Document:

Exhibit 4.1

 

THIS WARRANT
AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
THE TERMS HEREOF AND THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1) REPRESENTS
THAT IT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF REGULATION D AS PROMULGATED UNDER THE SECURITIES ACT, AND (2) AGREES
FOR THE BENEFIT OF TELIGENT, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS WARRANT OR ANY OF THE SHARES, IF ANY, ISSUABLE UPON EXERCISE OF THIS WARRANT OR ANY BENEFICIAL INTEREST HEREIN OR THEREIN
EXCEPT: (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT.

 

TELIGENT, INC.

 

WARRANT

 

[●] Shares of Common Stock

 

	Warrant No.: 2020-__	April 6, 2020

 

This WARRANT
(this “Warrant”) of TELIGENT, INC., a Delaware corporation (the “Company”), is being
executed and delivered in connection with that certain Second Lien Credit Agreement, dated as of December 13, 2018 (as the same
may be amended, restated, supplemented and/or modified from time to time, the “Credit Agreement”), by and among
the Company, [●], a [●] (the “Holder”), and the other parties thereto, and is for the purchase of
shares of the Common Stock, par value $0.01 per share (the “Common Stock”), of the Company. Any capitalized
terms used herein without definition shall have the meanings specified in Section 1 below.

 

FOR VALUE RECEIVED,
the Company hereby grants to the Holder the right to purchase from the Company up to an aggregate of [______] shares of
the Common Stock (such Common Stock underlying this Warrant, subject to any such adjustment, or series of adjustments, provided
herein, the “Warrant Shares”), at a per share purchase price equal to $0.01 (the “Exercise Price”),
subject to the terms and conditions set forth below in this Warrant.

 

1.       Definitions.
As used in this Warrant, the following terms have the respective meanings set forth below:

 

“Adjustment”
has the meaning set forth in Section 4.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question.

 

     

     

    

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant
is then being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

“Cash Payment
Amount” has the meaning set forth in Section 3(b).

 

“Common Stock”
has the meaning set forth in the preamble.

 

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

 

“Company Cash
Payment Option” has the meaning set forth in Section 3(b).

 

“Convertible
Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding
Options.

 

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

 

“Deemed Liquidation
Event” means, directly or indirectly, in one or more related transactions, (a) a liquidation or dissolution of the Company
in accordance with the terms and subject to the conditions set forth in the Certificate of Incorporation, (b) any merger, consolidation,
recapitalization, reorganization or sale of the Company, or sale, transfer or issuance of voting securities of the Company or any
other transaction or series of related transactions, in each case, in which the holders of voting securities of the Company owning
a majority of the voting power of the Company immediately prior to such transaction do not own and control a majority of the voting
power represented by the outstanding equity of the surviving entity after the closing of such transaction or (c) any sale, transfer
or disposition of all or substantially all of the assets of the Company to another Person in one or more transactions.

 

“Ex-dividend
Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable,
from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange
or market; provided, that if the Common Stock does not trade on an exchange or market, the “Ex-Dividend date”
shall mean the record date for such issuance, dividend or distribution.

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in
Section 3 shall have been satisfied at or prior to 5:00 p.m., New York City time, on a Business Day, including, without
limitation, the receipt by the Company of the Notice of Exercise, the Warrant and the Aggregate Exercise Price.

 

“Exercise
Period” has the meaning set forth in Section 2.

 

“Exercise
Price” has the meaning set forth in the preamble.

 

“Fair Market
Value” means the closing price of the Common Stock as reported by NASDAQ or such other national securities exchange or
automated quotation service on which the Common Stock may be listed or quoted, on the trading date immediately prior to the Exercise
Date (unless the context expressly requires the use of some other trading date). If the Common Stock is not then listed on a national
stock exchange or quoted on a tier of the OTC Markets Group or such other quotation system or association, the Fair Market Value
of one share of Common Stock as of the date of determination, shall be as determined in good faith by the Board and the Holder.
If the Common Stock is not then listed on a national securities exchange, a tier of the OTC Markets Group or such other quotation
system or association, the Board shall respond promptly, in writing, to an inquiry by the Holder prior to the exercise hereunder
as to the Fair Market Value of one share of Common Stock as determined by the Board. In the event that the Board and the Holder
are unable to agree upon the Fair Market Value, the Fair Market Value shall be determined by an independent, reputable appraiser
experienced in such matters selected by the Company. The decision of such appraiser shall be final and conclusive, and the cost
of such appraiser shall be borne equally by the Company and the Holder. Such adjustment shall be made successively whenever such
a payment date is fixed. For the avoidance of doubt, the fact that an independent appraiser is engaged as a result of the inability
of the Board and the Holder to agree on the Fair Market Value shall is no way obligate the Holder to exercise this Warrant in connection
with such determination of the Fair Market Value.

 

    - 2 -

     

    

 

“Holder”
has the meaning set forth in the preamble.

 

“Notice of
Exercise” has the meaning set forth in Section 3(a)(i). 

 

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

 

“Original
Issue Date” means April 6, 2020.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, association,
incorporated organization or government or department or agency thereof.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Share Authorization
Date” has the meaning set forth in Section 3(g).

 

“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

 

“Warrant Share
Number” means, at any time, the aggregate number of Warrant Shares for which this Warrant is exercisable at such time,
as such number may be adjusted from time to time pursuant to the terms hereof. The Warrant Share Number shall initially be [●].

 

“Warrant Shares”
has the meaning set forth in the preamble.

 

2.       Term
of Warrant. Subject to the terms and conditions hereof, the Holder of this Warrant may exercise this Warrant on or after the
Share Authorization Date at any time and from time to time until the fifth (5th) anniversary of the Original Issue Date (the “Exercise
Period”). To the extent this Warrant has not been exercised during the Exercise Period it shall at the end of such period
terminate and be of no further force or effect.

 

3.       Exercise
of Warrant.

 

a.       Exercise
Procedure. Subject to Section 3(b), this Warrant may be exercised for any or all unexercised Warrant Shares upon:

 

i.       surrender
of this Warrant to the Company at its then principal executive offices, together with a notice of exercise (each a “Notice
of Exercise”) substantially in the form attached hereto as Exhibit A, duly completed (including specifying the
number of Warrant Shares to be purchased) and executed; and

 

    - 3 -

     

    

 

ii.       payment
to the Company of the Aggregate Exercise Price in accordance with Section 3(c).

 

b.       Company
Cash Payment Option. Notwithstanding any provision in this Warrant to the contrary, in lieu of delivering Warrant Shares to
the Holder upon any exercise of this Warrant, the Company shall have the option (the “Company Cash Payment Option”),
exercisable in its sole discretion, to pay the Holder an amount (such amount, the “Cash Payment Amount”) in
cash equal to (i) the aggregate Fair Market Value of the Common Stock for the Warrant Shares then being exercised, minus (ii)
the Aggregate Exercise Price for such Warrant Shares. In the event that the Company desires to elect the Company Cash Payment Option,
the Company shall notify the Holder of such election in writing within three (3) Business Days following the Company’s receipt
of the Notice of Exercise, and shall pay the Cash Payment Amount by wire transfer to an account designated in writing by the Holder
as soon as practicable (and in no event longer than three (3) Business Days) following the Company’s receipt of such account
designation.

