Document:

Exhibit 4.9

 

CERTIFICATE OF DESIGNATION OF

SERIES D CONVERTIBLE PREFERRED STOCK OF 

BIOHITECH GLOBAL, INC.

 

BioHiTech Global, Inc.,
a corporation organized and existing under the laws of the State of Delaware ("Company"), hereby certifies that
the Board of Directors of the Company (the "Board of Directors" or the "Board"), pursuant to
authority of the Board of Directors as required by applicable corporate law, and in accordance with the provisions of its certificate
of incorporation and bylaws, has and hereby authorizes a series of the Company's previously authorized Preferred Stock, par value
$0.0001 per share (the "Preferred Stock"), and hereby states the designation and number of shares, and fixes the
rights, preferences, privileges, powers and restrictions thereof, as follows: 

 

1.            Designation
and Number of Shares. There shall hereby be created and established a series of preferred stock of the Company designated as
 “Series D Convertible Preferred Stock” (the “Preferred Shares”). The authorized number of Preferred
Shares shall be 20,000 shares. Each Preferred Share shall have a par value of $0.0001. Capitalized terms not defined herein shall
have the meanings as set forth in Section 23 below.

 

2.            Ranking.
Except with respect to any other existing or future series of preferred stock of senior rank to the Preferred Shares in respect
of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding-up of the Company
(collectively, the “Senior Preferred Stock”) or any existing or future series of preferred stock of pari passu
rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution
and winding-up of the Company (collectively, the “Parity Stock”), all shares of capital stock of the Company
shall be junior in rank to all Preferred Shares with respect to the preferences as to dividends, distributions and payments upon
the liquidation, dissolution and winding-up of the Company (collectively, the “Junior Stock”). The rights of
all such shares of capital stock of the Company shall be subject to the rights, powers, preferences and privileges of the Preferred
Shares. In the event of the merger or consolidation of the Company with or into another corporation, the Preferred Shares shall
maintain their relative rights, powers, preferences, privileges, and designations provided for herein and no such merger or consolidation
shall result inconsistent therewith.

 

3.            Dividends.

 

(a) Commencing on the
first day of the next calendar year after the date of issuance (the “Dividend Commencement Date”) of any Preferred
Shares (the “Initial Issuance Date”), each holder of such Preferred Shares (each, a “Holder”
and collectively, the “Holders”) shall be entitled to receive dividends (the “Dividends”),
subject to the provisions of Section 3(c) below, at the greater of:

 

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(i)       The
Dividend Rate in cash or at the sole option of the Company shares of Common Stock as set forth herein (the “Regular Dividend”).
Regular Dividends shall be payable on each Dividend Date at the sole and exclusive option of the Company, subject to the provisions
of Section 3(c) below, in either: (i) cash (a “Cash Dividend”); (ii) shares of Common Stock (the “Dividend
Shares”) so long as the delivery of Dividend Shares would not violate the provisions of Section 4(e); or (iii) in a combination
of a Cash Dividend and Dividend Shares. The Company shall deliver a written notice (each, a “Dividend Election Notice”)
to each Holder on the Dividend Notice Due Date (the date such notice is delivered to all of the Holders, the “Dividend
Notice Date”), which notice either (A) confirms that Dividends to be paid on such Dividend Date shall be paid entirely
in Dividend Shares or (B) elects to pay Dividends as Cash Dividends, (C) or as a combination of Dividend Shares and Cash Dividends
and, in any event, specifies the amount of Dividends that shall be paid as Cash Dividends and the amount of Dividends, if any,
that shall be paid in Dividend Shares. The Dividend payable to such Holder on such Dividend Date in Dividend Shares shall be paid
in a number of fully paid and non-assessable shares (rounded up to the next whole share) of Common Stock equal to the quotient
of (1) the amount of Dividends payable to such Holder on such Dividend Date less any Cash Dividends paid and (2) the Conversion
Price in effect on the applicable Dividend Date.

 

(ii)       An
alternative dividend (the “Alternative Dividend”) based on a participation interest formula (“Participation
Interest Formula”) in the Target Facility. The Participation Interest Formula shall include any distributions of free
cash flow (net income, plus amortization and depreciation, less capital expenditures) received by or benefiting the Company from
the Target Facility (“Target Distributions”), as adjusted for short-term loans and advances for operations,
on a pari passu basis with all of the contributed capital by the Company into the Target Facility (“Committed Capital”).
The Participation Interest Formula shall be represented by the following equation:

 

(Target
Distributions / Committed Capital) x Stated Value

 

[By way of example,
if the Target Distributions amount was $2,000,000, the Company’s Committed Capital was $8,000,000 (inclusive of the Series
D Preferred then outstanding) and the holder’s Series D Preferred Stated Value was $100,000, the Alternative Dividend would
be as follows: ($2,000,000 / $8,000,000) x $100,000=$25,000.]

 

(iii)        Notwithstanding
anything to contrary contained herein, Holder shall only be paid either the Dividends set forth in Section 3(a)(i) or Section 3(a)(ii)
hereof, whichever is greater.

 

(b)          Dividends
on the Preferred Shares shall commence accumulating on the Initial Issuance Date and shall be computed on the basis of a 365-day
year and actual days elapsed. Subject to Section 3(c) and Section 4(c), Dividends shall be payable annually in arrears commencing
on the first anniversary of the Dividend Commencement Date and continuing each anniversary of the Dividend Commencement Date thereafter
(each, a “Dividend Date”). If a Dividend Date is not a Business Day (as defined below), then the Dividend shall
be due and payable on the Business Day immediately following such Dividend Date.

 

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(c)          The
Company may only pay a Cash Dividend or an Alternative Dividend (individually, a “Cash Payment Dividend”) to
a Holder provided that the payment of such a Cash Payment Dividend would not breach any provision of any agreement or obligation
of the Company outstanding on the Initial Issuance Date and still outstanding on the Dividend Date (a “Company Restriction”).
Cash Payment Dividends shall be paid by the Company out of funds legally available therefor, in cash by wire transfer of immediately
available funds, in the amount of any Cash Payment Dividend. If the Company is unable to make a Cash Payment Dividend due to a
Company Restriction, such Cash Payment Dividend shall continue to accrue at the respective Dividend Rate until paid by the Company.

 

(d)          The
Company may only pay Dividend Shares on a Dividend Date to any Holder provided that the Company has not defaulted under any of
the provisions of this Certificate of Designation and the resale of the Dividend Shares and the Warrant Shares (as that term is
defined in the Transaction Documents), is available to the Holder under Rule 144 of the Securities Act which availability shall
be determined on the Dividend Notice Date. On the applicable Dividend Date the Company shall issue and deliver to the Holder the
Dividend Shares either through electronic book entry form with the Transfer Agent or a certificate, registered in the name of such
Holder or its designee, for the number of Dividend Shares to which such Holder shall be entitled and with respect to each Dividend
Date. The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of Dividend Shares.

 

4.            Conversion.
Each Preferred Share shall be convertible into validly issued, fully paid and non-assessable shares of Common Stock (as defined
below) on the terms and conditions set forth in this Section 4.

 

		(a)	Holder’s Conversion Right.

 

(i)          Subject
to the provisions of Section 4(e) and Section 5, at any time or times after the Initial Issuance Date (the “Initial Conversion
Date”) each Holder shall be entitled to convert any whole number of Preferred Shares and any accrued but unpaid Dividends
into validly issued, fully paid and non-assessable shares of Common Stock in accordance with Section 4(c) at the Conversion Rate
(as defined below).

 

(ii)         The
number of validly issued, fully paid and non-assessable shares of Common Stock issuable upon conversion (the “Conversion
Shares”) of each Preferred Share pursuant to Section 4(a) shall be determined according to the following formula (the
 “Conversion Rate”):

 

Conversion Amount

Conversion Price

 

No fractional shares
of Common Stock are to be issued upon the conversion of any Preferred Shares. If the issuance would result in the issuance of a
fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the next whole share.

 

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(b)          Holder’s
Alternate Conversion. Subject to the provisions of Section 4(e) and Section 5, at any time or times after the Initial Conversion
Date each Holder shall be entitled to convert any whole number of previously unconverted Preferred Shares and any accrued but unpaid
Dividends and provided (i) the Target Facility has commenced operations for at least ninety (90) days and (ii) the unaffiliated
market capitalization of the Company’s Common Stock, on a fully-diluted basis, exceeds One Hundred Million Dollars ($100,000,000),
into validly issued, fully paid and non-assessable shares of Common Stock upon providing an Alternate Conversion Notice in the
form attached hereto as Exhibit A, which would include the conversion of Series D Preferred and forfeiture of any future dividends
not yet accrued, for a number of shares of Common Stock equal to the “Alternative Conversion Value” which shall
be determined as follows:

 

((Annualized EBITDA x 8.5) –
Outstanding Debt)/

 (Total Equity Capital x Stated
Value)

 

Where “Annualized
EBITDA” is calculated on the number of complete calendar months from the commencement of Target Facility’s operations
to the receipt of the Alternate Conversion Notice in the first year of operations, and on the trailing twelve months thereafter
and “Total Equity Capital” is defined as cumulative capital invested in the Target Facility by all owners, less
any capital redeemed by the Target Facility.

