Document:

EXHIBIT 10.51

 

EXHIBIT
10.51

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE SECURITIES
LAWS, OR AN EXEMPTION FROM REGISTRATION THEREUNDER, IN EACH CASE, TO THE EXTENT APPLICABLE HERETO.

 

PROMISSORY
NOTE

 

	 	 	New
York, New York
	 	$9,550,000	May 7, 2015

 

FOR
VALUE RECEIVED, Hudson Bay Master Fund Ltd (the “Investor”) hereby promises to pay to Infinity Energy Resources,
Inc., a Delaware corporation (the “Company”), on the date set forth below, (i) the principal amount of Nine
Million, Five Hundred and Fifty Thousand Dollars ($9,550,000) and (ii) interest on the unpaid principal balance hereof at the
rate set forth herein (collectively, the “Obligations”). This Promissory Note (this “Note”)
is issued as payment, in part, of the purchase price of that certain Senior Secured Convertible Note of the Company, with an initial
aggregate principal amount of $12,000,000 (as such note may be amended, modified, supplemented, extended, renewed, restated or
replaced from time to time in accordance with the terms thereof, the “Convertible Note”), issued pursuant to
that certain Securities Purchase Agreement, dated as of May 7, 2015, by and among the Company and the investors party thereto
(as amended, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Securities Purchase
Agreement”). Capitalized terms not defined herein shall have the meaning as set forth in the Convertible Note. NEITHER
THIS NOTE NOR ANY INTEREST HEREIN MAY BE PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED, WHETHER BY THE COMPANY, OPERATION OF LAW,
COURT ORDER OR OTHERWISE, WITHOUT THE EXPRESS PRIOR WRITTEN CONSENT OF THE INVESTOR. ANY SUCH PURPORTED ASSIGNMENT OR TRANSFER
WITHOUT SUCH CONSENT SHALL BE NULL AND VOID.

 

1. Payment
of Principal. The principal amount of this Note (the “Principal”), together with all unpaid interest
accrued thereon and any other Obligations payable hereunder, shall be due and payable in full upon August 8, 2018 (the
“Maturity Date”); provided, that the Maturity Date shall be automatically extended by one (1) calendar day
for each calendar day after May 7, 2018 (the “Scheduled Convertible Note Maturity Date”), if any, that
all, or any part, of the Convertible Note remains outstanding.

 

2.
Payment of Interest. The unpaid Principal balance due hereunder shall bear interest (the “Interest”)
at an annual rate equal to 2.30% (the “Interest Rate”). Subject to Sections 3 and 7 below, Interest shall
be payable and due upon the Maturity Date. All interest shall be computed on the basis of a year of 365 or 366 days, as the
case may be, for the actual number of days (including the first day but excluding the last day) elapsed.

 

    	 

    	 

    

 

3. Prepayment
Prior to the Maturity Date.

 

(a) Optional
Prepayment. The Investor may, at its option at any time and from time to time hereafter, prepay, in whole or in part,
without premium or penalty, the Obligations under this Note (each, an “Optional Prepayment”).

 

(b) Mandatory
Prepayment. Upon any Mandatory Prepayment Event (as defined below), the Investor shall promptly prepay such aggregate
outstanding Principal of this Note equal to the applicable Mandatory Prepayment Amount (as defined below) with respect to
such Mandatory Prepayment Event. (each, a “Mandatory Prepayment”, and together with each Optional
Prepayment, each a “Prepayment”).

 

(c) Mechanics
of Prepayments. All Prepayments hereunder shall be made in cash, by wire transfer, in U.S. dollars and immediately
available funds, in accordance with the wire instructions delivered to the Investor by the Company on or prior to such date
of such Prepayment. At the option of the Company, prepayments may be made directly to the Company or to such other Persons as
the Company may direct in its wire instructions.

 

(d) Cancellation
of Interest upon Prepayment. Notwithstanding anything herein to the contrary, upon any Prepayment prior to the Maturity
Date (including, without limitation, any Mandatory Prepayment), the aggregate cash amount in such Prepayment shall be applied
entirely to and against any outstanding Principal under this Note, and any accrued and unpaid Interest with respect to the
Principal prepaid shall be automatically cancelled as of the date of such prepayment.

 

(d) Definitions.
For the purpose of this Note, the following definitions shall apply:

 

(i)
”Mandatory Prepayment Amount” means, with respect to any given Mandatory Prepayment Event, such amount of
cash as specified in the applicable clause of the definition of “Mandatory Prepayment Event” below (or, as
applicable, in such valid written notice delivered pursuant to such clause).

 