 

c.       Payment
of the Aggregate Exercise Price. If the Company does not exercise the Company Cash Payment Option, payment of the Aggregate
Exercise Price shall be made, at the option of the Holder as expressed in the Notice of Exercise, by the following methods:

 

i.       by
delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately
available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price; or

 

ii.       by
instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair
Market Value as of the Exercise Date equal to such Aggregate Exercise Price.

 

In the event of any withholding of Warrant
Shares pursuant to clause (ii) above where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole
number, the number of Warrant Shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and
the Company shall promptly make a cash payment to the Holder based on the incremental fraction of a Warrant Share being so withheld
by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a Warrant Share being so
withheld or surrendered multiplied by (y) the Fair Market Value of one Warrant Share as of the Exercise Date.

 

d.       Delivery
of Stock Certificates and/or Book-Entry Shares. Upon receipt by the Company of a Notice of Exercise, surrender of this Warrant
and payment of the Aggregate Exercise Price (in accordance with Section 3(a) and Section 3(c) hereof), and provided
the Company has not exercised the Company Cash Payment Option, the Company shall, as promptly as practicable, and in any event
within three (3) Business Days thereafter, at the Company’s option, either (i) execute (or cause to be executed) and deliver
(or cause to be delivered) to the Holder a certificate or certificates representing the Warrant Shares issuable upon such exercise
or (ii) cause to be issued to such Holder by entry on the books of the Company (or the Company’s transfer agent, if any)
the Warrant Shares issuable upon such exercise, in each case, together with cash in lieu of any fraction of a share, as provided
in Section 3(c). The stock certificate or certificates or book-entry interests of Warrant Shares so delivered or issued,
as the case may be, shall be, to the extent possible, in such denomination or denominations as the exercising Holder shall reasonably
request in the Notice of Exercise and shall be registered in the name of the Holder or, subject to compliance with Section 5
below, such other Person’s name as shall be designated in the Notice of Exercise. The Company will procure, at its sole
expense, the listing of the Warrant Shares issuable upon exercise of this Warrant, subject to issuance or notice of issuance, on
all principal stock exchanges on which the Common Stock is then listed or traded. This Warrant shall be deemed to have been exercised
and such certificate or certificates or book-entry interests of Warrant Shares shall be deemed to have been issued, and the Holder
or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares
for all purposes, as of the close of business on the Exercise Date.

 

    - 4 -

     

    

 

e.       Delivery
of New Warrant. Unless this Warrant shall have been fully exercised, the Company shall, at the time of delivery of the certificate
or certificates or book-entry interests representing the Warrant Shares being issued in accordance with Section 3(d) hereof,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares
called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant.

 

f.       Valid
Issuance of Warrant and Warrant Shares; Payment of Taxes. With respect to the exercise of this Warrant, the Company hereby
represents, warrants, covenants and agrees as follows:

 

i.       This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized
and validly issued.

 

ii.       All
Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance thereof, validly
issued, fully paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company
and free and clear of all liens (other than those as a result of any action by the Holder or such other Person to whom such Warrant
Shares are issued, or as exist under applicable securities laws).

 

iii.       The
Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required
to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery
of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the
Person requesting such issuance has paid to the Company the amount of any such tax, or has established to the reasonable satisfaction
of the Company that such tax has been paid.

 

g.       Reservation
of Shares. The Company shall cause the number of authorized shares of Common Stock to be an amount that is sufficient to cover
the maximum number of Warrant Shares issuable upon the exercise of this Warrant as soon as practicable following the Original Issue
Date, but in no event later than June 1, 2020 (the “Share Authorization Date”). Thereafter, during the Exercise
Period, the Company shall at all times reserve and keep available out of its authorized but unissued Common Stock or treasury shares
constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant
Shares issuable upon the exercise of this Warrant. The par value per Warrant Share shall at all times be less than or equal to
the Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant
above the Exercise Price then in effect, and shall take all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

 

    - 5 -

     

    

 

4.       Adjustments.
In order to prevent dilution of the purchase rights granted under this Warrant, the Warrant Share Number issuable upon exercise
of this Warrant shall be subject to adjustment (an “Adjustment”) from time to time as provided in this Section
4 (in each case, after taking into consideration any prior Adjustments pursuant to this Section 4); provided,
that if more than one subsection of this Section 4 is applicable to a single event, the subsection shall be applied
that produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this Section 4
so as to result in duplication.

 

a.       Adjustment
to Number of Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company shall, at any time or
from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock or any
other capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities to the holders of
the Common Stock, or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock
into a greater number of shares, in each case other than any such transaction covered by Section 4(b), the Warrant Share
Number immediately prior to any such dividend, distribution or subdivision shall be proportionately increased so that the Holder
shall be entitled to receive upon the exercise of this Warrant the number of shares of Common Stock or other securities of the
Company that the Holder would have owned or would have been entitled to receive upon or by reason of such event, had this Warrant
been exercised or converted immediately prior to the occurrence of such event. If the Company at any time combines (by combination,
reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Warrant Share Number
immediately prior to such combination shall be proportionately decreased so that the Holder shall be entitled to receive upon the
exercise of this Warrant the number of shares of Common Stock or other securities of the Company that the Holder would have owned
or would have been entitled to receive upon or by reason of such event, had this Warrant been exercised or converted immediately
prior to the occurrence of such event. Any Adjustment under this Section 4(a) shall become effective immediately after the
open of business on the Ex-dividend Date for such dividend or immediately after the open of business on the effective date for
such subdivision or combination.

 

b.       Adjustment
Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital reorganization of the Company,
(ii) reclassification of the stock of the Company (other than a change in par value or from par value to no par value or from no
par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares), (iii) consolidation
or merger of the Company with or into another Person, (iv) sale of all or substantially all of the Company’s assets to another
Person, (v) Deemed Liquidation Event or (vi) other similar transaction, in each case which entitles all or substantially all of
the holders of Common Stock to receive (either directly or upon subsequent liquidation) stock, securities, cash or other assets
with respect to or in exchange for Common Stock, each Warrant shall, immediately prior to the time of such reorganization, reclassification,
consolidation, merger, sale or similar transaction, become exercisable for the kind and number of shares of stock, securities,
cash or other assets resulting from such transaction to which the Holder would have been entitled as a holder of the applicable
number of Warrant Shares then issuable hereunder as a result of such exercise if the Holder had exercised this Warrant in full
immediately prior to the time of such reorganization, reclassification, consolidation, merger, sale or similar transaction and
acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise. In determining the kind
and amount of stock, securities or the property receivable upon exercise of this Warrant following the consummation of any such
transaction, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation
of such transaction, then the Holder shall have the right to make a similar election (including, without limitation, being subject
to similar proration constraints) upon exercise of this Warrant with respect to the number of shares of stock or other securities
or property which the Holder will receive upon exercise of this Warrant. As applicable, the Company may deliver a replacement warrant
reflecting the kind and number of shares of stock, securities, cash or other assets for which this Warrant is then exercisable.

