Document:

Exhibit
4.14

 

WARRANT
AGENT AGREEMENT

 

WARRANT
AGENT AGREEMENT (this “Warrant Agreement”) dated as of _________, 2020 (the “Issuance Date”)
between ComSovereign Holding Corp., a company incorporated under the laws of the State of Nevada (the “Company”),
and ClearTrust, LLC (the “Warrant Agent”).

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated _________, 2020,
by and among the Company and Kingswood Capital Markets, division of Benchmark Investments, Inc., as representative of the underwriters
set forth therein, the Company is engaged in a public offering (the “Offering”) of up to _________ shares (the
“Shares”) of common stock, par value $0.0001 per share (the “Common Stock”) of the Company
and up to _________ Warrants (the “Warrants”) to purchase shares of Common Stock (the “Warrant Shares”),
including Shares and Warrants issuable pursuant to the underwriters’ over-allotment option;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement,
No. 333-248490, on Form S-1 (as the same may be amended from time to time, the “Registration Statement”), for
the registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Shares, Warrants
and Warrant Shares, and such Registration Statement was declared effective on _______, 2020;

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance
with the terms set forth in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise
of the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and
the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations
of the Company, and to authorize the execution and delivery of this Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and
conditions set forth in this Warrant Agreement (and no implied terms or conditions).

 

2. Warrants.

 

2.1. Form
of Warrants. The Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate
(“Global Certificate”) in the form of Annex A to this Warrant Agreement, which shall be deposited
on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name
of Cede & Co., as nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the
Company may instruct the Warrant Agent regarding making arrangements for book-entry settlement. In the event that the Warrants
are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co.,
as nominee of DTC, the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant
Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder (as
defined below) separate certificates evidencing the Warrants (“Definitive Certificates” and, together with
the Global Certificate, “Warrant Certificates”), in the form of Annex C to this Warrant Agreement. The Warrants
represented by the Global Certificate are referred to as “Global Warrants”.

 

     

     

    

 

2.2. Issuance
and Registration of Warrants.

 

2.2.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Any person in whose name ownership of a beneficial interest in the
Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial
owner” thereof, provided that all such beneficial interests shall be held through a Participant (as defined below), which
shall be the registered holder of such Warrants.

 

2.2.2. Issuance
of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the
Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership
of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”), subject
to a Holder’s right to elect to receive a Definitive Certificate. Any Holder desiring to elect to receive a Warrant in certificated
form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant
Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are to be represented by a Definitive
Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled
thereto a Definitive Certificate or Definitive Certificates, as the case may be, as so requested.

 

2.2.3. Beneficial
Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification,
proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any
Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or
a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate.

 

2.2.4. Execution.
The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by
facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need
not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless
so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized
Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates,
nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person
who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed
on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized
Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement
any such person was not such an Authorized Officer.

 

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2.2.5. Registration
of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered
and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or
Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any
Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such
request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant
Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged.
Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates,
as the case may be, as so requested. The Warrant Agent may require reasonable and customary payment, by the Holder requesting
a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity,
not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder), of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange, together with
reimbursement to the Warrant Agent of all reasonable expenses incidental thereto.

 

2.2.6. Loss,
Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of
indemnity or security in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses
incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant
Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of
the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee
for processing the replacement of lost Warrant Certificates, which shall be charged only once in instances where a single surety
bond obtained covers multiple certificates. The Warrant Agent may receive compensation from the surety companies or surety bond
agents for administrative services provided to them.

 

2.2.7. Proxies.
The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders
that may own interests through the Participants, to take any action that a Holder is entitled to take under this Agreement or
the Warrants; provided, however, that at all times that Warrants are evidenced by a Global Certificate, exercise of
those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

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2.2.8. Warrant
Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below)
pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for
the exchange of some or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of
Warrants, which request shall be in the form attached hereto as Annex E (a “Warrant Certificate Request Notice”
and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice
Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants
evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant
Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set
forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants,
shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Annex C, and shall
be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver,
or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within the earlier of (i) two (2) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period of the Warrant Certificate Request Notice pursuant
to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”).
If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request
Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants)
of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the
Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the
contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions
of the Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement.

 

2.2.9. For
purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and the Warrant certificate in
the form of Annex C hereto with respect to terms of the Warrants, the terms of the Warrant certificate shall govern and control.

 

3. Terms
and Exercise of Warrants.

 

3.1. Exercise
Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this
Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $____ per
whole share, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used
in this Warrant Agreement refers to the price per share at which shares of Common Stock may be purchased at the time a Warrant
is exercised.

 

3.2. Duration
of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the Issuance
Date and terminating at 5:00 P.M., New York City time (the “close of business”) on ______, 2025 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and
all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

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3.3. Exercise
of Warrants.

 

3.3.1. Exercise
and Payment.

 

(a) Exercise
of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period
by delivery to the Warrant Agent (with a copy to the Company) of the Notice of Exercise in the form annexed as Annex B hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 3.3.6 below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender a Warrant Certificate to the Warrant Agent until the Holder has purchased
all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
such Warrant to the Warrant Agent for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Warrant Agent. Partial exercises of a Warrant resulting in purchases of a portion of the total number of Warrant Shares
available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount
equal to the applicable number of Warrant Shares purchased. The Holder and the Warrant Agnet shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. The Warrant Agent shall deliver any objection to any Notice
of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares under a Warrant, the number of Warrant Shares available for purchase thereunder at any given time may be less than the
amount stated on the face thereof.

 

(b) Notwithstanding
the foregoing in this Section 3.3.1, a holder whose interest in a Warrant is a beneficial interest in certificate(s) representing
such Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as applicable)
the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such
other clearing corporation, as applicable), subject to a holder’s right to elect to receive a Definitive Warrant pursuant
to the terms of this Warrant Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its
Participant to exercise Warrants, solely for purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial
interest shall be deemed to have exercised such Warrant, regardless of when the applicable Warrant Shares are delivered to such
holder.

 

3.3.2. Issuance
of Warrant Shares.

 

(a) The
Warrant Agent shall, on the Trading Day following the date it receives a Notice of Exercise, advise the Company and the transfer
agent and registrar for the Company’s Common Stock (if the Warrant Agent is not the transfer agent), in respect of (i) the
number of Warrant Shares indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery
of the Warrant Shares and the number of Warrants that remain outstanding after such exercise and (iii) such other information
as the Company or such transfer agent and registrar shall reasonably request.

 

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(b) The
Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian
system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant is
being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two (2)
Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of
the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which a Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days of and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for
each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as the Warrants remain outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date
of delivery of the Notice of Exercise.

 

3.3.3. Valid
Issuance. All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement
shall be validly issued, fully paid and non-assessable.

 

3.3.4. No
Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment
made pursuant to Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in
a share, the Company shall, upon such exercise, round up or down, as applicable, to the nearest whole number the number of Warrant
Shares to be issued to such Holder.

 

3.3.5. No
Transfer Taxes. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, the Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the DTC
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

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3.3.6. Restrictive
Legend Events; Cashless Exercise Under Certain Circumstances.

 

(i) The
Company shall use its reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status
of the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current
prospectus covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide
to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares
via DTC transfer or otherwise without restrictive legend because (A) the Commission has issued a stop order with respect to the
Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance
of the Warrant Shares to the Holder or (E) otherwise (each a “Restrictive Legend Event”). To the extent that
the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder
has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company
shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend
Event, either (A) rescind the previously submitted Notice of Exercise and the Company shall return all consideration paid by registered
holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph
(ii) below and refund the cash portion of the exercise price to the Holder.

 

(ii) If
a Restrictive Legend Event has occurred and is continuing, the Warrants may also be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder
in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”, the Holder shall be entitled to receive the
number of Warrant Shares equal to the quotient (if such quotient would be a positive number) obtained by dividing (A-B) (X) by
(A), where:

 

		(A)
                                         =	the
                                         last VWAP immediately preceding the date of exercise giving rise to the applicable “cashless
                                         exercise”, as set forth in the applicable Notice of Exercise (to clarify, the “last
                                         VWAP” will be the last VWAP as calculated over an entire Trading Day such that,
                                         in the event that a Warrant is exercised at a time that the Trading Market is open, the
                                         prior Trading Day’s VWAP shall be used in this calculation

 

		(B)
                                         =	the
                                         Exercise Price of the Warrant, as adjusted as set forth herein; and

 

		(X)
                                         =	the
                                         number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance
                                         with the terms of the Warrant if such exercise were by means of a cash exercise rather
                                         than a cashless exercise.

 

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If
the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section
3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised
and the holding period of the Warrants being exercised may be tacked to the holding period of the Warrant Shares, and the Company
agrees not to take any position contrary thereto, except as required by applicable law based on additional facts and circumstances.
Upon receipt of a Notice of Exercise for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Notice of
Exercise to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company
shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility
or obligation under this section to calculate, the number of Warrant Shares issuable in connection with any cashless exercise.
The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent
shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or
pursuant to this Warrant Agreement.

 

3.3.7. Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant
Shares issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares
that are not disputed.

 

3.3.8. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 3.3.2(b) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any,
by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

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3.3.9. Beneficial
Ownership Limitation. The Company shall not be required to effect any exercise of a Warrant, and a Holder shall not have the
right to exercise any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates
(as defined below), and any other persons acting as a group together with the Holder or any of the Holder’s Affiliates (such
persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as
defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder
and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of such Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be
issuable upon (i) exercise of the remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of
its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other
securities of the Company (including, without limitation, any other securities of the Company which would entitle the holder thereof
to acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, shares of Common Stock (“Common Stock Equivalents”)) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties.  Except as set forth in the preceding sentence, for purposes of this Section 3.3.9, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.9
applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together with
any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable shall be in the sole discretion of the
Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether a Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and
of which portion of a Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 3.3.9, in determining the number of outstanding shares of Common Stock, a Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon
the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including such Warrant, by the Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of
any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of
shares of Common Stock issuable upon exercise of a Warrant. The Holder, upon written notice to the Company and the Warrant Agent,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of a Warrant held by the Holder and the provisions of this Section 3.3.9
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 3.3.9 to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to
a successor holder of a Warrant.

 

    9

     

    

 

4. Adjustments.

 

4.1. Adjustment
upon Subdivisions or Combinations. If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of the Warrants), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of each Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of such Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 4.1 shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case
of a subdivision, combination or re-classification.

 

4.2. Adjustment
for Other Distributions.

 

(a) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of a Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right
to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and
such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    10

     

    

 

(b) Dividends.
If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders
of Common Stock (or other shares of the Company’s capital stock for which the Warrants are exercisable), other than a transaction
described in Sections 4.1, 4.2(a) or 4.3 (any such non-excluded event being referred to herein as a “Dividend”),
then the Exercise Price shall be decreased, effective immediately after the effective date of such Dividend, by the quotient of
(i) the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith)
of all securities or other assets paid to the holders of Common Stock (or other shares of the Company’s capital stock for
which the Warrants are exercisable) in respect of such Dividend divided by (ii) the sum of the number of shares of Common Stock
(or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at the time of the
Dividend plus the number of shares of Common Stock then issuable upon exercise of all outstanding Warrants, provided, that the
Exercise Price shall not be reduced below zero.

 

4.3. Fundamental
Transaction. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another person) is completed pursuant to which all holders of Common Stock are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which all outstanding shares of Common Stock
are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person or group of persons
whereby such other person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other person or other persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any
limitation in Section 3.3.9 on the exercise of a Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively,
the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which a Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 3.3.9 on the exercise of a Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of a Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under the Warrants in accordance with the provisions of this Section 4.3 pursuant to written agreements
prior to or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of the
Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under the Warrants with the same effect as if such
Successor Entity had been named as the Company therein.

 

    11

     

    

 

The
Company shall instruct the Warrant Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice
of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement
entered into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or
obligation to determine the correctness of any provisions contained in such agreement or such notice, including but not limited
to any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or
with respect to the method employed and provided therein for any adjustments, and shall be entitled to rely conclusively for all
purposes upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described above.

 

4.4. Notices
to Holder.

 

(a) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

(b) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice required by this Warrant Agreement constitutes, or contains, material, non-public
information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled
to exercise a Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

    12

     

    

 

4.5. Other
Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for
by such provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock
rights or other rights with equity features to all holders of Common Stock for no consideration), then the Company's Board of
Directors will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares
or designate such additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the
registered Holder. No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in
connection with a single issuance.

 

4.6. Notices
of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price
upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation
is based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written
notice to each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.
The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice
or instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable
upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or
omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement.
The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written
notice thereof from the Company.

 

5. Restrictive
Legends; Fractional Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend,
the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer.
The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of
or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6. Other
Provisions Relating to Rights of Holders of Warrants.

 

6.1. No
Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor
shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered
holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

 

    13

     

    

 

6.2. Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant
Agreement.

 

7. Concerning
the Warrant Agent and Other Matters.

 

7.1. Any
instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in
writing by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized
and protected for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation
received in accordance with this Section 7.1.

 

7.2.(a)Whether
or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall
pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s
out of pocket expenses in connection with this Warrant Agreement, including, without limitation, the reasonable fees and expenses
of the Warrant Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external)
at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal
processing and use of the Warrant Agent’s billing systems.

 

(b) All
amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the Company’s receipt
of an invoice.

 

(c) No
provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

7.3. As
agent for the Company hereunder, the Warrant Agent:

 

(a) shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
the Warrant Agent and the Company;

 

(b) shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares;

 

(c) shall
not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder,
and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required
to act unless it has been furnished with an indemnity reasonably satisfactory to it;

 

(d) may
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it
to be genuine and to have been signed by the proper party or parties;

 

(e) shall
not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto;

 

    14

     

    

 

(f) shall
not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under applicable securities laws;

 

(g) may
rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions
in connection with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting
while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at
the option of the Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this
Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent
shall not be liable for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such
application on or after the date specified in such application (which date shall not be less than five business days after the
date such application is sent to the Company, unless the Company shall have consented in writing to any earlier date) unless prior
to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying
the action to be taken or omitted;

 

(h) may
consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be
full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith
and in accordance with the advice of such counsel;

 

(i) may
perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it
shall not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent
appointed with reasonable care by it in connection with this Warrant Agreement;

 

(j) 
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person and

 

(k) shall
not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof.

