of the Rights.

 

    -8-

     

    

 

4. Form
of Right Certificates. The Right Certificates (and the forms of election to purchase Preferred Shares and of assignment to
be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent),
or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the other provisions of
this Agreement, the Right Certificates shall entitle the holders thereof to purchase such number of one one-thousandths of a Preferred
Share as shall be set forth therein at the Purchase Price, but the amount and type of securities purchasable upon exercise and the Purchase
Price shall be subject to adjustment as provided herein.

 

5. Countersignature
and Registration. The Right Certificates (i) shall be executed on behalf of the Company by its Chairman of the Board or its
Chief Executive Officer, its Chief Financial Officer, its President or any of its Vice Presidents, either manually or by facsimile signature;
(ii) shall have affixed thereto the Company’s seal or a facsimile thereof; and (iii) shall be attested by the Secretary or any Assistant
Secretary of the Company or the Treasurer or an assistant treasurer of the Company, either manually or by facsimile signature. The Right
Certificates shall be countersigned by the Rights Agent and shall not be valid for any purpose unless so countersigned, either manually
or by facsimile. If any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the
Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates nevertheless may
be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed
such Right Certificates had not ceased to be such officer of the Company. Any Right Certificate may be signed on behalf of the Company
by any Person who, at the actual date of the execution of such Right Certificate, is a proper officer of the Company to sign such Right
Certificate, even if at the date of the execution of this Agreement such Person was not such an officer.

 

Following the Distribution
Date, the Rights Agent will keep or cause to be kept, at its principal office designated for such purposes, books for registration of
the transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the
Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates, and the date of each of the Right Certificates.

 

6. Transfer,
Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 

6.1 Subject to the
provisions of Section 14, at any time after the Close of Business on the Distribution Date, and prior to the earlier of the
Redemption Date or the Close of Business on the Final Expiration Date, any Right Certificate (other than a Right Certificate
representing Rights that have become void pursuant to Section 11.1.2 or that have been exchanged pursuant to Section 24)
may be transferred, split up, combined or exchanged for another Right Certificate, entitling the registered holder to purchase a
like number of Preferred Shares as the Right Certificate surrendered then entitled such holder to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights
Agent, and shall surrender, together with any required form of assignment and certificate duly executed and properly completed, the
Right Certificate or Right Certificates to be transferred, split up, combined or exchanged at the principal office of the Rights
Agent designated for such purpose accompanied by a signature guarantee and such other documentation as the Rights Agent may
reasonably request. Thereupon the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or
Right Certificates, as the case may be, as so requested. The Company or the Rights Agent may require payment of a sum sufficient for
any tax or governmental charge that may be imposed in connection with any transfer, split-up, combination or exchange of Right
Certificates. If and to the extent the Company does require payment of any such taxes or charges, the Company shall give the Rights
Agent written notice thereof and the Rights Agent shall not deliver any Right Certificate unless and until such payments have been
made, and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as the Company specifies by
written notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights holder under any
Section of this Agreement which requires the payment by such Rights holder of applicable taxes and/or charges unless and until
such taxes and/or charges have been paid.

 

    -9-

     

    

 

6.2 Subject to the provisions
of Section 14, at any time after the Close of Business on the Distribution Date, and prior to the earlier of the Redemption Date
or the Close of Business on the Final Expiration Date, upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity
or security reasonably satisfactory to them, and, at the Company’s or the Rights Agent’s request, reimbursement to the Company
and the Rights Agent of all reasonable expenses incidental thereto, and, in case of mutilation, upon surrender to the Rights Agent and
cancellation of the Right Certificate, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for
delivery to the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.

 

Notwithstanding any other
provision hereof, the Company and the Rights Agent may amend this Agreement to provide for uncertificated Rights in addition to or in
place of Right Certificates, to the extent permitted by applicable law.

 

7. Exercise
of Rights; Purchase Price; Expiration Date of Rights.

 

7.1 Except as otherwise
provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter, the registered holder of any Right
Certificate (other than a holder whose Rights have become void pursuant to Section 11.1.2 or have been exchanged pursuant to
Section 24) may, subject to Section 11.1.2 and except as otherwise provided herein, exercise the Rights evidenced thereby
in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to
purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at its principal office designated
for such purpose accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request,
together with payment of the Purchase Price for each one one-thousandths of a Preferred Share represented by a Right that is
exercised and an amount equal to any applicable transfer tax required to be paid pursuant to Section 9, prior to the time (the
 “Expiration Date”) that is the earliest of (i) the Close of Business on the Final Expiration Date,
(ii) the time at which the Rights are redeemed pursuant to Section 23, (iii) the time at which the Rights are
exchanged pursuant to Section 24 or (iv) the Closing of any merger or other acquisition transaction involving the Company
pursuant to this Agreement described in Sections 1.4.2(i)(z) and 13.3 at which time the Rights are terminated. If so resolved
by the Board, any such exercise of Rights or exchange of Rights pursuant to Section 24 shall be deemed to be a payment of a dividend
or other distribution upon the Common Shares and the Series D Preferred Shares.

 

    -10-

     

    

 

7.2 The purchase price to
be paid upon the exercise of each Right to purchase one one-thousandths of a Preferred Share represented by a Right shall initially be
$275 (the “Purchase Price”) and shall be payable in lawful money of the United States of America in accordance with
Section 7.3. Each Right shall initially entitle the holder to acquire one one-thousandths of a Preferred Share upon exercise of the
Right. The Purchase Price and the number of Preferred Shares or other securities for which a Right is exercisable shall be subject to
adjustment from time to time as provided in Sections 11 and 13.

 

7.3 Except as otherwise provided
herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied
by payment of the Purchase Price for the number of Rights exercised and an amount equal to any applicable transfer tax required to be
paid by the holder of such Right Certificate in accordance with Section 9 by cash, certified check, cashier’s check or money
order payable to the order of the Company, the Rights Agent shall thereupon promptly (i)(A) requisition from any transfer agent of
the Preferred Shares certificates for the number of Preferred Shares to be purchased, and the Company hereby irrevocably authorizes its
transfer agent to comply with all such requests, or (B) requisition from any depositary agent for the Preferred Shares depositary
receipts representing such number of Preferred Shares as are to be purchased (in which case certificates for the Preferred Shares represented
by such receipts shall be deposited by the transfer agent with the depositary agent), and the Company hereby directs any such depositary
agent to comply with such request; (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance
of fractional Preferred Shares in accordance with Section 14; (iii) after receipt of such certificates or depositary receipts,
cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names
as may be designated by such holder; and (iv) when appropriate, after receipt, deliver such cash to or upon the order of the registered
holder of such Right Certificate.

 

7.4 Except as otherwise provided
herein, if the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the exercisable Rights remaining unexercised shall be issued by the Rights Agent to the registered holder
of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of Section 14.

 

7.5 Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with
respect to a registered holder of Rights upon the occurrence of any purported transfer or exercise of Rights as set forth in
Section 6 or this Section 7 unless such registered holder shall have (i) properly completed and duly executed the
certificate contained in the form of assignment or form of election to purchase set forth on the reverse side of the Right
Certificate surrendered for such transfer or exercise and (ii) provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company and the Rights Agent shall
reasonably request.

 

    -11-

     

    

 

8. Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split-up,
combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation
and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company, at the Company’s
expense, or shall, at the written request of the Company, destroy such canceled Right Certificates, and in such case shall deliver a certificate
of destruction thereof to the Company.

 

9. Status
and Availability of Preferred Shares.

 

9.1 The Company covenants
and agrees that it will cause to be reserved and kept available, out of its authorized and unissued Preferred Shares or any Preferred
Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding
Rights in accordance with Section 7.

 

9.2 The Company covenants
and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or other securities of the Company)
delivered upon exercise of Rights shall, at the time of delivery of the certificates for such Preferred Shares (subject to payment of
the Purchase Price), be duly and validly authorized and issued and fully paid and non-assessable shares.

 

9.3 The Company further covenants
and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect
of the issuance or delivery of the Right Certificates or the issuance and delivery of any certificates or depository receipts or entries
in the Book Entry account system of the transfer agent for any Preferred Shares (or other securities of the Company) upon the exercise
of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery
of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares
(or other securities of the Company) in a name other than that of, the registered holder of the Right Certificate evidencing Rights surrendered
for exercise, and shall not be required to issue or deliver any certificates or depositary receipts for Preferred Shares (or other securities
of the Company) upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable by the holder of such
Right Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such
tax is due.

 

10. Preferred
Shares Record Date. Each Person in whose name any certificate or entry in the Book Entry account system of the transfer
agent for the Preferred Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of
record of the Preferred Shares (or other securities of the Company) represented thereby on, and such certificate shall be dated, the
date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any
applicable transfer taxes) was made; provided, however, that, if the date of such surrender and payment is a date
upon which the Preferred Shares transfer books of the Company are closed, such Person shall be deemed to have become the record
holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares
transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate
shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions, or to exercise any preemptive rights, and shall not be
entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

    -12-

     

    

 

11. Adjustment
of Purchase Price, Number of Shares or Number of Rights.

 

11.1 General.

 

11.1.1 In the event the Company
shall at any time after the date of this Agreement and prior to the Distribution Date (i) declare a dividend on the Preferred Shares
payable in Preferred Shares, (ii) subdivide the outstanding Preferred Shares, (iii) combine the outstanding Preferred Shares
into a smaller number of Preferred Shares or (iv) issue any shares of its capital stock in a reclassification of the Preferred Shares
(including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving
corporation), except as otherwise provided in this Section 11.1, the number and kind of shares of capital stock issuable upon the
exercise of a Rights as of the record date for such dividend or the effective date or such subdivision, combination or reclassification,
shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate
number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date, the holder would have
owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value
of the shares of capital stock of the Company issuable upon exercise of one Right.

