Document:

Exhibit 4.8

 

NEITHER
THIS SECURITY OR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, NONE OF THEM MAY BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

10%
SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

 

DUE
FEBRUARY 11, 2021

 

	Original
    Issue Date: June 12, 2020	Principal
    Amount: $

Purchase
Price: $

 

This
Senior Secured Convertible Promissory Note is a duly authorized and validly issued 10% Senior Secured Convertible Note
of KBL Merger Corp. IV, a Delaware corporation, (the “Company”), designated as its 10% Senior Secured Convertible
Promissory Note due February 11, 2021 (this “Note”), issued and sold by the Company pursuant to the Securities
Purchase Agreement, dated as of June 12, 2020, between the Company and, among others, ____________________ (together with its
successors and registered assigns, the “Holder”), a company organized and existing under the laws of the State
of Connecticut (the “Purchase Agreement”).

 

FOR
VALUE RECEIVED, the Company promises to pay to the order of the Holder the principal amount of $                  on  February
11, 2021 (the “Maturity Date”) in full in cash or on such earlier date as this Note is required or permitted
to be repaid as provided hereunder, in each case together with all accrued but unpaid interest thereon (including any Minimum
Interest Amount remaining on such principal amount as of such date), and otherwise to pay interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Note and other amounts owing under any Transaction Document in accordance
with the provisions hereof.  Amounts repaid may not be reborrowed.  The Holder may set off and deduct pursuant
to and in accordance with the Transaction Documents amounts due to the Holder or the Purchaser Parties.

 

This
Note is subject to the following additional provisions:

 

Section
1. Definitions

 

For
the purposes hereof, in addition to the terms defined elsewhere in this Note or the Purchase Agreement, the following terms shall
have the following meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(e).

 

“Base
Share Price” shall have the meaning set forth in Section 5(c).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

    		 	 

     

    

 

“Buy-In”
shall have the meaning set forth in Section 4(c)(v).

 

“Capital
Lease” means, as applied to any Person, any lease of, or other arrangement conveying the right to use, any property
(whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital
lease on the balance sheet of that Person.

 

“Capital
Stock” means any share, participation or other equivalent (however designated) of the capital stock of a corporation,
any equivalent ownership interest in any other Person, including partnership interests and membership interests, and any warrant,
right or option to purchase or other arrangement (including through a conversion or exchange of any other property) to acquire
or subscribe for any item otherwise satisfying the definition of “Capital Stock,” whether or not presently convertible,
exchangeable or exercisable.

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an Person or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control
(whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty
percent (50%) of the voting Capital Stock (or Stock Equivalents) of the Company (other than by means of conversion of the Notes
and the Conversion Shares issued together with the Notes); (b) the Company merges into or consolidates with any other Person,
or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the
Company immediately prior to such transaction own less than fifty percent (50%) of the aggregate voting power of the Company or
the successor entity of such transaction; (c) the Company sells or transfers all or substantially all of its assets to another
Person and the stockholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the aggregate
voting power of the acquiring entity immediately after the transaction; (d) during any period of twelve consecutive calendar months,
individuals who at the beginning of such period constituted the board of directors of the Company (together with any new directors
whose election by the board of directors of the Company or whose nomination for election by the stockholders of the Company was
approved by a vote of a majority of the directors then still in office who either were directors at the beginning of such period
or whose elections or nomination for election was previously so approved) cease for any reason other than death or disability
to constitute a majority of the directors then in office; or (e) the execution by the Company of an agreement to which the Company  is
a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above.

 

“Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid
price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if
the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing
trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00
p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading
market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply,
the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported
for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such
security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid
Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing
Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such
security, then such dispute shall be resolved in accordance with the procedures in Section 25 of the Certificate of Designations.
All such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations
or other similar transactions during such period.

 

    		2	 

     

    

 

“Common
Stock” means the Common Stock of the Company, par value $0.0001 per share, and  any Capital Stock into which
such shares of Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the
terms hereof, including shares of Common Stock issued upon conversion, redemption or amortization of this Note, and shares of
Common Stock issued and issuable in lieu of the cash payment of interest on this Note in accordance with the terms of this Note.