 

7.4.(a)In
the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action
taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant
Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special,
indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits),
even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action.
Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant
Agent shall not be liable for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable
control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or
labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or software
failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts
of God or similar occurrences.

 

    15

     

    

 

(b) In
the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s
duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to
act and shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled
(and, if appropriate, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered
by a court of competent jurisdiction, binding on all persons interested in the matter which is no longer subject to review or
appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each
such Holder. In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution
of such written settlement by all the Holders and all other persons that may have an interest in the settlement.

 

7.5. The
Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses
of defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a
result of the Warrant Agent’s gross negligence or willful misconduct.

 

7.6. Unless
terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date
and the date on which no Warrants remain outstanding (the “Termination Date”). On the business day following
the Termination Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under
this Warrant Agreement. The Warrant Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided
in this Section 7 shall survive the termination of this Warrant Agreement.

 

7.7. If
any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement
shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the
parties to it to the full extent permitted by applicable law.

 

7.8. The
Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with
all applicable requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the
date hereof in connection with the offering of the Warrants.

 

7.9. In
the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from
time to time be amended, the terms of this Warrant Agreement shall control.

 

7.10. Set
forth in Annex D hereto is a list of the names and specimen signatures of the persons authorized to act for the Company
under this Warrant Agreement (the “Authorized Representatives”). The Company shall, from time to time, certify
to you the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

 

    16

     

    

 

7.11. Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of
any Warrant to or on the Company, including, without limitation, the copy of any Notice of Exercise, shall be in writing and delivered
by e-mail, hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing
by the Company with the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given
to the last address set forth for such holder (if any) in the Warrant Register:

 

ComSovereign
Holding Corp.

5000
Quorum Drive, STE 400

Dallas,
TX 75254

Attention:
Chief Financial Officer

Fax:

Email:
bmihelich@comsovereign.com

 

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

 

Pryor
Cashman LLP

7
Times Square

New
York, NY 10036

Attention:
Eric M. Hellige, Esq.

Fax
No: (212) 326-0806

Email:
ehellige@pryorcashman.com

 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company
to or on the Warrant Agent, including, without limitation, any Notice of Exercise, shall be in writing and delivered by facsimile,
hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows:

 

ClearTrust
LLC

16540
Pointe Village Drive, Suite 205

Lutz,
FL 33558

Fax
No: (813) 388-4549

Email:
Inbox@cleartrusttransfer.com

 

Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth above
in this Section 7.11 prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in
this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. Notwithstanding any other provision of this Warrant Agreement,
where this Warrant Agreement provides for notice of any event to the Holder, if a Warrant is held in global form by DTC (or any
successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures
of DTC (or such successor depositary).

 

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7.12.
(a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All
actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in
courts located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the personal
jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices hereunder.

 

(b) This
Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent
of the other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required
for an assignment or delegation of duties by Warrant Agent to any Affiliate of Warrant Agent and (ii) any reorganization, merger,
consolidation, sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute
an assignment of this Warrant Agreement.

 

(c) No
provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The
Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose
of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary
or desirable and that the parties determine, in good faith, shall not adversely affect the interest of the Holders. All
other amendments and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding
Warrants, provided that adjustments may be made to the Warrant terms and rights in accordance with Section 4 without the
consent of the Holders.

 

7.13. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require
the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering
any transfer of Warrants or any delivery of any Warrant Shares unless or until the persons requesting the registration or issuance
shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established
to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid. 

 

7.14. Resignation
of Warrant Agent.

 

7.14.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such
shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such
shorter period of time as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity
to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity
by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment
of a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by
the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent
(but not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized
and existing under the laws of any state of the United States of America, in good standing, and authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any
successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except
for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further
duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination
of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity
hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

    18

     

    

 

7.14.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.14.3. Merger
or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it may
be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the
successor Warrant Agent under this Warrant Agreement, without any further act or deed.

 

8. Miscellaneous
Provisions.

 

8.1. Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof.

 

8.2. Examination
of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the
Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

8.3. Counterparts.
This Warrant Agreement may be executed in any number of original, facsimile or electronic 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.

 

8.4. Effect
of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof.

 

    19

     

    

 

9. Certain
Definitions. As used herein, the following terms shall have the following meanings:

 

(i) “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance,
sale or delivery (or deemed issuance, sale or delivery in accordance with Section 4) of Common Stock (other than rights of the
type described in Section 4.2 and 4.3 hereof) that could result in a decrease in the net consideration received by the Company
in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment
or other similar rights) but excluding anti-dilution and other similar rights (including pursuant to Section 4.4 of this Agreement).

 

(ii) “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(iii) “person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other
entity, and shall include any successor (by merger or otherwise) thereof or thereto.

 

(iv) “Trading
Day” means any day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market in the United States on which
the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time)

 

(v) “Trading
Market” means the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market
or the New York Stock Exchange (or any successors to any of the foregoing).

 

(vi) “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or
OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Common Stock are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    20

     

    

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	COMSOVEREIGN
    HOLDING CORP.
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CLEARTRUST
    LLC,
	 	as
    Warrant Agent
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

 

	Annex
    A	Form
    of Global Certificate
	Annex
    B	Notice
    of Exercise
	Annex
    C	Form
    of Certificated Warrant
	Annex
    D	Authorized
    Representatives
	Annex
    E	Form
    of Warrant Certificate Request Notice

 

    21

     

    

 

ANNEX
A

 

[FORM
OF GLOBAL CERTIFICATE]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

COMSOVEREIGN
HOLDING CORP.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER ______, 2025

 

This
certifies that the person whose name and address appears below, or registered assigns, is the registered owner of the number of
Warrants set forth below. Each Warrant entitles its registered holder to purchase from ComSovereign Holding Corp., a company incorporated
under the laws of the State of Nevada (the “Company”), at any time prior to 5:00 P.M. (New York City time)
on ________, 2025, one share of common stock, par value $0.0001 per share, of the Company (each, a “Warrant Share”
and collectively, the “Warrant Shares”), at an exercise price of $___ per share, subject to possible adjustments
as provided in the Warrant Agreement (as defined below).

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent,
may be exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant
Certificate or Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender
of this Warrant Certificate at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized
attorney, properly endorsed or accompanied by proper instruments of transfer, a signature guarantee, and such other and further
documentation as the Warrant Agent may reasonably request and duly stamped as may be required by the laws of the State of New
York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in
the Warrant Agency Agreement dated as of _______, 2020 (the “Warrant Agreement”) between the Company and ClearTrust
LLC, as Warrant Agent (the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during
business hours at the office of the Warrant Agent.

 

    A-1

     

    

 

This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Warrant Agent.

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	COMSOVEREIGN
    HOLDING CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Dated:
____________, 2020

 

Countersigned:

 

CLEARTRUST
LLC,

as
Warrant Agent

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

PLEASE
DETACH HERE

——————————————————————————————————————

 

Certificate
No.:_________ Number of Warrants:__________

 

WARRANT
CUSIP NO.: ___________

 

	 	COMSOVEREIGN
    HOLDING CORP.
	 	 
	[Name
    & Address of Holder]	CLEARTRUST
    LLC, Warrant Agent
	 	 
	 	By
    Mail:
	 	 
	 	 
	 	By
    hand or overnight courier:
	 	 
	 	 

 

    A-2

     

    

 

ANNEX
B

 

NOTICE
OF EXERCISE

 

	 	To:	COMSOVEREIGN
    HOLDING CORP.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment
shall take the form of (check applicable box):

 

		 ̈	in
                                         lawful money of the United States; or

 

		 ̈	if
                                         permitted the cancellation of such number of Warrant Shares as is necessary, in accordance
                                         with the formula set forth in subsection 2(c), to exercise this Warrant with respect
                                         to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
                                         procedure set forth in subsection 2(c).

 

(3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: __________________________________________

 

Name
of Authorized Signatory:___________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________

 

Date:
________________________________________________________________________________

 

 

    B-1

     

    

 

ANNEX
C

 

[FORM
OF CERTIFICATED WARRANT]

 

COMMON
STOCK PURCHASE WARRANT

 

COMSOVEREIGN
HOLDING CORP.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: [●] ___, 2020
	 	Issue
    Date: [●] ___, 2020

 

	 	CUSIP:
    ______________
	 	 
	 	ISIN:
    _______________

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after [●] ___, 2020 (the “Initial Exercise Date”) and on or prior to the
close of business on the five (5) year anniversary of the Initial Exercise Date (the “Termination Date”) but
not thereafter (the “Exercise Period”), to subscribe for and purchase from ComSovereign Holding Corp., a Nevada
corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

Section
1.Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings
indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

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

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

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

 

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

 

    C-1

     

    

 

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

 

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

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-248940).

 

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

 

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

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means ClearTrust LLC, with a mailing address of 16540 Pointe Village Drive, Suite 205, Lutz, FL 33558 and a facsimile
number of (813) 388-4549, and any successor transfer agent of the Company.

 

“Warrant
Agency Agreement” means that certain Warrant Agency Agreement, dated as of the Issue Date, between the Company and the
Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.

 

Section
2.Exercise.

 

(a) Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times during the Exercise
Period by delivery to the Warrant Agent (with a copy to the Company) of a duly executed facsimile copy (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto. Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following the date of exercise as aforesaid, the Holder shall deliver the aggregate
Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on
a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice
of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall
not be required to physically surrender this Warrant to the Warrant Agent until the Holder has purchased all of the Warrant Shares
available hereunder and this Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
Warrant Agent for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Warrant
Agent. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Warrant Agent shall maintain records showing the number of Warrant Shares
purchased and the date of such purchases. The Warrant Agent shall deliver any objection to any Notice of Exercise within one (1)
Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    C-2

     

    

 

(b) Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $_____, subject to adjustment hereunder
(the “Exercise Price”).

 

(c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained (if such quotient would be a positive number) by dividing [(A-B) (X)] by (A),
where:

 

(A)
= the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless
exercise”, as set forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP
as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market
is open, the prior Trading Day’s VWAP shall be used in this calculation);

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or
OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Common Stock are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

    C-3

     

    

 

Notwithstanding
anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder
in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and
agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics
of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c), except
as permitted or required by law.

 

(d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of
Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the
aggregate Exercise Price (other than in the case of a cashless exercise) is received by the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period, following the delivery of the Notice of Exercise.
If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue)
for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date
of delivery of the Notice of Exercise.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Warrant Agent shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

    C-4

     

    

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

v. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, upon such exercise, round up or down, as applicable, to the nearest whole number the number of Warrant Shares to
be issued to the Holder.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the
Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by
the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant Shares.

 

    C-5

     

    

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

(e) Holder’s
Exercise Limitations. The Company shall not be required to effect any exercise of this Warrant, and a Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and
its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be
issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other
securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of and representative as to, whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a
Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise
of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    C-6

     

    

 

Section
3.Certain Adjustments.

 

(a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right
to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and
such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).

 

(c) Dividends.
If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders
of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than a transaction
described in Sections 3(a), 3(b) or 3(d) (any such non-excluded event being referred to herein as a “Dividend”), then
the Exercise Price shall be decreased, effective immediately after the effective date of such Dividend, by the quotient of (i)
the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of
all securities or other assets paid to the holders of Common Stock (or other shares of the Company’s capital stock for which
the Warrants are exercisable) in respect of such Dividend divided by (ii) the sum of the number of shares of Common Stock (or
other shares of the Company’s capital stock for which the Warrants are exercisable) outstanding at the time of the Dividend
plus the number of shares of Common Stock then issuable upon exercise of all outstanding Warrants, provided, that the Exercise
Price shall not be reduced below zero.

 

    C-7

     

    

 

(d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which all holders of Common Stock are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which all outstanding shares of Common Stock
are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively,
the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements
prior or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of the Warrants
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under the Warrants with the same effect as if such Successor
Entity had been named as the Company therein.

 

(e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    C-8

     

    

 

(f) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled to exercise
this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice
except as may otherwise be expressly set forth herein.

 

Section
4.Transfer of Warrant.

 

(a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Warrant Agent or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Warrant Agent shall execute and deliver a new Warrant
or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Warrant Agent unless the Holder has assigned this Warrant in full, in which case,
the Holder shall surrender this Warrant to the Warrant Agent within three (3) Trading Days of the date the Holder delivers an
assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

    C-9

     

    

 

(b) New
Warrants. If this Warrant is not held in global form through DTC (or any successor depository), this Warrant may be divided
or combined with other Warrants upon presentation hereof at the aforesaid office of the Warrant Agent, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Warrant
Agent shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issuance Date of this Warrant
and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

(c) Warrant
Register. The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section
5.Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

(b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender
and cancellation of such Warrant or stock certificate, if mutilated, the Company will, or will cause the Warrant Agent to, make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

 

(c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

(d) Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any
purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights
under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may
be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and
payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable and
free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of
any transfer occurring contemporaneously with such issue).

 

    C-10

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

(e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense
of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
“New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein (including with respect to the enforcement of any provision hereunder), 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 such New York
Courts, or such New York Courts are improper or inconvenient venue for such Proceeding. If any party shall commence an action
or Proceeding to enforce any provisions of this Warrant, then the prevailing party in such action or Proceeding shall be reimbursed
by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution
of such action or Proceeding.

 

(f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate Proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

    C-11

     

    

 

(h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at ComSovereign Holding Corp., Attention: Chief Financial Officer, facsimile
number: ([●]) [●]-[●], email address: bmihelich@comsovereign.com, or such other facsimile number, email address
or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a
nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of such Holder appearing
on the books of the Warrant Agent. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail
at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Notwithstanding any other
provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global
form by DTC (or any successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary)
pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant
in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

(i) Warrant
Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of
the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

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

 

(l) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

(m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand,
and either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written consent of
the Holders of at least 50.1% of the then outstanding Warrants issued pursuant to the Warrant Agency Agreement, on the other hand,
provided that adjustments may be made to the Warrant terms and rights of this Warrant in accordance with Section 3 of this Warrant
without the consent of any Holder or beneficial owner of the Warrants.

 

(n) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(o) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature
Page Follows)

 

    C-12

     

    

 

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

 

	 	COmsovereign
    holding corp.
	 	 