 

    - 6 -

     

    

 

c.       Other
Events.  For so long as the Holder holds this Warrant or any portion thereof, if any event occurs as to which the provisions
of this Section 4 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of
the Board, fairly and adequately protect the purchase rights of the Warrant in accordance with the essential intent and principles
of such provisions, then the Board shall make such adjustments in the application of such provisions, in accordance with such essential
intent and principles, as shall be reasonably necessary, in the good faith opinion of the Board, to protect such purchase rights
as aforesaid. 

 

d.       Notice
of Adjustment Event.  In the event that the Company shall propose to take any action of the type described in this Section 4
(but only if the action of the type described in this Section 4 would result in an adjustment in the number of Warrant
Shares into which this Warrant is exercisable or a change in the type of securities or property to be delivered upon exercise of
this Warrant), the Company shall give notice to the Holder, which notice shall specify the record date, if any, with respect to
any such action and the approximate date on which such action is to take place.  Such notice shall also set forth the facts
with respect thereto as shall be reasonably necessary to indicate the effect on the number, kind or class of shares or other securities
or property which shall be deliverable upon exercise of this Warrant.  In the case of any action which would require the fixing
of a record date, such notice shall be given at least ten (10) days prior to the date so fixed, and in case of all other action,
such notice shall be given at least fifteen (15) days prior to the taking of such proposed action, except if it is impracticable
to provide such fifteen (15) days’ prior notice, then the Company shall provide such notice as soon as it is reasonably able
prior to the taking of such proposed action.  Failure to give such notice, or any defect therein, shall not affect the legality
or validity of any such action.

 

e.       Adjustment
Certificate. As promptly as reasonably practicable following any adjustment of the number of Warrant Shares pursuant to the
provisions of this Section 4, the Company shall furnish to the Holder a certificate of an officer of the Company setting
forth in reasonable detail such Adjustment and the facts upon which it is based and certifying the calculation thereof.

 

5.       Transfer
of Warrant. This Warrant and rights hereunder are not transferable, in whole or in part, by the Holder, except with the prior
written consent of the Company; provided, however, that the Holder may transfer this Warrant, in whole or in part,
to any Affiliate of Holder who is or hereafter becomes a lender under the Credit Agreement. Holder shall provide prior written
notice to the Company of any proposed transfer of this Warrant or any of the rights hereunder and, following such transfer, without
charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed
and duly executed assignment agreement in form and substance reasonably satisfactory to the Company, together with funds sufficient
to pay any transfer taxes described in the proviso to Section 3(f)(iii) in connection with the making of such transfer.
Upon such compliance, surrender and delivery and, if required, such payment, the Company shall promptly execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment,
and shall promptly issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this
Warrant shall promptly be cancelled.

 

    - 7 -

     

    

 

6.       Holder
Not Deemed a Stockholder; Limitations on Liability. Except as expressly set forth herein, this Warrant does not entitle the
Holder to any voting rights or other rights as a shareholder of the Company until the Holder has received Warrant Shares issuable
upon exercise of this Warrant pursuant to the terms hereof, nor shall anything contained in this Warrant be construed to confer
upon the Holder, as such, 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 stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends, distributions or subscription rights, or otherwise. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

7.       Replacement
on Loss; Division and Combination. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it and, in case of mutilation, upon
surrender of such Warrant for cancellation to the Company, the Company shall execute and deliver to the Holder, in lieu hereof,
a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated
or destroyed.

 

8.       Representations
of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents to the Company by acceptance
of this Warrant as follows:

 

a.       The
Holder is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.
The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares,
except pursuant to sales registered or exempted under the Securities Act.

 

b.       The
Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under
the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144
under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities
Act.

 

c.       The
Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the
Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the
Company.

 

9.       Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business
hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the addresses indicated herein (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 9).

 

    - 8 -

     

    

 

10.       No
Impairment. The Company will not, by amendment of 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 to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary
or appropriate in order to protect the rights of the Holder. In accordance with, and not in limitation of, the foregoing, the Company
will at no time close its transfer books against transfer of this Warrant in any manner which interferes with the timely exercise
of this Warrant.

 

11.       Prohibited
Actions. The Company agrees that, after the Share Authorization Date, it will not take any action which would entitle the Holder
to an adjustment of the Exercise Price or the number of Warrant Shares this Warrant shall be exercisable for if the total number
of shares of Common Stock issuable after such action upon exercise of this Warrant, together with all shares of Common Stock then
outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and
other rights, would exceed the total number of shares of Common Stock then authorized by its Certificate of Incorporation.

 

12.       Entire
Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with
respect to such subject matter.

 

13.       Successor
and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the successors
of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the Holder shall
be deemed to be a Holder for all purposes hereunder.

 

14.       No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors
and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any
other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

 

15.       Headings.
The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

16.       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
day that is a Business Day.

 

17.       Amendment
and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by
an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall
be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or
be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any right, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

    - 9 -

     

    

 

18.       Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

19.       Governing
Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable
to agreements made and to be performed entirely within such state, without regard to the conflicts of law principles of such state.

 

20.       Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by e-mail or other means of electronic transmission shall
be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

Signature page follows.

 

    - 10 -

     

    

 

IN WITNESS WHEREOF,
the Company has duly executed this Warrant on the Original Issue Date.

 

	 	TELIGENT, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Contact information:
	 	 	 
	 	Teligent, Inc.
	 	105 Lincoln Avenue
	 	Buena, New Jersey 08310
	 	Attn:	Timothy Sawyer
	 	Email:	tsawyer@teligent.com

 

ACCEPTED AND AGREED:

 

[●]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Contact information:

 

[●]

 

	 	 
	 	 
	Attn:	 	 
	Email:	 	 

 

    [SIGNATURE PAGE TO WARRANT]

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

Date: [•]

 

To Teligent, Inc.:

 

Pursuant to the provisions set forth in
the Warrant (Warrant Certificate No.: ___), dated as of April 6, 2020 (the “Warrant”), attached hereto, the
undersigned hereby irrevocably elects to exercise such Warrant and hereby notifies you of such election to purchase [l]
Warrant Shares and herewith makes payment of $[l] (the “Aggregate Exercise
Price”) in accordance with Section 3(b) of the Warrant, representing the full payment of the Aggregate Exercise
Price for such Warrant Shares. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in
the Warrant.

 

Number of Warrant Shares (check the
box that applies).

 

		 ̈	This Notice of Exercise involves fewer than all of the Warrant Shares that are exercisable under
the Warrant and the undersigned retain its right to exercise the Warrant for the balance of the Warrant Shares remaining in accordance
with the terms and subject to the conditions of the Warrant. The undersigned hereby requests that the Company deliver to it a new
Warrant evidencing its rights to purchase the unexpired and unexercised Warrant Shares.

 

	 	 ̈	This Notice of Exercise involves all of the Warrant Shares that are exercisable under the Warrant, which Warrant is hereby enclosed herewith and surrendered to the Company hereby (or, in the case of its loss, theft or destruction, the undersigned undertakes to indemnify the Company from any loss as a result thereof).

 

Payment of Aggregate Exercise Price
(check the box(es) that applies).

 

	 	 ̈	Payment of the Aggregate Exercise Price will be made by delivery to the Company of a certified or official bank check payable to the order of the Company in the amount of $[l];

 

	 	 ̈	Payment of the Aggregate Exercise Price will be made by wire transfer of immediately available funds to an account designated in writing by the Company; or

 

	 	 ̈	Payment of the Aggregate Exercise Price will be made by instructing the Company to withhold [l] Warrant Shares issuable upon the exercise of this Warrant with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price.