 

“Customary
Permitted Liens” means all of the following:

 

(i)
Liens securing the payment of taxes, assessments or other charges or levies imposed by any Governmental Authority which are either
not yet overdue or the validity of which are being contested in good faith by appropriate proceedings diligently pursued and with
respect to which adequate reserves have been set aside on its books;

 

(ii)  non-consensual
statutory Liens (other than Liens securing the payment of taxes) arising in the ordinary course of business to the extent (A)
such Liens secure Indebtedness that is not overdue for a period of more than 30 days or (B) such Liens secure Indebtedness relating
to claims or liabilities that are fully insured and being defended at the sole cost and expense and at the sole risk of the insurer
or being contested in good faith by appropriate proceedings diligently pursued, in each case prior to the commencement of foreclosure
or other similar proceedings and with respect to which adequate reserves have been set aside on its books;

 

(iii)
zoning, building and land use restrictions, easements, servitudes, encumbrances, licenses, covenants and other restrictions affecting
the use of real property or minor defects or irregularities in title thereto that do not interfere in any material respect with
the use of such real property or the ordinary conduct of the business of the Company and its Subsidiaries as presently conducted
thereon or materially impair the value of the real property that may be subject thereto;

 

(iv)
pledges and deposits of cash in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security benefits consistent with current practices as in effect on the date hereof;

 

(v)
undetermined or inchoate Liens and charges arising or potentially arising under statutory provisions which have not at the time
been filed or registered in accordance with applicable Law or of which written notice has not been duly given in accordance with
applicable Regulation or which although filed or registered, relate to obligations not due or delinquent, including without limitation
statutory Liens incurred, or pledges or deposits made, under worker’s compensation, employment insurance and other social
security legislation;

 

(vi)
Liens or deposits to secure the performance of bids, tenders, expropriation proceedings, trade contracts, leases, statutory obligations,
surety and performance bonds and other obligations of a like nature (other than for borrowed money), and deposits to secure equipment
contracts, in each case incurred in the ordinary course of business;

 

(vii)
appeal bonds;

 

(viii)
landlord Liens for rent not yet due and payable;

 

    		3	 

     

    

 

(ix)
Liens arising from operating leases and the precautionary UCC financing statement filings in respect thereof;

 

(x)
judgments and other similar Liens arising in connection with court proceedings that do not constitute an Event of Default;provided,that,
(A) such Liens are being contested in good faith and by appropriate proceedings diligently pursued, (B) adequate reserves or other
appropriate provision, if any, as are required by GAAP have been made therefor and (C) a stay of enforcement of any such Liens
is in effect; and

 

(xiii)
customary rights of set-off or combination of accounts in favour of a financial institution with respect to deposits maintained
by it.“Derivative” means (a) any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate hedging agreement or other similar agreement or arrangement, (b) any foreign exchange contract, currency
swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement, (d) any futures or
forward contract, spot transaction, commodity swap, purchase or option agreement, other commodity price hedging arrangement, cap,
floor or collar transaction, any credit default or total return swap, and (e) any other derivative instrument, any other similar
speculative transaction and any other similar agreement or arrangement designed to alter the risks of any Person arising from
fluctuations in any underlying variable, including interest rates, currency values, insurance, catastrophic losses, climatic or
geological conditions or the price or value of any other derivative instrument.  For the purposes of this definition,
“derivative instrument” means “any derivative instrument” as defined in Statement of Financial Accounting
Standards No. 133 (Accounting for Derivative Instruments and Hedging Activities) of the United States Financial Accounting Standards
Board, and any defined with a term similar effect in any successor statement or any supplement to, or replacement of, any such
statement.

 

“Dilutive
Issuance” shall have the meaning set forth in Section 5(c).

 

“Dilutive
Issuance Notice” shall have the meaning set forth in Section 5(c).

 

“DTC”
means the Depository Trust Company.

 

“DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC
Eligible” means that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements,
including transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the DTC’s
underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Conversion Shares are
otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of
the Conversion Shares via DWAC.

 

“Equity
Conditions” means, during the period in question, (a) no Event of Default shall have occurred, (b) the Company has timely
filed (or obtained extensions in respect thereof and filed within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act and the Company has met the current public information requirements
of Rule 144(c) under the Securities Act as of the end of the period in question, (c) the average daily dollar volume of the Common
Stock for the previous fifteen (15) trading days must be greater than $25,000, (d) the Company shares of common stock must
be DWAC Eligible and not subject to a “DTC chill,” (e) on any date that the Company desires to make a payment of interest
and/or principal in shares of Common Stock instead of cash, the Common Stock has closed at or above $0.005 per share on the Trading
Market with respect to the Trading Day immediately prior to any date on which interest or principal is to be paid, and (f) this
Note and/or the Conversion Shares are registered under the Securities Act or the Conversion Shares may be resold freely under
the Securities Act or an exemption thereto.