 

By way of example, if
the Stated Value of the Holder’s Preferred Shares was $100,000, representing a 1% interest in the Target Facility which had
$10,000,000 in total equity capital and the Target Facility had annualized EBITDA of $8 million with total debt outstanding of
$30 million, the Holder’s Alternative Exchange Value would equal:

 

((($8,000,000 x 8.5)
 – $30,000,000)/$10,000,000) x $100,000=$380,000

 

The Alternative Exchange
Value may than be converted into shares of Common Stock at the greater of the Conversion Rate or the “Trading Price.”.

 

(c)          Mechanics
of Conversion. The conversion of each Preferred Share shall be conducted in the following manner:

 

(i)          Holder’s
Conversion. Subject to the provisions of Section 4(e) and Section 5, to convert Preferred Shares into validly issued, fully
paid and non-assessable shares of Common Stock on any date (a “Conversion Date”), a Holder shall deliver (via
electronic mail), for receipt on or prior to 11:59 p.m., New York time, on such date, a copy of an executed notice of conversion
of Preferred Shares subject to such conversion in the form attached hereto as Exhibit B (the “Conversion
Notice”) to the Company, which Conversion Notice shall be subject to adjustment pursuant to Section 8. If required by
Section 4(c)(vi), within three (3) Trading Days following a conversion of any such Preferred Shares as aforesaid, such Holder shall
surrender to a nationally recognized overnight delivery service for delivery to the Company the original certificates representing
the share(s) of Preferred Shares (the “Preferred Share Certificates”) so converted as aforesaid.

 

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(ii)          Company’s
Response. On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile or electronic mail an acknowledgment of confirmation, in the form attached hereto as Exhibit
C, of receipt of such Conversion Notice to such Holder and the Transfer Agent, which confirmation shall constitute an instruction
to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On or before the second (2nd)
Trading Day following the date of receipt by the Company of such Conversion Notice, the Company shall (1) provided that (x) the
Transfer Agent is participating in DTC Fast Automated Securities Transfer Program and (y) such Conversion Shares to be so issued
are registered for resale pursuant to the terms of a registration statement or are eligible for resale pursuant to Rule 144 of
the Securities Act credit such aggregate number of Conversion Shares to which such Holder shall be entitled to such Holder’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (2) if either of the immediately
preceding clauses (x) or (y) are not satisfied, issue and deliver the Conversion Shares either through electronic book entry form
with the Transfer agent (or via reputable overnight courier) to the address as specified in such Conversion Notice, a certificate,
registered in the name of such Holder or its designee, for the number of Conversion Shares to which such Holder shall be entitled.
If the number of Preferred Shares represented by the Preferred Share Certificate(s) submitted for conversion pursuant to Section
4(c)(vi) is greater than the number of Preferred Shares being converted, then the Company shall if requested by such Holder, as
soon as practicable and in no event later than three (3) Trading Days after receipt of the Preferred Share Certificate(s) and at
its own expense, issue and deliver to such Holder (or its designee) a new Preferred Share Certificate representing the number of
Preferred Shares not converted.

 

(iii)         Record
Holder. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of Preferred Shares
shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

 

(iv)         Intentionally
Omitted.

 

(v)          Pro
Rata Conversion; Disputes. In the event the Company receives a Conversion Notice from more than one Holder for the same Conversion
Date and the Company can convert some, but not all, of such Preferred Shares submitted for conversion, the Company shall convert
from each Holder electing to have Preferred Shares converted on such date a pro rata amount of such Holder’s Preferred Shares
submitted for conversion on such date based on the number of Preferred Shares submitted for conversion on such date by such Holder
relative to the aggregate number of Preferred Shares submitted for conversion on such date. In the event of a dispute as to the
number of shares of Common Stock issuable to a Holder in connection with a conversion of Preferred Shares, the Company shall issue
to such Holder the number of shares of Common Stock not in dispute and resolve such dispute in accordance with Section 22.

 

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(vi)         Book-Entry.
Notwithstanding anything to the contrary set forth in this Section 4, upon conversion of any Preferred Shares in accordance with
the terms hereof, no Holder thereof shall be required to physically surrender the certificate representing the Preferred Shares
to the Company following conversion thereof unless (A) the full or remaining number of Preferred Shares represented by the certificate
are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated by this Section 4(c)(vi))
or (B) such Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting
reissuance of Preferred Shares upon physical surrender of any Preferred Shares. Each Holder and the Company shall maintain records
showing the number of Preferred Shares so converted by such Holder and the dates of such conversions or shall use such other method,
reasonably satisfactory to such Holder and the Company, so as not to require physical surrender of the certificate representing
the Preferred Shares upon each such conversion. In the event of any dispute or discrepancy, such records of the Company establishing
the number of Preferred Shares to which the record holder is entitled shall be controlling and determinative in the absence of
manifest error. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of any Preferred Shares, the number of Preferred Shares represented by
such certificate may be less than the number of Preferred Shares stated on the face thereof. Each certificate for Preferred Shares
shall bear the following legend:

 

ANY TRANSFEREE OR ASSIGNEE OF
THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE COMPANY’S CERTIFICATE OF DESIGNATION RELATING TO THE SHARES OF
SERIES D PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(vi) THEREOF. THE NUMBER OF SHARES OF SERIES D
PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES D PREFERRED STOCK STATED ON THE
FACE HEREOF PURSUANT TO SECTION 4(c)(vi) OF THE CERTIFICATE OF DESIGNATION RELATING TO THE SHARES OF SERIES D PREFERRED STOCK REPRESENTED
BY THIS CERTIFICATE.

 

(d)          Taxes.
The Company shall pay any and all documentary, stamp, transfer (but only in respect of the registered holder thereof), issuance
and other similar taxes that may be payable with respect to the issuance and delivery of shares of Common Stock upon the conversion
of Preferred Shares.

 

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(e)          Limitation
on Beneficial Ownership.

 

(i)          Notwithstanding
anything to the contrary contained in this Certificate of Designation, the Preferred Shares held by a Holder shall not be convertible
by such Holder, and the Company shall not affect any conversion of any Preferred Shares held by such Holder, to the extent (but
only to the extent) that such Holder or any of its affiliates would beneficially own in excess of 4.99% (the “Maximum
Percentage”) of the then issued and outstanding shares of Common Stock. To the extent the above limitation applies,
the determination of whether the Preferred Shares held by such Holder shall be convertible (vis-à-vis other convertible,
exercisable or exchangeable securities owned by such Holder or any of its affiliates) and of which such securities shall be convertible,
exercisable or exchangeable (as among all such securities owned by such Holder and its affiliates) shall, subject to such Maximum
Percentage limitation, be determined on the basis of the first submission to the Company for conversion, exercise or exchange (as
the case may be). No prior inability of a Holder to convert Preferred Shares, or of the Company to issue shares of Common Stock
to such Holder, pursuant to this Section 4(e) shall have any effect on the applicability of the provisions of this Section 4(e)
with respect to any subsequent determination of convertibility or issuance (as the case may be). For purposes of this Section 4(e),
beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage
ownership) shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder.
The provisions of this Section 4(e) shall be implemented in a manner otherwise in strict conformity with the terms of this Section
4(e) to correct this Section 4(e) (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage
beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such Maximum Percentage limitation. The limitations contained in this Section 4(e) shall apply to a successor holder of Preferred
Shares. For any reason at any time, upon the written or oral request of a Holder, the Company shall within one (1) Business Day
confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding, including by virtue of any
prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant
to this Certificate of Designation or securities issued pursuant to the other Transaction Documents (as defined in the Securities
Purchase Agreement). Notwithstanding anything to the contrary contained herein, by written notice to the Company, any Holder may
increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that
(i) any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii)
any such increase or decrease will apply only to such Holder sending such notice and not to any other Holder.

 

Notwithstanding anything
contained in this Section 4(e) to the contrary, the Holder may, at its option and in its sole discretion, determine (A) whether
the Preferred Shares held by such Holder shall be convertible (vis-à-vis other convertible, exercisable or exchangeable
securities owned by such Holder or any of its affiliates) and (B) of which such securities shall be convertible, exercisable or
exchangeable (as among all such securities owned by such Holder and its affiliates) on any basis, order, or amounts for conversion,
exercise or exchange (as the case may be).

 

(ii)        Principal
Market Regulation. Notwithstanding anything herein to the contrary, the Company shall not issue any shares of Common Stock
upon conversion of any Preferred Shares or otherwise pursuant to this Certificate of Designation, until the Company obtains the
Stockholder Approval, if and to the extent such Stockholder Approval is necessary for such issuance.