(ii)
”Mandatory Prepayment Event” means, as applicable, (i) with respect to any Restricted Principal of the
Convertible Note designated to be converted in a Conversion Notice, the Company’s receipt of both (A) such Conversion
Notice thereunder executed by the Investor in which all, or any part, of the principal of the Convertible Note to be
converted includes any Restricted Principal and (B) written confirmation by the Investor that the shares of Common Stock
issued pursuant to such Conversion Notice have been properly delivered in accordance with Section 3(c) of the Convertible
Note (in each case, as adjusted, if applicable, to reflect the withdrawal of any Conversion Notice, in whole or in part, by
the Investor, whether pursuant to Section 3(c)(ii) of the Convertible Note or otherwise), or (ii) the Investor’s
receipt of a valid written notice by the Company electing to effect a Mandatory Prepayment hereunder, delivered to the
Investor on a Trading Day at any time on or after the Company receives all Governmental Authorizations (as defined in the
Securities Purchase Agreement) necessary to commence drilling on at least five (5) Properties (as defined in the Securities
Purchase Agreement) reasonably acceptable to the Investor, (each, a “Mandatory Prepayment Notice”, and the
date thereof, a “Mandatory Prepayment Notice Date”); provided, that, with respect to this clause (ii), (x)
no Equity Conditions Failure may exist as of the date of the applicable Mandatory Prepayment, (y) the Company shall have
obtained forbearance agreements, in form and substance reasonably satisfactory to the Collateral Agent, with respect to each
of the Indebtedness and judgments described on Schedule II attached hereto and (z) the Company may not request any
Mandatory Prepayment to the extent that after giving effect to such Mandatory Prepayment (I) the aggregate cash held by (or
for the benefit of) the Company and/or any of its Subsidiaries (excluding cash held in the Collateral Account) would
be greater than or equal to $4 million or (II) more than $2 million of Prepayments shall have occurred during the sixty (60)
calendar day period ending and including the date of such Mandatory Prepayment.

 

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4.
Defaults.

 

(a)
the Investor shall be deemed in default hereunder upon the occurrence of any of the following (a “Default”):
 

 

(i)
Failure to Pay Principal or Interest. The failure of the Investor to pay, when due, all or any part of any Principal or Interest
required to be made hereunder; or

 

(ii)
Bankruptcy, etc. The Investor shall have entered against it by a court having jurisdiction thereof a decree or order for
relief in respect to the Investor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official shall
be appointed for the Investor or for any substantial part of the Investor’s property, or the winding up or liquidation
of the Investor’s affairs shall have been ordered; or the Investor shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect; or the Investor shall consent to the entry of an
order for such relief in an involuntary case under any such law, or any such involuntary case shall commence, and not be
dismissed within sixty (60) days; or the Investor shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or other similar official for the Investor or for any substantial part
of the Investor’s property, or make any general assignment for the benefit of creditors.

 

(b) Consequence
of Default. Upon the occurrence of a Default, the outstanding Obligations hereunder shall, at the option of the Company,
become immediately due and payable. Notwithstanding the foregoing, if there shall occur a Default under Section 4(a)(ii)
above, the entire outstanding Obligations hereunder, shall automatically become immediately due and payable without any
action on the part of the Company. Upon the occurrence of a Default, the Company shall also have all the rights and remedies
of a secured party on default under Article 9 of the Uniform Commercial Code of the State of New York with respect to the
Collateral (as hereinafter defined).

 

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5. Representations
and Warranties of the Investor. The Investor represents and warrants to the Company as follows as of the date hereof:
(a) the Investor has the power and authority to execute, deliver and perform all obligations in accordance herewith; (b) the
execution, delivery and performance by the Investor of this Note are within the Investor’s legal powers, and do not
contravene any law or any contractual restriction binding on or affecting the Investor; (c) no authorization or approval or
other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by the Investor of this Note; (d) this Note constitutes the legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with its terms, except to the extent
enforceability is limited by bankruptcy, insolvency, fraudulent conveyance, moratorium and other laws for the protection of
creditors generally and by general equitable principles; and (e) there is no pending or, to the Investor’s knowledge,
threatened action or proceeding affecting the Investor before any governmental agency or arbitrator with respect to the
transactions contemplated by this Note or which may materially adversely affect the property, assets or condition (financial
or otherwise) of the Investor.

 

6. Security.

 

(a) Grant
of Security Interest. As security for the due and prompt payment and performance of all payment obligations under this
Note and any modifications, replacements and extensions hereof (collectively, “Secured Obligations”), the
Investor hereby pledges and grants a security interest to the Company in all of the Investor’s right, title, and
interest in and to $9,550,000, in U.S. dollars and immediately available funds, held by the Investor in the bank account
described on Schedule I attached hereto (the “Collateral”, and such account, the
“Collateral Account”). So long as any Restricted Principal (as defined in the Convertible Note) remains
outstanding under the Convertible Note, the Investor shall keep a cash amount, in U.S. dollars and immediately available
funds, in the Collateral Account equal to the amount of Restricted Principal then outstanding.

 

(b) Change
in Collateral Account. The Investor may, with at least five (5) Trading Days notice to the Company, move the Collateral
to an account of the Investor (the “New Collateral Account”) to a financial institution selected by the
Investor, subject to the consent of the Company, not to be unreasonably withheld, and upon such move, such New Collateral
Account shall be the Collateral Account for all purposes hereunder.

 

7. Offset
Rights.

 

(a) Investor
Optional Offset. Notwithstanding anything herein to the contrary, Investor may, at any time on or after May 28, 2015, at its
option, at its sole discretion, satisfy all, or any part, of any Principal (and related accrued and unpaid Interest hereunder)
in full by the surrender and concurrent cancellation of such portion of the outstanding obligations under the Convertible Note
equal to such portion of Principal being satisfied hereunder (each, an “Investor Optional Offset”). Upon any
Investor Optional Offset, any accrued and unpaid Interest with respect to such portion of Principal being satisfied in such Investor
Optional Offset shall be automatically cancelled as of the date of such Investor Optional Offset. Each Investor Optional Offset
shall be effective upon the date the Investor delivers notice to the Company of the Investor’s election to effect such Investor
Optional Offset.

