Document:

Exhibit 4.2

 

CREATIVE
REALITIES, INC.

 

SERIES
A-1 6% CONVERTIBLE PREFERRED STOCK

 

CERTIFICATE
OF DESIGNATION 

OF
PREFERENCES, RIGHTS AND LIMITATIONS

 

(Pursuant
to Minnesota Statutes, Section 302A.401, subdivision 3(b))

 

THE
UNDERSIGNED, the Chief Executive Officer of Creative Realities, Inc., a Minnesota corporation (the “Corporation”),
DOES HEREBY CERTIFY that, pursuant to the authority conferred upon the Board of Directors of the Corporation by the Articles of
Incorporation of the Corporation and in accordance with the provisions of subdivision 401(3)(b) of the Minnesota Business Corporation
Act, the Board of Directors of the Corporation as of October 15, 2015, has adopted the following resolution creating a series
of capital stock designated as the Series A-1 Convertible Preferred Stock:

 

RESOLVED:
that, pursuant to the authority vested in the Board of Directors of the Corporation, a series of convertible preferred stock,
$0.01 par value per share, to be entitled “Series A-1 Convertible Preferred Stock” of the Corporation is hereby created
and designated. The number of shares of Series A-1 Stock shall be 2,500,000. The voting powers, preferences and relative, participating,
optional and other special rights of the Series A-1 Convertible Preferred Stock, and the qualifications, limitations and restrictions
thereof, are as follows:

 

1.           Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 7(b).

 

“Beneficial
Ownership Limitation” has the meaning set forth in Section 6(e).

 

“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.

 

“Buy-In”
has the meaning set forth in Section 6(d)(iii).

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to any Purchase Agreement.

 

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

 

“Common
Stock” means the Corporation’s common stock, par value $0.01 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed.

 

     

     

    

 

“Common
Stock Equivalents” means any securities of the Corporation that would entitle the holder thereof to acquire at any time
Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is at
any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Conversion
Date” shall have the meaning set forth in Section 6(a).

 

“Conversion
Price” shall have the meaning set forth in Section 6(c).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issued and issuable upon conversion of the shares of Series
A-1 Preferred Stock in accordance with the terms hereof.

 

“Corporation
Conversion Conditions” means all of the following conditions: (a) the Corporation shall have duly honored all conversions
scheduled to occur or occurring by virtue of one or more Notices of Conversion of the applicable Holder on or prior to the dates
so requested or required, if any; (b) either (i) there is an effective Resale Registration Statement pursuant to which the Holders
are permitted to utilize the prospectus contained therein to resell all of the Underlying Shares permitted by the Commission to
be included thereunder and resold pursuant thereto or (ii) all of the Underlying Shares may be resold pursuant to Rule 144 without
volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to the Corporation
(the requirements of this clause (b) being determined severally on a Holder-by-Holder basis); (c) the Common Stock is trading
on a Trading Market; (d) there is a sufficient number of authorized, but unissued and otherwise unreserved, shares of Common Stock
for the issuance of all of the Underlying Shares; and (e) the Common Stock shall have had a closing price on the Trading Market,
for a period of at least 20 consecutive Trading Days, a price per share equal to at least two and one-half times the Conversion
Price then in effect.

 

“Dilutive
Issuance” has the meaning set forth in Section 7(c).

 

“Dividend
Notice Period” shall have the meaning set forth in Section 3(a)(i).

 

“Dividend
Payment Date” shall have the meaning set forth in Section 3(a).

 

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

 

“Exempt
Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, directors or consultants
of the Corporation pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of
Directors of the Corporation or a majority of the members of a committee of non-employee directors established for such purpose,
(ii) any securities upon the exercise or conversion of any securities issued pursuant to any Purchase Agreement, (iii) any Common
Stock upon the exercise or conversion of securities that are issued and outstanding as of the date hereof, (iv) securities issued
in connection with acquisitions or strategic transactions approved by a majority of the disinterested directors of the Corporation,
(v) shares of Common Stock issued in connection with regularly scheduled dividend payments on the Series A-1 Preferred Stock
and Series A 6% Convertible Preferred Stock, and (vi) shares of Common Stock issued pursuant to any loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank approved by the Board of Directors of the Corporation.

 

    	 	2	 

     

    

 

“Fundamental
Transaction” shall have the meaning set forth in Section 7(b).

 

“Holder”
means the Persons who hold the Series A-1 Preferred Stock at any given time.

 

“Junior
Securities” means the Common Stock and all other Common Stock Equivalents of the Corporation other than those securities
which are explicitly senior or pari passu to the Series A-1 Preferred Stock in dividend rights or liquidation preference.

 

“Liquidation”
shall have the meaning set forth in Section 5.

 

“New
York Courts” shall have the meaning set forth in Section 10(d).

 

“Notice
of Conversion” shall have the meaning set forth in Section 6(a).

 

“Original
Issue Date” means the date of the first issuance of any shares of the Series A-1 Preferred Stock regardless of the number
of transfers of any particular shares of Series A-1 Preferred Stock and regardless of the number of certificates which may be
issued to evidence such Series A-1 Preferred Stock (including when such certificates are issued or how they are dated).

 

“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.

 

“Purchase
Agreement” means a securities purchase agreement entered into by and between each Holder and the Corporation, including
without limitation the Agreement and Plan of Merger and Reorganization by and among Creative Realities, Inc., CXW Acquisition,
Inc., ConeXus World Global, LLC and the Member Representative of ConeXus World Global, LLC, dated as of August 11, 2015, as amended
on October 15, 2015.

 

“Redemption
Date” has the meaning specified in Section 8.

 

“Resale
Registration Statement” means one or more registration statements that registers the resale of some or all of the Underlying
Shares of the Holders, who shall be named as “selling stockholders” therein, and meets the requirements set forth
in the applicable Purchase Agreement.

 

“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”
means the Series A-1 Preferred Stock and the Underlying Shares.

 

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

 

    	 	3	 

     

    

 

“Series
A-1 Preferred Stock” means the Series A-1 6% Convertible Preferred Stock of the Corporation.

 

“Share
Delivery Date” shall have the meaning set forth in Section 6(d)(i).

 

“Stated
Value” shall have the meaning set forth in Section 2.

 

“Subsidiary”
means any subsidiary of the Corporation as set forth on Exhibit 21 to the Corporation’s Annual Report on Form 10-K for the
year ended December 31, 2014, and shall, where applicable, also include any direct or indirect subsidiary of the Corporation formed
or acquired after the date of a Purchase Agreement.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“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 MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, the OTC Bulletin Board or the tiers of the OTC Markets (e.g., OTCQX or OTCQB), including any successors
to any of the foregoing.

 

“Transaction
Documents” means this Certificate of Designation and each Purchase Agreement, all exhibits and schedules thereto and
hereto and any other documents or agreements executed in connection with the transactions contemplated pursuant to the applicable
Purchase Agreement.

 

“Underlying
Shares” means the shares of Common Stock issued and issuable upon conversion of the Series A-1 Preferred Stock, and
issued and issuable in lieu of the cash payment of dividends on outstanding Series A-1 Preferred Stock in accordance with the
terms of this Certificate of Designation (including Common Stock issuable upon conversion of Series A-1 Preferred Stock issued
in lieu of the cash payment of dividends).

 

“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 (other than the OTC Bulletin Board or the OTC Markets), 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 the Common Stock is then listed or quoted on the OTC Bulletin Board or the OTC Markets, the most recent bid
price per share of the Common Stock so reported, or (c) 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 Board of Directors of the Corporation.