 

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(f)           Anti-Dilution.
If, at any time while the Preferred Shares are outstanding, the Company sells or grants any option to purchase or sells or grants
any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition),
any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock at or with a conversion formula
that creates an effective price per share that is lower than the then Conversion Price (such lower price or conversion formula,
the “Base Conversion Price” and such issuances, collectively, a “Dilutive Issuance”) (if the holder of
the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset
provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which
are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that
is lower than the Conversion Price, without the prior written consent of a majority of the Holders of the Preferred Shares, such
issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance), then the Conversion
Price shall be reduced to equal the Base Conversion Price. Such adjustment shall be made whenever such Common Stock or Common Stock
Equivalents are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 4(f) in respect of an Exempt
Issuance. The Company shall notify the Holders in writing, no later than the Trading Day following the issuance of any Common Stock
or Common Stock Equivalents subject to this Section 4(f), indicating therein the applicable issuance price, or applicable reset
price, exchange price, conversion price, conversion formula and other pricing terms (such notice, the “Dilutive Issuance
Notice”). For the avoidance of doubt, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section
4(f), upon the occurrence of any Dilutive Issuance, the Holders will be entitled to receive a number of Conversion Shares based
upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the Holder accurately refers
to the Base Conversion Price in the Notice of Conversion.

 

5.            Events
of Default. Each of the following events shall constitute an event of default: 

 

(a)          the
suspension from trading or failure of the Common Stock to be traded or listed (as applicable) on an Eligible Market for a period
of five (5) consecutive Trading Days;

 

(b)         the
Company’s written notice to any holder of the Preferred Shares, including, without limitation, by way of public announcement
or through any of its agents, at any time, of its intention not to comply, as required, with a request for conversion of any Preferred
Shares into shares of Common Stock that is requested in accordance with the provisions of this Certificate of Designation, other
than pursuant to Section 4(e) hereof;

 

(c)         the
Company’s Board of Directors fails to declare any Dividend to be paid on the applicable Dividend Date in accordance with
Section 3;

 

(d)         the
Company’s failure to pay to any Holder any Dividend (whether or not declared by the Board of Directors) or any other amount
when and as due under this Certificate of Designation (including, without limitation, the Company’s failure to pay any redemption
payments or amounts hereunder) or any other Transaction Document or any other agreement, document, certificate or other instrument
delivered in connection with the transactions contemplated hereby, except, in the case of a failure to pay Dividends and late charges
when and as due, in each such case only if such failure remains uncured for a period of at least three (3) Trading Days;

 

(e)          the
occurrence of any default under, redemption of or acceleration prior to maturity of at least an aggregate of $500,000 of indebtedness
of the Company or any Subsidiaries;

 

(f)           bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not be dismissed
within sixty (60) days of their initiation;

 

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(g)          the
commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or
any subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the
consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance of any such action
or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under
federal, state or foreign law;

 

(h)          the
entry by a court of (A) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary
or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or (B) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt or insolvent,
or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in
respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (C) a decree, order, judgment or
other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or
other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

(i)           a
final judgment or judgments for the payment of money aggregating in excess of $500,000 are rendered against the Company and/or
any of its Subsidiaries and which judgments are not, within sixty (60) days after the entry thereof, bonded, discharged, settled
or stayed pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; provided, however, any
judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $500,000
amount set forth above so long as the Company provides each Holder a written statement from such insurer or indemnity provider
(which written statement shall be reasonably satisfactory to each Holder) to the effect that such judgment is covered by insurance
or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity
within sixty (60) days of the issuance of such judgment;

 

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(j)           other
than as specifically set forth in another clause of this Section 5, the Company or any Subsidiary breaches any representation or
warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which
may not be breached in any respect) or any covenant or other term or condition of any Transaction Document, except, in the case
of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of five
(5) consecutive Trading Days, unless such breach does not have a Material Adverse Effect (as defined below);

 

(k)          any
breach or failure in any respect by the Company or any Subsidiary to comply with any covenants of this Certificate of Designation,
unless such breach does not have a Material Adverse Effect;

 

6.            Rights
Upon Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless (i) the
Successor Entity assumes in writing all of the obligations of the Company under this Certificate of Designation and the other Transaction
Documents in accordance with the provisions of this Section 6 pursuant to written agreements in form and substance satisfactory
to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver
to each holder of Preferred Shares in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Certificate of Designation, including, without limitation, having
a Stated Value and Dividend Rate equal to the stated value and dividend rate of the Preferred Shares held by the Holders and having
similar ranking to the Preferred Shares, and reasonably satisfactory to the Required Holders and (ii) the Successor Entity
(including its Parent Entity) is a publicly traded corporation whose shares of common stock are quoted on or listed for trading
on an Eligible Market. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation and the
other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Certificate of Designation
and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein and therein.
In addition to the foregoing, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to each Holder
confirmation that there shall be issued upon conversion of the Preferred Shares at any time after the consummation of such Fundamental
Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) issuable upon the conversion
of the Preferred Shares prior to such Fundamental Transaction, such shares of publicly traded common stock (or their equivalent)
of the Successor Entity (including its Parent Entity) which each Holder would have been entitled to receive upon the consummation
of such Fundamental Transaction had all the Preferred Shares held by each Holder been converted immediately prior to such Fundamental
Transaction (without regard to any limitations on the conversion of the Preferred Shares contained in this Certificate of Designation),
as adjusted in accordance with the provisions of this Certificate of Designation. The provisions of this Section 6 shall apply
similarly and equally to successive Fundamental Transactions and shall be applied without regard to any limitations on the conversion
of the Preferred Shares.

  

    10 

     

    

 

7.           Certain
Covenants.

 

(a)         Without
the prior written consent of the majority of the Holders, the Company shall be prohibited from selling or otherwise disposing of
its ownership interest in the Target Facility equal to the amount of the aggregate of the Holders’ Stated Value outstanding
(the “Measuring Value”) at the time of such sale or disposition (a “Proposed Transfer”) if
such Proposed Transfer is for consideration (i) in cash less than the Measuring Value or (ii) a non-cash form of compensation (including
in exchange for repayment of debt).

 

(b)          Cash
distributions resulting from the sale of the Target Facility (“Sale Distributions”) shall first be credited
as return of capital, whereby the Company acquires the holder’s Series D Preferred stock at its stated value and the remaining
Distribution is paid as a dividend. In the event that the Target Facility is sold and the proceeds to each investor is less than
the stated value of the total of the investor’s Series D Preferred shares, the shares of Series D Preferred with a stated
value in excess of the proceeds shall remain outstanding, but not subject to redemption by way of the Alternative Dividend or the
Alternative Conversion.

 

8.           Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of Section 12, if the Company
at any time on or after the Initial Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. Without limiting any provision of Section 12, if the Company at any
time combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock
into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased.
Any adjustment pursuant to this Section 8 shall become effective immediately after the effective date of such subdivision or combination.
If any event requiring an adjustment under this Section 8 occurs during the period that a Conversion Price is calculated hereunder,
then the calculation of such Conversion Price shall be adjusted appropriately to reflect such event.

 

    11 

     

    

 

9.           Authorized
Shares.

 

(a)          Reservation.
The Company shall initially reserve out of its authorized and unissued Common Stock a number of shares of Common Stock equal to
100% of the Conversion Rate with respect to the Conversion Amount of each Preferred Share as of the Initial Issuance Date (assuming
for purposes hereof, that such Preferred Shares are convertible at the Conversion Price and without taking into account any limitations
on the conversion of such Preferred Shares set forth in herein). So long as any of the Preferred Shares are outstanding, the Company
shall take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely
for the purpose of effecting the conversion of the Preferred Shares, as of any given date, 100% of the number of shares of Common
Stock as shall from time to time be necessary to effect the conversion of all of the Preferred Shares issued or issuable pursuant
to the Transaction Documents assuming for purposes hereof, have been issued and without taking into account any limitations on
the issuance of securities set forth herein, provided that at no time shall the number of shares of Common Stock so available be
less than the number of shares required to be reserved by the previous sentence (without regard to any limitations on conversions
contained in this Certificate of Designation) (the “Required Amount”). The initial number of shares of Common
Stock reserved for conversions of the Preferred Shares and each increase in the number of shares so reserved shall be allocated
pro rata among the Holders based on the number of Preferred Shares held by each Holder on the Initial Issuance Date or increase
in the number of reserved shares (as the case may be) (the “Authorized Share Allocation”). In the event a Holder
shall sell or otherwise transfer any of such Holder’s Preferred Shares, each transferee shall be allocated a pro rata portion
of such Holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases
to hold any Preferred Shares shall be allocated to the remaining Holders of Preferred Shares, pro rata based on the number of Preferred
Shares then held by such Holders.

 

(b)          Insufficient
Authorized Shares. If, notwithstanding Section 9(a) and not in limitation thereof, at any time while any of the Preferred Shares
remain outstanding the Company does not have a sufficient number of authorized and unissued shares of Common Stock to satisfy its
obligation to have available for issuance upon conversion of the Preferred Shares at least a number of shares of Common Stock equal
to the Required Amount (an “Authorized Share Failure”), then the Company shall immediately take all action necessary
to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve and have
available the Required Amount for all of the Preferred Shares then outstanding. Without limiting the generality of the foregoing
sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety
(90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting or obtain written consent of
its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting,
the Company shall provide each stockholder with a proxy statement or information statement, as applicable, and shall use its best
efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its Board
to recommend to the stockholders that they approve such proposal.