 

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(b) Redemption
Offset. Notwithstanding anything herein to the contrary, at the option of the Company, the Company may reduce the
Principal by any cash amount then due and payable by the Company to the Investor under the Convertible Note (after which such
cash amount shall be deemed to have been paid in full under the Convertible Note) (a “Redemption Offset”).
Upon any Redemption Offset, any accrued and unpaid Interest with respect to such portion of Principal being satisfied in such
Redemption Offset shall be automatically cancelled as of the date of such Redemption Offset. Each Redemption Offset shall be
effective upon the date the Company delivers notice to the Investor of the Company’s election to effect such Redemption
Offset.

 

(c) Event
of Default Offset. Notwithstanding anything herein to the contrary, Investor may, at any time on or after the occurrence
of any Event of Default under the Convertible Note, but prior to the date of cure thereof, at its sole discretion, satisfy
all, or any part, of any Principal (and related accrued and unpaid Interest hereunder) in full by the surrender and
concurrent cancellation of such portion of the outstanding obligations under the Convertible Note equal to such portion of
Principal being satisfied hereunder (each, an “Event of Default Offset”). Upon any Event of Default
Offset, any accrued and unpaid Interest with respect to such portion of Principal being satisfied in such Event of Default
Offset shall be automatically cancelled as of the date of such Event of Default Offset. Each Event of Default Offset shall be
effective upon the date the Investor delivers notice to the Company of the Investor’s election to effect such Event of
Default Offset.

 

(d) Automatic
Set-off Upon any Bankruptcy Event of Default. Notwithstanding anything herein to the contrary, upon any Bankruptcy Event
of Default under the Convertible Note, all Principal (and related accrued and unpaid Interest hereunder) shall be
automatically satisfied in full by the deemed automatic surrender and concurrent cancellation of the outstanding obligations
under the Convertible Note equal to such portion of Principal being satisfied hereunder (each, a “Bankruptcy Event
of Default Offset”, and together with the Investor Optional Offset, and Event of Default Offset, the
“Investor Offset Rights”). Upon any Bankruptcy Event of Default Offset, any accrued and unpaid Interest
with respect to such portion of Principal being satisfied in such Bankruptcy Event of Default Offset shall be automatically
cancelled as of the date of such Bankruptcy Event of Default Offset. Each Bankruptcy Event of Default Offset shall be
effective upon the date of the earliest occurrence of a Bankruptcy Event.

 

(e) Automatic
Offset Upon Prohibited Transfers of this Note. If for any reason, this Note or any interest herein is pledged, assigned
or transferred to any Person other than the Company without the prior written consent of the Investor, whether by contract,
operation of law, court order or otherwise (each, a “Prohibited Transfer”), (i) all of the outstanding
Principal shall be automatically deemed satisfied in full, (ii) 75% of the remaining Restricted Principal of the Convertible
Note shall be automatically cancelled (with the remaining 25% of the Restricted Principal of the Convertible Note
automatically becoming unrestricted principal thereunder), (iii) all accrued and unpaid Interest payable hereunder shall be
automatically cancelled and (iv) this Note shall be deemed to be paid in full and shall be null and void.

 

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(f) Investor
Offset Rights; Single Integrated Transaction. The Company hereby acknowledges and agrees that (i) the Investor shall be
entitled to exercise the Investor Offset Rights through any means permissible under applicable law, including without
limitation, set-off and recoupment and (ii) the Obligations of the Investor hereunder and the obligations of the Company
under the Convertible Note issued pursuant to the Securities Purchase Agreement arise in a single integrated transaction and
constitute related and interdependent obligations within such transaction.

 

8. Miscellaneous.

 

(a)
Full Recourse. The parties hereby acknowledge and agree that this Note is a full recourse obligation of the
Investor.

 

(b)
No Oral Waivers or Modifications. No provision of this Note may be waived or modified orally, but only in a writing
signed by the Company and the Investor.

 

(c) Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of
New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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

 

(e) Currency.
Principal and interest due hereunder shall be payable in lawful money of the United States of America and shall be payable
to the Company at the address of the Company, or at such other address as may be specified in a written notice to the
Investor given by the Company. The Company has provided the Investor with wire transfer instructions pursuant to which
payments may be made under this Note and such wire transfer instruction shall be valid for the entire period of this
Note.

 

(f) Weekend;
Holidays.If any payment on this Note shall become due on a Saturday, Sunday or a bank or legal holiday in the State
of New York, such payment shall be made on the next succeeding business day in the State of New York.

 

(g) Usury.
If interest payable under this Note is in excess of the maximum permitted by law, the interest chargeable hereunder shall be
reduced to the maximum amount permitted by law and any excess over the maximum amount permitted by law shall be credited to
the Principal balance of this Note and applied to the same and not to the payment of Interest.

 

(h) Remedies.
No delay or omission on the part of the Company in the exercise of any right or remedy hereunder shall operate as a waiver
thereof, and no partial exercise of any right or remedy precludes other or further exercise thereof or the exercise of any
other rights or remedy.

 

(i) Waiver
of Presentment. The Investor hereby waives presentment, diligence, protest and demand, notice of protest, demand
and dishonor and nonpayment of this Note.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, this Note has been executed as of the date first written above.

 

	 	HUDSON BAY MASTER FUND LTD
	 	 	 
	 	By:	/s/
    George Antonopoulos
	 	Name: 	George Antonopoulos
	 	Title:	 

 

Agreed and
accepted as of

this 7th day of May by:

 

	INFINITY ENERGY RESOURCES, INC.	 
	 	 	 