	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-13

     

    

 

NOTICE
OF EXERCISE

 

	 	To:	comsovereign
    Holding corp.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment
shall take the form of (check applicable box):

 

		 ̈	in
                                         lawful money of the United States; or

 

		 ̈	if
                                         permitted the cancellation of such number of Warrant Shares as is necessary, in accordance
                                         with the formula set forth in subsection 2(c), to exercise this Warrant with respect
                                         to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
                                         procedure set forth in subsection 2(c).

 

(3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: __________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________

 

Date:
________________________________________________________________________________

 

    C-14

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 
	 	 	(Please
    Print)	 
	 	 	 	 
	Address:	 	 	 
	 	 	(Please
    Print)	 
	 	 	 	 
	Phone
    Number:	 	 	 
	 	 	 	 
	Email
    Address:	 	 	 
	 	 	 	 
	Dated:
    _____________________ __, ______	 	 	 
	 	 	 	 
	Holder’s
    Signature:	 	 	 	 
	 	 	 	 	 
	Holder’s
    Address:	 	 	 	 

 

 

 

    C-15

     

    

 

ANNEX
D

 

AUTHORIZED
REPRESENTATIVES

 

	Name	 	Title	 	Signature
	Daniel
    T. Hodges	 	Chief
    Executive Officer  	 	 
	Brian
    T. Mihelich	 	Chief
    Financial Officer	 	 

 

    D-1

     

    

 

ANNEX
E

 

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

 

	 	To:	ClearTrust,
    LLC, as Warrant Agent for ComSovereign Holding Company (the “Company”)

 

The
undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company
hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

 

		1)	Name
                                         of Holder of Warrants in form of Global Warrants:

 

		2)	Name
                                         of Holder in Definitive Certificate (if different from name of Holder of Warrants in
                                         form of Global Warrants):

 

		3)	Number
                                         of Warrants in name of Holder in form of Global Warrants:

 

		4)	Number
                                         of Warrants for which Definitive Certificate shall be issued:

 

		5)	Number
                                         of Warrants in name of Holder in form of Global Warrants after issuance of

 

Definitive
Certificate, if any:

 

		6)	Definitive
                                         Certificate shall be delivered to the following address:

	 

         

	 
	 
	 
	 
	 
	 

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to
the number of Warrants evidenced by the Definitive Certificate.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _____________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: ______________________________________

 

Name
of Authorized Signatory: _________________________________________________________

 

Title
of Authorized Signatory: __________________________________________________________

 

Date:____________________________________

 

 

E-1Exhibit 10.43

 

 

 

SECURED LOAN AGREEMENT

 

Among

 

COMSOVEREIGN HOLDING CORP.,

 

as Borrower,

 

THE GUARANTORS FROM TIME TO TIME PARTY
HERETO,

 

and

 

DWX SERVICING AGENT, LLC,

 

as Lender.

 

 

 

 

 

 

 

Dated as of December 8, 2020

 

 

 

     

     

    

 

SECURED LOAN AGREEMENT

 

This SECURED LOAN AGREEMENT
(the “Agreement”) is entered into as of December 8, 2020, by and among
COMSOVEREIGN HOLDING CORP., a Nevada corporation (the “Borrower”), the other Persons party hereto from time
to time as Guarantors, and DWX SERVICING AGENT, LLC (the “Lender”).

 

WHEREAS, The
Borrower wishes to obtain a loan from the Lender in the principal amount of up to ONE MILLION ONE HUNDRED THOUSAND DOLLARS and
00/100 ($1,100,000.00); which amount less US$100,000.00 (the “OID”) will be wired to Borrower
as follows: A) $700,000.00 upon execution of the Agreement and B) $300,000.00 on or before December 14, 2020 (“Term
Loan”) and

 

WHEREAS, as
a condition to the agreement of the Lender to enter into this Agreement, and to make the requested Term Loan, the Lender has required
the Borrower Parties (as defined below) to grant a first priority lien on and security interest in all of the Collateral (as defined
herein) in favor of the Lender in order to secure repayment of the obligations of the Borrower and the other Borrower Parties under
this Agreement, the Note (as defined herein) and the other Loan Documents (as defined herein);

 

WHEREAS, as
a condition to the agreement of the Lender to enter into this Agreement and to make the requested Term Loan, the Lender has required
each Guarantor to provide an unconditional guaranty of the obligations of the Borrower under this Agreement, the Note and the other
Loan Documents; and

 

WHEREAS, the
Lender is willing to make the requested Term Loan to the Borrower on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the premises and to induce the Lender to make the Term Loan and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS
AND CONSTRUCTION.

 

1.1 Definitions.
As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used in the
Code and not defined herein shall have the meaning given to the term in the Code.

 

1.2 Accounting
Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and all
calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying
notes and schedules.

 

1.3 Recitals.
The recitals set forth above are, by this reference, incorporated into and deemed a part of this Agreement.

 

    1

     

    

 

2. LOAN
AND TERMS OF PAYMENT.

 

2.1 Credit
Extensions.

 

(a) Promise
to Pay. The Borrower promises to pay to the Lender, in lawful money of the United States of America, the unpaid principal amount
of the Term Loan made by Lender to Borrower, together with interest on the unpaid principal amount of the Term Loan, at rates in
accordance with the terms hereof, and any and all fees and expenses to which Lender is entitled under the Loan Documents.

 

(b) Advances
Under Term Loan.

 

(i) Amount.
Subject to and upon the terms and conditions of this Agreement, Lender shall make a Term Loan to Borrower in the aggregate principal
amount of up to One Million One Hundred Thousand and 00/100 Dollars ($1,100,000.00) with an initial advance of Eight Hundred Thousand
Dollars ($800,000.00) less the OID (“Initial Advance”) on the Closing Date. Lender shall make a second
advance of Three Hundred Thousand Dollars ($300,000.00) on or before December 14, 2020.

 

(ii) Use
of Proceeds. The Term Loan shall be used by Borrower only to pay obligations of the Borrower other than amounts owed to repay
existing loans and other financial obligations to previous lenders or investors.

 

(c) Note.
The Term Loan made by the Lender shall be evidenced by the Note, substantially in the form of Exhibit B attached hereto,
which shall be payable to the order of the Lender and shall bear interest as provided in section 2.2.

 

2.2 Interest
Rates, Payments, Computation and Fees.

 

(a) Interest
Rate. The Term Loan shall bear interest, on the outstanding daily balance thereof, at a fixed rate equal to ten percent (10.0%)
per annum.

 

(b) Default
Interest. During the continuance of an Event of Default, the amount of any principal outstanding under the Term Loan shall
bear interest, payable on demand, to the extent permitted by law compounded monthly at a fixed rate equal to three percent (3.00%)
per month.

 

(c) Interest
Rate Limitation. Notwithstanding anything to the contrary contained herein, including without limitation Section 2.2(b),
and in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable law (the “Maximum Rate”). If the Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Term Loan or, if it exceeds
such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the
Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.

 

    2

     

    

 

(d) Payments.
Borrower shall repay the principal amounts outstanding under the Term Loan along with all amounts of interest, fees, and other
amounts due hereunder in full on the Term Loan Maturity Date. Borrower shall have the right, at any time and from time to time,
to prepay, in whole or in part and without premium or penalty, the Term Loan. All outstanding
principal and any accrued and unpaid interest, fees and other costs shall be due and payable on the Term Loan Maturity Date.

 

(e) Mandatory
Repayment. The Borrower shall repay in full the outstanding principal balance of the Term Loan and all interest thereon upon
the first to occur of: (x) the Term Loan Maturity Date, (y) an acceleration of the amounts due hereunder following an Event of
Default (and the expiration of any applicable grace or cure period), or (z) the occurrence of an initial public offering or other
financing/loan by Borrower or any of its Subsidiaries, including Guarantor (“Restructuring Event”).

 

(f) Computation;
Application of Payments. All interest chargeable under the Loan Documents shall be computed on the basis of a 360-day year
for the actual number of days elapsed. All payments made hereunder in respect of the Term Loan shall be applied: (i) first, to
the payment of any fees or charges outstanding under any of the Loan Documents; (ii) second, to accrued interest on the Term Loan;
and (iii) third, to the payment of the unpaid principal of the Term Loan. Notwithstanding the foregoing, after an Event of Default,
all payments made hereunder may be applied by the Lender in such order, in such priority and in such proportion as the Lender shall
elect in its sole discretion.

 

(g) Fees.
As provided above, Borrower is paying to Lender an original issue discount of $100,000 to cover Lender’s costs and expenses
(including legal fees) incurred in negotiating, conducting due diligence, documenting and closing the transactions contemplated
by this Agreement, including, without limitation, the cost of perfecting the Liens granted to the Lender under the Loan Documents.

 

(h) Late
Fees. The Borrower shall pay the Lender a late fee of ten (10%) of any payment not timely received by Lender (e.g., when due
for interest payment; within two (2) business days of notice of non-payment for principal payments); provided, with respect to
any late fees owed upon the acceleration of the Term Loan, the late fees incurred by the Borrower pursuant to this Section 2.2(h)
shall not exceed the amount of $100,000.00 in the aggregate.

 

The Borrower
acknowledges and agrees the Late Fee is not a charge for the use of the money, but is imposed to compensate the Lender for administrative
services, costs and losses associated with any payment default (including a payment default upon maturity) under this Agreement,
and any Late Fee is fully earned and nonrefundable when accrued.

 

2.3 Crediting
Payments. Whenever any payment to the Lender under the Loan Documents would otherwise be due (except by reason of acceleration)
on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional interest shall
accrue and be payable for the period of such extension. Lender shall maintain records in which it will record (i) the amount
of the Term Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable
from Borrower to Lender hereunder and (iii) the amount of any sum received by Lender from Borrower or Guarantor. The entries
made in the records maintained pursuant hereto shall be prima facie evidence of the existence and amounts of the obligations therein
recorded absent manifest error; provided, however, that the failure of Lender to maintain such records or any error
therein shall not in any manner affect the obligations of Borrower to repay the Term Loan in accordance with the terms of this
Agreement.

 

    3

     

    

 

2.4 Term.
This Agreement shall become effective on the Closing Date and, subject to Section 14.8, shall continue in full force and
effect for so long as any Obligations remain outstanding. Lender’s obligation to advance funds hereunder shall terminate
upon the making of the Term Loan on the Closing Date.

 

3. CONDITIONS
OF LOANS; CLOSING COVENANTS.

 

3.1 Conditions
Precedent to Closing. The agreement of Lender to enter into this Agreement on the Closing Date and to fund the Term Loan is
subject to the satisfaction, or waiver by Lender, immediately prior to or concurrently with the making of such Term Loan of the
following conditions precedent:

 

(a) the
Lender shall have received this Agreement and each other Loan Document duly executed and delivered by an Authorized Officer of
each Borrower Party to which such Borrower Party is a party, other than such Loan Documents required to be delivered to the Lender
pursuant to Section 3.2;

 

(b) the
Lender shall have received a copy of the resolutions in form and substance reasonably satisfactory to the Lender, of the board
of directors (or other managing body) of the Parent and the Borrower authorizing (i) the execution, delivery and performance of
this Agreement, the Note, the Pledge and Security Agreement and the other Loan Documents, and (ii) the granting by each Borrower
Party of the security interests in and liens upon the Collateral certified by an Authorized Officer thereof as of the Closing Date;
and, such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded
as of the date of such certificate;

 

(c) the
Lender shall have received a certificate of an Authorized Officer of the Parent and the Borrower, dated the Closing Date, as to
the incumbency and signature of the officers of each Borrower Party executing this Agreement, the Loan Documents, any certificate
or other documents to be delivered by it pursuant hereto, together with evidence of the incumbency of such Secretary or Assistant
Secretary;

 

(d) no
litigation, investigation or proceeding before or by any arbitrator or Governmental Body shall be continuing that is not disclosed
in the most recent SEC filing of the Company, or to the knowledge of any of the Borrower Parties, threatened against any Borrower
Party or against the respective officers or directors of any Borrower Party (A) in connection with this Agreement or the Loan Documents
or any of the transactions contemplated thereby or (B) which, if determined adversely with respect to any such Borrower Party,
could, in the reasonable opinion of Lender, be expected to have a Material Adverse Effect; and (ii) no injunction, writ, restraining
order or other order of any nature materially adverse to any Borrower Party or the conduct of its business shall have been issued
by any Governmental Body;

 

    4

     

    

 

(e) since
the date of the most recent SEC filing through the date of this Agreement, there shall not have occurred a Material Adverse Effect;

 

(f) no
representations made by any Borrower Party under this Agreement or the Loan Documents or written information (other than projections
or estimates or third party data) supplied by any Borrower Party to the Lender (taken as a whole and after giving effect to all
supplements) shall have been proven to be inaccurate or misleading in any material respect;

 

(g) the
Lender shall have received a closing certificate signed by an officer of the Borrower dated as of the date hereof, stating that
(i) all representations and warranties set forth in this Agreement and the Loan Documents are true and correct in all material
respects on and as of such date (provided that any such representations and warranties that by their express terms are made as
of a specific date shall be true and correct as of such specific date), (ii) each Borrower Party is on such date in compliance
with all the terms and provisions set forth in this Agreement and the Loan Documents, and (iii) on such date no Event of Default
has occurred or is continuing;

 

(h) no
injunction, writ, restraining order or other order of any nature materially adverse to any of the Borrower Parties or the subject
matter of the Pledge and Security Agreement shall have been issued by any Governmental Body; and

 

(i) Lender
shall have received such other documents or certificates, and completion of such other matters, as Lender may reasonably request
to be delivered or completed on the Closing Date.