  

10.          Voting
Rights. Holders of Preferred Shares shall have no voting rights, except as required by law (including, without limitation,
the DGCL) and as expressly provided in this Certificate of Designation. To the extent that under the DGCL the vote of the holders
of the Preferred Shares, voting separately as a class or series as applicable, is required to authorize a given action of the Company,
the affirmative vote or consent of the holders of all of the Preferred Shares, voting together in the aggregate and not in separate
series unless required under the DGCL, represented at a duly held meeting at which a quorum is presented or by written consent
of all of the Preferred Shares (except as otherwise may be required under the DGCL), voting together in the aggregate and not in
separate series unless required under the DGCL, shall constitute the approval of such action by both the class or the series, as
applicable. Subject to Section 4(e), to the extent that under the DGCL holders of the Preferred Shares are entitled to vote on
a matter with holders of shares of Common Stock, voting together as one class, each Preferred Share shall entitle the holder thereof
to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible (subject
to the ownership limitations specified in Section 4(e) hereof) using the record date for determining the stockholders of the Company
eligible to vote on such matters as the date as of which the Conversion Price is calculated. Holders of the Preferred Shares shall
be entitled to written notice of all stockholder meetings or written consents (and copies of proxy materials and other information
sent to stockholders) with respect to which they would be entitled by vote, which notice would be provided pursuant to the Company’s
bylaws and the DGCL).

 

    12 

     

    

 

11.          Liquidation,
Dissolution, Winding-Up. In the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets
of the Company, whether from capital or from earnings available for distribution to its stockholders (the “Liquidation
Funds”), before any amount shall be paid to the holders of any of shares of Junior Stock, an amount per Preferred Share
110% of the Conversion Amount thereof on the date of such payment, provided that if the Liquidation Funds are insufficient to pay
the full amount due to the Holders and holders of shares of Parity Stock, then each Holder and each holder of Parity Stock shall
receive a percentage of the Liquidation Funds equal to the full amount of Liquidation Funds payable to such Holder and such holder
of Parity Stock as a liquidation preference, in accordance with their respective certificate of designations (or equivalent), as
a percentage of the full amount of Liquidation Funds payable to all holders of Preferred Shares and all holders of shares of Parity
Stock. To the extent necessary, the Company shall cause such actions to be taken by each of its Subsidiaries so as to enable, to
the maximum extent permitted by law, the proceeds of a Liquidation Event to be distributed to the Holders in accordance with this
Section 11. All the preferential amounts to be paid to the Holders under this Section 11 shall be paid or set apart for payment
before the payment or setting apart for payment of any amount for, or the distribution of any Liquidation Funds of the Company
to the holders of shares of Junior Stock in connection with a Liquidation Event as to which this Section 11 applies.

 

12.          Participation.
In addition to any adjustments pursuant to Section 8, the Holders shall, as holders of Preferred Shares, be entitled to receive
such dividends paid and distributions made to the holders of shares of Common Stock to the same extent as if such Holders had converted
each Preferred Share held by each of them into shares of Common Stock (without regard to any limitations on conversion herein or
elsewhere) and had held such shares of Common Stock on the record date for such dividends and distributions. Payments under the
preceding sentence shall be made concurrently with the dividend or distribution to the holders of shares of Common Stock (provided,
however, to the extent that a Holder’s right to participate in any such dividend or distribution would result in such Holder
exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such dividend or distribution to such
extent (or the beneficial ownership of any such shares of Common Stock as a result of such dividend or distribution to such extent)
and such dividend or distribution to such extent shall be held in abeyance for the benefit of such Holder until such time, if ever,
as its right thereto would not result in such Holder exceeding the Maximum Percentage).

   

    13 

     

    

 

13.          Vote
to Change the Terms of or Issue Preferred Shares. In addition to any other rights provided by law, except where the vote or
written consent of the holders of a greater number of shares is required by law or by another provision of the Certificate of Incorporation,
without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting
of the Required Holders, voting together as a single class, the Company shall not amend or repeal any provision of, or add any
provision to, its Certificate of Incorporation or bylaws, or file any certificate of designations or articles of amendment of any
series of shares of preferred stock, if such action would adversely alter or change in any respect the preferences, rights, privileges
or powers, or restrictions provided for the benefit, of the Preferred Shares, regardless of whether any such action shall be by
means of amendment to the Certificate of Incorporation or by merger, consolidation or otherwise; provided, however, the Company
shall be entitled, without the consent of the Required Holders unless such consent is otherwise required by the DGCL, to (a) amend
the Certificate of Incorporation to effectuate one or more reverse stock splits of its issued and outstanding Common Stock for
purposes of maintaining compliance with the rules and regulations of the Principal Market; (b) purchase, repurchase or redeem any
shares of capital stock of the Company junior in rank to the Preferred Shares (other than pursuant to equity incentive agreements
(that have in good faith been approved by the Board) with employees giving the Company the right to repurchase shares upon the
termination of services); or (c) issue any preferred stock that is junior in rank to the Preferred Shares.

 

14.          Lost
or Stolen Certificates. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of any certificates representing Preferred Shares (as to which a written certification and the indemnification
contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of an indemnification undertaking
by the applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of the certificate(s), the Company shall execute and deliver new certificate(s) of like tenor and date.

 

15.          Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Certificate of Designation
shall be cumulative and in addition to all other remedies available under this Certificate of Designation and any of the other
Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and no
remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall
limit any Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms
of this Certificate of Designation. The Company covenants to each Holder that there shall be no characterization concerning this
instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided
herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled,
in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without
the necessity of showing economic loss and without any bond or other security being required, to the extent permitted by applicable
law. The Company shall provide all information and documentation to a Holder that is requested by such Holder to enable such Holder
to confirm the Company’s compliance with the terms and conditions of this Certificate of Designation.

  

    14 

     

    

 

16.          Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, bylaws or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of
Designation, and will at all times in good faith carry out all the provisions of this Certificate of Designation and take all action
as may be required to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision
of this Certificate of Designation, the Company (i) shall not increase the par value of any shares of Common Stock receivable
upon the conversion of any Preferred Shares above the Conversion Price then in effect, (ii) shall take all such actions as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of
Common Stock upon the conversion of Preferred Shares and (iii) shall, so long as any Preferred Shares are outstanding, take all
action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose
of effecting the conversion of the Preferred Shares, the maximum number of shares of Common Stock as shall from time to time be
necessary to effect the conversion of the Preferred Shares then outstanding (without regard to any limitations on conversion contained
herein).

 

17.          Failure
or Indulgence Not Waiver. No failure or delay on the part of a Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party. This Certificate of Designation shall be deemed to be jointly drafted
by the Company and all Holders and shall not be construed against any Person as the drafter hereof.

 

18.          Notices.
The Transaction Documents shall provide each Holder of Preferred Shares with prompt written notice of all actions taken pursuant
to the terms of this Certificate of Designation, including in reasonable detail a description of such action and the reason therefor.
Whenever notice is required to be given under this Certificate of Designation, unless otherwise provided herein, such notice must
be in writing and shall be given in accordance with the signature page of the Transaction Documents. Without limiting the generality
of the foregoing, the Company shall give written notice to each Holder (i) promptly following any adjustment of the Conversion
Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days
prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon
the Common Stock, (B) with respect to any grant, issuances, or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property to all holders of shares of Common Stock as a class or (C) for determining rights
to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided, in each case, that such information
shall be made known to the public prior to, or simultaneously with, such notice being provided to any Holder.

  

19.          Transfer
of Preferred Shares. A Holder may transfer some or all of its Preferred Shares without the consent of the Company.

 

    15 

     

    

 

20.          Preferred
Shares Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to the Holders), a register for the Preferred Shares, in which the Company shall record the name,
address and facsimile number of the Persons in whose name the Preferred Shares have been issued, as well as the name and address
of each transferee. The Company may treat the Person in whose name any Preferred Shares is registered on the register as the owner
and holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any properly made
transfers.

 

21.         
Amendment. This Certificate of Designation or any provision hereof may be amended by obtaining the affirmative vote at a
meeting duly called for such purpose, or written consent without a meeting in accordance with the DGCL, of the Required Holders,
voting separate as a single class, and with such other stockholder approval, if any, as may then be required pursuant to the DGCL
and the Certificate of Incorporation. Notwithstanding anything to the contrary contained herein, for so long as that certain Senior
Secured Term Note made in favor of Michaelson Capital Special Finance Fund II, L.P. (“Michaelson”) dated February
2, 2018 in the original principal amount of Five Million Dollars ($5,000,000) remains outstanding, the Company shall not amend
Section 3(c) without the prior, written consent of Michaelson.

 

22.          Dispute
Resolution.

 

The Company shall have
three (3) Business Days after receipt of the Conversion Notice to advise the Holder in writing via facsimile or electronic mail
that the Company disputes the calculation of the Conversion Shares.  The Company shall promptly (no later than two (2) Business
Days) issue to the Holder any number of Conversion Shares that is not disputed and shall advise the Holder of the disputed amount
within two (2) Business Days following the Company’s receipt of such Holder’s Conversion Notice. If such Holder and
the Company are unable to promptly resolve such dispute relating to such Conversion Notice, at any time after the second (2nd)
Business Day following such initial notice by the Company of such dispute to the Holder, then such dispute shall
be submitted by arbitration according to the Commercial Arbitration Rules of the American Arbitration Association located in New
York City before a single arbitrator. Notwithstanding the prior sentence, any other action commenced by either party herein shall
be venued in the appropriate court of competent jurisdiction located in the county of New York, State of New York.