 

2.           Designation,
Amount and Par Value. The series of preferred stock created hereunder shall be designated as its Series A-1 6% Convertible
Preferred Stock (the “Series A-1 Preferred Stock”) and the number of shares so designated shall be 2,500,000
(which shall not be subject to increase without the written consent of the Holders of at least a majority of the then-issued and
outstanding Series A-1 Preferred Stock). Each share of Series A-1 Preferred Stock shall have a par value of $0.01 per share and
a stated value equal to $1.00 (the “Stated Value”).

 

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3.           Dividends.

 

(a)      Dividends
in Cash or in Kind. Holders shall be entitled to receive, and the Corporation shall pay, cumulative dividends at the rate
per share (as a percentage of the Stated Value per share) of 6.0% per annum. Such dividends shall be payable semi-annually on
June 30 and December 31, beginning on the first such date after the Original Issue Date and on each Conversion Date (with respect
only to Series A-1 Preferred Stock being converted) (each such date, a “Dividend Payment Date”) (if any Dividend
Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) (1) in cash out of
legally available funds (subject, however, to the final sentence of Section 3(b) below), or (2) at the Corporation’s option
(subject, however, to the final sentence of this Section 3(a)), in duly authorized, validly issued, fully paid and non-assessable
shares of Series A-1 Preferred Stock through the three-year anniversary of the Original Issue Date, and from and after such three-year
anniversary in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or (3) a combination of
cash and Series A-1 Preferred Stock or Common Stock (as applicable and permitted by this Section 3). Notwithstanding the foregoing,
the Corporation shall not elect to pay dividends through the issuance of Series A-1 Preferred Stock or Common Stock in the event
that (i) its most recent quarterly report on Form 10-Q filed with the Commission evidences that in the most recent quarterly period
the Corporation had positive cash flow, and (ii) funds are legally available for the payment of dividends.

 

(b)      Dividend
Share Matters. In the case of payment by the Corporation of dividends in the form of shares of Series A-1 Preferred Stock,
such stock shall be valued at its Stated Value. In the case of payment by the Corporation of dividends in the form of shares of
Common Stock, the Common Stock shall be valued solely for such purpose at the average of the VWAPs for the 45 consecutive Trading
Days ending on the Trading Day that is immediately prior to the applicable Dividend Payment Date or Conversion Date. Dividends
paid in cash or through the issuance of Series A-1 Preferred Stock or Common Stock shall be paid to Holders no later than five
Business Days after a Dividend Payment Date. Notwithstanding the foregoing, from the Original Issue Date through the three-year
anniversary of such date, any Holder may at its option provide the Corporation with written notice, at least 30 days prior to
a Dividend Payment Date, specifying that such Holder elects to receive dividends in the form of Series A-1 Preferred Stock, in
which case the Corporation shall satisfy its dividend-payment obligations hereunder, with respect to such Holder, only through
the issuance of Series A-1 Preferred Stock.

 

(c)      Dividend
Calculations. Dividends on the Series A-1 Preferred Stock shall be calculated on the basis of a 360-day year, consisting of
twelve 30-calendar-day periods, and shall accrue daily commencing on the Original Issue Date, and shall be deemed to accrue from
such date whether or not earned or declared and whether or not there are profits, surplus or other funds of the Corporation legally
available for the payment of dividends. Payment of dividends in shares of Common Stock shall otherwise occur pursuant to Section
6(d)(i) herein and, solely for purposes of the payment of dividends in shares, the Dividend Payment Date shall be deemed the Conversion
Date. Dividends shall cease to accrue with respect to any Series A-1 Preferred Stock converted, provided that the Corporation
actually delivers the Conversion Shares within the time period required by Section 6(d)(i) herein, in which case dividends shall
cease to accrue with respect to such converted Series A-1 Preferred Stock on the date the Corporation actually delivers the Conversion
Shares. Except as otherwise provided herein, if at any time the Corporation pays dividends partially in cash and partially in
shares, then such payment shall be distributed ratably among the Holders based upon the number of shares of Series A-1 Preferred
Stock held by each Holder on such Dividend Payment Date.

 

    	 	5	 

     

    

 

(d)      Other
Securities. So long as any Series A-1 Preferred Stock shall remain outstanding, neither the Corporation nor any Subsidiary
thereof shall directly or indirectly pay or declare any dividend or make any distribution upon (other than a dividend or distribution
described in Section 6 or dividends due and paid in the ordinary course on preferred stock of the Corporation at such times when
the Corporation is in compliance with its payment and other obligations hereunder), nor shall any distribution be made in respect
of, any Junior Securities as long as any dividends due on the Series A-1 Preferred Stock remain unpaid. The Series A-1 Preferred
Stock will be pari passu with the Corporation’s Series A 6% Convertible Preferred Stock as to dividends.

 

4.           Voting
Rights. Each outstanding share of Series A-1 Preferred Stock shall be entitled to a number of votes equal to the number of
shares of Common Stock into which such share of Series A-1 Preferred Stock is then convertible pursuant hereto as of the applicable
record date for the vote of shareholders. Each holder of outstanding shares of Series A-1 Preferred Stock shall be entitled to
notice of any shareholders’ meeting in accordance with the bylaws of the Corporation and shall vote with holders of the
Common Stock and the Company’s Series A 6% Convertible Preferred Stock, voting together as single class, upon all matters
submitted to a vote of shareholders, excluding only those matters required to be submitted to a class or series vote pursuant
to the terms hereof or by law. The Holders of shares of Series A-1 Preferred Stock shall not be entitled to cumulate their votes
in any election of directors in which they are entitled to vote; provided, however, that if the holders of any other class or
series of shares shall be entitled to cumulative voting in the election of directors then the Holders of Series A-1 Preferred
Stock shall be entitled to the same cumulative voting.

 

5.           Liquidation.
Upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”),
the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation an amount equal to
the Stated Value, plus any accrued and unpaid dividends thereon and any other fees or liquidated damages then due and owing thereon
under this Certificate of Designation, for each share of Series A-1 Preferred Stock, before any distribution or payment shall
be made to the holders of any Junior Securities, and shall not participate with the holders of Common Stock or other Junior Securities
thereafter. The Series A-1 Preferred Stock will be pari passu with the Corporation’s Series A 6% Convertible Preferred Stock
with respect to rights to the distribution of the Corporation’s assets upon a Liquidation. If the assets of the Corporation
shall be insufficient to pay in full such amounts, then the entire assets to be distributed to the Holders shall be ratably distributed
among the Holders (including the holders of all pari passu securities upon a Liquidation) in accordance with the respective amounts
that would be payable on such shares if all amounts payable thereon were paid in full. The Corporation shall mail written notice
of any such Liquidation, not less than 45 days prior to the payment date stated therein, to each Holder.