 

11.1.2 Subject to the second
paragraph of this Section 11.1.2 and to Section 24, on the Stock Acquisition Date, each holder of a Right shall thereafter have
a right to receive, upon exercise of each Right to purchase one one-thousandths of a Preferred Share at a price equal to the then current
Purchase Price, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of the Company
as shall equal the result obtained by dividing the current Purchase Price by 50% of the then Current Per Share Market Price of the Company’s
Common Shares (determined pursuant to Section 11.4) on the Stock Acquisition Date.

 

From and after the Stock
Acquisition Date, any Rights that are or were acquired or beneficially owned by (x) such Acquiring Person (or any Associate or
Affiliate of such Acquiring Person), (y) a transferee of any Acquiring Person (or of any such Affiliate or Associate) who
becomes a transferee after the Stock Acquisition Date or (z) a transferee of any Acquiring Person (or of any such Affiliate or
Associate) who became a transferee prior to or on the Stock Acquisition Date pursuant to either (I) a transfer (whether or not
for consideration) from the Acquiring Person to holders of its equity securities or to any Person with whom it has any continuing
agreement, arrangement or understanding (whether or not in writing) regarding the transferred Rights or (II) a transfer which
the Board has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the provisions
of this paragraph, and subsequent transferees, either direct transferees or transferees through one or more intermediate
transferees, of such Persons, shall be void, and any holder of such Rights shall thereafter have no right to exercise such Rights
under any provision of this Agreement. No Right Certificate shall be issued pursuant to Section 3 that represents Rights that
are or have become void pursuant to the preceding sentence. No Right Certificate shall be issued at any time upon the transfer of
any Rights to an Acquiring Person whose Rights would be void pursuant to this Section 11.1.2 or to any Associate or Affiliate
thereof or to any nominee of such Acquiring Person, Associate or Affiliate. Any Right Certificate delivered to the Rights Agent for
transfer to an Acquiring Person whose Rights would be void pursuant to the preceding sentence, or to any Associate or Affiliate
thereof, shall be canceled.

 

    -13-

     

    

 

11.1.3 If there are not sufficient
authorized but unissued Common Shares to permit the exercise in full of the Rights in accordance with Section 11.1.2, or should the
Board so elect, the Company shall with respect to such deficiency, to the extent permitted by applicable law and any material agreements
to which the Company is a party, (i) determine the excess (the “Spread”) of (A) the value of the Common Shares
issuable upon the exercise of a Right as provided in Section 11.1.2 (the “Current Value”) over (B) the Purchase
Price, and (ii) with respect to each Right (other than Rights which have become void pursuant to Section 11.1.2), make adequate
provision to substitute for such Common Shares, upon payment of the applicable Purchase Price, any one or more of the following having
an aggregate value determined by the Board to be equal to the Current Value: (A) cash, (B) a reduction in the Purchase Price,
(C) Common Shares or other equity securities of the Company (including, without limitation, shares, or fractions of shares, of preferred
stock which the Board has determined to have the same value as Common Shares (“Common Stock Equivalents”)), (D) debt
securities of the Company or (E) other assets; provided, however, if the Company shall not have made adequate
provision to deliver value pursuant to clause (ii) above within thirty (30) days following the Stock Acquisition Date, then
the Company shall be obligated to deliver, to the extent permitted by law and any material agreements then in effect to which the Company
is a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, Common Shares (to the extent
available) and then, if necessary, cash, which shares and cash shall have an aggregate value equal to the Spread.

 

If the Board shall
determine that it is likely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the
Rights, the thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after
the Stock Acquisition Date, in order that the Company may seek stockholder approval for the authorization of such additional shares
(such period, as it may be extended, the “Substitution Period”). If the Company determines that action need be
taken pursuant to this Section 11.1.3, the Company (x) shall provide, subject to Section 7.5 and the last paragraph
of Section 11.1.2, that such action shall apply uniformly to all outstanding Rights, and (y) may suspend the
exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional
shares, decide the appropriate form of distribution to be made and determine the value thereof. If the exercisability of the Rights
is suspended pursuant to this Section 11.1.3, the Company shall make a public announcement, and shall deliver to the Rights
Agent a statement, stating that the exercisability of the Rights has been temporarily suspended. When the suspension is no longer in
effect, the Company shall make another public announcement, and deliver to the Rights Agent a statement, so stating. For purposes of
this Section 11.1.3, the value of the Common Shares shall be the Current Per Share Market Price (as determined pursuant to
Section 11.4.1) of the Common Shares as of the Stock Acquisition Date, and the value of any Common Stock Equivalent shall be
deemed to have the same value as the Common Shares on such date.

 

    -14-

     

    

 

11.2 If the Company fixes
a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling them (for a period expiring
within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same
rights, privileges and preferences as the Preferred Shares (“Equivalent Preferred Shares”)) or securities convertible
into Preferred Shares or Equivalent Preferred Shares at a price per Preferred Share or Equivalent Preferred Share (or having a conversion
price per share, if a security convertible into Preferred Shares or Equivalent Preferred Shares) less than the then Current Per Share
Market Price of the Preferred Shares (as defined in Section 11.4.2) on such record date, the Purchase Price to be in effect after
such record date shall be adjusted by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the
numerator of which shall be (A) the number of Preferred Shares outstanding on such record date plus (B) the number of Preferred
Shares which the aggregate offering price of the total number of Preferred Shares or Equivalent Preferred Shares to be offered (or the
aggregate initial conversion price of the convertible securities to be offered) would purchase at such Current Per Share Market Price
and (ii) the denominator of which shall be (A) the number of Preferred Shares outstanding on such record date plus (B) the
number of additional Preferred Shares or Equivalent Preferred Shares to be offered for subscription or purchase (or into which the convertible
securities to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid
upon the exercise of one Right be less than the aggregate par value of the Preferred Shares issuable upon exercise of one Right. If such
subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration
shall be as determined by the Board, whose determination shall be described in a statement filed with the Rights Agent. Preferred Shares
owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed. If such rights, options or warrants are not so issued, the Purchase Price
shall be adjusted to be the Purchase Price that would then be in effect if such record date had not been fixed.

 

11.3 If the Company
fixes a record date for the making of a distribution to all holders of the Preferred Shares (including any distribution made in
connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of
indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription
rights or warrants (excluding those referred to in Section 11.2), the Purchase Price to be in effect after such record date
shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the
numerator of which shall be the then Current Per Share Market Price of the Preferred Shares on such record date, less the fair
market value (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights
Agent) of the portion of the assets or evidences of indebtedness to be distributed or of such subscription rights or warrants
applicable to one Preferred Share and (ii) the denominator of which shall be the then Current Per Share Market Price of the
Preferred Shares; provided, however, that in no event shall the consideration to be paid upon the exercise of one
Right be less than the aggregate par value of the Preferred Shares to be issued upon exercise of one Right. Such adjustments shall
be made successively whenever such a record date is fixed. If such distribution is not so made, the Purchase Price shall again be
adjusted to be the Purchase Price that would then be in effect if such record date had not been fixed.

 

    -15-

     

    

 

11.4 Current Per Share
Market Price.

 

11.4.1 Except as otherwise
provided herein, for the purpose of any computation hereunder, the “Current Per Share Market Price” of any security
on any date shall be deemed to be the average of the daily closing prices per share of such security for the thirty (30) consecutive Trading
Days immediately prior to such date; provided, however, that if the Current Per Share Market Price of the security is determined
during a period (i) following the announcement by the issuer of such security of (A) a dividend or distribution on such security
payable in shares of such security or other securities convertible into such shares, or (B) any subdivision, combination or reclassification
of such security, and (ii) prior to the expiration of thirty (30) Trading Days after the ex-dividend date for such dividend or distribution,
or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price
shall be appropriately adjusted to reflect the current market price per share equivalent of such security. The closing price for each
day shall be the last sale price or, if no such sale takes place on such day, the average of the closing bid and asked prices, in either
case as reported by the NYSE, or, if on any such date the security is not quoted by the NYSE, the average of the closing bid and asked
prices as furnished by a professional market maker making a market in the security selected by the Board.

 

11.4.2 For the purpose of
any computation hereunder, the “Current Per Share Market Price” of the Preferred Shares, if the Preferred Shares are
publicly traded, the Current Per Share Market Price shall be determined in accordance with the method set forth in Section 11.4.1.
If the Preferred Shares are not publicly traded, the “Current Per Share Market Price” of the Preferred Shares shall
be conclusively deemed to be the Current Per Share Market Price of the Common Shares as determined pursuant to Section 11.4.1 (appropriately
adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof) multiplied by one thousand.
If neither the Common Shares nor the Preferred Shares are publicly held or so listed or traded, “Current Per Share Market Price”
means the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with
the Rights Agent.

 

11.5 No adjustment in the
Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Purchase Price;
provided, however, that any adjustments which by reason of this Section 11.5 are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest
cent or to the nearest one ten-millionth of a Preferred Share or one ten-thousandth of any other share or security as the case may be.
Notwithstanding the first sentence of this Section 11.5, any adjustment required by this Section 11 shall be made no later than
three years from the date of the transaction which requires such adjustment.