 

The undersigned agrees and acknowledges
that the Company has the right pursuant to Section 3(b) of the Warrant to elect to settle the exercise of this Warrant in
cash in lieu of Warrant Shares and nothing in this Notice of Exercise shall affect the Company’s right to make such election.

 

[l]

 

	By: 	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 2

TO FIRST LIEN CREDIT AGREEMENT

 

This AMENDMENT
NO. 2 TO FIRST LIEN CREDIT AGREEMENT, dated as of April 6, 2020 and effective as of December 31, 2019 (this “Amendment”),
is by and among TELIGENT, INC., a Delaware corporation (the “Borrower”), its Subsidiaries signatory
hereto, the lenders from time to time party hereto (each a “Lender” and, collectively, the “Lenders”),
ACF FINCO I LP, a Delaware limited partnership, as administrative agent and collateral agent for the Lenders (in such capacity,
together with its successors and assigns in such capacity, the “Administrative Agent”). For purposes
of this Amendment, all terms used herein which are not otherwise defined herein, including but not limited to those terms used
in the recitals hereto, shall have the respective meanings assigned thereto in the Amended Credit Agreement (as defined below).

 

WHEREAS,
the Administrative Agent, Lenders, Borrower and other Credit Parties have entered into financing arrangements pursuant to which
the Lenders (or Administrative Agent on behalf of the Lenders) have made and may make Loans and provide other financial accommodations
to Borrower as set forth in (i) the First Lien Credit Agreement, dated as of December 13, 2018, as amended by that certain Consent
and Amendment No. 1 to First Lien Credit Agreement, dated as of October 31, 2019 (as in effect prior to the effectiveness of this
Amendment, the “Credit Agreement”, and as the same is further amended by this Amendment and as may be
further amended, restated, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”),
by and among the Administrative Agent, Lenders, Borrower and other Credit Parties and (ii) the other Credit Documents, including,
without limitation, this Amendment;

 

WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement, as provided
more fully herein.

 

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

 

Section
1. Amendments to the Credit Agreement. Subject to the conditions to effectiveness set forth in Section 3 hereof,
and in reliance upon the representations and warranties made by the Credit Parties in Section 2 hereof, pursuant to Section
12.01 of the Credit Agreement and subject to the terms and conditions herein, the Credit Agreement is hereby amended as set
forth below in this Section 1.

 

1.01.       Section
1.1 of the Credit Agreement is hereby amended:

 

(a)       by
inserting the following new definitions in correct alphabetical order:

 

“‘Amendment
No. 2 Effective Date’ shall mean December 31, 2019.”

 

    1 

     

    

 

“‘Amendment
No. 2 Closing Date’ shall mean April 6, 2020.”

 

“‘Liquidity’
shall mean, at any time, Availability, plus unrestricted cash and Cash Equivalents of any Credit Party that is on deposit in deposit
accounts or in securities accounts, or any combination thereof, and which such deposit accounts and/or securities accounts are
the subject of a Control Agreement.”

“‘Maximum
Cash Amount’ shall have the meaning set forth in Section 8.17.

 

(b)       by
amending and restating the following definitions:

 

“‘Applicable
Margin’ shall mean (a) from the Closing Date until the Amendment No. 2 Closing Date, a percentage per annum equal
to, with respect to Loans, (i) that are Eurodollar Loans, 3.75 percentage points and (ii) that are ABR Loans, 2.75 percentage points
and (b) from and including the Amendment No. 2 Closing Date to the Maturity Date, a percentage per annum equal to, with respect
to Loans, (i) that are Eurodollar Loans, 5.50 percentage points and (ii) that are ABR Loans, 4.50 percentage points.”

 

“‘ABR’
shall mean, for any day, a fluctuating rate of interest per annum (rounded upward, if necessary, to the next highest 1/16 of 1%)
equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 1⁄2
of one percentage point (c) the Eurodollar Rate with a term of one month plus one percentage point, and (d) (i) from the Closing
Date until the Amendment No. 2 Closing Date, 2.00% per annum and (ii) from and including the Amendment No. 2 Closing Date, 2.50%
per annum. Changes in the rate of interest on that portion of any Loans maintained as ABR Loans will take effect simultaneously
with each change in the ABR.”

 

“‘Cash
Dominion Period’ shall mean the period (a) commencing (i) on any day that Excess Availability is less than an amount
equal to ten percent (10%) of the Commitments, at any time or (ii) upon the occurrence and during the continuance of any Event
of Default, and (b) continuing until (i) to the extent that the Cash Dominion Period has occurred due to clause (a)(i) of
this definition, for the previous ninety (90) consecutive calendar days, Excess Availability at all times has been greater than
or equal to an amount equal to ten percent (10%) of the Commitments, and (ii) to the extent that the Cash Dominion Period has occurred
due to clause (a)(ii) of this definition, such Event of Default is cured, waived or no longer exists for a period of at
least thirty (30) days. Notwithstanding the foregoing, from and after the Amendment No. 2 Closing Date, a Cash Dominion Period
shall be commenced by the Administrative Agent upon written notice to Borrower that expressly provides that a Cash Dominion Period
has commenced and shall continue until written notice from the Administrative Agent that expressly provides that the Cash Dominion
Period shall terminate.”

 

“‘Consolidated
Adjusted EBITDA’ shall mean, for a specified period, an amount determined for the Borrower and its Subsidiaries on
a consolidated basis equal to

 

(a)       Consolidated
Net Income,

 

plus

 

    2 

     

    

 

(b)       to the extent deducted
in calculating Consolidated Net Income for such period, the sum of, without duplication, amounts for:

  

(i)            Consolidated Interest Expense (net of interest income),

 

(ii)           provisions for Taxes based on income,

 

(iii)          total depreciation expense,

 

(iv)          total amortization expense,

 

(v)           other non-cash charges reducing Consolidated Net Income (excluding any such non cash item
(x) to the extent that it represents an accrual or reserve for potential cash items in any future period or amortization of a prepaid
cash item that was paid in a prior period or (y) relating to a write-down, write off or reserve with respect to Receivables),

 

(vi)          losses on asset sales, disposals or abandonments, including derivative liabilities or losses
related to the 2023 Convertible Notes (other than (i) of current assets and (ii) asset sales, disposals or abandonments in the
ordinary course of business), 

 

(vii)         fees and expenses incurred in connection with (i) the consummation of the Transactions on
the Closing Date, in an aggregate amount not to exceed $1,500,000 and (ii) the development, preparation, negotiation and execution
of, and any amendment, waiver, supplement or modification to this Agreement and the Second Lien Credit Agreement, in an aggregate
amount not to exceed $1,500,000, in each case, to the extent disclosed to Administrative Agent,

 

(viii)       
fees and expenses incurred in connection with a Permitted Acquisition, a permitted Disposition
or the refinancing or redemption of Indebtedness pursuant to Section 9.01(b) to the extent disclosed to Administrative Agent, provided,
to the extent such transactions have not been consummated, in an amount not greater than $1,000,000 in the aggregate, 

 

(ix)           foreign exchange losses, 

 