 

    	 	6	 

     

    

 

6.           Conversion.

 

(a)      Conversions
at Option of Holder. Each share of Series A-1 Preferred Stock and accrued but unpaid dividends thereon shall be convertible,
any time and from time to time at the option of the Holder thereof, into that number of shares of Common Stock determined by dividing
the Stated Value of such share of Series A-1 Preferred Stock (plus accrued but unpaid dividends thereon, if being converted) by
the Conversion Price. Holders shall effect conversions by providing the Corporation with the form of conversion notice attached
hereto as Annex A (a “Notice of Conversion”). Each Notice of Conversion shall specify the number
of shares of Series A-1 Preferred Stock to be converted, the number of shares of Series A-1 Preferred Stock owned prior to the
conversion at issue, the number of shares of Series A-1 Preferred Stock owned subsequent to the conversion at issue, and the date
on which such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by facsimile
such Notice of Conversion to the Corporation (such date, the “Conversion Date”). If no Conversion Date is specified
in a Notice of Conversion, then the Conversion Date shall be the date that such Notice of Conversion to the Corporation is deemed
given hereunder. To effect conversions of shares of Series A-1 Preferred Stock, a Holder shall not be required to surrender the
certificate(s) representing the shares of Series A-1 Preferred Stock to the Corporation unless all of the shares of Series A-1
Preferred Stock represented thereby are so converted, in which case such Holder shall deliver the certificate representing such
shares of Series A-1 Preferred Stock promptly following the Conversion Date at issue. Shares of Series A-1 Preferred Stock converted
into Common Stock or redeemed in accordance with the terms hereof shall be canceled and shall not be reissued.

 

(b)      Mandatory
Conversion.

 

(i)      At
the option of the Corporation, after all of the Corporation Conversion Conditions shall have been satisfied, each share of Series
A-1 Preferred Stock shall be convertible, at any time, into that number of shares of Common Stock determined by dividing the Stated
Value of such share of Series A-1 Preferred Stock by the Conversion Price. The Corporation shall exercise its right to mandatorily
convert the Series A-1 Preferred Stock under this Section by providing the Holders with written notice at least ten days prior
to the effective date of conversion; or

 

(ii)      Upon
the affirmative vote or written consent of the holders of at least 75% of the then-issued and outstanding shares of Series A-1
Preferred Stock, all shares of Series A-1 Preferred Stock will be converted into that number of shares of Common Stock determined
by dividing the Stated Value of such share of Series A-1 Preferred Stock by the Conversion Price.

 

(c)      Conversion
Price. The conversion price for the Series A-1 Preferred Stock (the “Conversion Price”) shall equal the
conversion price of the Corporation’s Series A 6% Convertible Preferred Stock on the date hereof, as adjusted pursuant to
the terms of the Certificate of Designation for the Series A 6% Convertible Preferred Stock. In the event that the Corporation
has no shares of Series A 6% Convertible Preferred Stock issued and outstanding or remaining designated, the Conversion Price
for the Series A-1 Preferred Stock shall thereafter be adjusted as provided in this Certificate of Designation.

 

    	 	7	 

     

    

 

(d)      Mechanics
of Conversion.

 

(i)      Delivery
of Certificate Upon Conversion. Not later than three Trading Days after each Conversion Date (the “Share Delivery
Date”), the Corporation shall deliver, or cause to be delivered, to the converting Holder one or more certificate or
certificates representing the Conversion Shares. On or after the earlier of the six-month anniversary of the date of issuance
the Series A-1 Preferred Stock being converted, such certificates shall not contain a restrictive legend under the Securities
Act so long as (i) the Holder shall have delivered a representation letter to the Corporation in form and substance satisfactory
to the Corporation (which letter includes a representation by the Holder that the Conversion Shares are being sold pursuant to
Rule 144) or (ii) a Resale Registration Statement covering the resale of such Conversion Shares is then effective. On or after
the 12-month anniversary of the date of the issuance of the Series A-1 Preferred Stock being converted, the Corporation shall,
upon the request of the Holder, use commercially reasonable efforts to deliver any Conversion Shares to be delivered by the Corporation
under this Section 6 electronically through the Depository Trust Corporation or another established clearing corporation performing
similar functions.

 

(ii)      Failure
to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to
or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to
the Corporation at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in which
event the Corporation shall promptly return to the Holder any original Series A-1 Preferred Stock certificate delivered to the
Corporation, if any, and the Holder shall promptly return to the Corporation the Common Stock certificates issued to such Holder
pursuant to the rescinded Conversion Notice.

 

(iii)    Compensation
for Buy-In on Failure to Timely Deliver Conversion Shares. In addition to any other rights available to the Holder, if the
Corporation fails for any reason to deliver to a Holder the applicable certificate or certificates within three Trading Days after
the Share Delivery Date pursuant to Section 6(d)(i), and if after such date such Holder is required by its brokerage firm 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 such Holder of the Conversion Shares such Holder was entitled to receive upon the conversion
relating to such Share Delivery Date (a “Buy-In”), then the Corporation shall (A) pay in cash to such Holder
the amount, if any, by which (x) such Holder’s total purchase price (including any brokerage commissions) for the Common
Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that such Holder was entitled
to receive from the conversion at issue and that were sold, multiplied by (2) the actual sale price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of such Holder, either reissue (if surrendered) the shares
of Series A-1 Preferred Stock equal to the number of shares of Series A-1 Preferred Stock submitted for conversion (in which case,
such conversion shall be deemed rescinded) or deliver to such Holder the number of shares of Common Stock that would have been
issued if the Corporation had timely complied with its delivery requirements under Section 6(c)(i). For example, if a Holder purchases
shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares
of Series A-1 Preferred Stock with respect to which the actual sale price of the Conversion Shares giving rise to such purchase
obligation was a total of $10,000, under clause (A) of the immediately preceding sentence, the Corporation shall be required to
pay such Holder $1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder
in respect of the Buy-In and, upon request of the Corporation, 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 or other injunctive relief with respect to the Corporation’s failure to timely deliver
shares of Common Stock upon conversion of the shares of Series A-1 Preferred Stock as required pursuant to the terms hereof.

 

    	 	8	 

     

    

 

(iv)      Reservation
of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Series A-1 Preferred
Stock and payment of dividends on the Series A-1 Preferred Stock, each as herein provided, free from preemptive rights or any
other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Series A-1 Preferred Stock),
not less than 110% of such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth
in the applicable Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 7) upon the
conversion of the then-outstanding shares of Series A-1 Preferred. The Corporation covenants that all shares of Common Stock that
shall be so issuable shall upon issue be duly authorized, validly issued, fully paid and non-assessable and, if the Resale Registration
Statement is then effective under the Securities Act, shall be registered for public resale in accordance with such Resale Registration
Statement.

 

(v)      Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Series A-1
Preferred Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion,
the Corporation shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Conversion Price or round up to the next whole share.

 

(vi)     Transfer
Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Series A-1 Preferred
Stock shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of
the issue or delivery of such certificates, provided that the Corporation shall not be required to pay any tax that may be payable
in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than
that of the Holders of such shares of Series A-1 Preferred Stock and the Corporation shall not be required to issue or deliver
such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the
amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation
shall pay all transfer agent fees required for processing of any Notice of Conversion.

 

(e)      Beneficial
Ownership Limitations. The Corporation shall not effect any conversion of the Series A-1 Preferred Stock, and a Holder shall
not have the right to convert any portion of the Series A-1 Preferred Stock, to the extent that, after giving effect to the conversion
set forth on the applicable Notice of Conversion, such Holder (together with such Holder’s “affiliates,” as
such term is defined in Rule 405 under the Securities Act, and any Persons acting as a group together with such Holder or any
of such Holder’s affiliates) 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 such Holder and its affiliates
shall include the number of shares of Common Stock issuable upon conversion of the Series A-1 Preferred Stock with respect to
which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion
of the remaining unconverted Stated Value of Series A-1 Preferred Stock beneficially owned by such Holder or any of its affiliates
and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Corporation that are
subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Holder
or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act. To ensure compliance with this restriction, each Holder will
be deemed to represent to the Corporation each time it delivers a Notice of Conversion that such Notice of Conversion has not
violated the restrictions set forth in this Section and the Corporation 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.