	By:	/s/ Stanton
    E. Ross 	 
	Name:	Stanton E. Ross	 
	Title: 	Chairman, President & CEO	 

 

    	8EXHIBIT 10.52

 

EXHIBIT 10.52

 

GUARANTY

 

This
GUARANTY, dated as of ____, 20__ (this “Guaranty”), is made by each of the undersigned (each a “Guarantor”,
and collectively, the “Guarantors”), in favor of Hudson Bay Master Fund Ltd, a company organized under the
laws of the Cayman Islands, in its capacity as collateral agent (in such capacity, the “Collateral Agent” as
hereinafter further defined) for the “Buyers” party to the Securities Purchase Agreement (each as defined below).

 

W
I T N E S S E T H :

 

WHEREAS,
Infinity Energy Resources, Inc., a Delaware corporation, with offices located at 11900 College Blvd., Suite 310, Overland Park
KS 66210 (the “Company”) and each party listed as a “Buyer” on the Schedule of Buyers attached
thereto (collectively, the “Buyers”) are parties to the Securities Purchase Agreement, dated as of May 7, 2015
(as amended, restated, replaced or otherwise modified from time to time, the “Securities Purchase Agreement”),
pursuant to which the Company shall be required to sell, and the Buyers shall purchase or have the right to purchase, the “Notes”
issued pursuant thereto (as such Notes may be amended, restated, replaced or otherwise modified from time to time in accordance
with the terms thereof, collectively, the “Notes”);

 

WHEREAS,
the Securities Purchase Agreement requires that the Guarantors execute and deliver to the Collateral Agent, (i) a guaranty guaranteeing
all of the obligations of the Company under the Securities Purchase Agreement, the Notes and the other Transaction Documents (as
defined below); and (ii) a Security and Pledge Agreement, dated as of the date hereof, granting the Collateral Agent a lien on
and security interest in in all of their assets and properties (the “Security Agreement”); and

 

WHEREAS,
each Guarantor has determined that the execution, delivery and performance of this Guaranty directly benefits, and is in the best
interest of, such Guarantor.

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities
Purchase Agreement, each Guarantor hereby agrees with each Buyer as follows:

 

Section
1. Definitions. Reference is hereby made to the Securities
Purchase Agreement and the Notes for a statement of the terms thereof. All terms used in this Guaranty and the recitals hereto
which are defined in the Securities Purchase Agreement or the Notes, and which are not otherwise defined herein shall have the
same meanings herein as set forth therein. In addition, the following terms when used in the Guaranty shall have the meanings
set forth below:

 

“Bankruptcy
Code” means Chapter 11 of Title 11 of the United States Code, 11 U.S.C §§ 101 et seq. (or other applicable
bankruptcy, insolvency or similar laws).

 

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

 

“Buyer”
or “Buyers” shall have the meaning set forth in the recitals hereto.

 

    	 

    	 

    

  

“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests, participations or
other equivalents (however designated and whether or not voting) of corporate stock (including, without limitation, any warrants,
options, rights or other securities exercisable or convertible into equity interests or securities of such Person), and (ii) with
respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person.

 

“Collateral”
means all assets and properties of the Company and each Guarantor, wherever located and whether now or hereafter existing
and whether now owned or hereafter acquired, of every kind and description, tangible or intangible, including, without limitation,
the collateral described in Section 2 of the Security Agreement.

 

“Collateral
Agent” shall have the meaning set forth in the recitals hereto.

 

“Company”
shall have the meaning set forth in the recitals hereto.

 

“Governmental
Authority” means any nation or government, any Federal, state, city, town, municipality, county, local, foreign or other
political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guaranteed
Obligations” shall have the meaning set forth in Section 2 of this Guaranty.

 

“Guarantor”
or “Guarantors” shall have the meaning set forth in the recitals hereto.

 

“Indemnified
Party” shall have the meaning set forth in Section 13(a) of this Guaranty

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under
any other bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions,
or extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Notes”
shall have the meaning set forth in the recitals hereto.

 

“Obligations”
shall have the meaning set forth in Section 3 of the Security Agreement.

 

“Other
Taxes” shall have the meaning set forth in Section 12(a)(iv) of this Guaranty.

 

“Paid
in Full” or “Payment in Full” means the indefeasible payment in full in cash of all of the Guaranteed Obligations.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated
organization, joint venture or other enterprise or entity or Governmental Authority.

 

“Securities
Purchase Agreement” shall have the meaning set forth in the recitals hereto.

 

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“Security
Agreement” shall have the meaning set forth in the recitals hereto.

 

“Subsidiary”
means any Person in which a Guarantor directly or indirectly, (i) owns any of the outstanding Capital Stock or holds any equity
or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration
of such Person, and all of the foregoing, collectively, “Subsidiaries”.

 

“Taxes”
shall have the meaning set forth in Section 12(a) of this Guaranty.

 

“Transaction
Party” means the Company and each Guarantor, collectively, “Transaction Parties”.

 

Section
2. Guaranty.