(x)            legal fees and expenses incurred in connection with litigation and arbitration matters as
agreed from time to time by the Company and Administrative Agent, 

 

(xi)           fees and expenses incurred in connection with compliance with NASDAQ listing standards, in
an amount not to exceed $250,000, and

 

(xii)         
losses attributed to failure to supply penalties in an amount not to exceed (i) $2,000,000
for such losses incurred for the twelve-month period ending on December 31, 2019 and (ii) $0 for any losses after December 31,
2019; 

 

minus

 

(c)       to the extent included in calculating Consolidated Net Income for such period, the sum of,
without duplication, amounts for:

 

    3 

     

    

 

(i)              other non-cash gains increasing Consolidated Net Income for such period (excluding any such
non-cash item to the extent it represents the reversal of an accrual or reserve for a potential cash item in any prior period),

 

(ii)             gains on asset sales, disposals or abandonments (other than (A) of current assets and (B)
asset sales, disposals or abandonments in the ordinary course of business),

 

(iii)           
foreign exchange gains; 

 

(iv)            extraordinary gains and income; and

 

(v)             gains related to the 2023 Convertible Notes;

 

provided; however, for purposes of determining
the Total Net Leverage Ratio, Consolidated Adjusted EBITDA shall be determined on a Pro Forma Basis;

 

provided; further, that, notwithstanding
the foregoing, the amount of Consolidated Adjusted EBITDA that is attributable to revenues from customers located in countries
other than the United States and Canada shall not exceed 15% of the Consolidated Adjusted EBITDA of Borrower and its Subsidiaries
on a consolidated basis for any specified period, except to the extent such revenues are actually distributed to the Borrower or
any other Credit Party.”

 

“‘Eurodollar
Rate’ shall mean, with respect to any Eurodollar Loan for any Interest Period, a rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) equal to the greater of (a) (i) from the Closing Date until the Amendment No. 2 Closing
Date, 1.00% per annum and (ii) from and including the Amendment No. 2 Closing Date to the Maturity Date, 1.50% per annum and (b)
an amount equal to (i) the rate per annum appearing on Bloomberg Professional Service Page BBAN1 offered rate for deposits in Dollars
at approximately 11:00 a.m. (London time) two (2) business days prior to the first day of such interest period for a term comparable
thereto; multiplied by (ii) the Statutory Reserve Rate. If for any reason the rate referred to in clause (b)(i) is
not available, for any such interest period, such rate will be (x) a comparable successor or alternative interbank rate for
deposits in Dollars that it, at such time, broadly accepted by the loan market in lieu of the Eurodollar Rate and is reasonably
acceptable to the Administrative Agent in consultation with the Borrower or (y) solely if no such broadly accepted comparable
successor interbank rate exists at such time, a successor or alternative index rate as the Agent may reasonably determine in light
of prevailing market practices and is reasonably acceptable to the Borrower; provided that, to the extent a successor or alternative
index rate cannot be agreed upon in accordance with clause (x) or (y) above within five (5) Business Days after the Eurodollar
Rate becomes unavailable, all Loans hereunder will be deemed to be ABR Loans (and shall bear interest accordingly) for purposes
of the definition of “Applicable Margin” and Section 2.10, until such time as an alternative rate can be agreed upon
in accordance with clause (x) or (y).”

 

“‘Fee
Letter’ shall mean, collectively, the (i) Amended and Restated Fee Letter dated as of the Closing Date by and between
the Borrower, the Administrative Agent and the First Lien Agent, as amended, restated, supplemented or otherwise modified from
time to time, (ii) Amendment Fee Letter dated as of the Amendment No. 1 Effective Date by and between the Borrower, the Administrative
Agent and the First Lien Agent, as amended, restated, supplemented or otherwise modified from time to time and (iii) Amendment
No. 2 Fee Letter dated as of the Amendment No. 2 Effective Date by and between the Borrower and the Administrative Agent, as amended,
restated, supplemented or otherwise modified from time to time.”

 

    4 

     

    

 

“‘Net
Revenue’ means, for any period, (a) Credit Parties’ gross revenues during such period, less (b)(i) trade, quantity
and cash discounts allowed by a Credit Party, (ii) discounts, refunds, rebates, charge backs, retroactive price adjustments and
any other allowances which effectively reduce net selling price, (iii) product returns and allowances, (iv) allowances for shipping
or other distribution expenses, (v) set-offs and counterclaims, and (vi) any other similar and customary deductions used by a Credit
Party in determining net revenues, all, in respect of (a) and (b), as determined in accordance with GAAP and in the ordinary course
of business (and not, for the avoidance of doubt, revenues from extraordinary, non-recurring or unusual events).”

 

“‘Restricted
Credit Party Intercompany Investment Amount” shall mean at any time $5,000,000; provided; that from and after
the Amendment No. 2 Closing Date, no more than $1,000,000 shall be permitted to be invested in Teligent OU, a private limited company
organized in Tallin, Republic of Estonia; provided, further, that, after the PIK Termination Date if (x) the Total Net Leverage
Ratio, on a Pro Forma Basis, does not exceed 4.50:1.00, (y) the revenue of Borrower and its Subsidiaries for the Test Period measured
at the end of the most recently ended two consecutive fiscal quarters is greater than $120,000,000 and (z) the pro forma average
daily Excess Availability for the Test Period measured at the end of the most recently ended two consecutive fiscal quarters of
the Credit Parties on a consolidated basis is greater than $10,000,000, Restricted Credit Party Intercompany Investment Amount
shall mean $10,000,000.”

 

1.02       
Section 4.03 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“SECTION
4.03Field Examination Fees; Appraisals. Borrower shall be liable for and promptly reimburse Administrative Agent for
all reasonable and documented out-of-pocket fees, costs and expenses associated with periodic, field examinations and appraisals
of Collateral performed by Administrative Agent and/or Administrative Agent’s sub-agents, all as deemed necessary by Administrative
Agent in its Permitted Discretion; provided, that, so long as no Event of Default has occurred and is continuing, Borrower shall
not be liable for or shall not be required to reimburse Administrative Agent for such fees, costs or expenses with respect to more
than two (2) field examinations and two (2) appraisals for each of Receivables, Inventory, Equipment, and Real Property in any
calendar year (which, for the avoidance of doubt, Administrative Agent may elect not to require in its sole discretion). Borrower
acknowledges and agrees that during the continuance of an Event of Default, Borrower shall be liable for and shall reimburse Administrative
Agent for all fees, costs and expenses of all field examinations and appraisals conducted by Administrative Agent and/or its agents,
without limit and regardless of the number of field examinations or appraisals conducted by Administrative Agent or its agents
in any calendar year. Administrative Agent agrees to provide Borrower with a copy of the report for any such field examination
or appraisal so long as such report exists and, if requested, Borrower executes and deliver to Administrative Agent a non-reliance
letter in satisfactory form.”