 

3.2 Closing
Covenants. Each Borrower Party hereby covenants and agrees that, as soon as possible after the Closing Date, and in no event
later than the tenth (10th) Business Day following the Closing Date, the Borrower Parties shall (unless any of the following
is expressly waived by the Lender in writing):

 

(a) deliver
to the Lender a good standing certificate for each of the Borrower Parties dated not more than ten (10) days prior to the Closing
Date, issued by the appropriate official of each such Borrower Parties’ jurisdiction of organization or incorporation;

 

(b) cause
each document (including any financing statement) required by this Agreement, any related agreement or under law or reasonably
requested by the Lender to be filed, registered or recorded in order to create, in favor of the Lender, a perfected security interest
in or lien upon the Collateral in each jurisdiction in which the filing, registration or recordation thereof is so required or
requested, and deliver to the Lender an acknowledgment copy, or other evidence satisfactory to it, of each such filing, registration
or recordation and satisfactory evidence of the payment of any necessary fee, tax or expense relating thereto;

 

    5

     

    

 

(c) deliver
to the Lender a copy of the resolutions in form and substance reasonably satisfactory to the Lender, of the board of directors
(or other managing body) of each Borrower Party (other than the Borrower) authorizing (i) the execution, delivery and performance
of this Agreement, the Note, the Pledge and Security Agreement and the other Loan Documents, and (ii) the granting by such Borrower
Party of the security interests in and liens upon the Collateral certified by an Authorized Officer thereof as of the Closing Date;
and, such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded
as of the date of such certificate;

 

(d) deliver
to the Lender a certificate of an Authorized Officer of each Borrower Party (other than the Borrower), dated the Closing Date,
as to the incumbency and signature of the officers of such Borrower Party executing this Agreement, the Loan Documents, any certificate
or other documents to be delivered by it pursuant hereto, together with evidence of the incumbency of such Secretary or Assistant
Secretary;

 

(e) deliver
to the Lender such other documents or certificates, and complete such other matters, as Lender may reasonably request to be delivered
or completed within said ten (10) Business Days following Closing Date in connection with the closing of the transaction contemplated
by this Agreement.

 

4. GUARANTY.

 

4.1 Guaranty.

 

(a) Each
Guarantor hereby guarantees to the Lender the full and prompt payment and performance of the Obligations, including, without limitation,
any interest thereon (including, without limitation, interest as provided in this Agreement, accruing after the filing of a petition
initiating any Insolvency Proceedings, whether or not such interest accrues or is recoverable against the Borrower after the filing
of such petition for purposes of the Bankruptcy Code or is an allowed claim in such proceeding), plus reasonable attorneys’
fees and expensesif the obligations represented by this Guaranty are collected by law, through an attorney-at-law, or under advice
therefrom.

 

(b) Regardless
of whether any proposed guarantor or any other Person shall become in any other way responsible to the Lender for or in respect
of the Obligations or any part thereof, and regardless of whether or not any Person now or hereafter is responsible to the Lender
for the Obligations or any part thereof, whether under this Guaranty or otherwise, shall cease to be so liable, each Guarantor
hereby declares and agrees that this Guaranty shall be a joint and several obligation of each Guarantor, shall be a continuing
guaranty and shall be operative and binding until (i) the Obligations shall have been indefeasibly paid in full in cash and (ii)
the Lender shall no longer have the right to make any future Advances hereunder.

 

(c) Each
Guarantor absolutely, unconditionally and irrevocably waives any and all right to assert any defense (other than the defense of
payment in cash in full, to the extent of its obligations hereunder, or a defense that such Guarantor’s liability is limited
as provided in Section 3.1(g)), set-off, counterclaim or cross-claim of any nature whatsoever with respect to this Guaranty
or the obligations of the Guarantors under this Guaranty or the obligations of any other Person or party (including, without limitation,
the Borrower) relating to this Guaranty or the obligations of any of the Guarantors under this Guaranty or otherwise with respect
to the Obligations in any action or proceeding brought by the Lender to collect the Obligations or any portion thereof, or to enforce
the obligations of any of the Guarantors under this Guaranty.

 

    6

     

    

 

(d) The
Lender may from time to time, without exonerating or releasing any Guarantor in any way under this Guaranty, (i) take such further
or other security for the Obligations or any part thereof as they may deem proper, or (ii) fail to deal with any Guarantor of the
Obligations or any security therefor or any part thereof now or hereafter held by the Lender. Without limiting the generality of
the foregoing, or of Section 3.1(e), it is understood that the Lender may, without exonerating or releasing any Guarantor,
give up, modify or abstain from perfecting or taking advantage of any security for the Obligations and accept or make any compositions
or arrangements, and realize upon any security for the Obligations when, and in such manner, and with or without notice, all as
such Person may deem expedient.

 

(e) Each
Guarantor acknowledges and agrees that no change in the nature or terms of the Obligations or any of the Loan Documents, or other
agreements, instruments or contracts evidencing, related to or attendant with the Obligations (including any novation), shall discharge
all or any part of the liabilities and obligations of such Guarantor pursuant to this Guaranty; it being the purpose and intent
of the Guarantors, the Lender that the covenants, agreements and all liabilities and obligations of each Guarantor hereunder are
absolute, unconditional and irrevocable under any and all circumstances. Without limiting the generality of the foregoing, each
Guarantor agrees that until each and every one of the covenants and agreements of this Guaranty is fully performed, and without
possibility of recourse, whether by operation of law or otherwise, such Guarantor’s undertakings hereunder shall not be released,
in whole or in part, by any action or thing which might, but for this paragraph of this Guaranty, be deemed a legal or equitable
discharge of a surety or guarantor, or by reason of any waiver, omission of the Lender, or its failure to proceed promptly or otherwise,
or by reason of any action taken or omitted by the Lender, whether or not such action or failure to act varies or increases the
risk of, or affects the rights or remedies of, such Guarantor or by reason of any further dealings between the Borrower, on the
one hand, and the Lender, on the other hand, or any other guarantor or surety, and such Guarantor hereby expressly waives and surrenders
any defense to its liability hereunder, or any right of counterclaim or offset of any nature or description which it may have or
may exist based upon, and shall be deemed to have consented to, any of the foregoing acts, omissions, things, agreements or waivers.

 

(f) The
Lender may, without demand or notice of any kind upon or to any Guarantor, at any time or from time to time when any amount shall
be due and payable hereunder by any Guarantor upon the occurrence and during the continuance of an Event of Default, if the Borrower
shall not have timely paid any of the Obligations, set-off and appropriate and apply to any portion of the Obligations hereby Guaranteed,
and in such order of application as the Lenders may from time to time elect in accordance with this Agreement, any deposits, property,
balances, credit accounts or moneys of any Guarantor in the possession of the Lender or under its control for any purpose. If and
to the extent that any Guarantor makes any payment to the Lender or any other Person pursuant to or in respect of this Guaranty,
any claim which such Guarantor may have against the Borrower by reason thereof shall be subject and subordinate to the prior payment
in full of the Obligations to the satisfaction of the Lender.

 

    7

     

    

 

(g) The
creation or existence from time to time of Obligations in excess of the amount committed to or outstanding on the date of this
Guaranty is hereby authorized, without notice to any Guarantor, and shall in no way impair or affect this Guaranty or the rights
of the Lender herein. It is the intention of each Guarantor and the Lender that each Guarantor’s obligations hereunder shall
be, but not in excess of, the Maximum Guaranteed Amount (as herein defined). The “Maximum Guaranteed Amount”
with respect to any Guarantor, shall mean the maximum amount which could be paid by such Guarantor without rendering this Guaranty
void or voidable as would otherwise be held or determined by a court of competent jurisdiction in any action or proceeding involving
any state, provincial or Federal bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws
relating to the insolvency of debtors.

 

(h) Upon
the bankruptcy or winding up or other distribution of assets of the Borrower, or of any surety or guarantor (other than the applicable
Guarantor) for any Obligations of the Borrower to the Lender, the rights of the Lender against any Guarantor shall not be affected
or impaired by the omission of the Lender to prove its claim, or to prove the full claim, as appropriate, against the Borrower
or any such other Guarantor or surety, and the Lender may prove such claims as they see fit and may refrain from proving any claim
and in their discretion may value as they see fit or refrain from valuing any security held by them without in any way releasing,
reducing or otherwise affecting the liability to the Lender of each of the Guarantors.

 

(i) Each
Guarantor hereby absolutely, unconditionally and irrevocably expressly waives, except to the extent such waiver would be expressly
prohibited by applicable law, the following: (i) notice of acceptance of this Guaranty, (ii) notice of the existence or creation
of all or any of the Obligations, (iii) presentment, demand, notice of dishonor, protest and all other notices whatsoever (other
than notices expressly required hereunder or under any other Loan Document to which any Guarantor is a party), (iv) all diligence
in collection or protection of or realization upon the Obligations or any part thereof, any obligation hereunder, or any security
for any of the foregoing, (v) all rights to enforce any remedy which the Lender may have against the Borrower, and (vi) until the
Obligations shall have been paid in full in cash, all rights of subrogation, indemnification, contribution and reimbursement from
the Borrower for amounts paid hereunder and any benefit of, or right to participate in, any collateral or security now or hereinafter
held by the Lender in respect of the Obligations. If a claim is ever made upon the Lender for the repayment or recovery of any
amount or amounts received by such Person in payment of any of the Obligations and such Person repays all or part of such amount
by reason of (A) any judgment, decree or order of any court or administrative body having jurisdiction over such Person or any
of its property, or (B) any settlement or compromise of any such claim effected by such Person with any such claimant, including
the Borrower, then in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be
binding upon such Guarantor, notwithstanding any revocation hereof or the cancellation of any promissory note or other instrument
evidencing any of the Obligations, and such Guarantor shall be and remain obligated to such Person hereunder for the amount so
repaid or recovered to the same extent as if such amount had never originally been received by such Person.

 

    8

     

    

 

(j) This
Guaranty is a continuing guaranty of the Obligations and all liabilities to which it applies or may apply under the terms hereof
and shall be conclusively presumed to have been created in reliance hereon. No failure or delay by the Lender in the exercise of
any right, power, privilege or remedy shall operate as a waiver thereof, and no single or partial exercise by the Lender of any
right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy and no course of
dealing between any Guarantor and the Lender shall operate as a waiver thereof. No action by the Lender permitted hereunder shall
in any way impair or affect this Guaranty. For the purpose of this Guaranty, the Obligations shall include, without limitation,
all Obligations of the Borrower to the Lender, notwithstanding any right or power of any third party, individually or in the name
of the Borrower or the Lender to assert any claim or defense as to the invalidity or unenforceability of any such Obligation, and
no such claim or defense shall impair or affect the obligations of any Guarantor hereunder.

 

(k) This
is a guaranty of payment and performance and not of collection. In the event the Lender makes a demand upon any Guarantor in accordance
with the terms of this Guaranty, such Guarantor shall be held and bound to the Lender directly as debtor in respect of the payment
of the amounts hereby Guaranteed. All reasonable costs and expenses, including, without limitation, attorneys’ fees, and
expenses, incurred by the Lender in obtaining performance of or collecting payments due under this Guaranty shall be deemed part
of the Obligations Guaranteed hereby.

 

(l) Each
Guarantor is a direct or indirect wholly owned Subsidiary of the Borrower. Each Guarantor expressly represents and acknowledges
that any financial accommodations by the Lender to the Borrower, including, without limitation, the extension of credit, are and
will be of direct interest, benefit, and advantage to such Guarantor.

 

(m) Each
Guarantor shall be entitled to subrogation and contribution rights from and against the Borrower to the extent any Guarantor is
required to pay to the Lender any amount in excess of the Term Loan advanced directly to, or other Obligations incurred directly
by, such Guarantor or as otherwise available under applicable law; provided, however, that such subrogation and contribution rights
are and shall be subject to the terms and conditions of this Section 3.1 and Section 14.3. The payment obligation
of a Guarantor to any other Guarantor under any applicable law regarding contribution rights among co-obligors or otherwise shall
be subordinate and subject in right of payment to the prior payment in full of the obligations of such Guarantor under the other
provisions of this Guaranty, and such Guarantor shall not exercise any right or remedy with respect to such rights until payment
and satisfaction in full of all such obligations. Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor
shall exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, nor shall proceed
or seek recourse against or with respect to any property or asset of, the Borrower, any other Guarantor or any other guarantor
(including after payment in full of the Obligations), if all or any portion of the Obligations have been satisfied in connection
with an exercise of remedies in respect of the Equity Interests of the Borrower, any other Guarantor or any other guarantor whether
pursuant to the a Loan Document, or otherwise.

 

    9

     

    

 

(n) Each
Guarantor has independently, and without reliance on any information supplied by the Lender, taken, and will continue to take,
whatever steps it deems necessary to evaluate the financial condition and affairs of the Borrower or any Collateral, and the Lender
shall have no duty to advise the Guarantors of information at any time known to it regarding such financial condition or affairs
or any Collateral.

 

5. SECURITY
INTEREST.

 

5.1 Security
Interest. Each Borrower Party shall grant and pledge to the Lender a continuing security interest in and lien on the Collateral,
pursuant to and in accordance with the terms and conditions of the Pledge and Security Agreement, to secure prompt repayment of
any and all Obligations and to secure prompt performance by each Borrower Party of each of its covenants and duties under the Loan
Documents. Except for Permitted Liens, such security interests and liens constitute valid, first priority security interests in
and liens on the presently existing Collateral, and will constitute valid, first priority security interests in and liens on later-acquired
Collateral. Notwithstanding any termination of this Agreement or of any filings undertaken related to the Lender’s rights
under the Code, the Lender’s Liens on the Collateral shall remain in effect for so long as any Obligations are outstanding.

 

5.2 Further
Grant of Security Interest. To the extent that the Pledge and Security Agreement does not create a valid security interest
in any of the Collateral in favor of the Lender, each Borrower Party hereby grants to the Lender a continuing security interest
in and lien on the Collateral, including, without limitation, all Real Property, of any kind or nature, now or hereafter acquired
by or on behalf of VNC or its Subsidiaries. Upon request by the Lender, VNC or its applicable Subsidiary shall execute and deliver
to the Lender a Mortgage, in recordable form and in form and substance satisfactory to the Lender, with respect to any and all
Collateral constituting or consisting of Real Property owned, held or leased by or on behalf of VNC or such Subsidiary, further
granting to the Lender a first priority security interest therein and lien thereon.