 

“Equity
Line of Credit” shall have the meaning set forth in Section 5(h).

 

    		4	 

     

    

 

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

 

“Exchange
Cap” shall have the meaning set forth in Section 4(d).

 

Exchange
Cap Allocation shall have the meaning set forth in Section 4(d).

 

Exchange
Cap Shares shall have the meaning set forth in Section 4(d).

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors, advisors or
independent contractors of the Company; provided, that such issuance is approved by a majority of the board of directors
of the Company; and provided, further that such issuance shall not exceed in the aggregate 15% of the outstanding
shares of Common Stock without the prior approval of the Purchaser, (b) shares of Common Stock, warrants or options to advisors
or independent contractors of the Company for compensatory purposes, (c) Securities issued upon the exercise or exchange of or
conversion of any Notes issued pursuant to the Purchase Agreement, any shares of Series A Preferred Stock issued pursuant to the
Purchase Agreement and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and
outstanding on the date hereof; provided, that such Securities have not been amended since the date hereof to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, (d) securities
issuable pursuant to any contractual anti-dilution obligations of the Company in effect as of the date hereof; provided, that
such obligations have not been materially amended since the date of hereof, and (e) securities issued pursuant to acquisitions
or any other strategic transactions, including, without limitation, the Business Combination, approved by a majority of the disinterested
members of the Board of Directors provided, that any such issuance shall not include a transaction in which the Company
is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

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

 

“Fixed
Conversion Price” shall have the meaning set forth in Section 4(b).

 

“Fundamental
Transaction” means that (i) the Company, directly or indirectly, in one or more related transactions effects any merger
or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or more than 10% of its assets in one or a series of related
transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other
Securities, cash or property and has been accepted by the holders of fifty percent (50%) or more of the outstanding Common Stock,
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other Securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than fifty percent (50%) of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination).

 

“Late
Fees” shall have the meaning set forth in Section 2(e).

 

“Make
Whole Amount” means each of the Mandatory Default Amount, the Mandatory Prepayment Amount and the Minimum Interest Amount.

 

    		5	 

     

    

 

“Mandatory
Default Amount” means, at any time, the sum of (a) one hundred thirty percent (130%) of the sum of the outstanding principal
amount of this Note at such time and all accrued interest hereon unpaid at such time (including any Minimum Interest Amount remaining
outstanding on such principal amount as of such time) and (b) all other amounts, costs, fees (including Late Fees), expenses,
indemnification and liquidated and other damages and other amounts due to the Holder or any other Purchaser Party in respect of
this Note or any other Transaction Document.

 

“Mandatory
Prepayment Amount”means, at any time with respect to any principal amount, the sum of (a) such outstanding principal
amount at such time and all accrued interest hereon unpaid at such time, including any Minimum Interest Amount remaining outstanding
with respect to such principal amount as of such time, and (b) all other amounts, costs, fees (including Late Fees), expenses,
indemnification and liquidated and other damages and other amounts due to the Holder or any other Purchaser Party in respect of
this Note or any other Transaction Document.

 

“Minimum
Interest Amount” or “Make Whole Amount” means, on any date and with respect to any principal amount
owing under this Note, the difference between (a) 10% of such principal amount, representing a full year of interest payments
hereunder and (b) any payment of interest made prior to such date with respect to such principal amount. To be free from doubt,
the Minimum Interest Amount is only applicable for the initial 12 month period from the Issue Date.

 

“Note
Register” shall have the meaning set forth in Section 2(f).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Obligations”
means all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company
Party from time to time to the Holder or its Purchaser Parties  under this Note or any other Transaction Document, whether
direct or indirect, joint or several, absolute or contingent, due or to become due, liquidated or unliquidated, secured or unsecured,
now existing or hereafter arising and however acquired (regardless of whether acquired by assignment), whether or not evidenced
by any note or other instrument or for the payment of money, including, without duplication, (i) the principal amount of the Note
owing by the Company or any other Company Party, (ii) all other amounts, fees (including all Late Fees), interest (including any
increase upon an Event of Default), liquidated damages, commissions, charges, costs, expenses, attorneys’ fees and disbursements,
indemnities (including Losses and other amounts for which any Company Party is required to indemnify the Holder or any of its
Purchaser Parties under the Purchase Agreement), reimbursement of amounts paid and other sums chargeable to any Company Party
under any Transaction Document or otherwise arising under any Transaction Document and (iii) all interest on any item otherwise
qualifying as “Obligation” hereunder, whether or not accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or similar proceeding, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding. Notwithstanding anything to the contrary herein or in any Transaction Document, any”
Obligation” solely with respect to the payment of any amount owing by the Company to any Domnion Purchaser Party with respect
to the Certificate of Designations or the Series A Convertible Preferred Stock shall not be secured by any Shared Collateral,
as defined in the Collateral Agency Agreement.