 

11.6 If, as a result of
an adjustment made pursuant to Section 11.1, the holder of any Right thereafter exercised shall become entitled to receive any
shares of capital stock of the Company other than Preferred Shares, the Purchase Price and number of such other shares so receivable
upon exercise of any Right shall thereafter be subject to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Preferred Shares contained in Sections 11.1 through 11.3, inclusive, and
the provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on like terms to any such other
shares.

 

    -16-

     

    

 

11.7 All Rights originally
issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted
Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights,
all subject to further adjustment as provided herein.

 

11.8 Unless the Company exercises
its election as provided in Section 11.9, upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11.2
and 11.3, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at
the adjusted Purchase Price, that number of one one-thousandths of a Preferred Share (calculated to the nearest one ten-millionth of a
Preferred Share) obtained by (i) multiplying the number of one one-thousandths of a Preferred Share covered by a Right immediately prior
to this adjustment by the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the
product by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 

11.9 The Company may elect
on or after the date of any adjustment of the Purchase Price to adjust the number of Rights in substitution for any adjustment in the
number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right. Each of the Rights outstanding after such
adjustment of the number of Rights shall be exercisable for the number of one one-thousandths of a Preferred Share for which a Right was
exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become
that number of Rights (calculated to the nearest one hundred-thousandth) obtained by dividing the Purchase Price in effect immediately
prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company
shall make a public announcement of its election to adjust the number of Rights (with written notice to the Rights Agent), indicating
the record date for the adjustment and, if known at the time, the amount of the adjustment to be made. The record date may be the date
on which the Purchase Price is adjusted or any day thereafter but, if the Right Certificates have been distributed, shall be at least
ten days after the date of the public announcement. If Right Certificates have been distributed, upon each adjustment of the number of
Rights pursuant to this Section 11.9, the Company shall, as promptly as practicable, cause to be distributed to holders of record
of Right Certificates on such record date Right Certificates evidencing, subject to Section 14, the additional Rights to which such
holders shall be entitled as a result of such adjustment or, at the option of the Company, shall cause to be distributed to such holders
of record in substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender
thereof if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Right Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for herein and
shall be registered in the names of the holders of record of Right Certificates on the record date specified in the public announcement.

 

    -17-

     

    

 

11.10 Irrespective of any
adjustment or change in the Purchase Price or the number of one one-thousandths of a Preferred Share issuable upon the exercise of the
Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of one one-thousandths
of a Preferred Share which were expressed in the initial Right Certificates issued hereunder.

 

11.11 Before taking any action
that would cause an adjustment reducing the Purchase Price below the then par value of the fraction of Preferred Shares or other shares
of capital stock issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue fully paid and non-assessable Preferred Shares or other such shares
at such adjusted Purchase Price.

 

11.12 If this Section 11
requires that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may defer,
until the occurrence of such event, issuing to the holder of any Right exercised after such record date Preferred Shares and other capital
stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other capital stock or
securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such
holder’s right to receive such additional shares upon the occurrence of the event requiring adjustment.

 

11.13 Anything in this Section 11
to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments
expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order
that any (i) combination or subdivision of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less
than the Current Per Share Market Price, (iii) issuance wholly for cash of Preferred Shares or securities which by their terms are
convertible into or exchangeable for Preferred Shares, (iv) dividends on Preferred Shares payable in Preferred Shares, or (v) issuance
of any rights, options or warrants referred to in Section 11.2 made by the Company after the date of this Agreement to holders of
its Preferred Shares shall not be taxable to such stockholders.

 

11.14 If, at any time after
the date of this Agreement and prior to the Distribution Date, the Company (i) declares or pays any dividend on the Common Shares
payable in Common Shares or (ii) effects a subdivision, combination or consolidation of the Common Shares (by reclassification or
otherwise other than by payment of dividends in Common Shares) into a greater or lesser number of Common Shares, then in any such case
(i) the number of one one-thousandths of a Preferred Share purchasable after such event upon exercise of each Right shall be determined
by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event by a fraction, the
numerator of which is the number of Common Shares outstanding immediately before such event and the denominator of which is the number
of Common Shares outstanding immediately after such event, and (ii) each Common Share outstanding immediately after such event shall
have issued with respect to it that number of Rights which each Common Share outstanding immediately prior to such event had issued with
respect to it. The adjustments provided for in this Section 11.14 shall be made successively whenever such a dividend is declared
or paid, or such a subdivision, combination or consolidation is affected.

 

    -18-

     

    

 

12. Certificate
of Adjustment. Whenever an adjustment is made as provided in Sections 11 and 13, the Company shall promptly (i) prepare
a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment, (ii) file with the
Rights Agent and with each transfer agent for the Common Shares or the Preferred Shares a copy of such certificate, and (iii) if
such adjustment occurs following a Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance
with Section 25. Notwithstanding the foregoing sentence, the failure of the Company to make such a certification or give such notice
shall not affect the validity of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent shall
be fully protected in relying on any such certificate and on any adjustment therein contained and shall not be obligated or responsible
for calculating any adjustment, nor shall the Rights Agent be deemed to have knowledge of such an adjustment, unless and until it shall
have received such certificate.

 

13. Consolidation,
Merger, Sale or Transfer of Assets or Earning Power.

 

13.1 If, at any time after
a Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other Person; (ii) any Person
consolidates with the Company, or merges with and into the Company, and the Company is the continuing or surviving corporation of
such merger and, in connection with such merger, all or part of the Common Shares are or will be changed into or exchanged for stock
or other securities of any other Person (or the Company), or cash or any other property; or (iii) the Company sells or
otherwise transfers (or one or more of its Subsidiaries sell or otherwise transfer), in one or more transactions, assets or Earning
Power aggregating 50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other
Person other than the Company or one or more of its wholly owned Subsidiaries, then proper provision shall be made so that
(A) each holder of a Right (except for Rights which have become void as provided herein) shall thereafter have the right to
receive, upon the exercise of each Right to purchase one one-thousandths of a Preferred Share represented by a Right at a price
equal to the then current Purchase Price, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such
number of Common Shares of such other Person (including the Company as successor thereto or as the surviving corporation) equal to
the result obtained by dividing the then current Purchase Price by 50% of the then Current Per Share Market Price of the Common
Shares of such other Person (determined pursuant to Section 11.4 hereof) on the date of consummation of such consolidation,
merger, sale or transfer; (B) the issuer of such Common Shares shall thereafter be liable for, and shall assume, by virtue of
such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement; (C) the
term “Company” shall thereafter be deemed to refer to such issuer; and (D) such issuer shall take steps (including,
but not limited to, the reservation of a sufficient number of shares of its common stock in accordance with Section 9) in
connection with such consummation as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly
as reasonably may be, in relation to the common stock thereafter deliverable upon the exercise of the Rights; provided that,
upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in
respect of such issuer, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the
Purchase Price as provided in this Section 13.1, such cash, shares, rights, warrants and other property which such holder would
have been entitled to receive had such holder, at the time of such transaction, owned Common Shares of the issuer receivable upon
the exercise of a Right pursuant to this Section 13.1, and such issuer shall take such steps (including, but not limited to,
reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms
hereof for such cash, shares, rights, warrants and other property.

 

    -19-

     

    

 

13.2 The Company shall not
consummate any such consolidation, merger, sale or transfer unless prior thereto the Company and such issuer shall have executed and delivered
to the Rights Agent a supplemental agreement providing for such issuer’s compliance with this Section 13. The Company shall
not enter into any transaction of the kind referred to in this Section 13 if, at the time of such transaction, there are any rights,
warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction,
would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall
apply to successive mergers or consolidations or sales or other transfers.

 

13.3 Notwithstanding anything
contained herein to the contrary, in the event of any merger or other acquisition transaction involving the Company pursuant to a merger
or other acquisition agreement between the Company and any Person (or one or more of such Person’s Affiliates or Associations) which
agreement has been approved by the Board prior to any Person becoming an Acquiring Person, this Agreement and the rights of holders of
Rights hereunder shall be terminated in accordance with Section 7.1.

 

13.4 For purposes hereof,
the “Earning Power” of the Company and its Subsidiaries shall be determined in good faith by the Board on the basis
of the operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date
of such determination (or, in the case of any business not operated by the Company or any Subsidiary during three full fiscal years preceding
such date, during the period such business was operated by the Company or any Subsidiary).

 

14. Fractional
Rights and Fractional Shares.

 

14.1 The Company shall not
be required to issue fractions of Rights (except prior to the Distribution Date in accordance with Section 11.14) or to distribute
Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders
of the Right Certificates with regard to which such fractional Rights would otherwise be issuable an amount in cash equal to the same
fraction of the current market value of a whole Right. For the purposes of this Section 14.1, the current market value of a whole
Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would
have been otherwise issuable.

 

14.2 The Company shall
not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples of one one-thousandths of
a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than
fractions which are integral multiples of one one-thousandths of a Preferred Share). Fractions of Preferred Shares in integral
multiples of one one-thousandths of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts,
pursuant to an agreement between the Company and a depositary selected by the Company; provided that such agreement
shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are
entitled as Beneficial Owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred
Shares that are not integral multiples of one one-thousandths of a Preferred Share, the Company shall pay to each registered holder
of Right Certificates at the time such Rights are exercised or exchanged as herein provided an amount in cash equal to the same
fraction of the current market value of one Preferred Share as the fraction of one Preferred Share that such holder would otherwise
receive upon the exercise of the aggregate number of rights exercised by such holder. For the purposes of this Section 14.2,
the current market value of a Preferred Share shall be the closing price of a Preferred Share (pursuant to Section 11.4.1) for
the Trading Day immediately prior to the date of such exercise or exchange.