 

5.3 Perfection
of Security Interest. Each Borrower Party hereby authorizes the Lender to file at any time financing statements, continuation
statements, and amendments thereto that (i) generally or specifically describe the Collateral, and (ii) contain any other information
required by the Code for the sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment,
including whether such Borrower Party is an organization, the type of organization and any organizational identification number
issued to such Borrower Party, if applicable. Each Borrower Party hereby authorizes the Lender to record, in any and all courthouses
or recording offices in all applicable jurisdictions, any Mortgages pertaining to Collateral constituting or consisting of Real
Property of such Borrower Party, and any amendment or continuations thereto, as may be necessary or desirable to perfect the security
interests and liens of the Lender in and on any such Collateral. Each Borrower Party shall, and hereby authorizes the Lender to,
take such other actions as may be necessary or as the Lender reasonably requests to perfect its security interests granted under
the Pledge and Security Agreement. Nothing set forth herein shall limit, in any way, any of the rights, powers or authority granted
to the Lender in the Pledge and Security Agreement.

 

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5.4 Books
and Records. Each Borrower Party shall (a) keep proper books of record and account in which full, true and correct entries
will be made of all dealings or transactions of or in relation to its business and affairs in any material respect; (b) set up
on its books accruals with respect to all material taxes, assessments, charges, levies and claims to the extent required by GAAP;
and (c) on a reasonably current basis set up on its books, from its earnings, allowances against doubtful Accounts, advances and
investments and all other proper accruals (including by reason of enumeration, accruals for premiums, if any, due on required payments
and accruals for depreciation, obsolescence, or amortization of properties), which should be set aside from such earnings in connection
with its business all in accordance with and to the extent required by GAAP. All determinations pursuant to this Section 5.4
shall be made in accordance with, or as required by, GAAP consistently applied by such Borrower Party.

 

5.5 Financial
Disclosure. Each Borrower Party hereby irrevocably authorizes and directs all accountants and auditors employed by any Borrower
Party at any time any Obligations are outstanding to exhibit and deliver to the Lender copies of such Borrower Party’s financial
statements, trial balances or other accounting records of any sort in the accountant’s or auditor’s possession, and
to disclose to the Lender any information such accountants may have concerning such Borrower Party’s financial status and
business operations, in each case subject to the applicable confidentiality undertakings or agreements reasonably requested by
any Borrower Party, but in any case not more often than every 30 days.

 

6. REPRESENTATIONS
AND WARRANTIES.

 

Each Borrower Party
represents and warrants as follows:

 

6.1 Due
Organization and Qualification. Borrower is a corporation and duly existing under the laws of Nevada and qualified and licensed
to do business in any state or country in which the conduct of its business or its ownership of property requires that it be so
qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect. VNC is an entity
organized and duly existing under the laws of Virginia and qualified and licensed to do business in any state or country in which
the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would
not reasonably be expected to cause a Material Adverse Effect. Other than disclosed in Schedule 6.1, there are no (i) outstanding
obligations, options, warrants, convertible or exchangeable securities or other rights, agreements or commitments (written, oral,
contingent or otherwise) relating to the equity interests of VNC, or (ii) voting trusts, member agreements, proxies or other agreements
or understandings in effect with respect to the voting or transfer of the equity interests of VNC.

 

6.2 Due
Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within each Borrower Party’s
powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in any Borrower
Party’s certificate of incorporation, articles of incorporation, bylaws, certificate of organization, articles of organization,
operating agreement or other similar incorporation, organization or formation document or instrument, nor will they constitute
an event of default under, a breach of or a violation of any material agreement by which any Borrower Party is bound. No Borrower
Party is in default under any agreement by which it is bound, except to the extent such default would not reasonably be expected
to cause a Material Adverse Effect.

 

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6.3 Collateral.
Each Borrower Party has rights in or the power to transfer the Collateral owned or held by such Borrower Party, and its title to
such Collateral is free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens.

 

6.4 Names;
Locations of Chief Executive Offices. Except as disclosed in Schedule 6.4, no Borrower Party has done business under
any name other than that specified on the signature page hereof, and its exact legal name is as set forth on the signature page
hereof.

 

6.5 Litigation.
Except as set forth in Schedule 6.5, (i) there are no civil, criminal or administrative actions, suits, demands, claims,
hearings, proceedings or investigations filed, or threatened to be filed, before any court, governmental entity, arbitration panel
or mediator pending by or against any Borrower Party, their properties or other assets, or any of their officers or directors in
their capacity as such and (ii) there are no actions or proceedings pending by or against any Borrower Party before any court or
administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect.

 

6.6 No
Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to each Borrower
Party that have been delivered by the Borrower Parties to the Lender fairly present in all material respects the consolidated and
consolidating financial condition of the Borrower Parties as of the date thereof and the consolidated and consolidating results
of operations of the Borrower Parties for the period then ended. There has not been a material adverse change in the consolidated
or in the consolidating financial condition of the Borrower Parties since the date of the most recent of such financial statements
submitted to the Lender.

 

6.7 Solvency,
Payment of Debts. After giving effect to the Initial Advance, the Borrower is able to pay its debts (including trade debts)
as they mature; the fair saleable value of the Borrower’s assets (including goodwill minus disposition costs) exceed the
fair value of its liabilities; and the Borrower is not left with unreasonably small capital. After giving effect to the Initial
Advance, the Borrower Parties, collectively, are able to pay their collective debts (including trade debts) as they mature; the
fair saleable value of the Borrower Parties’ combined assets (including good will minus disposition costs) exceed the fair
value of their combined liabilities; and the Borrower Parties, collectively, are not left with unreasonably small capital.

 

6.8 Compliance
with Laws and Regulations. Each Borrower Party has met the minimum funding requirements of ERISA with respect to any employee
benefit plans subject to ERISA. No event has occurred resulting from any Borrower Party’s failure to comply with ERISA that
is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect. No Borrower
Party is an “investment company” or a company “controlled” by an “investment company” within
the meaning of the Investment Company Act of 1940. No Borrower Party is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T
and U of the Board of Governors of the Federal Reserve System). No Borrower Party has violated any statutes, laws, ordinances,
or rules applicable to it, the violation of which would reasonably be expected to have a Material Adverse Effect.

 

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6.9 Government
and Third Party Consents. Each Borrower Party has obtained all consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all governmental authorities and other third parties that are necessary in order to
consummate the transactions contemplated under this Agreement and for the continued operation of such Borrower Party’s business
as currently conducted, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.

 

6.10 Full
Disclosure. No representation, warranty or other statement made by any Borrower Party in any certificate or written statement
furnished to the Lender taken together with all such certificates and written statements furnished to the Lender contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates
or statements not misleading in light of the circumstances in which they were made, it being recognized by the Lender that the
projections and forecasts provided by the Borrower in good faith and based upon reasonable assumptions are not to be viewed as
facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected
or forecasted results.

 

6.11 Financial
Statements. Unless otherwise publicly available via recent SEC filing made within the previous 30 days, the Borrower shall
deliver within five (5) business days after Closing to the Lender true and complete copies of the Borrower’s most recent
financial statements which were prepared in accordance with past practice.

 

6.12 Tax
Matters. Except as set forth in Schedule 6.12, each Borrower Party has (a) filed all tax returns required to be filed
by it, (b) paid in full all taxes shown to be due on such tax returns. Other than as set forth in the Schedule 6.12, no
Borrower Party has received any written notice of any audit, claim, assessment, levy or administrative or judicial proceeding with
respect to taxes of any Borrower Party which have not been fully paid or finally settled.

 

6.13 Labor
Matters. Except as set forth in Schedule 6.13, (i) no Borrower Party is a party to any collective bargaining agreement
or any other labor-related agreements with any labor union and (ii) there is no unfair labor practice charge or complaint filed
against any Borrower Party.

 

6.14 Compliance
with Environmental and Health and Safety Laws. Except as set forth on Schedule 6.14, each Borrower Party has at all
times during the past three (3) years complied and is in compliance in all material respects with all applicable environmental,
health and safety laws, rules and regulations. No Borrower Party has received any written or, to the knowledge of each of the Borrower
Parties, oral notice or report regarding any actual or alleged material violation, non-compliance, liability or potential liability
regarding hazardous substances or environmental, health and safety laws, rules or regulations with regard to the operations of
the any Borrower Party or the ownership of any assets of any Borrower Party, or any other business for which any Borrower Party
may have retained liability under any contract, in each case, the subject matter of which remains unresolved.

 

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6.15 Secured
Indebtedness. Schedule 6.15 contains a complete list of all of the Indebtedness of each Borrower Party which is secured
by a Lien granted to a third party with respect to any of the Collateral, and identifies the creditor or other Person to which
such Indebtedness is owed, the outstanding amount of such Indebtedness owed to each such creditor or other Person as of the date
of this Agreement and the Collateral subject to the Lien securing such Indebtedness.

 

6.16 Material
Contracts. Schedule 6.16 identifies, as of the Closing Date, each Material Contract that requires consent to the
granting of a Lien in favor of the Lender on the rights of any Borrower Party thereunder. VNC is not in default under or with respect
to any Material Contract to which it is a party or by which it or any of its properties are bound which default gives rise to a
right of termination by the non-defaulting party.

 

6.17 Material
Tangible Personal Property. The Pledge and Security Agreement (including the schedules attached thereto) contains accurate
and complete lists of all material tangible personal property and equipment owned, leased or otherwise controlled by any of Borrower’s
Subsidiaries acquired in Borrower’s purchase of VNC, including, without limitation, any improvements to owned or leased real
property.

 

6.18 Intellectual
Property. Schedule 6.18 contains true and complete list of all U.S. and foreign (i) issued patents and pending applications
for patents; (ii) registered trademarks and pending applications for trademarks; and (iii) registered copyrights and pending applications
for copyrights, in each case, which are owned by VNC.

 

6.19 Bank
Accounts. Within ten (10 business days Borrower will provide the Lender a true and complete list of all bank accounts (including
any deposit accounts, securities accounts, and any sub-accounts) of VNC.

 

7. AFFIRMATIVE
COVENANTS.

 

The Borrower Parties,
as applicable to each, jointly and severally covenant that, until payment in full of all outstanding Obligations, and for so long
as the Lender has any commitment to make an Advance hereunder:

 

7.1 Good
Standing and Government Compliance. Each Borrower Party shall maintain its and each of its Subsidiaries’ corporate existence
and good standing in the respective jurisdictions of formation, shall maintain qualification and good standing in each other jurisdiction
in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect. Each Borrower Party shall meet,
and shall cause each of its Subsidiaries to meet, the minimum funding requirements of ERISA with respect to any employee benefit
plans subject to ERISA. Each Borrower Party shall comply, and shall cause each of its Subsidiaries to comply, with all statutes,
laws, ordinances and government rules and regulations to which it is subject and to which its failure to comply would reasonably
be expected to have a Material Adverse Effect, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force
all licenses, approvals and agreements, the loss of which or failure to comply with which would reasonably be expected to have
a Material Adverse Effect.

 

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7.2 Financial
Statements, Reports, Certificates. Unless otherwise publicly available via recent SEC filing made within the previous 30 days,
the Borrower Parties shall deliver to the Lender with respect to each Borrower Party, as soon as practicable, but in any event
within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and
an unaudited balance sheet and statement of stockholders’ or owners’ equity as of the end of such month, all prepared
in accordance with GAAP (except that such financial statements may (a) be subject to normal year-end audit adjustments and (b)
not contain all notes thereto that may be required in accordance with GAAP).

 

7.3 Taxes.
Each Borrower Party shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material federal, state,
and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income
taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to the Lender, on demand but not more than once every
30 days, proof satisfactory to the Lender indicating that each Borrower Party or Subsidiary has made such payments or deposits
and any appropriate certificates attesting to the payment or deposit thereof; provided that such Borrower Party or Subsidiary need
not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved
against (to the extent required by GAAP) by such Borrower Party or such Subsidiary.

 

7.4 Creation/Acquisition
of Subsidiaries. In the event VNC creates or acquires any Subsidiary, the Borrower shall promptly notify the Lender of such
creation or acquisition, and the Borrower such Subsidiary formed or acquired by VNC after the date of this Agreement (each a “New
Subsidiary”) shall take all actions reasonably requested by the Lender (i) to cause such New Subsidiary to become
a guarantor with respect to the Obligations, including without limitation, by causing such New Subsidiary to execute and deliver
to the Lender a Guaranty Supplement and (ii) to cause such New Subsidiary to grant the Lender a first priority Lien on all Collateral
owned or held by such New Subsidiary, including, without limitation, by causing such New Subsidiary to execute and deliver to the
Lender a Pledge Supplement to the Pledge and Security Agreement, and (iii) to cause 100% of the Equity Interests of such New Subsidiary
to be pledged to the Lender pursuant to the Pledge and Security Agreement. Without limiting the foregoing, upon such creation or
acquisition of a New Subsidiary, the Borrower and such New Subsidiary shall, promptly upon the request of the Lender, (i) provide
to the Lender appropriate certificates of powers or UCC financing statements, pledging all direct or beneficial ownership interest
in any such new Subsidiary, in form and substance satisfactory to the Lender, and (ii) provide to the Lender all other documentation,
including one or more opinions of counsel satisfactory to the Lender, which in its opinion is appropriate with respect to such
formation and the execution and delivery of the applicable documentation referred to above. Any document, agreement or instrument
executed or issued pursuant to this Section 7.4 shall be a “Loan Document” for the purposes of this Agreement
and the other Loan Documents.

 

7.5 Further
Assurances. At any time and from time to time each Borrower Party shall execute and deliver such further instruments and take
such further action as may reasonably be requested by the Lender to effect the purposes of this Agreement.

 

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7.6 Notice.
Promptly after the date any Borrower Party has knowledge thereof, the Borrower shall provide the Lender with written notice of
(i) the termination or potential termination of any consent, license, permit or contract which could have a Material Adverse Effect;
(ii) any material loss, damage or destruction to or of any property or assets of any Borrower Party (regardless of whether the
same is covered by insurance); (iii) the occurrence of an Event of Default (such notice to be accompanied by a certificate signed
by an Authorized Officer setting forth the details of such Event of Default and the action which the Borrower Parties propose to
take with respect thereto); and (vi) promptly after the commencement thereof, notice of all actions, suits, proceedings or investigations
before or by any Governmental Body or any other Person against any Borrower Party and involving a claim or series of claims in
excess of $1,000,000.00 during any fiscal year or which if adversely determined would have a Material Adverse Effect.