 

23.          Certain
Defined Terms. For purposes of this Certificate of Designation, the following terms shall have the following meanings:

 

(a)          “1934
Act” means the Securities Exchange Act of 1934, as amended.

 

(b)       
   “Alternative Conversion Rate” means the greater of the Conversion Price or the Trading Price.

 

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

 

    16 

     

    

 

(d)         
 “Certificate of Designation” means the Certificate of Designation of Series D Convertible Preferred Stock of
BioHiTech Global, Inc.

 

(e)         
 “Common Stock” means (i) the Company’s shares of common stock, $0.0001 par value per share, and (ii)
any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of
such common stock.

 

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

 

(g)         
 “Conversion Amount” means, with respect to each Preferred Share, as of the applicable date of determination,
the product of (1) the Stated Value thereof, times (2) the number of Preferred Shares the Holder is attempting to market.

 

(h)          “Conversion
Price” means $3.50, subject to adjustment as provided in this Certificate of Designation.

 

(i)           “Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

 

(j)          
 “Dividend Notice Due Date” means the eleventh (11th) Trading Day immediately prior to the applicable
Dividend Date.

 

(k)         
 “Dividend Rate” means nine percent (9.0%).

 

(l)         
  “Eligible Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the
Nasdaq Global Market, the Nasdaq Capital Market, or the Principal Market.

 

(m)        
 “Exempt Issuance” means any
offer, issuance or agreement to issue any Common Stock or securities convertible into or exercisable for shares of common stock
(or modify any of the foregoing which may be outstanding) in connection with (i) full or partial consideration in connection with
a strategic merger, consolidation or purchase of substantially all of the securities or assets of the Company or other entity,
(ii) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements
so long as such issuances are not for the purpose of raising capital, (iii) the Company’s issuance of Common Stock or the
issuance or grants of options to purchase Common Stock pursuant to the Company’s equity incentive and employee stock purchase
plans, (iv) issuance of securities to consultants or vendors as payment for services rendered, (v) the conversion of any of the
Preferred Shares, (vi) the payment of any dividends on the Preferred Shares, and (vii) the issuance of any Securities and/or other
securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the Issuance Date,
provided that such securities have not been amended since the date of this Agreement to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of such securities or to extend the term of such securities.

 

    17 

     

    

 

(n)          “Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the
Company’s properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than fifty percent (50%) of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than fifty percent (50%) of the outstanding shares of Voting Stock
of the Company (not including any shares of Voting Stock of the Company 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), or (5) reorganize, recapitalize or reclassify the Common Stock, or (ii) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
fifty percent (50%) of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

   

(o)        
 “Liquidation Event” means, whether in a single transaction or series of transactions, the voluntary or involuntary
liquidation, dissolution or winding up of the Company or such Subsidiaries the assets of which constitute all or substantially
all of the assets of the business of the Company and its Subsidiaries, taken as a whole.

 

(p)        
 “Material Adverse Effect” means any material adverse effect on (i) the business, properties, assets, liabilities,
operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any subsidiary, either
individually or taken as a whole, (ii) the transactions contemplated hereunder or (iii) the authority or ability of the Company
to perform any of its obligations hereunder.

 

(q)         
 “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

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(r)         
 “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(s)         
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(t)           “Principal
Market” means the Eligible Market, OTC PINK, OTCQB, OTCQX, or OTCBB.

 

(u)         
 “Required Holders” means the holders of at least two-thirds of the outstanding Preferred Shares.

 

(v)         
 “Securities” means, collectively, the Preferred Shares and the shares of Common Stock issuable upon conversion
of the Preferred Shares.

 

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

 

(x)         
 “Stated Value” shall mean $100.00 per share, subject to adjustment for stock splits, stock dividends, recapitalizations,
reorganizations, reclassifications, combinations, subdivisions or other similar events occurring after the Initial Issuance Date
with respect to the Preferred Shares.

  

(y)         
 “Stockholder Approval” means, for the purposes of this Certificate of Designation and any other Transaction
Document, the affirmative approval of the stockholders of the Company providing for the Company’s issuance of all of the
Securities as described in the Transaction Documents if and to the extent required in accordance with applicable law and the rules
and regulations of the Principal Market.

 

(z)           “Subsidiary”
or “Subsidiaries” means any subsidiary of the Company, including,
where applicable, any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 

 

(aa)      
 “Successor Entity” means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity)
with which such Fundamental Transaction shall have been entered into.

 

(bb)       “Target
Facility” means the next HEBioT facility that the Company constructs or operates specifically excluding the Company’s
facility located in Martinsburg, West Virginia.

 

    19 

     

    

 

(cc)     “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00p.m., New York time) unless such day is otherwise designated
as a Trading Day in writing by the Required Holders.

 

(dd)     “Trading
Price” shall mean the dollar volume-weighted average sale price for the Common Stock on the Principal Market over the
five (5) consecutive Trading Days immediately following the Company’s receipt of the Alternate Exchange Notice.

 

(ee)     “Transaction
Documents” means the Certificate of Designation plus the Subscription Agreement and Series D Common Stock Purchase Warrant
entered into contemporaneously with the Holder’s subscription of the Preferred Shares.

 

(ff)       “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers, trustees
or other similar governing body of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

24.          Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designation, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall simultaneously with any such receipt or delivery publicly
disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes
that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall
indicate to each Holder contemporaneously with delivery of such notice, and in the absence of any such indication, each Holder
shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information relating
to the Company or its Subsidiaries. Nothing contained in this Section 24 shall limit any obligations of the Company, or any rights
of any Holder.

 

(Remainder of the page left intentionally
blank.)

 

    20 

     

    

  

IN WITNESS WHEREOF,
the Company has caused this Certificate of Designation of Series D Convertible Preferred Stock of Inc.
to be signed by its duly authorized officer on this 11th day of February 2019.

 

	 	BioHiTech Global, Inc.	 
	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	Brian C. Essman	 
	 	 	Title:  	Chief Financial Officer	 

  

    21 

     

    

  

EXHIBIT A

 

BioHiTech Global, Inc.

 

ALTERNATIVE CONVERSION NOTICE

 

Reference is made to
the Certificate of Designation of Series D Convertible Preferred Stock of BioHiTech Global,
Inc. (the “Certificate of Designation”). In accordance with and pursuant to the Certificate of Designation,
the undersigned hereby elects in accordance with Section 4.(b) to convert the number of shares of Series D Convertible Preferred
Stock (the “Preferred Shares”), of BioHiTech Global, Inc., a Delaware
corporation (the “Company”), indicated below into shares of common stock of the Company, as of the date specified
below.

 

	Date of Conversion: _________________________________________________________________________
	 
	Number of Preferred Shares to be converted:  ______________________________________________________
	 
	Share certificate no(s). of Preferred Shares to be converted:  ___________________________________________
	 
	Tax ID Number (If applicable): _________________________________________________________________
	 
	
        Conversion value determined in accordance with

        Section 4. (b) of this Certificate of Designation: _________________________________________________________________

	 
	Number of shares of Common Stock to be issued: ___________________________________________________

 

Please issue the shares of Common Stock
into which the Preferred Shares are being converted in the following name and to the following address:

 

	Issue to: _______________________________________________________________
	 
	                _______________________________________________________________
	 
	Address: _______________________________________________________________
	 
	Telephone Number: ____________________________________________________
	 
	Facsimile Number: _______________________________________________________
	 
	Holder: ______________________________________________________________

 

    22 

     

    

  

	By: 	 	 
	 	 	 
	Title: 	 	 
	 	 	 
	Dated: 	 	 

 

	Account Number (if electronic book entry transfer): 	 
	 	 
	 	 
	Transaction Code Number (if electronic book entry transfer): 	 
	 	 

 

    23 

     

    

 

 

EXHIBIT B

 

BioHiTech Global, Inc.

 

CONVERSION NOTICE

 

Reference is made to
the Certificate of Designation of Series D Convertible Preferred Stock of BioHiTech Global,
Inc. (the “Certificate of Designation”). In accordance with and pursuant to the Certificate of Designation,
the undersigned hereby elects to convert the number of shares of Series D Convertible Preferred Stock (the “Preferred
Shares”), of BioHiTech Global, Inc., a Delaware corporation (the “Company”),
indicated below into shares of common stock of the Company, as of the date specified below.