 

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14.3 The closing price for
any day shall be the last quoted price or, if not so quoted, the average of the high bid and low asked prices as reported by the NYSE,
or if on any such date the Rights or Preferred Shares, as applicable, are not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Rights or Preferred Shares, as applicable, selected
by the Board. If on any such date no such market maker is making a market in the Rights or Preferred Shares, as applicable, the fair value
of the Rights or Preferred Shares, as applicable, on such date as determined by the Board shall be used.

 

14.4 The holder of a Right
by the acceptance of the Right expressly waives any right to receive fractional Rights or fractional shares upon exercise of a Right (except
as provided in this Section 14).

 

14.5 Whenever any payment
for fractional Rights or fractional shares is to be made by the Rights Agent under any section of this Agreement, the Company shall (i)
promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and
the prices and formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully
collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no
duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any section
of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the Rights Agent shall have received
such a certificate and sufficient monies.

 

15. Rights
of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent
under Section 18, are vested in the respective registered holders of the Right Certificates and, prior to the Distribution
Date, the registered holders of the Common Shares and the Series D Preferred Shares. Any registered holder of any Right Certificate
or, prior to the Distribution Date, of Common Shares or Series D Preferred Shares may, without the consent of the Rights Agent or of
the holder of any other Right Certificate or, prior to the Distribution Date, of Common Shares or Series D Preferred Shares, on such
holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or
proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights
evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not
have an adequate remedy at law for any breach of this Agreement by the Company and will be entitled to specific performance of the
obligations under, and injunctive relief against actual or threatened violations of the obligations of the Company.

 

    -21-

     

    

 

16. Agreement
of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

 

16.1 prior to the Distribution
Date, the Rights will be transferable only in connection with the transfer of the Common Shares and Series D Preferred Shares;

 

16.2 after the Distribution
Date, the Right Certificates are transferable only on the registry books maintained by the Rights Agent if surrendered at the principal
office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer; and

 

16.3 the Company and the Rights
Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Shares
certificate or Book Entry or Series D Preferred Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced
thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Shares certificate or
Book Entry or Series D Preferred Shares certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever,
and neither the Company nor the Rights Agent, subject to Section 7.5 hereof, shall be affected by any notice to the contrary.

 

17. Right
Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote or receive
dividends, or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company that may at any time
be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate
be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, to give or withhold consent
to any corporate action, to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25),
or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Right Certificate shall have been exercised
or exchanged in accordance with the provisions hereof.

 

    -22-

     

    

 

18. Concerning
the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder
in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Rights Agent, its reasonable expenses
and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of
this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights
Agent for, and to hold it harmless against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost
or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by
it, or which it may become subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross
negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction),
for any action taken, suffered, or omitted to be taken by the Rights Agent in connection with the execution, acceptance, administration,
exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any claim or liability
arising therefrom, directly or indirectly, or enforcing its rights hereunder. The costs and expenses incurred in enforcing this right
of indemnification shall be paid by the Company. The provisions under this Section 18, Section 19 and Section 20 below shall survive the
termination of this Agreement, the resignation, replacement or removal of the Rights Agent and the exercise, termination and the expiration
of the Rights.

 

The Rights Agent shall be
protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration
of this Agreement in reliance upon any Right Certificate or certificate for Preferred Shares, Common Shares, Series D Preferred Shares,
or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice,
direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged by an Authorized Officer, or otherwise upon the advice of counsel as set forth in Section 20
hereof. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive written notice thereof
hereunder, but for which it has not received such written notice, and the Rights Agent shall be fully protected and shall incur no liability
for failing to take action in connection therewith unless and until it has received such written notice.

 

19. Merger
or Consolidation or Change of Name of Rights Agent. Any entity into which the Rights Agent or any successor Rights Agent
may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Rights
Agent or any successor Rights Agent shall be a party, or any entity succeeding to the corporate trust powers of the Rights Agent or
any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21. If, at the time such successor Rights Agent shall
succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any
such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so
countersigned. If, at that time, any of the Right Certificates shall not have been countersigned, any successor Rights Agent may
countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent.
In all such cases, such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

    -23-

     

    

 

If, at any time, the name
of the Rights Agent changes and any of the Right Certificates have been countersigned but not delivered, the Rights Agent may adopt the
countersignature under its prior name and deliver Right Certificates so countersigned. If, at that time, any of the Right Certificates
have not been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name.
In all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

In no event shall the Rights
Agent be liable for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form
of the action and the Company agrees to indemnify the Rights Agent and to hold it harmless to the fullest extent permitted by law against
any loss, liability or expense incurred as a result of claims for special, punitive, incidental, indirect or consequential loss or damages
of any kind whatsoever provided in each case that such claims are not based on the gross negligence, bad faith or willful misconduct of
the Rights Agent (each as determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

20. Duties
of Rights Agent. The Rights Agent undertakes the duties and obligations expressly set forth in this Agreement and no implied
duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall act hereunder solely as agent
for the Company and shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Right
Certificates. The Rights Agent shall perform those duties and obligations upon the following terms and conditions, by all of which the
Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:

 

20.1 The Rights Agent may
consult with legal counsel selected by it (who may be outside legal counsel for the Rights Agent or the Company), and the opinion or advice
of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent will have no liability
for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad faith and in accordance with such advice
or opinion.

 

20.2 Whenever in the
performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including the identity of any Acquiring Person and the determination of Current Per Share Market Price) be proved or established by
the Company prior to taking, suffering, or omitting to take any action hereunder, such fact or matter (unless other evidence in
respect thereof is specifically prescribed herein) may be deemed to be conclusively proved and established by a certificate signed
by any one of an Authorized Officer and delivered to the Rights Agent, and such certificate shall be full and complete authorization
and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or
omitted to be taken by it under the provisions of this Agreement in reliance upon such certificate. In the event the Rights Agent
believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication,
paper or document received by the Rights Agent hereunder, the Rights Agent, may, in its sole discretion, refrain from taking any
action, and shall be fully protected and shall not be liable in any way to the Company, the holder of any Right Certificate or any
other Person for refraining from taking such action, unless the Rights Agent receives written instructions signed by an Authorized
Officer which eliminates such ambiguity or uncertainty to the satisfaction of the Rights Agent.

 

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20.3 The Rights Agent shall
be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct
must be determined by a final, non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this Agreement
to the contrary, any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company
to the Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought.

 

20.4 The Rights Agent shall
not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Right Certificates (except
as to its countersignature thereof) or be required to verify the same. All such statements and recitals are and shall be deemed to have
been made by the Company only.

 

20.5 The Rights Agent shall
not have any liability for nor be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution and delivery hereof by the Rights Agent), or in respect of the validity or execution of any Right Certificate
(except its countersignature thereof); nor shall it be liable or responsible for any breach by the Company of any covenant or failure
by the Company to satisfy any condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any adjustment
required under the provisions of Sections 11 or 13 or for the manner, method or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates
after receipt of a certificate furnished pursuant to Section 12 describing such adjustment); nor shall it by any act hereunder be
deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Shares or other securities
to be issued pursuant to this Agreement or any Right Certificate, or as to whether any Preferred Shares or other securities will, when
so issued, be validly authorized and issued, fully paid and non-assessable.

 

20.6 The Company agrees that
it will perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged and delivered, all such further and
other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights
Agent of the provisions of this Agreement.

 

20.7 The Rights Agent is hereby
authorized and directed to accept instructions with respect to the performance of its duties hereunder and certificates delivered pursuant
to any provision hereof from any one of the Authorized Officers, and to apply to such officers for advice or instructions in connection
with its duties. The Rights Agent shall not be liable for any action taken or suffered to be taken by it in accordance with instructions
of any such officer and such advice or instruction shall be full authorization and protection to the Rights Agent and the Rights Agent
shall incur no liability for or in respect of any action taken or suffered or omitted to be taken by it in accordance with advice or instructions
of any such officer or for any delay in acting while waiting for those instructions.

 

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20.8 The Rights Agent and
any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the
Company, or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to
the Company, or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing herein shall preclude
the Rights Agent from acting in any other capacity for the Company or for any other legal entity.

 

20.9 The Rights Agent may
execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its
attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, default, neglect, or misconduct of any such
attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct absent gross negligence,
willful misconduct or bad faith in the selection and continued employment of such attorneys or agents (which gross negligence or bad faith
must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

20.10 No provision of this
Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such
funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

20.11 The Rights Agent shall
not be required to take notice or be deemed to have notice of any fact, event or determination (including, without limitation, any dates
or events defined in this Agreement or the designation of any Person as an Acquiring Person, Affiliate or Associate) under this Agreement
unless and until the Rights Agent shall be specifically notified in writing by the Company of such fact, event or determination.

 

20.12 The Rights Agent shall
have no responsibility to the Company or any holders of the Right Certificates for interest or earnings on any moneys held by the Rights
Agent pursuant to this Agreement.

 

20.13 The Rights Agent may
rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor
institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature
guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or
any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.

 

20.14 The Rights Agent shall
not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement
filed or to be filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable
regulation or law.