 

1.03       Section
5.01(d) clauses (i)-(ii) are hereby amended and restated in their entirety as follows:

 

“(i)       after
the Amendment No. 2 Closing Date but on or before October 6, 2021, at a price equal to 100% of the principal amount of the Loans
being prepaid plus all interest on the principal amount being prepaid that has accrued through the prepayment date plus a premium
equal to 2.0% of the Commitment;

 

    5 

     

    

 

(ii)       after
October 6, 2021 but on or prior to October 6, 2022, at a price equal to 100% of the principal amount of the Loans being prepaid
plus all interest on the principal amount being prepaid that has accrued through the prepayment date plus a premium equal to 1.0%
of the Commitment; and”

 

1.04       Section
5.02(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(b)       Mandatory
Prepayments.

 

(i)       Concurrently
with the receipt by any Credit Party of any proceeds from any Disposition pursuant to Section 9.04(k), then the Borrower shall
retain the Net Proceeds therefrom and/or apply the Net Proceeds therefrom to prepay the Loans, in either case, until Liquidity
equals (but does not exceed) $10,000,000.

(ii)      In
addition, until the Discharge of the First Lien Obligations (as defined in the Intercreditor Agreement), amounts otherwise required
to be prepaid pursuant to Sections 5.02(a) – (c) of the Second Lien Credit Agreement shall instead be required to be paid
under the terms of this Agreement (unless waived by the Administrative Agent) as if such provisions were fully set forth herein,
provided, that any references set forth therein to “Term Loans” shall be deemed to be a reference to the Loans hereunder.

 

(iii)     For
the avoidance of doubt, to the extent (x) no Loans are outstanding or (y) (i) the Credit Parties have a maximum amount of Liquidity
equal to $10,000,000 or (ii) any such mandatory prepayment of the Obligations (but excluding, for the avoidance of doubt, a mandatory
prepayment arising under Section 5.2(b)(i) hereof) arising from the same circumstances requiring the prepayment of the Second
Lien Indebtedness hereunder is waived by the Administrative Agent, no mandatory prepayment shall be required under this Agreement
and shall instead be applied to the prepayment of the Second Lien Indebtedness to the extent required under the Second Lien Loan
Documents.”

 

1.05       Section
6.02 of the Credit Agreement is hereby amended by inserting a new clause (d) as follows:

 

“(d)       Maximum
Cash Amount. After giving effect to the making of any such Loan, the Credit Parties’ book cash is not in excess of the
Maximum Cash Amount.”

 

1.06       Section
8.01(a) and (c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(a)       Monthly
Financial Statements. As soon as available and in any event within thirty (30) days after the end of each month, (i) (x) unaudited
consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such month, and (y) unaudited consolidated statements
of income and cash flow of the Borrower and its Subsidiaries as of the end of such month and for the portion of the fiscal year
then ended, in each case, including in comparative form the figures for the corresponding month in the preceding fiscal year of
Borrower, and year-to-date portion of, the immediately preceding fiscal year of Borrower, (ii) a schedule of Consolidated Adjusted
EBITDA for the year-to-date portion of such fiscal year ending concurrently with such month, including, in comparative form Consolidated
Adjusted EBITDA for the same year-to-date period in the immediately preceding fiscal year and (iii) a monthly Liquidity forecast
in a form reasonably acceptable to Administrative Agent, together with a certification from an Authorized Officer of Borrower,
that Borrower is in compliance with the minimum Liquidity requirement set forth in Section 9.13(d) in a form reasonably acceptable
to Administrative Agent.”

 

    6 

     

    

 

“(c)       Annual
Financial Statements. As soon as available and in any event within one hundred twenty (120) days after the end of the fiscal
year of Borrower ending December 31, 2019 and within ninety (90) days after the end of each fiscal year of Borrower thereafter,
(i) copies of the consolidated balance sheets of the Borrower and its Subsidiaries, and the related consolidated and consolidating
statements of income and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form
the figures for the immediately preceding fiscal year, such consolidated statements to be audited and certified accompanied by
a report and unqualified opinion of Deloitte or another independent firm of certified public accountants of nationally recognized
standing reasonably acceptable to the Administrative Agent (which report and opinion shall (x) state that such financial statements
present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years and (y) not be subject to any “going concern” exception (except with respect to the opinion
delivered in connection with the fiscal year ending December 31, 2019) or any qualifications or exception as to the scope of the
audit), together with a management discussion and analysis (with reasonable detail and specificity) of the results of operations
for the fiscal periods reported and (ii) a schedule of Consolidated Adjusted EBITDA for such fiscal year, including, in comparative
form for the same year to date period in the immediately preceding fiscal year.”

 

1.07       Section
8.01 of the Credit Agreement is hereby amended by inserting a new clause (q) as follows:

 

“(q)Cash
Flow Forecast. Commencing in the week of April 6, 2020, on or prior to the close of business on the Wednesday of such week
and each week thereafter, the Borrower shall deliver to the Administrative Agent a thirteen-week cash flow forecast detailing cash
receipts and cash disbursements as of the end of the prior week, and, commencing with the second such forecast, a variance analysis
against the immediately preceding forecast, all in reasonable detail and duly certified by an Authorized Officer of the Borrower
as having been prepared in good faith based on assumptions believed to be fair and reasonable in light of the conditions existing
at the time of delivery of such forecast.”

 

1.08       Section
8.15 of the Credit Agreement is hereby amended and restated as follows:

 

“SECTION
8.15Post-Closing. The Borrower shall use commercially reasonable efforts to deliver to the Administrative Agent, within
thirty (30) days after the Amendment No. 2 Closing Date (or such later date approved by Administrative Agent), Control Agreements
for each deposit account listed on Schedule 7.25 (other than for any Excluded Account or any other such account for which
a Control Agreement has already been delivered) hereto (which such schedule shall be complete in all respects as of the Amendment
No. 2 Closing Date), in each case in a form and substance reasonably satisfactory to the Administrative Agent and duly executed
by the parties thereto, to the extent Control Agreements are not already in place.”

 

    7 

     

    

 

1.08       Section
8 of the Credit Agreement is hereby amended by inserting a new Section 8.17 as follows:

“SECTION
8.17Maximum Cash Amount. If at any point after the Amendment No. 2 Closing Date, the Credit Parties’ have book
cash in excess of $10,000,000 in the aggregate (the “Maximum Cash Amount”), Borrower shall, within one
(1) Business Day, apply such amounts in excess of the Maximum Cash Amount to repay the Obligations, to be applied in accordance
with Section 5.02(i).”

 

1.09       Section
9.02 of the Credit Agreement is hereby amended by including the following at the end thereof:

 

“Notwithstanding
anything to the contrary contained in this Section 9.02, commencing on the Amendment No. 2 Effective Date, the Credit Parties and
each its Subsidiaries shall not in any event license in any manner any assets (including intellectual property) without the prior
written consent of the Required Lenders.”

1.10        Section
9.04(k) of the Credit Agreement is hereby amended by and restated in its entirety as follows:

 

“(k)
is a Disposition of (i) all or substantially all of the Canadian business of the Company and its Subsidiaries or the Equity Interests
in Teligent Canada so long as (x) the purchase price therefor is not less than an amount separately agreed by the Company and Administrative
Agent and (y) not less than at least seventy-five percent (75%) of the consideration paid in connection therewith shall be cash
or Cash Equivalents paid contemporaneously with such Disposition or (ii) at the time of such Disposition, (x) no Event of Default
has occurred and is continuing, (y) not less than at least seventy-five percent (75%) of the consideration paid in connection therewith
shall be cash or Cash Equivalents paid contemporaneously with such Disposition and (z) the aggregate fair market value of all assets
so sold shall not exceed $2,500,000 in the aggregate; or”

 

1.11        Section
9.04 of the Credit Agreement is hereby amended by including the following at the end thereof:

 

“Notwithstanding
anything to the contrary contained in this Section 9.04, commencing on the Amendment No. 2 Effective Date, the Credit Parties and
each its Subsidiaries shall not utilize clauses (k)(ii) and shall not in any event license in any manner any assets (including
intellectual property) without the prior written consent of the Required Lenders.”