 

(a)
The Guarantors, jointly and severally, hereby unconditionally and irrevocably, guaranty to the Collateral Agent, for the benefit
of the Collateral Agent and the Buyers, the punctual payment, as and when due and payable, by stated maturity or otherwise, of
all Obligations, including, without limitation, all interest, make-whole and other amounts that accrue after the commencement
of any Insolvency Proceeding of the Company or any Guarantor, whether or not the payment of such interest, make-whole and/or other
amounts are enforceable or are allowable in such Insolvency Proceeding, and all fees, interest, premiums, penalties, causes of
actions, costs, commissions, expense reimbursements, indemnifications and all other amounts due or to become due under any of
the Transaction Documents (all of the foregoing collectively being the “Guaranteed Obligations”), and agrees
to pay any and all costs and expenses (including counsel fees and expenses) incurred by the Collateral Agent in enforcing any
rights under this Guaranty or any other Transaction Document. Without limiting the generality of the foregoing, each Guarantor’s
liability hereunder shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by the Company
to the Collateral Agent or any Buyer under the Securities Purchase Agreement and the Notes but for the fact that they are unenforceable
or not allowable due to the existence of an Insolvency Proceeding involving any Transaction Party.

 

(b)
Each Guarantor, and by its acceptance of this Guaranty, the Collateral Agent and each Buyer, hereby confirms that it is the intention
of all such Persons that this Guaranty and the Guaranteed Obligations of each Guarantor hereunder not constitute a fraudulent
transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
Act or any similar foreign, federal, provincial, state, or other applicable law to the extent applicable to this Guaranty and
the Guaranteed Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Collateral Agent, the Buyers
and the Guarantors hereby irrevocably agree that the Guaranteed Obligations of each Guarantor under this Guaranty at any time
shall be limited to the maximum amount as will result in the Guaranteed Obligations of such Guarantor under this Guaranty not
constituting a fraudulent transfer or conveyance.

 

Section
3. Guaranty Absolute; Continuing Guaranty; Assignments. 

 

(a)
The Guarantors, jointly and severally, guaranty that the Guaranteed Obligations will be paid strictly in accordance with the terms
of the Transaction Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Collateral Agent or any Buyer with respect thereto. The obligations of each Guarantor under
this Guaranty are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against
any Guarantor to enforce such obligations, irrespective of whether any action is brought against any Transaction Party or whether
any Transaction Party is joined in any such action or actions. The liability of any Guarantor under this Guaranty shall be as
a primary obligor (and not merely as a surety) and shall be irrevocable, absolute and unconditional irrespective of, and each
Guarantor hereby irrevocably waives, to the extent permitted by law, any defenses it may now or hereafter have in any way relating
to, any or all of the following:

 

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(i)
any lack of validity or enforceability of any Transaction Document;

 

(ii)
any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any
other amendment or waiver of or any consent to departure from any Transaction Document, including, without limitation, any increase
in the Guaranteed Obligations resulting from the extension of additional credit to any Transaction Party or extension of the maturity
of any Guaranteed Obligations or otherwise;

 

(iii)
any taking, exchange, release or non-perfection of any Collateral;

 

(iv)
any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed
Obligations;

 

(v)
any change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of
any Transaction Party; 

 

(vi)
any manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any Transaction Party under the Transaction Documents or any other assets of any Transaction Party
or any of its Subsidiaries;

 

(vii)
any failure of the Collateral Agent or any Buyer to disclose to any Transaction Party any information relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of any other Transaction Party now or hereafter
known to the Collateral Agent or any Buyer (each Guarantor waiving any duty on the part of the Collateral Agent or any Buyer to
disclose such information);

 

(viii)
taking any action in furtherance of the release of any Guarantor or any other Person that is liable for the Obligations from all
or any part of any liability arising under or in connection with any Transaction Document without the prior written consent of
the Collateral Agent; or

 

(ix)
any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Collateral Agent or any Buyer that might otherwise constitute a defense available to, or a discharge of, any Transaction
Party or any other guarantor or surety.

 

    	4

    	 

    

 

(b)
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by the Collateral Agent, any Buyer, or any other Person upon the insolvency,
bankruptcy or reorganization of any Transaction Party or otherwise, all as though such payment had not been made.

 

(c)
This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until Payment in Full of the Guaranteed Obligations
(other than inchoate indemnity obligations) and shall not terminate for any reason prior to the respective Maturity Date of each
Note (other than Payment in Full of the Guaranteed Obligations) and (ii) be binding upon each Guarantor and its respective successors
and assigns. This Guaranty shall inure to the benefit of and be enforceable by the Collateral Agent, the Buyers, and their respective
successors, and permitted pledgees, transferees and assigns. Without limiting the generality of the foregoing sentence, the Collateral
Agent or any Buyer may pledge, assign or otherwise transfer all or any portion of its rights and obligations under and subject
to the terms of any Transaction Document to any other Person, and such other Person shall thereupon become vested with all the
benefits in respect thereof granted to the Collateral Agent or such Buyer (as applicable) herein or otherwise, in each case as
provided in the Securities Purchase Agreement or such Transaction Document.

 

Section
4. Waivers. To the extent permitted by applicable law, each
Guarantor hereby waives promptness, diligence, protest, notice of acceptance and any other notice or formality of any kind with
respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Collateral Agent exhaust any right
or take any action against any Transaction Party or any other Person or any Collateral. Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this
Section 4 is knowingly made in contemplation of such benefits. The Guarantors hereby waive any right to revoke this Guaranty,
and acknowledge that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or
in the future. Without limiting the foregoing, to the extent permitted by applicable law, each Guarantor hereby unconditionally
and irrevocably waives (a) any defense arising by reason of any claim or defense based upon an election of remedies by the
Collateral Agent or any Buyer that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor to proceed against any
of the other Transaction Parties, any other guarantor or any other Person or any Collateral, and (b) any defense based on
any right of set-off or counterclaim against or in respect of the Guaranteed Obligations of such Guarantor hereunder. Each Guarantor
hereby unconditionally and irrevocably waives any duty on the part of the Collateral Agent or any Buyer to disclose to such Guarantor
any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or
prospects of any other Transaction Party or any of its Subsidiaries now or hereafter known by the Collateral Agent or a Buyer.