 

20.15 The Rights Agent
shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of the Right Certificates
with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

    -26-

     

    

 

21. Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon thirty (30) days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates
is not also the transfer agent for the Company, if known to the Rights Agent, to each transfer agent of the Common Shares, the Series
D Preferred Shares and the Preferred Shares by registered or certified mail. In the event the transfer agency relationship in effect between
the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its
duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required
notice. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) days’ notice in writing, mailed to
the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Shares, the Series D Preferred
Shares and the Preferred Shares by registered or certified mail, and, after the Distribution Date, to the holders of the Right Certificates
by first class mail. If the Rights Agent shall resign or be removed, or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent, or by the holder of a Right Certificate (who shall, with such notice, submit such Right Certificate for inspection by the
Company), then the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of
a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a Person organized and doing
business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws
to exercise corporate trust or stock transfer powers, is subject to supervision or examination by federal or state authority, and has,
along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least $50 million. After
appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed, and the predecessor Rights Agent shall deliver and transfer to the successor Rights
Agent any property at the time held by it hereunder, and shall execute and deliver any further assurance, conveyance, act or deed necessary
for the purpose; provided that such predecessor Rights Agent shall not be required to make any additional expenditure or assume
any additional liability in connection with the foregoing. Not later than the effective date of any such appointment the Company shall
file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares, the Series D Preferred
Shares and the Preferred Shares, and, after the Distribution Date, mail a notice in writing to the registered holders of the Right Certificates.
Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity
of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

22. Issuance
of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Right Certificates to the
contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its
Board to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or
property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in
connection with the issuance or sale of Common Shares or Series D Preferred Shares following the Distribution Date and prior to the
earlier of the Redemption Date and the Close of Business on the Final Expiration Date, the Company may, with respect to Common
Shares or Series D Preferred Shares so issued or sold (i) pursuant to the exercise of stock options; (ii) under any
employment plan or arrangement; (iii) upon the exercise, conversion or exchange of securities, notes or debentures issued by
the Company; or (iv) pursuant to a contractual obligation of the Company, in each case existing prior to the Distribution Date,
issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale.

 

    -27-

     

    

 

23. Redemption.

 

23.1 The Board may, at its
option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all, but not less than all, of the then outstanding
Rights at a redemption price of $0.001 per one one-thousandth of a Preferred Share represented by a Right, appropriately adjusted to reflect
any stock split, stock dividend or similar transaction occurring after the date hereof (the “Redemption Price”). The
redemption of the Rights by the Board may be made effective at such time, on such basis and subject to such conditions as the Board in
its sole discretion may establish. The Redemption Price shall be payable, at the option of the Company, in cash, Common Shares or such
other form of consideration as the Board shall determine.

 

23.2 Immediately upon the
time of the effectiveness of the redemption of the Rights or such earlier time as may be determined by the Board in the action ordering
such redemption (although not earlier than the time of such action) (the “Redemption Date”), and without any further
action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights
shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption; provided, however,
that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten days after action
of the Board ordering the redemption of the Rights (or such later time as the Board may establish for the effectiveness of such redemption),
the Company shall mail a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear
upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common
Shares and the Series D Preferred Shares. Any notice mailed in the manner herein provided shall be deemed given, whether or not the holder
receives the notice. If the payment of the Redemption Price is not included with such notice, each such notice shall state the method
by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire
or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24,
other than in connection with the purchase of Common Shares or Series D Preferred Shares prior to the Distribution Date.

 

24. Exchange.

 

24.1 The Board may, at
its option, at any time after a Stock Acquisition Date, exchange all or part of the then outstanding and exercisable Rights (which
excludes Rights that have become void pursuant to Section 11.1.2) for Common Shares at an exchange ratio of one Common Share
per one one-thousandth of a Preferred Share represented by a Right, appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date hereof (the “Exchange Ratio”). Notwithstanding the
foregoing, the Board shall not be empowered to effect such exchange at any time after an Acquiring Person becomes the Beneficial
Owner of a majority of the Common Shares then outstanding. From and after the occurrence of an event specified in Section 13.1,
any rights that theretofore have not been exchanged pursuant to this Section 24 shall thereafter be exercisable only in
accordance with Section 13 and may not be exchanged pursuant to this Section 24. The exchange of the Rights by the Board
may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish.

 

    -28-

     

    

 

24.2 Immediately upon effectiveness
of the action of the Board ordering the exchange of any Rights pursuant to Section 24.1, and without any further action and without
any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive
that number of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall
promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such
notice shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the holders
of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method
by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights
which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which
have become void pursuant to the provisions of Section 11.1.2) held by each holder of Rights.

 

24.3 In any exchange pursuant
to this Section 24, the Company, at its option, may substitute Preferred Shares or Common Stock Equivalents for Common Shares exchangeable
for Rights, at the initial rate of one one-thousandths of a Preferred Share (or an appropriate number of Common Stock Equivalents) for
each Common Share, as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Shares pursuant to the terms
thereof, so that the fraction of a Preferred Share delivered in lieu of each Common Share shall have the same voting rights as one Common
Share.

 

24.4 If there shall not be
sufficient Common Shares, Preferred Shares or Common Stock Equivalents authorized but unissued to permit any exchange of Rights as contemplated
in accordance with this Section 24, the Company shall take all such action as may be necessary to authorize additional Common Shares,
Preferred Shares or Common Stock Equivalents for issuance upon exchange of the Rights.

 

24.5 The Company shall
not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu
of issuing fractional Common Shares, the Company may instead pay to the registered holders of the Right Certificates with regard to
which such fractional Common Shares would otherwise be issuable an amount in cash equal to the same fraction of the current per
share market value of a whole Common Share. For the purposes of this Section 24.5, the current per share market value of a
whole Common Share shall be the closing price of a Common Share (as determined pursuant to the second sentence of
Section 11.4.1) for the Trading Day immediately prior to the date of exchange pursuant to this Section.

 

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24.6 Notwithstanding anything
in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time, on such basis and with such conditions
as the Board in its sole discretion may establish. Without limiting the preceding sentence, the Board may (i) in lieu of issuing
Common Shares or any other securities contemplated by this Section 24 to the Persons entitled thereto in connection with the exchange
(such Persons, the “Exchange Recipients,” and such shares and other securities, together with any dividends or distributions
made on such shares or other securities, the “Exchange Property”) issue, transfer or deposit the Exchange Property
to or into a trust or other entity that may hold such Exchange Property for the benefit of the Exchange Recipients (provided that
such trust or other entity may not be controlled by the Company or any of its Affiliates or Associates, and provided further that
the trustee or similar fiduciary of the trust or other entity will attempt to distribute the Exchange Property to the Exchange Recipients
as promptly as practicable), (ii) permit such trust or other entity to exercise all of the rights that a stockholder of record would
possess with respect to any shares deposited in such trust or entity and (iii) impose such procedures as are necessary to verify
that the Exchange Recipients are not Acquiring Persons or Affiliates or Associates of Acquiring Persons as of any time periods established
by the Board or such trust or entity. In the event the Board determines, before the Distribution Date, to effect an exchange, such Board
may delay the occurrence of the Distribution Date to such time as such Board deems advisable; provided that the Distribution Date
must occur no later than twenty (20) days after the Stock Acquisition Date.

 

25. Notice
of Certain Events.

 

25.1 If the Company shall,
at any time after the Distribution Date, propose (i) to pay any dividend payable in stock of any class to the holders of the
Preferred Shares or to make any other distribution to the holders of the Preferred Shares (other than a regular quarterly cash
dividend), (ii) to offer to the holders of the Preferred Shares rights or warrants to subscribe for or to purchase any
additional Preferred Shares or shares of stock of any class or any other securities, rights or options, (iii) to effect any
reclassification of the Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred
Shares), (iv) to effect any share exchange, consolidation or merger into or with, or to effect any sale or other transfer (or
to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the
assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to, any other Person, (v) to effect the
liquidation, dissolution or winding-up of the Company, or (vi) to declare or pay any dividend on the Common Shares payable in
Common Shares, or to effect a subdivision, combination or consolidation of the Common Shares (by reclassification or otherwise than
by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate, in
accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of
such stock dividend, or distribution of rights or warrants, or the date on which such share exchange, reclassification,
consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to take place and the date of participation therein
by the holders of the Common Shares, the Series D Preferred Shares, the Preferred Shares or all, if any such date is to be fixed,
and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least ten (10) days prior to
the record date for determining holders of the Preferred Shares for purposes of such action, and in the case of any such other
action, at least ten (10) days prior to the date of the taking of such proposed action or the date of participation therein by the
holders of the Common Shares, the Series D Preferred Shares, the Preferred Shares or all, whichever shall be the earlier. The
failure to give notice required by this Section 25.1 or any defect therein shall not affect the legality or validity of the
action taken by the Company or the vote upon any such action.

 

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25.2 The Company shall, as
soon as practicable after a Stock Acquisition Date, give to each holder of a Right Certificate (or, if occurring prior to the Distribution
Date, the holders of Common Shares and Series D Preferred Shares), in accordance with Section 26, a notice that describes the transaction
in which a Person became an Acquiring Person and the consequences of the transaction to holders of Rights under Section 11.1.2.

 

26. Notices.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or
on the Company shall be sufficiently given or made if in writing and sent by overnight delivery service or first-class mail, postage prepaid,
properly addressed (until another address is filed in writing with the Rights Agent) as follows:

 

Ashford Inc.