 

1.12       Section
9.13(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(a)       Minimum
Net Revenue. The Net Revenue of the Credit Parties on a consolidated basis to be less than the corresponding amount set forth
in the Net Revenue Level column for the corresponding Test Period as set forth in the below chart:

 

    8 

     

    

 

	Test Period	Net Revenue Level
	4 quarters ending March 31, 2020	$59,000,000
	4 quarters ending June 30, 2020	$55,000,000
	4 quarters ending September 30, 2020	$54,000,000
	4 quarters ending December 31, 2020	$57,000,000

 

1.13       Section
9.13(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(b)       Consolidated
Adjusted EBITDA. The Consolidated Adjusted EBITDA, as of the last day of each Test Period set forth below, to be less than
the amount set forth below opposite such measurement date:

 

	Test Period	Consolidated Adjusted EBITDA
	4 quarters ending March 31, 2021	$10,000,000
	4 quarters ending June 30, 2021	$10,000,000
	4 quarters ending September 30, 2021	$10,500,000
	4 quarters ending December 31, 2021	$10,500,000
	4 quarters ending March 31, 2022	$10,500,000
	4 quarters ending June 30, 2022	$11,000,000
	4 quarters ending September 30, 2022	$13,000,000

 

1.14       
Section 9.13(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(c)       Minimum
Liquidity. The Liquidity of the Credit Parties on a consolidated basis to be less than $4,000,000 at any time.”

 

1.15       Section
10.01(c) of the Credit Agreement is hereby amended by amending and restating clause (i) in its entirety as follows:

 

    9 

     

    

 

“(c)       Non-Performance
of Certain Covenants and Obligations. Any Credit Party shall default in the due performance or observance of any of its obligations
under (i) Section 8.01(a) – (d), Section 8.01(e)(i)-(iii), Section 8.01(g), 8.01 (q), 8.02 (other than to the limited extent
such Section requires books and records to be kept in accordance with GAAP which shall instead be subject to Section 10.01(d)),
Section 8.03, Section 8.05(a), Section 8.10, Section 8.11(b), Section 8.11(c), Section 8.12, 8.15, 8.16, 8.17, Article IX or the
Fee Letter (other than any payment obligations under the Fee Letter which shall instead be subject to Section 10.01(a)(iii)) or
(ii) Section 8.01(e)(iv), Section 8.01(f), Section 8.01(h), Section 8.01(o) and such default shall continue unremedied for a period
of five (5) Business Days after the earlier of (x) any officer of any Credit Party shall first have knowledge thereof or (y) any
Credit Party receives written notice from the Administrative Agent or the Required Lenders in respect thereof.”

 

1.16       Section
12.06(b) of the Credit Agreement is hereby amended by amending and restating clause (i) in its entirety as follows:

 

“(i)Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other than to a Defaulting
Lender or to the Borrower or to any of the Borrower’s Affiliates or Subsidiaries) (each, an “Eligible Assignee”)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans
at the time owing to it) with the prior written consent (which consent in each case shall not be unreasonably withheld or delayed)
of the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, and provided further, that no consent of the Borrower shall be required for any assignment
hereunder.”

 

Section
2. Representations and Warranties. Each Credit Party, jointly and severally, hereby represents and warrants to the Lenders
and the Administrative Agent as follows, which representations and warranties are continuing and shall survive the execution and
delivery hereof:

 

2.01
        No Default. At and as of the date of this Amendment and both prior to and after
giving effect to this Amendment, no Default or Event of Default is continuing.

 

2.02       Representations
and Warranties True and Correct. At and as of the date of this Amendment and both prior to and after giving effect to this
Amendment, each of the representations and warranties contained in the Credit Agreement and other Credit Documents is true and
correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties are true and correct in all material respects as of such earlier date).

 

2.03       Corporate
Power and Authority. Each Credit Party has the corporate or other organizational power and authority to execute and deliver
this Amendment and carry out the terms and provisions of this Amendment and the Amended Credit Agreement and has taken all necessary
corporate or other organizational action to authorize the execution, delivery and performance of this Amendment and the performance
of the Amended Credit Agreement. Each Credit Party has duly executed and delivered this Amendment, and this Amendment and the Amended
Credit Agreement constitute the valid and binding agreements of such Credit Party enforceable in accordance with their respective
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating
to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity
or law).

 

    10 

     

    

 

2.04       No
Violation. The execution, delivery and performance by any Credit Party of this Amendment and the performance of the Amended
Credit Agreement, and compliance with the terms and provisions thereof, will not (i) contravene any applicable provision of any
material Applicable Law of any Governmental Authority, (ii) result in any breach of any of the terms, covenants, conditions or
provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose)
any Lien upon any of the property or assets of any Credit Party (other than Permitted Liens and Liens created under the Credit
Documents) pursuant to (A) the terms of any material indenture, loan agreement, lease agreement, mortgage or deed of trust, or
(B) any other Material Contracts Obligation, in the case of either clause (ii)(A) or (ii)(B), to which any Credit Party is a party
or by which it or any of its property or assets is bound, or (iii) violate any provision of the Organization Documents of any Credit
Party, except with respect to any conflict, breach or contravention or default (but not creation of Liens) referred to in clause
(ii), to the extent that such conflict, breach, contravention or default could not reasonably be expected to have a Material Adverse
Effect.

 

Section
3. Conditions. This Amendment shall not become effective until each of the following conditions is satisfied (or waived
by the Required Lenders):

 

3.01The
Administrative Agent shall have received counterparts of this Amendment duly executed by each Credit Party signatory hereto and
each other relevant party to this Amendment;

 

3.02The
representations and warranties contained in Section 2 hereof shall be true and correct in all material respects on and as
of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to
an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as
of such earlier date);

 

3.03The
Administrative Agent shall have received counterparts of the Amendment No. 2 Fee Letter, duly executed by each Credit Party signatory
thereto and each other relevant party to that certain Amendment No. 2 Fee Letter;

 

3.04Liquidity
shall not be less than $4,000,000;

 

3.05       The
Administrative Agent shall have received a certificate for each Credit Party, dated as of the date hereof, duly executed and delivered
by such Credit Party’s General Counsel, other duly authorized officer, managing member or general partner, as applicable,
as to:

 

(vi)            
resolutions of each such Person’s board of managers/directors (or other managing body,
in the case of a Person that is not a corporation) then in full force and effect expressly and specifically authorizing, to the
extent relevant, all aspects of the Amendment and Warrants applicable to such Person and the execution, delivery and performance
of the Amendment and Warrants, in each case, to be executed by such Person;

 

(vii)         
the incumbency and signatures of its Authorized Officers and any other of its officers, managing
member or general partner, as applicable, authorized to act with respect to the Amendment and Warrants to be executed by such Person;