 

    	 	9	 

     

    

 

For
purposes of this Section, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as stated in the most recent of the following: (i) the Corporation’s most recent periodic
or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Corporation or (iii)
a more recent written notice by the Corporation or the transfer agent setting forth the number of shares of Common Stock outstanding.
Upon the written or oral request of a Holder, the Corporation shall within two Trading Days confirm to such 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 Corporation, including the Series A-1 Preferred Stock,
by such Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of Conversion Shares upon conversion of Series A-1 Preferred Stock by the applicable Holder.
Upon no fewer than 61 days’ prior written notice to the Corporation, a Holder may increase or decrease the Beneficial Ownership
Limitation provisions of this Section applicable to its Series A-1 Preferred Stock, 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 Conversion Shares upon conversion of this Series A-1 Preferred Stock held by such Holder and the provisions of this Section
shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered
to the Corporation and shall only apply to such Holder and no other Holder. The limitations contained in this paragraph shall
apply to a successor holder of Series A-1 Preferred Stock.

 

7.           Certain
Adjustments and Covenants; Notices Required.

 

(a)      Stock
Dividends and Stock Splits. If the Corporation, at any time while this Series A-1 Preferred Stock is outstanding: (i) pays
a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock
or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the
Corporation upon conversion of, or payment of a dividend on, this Series A-1 Preferred Stock), (ii) subdivides outstanding shares
of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock,
any shares of capital stock of the Corporation, then in each case the Conversion Price shall be multiplied by a fraction, the
numerator of which fraction shall be the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding
immediately before such event, and the denominator of which fraction shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to this Section 7(a) shall become effective immediately after the record
date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or reclassification.

 

    	 	10	 

     

    

 

(b)      Fundamental
Transaction. Subject to the ultimate sentence in this paragraph, if, at any time while this Series A-1 Preferred Stock is
outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Corporation with or into another Person, (ii) the Corporation, 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 Corporation or another
Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and such offer been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
the Corporation, 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 the Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than a reclassification under Section 7(a) above), or (v) the Corporation, 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, at the option of a Holder:

 

(i)      the
Holder may elect, by written notice to the Corporation given prior to the consummation of the Fundamental Transaction, to treat
the occurrence of a Fundamental Transaction as if it were a Liquidation under Section 4 above and receive payment of the proceeds
payable on account of such Holder’s Series A-1 Preferred Stock as provided therein; or

 

(ii)      absent
an election as described under clause (i) above, upon any subsequent conversion of this Series A-1 Preferred Stock, the Holder
shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior
to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of Common Stock of the successor
or acquiring corporation or of the Corporation, if it is the surviving corporation, and any additional 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 Series A-1 Preferred Stock is convertible immediately prior to such Fundamental
Transaction. For purposes of any such conversion, the determination of the Conversion 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 Corporation shall apportion the Conversion 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 conversion of this Series A-1 Preferred
Stock following such Fundamental Transaction.

 

    	 	11	 

     

    

 

Notwithstanding
anything above to the contrary, the consummation of the contemplated merger transactions with ConeXus World Global, LLC and CXW
Acquisition, Inc., substantially as described in the Corporation’s current and periodic reports filed with the Commission,
shall not be deemed a Fundamental Transaction for purposes of this Section 7(b).

 

(c)      Anti-Dilution
Adjustment to Conversion Price. If the Corporation, at any time while any shares of Series A-1 Preferred Stock are outstanding,
shall issue any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective
price per share less than the then-current Conversion Price, as adjusted hereunder (any such issuance, other than an issuance
of Common Stock or Common Stock Equivalents in respect of an Exempt Issuance, being referred to as a “Dilutive Issuance”),
then the Conversion Price shall be adjusted to match the lowest price per share at which such Common Stock was issued or may be
acquired pursuant to such Common Stock Equivalents in the Dilutive Issuance.

 

(d)      Calculations.
All calculations under this Section 7 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 7, 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 any treasury shares of the Corporation) issued and outstanding.

 

(e)      Required
Notices to Holders.

 

(i)      Adjustment
to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 7, the Corporation
shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

 

(ii)      Notice
to Allow Conversion by Holder. If (A) the Corporation shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Corporation shall declare a special non-recurring cash dividend on the Common Stock, (C) the Corporation
shall authorize the granting to all holders of the Common Stock of 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 shareholders of the Corporation shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Corporation is a party, any sale or transfer
of all or substantially all of the assets of the Corporation, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Corporation shall authorize the Liquidation of the Corporation or a Fundamental
Transaction, then, in each case, the Corporation shall cause to be filed at each office or agency maintained for the purpose of
conversion of this Series A-1 Preferred Stock, and shall cause to be delivered to each Holder at its last address as it shall
appear upon the stock books of the Corporation, at least ten 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, 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, 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 hereunder constitutes, or contains, material,
non-public information regarding the Corporation or any of the Subsidiaries, the Corporation shall file such notice with the Commission
pursuant to a Current Report on Form 8-K within one Trading Day.

 

    	 	12	 

     

    

 

8.           Redemption.
From and after the three-year anniversary of the date of the applicable Purchase Agreement, the Corporation will have the right
(but not the obligation), upon at least 30 days prior written notice, to call some or all of the Series A-1 Preferred Stock for
redemption at any time after the Common Stock shall have had a closing price on the Trading Market, for a period of at least 15
consecutive days (all of which must be after the three-year anniversary date of the date hereof), equal to at least one and one-half
times (i.e., 150%) the then-current Conversion Price. The written notice shall specify the date for the purchase and sale of the
Series A-1 Preferred Stock called for redemption (the “Redemption Date”), on which date the Corporation
shall pay to the Holder, in immediately available funds, the Stated Value of each share of Series A-1 Preferred Stock being redeemed
plus accrued but unpaid dividends thereon. At the closing, the Holder shall execute and deliver a standard stock power or other
instrument of conveyance in customary form, assigning title to the shares being redeemed to the Corporation, and the Corporation
shall pay the above-described purchase price for such shares. For clarity, a Holder whose shares of Series A-1 Preferred Stock
are called for redemption under this Section shall retain, through the date immediately prior to the Redemption Date, all of his,
her or its rights with respect to those shares, specifically including the right to convert those shares into Conversion Shares
pursuant hereto. The Series A 6% Convertible Preferred Stock will be pari passu to the Corporation’s Series A-1 Preferred
Stock as to redemptions by the Corporation. If the Corporation elects to redeem shares of Series A-1 Preferred Stock, it will
redeem the Corporation’s Series A 6% Convertible Preferred Stock ratably among all holders of all shares eligible for redemption
(i.e. shares of Series A 6% Convertible Preferred Stock issued and outstanding for at least three years).

 

9.           Negative
Covenants. So long as any shares of Series A-1 Preferred Stock are outstanding, the Corporation shall not take any of the
following corporate actions (whether by merger, consolidation or otherwise), without first obtaining the approval (whether at
a meeting called for such purpose or through written action or consent) of the holders of at least 75% of the voting power of
the Series A-1 Preferred Stock: (i) alter or change the rights, preferences or privileges of the Series A-1 Preferred Stock, or
increase the authorized number of shares of Series A-1 Preferred Stock; (ii) alter or change the rights, preferences or privileges
of any then-outstanding shares of capital stock of the Corporation in any manner that materially and adversely affects the Series
A-1 Preferred Stock; (iii) authorize or create any class of capital stock ranking as to dividends, redemption or distribution
of assets upon a Liquidation senior to, or otherwise pari passu with, the Series A-1 Preferred Stock; (iv) incur any additional
debt for borrowed money (other than (1) financing obtained to extend, supplement, renew or replace then-existing credit facilities
or (2) borrowing for working capital purposes); or (v) enter into any contract, written or oral, with any directors, officers,
or holders of more than 10% of the voting power of the Corporation (calculated in accordance with Section 13(d) of the Exchange
Act), or any affiliates of the foregoing; provided, however, that the restriction contained in clause (v) of this section will
not apply to compensation agreements and arrangements with officers and directors of the Corporation that are approved by a majority
of disinterested directors.