14185 Dallas Parkway Suite 1200,

Dallas, Texas 75254

Attention: General Counsel

 

Copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Richard M. Brand

 

Subject to the provisions
of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any
Right Certificate to or on the Rights Agent shall be sufficiently given or made if in writing and sent by overnight delivery service or
first-class mail, postage prepaid, properly addressed (until another address is filed in writing with the Company) or by facsimile transmission
(with receipt confirmation) as follows:

 

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention: Client Services

Facsimile: (718) 575-4210

 

Notices or demands authorized
by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry
books of the Company.

 

27. Supplements
and Amendments. The Company may from time to time, and the Rights Agent shall if the Company so directs, supplement or
amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or
supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make any
change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company may deem
necessary or desirable; provided, however, that, from and after such time as any Person becomes an Acquiring Person,
this Agreement shall not be amended or supplemented in any manner which would adversely affect the interests of the holders of
Rights (other than an Acquiring Person and its Affiliates and Associates). Upon the delivery of a certificate from an Authorized
Officer which states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent
shall execute such supplement or amendment. Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not
be required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights,
duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly
executed by the Rights Agent.

 

    -31-

     

    

 

28. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

 

29. Benefits
of This Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent
and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares and Series D Preferred Shares)
any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the
Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares
and Series D Preferred Shares).

 

30. Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, null and void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated; provided that, if any such excluded terms,
provisions, covenants or restrictions shall adversely affect the rights, immunities, liabilities, duties, responsibilities or obligations
of the Rights Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company pursuant to the requirements
of Section 26 of this Agreement.

 

31. Governing
Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the
State of Nevada and for all purposes shall be governed by and construed in accordance with the laws of such state applicable to contracts
to be made and performed entirely within such state, except that the rights, duties and obligations of the Rights Agent shall be governed
by and construed in accordance with the laws of the State of New York applicable to contracts to be made and performed entirely within
such state.

 

32. Counterparts.
This Agreement may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted
electronically shall have the same authority, effect and enforceability as an original signature.

 

    -32-

     

    

 

33. Descriptive
Headings; Interpretation. Descriptive headings of the sections of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. Each reference in this Agreement
to a period of time following or after a specified date or event shall be calculated without including such specified date or the day
on which such specified event occurs.

 

34. Administration.
The Board shall have the exclusive power and authority to administer and interpret the provisions of this Agreement and to exercise all
rights and powers specifically granted to the Board or the Company or as may be necessary or advisable in the administration of this Agreement.
Without limiting any of the rights and immunities or expanding any of the duties or obligations of the Rights Agent under this Agreement,
all such actions, calculations, determinations and interpretations which are done or made by the Board in good faith shall be final, conclusive
and binding on the Company, the Rights Agent, holders of the Rights and all other parties and shall not subject the Board to any liability
to the holders of the Rights.

 

35. Force
Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent will not have any liability for not performing,
or a delay in the performance of, any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control
of the Rights Agent (including, without limitation, any act or provision of any present or future law or regulation or government authority,
any act of God, war, civil or military disobedience or disorder, riot, terrorism, fire, earthquake, storm, flood, strike, work stoppage
or similar occurrence or breakdowns or malfunctions, interruptions or malfunctions of any utilities, communications, or computer facilities,
or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems). The Rights Agent shall
provide the Company prompt notice as soon as practicable in the event that any such delay or failure in performance occurs and keep the
Company apprised of developments and mitigation efforts with respect thereto.

 

    -33-

     

    

 

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

 

Ashford Inc.

 

	By:	/s/ Alex Rose	 

		Name:	Alex Rose	 
	 	Title:	Executive
Vice President, General Counsel and Secretary	 

 

Computershare Trust Company, N.A.,

as Rights Agent

 

	By:	/s/ Peter Duggan	 

		Name:	Peter Duggan	 
	 	Title:	Senior Vice
President	 

 

[Signature Page to Ashford Inc. Rights Agreement]

 

     

     

    

 

 

EXHIBIT A

 

ATTACHMENT A TO CERTIFICATE OF DESIGNATION

 

of

 

SERIES F PREFERRED STOCK

 

of

 

ASHFORD INC.

 

 

 

RESOLVED, that pursuant to
the authority vested in the Board of Directors in accordance with the provisions of the Articles of Incorporation, a series of Preferred
Stock, par value $0.001 per share, of the Corporation be and it hereby is created, and that the designation and amount thereof and the
voting powers, preferences, and relative rights of the shares of such series, and the qualifications, limitations or restrictions thereof
are as follows:

 

Section 1. Designation
and Amount. The shares of this series shall be designated as Series F Preferred Stock (the “Series F Preferred Stock”),
and the number of shares constituting the Series F Preferred Stock shall be two million (2,000,000). Such number of shares may be increased
or decreased by resolution of the Board without any shareholder approval; provided that no decrease shall reduce the number
of shares of Series F Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for
issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the
Corporation convertible into Series F Preferred Stock.

 

Section 2. Dividends and
Distributions.

 

(a)               Subject
to the rights of the holders of any shares of any class or series of Preferred Stock (or any other stock of the Corporation) ranking
prior and superior to the shares of Series F Preferred Stock with respect to dividends, the holders of shares of Series F Preferred
Stock, in preference to the holders of shares of any class or series of stock of the Corporation ranking junior to the Series F
Preferred Stock in respect thereof, shall be entitled to receive, when, as and if declared by the Board out of funds legally
available for the purpose, quarterly dividends payable in cash on the last day of March, June, September and December in each year
(each such date a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date
after the first issuance of a share or fraction of a share of Series F Preferred Stock, in an amount (if any) per share (rounded to
the nearest cent), subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate per
share amount of all cash dividends, and 1,000 multiplied by the aggregate per share amount (payable in kind) of all non-cash
dividends or other distributions, other than a dividend payable in shares of Common Stock, par value $0.001 per share (the
 “Common Stock”), of the Corporation or a subdivision of the outstanding shares of Common Stock (by
reclassification or otherwise) declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with
respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series F
Preferred Stock. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of
Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the amount to which holders of shares of Series F Preferred Stock were entitled immediately prior to such
event under the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event.

 

    A-1

     

    

 

(b)              
The Corporation shall declare a dividend or distribution on the Series F Preferred Stock as provided in paragraph (a) of this Section
2 immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).

 

(c)              
Dividends due pursuant to paragraph (a) of this Section 2 shall begin to accrue and be cumulative on outstanding shares of Series
F Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of
such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin
to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the
record date for the determination of holders of shares of Series F Preferred Stock entitled to receive a quarterly dividend and before
such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly
Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series F Preferred Stock
in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on
a share-by-share basis among all such shares at the time outstanding.

 

Except as may be otherwise
required by law, the Board may fix a record date for the determination of holders of shares of Series F Preferred Stock entitled to receive
payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the
payment thereof.

 

Section 3. Voting Rights.
The holders of shares of Series F Preferred Stock shall have the following voting rights:

 

(a)               Subject
to the provision for adjustment hereinafter set forth, each share of Series F Preferred Stock shall entitle the holder thereof to
1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any
time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or
consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of
Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to
which holders of shares of Series F Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying
such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event
and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

 

    A-2

     

    

 

(b)              
Except as otherwise provided in the Corporation’s Articles of Incorporation (as amended on November 6, 2019 and as further
amended or supplemented through the date hereof) (the “Charter”), including any other Certificate of Designation creating
a series of Preferred Stock or any similar stock, or by law, the holders of shares of Series F Preferred Stock and the holders of shares
of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters
submitted to a vote of stockholders of the Corporation.

 

(c)              
Except as set forth herein, or as otherwise required by law, holders of Series F Preferred Stock shall have no special voting rights
and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein)
for taking any corporate action.

 

Section 4. Certain Restrictions.

 

(a)              
Whenever quarterly dividends or other dividends or distributions payable on the Series F Preferred Stock as provided in Section
2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series
F Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 

(i)                
declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding-up) to the Series F Preferred Stock;

 

(ii)             
declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or
upon liquidation, dissolution or winding-up) with the Series F Preferred Stock, except dividends paid ratably on the Series F Preferred
Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled; or

 

(iii)           
redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding-up) to the Series F Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise
acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (as to dividends and upon
dissolution, liquidation or winding-up) to the Series F Preferred Stock.

 

(b)              
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares
of stock of the Corporation unless the Corporation could, under paragraph (a) of this Section 4, purchase or otherwise acquire such shares
at such time and in such manner.

 

    A-3

     

    

 

Section 5. Reacquired Shares.
Any shares of Series F Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and
canceled promptly after the acquisition thereof. All such shares shall upon their cancellation automatically and without further Board
action become authorized but unissued shares of Preferred Stock that may be reissued as part of a new series of Preferred Stock subject
to the conditions and restrictions on issuance set forth herein or in the Charter, including any Certificate of Designation creating a
series of Preferred Stock or any similar stock, or as otherwise required by law.

 

Section 6. Liquidation,
Dissolution or Winding-Up.

 

(a)              
Upon any liquidation, dissolution or winding-up of the Corporation, voluntary or otherwise, no distribution shall be made to the
holders of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding-up) to the Series F Preferred Stock
unless, prior thereto, the holders of Series F Preferred Stock shall have received an amount per share (the “Series F Liquidation
Preference”) equal to an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied
by the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid
dividends. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the aggregate amount to which holders of shares of Series F Preferred Stock were entitled immediately prior to such event under the
preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.