 

(viii)       
each such Person’s Organization Documents, as amended, modified or supplemented as of
the date hereof, with the certificate or articles of incorporation or formation certified by the appropriate officer or official
body of the jurisdiction of organization of such Person;

 

    11 

     

    

 

(ix)            
certificates of good standing with respect to each Credit Party, each dated within a recent
date prior to the date hereof, such certificates to be issued by the appropriate officer or official body of the jurisdiction of
organization of such Credit Party, which certificate shall indicate that such Credit Party is in good standing in such jurisdiction,
and (B) certificates of good standing with respect to each Credit Party, each dated within a recent date prior to the date hereof,
such certificates to be issued by the appropriate officer of the jurisdictions where such Credit Party is qualified to do business
as a foreign entity and conducts material business operations, which certificates shall indicate that such Credit Party is in good
standing in such jurisdictions, which certificates shall provide that each Secured Party may conclusively rely thereon until it
shall have received a further certificate of a General Counsel, other duly authorized officer, managing member or general partner,
as applicable, of any such Person canceling or amending the prior certificate of such Person as provided in Section 8.01(k) of
the Credit Agreement.

 

3.06The
Administrative Agent shall have received, for its own account, the fees, costs and expenses due and payable to it pursuant to Section
4.01 hereof and Section 12.05 of the Amended Credit Agreement (including the reasonable fees, disbursements and other
charges of counsel) for which invoices have been presented prior to the date hereof; and

3.07The
Administrative Agent shall have received counterparts of the Amendment No. 4 to Second Lien Credit Agreement duly executed by each
Credit Party signatory thereto and each other relevant party thereto.

 

Section
4.Miscellaneous. 

 

4.01Fees
and Expenses. The Borrower agrees and acknowledges that all reasonable and documented out-of-pocket costs and expenses incurred
by the Administrative Agent in connection with this Amendment, including the reasonable fees, disbursements and other charges
of one counsel, shall be paid by the Credit Parties to the Administrative Agent.

 

4.02No
Waiver or Modification. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition
contained in the Credit Agreement or any other Credit Document or constitute a course of conduct or dealing among the parties.
The Administrative Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents. Except as expressly
amended hereby, the Credit Agreement and other Credit Documents remain unmodified and in full force and effect in accordance with
their respective terms and are hereby ratified and confirmed in all respects.

 

4.03Credit
Document. This Amendment shall constitute a Credit Document under and as defined in the Amended Credit Agreement. All references
in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended hereby.

 

4.04Governing
Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM, CONTROVERSY OR DISPUTE UNDER, ARISING
OUT OF OR RELATING TO THIS AMENDMENT, WHETHER BASED IN CONTRACT (AT LAW OR IN EQUITY), TORT OR ANY OTHER THEORY, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    12 

     

    

 

4.05Counterparts.
This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which when
so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic format (i.e.,
 “pdf” or “tif”) by electronic transmission shall be effective as delivery of a manually executed counterpart
of this Amendment.

 

4.06Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not affect the interpretation
of this Amendment.

 

4.07Binding
Effect; Assignment. This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Credit Parties,
the Administrative Agent and the Lenders and their respective successors and assigns in accordance with the terms of the Credit
Agreement.

 

4.08Integration.
This Amendment, the Amended Credit Agreement, and the other Credit Documents incorporate all negotiations of the parties hereto
with respect to the subject matter hereof and thereof and are the final expression and agreement of the parties hereto and thereto
with respect to the subject matter hereof and thereof. This Amendment, the Amended Credit Agreement, and the other Credit Documents
represent the agreement of the parties hereto with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by any party hereto or thereto relative to the subject matter hereof or thereof not
expressly set forth or referred to herein or therein.

 

4.09Reaffirmation.
Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in any other similar capacity in which such Credit Party
grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby
(i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each Credit Document
to which it is a party (after giving effect hereto) and (ii) to the extent such Credit Party granted liens on or security interests
in any of its property pursuant to any such Credit Document as security for or otherwise guaranteed the Borrower’s Obligations
under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and liens
and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby.

 

4.10       Release
of Claims. In consideration of the Lenders’ and Administrative Agent’s agreements contained in this Amendment,
each Credit Party hereby irrevocably releases and forever discharges the Lenders and the Administrative Agent and their respective
affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released
Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract,
tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or
unknown, which such Credit Party ever had or now has against the Administrative Agent, any Lender or any other Released Person
which relates, directly or indirectly, to any acts or omissions prior to the date hereof of the Administrative Agent, any Lender
or any other Released Person relating to the Amended Credit Agreement or any other Credit Document.

 

[Remainder of the page intentionally left blank]

 

    13 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	BORROWER:	TELIGENT, INC. 
	 	 	 	 
	 	By:	/s/ Damian Finio 
	 	 	Name: 	Damian Finio 
	 	 	Title: 	Chief Financial Officer

 

	GUARANTORS:	IGEN, INC. 
	 	 	 	 
	 	By:	/s/ Damian Finio 
	 	 	Name: 	Damian Finio
	 	 	Title: 	Chief Financial Officer  

 

	 	TELIGENT PHARMA, INC. 
	 	 	 	 
	 	By:	/s/ Damian Finio 
	 	 	Name: 	Damian Finio 
	 	 	Title: 	Chief Financial Officer  

 

    
[Signature Page to Amendment No. 2 to First Lien Credit Agreement]

     

    

 

	ADMINISTRATIVE AGENT AND A LENDER:	ARES CAPITAL CORPORATION,
	 	a Maryland corporation
	 	 	 
	 	 	 
	 	By:	
        /s/ Scott Lem

	 	 	Name:	Scott Lem	 
	 	 	Title:	Authorized Signatory	 

 

    
[Signature Page to Amendment No. 2 to First Lien Credit Agreement]

     

    

 

	LENDERS:	ACF FINCO I LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	
        /s/ Oleh Szczupak

	 	 	Name:	Oleh Szczupak 
	 	 	Title:	Authorized Signer 

  

	 	CION ARES DIVERSIFIED CREDIT FUND
	 	 	 
	 	By:	
        /s/ Scott Lem

	 	 	Name:	Scott Lem 
	 	 	Title:	Authorized Signatory 

 

	 	ARES CENTRE STREET PARTNERSHIP, L.P.,
	 	 	 
	 	By: Ares Centre Street GP, Inc., as general partner
	 	 	 
	 	By:	
        /s/ Scott Lem

	 	 	Name:	Scott Lem	 
	 	 	Title:	Authorized Signatory	 

 

	 	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	 	 
	 	 	 
	 	By:	
        /s/ Scott Lem

	 	 	Name:	Scott Lem	 
	 	 	Title:	Authorized Signatory	 

 

    
[Signature Page to Amendment No. 2 to First Lien Credit Agreement]

     

    

 

	 	ARES COMMERCIAL FINANCE,
	 	 	 
	 	By: Ares Commercial Finance GP LP, its general partner
	 	By: ACF GP LLC, its general partner
	 	 	 
	 	By:	
        /s/ Oleh Szczupak

	 	 	Name:	Oleh Szczupak	 
	 	 	Title:	Authorized Signer	 

 

    
[Signature Page to Amendment No. 2 to First Lien Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]