 

    	 	13	 

     

    

 

10.          General
Provisions.

 

(a)      Giving
of Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder, including without
limitation any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized
overnight courier service, addressed to the Corporation, at 22 Audrey Place, Fairfield, New Jersey 07004, Attention: Chief Financial
Officer, facsimile number (973)-244-1535, or such other facsimile number or address as the Corporation may specify for such purposes
by notice to the Holders delivered in accordance with this Section 10(a). Any and all notices or other communications or deliveries
to be provided by the Corporation 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 Corporation, or if no such facsimile number or address appears on the books of the Corporation, at the principal
place of business of such Holder, as set forth in the Holder’s Purchase Agreement. Any notice or other communication or
deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number 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 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 third 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.

 

(b)      Lost
or Mutilated Series A-1 Preferred Stock Certificate. If a Holder’s Series A-1 Preferred Stock certificate shall be mutilated,
lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of
a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new certificate for the
shares of Series A-1 Convertible Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of
such loss, theft or destruction of such certificate, and of the ownership hereof reasonably satisfactory to the Corporation.

 

(c)      Transfers.
Shares of Series A-1 Preferred Stock may be transferred on the Corporation’s books and records only (i) pursuant to a written
assignment or stock power, or other suitable instrument of conveyance, in form and substance satisfactory to the Corporation in
its reasonable discretion (a form of which stock power is attached hereto as Annex B), and (ii) after the Corporation’s
receipt of a legal opinion, in form and substance satisfactory to the Corporation in its reasonable discretion, that such transfer
will be conducted either pursuant to an effective registration thereof under the Securities Act or pursuant to an applicable exemption
from the such registration requirements (including the registration or qualification requirements of any applicable state securities
laws). Absent compliance with the provisions of this Section 10(c), the Corporation shall not be obligated to recognize any transfer
of Series A-1 Preferred Stock.

 

    	 	14	 

     

    

 

(d)      Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to conflicts-of-law principles thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by any of the Transaction Documents shall be commenced in the state and federal courts
sitting in the City of New York, New York (the “New York Courts”). By purchasing or accepting any shares of
Series A-1 Preferred Stock, each Holder 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,
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.
Each Holder hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such Person at the address in effect for notices to it as specified herein, and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by applicable law. Each Holder hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Certificate of
Designation or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions
of this Certificate of Designation, 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.

 

(e)      Waiver.
Other than the restrictions set forth in Section 6(e), which can be waived, as to a particular original purchaser of Series A-1
Preferred Stock and its affiliates, pursuant to a writing signed by the Corporation and such original purchaser of Series A-1
Preferred Stock and delivered prior to the consummation of a purchase of the Series A-1 Preferred Stock, no provision of this
Certificate of Designation may be waived, modified, supplemented or amended except in a written instrument signed by the Corporation
and approved by the Holders of a majority of the then-outstanding shares of Series A-1 Preferred Stock. Any waiver by the Corporation
or a Holder of a breach of any provision of this Certificate of Designation shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of this Certificate of Designation or a waiver by
any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate
of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right
thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion.

 

(f)      Severability.
If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation
shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable
to all other Persons and circumstances.

 

    	 	15	 

     

    

 

(g)      Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

(h)      Headings.
The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall
not be deemed to limit or affect any of the provisions hereof.

 

(i)      Status
of Converted or Redeemed Series A-1 Preferred Stock. Shares of Series A-1 Preferred Stock may only be issued pursuant to a
Purchase Agreement. If any shares of Series A-1 Preferred Stock shall be converted, redeemed or reacquired by the Corporation,
such shares shall resume the status of authorized but undesignated and unissued shares of preferred stock and shall no longer
be designated as Series A-1 Preferred Stock.

 

*
* * * * * *

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the undersigned as executed this Certificate of Designation as of this 15th day of October, 2015.

 

	 	CREATIVE
    REALITIES, INC.
	 	 
	 	 
	 	John
    Walpuck, 

Chief Financial Officer

 

    	 	17	 

     

    

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

(TO
BE EXECUTED BY THE REGISTERED HOLDER

IN
ORDER TO CONVERT SHARES OF SERIES A-1 PREFERRED STOCK)

 

The
undersigned hereby irrevocably elects to convert the number of shares of Series A 6% Convertible Preferred Stock indicated below
into shares of common stock, par value $0.01 per share, of Creative Realities, Inc., a Minnesota corporation (the “Corporation”),
according to the conditions hereof, as of the date written below. If shares of common stock are to be issued in the name of a
Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering
herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee
will be charged to the Holders for any conversion, except for any such transfer taxes.

 

The
undersigned is an “accredited investor” as defined in Regulation D under the Securities Act of 1933.

 

Conversion
calculations: ________________________________________________________________________________________________

 

Conversion
Date: ______________________________________________________________________________________________________

 

Number
of shares of Series A-1 Preferred Stock owned prior to Conversion: ________________________________________________________

 

Number
of shares of Series A-1 Preferred Stock to be Converted: ________________________________________________________________

 

Stated
Value of shares of Series A-1 Preferred Stock to be Converted: _____________________________________________________________

 

Number
of Conversion Shares to be Issued: __________________________________________________________________________________

 

Conversion
Price: _______________________________________________________________________________________________________

 

Number
of shares of Series A-1 Preferred Stock owned after Conversion: __________________________________________________________

 

Address
for Delivery: ____________________________________________________________________________________________________

 

or

 

DWAC
Instructions:

Broker
no: ________________

Account
no: _______________

 

	 	SIGNATURE
    of HOLDER:
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

ANNEX
B

 

FORM
OF STOCK POWER

 

FOR
VALUE RECEIVED, the undersigned does hereby assign, sell and transfer unto ________________________________________, a ________________________,
an aggregate of _____________________________________________________ (_____________) shares of Series A-1 6% Convertible Preferred
Stock of Creative Realities, Inc., a Minnesota corporation (the “Corporation”), represented by Certificate No(s).
_________ (the “Stock”), legally and beneficially owned by the undersigned and standing in the name of the undersigned
on the Corporation’s books and records. The undersigned hereby irrevocably appoints _____________________________________,
as his or her true and lawful attorney-in-fact to transfer the Stock on the Corporation’s books and records, with full power
of substitution and re-substitution in the premises.