 

7.7 Real
Property. 

 

(a) Borrower
Parties shall, within a reasonable time upon the request of the Lender, provide the Lender with a schedule setting forth all of
the Real Property acquired in Borrower’s acquisition of VNC, the nature of such Real Property, the current Subsidiary of
Borrower which is the owner or holder of such Real Property, the location of the real property to which such Real Property Interests
pertain and an appropriate legal description of such real property. The Borrower shall keep such Real Property (other than Excluded
Assets) free and clear of any Liens except for Permitted Liens and shall not sell, transfer or otherwise dispose of any such Real
Property (other than Excluded Assets) except in compliance with the Loan Documents. Upon request, the Borrower and any relevant
Subsidiary shall execute and deliver to the Lender a Mortgage covering all such Real Property (other than Excluded Assets) for
recording, all in accordance with the provisions of Article V.

 

(b) At
the time of the acquisition of any Real Property (other than Excluded Assets) by any of Borrower’s Subsidiaries relating
to VNC after the date of this Agreement, whether by deed, by lease or otherwise, such Borrower Party shall (i) promptly give the
Lender written notice of such acquisition of such Real Property, (ii) promptly upon the request of the Lender deliver to the Lender
a copy of the instrument pursuant to which such Borrower Subsidiary acquired such Real Property, (iii) as soon as reasonably possible
upon the request of the Lender execute and deliver to the Lender a Mortgage with respect to such Real Property, in recordable form
and substance satisfactory to the Lender, which the Lender is hereby authorized to record in all applicable jurisdictions; and
(iv) take such actions as may be necessary or reasonably requested by the Lender in order to grant the Lender a first priority
security interest in and lien on such Real Property or to perfect such security interest in and lien on such Real Property.

 

7.8 Legal
Fee Reserve. Should Borrower fail to pay in full this Term Loan on or before the Term Loan Maturity Date, the Borrower shall
establish a legal reserve account, to be held in escrow with and administered by the Lender, which shall be maintained by the Borrower
in the amount of $25,000 (the “Legal Reserve Account”). From time to time as long as any Obligations
remain outstanding, the Lender shall have the right to apply funds in the Legal Reserve Account to pay the legal fees and expenses
incurred by the Lender in connection with enforcing this Agreement, the Loan Documents and the Term Loan. The Borrower shall deposit
into the Legal Reserve Account, from time to time, such amounts as may be necessary in order to maintain the balance of $25,000
at all times so long as any Obligations remain outstanding. Any balance in the Legal Reserve Account shall be returned to the Borrower
as soon as practicable after the Borrower has indefeasibly paid in full all Obligations owing to the Lender. The Borrower shall
not be entitled to receive and shall not receive any interest on funds in the Legal Reserve Account. The Borrower hereby grants
to the Lender a continuing security interest in the Legal Reserve Account to secure prompt repayment of any and all Obligations
and to secure prompt performance by the Borrower and the other Borrower Parties of each of its and their covenants and duties under
the Loan Documents.

 

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8. NEGATIVE
COVENANTS.

 

The Borrower Parties,
jointly and severally, covenant and agree that, so long as any credit hereunder shall be available and until the outstanding Obligations
are paid in full or for so long as the Lender has any commitment or to make any Advances hereunder:

 

8.1 Dispositions.
VNC will not, without the Lender’s prior written consent, convey, sell, lease, license, transfer or otherwise dispose of
(collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business
or property, including, without limitations, any Equity Interest of VNC or its Subsidiaries or in any Collateral owned or held
by it, other than Permitted Transfers. In addition, Borrower will not, without the Lender’s prior written consent, Transfer,
or permit any of its Subsidiaries to Transfer, any Equity Interest of VNC.

 

8.2 Indebtedness.
No Borrower Party will do any of the following without the Lender’s prior written consent: (i) Issue or otherwise become
obligated with respect to any new Indebtedness other than the Permitted Indebtedness.

 

8.3 Change
in Name, Location or Executive Office; Change in Business; Change in Fiscal Year, Change in Operating Agreement or Certificate
of Formation. No Borrower Party will do any of the following without the Lender’s prior written consent (which consent
shall not be unreasonably withheld or delayed): (i) Change its name or the state of its formation or relocate its chief executive
office without 10 days prior written notification to the Lender; (ii) replace or suffer the departure of its chief executive officer
or chief financial officer without delivering written notification to the Lender within 10 days following the event; (iii) take
action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; (iv) engage in any business, or permit
any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged
in by such Borrower Party; (v) change its fiscal year end; or (vi) make any amendments, modifications or changes to (x) its operating
agreement or bylaws, as applicable, in effect as of the date hereof, or (y) to its certificate of formation, articles of incorporation,
articles of organization and other charter documents as existing on the date hereof.

 

8.4 Mergers. 
VNC will not, without the Lender’s prior written consent (which consent shall not be unreasonably withheld or delayed), merge
or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Person (including, without limitation,
mergers or consolidations of VNC or any of its Subsidiaries into another Borrower Subsidiary), unless the Obligations are repaid
in full concurrently with the closing of such merger; provided, however, that neither VNC nor its Subsidiaries shall, without the
Lender’s prior written consent, enter into any binding contractual arrangement with any Person to attempt to facilitate any
merger expressly permitted above unless (i) no Event of Default exists when such agreement is entered into by VNC or its Subsidiaries,
and (ii)  such agreement does not give any third party the right to claim any fee, payment or damages from any parties, other
than from VNC or its applicable Subsidiaries or their respective investors, in connection with a sale of any Equity Interest or
assets by VNC or its Subsidiaries pursuant to or resulting from an assignment for the benefit of creditors, an asset turnover to
creditors (including, without limitation, the Lender), foreclosure, bankruptcy or similar liquidation, and (iii) VNC and its Subsidiaries
notify the Lender in advance prior to entering into such an agreement (provided, the failure to give such notification shall not
be deemed a material breach of this Agreement).

 

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8.5 Acquisitions
and Creations of New Subsidiaries. VNC will not, without the prior written consent of the Lender, (i) create or cause or allow
any of its Subsidiaries to create any New Subsidiary unless the requirements set forth in Section 7.4 shall have been timely
satisfied or waived by the Lender, or (ii) acquire or cause or allow any of its Subsidiaries to acquire any New Subsidiary unless
the requirements set forth in Section 7.4 shall have been timely satisfied or waived by the Lender.

 

8.6 Encumbrances.
No Borrower Party will, without the Lender’s prior written consent, create, incur, assume or allow any Lien with respect
to the Collateral, or assign or otherwise convey any right to receive income or permit any of its Subsidiaries so to do, except
for Permitted Liens, or covenant to any other Person (other than (i) the licensors of in-licensed property with respect to such
property or (ii) the lessors of specific equipment or lenders financing specific equipment with respect to such leased or financed
equipment) that any Borrower Party in the future will refrain from creating, incurring, assuming or allowing any Lien with respect
to any of the Collateral.

 

8.7 Transactions
with Affiliates. Except as set forth in Schedule 8.7, no Borrower Party will, without the Lender’s prior written
consent, directly or indirectly enter into or permit to exist any material transaction with the Borrower or any Borrower Subsidiary
except for transactions that are in the ordinary course of such Borrower Party’s business, upon fair and reasonable terms
that are no less favorable to any Borrower Party than would be obtained in an arm’s length transaction with a non-affiliated
Person. Without limiting the foregoing, (i) no Borrower Party will, without the Lender’s prior written consent, make, pay,
issue, grant or otherwise transfer any dividends, loans, distributions or other assets to the Borrower or any Borrower Subsidiary,
except pursuant to a Permitted Transfer, and (ii) upon and during the continuance of any Event of Default, no Borrower Party will,
without the Lender’s Prior written consent, make, pay, issue, grant or otherwise transfer any dividends, loans, distributions
or other assets to any other Borrower Party, except pursuant to a Permitted Transfer.

 

8.8 Extraordinary
Corporate Transactions. No Borrower Party will, without the Lender’s prior written consent, take any corporate or company
action, enter into any agreement to take such action, or obligate itself to take any such action, if such action would:  (i)
provide for the voluntary liquidation, dissolution or winding up of any Borrower Party or (ii) enter into any transaction that
expressly prohibits or limits any Borrower Party’s right to perform its obligations under this Agreement.

 

8.9 No
Investment Company; Margin Regulation. No Borrower Party will, without the Lender’s prior written consent, become or
be controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally
engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or
carrying margin stock, or use the proceeds of the Term Loan for such purpose.

 

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9. EVENTS
OF DEFAULT.

 

Any one or more of
the following events (each an “Event of Default” and, any one or more together, an “Events of Default”)
shall constitute an Event of Default by the Borrower and the other Borrower Parties under this Agreement and the Pledge and Security
Agreement:

 

9.1 Payment
Default. If the Borrower fails to make any payment under this Agreement or any Note when due or the Borrower or any other Borrower
Party otherwise fails to pay any of the Obligations when due; provided, however, that it shall not be an Event of
Default hereunder if the Borrower pays any Obligations payments within two (2) Business Days after notice by Lender that such Obligations
are past due.

 

9.2 Covenant
Default. If any Borrower Party fails or neglects to perform or observe any term, provision, condition, agreement or covenant
contained in this Agreement, in the Pledge and Security Agreement or in any of the other Loan Documents, or in any other present
or future agreement between any Borrower Party and the Lender and as to any default under such other term, provision, condition
or covenant that can be cured, has failed to cure such default within thirty (30) days after the Borrower receives written notice
thereof; provided, however, that if the default cannot by its nature be cured within the 30-day period or cannot
after diligent attempts by the Borrower Parties be cured within such 30-day period, and such default is likely to be cured within
a reasonable time, then the Borrower Parties shall have an additional reasonable period (which shall not in any case exceed 60
days) to attempt to cure such default; provided, further, however, if the nature of such default is such that
it is not curable, then there shall be no applicable cure period with respect to such default.

 

9.3 Attachment.
If any material portion of any Collateral is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes
into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress
warrant or levy has not been removed, discharged or rescinded within 30 days, or if any Borrower Party is enjoined, restrained,
or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment
or other claim becomes a lien or encumbrance upon any material portion of any Collateral that is not removed, discharged or rescinded
within 30 days, or if a notice of lien, levy, or assessment is filed of record with respect to any material portion of any Collateral
by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or
governmental agency, and the same is not that is not removed, discharged or rescinded within 30 days after such Borrower Party
receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is
stayed or an adequate bond has been posted pending a good faith contest by such Borrower Party (provided that no Advances will
be made during such cure period).

 

9.4 Insolvency.
If (i) an Insolvency Proceeding is commenced by or on behalf of any Borrower Party (provided that no Advances will be made prior
to the dismissal of such Insolvency Proceeding), (ii) an Insolvency Proceeding is commenced against any Borrower Party and is not
dismissed or stayed within 60 days (provided that no Advances will be made prior to the dismissal of such Insolvency Proceeding),
or (iii) any Borrower Party shall generally not pay its debts as such debts become due, shall admit in writing its inability to
pay its debts generally, shall make a general assignment for the benefit of creditors, or shall cease doing business as a going
concern.

 

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9.5 Material
Adverse Effect. A Material Adverse Effect has occurred.

 

9.6 Material
Change to Mortgaged Property. If there is a material change in the conditions of any of the Mortgaged Property in violation
of the appropriate Mortgage beyond any applicable notice and cure period.

 

9.7 Judgments.
If a final, uninsured judgment or judgments or order, decree or arbitration award for the payment of money in an amount, individually
or in the aggregate, of at least $1,000,000 shall be rendered against any Borrower Party or one or more non-monetary judgments,
orders, decrees or arbitration awards shall be rendered against any Borrower Party that could reasonably be excepted to result
in a Material Adverse Effect, and in either case shall remain unsatisfied and unstayed for a period of 30 days (provided that no
Advances will be made prior to the satisfaction or stay of the judgment).

 

9.8 Misrepresentations.
If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation of any Borrower
Party or any officer, agent, employee or representative thereof set forth in this Agreement, in the Pledge and Security Agreement,
in any other Loan Document or in any certificate delivered to the Lender by any Borrower Party pursuant to this Agreement or to
induce the Lender to enter into this Agreement or any other Loan Document.

 

9.9 Change
of Control. If any Change of Control should occur without the prior written consent of the Lender.

 

9.10 Unauthorized
Dispositions. If any Borrower Party shall dispose of all of its assets or any material portion of its assets (other than Inventory
in the ordinary course of business), pursuant to a Transfer or otherwise, other than pursuant to a Permitted Transfer, without
the prior written consent of the Lender.

 

10. LENDER’S
RIGHTS AND REMEDIES.

 

10.1 Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default, subject to Section 10.9 of this
Agreement, the Lender may, at its election, without notice of their election and without demand, do any one or more of the following,
all of which are authorized by each Borrower Party:

 

(a) Declare
all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable,
provided that upon the occurrence of an Event of Default described in Section 9.4, all Obligations shall automatically become
immediately due and payable;

 

    20

     

    

 

(b) Cease
advancing money or extending credit to or for the benefit of the Borrower or any other Borrower Party under this Agreement or under
any other agreement between any Borrower Party and the Lender;

 

(c) Settle
or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that the Lender reasonably
considers advisable;

 

(d) Set
off and apply to the Obligations any and all (i) balances and deposits of any Borrower Party held by the Lender, and (ii) indebtedness
at any time owing to or for the credit or the account of any Borrower Party held by the Lender;

 

(e) Following
the grace or cure period set forth herein or in any other related Loan Document, sell the Collateral at either a public or private
sale, or both, by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including
any Borrower Party’s premises) as the Lender may determine is commercially reasonable, and apply any proceeds to the Obligations
in whatever manner or order the Lender deems appropriate. The Lender may sell the Collateral without giving any warranties as to
the Collateral. The Lender may specifically disclaim any warranties of title or the like. This procedure will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. If the Lender sells any of the Collateral upon
credit, the Borrower Parties will be credited only with payments actually made by the purchaser, received by the Lender, and applied
to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, the Lender may resell the Collateral and
the Borrower Parties shall be credited with the proceeds of the sale;

 

(f) Apply
for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to the
adequacy of the security for the Obligations and without regard to the solvency of any Borrower Party, any guarantor or any other
Person liable for any of the Obligations; and

 

(g) Any
deficiency that exists after disposition of the Collateral as provided above shall be paid immediately by the Borrower and the
other Borrower Parties.