 

	Date of Conversion: _________________________________________________________________________
	 
	Number of Preferred Shares to be converted:  ______________________________________________________
	 
	Share certificate no(s). of Preferred Shares to be converted:  ___________________________________________
	 
	Tax ID Number (If applicable): _________________________________________________________________
	 
	Conversion Price: _________________________________________________________________
	 
	Number of shares of Common Stock to be issued: ___________________________________________________

 

Please issue the shares of Common Stock
into which the Preferred Shares are being converted in the following name and to the following address:

 

	Issue to: _______________________________________________________________
	 
	                _______________________________________________________________
	 
	Address: _______________________________________________________________
	 
	Telephone Number: ____________________________________________________
	 
	Facsimile Number: _______________________________________________________
	 
	Holder: ______________________________________________________________

 

    24 

     

    

  

	By: 	 	 
	 	 	 
	Title: 	 	 
	 	 	 
	Dated: 	 	 

 

	Account Number (if electronic book entry transfer): 	 
	 	 
	 	 
	Transaction Code Number (if electronic book entry transfer): 	 
	 	 

  

    25 

     

    

  

EXHIBIT C

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Conversion Notice and hereby directs Vstock Transfer, LLC to issue the above indicated number of shares of Common
Stock in accordance with its Transfer Agent Instructions dated ___________________ from the Company and acknowledged and agreed
to by Vstock Transfer, LLC.

 

	 	BioHiTech Global Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

  

    26Exhibit 10.25

 

BIOHITECH GLOBAL, INC.

 

INVESTOR SUBSCRIPTION AGREEMENT
(the “Subscription Agreement”) between BIOHITECH GLOBAL, INC., a Delaware corporation (the “Company”)
and the person or persons executing this Agreement on the execution page hereof (the “Subscriber”). All documents mentioned
herein are incorporated by reference.

 

1. Description of the Offering. This Subscription
Agreement is for an offering (the “Offering”) of units (each a “Unit” and collectively, the “Units”),
with each Unit consisting of: (i) 1,000 shares of Series D Convertible Preferred Stock (the “Series D Preferred”),
and (ii) one five-year warrant (each a “Warrant” and collectively, the “Warrants”) to purchase up to such
number of shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), equal to 50%
of the number of shares of Common Stock issuable upon conversion of each share of Series D Preferred, at an exercise price of $3.50
per share of Common Stock. Each share of Series D Preferred shall have a stated value of $100.00, as adjusted for stock dividends,
combinations, splits and certain other events. Each share of Series D Preferred and each Warrant shall have the rights, preferences,
privileges and restrictions set forth in the Offering Materials (as defined below).

 

The Offering is a “best efforts” offering
with no minimum offering amount and the maximum number of Units to be sold pursuant to the Offering is 16 Units, for an aggregate
offering of $1,600,000 (the “Maximum Offering”). The Company reserves the right to increase the size of the Offering
by an additional four Units or $400,000 without notice to subscribers or investors. The Company is offering the Units on a “best
efforts” basis. The minimum subscription amount the Company will accept is $100,000, however, the Company reserves the right,
in its sole discretion, to accept fractional subscriptions.

 

The Company may engage the services of a non-exclusive
placement agent or agents. It is anticipated that of so engaged, the Company may paid cash fees on funds that the placement agent(s)
actually raise for the sale of the Units of commissions equal to approximately ten percent (10%).

 

The Offering is being made solely to accredited
investors who qualify as accredited investors pursuant to the suitability standards for investors described under Regulation D
of the Securities Act of 1933, as amended (the “Securities Act”) and who have no need for liquidity in their investments.
Prior to this Offering there was only a limited public market for the Units and no assurance can be given that a market will develop,
or if developed, that it will be maintained so that any subscribers in this Offering may avail any benefit from the same.

 

THE SECURITIES OFFERED HEREBY ARE SPECULATIVE
AND INVOLVE A HIGH DEGREE OF RISK AND SHOULD NOT BE PURCHASED BY ANYONE WHO CANNOT AFFORD THE LOSS OF THEIR ENTIRE INVESTMENT.
THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE, OR OTHER
JURISDICTION AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
SUCH LAWS. THESE SECURITIES MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR ASSIGNED EXCEPT AS PERMITTED UNDER SUCH ACT
OR SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 

    	 	1	 

     

    

 

2. Other Terms of the Offering;
Acceptance of Subscription. The Offering is for a minimum subscription of $100,000 and is being made solely to accredited investors
who qualify as accredited investors pursuant to the suitability standards for investors described under Regulation D of the Securities
Act and who have no need for liquidity in their investments. The execution of this Subscription Agreement shall constitute an offer
by the Subscriber to subscribe for the Units in the amount and on the terms specified herein. The Subscriber must also complete
and execute the Subscriber Questionnaire attached hereto. The Company reserves the right, in its sole discretion, to reject in
whole or in part, any subscription offer. If the Subscriber's offer is accepted, the Company will execute a copy of this Subscription
Agreement and return it to the Subscriber. The Subscriber understands and agrees that pursuant to Rule 506(c) of Regulation D promulgated
under the Securities Act, the Company needs to take reasonable steps to verify that the Subscribers are accredited investors directly
or by a third party service and, in its sole discretion, may (i) reject the subscription of any Subscriber, whether or not qualified,
in whole or in, part, and (ii) may withdraw the Offering at any time prior to the termination of the Offering. The Company shall
have no obligation to accept subscriptions in the order received. This subscription shall become binding only if accepted by the
Company.

 

3. Subscription Procedures. To subscribe,
the Subscriber must send a completed and executed copy of each this Subscription Agreement and the Subscriber
Questionnaire  to:

 

BioHiTech Global, Inc.

Attention: Brian C. Essman, CFO

80 Red Schoolhouse Road

Suite 101

Chestnut Ridge, New York 10972

 

along with, either

 

		·	payment of the Subscriber’s subscribed amount by
wire transfer as follows:

 

Comerica Bank

ABA No: __________

SWIFT No: __________

 

For the benefit of:

Account Name: BioHiTech Global, Inc.

Account No: ________________

 

Memo: BHTG Units of Sr D PS and Warrants

 

or

 

		·	payment of the Subscriber’s subscribed amount by
check payable to “BioHiTech Global, Inc.”

 

    	 	2	 

     

    

 

4. Representations and Warranties.

 

The Subscriber hereby represents and warrants to,
and agrees with, the Company as follows:

 

(a) The Subscriber is either
(i) an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act and as set
forth in Exhibit A-1 attached hereto and made a part hereof, or (ii) outside the United States when receiving and executing this
Subscription Agreement and the Subscriber is not a U.S. Person as defined in Rule 902 of Regulation S promulgated under the Securities
Act and as set forth in Exhibit A-2 attached hereto and made a part hereof;.

 

(b) The Subscriber is a “sophisticated
investor” as that term is defined in Rule 506(b)(2)(ii) of Regulation D promulgated under the Securities Act.

 

(c) For California and Massachusetts
individuals: If the subscriber is a California resident, such subscriber’s investment in the Company will not exceed 10%
of such subscriber’s net worth (or joint net worth with his or her spouse). If the subscriber is a Massachusetts resident,
such subscriber’s investment in the Company will not exceed 25% of such subscriber’s joint net worth with such subscriber’s
spouse (exclusive of principal residence and its furnishings).

 

(d) If a natural person, the
Subscriber is a bona fide resident of the state or non-United States jurisdiction contained in the address set forth on the Signature
Page of this Agreement as the Subscriber’s home address, at least 21 years of age, and legally competent to execute this
Agreement. If an entity, the Subscriber has its principal offices or principal place of business in the state or non-United States
jurisdiction contained in the address set forth on the Signature Page of this Agreement, the individual signing on behalf of the
Subscriber is duly authorized to execute this Agreement and this Agreement constitutes the legal, valid and binding obligation
of the Subscriber enforceable against the Subscriber in accordance with its terms.

 

(e) The Subscriber recognizes
that the purchase of the Units involves a high degree of risk including, but not limited to, the following: (a) the Company remains
an early stage business with limited operating history and requires substantial funds in addition to the proceeds of the Offering;
(b) an investment in the Company is highly speculative, and only investors who can afford the loss of their entire investment should
consider investing in the Company and the Units; (c) the Subscriber may not be able to liquidate its investment; (d) transferability
of the Units is extremely limited; (e) in the event of a disposition, the Subscriber could sustain the loss of its entire investment;
(f) the Company has not paid any dividends on its Common Stock since its inception and does not anticipate paying any dividends
in the foreseeable future; and (g) the Company may issue additional securities in the future which have rights and preferences
that are senior to those of the Units.

 

(f) The Subscriber hereby acknowledges
receipt and careful review of this Agreement and any documents which may have been made available upon request as reflected therein
(collectively referred to as the “Offering Materials”) and hereby represents that the Subscriber has been furnished
by the Company during the course of the Offering with all information regarding the Company, the terms and conditions of the Offering
and any additional information that the Subscriber has requested or desired to know, and has been afforded the opportunity to ask
questions of and receive answers from duly authorized officers or other representatives of the Company concerning the Company and
the terms and conditions of the Offering. The Subscriber has had access to all additional information necessary to verify the accuracy
of the information set forth in this Agreement and any other materials furnished herewith, and have taken all the steps necessary
to evaluate the merits and risks of an investment as proposed hereunder.

 

    	 	3	 

     

    

 

(g) The Subscriber (or the
Subscriber’s representative) has such knowledge and experience in finance, securities, taxation, investments and other business
matters so as to be able to protect the interests of the Subscriber in connection with this transaction, and the Subscriber’s
investment in the Company hereunder is not material when compared to the Subscriber’s total financial capacity.