 

Dated:
________________

 

	 	 
	 	Signature
	 	 
	 	 
	 	Printed
    NameExhibit 10.15

 

AMENDED
AND RESTATED SECURITIES PURCHASE AGREEMENT

 

This
Amended and Restated Securities Purchase Agreement
(this “Agreement”) is dated as of December [●], 2015, by and among (i) Creative Realities, Inc., a Minnesota
corporation (the “Company”), Creative Realities, LLC, a Delaware limited liability company, Wireless Ronin
Technologies Canada, Inc., a Canada corporation and Conexus World Global, LLC, a Kentucky limited liability company (such entities,
together with the Company, the “Company Parties”) and (ii) those parties signatory hereto and identified on
the signature page hereof as “Purchaser” (the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements
of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder, the Company Parties desire
to issue and sell to Purchaser, and Purchaser desires to purchase from the Company Parties, securities of the Company and the
Company Parties as more fully described in this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company Parties and Purchaser hereby agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1         
Definitions. In addition to the terms defined elsewhere in this Agreement, (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Notes, as defined herein, and (b) the following terms have the
meanings set forth in this Section 1.1:

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“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. For the avoidance of doubt,
the following Persons shall be deemed “Affiliates” of the Company for all purposes under the Transaction Documents
(including in any cases in the Transaction Documents where the lowercase “affiliate” is used): Slipstream Communications,
LLC, Slipstream Funding, LLC, any officer and director of the Company, and any other Person who possesses “beneficial ownership”
(as that term is defined under the Exchange Act) of 10% or more the voting securities of the Company.

 

“Board
of Directors” means the Board of Directors of the Company.

 

“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.

 

“Closing”
means any closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the parties
thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Purchase Amount and (ii) the obligations
of the Company Parties to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the
third Trading Day following the date hereof, all as contemplated in Section 2.1.

 

     

     

    

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, 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.

 

“Company
Counsel” means Maslon LLP, with offices located at 3300 Wells Fargo Center, 90 South Seventh Street, Minneapolis, Minnesota
55402.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Notes.

 

“Conversion
Shares” shall have the meaning ascribed to such term in the Notes.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

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

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(p).

 

“Laws”
shall have the meaning ascribed to such term in Section 3.1(k).

 

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

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to: (i) the legality, validity or enforceability of any Transaction Document,
(ii) the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) the Company’s ability to perform on a timely basis its obligations under any Transaction Document.

 

“Notes”
means the Secured Convertible Promissory Notes of the Company, either identical or in substantially similar form to this Note,
offered and sold pursuant to this Agreement (including Securities Purchase Agreements in substantially similar form), the form
of which is attached hereto as Exhibit A, in a maximum aggregate amount equal to $4.0 million.

 

“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 instrumentality of a government).

 

    	 	2	 

     

    

 

“Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

“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.

 

“Purchase
Amount” means the aggregate amount to be paid for the Notes and associated Warrants purchased hereunder as specified
below the Purchaser’s name on the signature page of this Agreement and next to the heading “Purchase Amount,”
in United States dollars and in immediately available funds.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.2.

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement by and among the Company and Purchasers, in the form
attached hereto as Exhibit E.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“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.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Notes, the Warrants and the Underlying Shares.

 

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

 

“Security
Agreement” means that certain Security Agreement by and among the Company Parties in favor of the Purchasers, and pursuant
to which the above-named corporate parties shall grant a security interest in substantially all of their respective assets as
collateral security for the obligations of the Company under the Notes. The form of Security Agreement is attached hereto as Exhibit
C.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Slipstream
Pledge Agreement” means that certain Slipstream Pledge Agreement by and among Slipstream Communications, LLC, a Delaware
limited liability company, in favor of the Purchasers, and pursuant to which Slipstream Communications, LLC shall grant a security
interest in its ownership of shares of Gyro, LLC, and related proceeds, as collateral security for the obligations of the Company
under the Notes. The form of Slipstream Pledge Agreement is attached hereto as Exhibit D.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a)

 

“Trading
Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the
Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on
any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any business day.

 

    	 	3	 

     

    

 

“Transaction
Documents” means this Agreement, the Notes, the Warrants, the Security Agreement, the Slipstream Pledge Agreement, the
Registration Rights Agreement and all exhibits and schedules hereto and thereto and any other documents or agreements executed
in connection with the transactions contemplated hereunder and thereunder.

 

“Underlying
Shares” means the Conversion Shares and the Warrant Shares.

 

“Warrants”
means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section
2.2(a) hereof, which Warrants shall be in the form of Exhibit B attached hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1         
Closing.

 

On
the Closing Date, and upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase the Purchase
Amount of the principal amount of Notes (at face value), and (ii) a number of Warrants as determined pursuant to Section 2.2(a)(iii).
Each Purchaser shall deliver to the Company, via wire transfer of immediately available funds equal to its Initial Purchase Amount
as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to the Purchaser an executed
Note and a Warrant as determined pursuant to Section 2.2(a). In addition, the Company Parties and the Purchaser shall deliver
the other items set forth in Section 2.2 at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections
2.2 and 2.3, the Closing shall occur at the offices of Company Counsel or such other location as the parties shall mutually agree.

 

2.2         
Deliveries.

 

(a)        On or prior to the Closing Date, the Company shall deliver or shall have earlier delivered to the Purchaser the following:

 

(i)          this Agreement duly executed by the Company Parties;

 

(ii)         a Note registered in the name of the Purchaser and in the original principal amount equal to the Purchase Amount of such Purchaser
(for such Closing);

 

(iii)        a Warrant registered in the name of such Purchaser to purchase, at any time and from time to time, an aggregate number of shares
of Common Stock equal to 50% of the number of Conversion Shares issuable upon any conversion of the Note(s) purchased by such
Purchaser, as determined at the time issued to the Purchaser at the Closing and at the initial Conversion Price;

 

    	 	4	 

     

    

 

(iv)        at the Closing Date only, the Security Agreement duly executed by each corporate party thereto;

 

(v)         at the Closing Date only, the Slipstream Pledge Agreement duly executed by Slipstream Communications, LLC;

 

(vi)        at the Closing Date only, a legal opinion from Company Counsel, in customary form and substance for transactions of the nature
contemplated by this Agreement (and, as soon as reasonably practicable after the resignation of the Collateral Agent under the
Collateral Agency Agreement dated of even date herewith (but no later than ten calendar days after such resignation), a subsequent
legal opinion from Company Counsel, but covering only the issues of creation and perfection of “Collateral” and “Proceeds”
under the Slipstream Pledge Agreement, in customary form and substance); and

 

(vii)       the Registration Rights Agreement duly executed by the Company.

 

(b)        On or prior to the Closing Date, the Purchaser shall deliver or shall have earlier delivered to the Company the following:

 

(i)          this Agreement duly executed by such Purchaser; and

 

(ii)         Purchaser’s Purchase Amount for such Closing, by wire transfer to the account specified in writing by the Company.

 

2.3         
Closing Conditions.

 

(a)        The
obligations of the Company hereunder in connection with any Closing are subject to the following conditions being met:

 

(i)          the accuracy on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific
date therein in which case they shall be accurate as of such date);

 

(ii)         all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have
been performed;

 

(iii)        there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(iv)        the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

    	 	5	 

     

    

 

(b)        The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)          the accuracy when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as
of a specific date therein);

 

(ii)         all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)        the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; and

 

(iv)        there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1         
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to each Purchaser:

 

(a)        Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens,
and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)        Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in a Material Adverse Effect.