 

(b)              
If there are not sufficient assets available to permit payment in full of the Series F Liquidation Preference and the liquidation
preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series F Preferred Stock
in respect thereof, then the assets available for such distribution shall be distributed ratably to the holders of the Series F Preferred
Stock and the holders of such parity shares in proportion to their respective liquidation preferences.

 

(c)              
Neither the merger nor consolidation of the Corporation into or with another entity nor the merger or consolidation of any other
entity into or with the Corporation shall be deemed to be a liquidation, dissolution or winding-up of the Corporation within the meaning
of this Section 6.

 

    A-4

     

    

 

Section 7. Consolidation,
Merger, Etc. If the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case
each share of Series F Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject to
the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate amount of stock, securities, cash
and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or
exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of
Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series F
Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

 

Section 8. Amendment.
At any time that any shares of Series F Preferred Stock are outstanding, the Charter shall not be amended in any manner, including in
a merger, consolidation or otherwise, which would alter, change or repeal the powers, preferences or rights of the Series F Preferred
Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series
F Preferred Stock, voting separately a single class.

 

Section 9. Rank. The
Series F Preferred Stock shall rank, with respect to the payment of dividends and upon liquidation, dissolution and winding-up, junior
to all other series of Preferred Stock, unless the terms of any such series shall provide otherwise, and shall rank senior to the Common
Stock as to such matters.

 

    A-5

     

    

 

EXHIBIT B

 

Form of Right Certificate

 

Certificate No. R- Rights

 

NOT EXERCISABLE AFTER JULY 30, 2023 OR EARLIER
IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE
RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY
OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR ANY SUBSEQUENT
HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

Right Certificate

ASHFORD INC.

 

This certifies that ________________, or registered
assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms,
provisions and conditions of the Rights Agreement dated as of August 30, 2022, (as may be further amended from time to time, the “Rights
Agreement”), between Ashford Inc., a Nevada corporation (the “Company”), and Computershare Trust Company,
N.A., a federally chartered trust company (or any successor Rights Agent thereunder, the “Rights Agent”), to purchase
from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 p.m., New
York time, on the Expiration Date, at the office or offices of the Rights Agent designated for such purpose, or at the office or offices
of its successor as Rights Agent designated for such purpose, one one-thousandths of a fully paid non-assessable share of Series F Preferred
Stock, par value $0.001 per share (the “Preferred Shares”), of the Company, at a purchase price of $275.00 per one
one-thousandths of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right Certificate
with the Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of one one-thousandths
of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number
and Purchase Price as of September 9, 2022, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement,
the Purchase Price and the number of one one-thousandths of a Preferred Share (or other securities or property) which may be purchased
upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain
events.

 

From and after the occurrence of a Stock Acquisition
Date (as defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are or were at any time on or after the earlier
of (x) the date of such event or (y) the Distribution Date acquired or beneficially owned by an Acquiring Person or an Associate or Affiliate
of an Acquiring Person, such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights.

 

    B-1

     

    

 

This Right Certificate is subject to all of the
terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are incorporated herein by this reference
and made a part hereof, and to which Rights Agreement reference is made for a full description of the rights, limitations of rights, obligations,
duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement
are on file at the principal executive offices of the Company and the office or offices of the Rights Agent designated for such purpose.
The Company will mail to the holders of this Right Certificate a copy of the Rights Agreement without charge after receipt of a written
request therefor.

 

This Right Certificate, with or without other
Right Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, may be exchanged for another
Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number
of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder
to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another
Right Certificate or Right Certificates for the number of whole Rights not exercised.

 

Subject to the provisions of the Rights Agreement,
at the Company’s option, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.001
per Right or (ii) may be exchanged in whole or in part for shares of the Company’s Common Stock, par value $0.001 per share, or
Preferred Shares.

 

No fractional Preferred Shares will be issued
upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandths of
a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment
will be made, as provided in the Rights Agreement.

 

No holder of this Right Certificate, as such,
shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities
of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything contained in the Rights Agreement
or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement),
or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have
been exercised or exchanged as provided in the Rights Agreement.

 

This Right Certificate shall not be valid or obligatory
for any purpose until it shall have been countersigned by the Rights Agent.

 

[Signatures follow on the next page]

 

    B-2

     

    

 

WITNESS the facsimile signature
of the proper officers of the Company and its corporate seal.

 

Dated as of ___, ___.

 

	Attest:	Ashford Inc.

 

	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

Countersigned:

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

	By:	 	 
	 	Authorized Signature	 

 

    B-3

     

    

 

[Form of Reverse Side of Right Certificate]

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder if such
holder desires to transfer the Right Certificate.)

 

	FOR VALUE RECEIVED __________________ hereby sells, assigns and transfers unto	 
	 	 

(Please print name and address of transferee)

 

Rights represented by this Right Certificate,
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint _________________, Attorney, to
transfer said Rights on the books of the within-named Company, with full power of substitution.

 

DATED: ___________, _____

 

Signature

 

Signature Guaranteed:

 

Signatures must be guaranteed by an eligible guarantor
institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program).

 

Certificate

 

The undersigned hereby certifies that the Rights
evidenced by this Right Certificate are not beneficially owned by and were not acquired by the undersigned from, and are not being assigned
to, an Acquiring Person or an Affiliate or Associate thereof and are not issued with respect to notional Common Shares related to a Derivative
Interest described in Section 1.4.4 of the definition of Beneficial Owner (as such terms are defined in the Rights Agreement).

 

DATED: ___________, _____

 

 

	 	Signature

 

    B-4

     

    

 

[Form of Reverse Side of Right Certificate continued]

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to exercise Rights
represented by the Right Certificate)

To ASHFORD INC.:

 

The undersigned hereby irrevocably elects to exercise
Rights represented by this Right Certificate to purchase the Preferred Shares (or other securities or property) issuable upon the exercise
of such Rights and requests that certificates for such Preferred Shares (or other securities or property) be issued in the name of: ________________________________________________________________________________________________________

 

	Please insert Social Security or other identifying number: 	 

 

 

(Please print name and address)

If such number of Rights shall not be all the Rights
evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name
of and delivered to: _____________________________________________________________________________

 

	Please insert Social Security or other identifying
number:	 

 

 

(Please print name and address)

 

DATED: ___________, _____

 

Signature

 

(Signature must conform to the holder specified
on the Right Certificate)

 

Signature Guaranteed:

 

Signatures must be guaranteed by an eligible guarantor
institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program).

 

    B-5

     

    

 

[Form of Reverse Side of Right Certificate continued]

 

Certificate

 

The undersigned hereby certifies that the Rights
evidenced by this Right Certificate are not beneficially owned by, were not acquired by the undersigned from and are not being assigned
to an Acquiring Person or an Affiliate or Associate thereof and are not issued with respect to notional Common Shares related to a Derivative
Interest described in Section 1.4.4 of the definition of Beneficial Owner (as such terms are defined in the Rights Agreement).

 

DATED: ___________, _____

 

 

	 	Signature

 

NOTICE

 

The signature in the foregoing Forms of Assignment
and Election to Purchase must conform to the name as written upon the face of this Right Certificate in every particular, without alteration
or enlargement or any change whatsoever.

 

In the event the certification set forth above
in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such assignment or election to purchase
will not be honored.

 

    B-6

     

    

 

EXHIBIT C

 

UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE
RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS AGREEMENT)
AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

SUMMARY OF RIGHTS TO PURCHASE

PREFERRED SHARES

 

On August 30, 2022, the Board
of Directors (the “Board”) of Ashford Inc. (the “Company”) declared (i) a dividend to the holders
of the Common Stock, par value $0.001 per share (the “Common Shares”), outstanding on September 9, 2022 (the “Record
Date”) of one preferred share purchase right (a “Right”) for each Common Share and (ii) a dividend to the
holders of the Series D Preferred Shares (as defined below) outstanding on the Record Date of one Right in respect of each Common Share
that is issuable upon conversion of the Company’s Series D Convertible Preferred Stock, par value $0.001 per share (the “Series
D Preferred Shares”) as determined under the Certificate of Designation of the Series D Convertible Preferred Stock of Ashford
Inc. (the “Series D Certificate of Designation”). Each Right entitles the registered holder to purchase from the Company
one one-thousandths of a share of Series F Preferred Stock, par value $0.001 per share (the “Preferred Shares”), of
the Company, at a price of $275 per one one-thousandths of a Preferred Share represented by a Right (the “Purchase Price”),
subject to adjustment. The description and terms of the Rights are set forth in the Rights Agreement dated as of August 30, 2022, by and
between the Company and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (as may be amended from
time to time, the “Rights Agreement”).

 

Until the earlier to occur of
(i) 10 business days following a public announcement that a person or group of affiliated or associated persons has acquired beneficial
ownership of 10% or more of the outstanding Common Shares (with certain exceptions as described below, an “Acquiring Person”)
(or, in the event an exchange is effected in accordance with Section 24 of the Rights Agreement and the Board determines that a later
date is advisable, then such later date that is not more than 20 days after such public announcement) or (ii) 10 business days (or such
later date as may be determined by action of the Board prior to such time as any person becomes an Acquiring Person) following the commencement
of, or announcement of an intention to make, a tender offer or an exchange offer the consummation of which would result in the beneficial
ownership by a person or group of 10% or more of the outstanding Common Shares (the earlier of such dates, the “Distribution
Date”), the Rights will be evidenced, with respect to any of the Common Share certificates outstanding as of the Record Date,
by such Common Share certificate with a copy of this Summary of Rights attached thereto.