 

(h) The Subscriber understands
the various risks of an investment in the Company as proposed herein and can afford to bear such risks, including, without limitation,
the risks of losing the entire investment.

 

(i) The Subscriber acknowledges
that there has been limited trading in the Company’s common stock and there can be no assurance that an active trading market
in the Company’s common stock will either develop or be maintained and that the Subscriber may find it impossible to liquidate
the investment at a time when it may be desirable to do so, or at any other time.

 

(j) The Subscriber has been
advised by the Company that none of the Units have been registered under the Securities Act, that the Units will be issued on the
basis of the statutory exemption provided by Rule 506(c) of the Securities Act or Regulation D promulgated thereunder or Regulation
S promulgated under the Securities Act, or both, relating to transactions by an issuer not involving any public offering and under
similar exemptions under certain state securities laws; that this transaction has not been reviewed by, passed on or submitted
to any federal or state agency or self-regulatory organization where an exemption is being relied upon; and that the Company’s
reliance thereon is based in part upon the representations made by the Subscriber in this Agreement.

 

(k) The Subscriber acknowledges
that the Subscriber has been informed by the Company of or is otherwise familiar with, the nature of the limitations imposed by
the Securities Act and the rules and regulations thereunder on the transfer of the Units. In particular, the Subscriber agrees
that no sale, assignment or transfer of any of the Units shall be valid or effective, and the Company shall not be required to
give any effect to such a sale, assignment or transfer, unless (i) the sale, assignment or transfer of such Units is registered
under the Securities Act, it being understood that the Units are not currently registered for sale and that the Company has no
obligation or intention to so register the Units, except as contemplated by the terms of this Agreement or (ii) such Units are
sold, assigned or transferred in accordance with all the requirements and limitations of Rule 144 under the Securities Act (it
being understood that Rule 144 is not available at the present time for the sale of the Units), or (iii) such sale, assignment
or transfer is otherwise exempt from registration under the Securities Act. The Subscriber further understands that an opinion
of counsel and other documents may be required to transfer the Units.

 

(l) The Subscriber acknowledges
that the Units shall be subject to a stop transfer order and the certificate or certificates evidencing any Units shall bear the
following or a substantially similar legend or such other legend as may appear on the forms of Units and such other legends as
may be required by state blue sky laws:

 

For U.S. Persons:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY),
IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE
TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

    	 	4	 

     

    

 

THE SALE, ASSIGNMENT, GIFT, BEQUEST,
TRANSFER, DISTRIBUTION, PLEDGE, HYPOTHECATION OR OTHER ENCUMBRANCE OR DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE
IS RESTRICTED BY AND MAY BE MADE ONLY IN ACCORDANCE WITH THE TERMS OF A SUBSCRIPTION AGREEMENT DATED APRIL __, 2019.

 

For Non-U.S. Persons:

 

THESE SECURITIES WERE ISSUED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE
BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN
THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. “UNITED STATES" AND "U.S. PERSON"
ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

THE SALE, ASSIGNMENT, GIFT, BEQUEST,
TRANSFER, DISTRIBUTION, PLEDGE, HYPOTHECATION OR OTHER ENCUMBRANCE OR DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE
IS RESTRICTED BY AND MAY BE MADE ONLY IN ACCORDANCE WITH THE TERMS OF A SUBSCRIPTION AGREEMENT DATED APRIL __, 2019.

 

(m) The Subscriber will acquire
the Units for the Subscriber’s own account (or for the joint account of the Subscriber and the Subscriber’s spouse
either in joint tenancy, tenancy by the entirety or tenancy in common) for investment and not with a view to the sale or distribution
thereof or the granting of any participation therein, and has no present intention of distributing or selling to others any of
such interest or granting any participation therein.

 

    	 	5	 

     

    

 

(n) No representation, guarantee
or warranty has been made to the Subscriber by any broker, the Company, any of the officers, directors, stockholders, employees
or agents of either of them, or any other persons, whether expressly or by implication, that: (I) the Company or the Subscriber
will realize any given percentage of profits and/or amount or type of consideration, profit or loss as a result of the Company’s
activities or the Subscriber’s investment in the Company; or (II) the past performance or experience of the management of
the Company, or of any other person, will in any way indicate the predictable results of the ownership of the Units or of the Company's
activities.

 

(o) In making the decision
to invest in the Units the Subscriber has relied solely upon the information provided by the Company in the Offering Materials.
The Subscriber disclaims reliance on any statements made or information provided by any person or entity in the course of Subscriber’s
consideration of an investment in the Units other than the Offering Materials.

 

(p) The Subscriber is not subscribing
for the Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting, or any solicitation of
a subscription by a person other than a representative of the Company with which the Subscriber had a pre-existing relationship
in connection with investments in securities generally.

 

(q) The Subscriber is not relying
on the Company with respect to the tax and other economic considerations of an investment.

 

(r) The Subscriber acknowledges
that the representations, warranties and agreements made by the Subscriber herein shall survive the execution and delivery of this
Agreement and the purchase of the Units.

 

(s) The Subscriber has consulted
his own financial, legal and tax advisors with respect to the economic, legal and tax consequences of an investment in the Units
and has not relied on the Offering Materials or the Company, its officers, directors or professional advisors for advice as to
such consequences.

 

(t) If the Subscriber is a
non-U.S. Person, the Subscriber has not acquired the Units as a result of, and will not itself engage in, any “directed selling
efforts” (as defined in Regulation S under the Securities Act) in the United States in respect of the Units which would include
any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market
in the United States for the resale of the Units or the securities underlying the Units; provided, however, that the Subscriber
may sell or otherwise dispose of the Units or the securities underlying the Units pursuant to registration thereof under the Securities
Act and any applicable state and provincial securities laws or under an exemption from such registration requirements;

 

(u) If the Subscriber is a
non-U.S. Person, the Subscriber acknowledges that the statutory and regulatory basis for the exemption from U.S registration requirements
claimed for the offer of the Units, although in technical compliance with Regulation S, would not be available if the offering
is part of a plan or scheme to evade the registration provisions of the Securities Act or any applicable state or provincial securities
laws;

 

5. Indemnification.

 

The Subscriber understands
the meaning and legal consequences of the representations and warranties contained in Section 4, and agrees to indemnify and hold
harmless the Company and each, officer, director, shareholder, employee, agent or representative thereof against any and all loss,
damage or liability due to or arising out of a breach of any representation or warranty, or breach or failure to comply with any
covenant, of the Subscriber, contained in this Agreement. Notwithstanding any of the representations, warranties, acknowledgments
or agreements made herein by the Subscriber, the Subscriber does not thereby or in any other manner waive any rights granted to
the Subscriber under federal or state securities laws.

 

    	 	6	 

     

    

 

6. Provisions of Certain State Laws.

 

IN MAKING AN INVESTMENT DECISION, SUBSCRIBERS
MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE
SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING
AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.

 

THESE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD
BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

7. Additional Information.

 

The Subscriber hereby acknowledges
and agrees that the Company may make or cause to be made such further inquiry and obtain such additional information, as they may
deem appropriate, with regard to the suitability of the Subscriber.

 

8.
Risk Factors.

 

The
Company is in the early stage of development of the Company and is therefore subject to risks and uncertainties. The occurrence
of any one or more of these risks or uncertainties could have a material adverse effect on the value of any investment in the
Company and the business, prospects, financial position, financial condition or operating results of the Company. Investors should
carefully consider these risk factors, together with all of the other information about the Company available in its filings with
the Securities and Exchange Commission (https://www.sec.gov/) which are hereby incorporated
by reference. Investors are encourage to review the risk factors in the most current 10K filing at https://www.sec.gov/cgi-bin/browse-edgar?company=biohitech&match=&filenum=&State=&Country=&SIC=&myowner=exclude&action=getcompany.

 

9. Miscellaneous.

 

(a)       Irrevocability;
Binding Effect. The Subscriber hereby acknowledges and agrees that the subscription hereunder is irrevocable, subject to applicable
state securities laws, that the Subscriber is not entitled to cancel, terminate or revoke this Agreement or any agreements of the
Subscriber thereunder, and that this Agreement and such other agreements shall survive the death or disability of the Subscriber
and shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal
representatives and assigns. If the Subscriber is more than one person, the obligations of the Subscriber hereunder shall be joint
and several and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by
and be binding upon each such person and his heirs, executors, legal representatives and assigns.

 

    	 	7	 

     

    

 

(b)       Modification.
Neither this Agreement nor any provisions hereof shall be waived, modified, discharged or terminated except by an instrument in
writing signed by the party against whom any such waiver, modification, discharge or termination is sought.

 

(c)       Notices.
Any notice, demand or other communication which any party hereto may be required, or may elect, to give to any other party hereunder
shall be sufficiently given if (a) deposited, postage prepaid, in a United States mail box, stamped registered or certified mail,
return receipt requested, addressed to such address as may be listed on the books of the Company, or (b) delivered personally at
such address.

 

(d)      Counterparts.
This Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each such counterpart
shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories
to the same counterpart.