 

10.2 Power
of Attorney. Each Borrower Party hereby irrevocably appoints the Lender (and any of Lender’s designated officers, or
employees) as its true and lawful attorney, and effective only upon the occurrence and during the continuance of an Event of Default
and following the grace or cure period set forth herein or in any other related Loan Document,, may, subject to Section 10.9
of this Agreement: (a) send requests for verification of Accounts or notify account debtors of Lender’s security interest
in the Accounts; (b) endorse any Borrower Party’s name on any checks or other forms of payment or security that may come
into Lender’s possession; (c) sign any Borrower Party’s name on any invoice or bill of lading relating to any Account,
drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors;
(d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to Borrower Party’s
policies of insurance; (f) settle and adjust disputes and claims respecting the Accounts directly with account debtors, for amounts
and upon terms which Lender determines to be reasonable; and (g) file, in its sole discretion, one or more financing or continuation
statements and amendments thereto, relative to any of the Collateral; provided, the Lender may exercise such power of attorney
to sign the name of any Borrower Party on any of the documents described in clause (g) above, regardless of whether an Event of
Default has occurred. The appointment of Lender as the Borrower Parties’ attorney in fact, and each and every one of Lender’s
rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed
and Lender’s obligation to provide advances hereunder is terminated.

 

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10.3 Accounts
Collection. At any time after the occurrence and during the continuation of an Event of Default, subject to Section 10.9
of this Agreement, the Lender may notify any Person owing funds to VNC of Lender’s security interest in such funds and verify
the amount of such Account. VNC shall collect all amounts owing to it for the Lender, receive in trust all payments as Lender’s
trustee, and immediately deliver such payments to Lender in their original form as received from the account debtor, with proper
endorsements for deposit.

 

10.4 Lender’s
Expenses. If any Borrower Party fails to pay any amounts or furnish any required proof of payment due to third persons or entities,
as required under the terms of this Agreement, then the Lender may, after reasonable notice to such Borrower Party, make payment
of the same or any part thereof, and the amount of any such payment shall be added to the Obligations. Any payments made by the
Lender shall not constitute an agreement by the Lender to make similar payments in the future or a waiver by the Lender of any
Event of Default under this Agreement.

 

10.5 No
Obligation to Pursue Others. The Lender has no obligation to attempt to satisfy the Obligations by collecting them from any
other person, including, without limitation, the Guarantors, liable for them and the Lender may release, modify or waive any collateral
provided by any other Person to secure any of the Obligations, all without affecting the Lender’s rights against any Borrower
Party. Each Borrower Party waives any right it may have to require the Lender to pursue any other Person for any of the Obligations.

 

10.6 Remedies
Cumulative. The Lender’s rights and remedies under this Agreement, the Pledge and Security Agreement and the other Loan
Documents, and all other agreements shall be cumulative. The Lender shall have all other rights and remedies not inconsistent herewith
as provided under the Code, by law, or in equity. No exercise by the Lender of one right or remedy shall be deemed an election,
and no waiver by the Lender of any Event of Default on any Borrower Party’s part shall be deemed a continuing waiver. No
delay by the Lender shall constitute a waiver, election, or acquiescence by it. No waiver by the Lender shall be effective unless
made in a written document signed on behalf of the Lender and then shall be effective only in the specific instance and for the
specific purpose for which it was given. Each Borrower Party expressly agrees that this Section 10.6 may not be waived or
modified by the Lender by course of performance, conduct, estoppel or otherwise.

 

10.7 Demand;
Protest. Except as otherwise provided in this Agreement, each Borrower Party waives demand, protest, notice of protest, notice
of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations.

 

10.8 No
Limitation on Rights, Remedies or Authority. Nothing set forth in this Article 10 shall in any way limit any of the
rights, power or authority granted to the Lender under the Pledge and Security Agreement or any other Loan Document, including,
without limitation, any authorization or appointment of the Lender as any Borrower Party’s power of attorney or attorney-in-fact
thereunder, and nothing set forth in this Article 10 shall in any way limit any of the rights or remedies available to the
Lender under the Pledge and Security Agreements or any of the other Loan Documents or otherwise available to the Lender at law,
in equity or otherwise.

 

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10.9 Standstill.

 

(a) Notwithstanding
anything to the contrary set forth herein or in any of the Loan Documents, and provided Borrower has not failed to make the mandatory
prepayment pursuant to Section 2.2(e)(z) for a Restructuring Event, the Lender agrees that, so long as (i) no voluntary or involuntary
Insolvency Proceeding has been commenced by, against or with respect to the Borrower or any Standstill Entity and (ii) no voluntary
Insolvency Proceeding has been commenced by or with respect to any Subsidiary, during the period commencing on the occurrence of
an Event of Default (other than a Transfer Default) and ending after 60 days have lapsed thereafter (the “Standstill
Period”), the Lender will not enforce its Liens on the Standstill Equity Collateral, or exercise its rights related
thereto, in connection with such Event of Default; provided, that nothing set forth in this Section 10.9 shall in any way
limit or affect any of the rights or remedies of the Lender (i) prior to or after any Standstill Period, (ii) upon or after the
commencement of any Insolvency Proceeding with respect to any Borrower Party or during the duration of any such Insolvency Proceeding
or (iii) upon the occurrence of or in connection with any Transfer Default.

 

11. NOT
USED

 

12. NOTICES.

 

12.1 Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified, (ii) when sent, if sent by confirmed
electronic mail or by facsimile during normal business hours of the recipient, and if not sent during normal business hours, then
on the recipient’s next Business Day, (iii) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next Business Day delivery, with written verification of receipt. Notices shall be sent the parties
at the applicable addresses set forth on Exhibit C attached hereto. The parties hereto may change the address at which they
are to receive notices hereunder, by notice in writing in the foregoing manner given to the other.

 

13. CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER.

 

13.1 Choice
of Law and Venue; Jury Trial Waiver. This Agreement shall be governed by, and construed in accordance with, the internal laws
of the State of New York, without regard to principles of conflicts of law. Jurisdiction shall lie in the State of New York. All
disputes, controversies, claims, actions and similar proceedings arising with respect to any Borrower Party’s account or
any related agreement or transaction may be brought in the courts of the State of New York or the United States District Court
for the District of New York. THE LENDER AND EACH BORROWER PARTY EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL
ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL OF THEIR CHOICE,
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE
DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY THE LENDER OR ANY BORROWER PARTY, EXCEPT BY A WRITTEN INSTRUMENT
EXECUTED BY EACH OF THEM.

 

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14. GENERAL
PROVISIONS.

 

14.1 Successors
and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and the respective successors and permitted
assigns of each of the parties and shall bind all persons who become bound as a debtor, borrower or guarantor to this Agreement;
provided, however, that neither this Agreement nor any rights hereunder may be assigned by any Borrower Party without the Lender’s
prior written consent, which consent may be granted or withheld in the Lender’s sole discretion. The Lender shall have the
right without the consent of or notice to any Borrower Party to sell, assign, transfer, negotiate, or grant participation in all
or any part of, or any interest in, the Lender’s obligations, rights and benefits hereunder.

 

14.2 Indemnification.
Each Borrower Party shall defend, indemnify and hold harmless the Lender and its officers, employees, and agents against: (a) all
obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated
by this Agreement; and (b) all losses in any way suffered, incurred, or paid by the Lender, its officers, employees and agents
as a result of or in any way arising out of, following, or consequential to transactions between the Lender and any Borrower Party,
whether under this Agreement or otherwise, (including without limitation reasonable attorneys’ fees and expenses), except
for losses caused by the Lender’s gross negligence or willful misconduct.

 

14.3 Contribution.

 

(a) In
the event any Borrower Party (a “Funding Borrower Party”) shall make any payment or payments under this
Agreement or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations hereunder,
such Funding Borrower Party shall have the right to seek contribution payments from each other Borrower Party (each, a “Contributing
Borrower Party”) to the extent permitted by applicable law. Nothing in this Section 14.3 shall affect any
Borrower Party’s joint and several liability to the Lender for the entire amount of its Obligations. Each Borrower Party
covenants and agrees that (i) its right to receive any contribution hereunder from a Contributing Borrower Party shall be subordinate
and junior in right of payment to all obligations of the Borrower Parties to the Lender hereunder and under the other Loan Documents
and (ii) it shall not exercise any such contribution rights unless and until the Obligations shall have been paid in full.

 

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(b) Nothing
in this Section 14.3 shall affect the Borrower Parties’ joint and several liability to the Lender for the entire amount
of its Obligations. Each Borrower Party covenants and agrees that its right to receive any contribution hereunder from a Contributing
Borrower Party shall be subordinate and junior in right of payment to all Obligations of the Borrower to the Lender hereunder and
under the other Loan Documents. No Borrower Party will exercise any rights that it may acquire by way of subrogation hereunder
or under any other Loan Document or at law by any payment made hereunder or otherwise, nor shall any Borrower Party seek or be
entitled to seek any contribution or reimbursement from any other Borrower Party in respect of payments made by such Borrower Party
hereunder or under any other Loan Document, until all amounts owing to the Lender on account of the Obligations are paid in full
in cash. If any amounts shall be paid to any Borrower Party on account of such subrogation or contribution rights at any time when
all of the Obligations shall not have been paid in full, such amount shall be held by such Borrower Party in trust for the Lenders
segregated from other funds of such Borrower Party, and shall, forthwith upon receipt by such Borrower Party, be turned over to
the Lender for the benefit of itself in the exact form received by such Borrower Party (duly endorsed by such Borrower Party to
the Lender, if required), to be applied against the Obligations, whether matured or unmatured, as provided for herein.

 

14.4 Time
of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.

 

14.5 Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

14.6 Amendments
in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in writing
and signed by the Borrower and the Lender. All prior agreements, understandings, representations, warranties, and negotiations
between the parties hereto with respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged
into this Agreement and the Loan Documents.

 

14.7 Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one
and the same Agreement.  Executed copies of the signature pages of this Agreement sent by facsimile or transmitted electronically
in Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully binding and with full
legal force and effect, and the parties waive any rights they may have to object to such treatment.

 

14.8 Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
remain outstanding or the Lender has any obligation to make any Advance to Borrower. The obligations of the Borrower Parties to
indemnify the Lender with respect to the liabilities described in Section 14.2 shall survive until all applicable statute
of limitations periods with respect to actions that may be brought against the Lender have run.

 

    25

     

    

 

14.9 Confidentiality.
In handling any confidential information, the Lender and the Borrower Parties and all employees and agents of such parties shall
exercise the same degree of care that such party exercises with respect to its own proprietary information of the same types to
maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that
disclosure of such information may be made (i) in the case of the Lender, to the subsidiaries or Affiliates of the Lender or the
Borrower Parties in connection with their present or prospective business relations with the Borrower Parties, (ii) in the case
of the Lender, to prospective Lenders or purchasers of any interest in the Term Loan, provided that it has entered into a comparable
confidentiality agreement in favor of the Borrower and have delivered a copy to the Borrower, (iii) as required by law, regulations,
rule or order, subpoena, judicial order or similar order, (iv) in the case of the Lender, as may be required in connection with
the examination, audit or similar investigation of the Lender, and (v) as the Lender may determine in connection with the enforcement
of any remedies hereunder. Confidential information hereunder shall not include information that either: (a) is in the public domain
or in the knowledge or possession of the receiving party when disclosed to such party, or becomes part of the public domain after
disclosure to such receiving party through no fault of such receiving party; or (b) is disclosed to such receiving party by a third
party, provided such receiving party does not have actual knowledge that such third party is prohibited from disclosing such information.

 

********

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

 

	 	LENDER:	 
	 	 	 
	 	DWX SERVICING AGENT, LLC,	 
	 	an Ohio limited liability company	 
	 	 	 	 
	 	By: 	/s/
    Charles A. Ebetino, Jr. 	(Seal)
	 	Name:	Charles A. Ebetino, Jr.	 
	 	Its:	Manager	 
	 	 	 	 
	 	BORROWER:	 
	 	 	 
	 	COMSOVEREIGN HOLDING CORP.,	 
	 	a Nevada Corporation	 
	 	 	 	 
	 	By: 	/s/
    Daniel L. Hodges  	(Seal)
	 	Name: 	Daniel L. Hodges	 
	 	Its:	Chief Executive Officer	 
	 	 	 	 
	 	INITIAL GUARANTOR:	 
	 	 	 
	 	VIRTUAL NETCOM, LLC,	 
	 	a Virginia limited liability company	 
	 	 	 	 
	 	By: 	/s/
    Daniel L. Hodges  	(Seal)
	 	Name: 	Daniel L. Hodges	 
	 	Its:	Chief Executive Officer	 

 

[Signature Page to Secured Loan Agreement]

 

     

     

    

 

EXHIBIT A 

 

DEFINITIONS

 

“Accounts” means all
of the Guarantors’ accounts (as such term is defined by the UCC) and accounts receivables, and shall include, but not be
limited to, all of the Guarantors’ rights to payment for goods sold or leased or services performed by the Guarantors or
any other party, whether now in existence or arising from time to time hereafter, including, without limitation, rights evidenced
by an account, note, instrument, contract, security agreement, chattel paper, or other evidence of indebtedness or security (including
an account, note, instrument, contract, security agreement, chattel paper, or other evidence of indebtedness or security related
to amounts owed by a Governmental Body, and further including, without limitation, all books, ledgers, print-outs, file materials,
and other papers containing information generally relating to Accounts) together with (i) all security pledged, assigned, hypothecated
or granted to, or held by, the Guarantors to secure the foregoing, (ii) all guarantees, endorsements and indemnifications on, or
of, any of the foregoing, (iii) all powers of attorney for the execution of any evidence of indebtedness or security or other writings
in connection therewith, and (iv) all evidences of the filing of financing statements and other statements and the registration
of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates
from filing or other registration officers.

 

“Advance” or “Advances”
means a cash advance or cash advances made the Lender to the Borrower under the Term Loan.

 

“Affiliate” means, with
respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled
by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and general
partners. For the purposes hereof, the term “Affiliate” shall also include any limited partner of a Person, if such
Person is a partnership.

 

“Agreement” has the
meaning assigned in the first paragraph of this Agreement.