 

(c)        Authorization; Enforcement. The Company Parties have the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents, as applicable, and otherwise to carry
out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents
by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s
shareholders in connection herewith or therewith other than in connection with the Required Approvals. The execution and delivery
of the applicable Transaction Documents by the other Company Parties, as applicable, and the consummation by the Subsidiaries
of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company or the boards of directors or other governing bodies of such other Company Parties
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and the other Company
Parties, as applicable, and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding
obligation of the Company and such other Company Parties, enforceable against them in accordance with its terms, except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

 

    	 	6	 

     

    

 

(d)        No
Conflicts. The execution, delivery and performance by the Company and the other Company Parties, as applicable, of this Agreement
and the other Transaction Documents to which they are a party, the issuance and sale of the Securities and the consummation by
the Company and the Subsidiaries, as applicable, of the transactions contemplated hereby and thereby do not and will not (i) conflict
with or violate any provision of any Company Party’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of any Company Party, or give
to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company Party debt or otherwise) or other understanding
to which the any Company Party is a party or by which any property or asset of any Company Party is bound or affected, or (iii)
subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which a Company Party is subject (including federal and
state securities laws and regulations), or by which any property or asset of a Company Party is bound or affected; except in the
case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)        Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the
listing of the Shares and Underlying Shares for trading thereon in the time and manner required thereby, if any, and (ii) the
filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws, which
filings will be made by the Company within the time period required by such laws (collectively, the “Required Approvals”).

 

    	 	7	 

     

    

 

(f)         Issuance of the Securities. The Notes are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be a duly and validly issued security of the Company, free and clear of all Liens imposed by the Company
other than restrictions on transfer provided for in the Transaction Documents. The Underlying Shares, when issued in accordance
with the terms of the Transaction Documents, will be validly issued, fully paid and non-assessable, free and clear of all Liens
imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

 

(g)        Capitalization. The capitalization of the Company as of December 17, 2015, is as set forth on Schedule 3.1(g). The
Company has not issued any capital stock since that date except as may be disclosed in SEC Reports, other than pursuant to the
exercise of employee stock options, or pursuant to the conversion or exercise of Common Stock Equivalents. No Person has any right
of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as a result of the purchase and sale of the Securities, there are no outstanding options,
warrants, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of
Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Common Stock or Common Stock Equivalents, except as set forth on Schedule 3.1(g). Except
with respect to the holders of the warrants issued in association with the Company’s Series A Preferred Convertible Stock
(and the exercise prices thereof, which will be adjusted as a result of the issuance of the Securities pursuant to this Agreement),
the issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any
Person (other than the Purchaser) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under any of such securities.

 

(h)        SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (the foregoing materials, including the exhibits thereto and documents incorporated
by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or
has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension,
except as set forth on Schedule 3.1(h). As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has
never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the
SEC Reports have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

    	 	8	 

     

    

 

(i)         Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest SEC Report, (i) there has
been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect,
(ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in
the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company
stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information.

 

(j)        
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which could reasonably be expected to have a Material Adverse Effect or that adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities. Attached
as Schedule 3.1(j) is a summary of currently pending Actions involving the Company and the Subsidiaries. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under
the Exchange Act or the Securities Act.

 

(k)       
Compliance. No Company Party: (i) is in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company
or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or
credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound
(whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court,
arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, product quality and safety and employment and labor matters (collectively, “Laws”),
except in each case as is set forth on Schedule 3.1(k).

 

(l)        
Title to Assets. The Company Parties do not own any real property. The Company and the Subsidiaries have good and marketable
title in all personal property owned by them that is material to their respective businesses, in each case free and clear of all
Liens, except for (i) Liens as do not materially interfere with the use made and proposed to be made of such property by the Company
Parties and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties.

 

    	 	9	 

     

    

 

(m)      
Fees. Other than to Merriman Capital, Inc., no brokerage or finder’s fees or commissions are or will be payable by
the Company Parties to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by the Transaction Documents.

 

(n)        Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Notes, Warrants and Underlying Shares by the
Company to the Purchaser as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules
and regulations of the Trading Market.

 

(o)      
Disclosure. The Company acknowledges and agrees that the Purchaser has not made any representations or warranties with
respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2.

 

(p)       
Indebtedness. Schedule 3.1(p) sets forth, all outstanding secured and unsecured Indebtedness of the Company or any
Subsidiary, or for which the Company or any Subsidiary has commitments as of December 17, 2015. For the purposes of this Agreement,
the term “Indebtedness” means (y) any liabilities for borrowed money or amounts owed in excess of $50,000
(other than trade accounts payable incurred in the ordinary course of business); (z) all guaranties, endorsements and other contingent
obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of business. Except as set forth on Schedule 3.1(p), neither the Company nor
any Subsidiary is in default with respect to any Indebtedness.

 

(q)      
Tax Status. Except as set forth on Schedule 3.1(q), the Company and its Subsidiaries each (i) has made or filed
all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required
by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material
in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision
reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports
or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Company or of any Subsidiary know of no basis for any such claim. 

 

The
Purchasers acknowledge and agree that the representations contained in Section 3.1 shall not affect the Company’s right
to rely on representations and warranties of the Purchasers contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed or delivered in connection with this
Agreement or the consummation of the transaction contemplated hereby.

 

    	 	10	 

     

    

 

3.2         
Representations and Warranties of the Purchasers. Each Purchaser hereby represents and warrants with respect to such Purchaser,
severally but not jointly, as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific
date therein):

 

(a)       
Organization; Authority. The Purchaser is an entity duly incorporated, validly existing and in good standing under the
laws of the jurisdiction of its incorporation with full right, corporate power and authority to enter into and to consummate the
transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction
Documents have been duly authorized by all necessary corporate action, as applicable, on the part of the Purchaser. Each Transaction
Document to which it is a party has been duly executed by the Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(b)       
Understandings or Arrangements. The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.
The Purchaser understands that the Notes, Warrants and Underlying Shares are “restricted securities” and will not
have been registered under the Securities Act or any applicable state securities law, and represents that it is acquiring the
Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part
thereof in violation of the Securities Act or any applicable state securities law.

 

(c)       
Opportunity to Obtain Information. The Purchaser acknowledges that representatives of the Company have made available to
the Purchaser the opportunity to review the books and records of the Company and its Subsidiaries and to ask questions of and
receive answers from such representatives concerning the business and affairs of the Company and its Subsidiaries.

 

(d)       
Purchaser Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it converts any portion of the Notes or exercises any Warrants, it will be an “accredited investor”
as defined in Rule 501 under the Securities Act.

 

(e)       
Experience of Such Purchaser. The Purchaser has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated
the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Securities and,
at the present time, is able to afford a complete loss of such investment.

 

(f)        
General Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

    	 	11	 

     

    

 

(g)      
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Other than to other Persons party to this Agreement, the Purchaser has maintained the confidentiality of all disclosures made
to it in connection with this transaction (including the existence and terms of this transaction).

 

The
Company acknowledges and agrees that the representations contained in Section 3.2 shall not affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transaction contemplated hereby.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1         
Indemnification. Subject to the provisions of this Section, the Company will indemnify and hold the Purchaser and their
directors, officers, employees and agents (each, a “Purchaser Party”) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs
and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result
of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this
Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or
any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party,
with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of
such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings
such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities
laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If
any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement,
such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense
thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right
to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized
by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ
counsel, or (iii) in such action there is, in the reasonable opinion of counsel, a conflict between the position of the Company
and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel in the aggregate (i.e., for all Purchaser Parties). The Company will not be liable to
any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior
written consent, which shall not be unreasonably withheld or delayed, or (z) to the extent, but only to the extent, that a loss,
claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants
or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents.

 

    	 	12	 

     

    

 

4.2         
Reservation of Securities. The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance
pursuant to the Transaction Documents in such amount as may then be required to issue all of the Underlying Shares.

 

4.3         
Certain Transactions and Confidentiality. Each Purchaser covenants that neither it nor any Affiliate acting on its behalf
or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s
securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated
by this Agreement are first publicly announced by the Company.  Furthermore, each Purchaser covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Purchaser will maintain the confidentiality
of the existence and terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules.