 

(e)       Entire
Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and there
are no representations, covenants or other agreements except as stated or referred to herein.

 

(f)       Severability.
Each provision of this Agreement is intended to be severable from every other provision, and the invalidity or illegality of any
portion hereof shall not affect the validity or legality of the remainder hereof.

 

(g)      Assignability.
This Agreement is not transferable or assignable by the Subscriber.

 

(h)      Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to conflict of laws principles, as applied to residents of that State executing contracts wholly to be performed in that State.

 

(i)        Choice
of Jurisdiction. The parties agree that any action or proceeding arising, directly, indirectly or otherwise, in connection
with, out of or from this Agreement, any breach hereof or any transaction covered hereby shall be resolved within the State of
New York. Accordingly, the parties consent and submit to the jurisdiction of the United States federal and state courts located
within the County of New York, New York.

 

(Remainder of page intentionally left blank.)

 

    	 	8	 

     

    

 

IN WITNESS THEREOF,
the Subscriber exercises and agrees to be bound by this Agreement by executing the Signature Page attached hereto on the date therein
indicated.

 

SUBSCRIPTION AGREEMENT - SIGNATURE PAGE

 

By executing this Signature
Page, the Subscriber hereby executes, adopts and agrees to all terms, conditions and representations of this Subscription Agreement
and acknowledges all requirements are met by the Subscriber to purchase Units in the Company.

 

The Subscriber hereby offers to purchase [__________]
Units at $100,000.00 per Unit for an aggregate investment of $_______________.

 

	Type of ownership:	____________ Individual

                                                                                 
	____________ Joint Tenants
	____________ Tenants by the Entirety	____________ Tenants in Common

                                                                                 

	____________ Subscribing as Corporation or Partnership	____________ Other

 

IN WITNESS WHEREOF, the Subscriber
has executed this Subscription Agreement this ___ day of ______________, 2019.

 

	 	 	 
	Exact Name in which Units are to be Registered	 	Exact Name in which Units are to be Registered
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	Tax/Passport/ID Number	 	
        Tax/Passport/ID Number 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Mailing Address	 	Mailing Address

 

    	 	9	 

     

    

 

	Residence Phone Number	 	Residence Phone Number
	 	 	 
	Work Phone Number	 	Work Phone Number
	 	 	 
	E-Mail Address	 	E-Mail Address

 

BioHiTech Global, Inc. hereby accepts the subscription
of [__________] Units as of the ___ day of __________, 2019.

 

	BioHiTech
    Global, Inc.	 
	 	 	 
	By:	 	 
		Name:	 
		Title:	 

 

    	 	10	 

     

    

 

 

EXHIBIT A-1 - ACCREDITED INVESTOR PAGE FOR U.S.
PURCHASERS

 

The undersigned Subscriber is an “accredited investor” as
that term is defined in Regulation D promulgated under the Securities Act and amended by the Dodd-Frank Wall Street Reform and
Consumer Protection Act by virtue of being (initial all applicable responses):

 

	      	A small business investment company licensed by the U.S. Small Business Administration under the Small Business Investment Company Act of 1958,
	 	 
	      	A business development company as defined in the Investment Company Act of 1940,
	 	 
	      	A national or state-chartered commercial bank, whether acting in an individual or fiduciary capacity,
	 	 
	      	An insurance company as defined in Section 2(13) of the Securities Act,
	 	 
	      	An investment company registered under the Investment Company Act of 1940,
	 	 
	      	An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, where the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment advisor, or an employee benefit plan which has total assets in excess of $5,000,000,
	 	 
	      	A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940,
	 	 
	      	An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation or a partnership with total assets in excess of $5,000,000,
	 	 
	      	A natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase exceeds $1,000,000. For purposes of this Exhibit A-1, “net worth” means the excess of total assets at fair market value over total liabilities. For purposes of calculating net worth under this section, (i) the primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary residence is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability, and (iii) if the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding 60 days prior to the execution of this questionnaire, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability.
	 	 
	      	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 506(b)(2)(ii) of Regulation D,

 

    	 	11	 

     

    

 

	      	A natural person who had an individual income in excess of $200,000 in each of the two most recent calendar years, and has a reasonable expectation of reaching the same income level in the current calendar year. For purposes of this Exhibit A-1, “income” means annual adjusted gross income, as reported for federal income tax purposes, plus (i) the amount of any tax-exempt interest income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion; (iv) amounts contributed to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code of 1986, as amended.
	 	 
	      	A corporation, partnership, trust or other legal entity (as opposed to a natural person) and all of such entity's equity owners fall into one or more of the categories enumerated above. (Note: additional documentation may be requested).

 

	 	 	 
	Name of Subscriber (Print) 	 	Name of Joint Subscriber (if any) (Print)
	 	 	 
	 	 	 
	Signature of Subscriber	 	
        Signature of Joint Subscriber (if any) 

	 	 	 
	 	 	 
	Capacity of Signatory (for entities)	 	Date

 

    	 	12	 

     

    

 

EXHIBIT A-2 - REGULATION S PAGE

FOR NON-U.S. SUBSCRIBERS

 

The undersigned Subscriber (a “Reg S Person”)
is not a U.S. Person as defined in Section 902 of Regulation S promulgated under the Securities Act, and hereby represents that
the representations in paragraphs (1) through (9) are true and correct with respect to such Reg S Person.

 

		(1)	Such Reg S Person acknowledges and warrants that (i) the issuance and sale to such Reg S Person
of the Securities is intended to be exempt from the registration requirements of the Securities Act, pursuant to the provisions
of Regulation S; (ii) it is not a “U.S. Person,” as such term is defined in Regulation S and herein, and is not acquiring
the Securities for the account or benefit of any U.S. Person; and (iii) the offer and sale of the Securities has not taken place,
and is not taking place, within the United States of America or its territories or possessions. Such Reg S Person acknowledges
that the offer and sale of the Securities has taken place, and is taking place in an “offshore transaction,” as such
term is defined in Regulation S.

 

		(2)	Such Reg S Person acknowledges and agrees that, pursuant to the provisions of Regulation S, the
Securities cannot be sold, assigned, transferred, conveyed, pledged or otherwise disposed of to any U.S. Person or within the United
States of America or its territories or possessions for a period of one year from and after the Closing, unless such Securities
are registered for sale in the United States pursuant to an effective registration statement under the Securities Act or another
exemption from such registration is available. Such Reg S Person acknowledges that it has not engaged in any hedging transactions
with regard to the Securities.

 

		(3)	Such Reg S Person consents to the placement of a legend on any certificate, note or other document
evidencing the Securities and understands that the Company shall be required to refuse to register any transfer of Securities not
made in accordance with applicable U.S. securities laws.

 

		(4)	Such Reg S Person is not a “distributor” of securities, as that term is defined in
Regulation S, nor a dealer in securities. Such Reg S Person is purchasing the Securities as principal for its own account, for
investment purposes only and not with an intent or view towards further sale or distribution (as such term is used in Section 2(11)
of the Securities Act) thereof, and has not pre-arranged any sale with any other Subscriber and has no plans to enter into any
such agreement or arrangement.

 

		(5)	Such Reg S Person is not an Affiliate of the Company nor is any Affiliate of such Reg S Person
an Affiliate of the Company. An “Affiliate” is 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 (each of the foregoing, a “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. With respect to a Reg S Person, any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as such Reg S Person will be deemed to be an Affiliate of such Reg S Person.

 

		(6)	Such Reg S Person understands that the Securities have not been registered under the Securities
Act or the securities laws of any state and are subject to substantial restrictions on resale or transfer. The Securities are “restricted
securities” within the meaning of Regulation S and Rule 144, promulgated under the Securities Act.

 

		(7)	Such Reg S Person acknowledges that the Securities may only be sold offshore in compliance with
Regulation S or pursuant to an effective registration statement under the Securities Act or another exemption from such registration,
if available. In connection with any resale of the Securities pursuant to Regulation S, the Company will not register a transfer
not made in accordance with Regulation S, pursuant to an effective registration statement under the Securities Act or in accordance
with another exemption from the Securities Act.

 

    	 	13	 

     

    

 

		(8)	Such Reg S Person represents that it has satisfied itself as to the full observance of the laws
of its jurisdiction in connection with the offering of the Securities, including: (a) the legal requirements within its jurisdiction
for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or
other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to
the purchase, holding, redemption, sale or transfer of the Securities. Such Reg S person’s subscription and payment for,
and its continued beneficial ownership of the Securities, will not violate any applicable securities or other laws of the jurisdiction
of its residence.

 

		(9)	Such Reg S Person makes the representations, declarations and warranties as contained in this Exhibit
A-2 with the intent that the same shall be relied upon by the Company in determining its suitability as a Subscriber of such Securities.

 

	 	 	 
	Name of Subscriber (Print) 	 	Name of Joint Subscriber (if any) (Print)
	 	 	 
	 	 	 
	Signature of Subscriber	 	
        Signature of Joint Subscriber (if any) 

	 	 	 
	 	 	 
	Capacity of Signatory (for entities)	 	Date

 

    	 	14

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