 

Section
5. Subrogation. No Guarantor may exercise any rights that
it may now or hereafter acquire against any Transaction Party or any other guarantor that arise from the existence, payment, performance
or enforcement of any Guarantor’s obligations under this Guaranty, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Collateral
Agent or any Buyer against any Transaction Party or any other guarantor or any Collateral, whether or not such claim, remedy or
right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from
any Transaction Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security solely on account of such claim, remedy or right, unless and until there has been Payment in Full
of the Guaranteed Obligations. If any amount shall be paid to a Guarantor in violation of the immediately preceding sentence at
any time prior to Payment in Full of the Guaranteed Obligations and all other amounts payable under this Guaranty, such amount
shall be held in trust for the benefit of the Collateral Agent and shall forthwith be paid to the Collateral Agent to be credited
and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in
accordance with the terms of the Transaction Document, or to be held as Collateral for any Guaranteed Obligations or other amounts
payable under this Guaranty thereafter arising. If (a) any Guarantor shall make payment to the Collateral Agent of all or
any part of the Guaranteed Obligations, and (b) there has been Payment in Full of the Guaranteed Obligations, the Collateral Agent
will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse
and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in
the Guaranteed Obligations resulting from such payment by such Guarantor.

 

    	5

    	 

    

 

Section
6. Representations, Warranties and Covenants.

 

(a)
Each Guarantor hereby represents and warrants as of the date first written above as follows:

 

(i)
such Guarantor (A) is a corporation, limited liability company or limited partnership duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization as set forth on the signature pages hereto, (B) has all requisite
corporate, limited liability company or limited partnership power and authority to conduct its business as now conducted and as
presently contemplated and to execute, deliver and perform its obligations under this Guaranty and each other Transaction Document
to which such Guarantor is a party, and to consummate the transactions contemplated hereby and thereby and (C) is duly qualified
to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or
in which the transaction of its business makes such qualification necessary except where the failure to be so qualified (individually
or in the aggregate) would not result in a Material Adverse Effect.

 

(ii)
The execution, delivery and performance by such Guarantor of this Guaranty and each other Transaction Document to which such Guarantor
is a party (A) have been duly authorized by all necessary corporate, limited liability company or limited partnership action,
(B) do not and will not contravene its charter, articles, certificate of formation or by-laws, its limited liability company or
operating agreement or its certificate of partnership or partnership agreement, as applicable, or any applicable law or any contractual
restriction binding on such Guarantor or its properties do not and will not result in or require the creation of any lien, security
interest or encumbrance (other than pursuant to any Transaction Document) upon or with respect to any of its properties, and (C)
do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any
material permit, license, authorization or approval applicable to it or its operations or any of its properties.

 

    	6

    	 

    

 

(iii)
No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other Person is
required in connection with the due execution, delivery and performance by such Guarantor of this Guaranty or any of the other
Transaction Documents to which such Guarantor is a party (other than expressly provided for in any of the Transaction Documents).

 

(iv)
This Guaranty has been duly executed and delivered by each Guarantor and is, and each of the other Transaction Documents to which
such Guarantor is or will be a party, when executed and delivered, will be, a legal, valid and binding obligation of such Guarantor,
enforceable against such Guarantor in accordance with its terms, except as may be limited by the Bankruptcy Code or other applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, suretyship or similar laws and equitable principles
(regardless of whether enforcement is sought in equity or at law). 

 

(v)
There is no pending or, to the best knowledge of such Guarantor, threatened action, suit or proceeding against such Guarantor
or to which any of the properties of such Guarantor is subject, before any court or other Governmental Authority or any arbitrator
that (A) if adversely determined, could reasonably be expected to have a Material Adverse Effect or (B) relates to this
Guaranty or any of the other Transaction Documents to which such Guarantor is a party or any transaction contemplated hereby or
thereby. 

 

(vi)
Such Guarantor (A) has read and understands the terms and conditions of the Securities Purchase Agreement and the other Transaction
Documents, and (B) now has and will continue to have independent means of obtaining information concerning the affairs, financial
condition and business of the Company and the other Transaction Parties, and has no need of, or right to obtain from the Collateral
Agent or any Buyer, any credit or other information concerning the affairs, financial condition or business of the Company or
the other Transaction Parties.

 

(vii)
There are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied or waived.

 

(b)
Each Guarantor covenants and agrees that until Payment in Full of the Guaranteed Obligations, it will comply with each of the
covenants (except to the extent applicable only to a public company) which are set forth in Section 4 of the Securities Purchase
Agreement as if such Guarantor were a party thereto.