 

“Original
Issue Date” means the date of the first issuance of this Note, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Note.

 

    		6	 

     

    

 

“Permitted
Debt” means all of the following:  (i) Indebtedness owing to any Secured Party under any Transaction Document;
(ii) unsecured intercompany Indebtedness between the Company and its Subsidiaries in the ordinary course of business; (iii) unsecured
Indebtedness of the Company or any of its Subsidiaries to trade creditors (including overdue amounts on invoices) incurred on
customary terms in the ordinary course of business; (v) existing Indebtedness existing on the First Closing Date and disclosed
on the Disclosure Schedule (provided, that no such Indebtedness may be re-borrowed if repaid or otherwise modified or increased,
no additional Lien may be granted on such Indebtedness, no document with respect to such Indebtedness may be modified without
the consent of the Holder, all Indebtedness to Kingsbrook shall be covered by and subject to the Collateral Agency Agreement and
all Indebtedness to holders of secured debt that purport to be party to a Subordination and Intercreditor Agreement shall be covered
by such Subordination and Intercreditor Agreement); (vi) Indebtedness of the Company or any Subsidiary under Capital Leases for
equipment or Indebtedness of the Company or any Subsidiary secured by a Purchase Money Lien, which Indebtedness shall not at any
time exceed $50,000 in the aggregate for the Company and its Subsidiaries; (vii) Indebtedness of the Company or any of its Subsidiaries
under leases for facilities that are treated as Capital Leases under GAAP; and (ix) any other Indebtedness incurred with
the prior written consent of the Holder.  

 

“Permitted
Liens” means (i) the security interests of the Secured Parties as provided for in any Transaction Document; (ii) Customary
Permitted Liens; (iii) Purchase Money Liens granted to or held by Purchase Money Lien lenders in connection with the purchase,
leasing or acquisition of capital equipment in the ordinary course of business and without resulting in a contravention of any
applicable provisions of this Agreement; (iv) Liens on assets of the Company and its Subsidiaries existing on the First Closing
Date and disclosed in the Disclosure Certificate, provided, that such Liens shall secure only those obligations that they
secure on the Closing Date and extension, renewals and replacements thereof permitted hereunder; (v) Liens on assets of the Target
and its Subsidiaries by Kingsbrook existing on the First Closing Date and disclosed in the Disclosure Certificate, provided,
that such Liens shall secure only those obligations that they secure on the Closing Date; are subject to the terms of the
Collateral Agency Agreement (as such term is defined in the Purchase Agreement) and extension, renewals and replacements thereof
permitted under the Collateral Agency Agreement; and (vi) any other Lien granted with the prior written consent of the Holder.

 

“Principal
Market” means the NASDAQ Capital Market.

 

“Purchase
Money Lien” means any Lien securing Indebtedness (i) upon or in any equipment acquired or held by the Company or any
of its Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing
the acquisition or lease of such equipment or (ii) existing on such equipment at the time of its acquisition, in each case provided,
that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment.

 

“Required
Minimum Reserve” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially
issuable in the future pursuant to this Note, including any Conversion Shares issuable upon conversion in full of this Note, ignoring
any conversion limits set forth therein, which shall initially be: 868,056 shares (subject to proportionate adjustment for any
reverse stock split or similar reclassification of the Common Stock). 

 

“Required
Reserve” shall have the meaning set forth in Section 4(c)(vi).