 

A person shall not be
deemed to be an “Acquiring Person” if (i) such person, on the date of the first public announcement of the
adoption of the Rights Agreement, is a Beneficial Owner of 10% or more of the Common Shares of the Company then outstanding (a
 “Grandfathered Stockholder”); provided, however, that Monty J. Bennett and his Affiliates and
Associates shall not be deemed to be an Acquiring Person; provided further that if a Grandfathered Stockholder becomes, after
the Record Date, the Beneficial Owner of additional Common Shares (other than as a result of (A) a stock dividend, stock split,
reverse stock split, subdivision or similar transaction effected by the Company in which all registered holders of Common Shares are
treated substantially equally, (B) the grant or issuance by the Company to its directors, officers and/or employees of options,
warrants, rights or similar interests, or any exchange thereof, to acquire Common Shares by the Company pursuant to any executive
compensation plan or arrangement, employee benefit, stock incentive plan, stock option plan or stock ownership plan of the Company
adopted by the Board, and the subsequent vesting, exercise or conversion of such options, warrants, rights or similar interests, (C)
the grant or issuance by the Company to its directors, officers and/or employees of restricted Common Shares or restricted stock
units pursuant to a restricted stock or other compensation plan or arrangement adopted by the Board and the subsequent vesting of
such shares or stock units, (D) the acquisition of Common Shares directly from the Company, or (E) the acquisition of Common Shares
solely as a result of corporate action of the Company not caused, directly or indirectly, by such person) regardless of whether,
thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of Common Shares then outstanding
beneficially owned by such Grandfathered Stockholder, then such Grandfathered Stockholder shall be deemed an Acquiring Person
unless, upon such acquisition of beneficial ownership of additional Common Shares, such Grandfathered Stockholder is not the
Beneficial Owner of 10% or more of the Common Shares then outstanding; provided further that upon the first decrease of a
Grandfathered Stockholder’s beneficial ownership below 10%, such Grandfathered Stockholder shall no longer be considered a
Grandfathered Stockholder and this clause (v) shall have no further force or effect with respect to such Grandfathered
Stockholder.

 

    C-1

     

    

 

“Beneficial
Ownership” shall include any securities such person or any of such person’s affiliates or associates (i)
beneficially owns, directly or indirectly, (ii) has the right to acquire, (iii) which are beneficially owned, directly or
indirectly, by any other person (or any affiliate or associate of such other person) with which such first person or any of such
first person’s affiliates or associates has (A) formed, or is acting together as, a group for the purposes of acquiring,
holding, voting (except pursuant to a revocable proxy as described in clause (ii) of Section 1.4.2 of the Rights Agreement) or
disposing securities of the Company, regardless of whether such persons are party to any written or unwritten agreement, arrangement
or understanding, (B) shared information about an upcoming Schedule 13D filing (or amendment thereto) that such person and/or such
first person and/or their respective affiliates and associates will be required to make, to the extent such information is not yet
public and communicated with the purpose of causing others to make purchases, and such person and/or first person and/or their
respective affiliates and associates subsequently purchases the Company’s securities based on such information, (C) entered
into any pooling arrangement, whether formal or informal, written or unwritten, (D) engaged in activities undertaken with the
purpose or effect of changing or influencing control of the Company or in connection with or as a participant in any transaction
having such purpose or effect, or (E) taken concerted actions related to the Company’s equity securities where such person and
such first person are directly or indirectly obligated to take such concerted action, and (iv) which are the subject of, or the
reference securities for, or that underlie, any derivative securities (as defined under Rule 16a-1 under the Exchange Act) of such
person or any of such person’s affiliates or associates that increase in value as the value of the underlying equity
increases, with the number of Common Shares deemed Beneficially Owned being the notional or other number of Common Shares specified
in the documentation evidencing the derivative interest as being subject to be acquired upon the exercise or settlement of the
derivative interest or as the basis upon which the value or settlement amount of such derivative interest is to be calculated in
whole or in part or, if no such number of Common Shares is specified in such documentation, as determined by the Board in its sole
discretion to be the number of Common Shares to which the derivative interest relates.

 

    C-2

     

    

 

The Rights Agreement provides
that, until the Distribution Date (or earlier expiration of the Rights), the Rights will be transferred with and only with the Common
Shares and the Series D Preferred Shares. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common
Share certificates issued after the Record Date or upon transfer or new issuance of Common Shares will contain a notation incorporating
the Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for
transfer of any certificates for Common Shares outstanding as of the Record Date, even without such notation or a copy of this Summary
of Rights being attached thereto, will also constitute the transfer of the Rights associated with the Common Shares or the Series D Preferred
Shares represented by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights
(“Right Certificates”) will be mailed to holders of record of the Common Shares and the Series D Preferred Shares as
of the close of business on the Distribution Date, and such separate Right Certificates alone will evidence the Rights.

 

The Rights are not exercisable
until the Distribution Date. The Rights will expire on July 30, 2023 (the “Final Expiration Date”), unless the Final
Expiration Date is extended or unless the Rights are earlier redeemed or exchanged by the Company, in each case, as described below, or
upon the occurrence of certain transactions.

 

The Purchase Price payable,
and the number of Preferred Shares or other securities or property issuable, upon exercise of the Rights is subject to adjustment from
time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred
Shares; (ii) upon the grant to holders of the Preferred Shares of certain rights or warrants to subscribe for or purchase Preferred Shares
at a price, or securities convertible into Preferred Shares with a conversion price, less than the then current market price of the Preferred
Shares; or (iii) upon the distribution to holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular periodic
cash dividends or dividends payable in Preferred Shares) or of subscription rights or warrants (other than those referred to above).

 

The number of outstanding Rights
and the number of Preferred Shares issuable upon exercise of each Right are also subject to adjustment in the event of a stock split of
the Common Shares or a stock dividend on the Common Shares payable in Common Shares or subdivisions, consolidations or combinations of
the Common Shares occurring, in any such case, prior to the Distribution Date.

 

Preferred Shares
purchasable upon exercise of the Rights will not be redeemable. Each Preferred Share will be entitled, when, as and if declared, to
a quarterly dividend payment of 1,000 multiplied by the dividend declared per Common Share. In the event of liquidation, dissolution
or winding up of the Company, the holders of the Preferred Shares will be entitled to a payment per share equal to 1,000 multiplied
by the aggregate payment made per Common Share. Each Preferred Share will have 1,000 votes, voting together with the Common Shares.
In the event of any merger, consolidation or other transaction in which Common Shares are converted or exchanged, each Preferred
Share will be entitled to receive 1,000 multiplied by the amount received per Common Share. These rights are protected by customary
antidilution provisions.

 

    C-3

     

    

 

Because of the nature of the
dividend, liquidation and voting rights of the Preferred Shares, the value of the one one-thousandths interest in a Preferred Share purchasable
upon exercise of each Right should approximate the value of one Common Share.

 

From and after the time any
person becomes an Acquiring Person, if the Rights evidenced by this Right Certificate are or were at any time on or after the earlier
of (i) the date of such event or (ii) the Distribution Date acquired or beneficially owned by an Acquiring Person or an associate or affiliate
of an Acquiring Person (as such terms are defined in the Rights Agreement), such Rights shall become void, and any holder of such Rights
shall thereafter have no right to exercise such Rights.

 

If, at any time after a person
becomes an Acquiring Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated
assets or Earning Power (as defined in the Rights Agreement) are sold, proper provision will be made so that each holder of a Right will
thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right, that number of shares
of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price
of the Right. If any person becomes an Acquiring Person, proper provision shall be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person and its affiliates and associates (which will thereafter be void), will thereafter have the
right to receive upon exercise that number of Common Shares having a market value of two times the exercise price of the Right. If the
Board so elects, the Company shall deliver upon payment of the exercise price of a Right an amount of cash or securities equivalent in
value to the Common Shares issuable upon exercise of a Right; provided that if the Company fails to meet such obligation within
30 days following the date a person becomes an Acquiring Person, the Company must deliver, upon exercise of a Right but without requiring
payment of the exercise price then in effect, Common Shares (to the extent available) and cash equal in value to the difference between
the value of the Common Shares otherwise issuable upon the exercise of a Right and the exercise price then in effect. The Board may extend
the 30-day period described above for up to an additional 60 days to permit the taking of action that may be necessary to authorize sufficient
additional Common Shares to permit the issuance of Common Shares upon the exercise in full of the Rights.

 

At any time after any person
becomes an Acquiring Person and prior to the acquisition by any person or group of a majority of the outstanding Common Shares, the Board
may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, at an exchange
ratio of one Common Share per Right (subject to adjustment).

 

With certain exceptions,
no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such
Purchase Price. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one
one-thousandths of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), and in lieu
thereof, an adjustment in cash will be made based on the market price of the Preferred Shares on the last trading day prior to the
date of exercise.

 

    C-4

     

    

 

At any time prior to the time
any person or group becomes an Acquiring Person, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right
(the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such
conditions as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the
Rights will terminate and the only right of the holders of the Rights will be to receive the Redemption Price.

 

The terms of the Rights Agreement
may be amended by the Board without the consent of the holders of the Rights, provided that no such amendment may adversely affect
the interests of the holders of the Rights.

 

Until a Right is exercised or
exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends.

 

A copy of the Rights Agreement
has been filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K dated August 31, 2022. A copy
of the Rights Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete
and is qualified in its entirety by reference to the Rights Agreement, which is hereby incorporated herein by reference.

 

    C-5

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