 

Section
7. Right of Set-off. Upon the occurrence and during
the continuance of any Event of Default, the Collateral Agent and any Buyer may, and is hereby authorized to, at any time and
from time to time, without notice to the Guarantors (any such notice being expressly waived by each Guarantor) and to the fullest
extent permitted by law, set-off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by the Collateral Agent or any Buyer to or for the credit or the account
of any Guarantor against any and all obligations of the Guarantors now or hereafter existing under this Guaranty or any other
Transaction Document, irrespective of whether or not the Collateral Agent or any Buyer shall have made any demand under this Guaranty
or any other Transaction Document and although such obligations may be contingent or unmatured. The Collateral Agent and each
Buyer agrees to notify the relevant Guarantor promptly after any such set-off and application made by the Collateral Agent or
such Buyer, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of the Collateral Agent or any Buyer under this Section 7 are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which the Collateral Agent or such Buyer may have under this Guaranty or any other Transaction
Document in law or otherwise.

 

    	7

    	 

    

 

Section
8. Limitation on Guaranteed Obligations.

 

(a)
Notwithstanding any provision herein contained to the contrary, each Guarantor’s liability hereunder shall be limited to
an amount not to exceed as of any date of determination the greater of:

 

(i)
the amount of all Guaranteed Obligations, plus interest thereon at the applicable Interest Rate as specified in the Note; and

 

(ii)
the amount which could be claimed by the Collateral Agent from any Guarantor under this Guaranty without rendering such claim
voidable or avoidable under the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
Conveyance Act or similar statute or common law after taking into account, among other things, Guarantor’s right of contribution
and indemnification.

 

(b)
Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the amount of the liability
of such Guarantor hereunder without impairing the guaranty hereunder or affecting the rights and remedies of the Collateral Agent
or any Buyer hereunder or under applicable law.

 

(c)
No payment made by the Company, any Guarantor, any other guarantor or any other Person or received or collected by the Collateral
Agent or any other Buyer from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action
or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of
the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder
which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Guaranteed Obligations
or any payment received or collected from such Guarantor in respect of the Guaranteed Obligations), remain liable for the Guaranteed
Obligations up to the maximum liability of such Guarantor hereunder until after all of the Guaranteed Obligations and all other
amounts payable under this Guaranty shall have been Paid in Full. 

 

Section
9. Notices, Etc. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Guaranty must be in writing and will be deemed to have
been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business
Day after deposit with an nationally recognized overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same. All notices and other communications provided for hereunder shall be sent, if to any
Guarantor, to the Company’s address and/or facsimile number, or if to the Collateral Agent or any Buyer, to it at its respective
address and/or facsimile number, each as set forth in Section 9(f) of the Securities Purchase Agreement.

 

    	8

    	 

    

 

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

 

Section
11. WAIVER OF JURY TRIAL, ETC. EACH GUARANTOR HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER
ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY.

 

Section
12. Taxes.

(a)
All payments made by any Guarantor hereunder or under any other Transaction Document shall be made in accordance with the terms
of the respective Transaction Document and shall be made without set-off, counterclaim, withholding, deduction or other defense.
Without limiting the foregoing, all such payments shall be made free and clear of and without deduction or withholding for any
present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding
taxes imposed on the net income of the Collateral Agent or any Buyer by the jurisdiction in which the Collateral Agent or
such Buyer is organized or where it has its principal lending office (all such nonexcluded taxes, levies, imposts, deductions,
charges, withholdings and liabilities, collectively or individually, “Taxes”). If any Guarantor shall be required
to deduct or to withhold any Taxes from or in respect of any amount payable hereunder or under any other Transaction Document:

    	9

    	 

    

(i)
the amount so payable shall be increased to the extent necessary so that after making all required deductions and withholdings
(including Taxes on amounts payable to the Collateral Agent or any Buyer pursuant to this sentence) the Collateral Agent or each
Buyer receives an amount equal to the sum it would have received had no such deduction or withholding been made,

 

(ii)
such Guarantor shall make such deduction or withholding,

 

(iii)
such Guarantor shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law, and

 

(iv)
as promptly as possible thereafter, such Guarantor shall send the Collateral Agent or each Buyer an official receipt (or, if an
official receipt is not available, such other documentation as shall be satisfactory to the Collateral Agent, as the case may
be) showing payment. In addition, each Guarantor agrees to pay any present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery, registration
or enforcement of, or otherwise with respect to, this Guaranty or any other Transaction Document (collectively, “Other
Taxes”).

 

(b)
Each Guarantor hereby indemnifies and agrees to hold each Indemnified Party harmless from and against Taxes or Other Taxes (including,
without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 12)
paid by any Indemnified Party as a result of any payment made hereunder or from the execution, delivery, registration or enforcement
of, or otherwise with respect to, this Guaranty or any other Transaction Document, and any liability (including penalties, interest
and expenses for nonpayment, late payment or otherwise) arising therefrom or with respect thereto, whether or not such Taxes or
Other Taxes were correctly or legally asserted. This indemnification shall be paid within thirty (30) days from the date on which
the Collateral Agent or such Buyer makes written demand therefor, which demand shall identify the nature and amount of such Taxes
or Other Taxes.

 

(c)
If any Guarantor fails to perform any of its obligations under this Section 12, such Guarantor shall indemnify the
Collateral Agent and each Buyer for any taxes, interest or penalties that may become payable as a result of any such failure.
The obligations of the Guarantors under this Section 12 shall survive the termination of this Guaranty and the payment
of the Obligations and all other amounts payable hereunder.

 

Section
13.  Indemnification.