 

“Securities”
means any Capital Stock, voting trust certificates, certificates of interest or participation in any profit sharing Contractual
Obligation or arrangement, loans, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible,
subordinated or otherwise, any other item commonly known as “security,” any other item treated as “security”
under the Securities Act, the Investment Company Act of 1940, the Investment Advisers Act of 1940 or any other Regulation of the
United States, any State, province or any political subdivision of either of them and any certificate of interest, share or participation
in temporary or interim certificates for the purchase or acquisition of, or any option, warrant, right to subscribe to, purchase
or acquire, or any Derivative valued by reference to, any item otherwise qualifying as Security hereunder.

 

“Secured
Parties” means the Holder and each other Holder of the Notes, each beneficiary of any indemnification or reimbursement
obligation by any Company Party under Purchase Agreement (exclusive of any such beneficiary’s right to indemnification with
respect to the Certificate of Designationss or the Series A Convertible Preferred Stock.

 

    		7	 

     

    

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Subsequent
Offering” shall have the meaning set forth in Section 2(b).

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

“Variable
Priced Equity Linked Instruments” shall have the meaning set forth in Section 5(h).

 

“Variable
Rate Transaction” shall have the meaning set forth in Section 5(h).

 

“VWAP”
means, for or as of any date for any Security, the dollar volume-weighted average price for such Security on the Trading Market
(or, if the Trading Market is not the Principal Market for such Security, then on the principal securities exchange or securities
market on which such Security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing
does not apply, the dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin
board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such Security by Bloomberg for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security as
reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC).  If the VWAP cannot
be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations shall be appropriately adjusted
for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

 

Section
2. REPAYMENT

 

a)
Amortization of Principal.  Except as expressly set forth in this Note, there is no requirement to amortize or
otherwise repay the principal amount of this Note prior to the Maturity Date.

 

b)
Mandatory Prepayments.  Except as set forth in Section 4.11 of the Purchase Agreement, on the 10th
day following the Company consummating any public or private offering of any Securities or other financing or capital-raising
transaction of any kind (each a “Subsequent Offering”) on any date other than the Maturity Date, , the Company
shall, subject to the Holder’s conversion rights seth forth herein, pay to the Holder in cash an amount equal to the Mandatory
Prepayment Amount but in no event greater than fifty percent (50%) of the gross proceeds from the Subsequent Offering.  The
Company shall provide notice to the Holder of the closing of such Subsequent Offering, including the expected gross proceeds thereof,
not later than the 10th day preceding the date of consummation of such Subsequent Offering, which notice shall be irrevocable
and constitute an agreement to pay the Mandatory Prepayment Amount on the date set forth in this Section 2.  The Holder
may continue to convert the principal amounts to be prepaid under this Note until the date of consummation of such Subsequent
Offering; provided, that, if the Company does not provide such notice, in addition to all other remedies provided under
the Transaction Documents for failure to comply with this Note, the Holder may refuse such payment in whole or in part and convert
the Note in the amount of such payment refused and, in its sole discretion, apply such payment to other outstanding Obligations,
if any.  This Section 2(b) is merely a requirement to redeem this Note and not an authorization to consummate
any Subsequent Offering, which may be prohibited by other provisions of the Transaction Documents.

 

c)
Voluntary Prepayments.  So long as no Event of Default exists, at any time upon ten (10) days’ prior written
notice to the Holder (which notice shall be a Transaction Document and constitute an irrevocable agreement to pay such amount
on the date set forth on such notice) stating the proposed date and proposed principal amount of such prepayment, but subject
to the Holder’s conversion rights set forth herein, the Company may prepay any portion of the principal amount of this Note,
any accrued and unpaid interest, and any other amounts due under this Note.  If the Company exercises its right to prepay
any principal amount under the Note, the Company shall pay to the Holder in cash an amount equal to the Mandatory Prepayment Amount.
The Holder may continue to convert the principal amount of the Note to be prepared after the date notice of the prepayment is
given until the date it receives such prepayment.  

 

    		8	 

     

    

 