 

4.4         
Transfer Restrictions.

 

(a)        The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
any Securities other than pursuant to an effective registration statement or Rule 144, or to the Company, the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to
the Company (the fees and expenses of which shall be paid by such transferor), the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities
under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this
Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

(b)       
The Purchasers agree to the imprinting, so long as is required by this Agreement, of a legend on any of the Notes, Warrants and
Underlying Shares in the following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AND, AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT.

 

    	 	13	 

     

    

 

4.5         
General Covenants.  During any such time as the Note(s) remain outstanding, the Company Parties shall not take any
of the following actions without the prior written approval of Purchasers (or its assignees) holding at least a majority
in then-outstanding principal amount of the Note(s) who are not held by affiliates of the Company: (a) declare or pay any
cash dividends on account of any Common Stock , Preferred Stock or other Common Stock Equivalents; (b) redeem, make any payment
in respect of, or otherwise acquire any capital stock of the Company Parties; (c) incur any debt for borrowed money that is senior
to or pari passu in respect of the obligations under the Notes in respect of payment or in respect of the “Collateral,”
as such term is defined in the Security Agreement and the Slipstream Pledge Agreement (provided, however, that the Company Parties
may nevertheless incur debt for borrowed money that is pari passu in respect of the obligations under the Notes in respect of
payment or in respect of Collateral (“Pari Passu Debt”) as follows: (i) to refinance the Notes (provided, however,
that in the case of a refinancing of the Notes in part, and not in whole, there shall not be incurred more indebtedness for borrowed
money than the amount of the Notes so refinanced, or indebtedness secured by more Collateral than the amount of the indebtedness
refinanced, or indebtedness that matures before the Notes), (ii) to sell more Notes, up to the maximum amounts set forth in the
definition of “Notes” contained in this Agreement (provided, however, that the Company can issue up to an additional
$1.0 million in principal amount of Notes so long an additional amount of proceeds of the Collateral, as defined in the Slipstream
Pledge Agreement, to cover principal, interest and other obligations under such Notes through maturity, shall have been deposited
with the escrow agent and covered by an account control agreement to secure such obligations, as contemplated by the Slipstream
Pledge Agreement); (d) incur any liens or encumbrances on any of its assets (other than Permitted Liens); (e) enter into a transaction
with an affiliate, except for fair consideration and on terms no less favorable to the Company Party than would be obtainable
in a comparable arm’s length transaction with a person that is not an affiliate thereof as determined by the disinterested
members of the Company’s Board of Directors; (f) amend its charter documents, including its certificate of incorporation
or bylaws in any manner materially adverse to the rights of the Holders.

 

4.6         
Right of Board Representation. In the event the Purchaser enters into a Purchase Amount of not less than $750,000, upon
the satisfaction or waiver of the Closing Conditions detailed in Section 2.3 and seven business days following the Closing Date,
the Purchaser will have the right to nominate one director to the Company’s board of directors. Any such candidate must
be mutually agreed upon between the Purchaser and the Company’s board of directors. The nomination process thereafter will
occur annually concurrent with the Company’s existing proxy process. In the event that the Purchaser or its assigns holds
less than $750,000 of the Notes as shown on the books of the Company (as a result of their sale or otherwise), this right will
immediately terminate.

 

4.7         
Right of first Refusal. Within 30 calendar days of the repayment or alternative satisfaction of the existing debt of the
Company that is secured by a first lien on the accounts receivable of the Company and its subsidiaries, the Purchaser has the
right to offer to issue the Company and its Subsidiaries a secured note with principal value of $1 million, under substantially
similar terms and conditions as the Notes (except for the security), which will be secured by a first lien on the accounts receivable
of the Company and its subsidiaries. 

 

ARTICLE
V.

GENERAL PROVISIONS

 

5.1         
Termination.  This Agreement may be terminated by the Purchaser by written notice to the Company if the initial Closing
has not been consummated on or before 30 days of the date hereof.

 

    	 	14	 

     

    

 

5.2         
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer
agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3         
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4         
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New
York, New York time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading
Day or later than 5:30 p.m. (New York, New York time) on any Trading Day, (c) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.5         
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment or waiver of rights hereunder, by the Company and the Purchasers (or their assignees)
holding at least two-thirds of the then-outstanding principal amount of the Notes not held by affiliates of the Company; provided,
however, that any single party may waive rights under this Agreement pursuant to a written instrument signed by such party. No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.6         
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.7         
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser
assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the “Purchaser.”

 

5.8         
Third-Party Beneficiaries. Other than the provisions of Section 4.1, this Agreement is intended for the benefit of the
parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof
be enforced by, any other Person.

 

    	 	15	 

     

    

 

5.9         
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the conflicts-of-law principles thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in New York, New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in New York, New York, 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 of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence
an action, suit or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

5.10        Execution. This Agreement may be executed in counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. If any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.11       
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.12       
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained
in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

    	 	16	 

     

    

 

5.13       
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.

 

5.14       
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto.

 

5.15       
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

*
* * * * * *

 

    	 	17	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Securities Purchase Agreement to be duly executed by
their respective authorized signatories as of the date first indicated above.

 

	COMPANY
    PARTIES	 
	 	 
	CREATIVE
    REALITIES, INC.	 
	 	 	 
	By:  	 	 
	 	John
    Walpuck	 
	 	Chief
    Financial Officer	 
	 	 	 
	CREATIVE REALITIES, LLC	 
	 	 	 
	By:  	 	 
	 	John
    Walpuck	 
	 	Chief
    Financial Officer	 
	 	 	 
	Wireless
    Ronin Technologies Canada, Inc.	 
	 	 	 
	By:  	 	 
	 	John
    Walpuck	 
	 	Chief
    Financial Officer	 
	 	 	 
	ConEXUS
    WORLD GLOBAL, LLC	 
	 	 	 
	By:  	 	 
	 	John
    Walpuck	 
	 	Chief
    Financial Officer	 

 

Address
for Notice to the Company Parties:

 

22
Audrey Place

Fairfield,
NJ 07004

Facsimile:
973-244-1535

  

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

     

     

    

 

[PURCHASER
SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned has caused this Securities Purchase Agreement to be duly executed by its respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser:                                                                                                                                                             

 

Signature
of Authorized Signatory of Purchaser:                                                                                                        

 

Name
of Authorized Signatory:                                                                                                                                        

 

Title
of Authorized Signatory:                                                                                                                                            

 

Email
Address of Authorized Signatory:                                                                                                                        

 

Facsimile
Number of Authorized Signatory:                                                                                                                    

 

Address
for Notice to Purchaser:                                                                                                                                      

 

Address
for Delivery of Note and Warrants to Purchaser (if not same as address for notice):

 

                                                                                                                                                                                                 

 

Purchase
Amount:                                                    

 

Total
Warrant Shares:                                             

 

EIN
Number:                                                            

 

Accepted
by:

 

_____________________________

Creative
Realities, Inc.

 

_____________________________

Merriman
Capital, Inc.

 

     

     

    

 

Exhibit
A

 

Attached
is the form of Notes

 

     

     

    

 

Exhibit
B

 

Attached
is the form of Warrant

 

     

     

    

 

Exhibit
C

 

Attached
is the form of Security Agreement

 

     

     

    

 

Exhibit
D

 

Attached
is the form of Slipstream Pledge Agreement

 

     

     

    

 

Exhibit
E

 

Attached
is the form of Registration Rights Agreement

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