 

(a)
Without limitation of any other obligations of any Guarantor or remedies of the Collateral Agent or the Buyers under this Guaranty
or applicable law, except to the extent resulting from such Indemnified Party’s gross negligence or willful misconduct,
as determined by a final judgment of a court of competent jurisdiction no longer subject to appeal, each Guarantor shall, to the
fullest extent permitted by law, indemnify, defend and save and hold harmless the Collateral Agent and each Buyer and each of
their affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”)
from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party in connection
with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any Transaction
Party enforceable against such Transaction Party in accordance with their terms.

    	10

    	 

    

 

(b)
Each Guarantor hereby also agrees that none of the Indemnified Parties shall have any liability (whether direct or indirect, in
contract, tort or otherwise) or any fiduciary duty or obligation to any of the Guarantors or any of their respective affiliates
or any of their respective officers, directors, employees, agents and advisors, and each Guarantor hereby agrees not to assert
any claim against any Indemnified Party on any theory of liability, for special, indirect, consequential, incidental or punitive
damages arising out of or otherwise relating to the facilities, the actual or proposed use of the proceeds of the advances, the
Transaction Documents or any of the transactions contemplated by the Transaction Documents.

 

Section
14. Miscellaneous.

 

(a)
Each Guarantor will make each payment hereunder in lawful money of the United States of America and in immediately available funds
to the Collateral Agent or each Buyer, at such address specified by the Collateral Agent or such Buyer from time to time by notice
to the Guarantors.

 

(b)
No amendment or waiver of any provision of this Guaranty and no consent to any departure by any Guarantor therefrom shall in any
event be effective unless the same shall be in writing and signed by each Guarantor, the Collateral Agent and each Buyer, and
then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(c)
No failure on the part of the Collateral Agent or any Buyer to exercise, and no delay in exercising, any right or remedy hereunder
or under any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right
hereunder or under any Transaction Document preclude any other or further exercise thereof or the exercise of any other right
or remedy. The rights and remedies of the Collateral Agent and the Buyers provided herein and in the other Transaction Documents
are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights and remedies of
the Collateral Agent and the Buyers under any Transaction Document against any party thereto are not conditional or contingent
on any attempt by the Collateral Agent or any Buyer to exercise any of their respective rights or remedies under any other Transaction
Document against such party or against any other Person.

 

(d)
Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

(e)
This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until Payment in Full of the Guaranteed Obligations
(other than inchoate indemnity obligations) and shall not terminate for any reason prior to the respective Maturity Date of each
Note (other than Payment in Full of the Guaranteed Obligations) and (ii) be binding upon each Guarantor and its respective successors
and assigns. This Guaranty shall inure, together with all rights and remedies of the Collateral Agent hereunder, to the benefit
of and be enforceable by the Collateral Agent, the Buyers, and their respective successors, and permitted pledgees, transferees
and assigns. Without limiting the generality of the foregoing sentence, the Collateral Agent or any Buyer may pledge, assign or
otherwise transfer all or any portion of its rights and obligations under and subject to the terms of the Securities Purchase
Agreement or any other Transaction Document to any other Person in accordance with the terms thereof, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to the Collateral Agent or such Buyer (as applicable)
herein or otherwise, in each case as provided in the Securities Purchase Agreement or such Transaction Document. None of the rights
or obligations of any Guarantor hereunder may be assigned or otherwise transferred without the prior written consent of each Buyer.

 

    	11

    	 

    

 

(f)
This Guaranty and the other Transaction Documents reflect the entire understanding of the transaction contemplated hereby and
shall not be contradicted or qualified by any other agreement, oral or written, entered into before the date hereof.

 

(g)
Section headings herein are included for convenience of reference only and shall not constitute a part of this Guaranty for any
other purpose.

 

Section
15. Currency Indemnity.

 

If,
for the purpose of obtaining or enforcing judgment against Guarantor in any court in any jurisdiction, it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 15 referred to as the “Judgment
Currency”) an amount due under this Guaranty in any currency (the “Obligation Currency”) other than
the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding
(a) the date of actual payment of the amount due, in the case of any proceeding in the courts of courts of the jurisdiction that
will give effect to such conversion being made on such date, or (b) the date on which the judgment is given, in the case of any
proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section
15 being hereinafter in this Section 15 referred to as the “Judgment Conversion Date”).

 

If,
in the case of any proceeding in the court of any jurisdiction referred to in the preceding paragraph, there is a change in the
rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt of the amount due in immediately
available funds, the Guarantors shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary
to ensure that the amount actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the
date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of’
the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion
Date. Any amount due from the Guarantors under this Section 15 shall be due as a separate debt and shall not be affected
by judgment being obtained for any other amounts due under or in respect of this Guaranty.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	12

    	 

    

 

IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by its respective duly authorized officer, as of the date
first above written.

 

	 	GUARANTORS:
    
	 	 
	 	[U.S. SUBSIDIARY], a
    [SUBJURISDICTION] corporation 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	[U.S. SUBSIDIARY], a
    [SUBJURISDICTION] corporation 
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 
	 	[U.S. SUBSIDIARY], a
    [SUBJURISDICTION] corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	[U.S. SUBSIDIARY], a
    [SUBJURISDICTION] corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	[U.S. SUBSIDIARY], a
    [SUBJURISDICTION] corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signatures
continue on following page]

 

    	 

    	 

    

 

	ACCEPTED
    BY:	 
	 	 	 
	HUDSON
BAY MASTER FUND LTD, as Collateral Agent

	 
	 	 
	By:	 	 
	Name:	 	 
	Title:

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