 

“Authorized Officer”
means someone designated as such in the corporate resolution provided by Borrower to the Lender in which this Agreement and the
transactions contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate
resolutions to the Lender after the Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most
recently provided resolution shall be the only “Authorized Officers” for purposes of this Agreement.

 

“Borrower” has the meaning
assigned in the first paragraph of this Agreement.

 

“Borrower Parties” means,
collectively, the Borrower and the Guarantors; and “Borrower Party” means any one of the foregoing Borrower
Parties.

 

“Borrower Party’s Books”
means all of each Borrower Party’s books and records including: ledgers; records concerning Borrower’s assets or liabilities,
the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing
such information.

 

    A-1

     

    

 

“Business Day” means
any day that is not a Saturday, Sunday, or other day on which banks in the State of New York are authorized or required to close.

 

“Change of Control”
means the occurrence of one or more of the following events: (a) any Person or two or more Persons (excluding any Person who
is a holder of Equity Interests on the Agreement Date) acting in concert shall have acquired beneficial ownership (within the meaning
of Rule 13d-3 of the SEA) of fifty percent (50%) or more of the outstanding shares of the voting Equity Interests of the Borrower;
(b) as of any date a majority of the board of directors of the Borrower consists (other than vacant seats) of individuals
who were not either (i) directors of the Borrower as of the Agreement Date, (ii) selected or nominated to become directors
by the board of directors of the Borrower of which a majority consisted of individuals described in clause (i), or (iii) selected
or nominated to become directors by the board of directors of the Borrower of which a majority consisted of individuals described
in clause (i) and individuals described in clause (ii), (c) except as specifically permitted hereunder,
the Borrower ceases to Control or directly or indirectly own one hundred percent (100%) of the outstanding Equity Interests of
the Guarantors, (d) the direct or indirect sale, lease, transfer, conveyance or other disposition, in one or a series of related
transactions, of a majority of the properties or assets of the Borrower or Guarantor taken as a whole to any Person, (e) the direct
or indirect sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of a majority of
the properties or assets of the Borrower and its Subsidiaries taken as a whole to any Person and (f) the adoption of a plan
relating to the liquidation, winding-up or dissolution of the Borrower or any Guarantor without the prior written consent of the
Lender.

 

“Closing Date” means
December 8, 2020.

 

“Code” means the New
York Uniform Commercial Code as amended or supplemented from time to time.

 

“Collateral”
means (i) all of the Equity Interests of the Guarantor now owned or held or hereafter owned, held or acquired by any Guarantor,
(ii) any and all other personal property now owned, leased or held or hereafter owned, leased, held or acquired by Borrower in
the transaction that it acquired VNC (other than Excluded Assets) , and (iii) any and all Real Property owned, leased or held or
hereafter owned leased, held or acquired by Borrower in the transaction that it acquired VNC (other than Excluded Assets), in each
case, including, without limitation, all proceeds and renewals thereof, accretions thereto and substitutions therefor.

 

“Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have the meanings correlative thereto.

 

“Credit Extension” means
each Advance, or any other extension of credit, by the Lender to or for the benefit of Borrower hereunder.

 

“Equipment” means all
equipment (as defined in the UCC), of every kind and nature, wherever located, and in which any Guarantor may have any interest
(to the extent of such interest). Equipment shall also include, but not be limited to, all modifications, alterations, repairs,
substitutions, additions, and accessions thereto, all replacements and all parts therefor, and together with all substitutes for
any of the foregoing.

 

    A-2

     

    

 

“Equity Interests” means,
as applied to any Person, any capital stock, membership interests, partnership interests or other equity interests of such Person,
regardless of class or designation, and all warrants, options, purchase rights, conversion or exchange rights, voting rights, calls
or claims of any character with respect thereto.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 

“Event of Default” has
the meaning assigned in Article 9.

 

“Excluded Assets” means
the “Excluded Property” as that term is defined in the Pledge and Security Agreement.

 

“GAAP” means generally
accepted accounting principles, consistently applied, as in effect from time to time in the United States.

 

“Governmental Body”
means any governmental body, authority or agency having jurisdiction over the Borrower or the property of the Borrower.

 

“Guarantors” means,
collectively, Virtual Netcom, LLC, (“VNC”) a Virginia limited liability company owned by Borrower, and any other Person
that has executed a Guaranty Supplement or other document guaranteeing the Obligations; and “Guarantor” shall
mean any one of the foregoing Guarantors.

 

“Guaranty”
or “Guaranteed,” as applied to an obligation (each a “primary obligation”), shall mean and
include (a) any guaranty, direct or indirect, in any manner, of any part or all of such primary obligation, and (b) any
agreement, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance
(or payment of damages in the event of non-performance) of any part or all of such primary obligation, including, without limiting
the foregoing, any reimbursement obligations as to amounts drawn down by beneficiaries of outstanding letters of credit, and any
obligation of any Person, whether or not contingent, (i) to purchase any such primary obligation or any property or asset
constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of
such primary obligation or (B) to maintain working capital, equity capital or the net worth, cash flow, solvency or other
balance sheet or income statement condition of any other Person, (iii) to purchase property, assets, securities or services
primarily for the purpose of assuring the owner or holder of any primary obligation of the ability of the primary obligor with
respect to such primary obligation to make payment thereof or (iv) otherwise to assure or hold harmless the owner or holder
of such primary obligation against loss in respect thereof, but in all events excluding the endorsement of instruments for collection
in the ordinary course of business. All references in this Agreement to “this Guaranty” shall be to the Guaranty provided
for pursuant to the terms of Article IV.

 

“Guaranty Supplement”
means a valid and enforceable supplement to this Agreement, in form and substance satisfactory to the Lender in its sole reasonable
discretion, pursuant to which any New Subsidiary shall join as a party hereto and be made a Guarantor and Borrower Party hereunder.

 

    A-3

     

    

 

“Indebtedness” means
(a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures
or similar instruments, (c) all capital lease obligations, and (d) all contingent obligations.

 

“Initial Advance” has
the meaning assigned in Section 2.1(b)(i).

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as
amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal
moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 

“Inventory” means all
of Guarantor’s inventory (as such term is defined by the UCC), wherever located, and whether now existing or hereafter acquired,
including, without limitation, all raw materials, work in process, returned goods, finished goods, samples, consigned goods to
the extent of the consignee’s interest therein, parts, materials and supplies of any kind or nature which are or might be
used in connection with the manufacture, printing, publication, packing, shipping, advertising, selling or finishing of any such
goods, and all other products, goods, materials and supplies.

 

“Lender” has the meaning
assigned in the first paragraph of this Agreement.

 

“Lien” means any mortgage,
lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

“Loan Documents” means,
collectively, this Agreement, the Note, any other note or notes executed by Borrower in favor of the Lender, the Pledge and Security
Agreement, the other Security Documents, each Guaranty Supplement, each Pledge Supplement executed in connection with the Pledge
and Security Agreement, the other Security Agreements and any other document, instrument or agreement entered into in connection
with this Agreement, all as amended, restated, supplemented, otherwise modified, entered into or extended from time to time.

 

“Material Adverse Effect”
means a material adverse effect on: (i) the operations, business or financial condition of the Borrower Parties taken as a whole;
(ii) the ability of the Borrower Parties collectively to repay the Obligations or otherwise perform their obligations under the
Loan Documents; or (iii) any Borrower Party’s interest in, or the value, perfection or priority of the Lender’s security
interest in the Collateral.

 

“Material Contracts”
shall mean, collectively, (i) all contracts, leases, instruments, guaranties, licenses or other arrangements (other than the
Loan Documents) to which any Guarantor is or becomes a party and as to which the breach, nonperformance, cancellation or failure
to renew by any party thereto could have a Material Adverse Effect; (ii) all contracts and agreements that, at any time of
determination, contributed more than $1,000,000 to the revenue or expenses of the Guarantors in the immediately preceding twelve
months (or, if such agreement or contract was acquired or became effective within twelve months from such date, then the actual
revenue contributed from such agreement or contract, on an annualized basis); and (iii) all contracts and agreements that, at any
time of determination, is anticipated to contribute more than $1,000,000 to the revenue or expenses of the Guarantors on an annual
basis in the future.

 

    A-4

     

    

 

“Mortgage”
means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document granting a Lien
on Real Property.

 

“Mortgaged
Real Property” means any Real Property subject to a Mortgage granted to the Lender by any Guarantor to secure the Obligations.

 

“Note”
means that certain promissory note dated the date hereof made by the Borrower pursuant to Section 2.1(c), as the same may
be amended, restated, supplemented, extended, or otherwise modified from time to time.

 

“Obligations”
means all debt, principal, interest and other amounts owed to the Lender by the Borrower Parties pursuant to this Agreement and
the other Loan Documents, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any
interest that accrues after the commencement of an Insolvency Proceeding.

 

“OID”
has the meaning assigned in the first Recital of this Agreement. 

 

“Payment Default” means
an Event of Default for failure of payment by the Borrower or any Borrower Party as described in Section 9.1.

 

“Permitted Liens” means
the following:

 

(a) Any
Liens created in favor of the Lender under any of the Loan Documents or otherwise granted to the Lender in order to secure the
payment or performance of the Obligations;

 

(b) Any
Liens of Borrower other than any lien against the Collateral

 

(c) Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings and for which the Borrower Parties maintain adequate reserves;

 

(d) 
Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 9.3
(attachment) or 9.7 (judgments).

 

“Permitted Transfer”
means any of the following conveyances, sales, leases, grants, transfers, trades or dispositions by Borrower or Guarantor to any
Person (including any Subsidiary except as provided below):

 

(a) sales
of Inventory in the ordinary course of business;

 

(b) grants
of licenses and similar arrangements for the use of the property owned by any Guarantor in the ordinary course of business;

 

    A-5

     

    

 

(c) sales,
trades, or dispositions of worn-out, surplus, or obsolete Equipment in the ordinary course of business;

 

(d) grants
of security interests and other Liens that constitute Permitted Liens; and

 

(e) Transfers
of other assets of any Borrower Party that do not in the aggregate exceed $500,000 during any fiscal year, but only to the extent
that such Transfer is not a Transfer of any asset to any Subsidiary by a Borrower Party outside of the ordinary course of business;
provided, upon the occurrence and during the continuance of an Event of Default, no Transfer from a Borrower Party to any Subsidiary
shall be a Permitted Transfer.

 

“Person” means any individual,
sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation,
institution, public benefit corporation, firm, joint stock company, estate, entity, or governmental agency.

 

“Pledge and Security Agreement”
means that certain Pledge and Security Agreement, dated as of the date hereof, executed by the Borrower and each of the Guarantors,
in favor of the Lender, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Real Property” means
all real property of any kind or nature owned, leased or held by any VNC now or in the future and all legal or equitable title,
interests or estates, of any kind or nature, owned or held by any Subsidiary from Borrower’s purchase of VNC with respect
to any real property of any kind or nature, now or in the future, including, without limitation, fee or other ownership interests
in any land, surface or minerals, leaseholds, leasehold interests, leasehold estates, subleaseholds, subleasehold interests, subleasehold
estates, licenses, easements, and other rights to use or occupy any land, buildings, structures, improvements, fixtures or appurtenances
to any real property.

 

“Security Documents”
means, collectively, the Pledge and Security Agreement, any and all Mortgages creating Liens in favor of the Lender on Collateral
constituting or consisting of Real Property, all documents executed in connection with the Federal Assignment of Claims Act of
1940 (if any), all UCC-1 financing statements, any Patent Security Agreement, Trademark Security Agreement, Copyright Security
Agreement and any other document, instrument or agreement granting Collateral for the Obligations, in each case, as the same may
be amended or modified from time to time.

 

“Schedules” means the
schedules of disclosures and exceptions attached hereto and approved by the Lender, if any; and each of the Schedules is referred
to individually herein as a “Schedule.”

 

“Standstill Entities”
means VNC and the wholly owned subsidiaries of each of the foregoing; and “Standstill Entity” means any one
of the foregoing Standstill Entities.

 

“Standstill Equity Collateral”
means the Equity Interests of the Standstill Entities owned by the Borrower or any Standstill Entity.

 

    A-6

     

    

 

“Subsidiary” means,
with respect to any Person, any corporation, partnership or limited liability company or joint venture in which (i) any general
partnership interest or (ii) more than 50% of the stock, limited liability company interest or joint venture of which by the terms
thereof ordinary voting power to elect the board of directors, managers or trustees of the entity, at the time as of which any
determination is being made, is owned or held by such Person, either directly or indirectly through an Affiliate(s).

 

“Term Loan” means all
amounts loaned under this Agreement.

 

“Term Loan Maturity Date”
means January 6, 2021, or such earlier date as payment of the Term Loan shall be due (whether by acceleration or otherwise).

 

“Transfer” has the meaning
assigned in Section 8.1.

 

“Transfer Default” means
any Event of Default in any way arising from or relating to a Transfer (including, without limitation, a disposition) of any cash,
property or other asset of any Borrower Party to any Person (including, without limitation, another Borrower Party) in breach or
violation of any covenant, agreement, term, condition or provision set forth in this Agreement or any of the other Loan Documents.

 

“UCC” shall mean the Uniform Commercial Code
as in effect from time to time under the laws of the State of New York.

 

    A-7

     

    

 

EXHIBIT B

 

Form of the Note

 

See attached.

 

     

     

    

 

EXHIBIT C

 

Notice Addresses

 

If to the Lender:

 

DWX SERVICING AGENT, LLC

3694 Seaford Drive

Columbus, Ohio 43220

Attention: Charles A. Ebetino, Jr.

E-mail: cebetino@erpfuels.com

 

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

 

Jones & Associates

P O Box 198925327

Charleston, WV 25302

Attention: E. Forrest Jones, Esq.

Email: efjones@efjones.com

 

If to the Borrower:

 

COMSOVEREIGN HOLDING CORP

5000 Quorum Drive STE 400

Dallas, TX 75254

Attention: Daniel L. Hodges,

E-mail: dhodges@comsovereign.com

 

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

 

Pryor Cashman LLC

7 Times Square

New York, NY 10036

Attention: Eric M. Hellige, Esq.

Email: ehellige@pryorcashman.com

 

If to the Guarantor:

 

VIRTUAL NETCOM, LLC

5000 Quorum Drive STE 400

Dallas, TX 75254

Attention: Daniel L. Hodges,

E-mail: dhodges@comsovereign.com

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