d)
Interest. The Company shall pay interest to the Holder on the aggregate then outstanding principal amount of this Note
and any other Obligation owing that does not expressly provide for any other rate of interest at the rate of ten percent (10%)
per annum from the date this Note is issued (or in the case of any other Obligation, from the date such obligation becomes due
and payable) until all such principal amounts and other Obligations are paid in full in cash, in immediately available Dollars.
Provided, however, in the event this Note is not satisfied in full on or before the Maturity Date, then the rate of interest
of this Note set forth in the previous sentence (ten percent (10%) per annum), shall for all puroses of this Note (including the
calculation of the Minimum Interest Amount) shall be retroactively reset to fifteen percent (15%) per annum from the date this
Note is issued (or in the case of any other Obligation, from the date such obligation becomes due and payable) until all such
principal amounts and other Obligations are paid in full in cash, in immediately available Dollars. All interest payments hereunder
will be payable in cash, in immediately available Dollars. Accrued and unpaid interest shall be due and payable on each Conversion
Date, prepayment date, and on the Maturity Date, or as otherwise set forth herein. All payments of interest shall reduce the Minimum
Interest Amount, and any remaining Minimum Interest Amount shall be due and payable as provided hereunder regardless of whether
the Note remains outstanding for twelve months. Upon an Event of Default, the interest rate set forth hereunder shall increase
as provided in Section 6(b) of this Note.

 

e)
Late Fee.  The Company shall pay a late fee (the “Late Fees”) on any amount required to be
paid under any Transaction Document and not paid when due, at a rate equal to the lesser of an additional 10% percent of such
amount or the maximum rate permitted by applicable law which shall be due and owing daily from the date such amount is due hereunder
through the date of actual payment in full of such amount in cash.  These Late Fees are to cover the extra internal
expenses and inconvenience involved in handling delinquent payments and is not to be construed to cover or be applied against
any indemnity or any out-of-pocket fees, costs or expenses incurred in any action to collect any Obligation or to foreclose any
Lien securing the same. This provision shall not affect or limit the holder’s rights or remedies with respect to any Event
of Default.

 

f)
Interest and Fee Calculations and Payment Provisions. All payments made under any Transaction Document, except as otherwise
expressly provided in such Transaction Document, shall be made in cash, in immediately available Dollars without set off or counterclaim.
Interest and fees shall be calculated on the basis of a 360-day year, consisting of twelve (12) thirty (30) calendar day periods,
for the actual number of days (including the first day but excluding the last day) occurring in the applicable period and shall
accrue daily; provided, that the Minimum Interest Amount shall be deemed to be fully earned and accrued on the Original
Issue Date, and payable as provided in this Agreement.  Interest hereunder will be paid to the initial Holder or, if
the Company has received notice of any transfer thereof signed by the initial Holder or any successive Holders, to the Person
in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note
Register”).  No prepayment may be made hereunder without the notice required hereunder or without payment
of the Mandatory Prepayment Amount.  The Holder shall have the option to refuse or accept, in its sole discretion, any
attempted prepayment made without the notice required hereunder or any attempted prepayment that does not appear to include the
full Mandatory Prepayment Amount when required.  In addition, regardless of the intended characterization of the Company
of any payment, the Holder shall have the option, in its sole discretion, to recharacterize or apply any portion of such prepayment,
including recharacterizing a payment as a smaller prepayment of principal together with payment of the remainder of the Mandatory
Prepayment Amount to account for a payment of the Mandatory Prepayment Amount.  The Holder may apply any payment made
under any Transaction Document to any outstanding Obligation, in its sole discretion.  The Company hereby irrevocably
waives the right to direct the application of any payment in respect to any amount due under the Transaction Documents or, after
any Event of Default, any proceeds of Collateral thereunder.  Whenever any payment hereunder shall be stated to be due
on a day other than a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and such
extension of time shall in such case be included in the computation of payment of interest or fees, as the case may be.  Each
determination by the Holder of an amount of interest or fee due hereunder shall be conclusive and binding for all purposes, absent
manifest error.

 

    		9	 

     

    

 

Section
3. Registration of Transfers and Exchanges

 

a)
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized
denominations, as requested by the Holder surrendering the same.  No service charge will be payable for such registration
of transfer or exchange.

 

b)
Investment Representations. This Note has been issued subject to certain investment representations of the original Holder
and may be transferred or exchanged only in compliance with applicable federal and state securities Regulations.  

 

c)
Reliance on Note Register. The initial Holder is listed herein.  Prior to due presentment for transfer to the
Company of this Note, the Company and any agent of the Company may treat the Person in whose name this Note is duly registered,
upon receipt of appropriate signed notice from the Person previously listed on the Note Register as owner hereof, on the Note
Register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not
this Note is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

 

Section
4. Conversion

 

a)
Voluntary Conversion. At any time after the Original Issue Date until this Note is no longer outstanding, this Note shall
be convertible, in whole or in part, into shares of Common Stock at the option of the Holder, at any time and from time to time
(subject to the conversion limitations set forth in Section 4(d)).  The Holder shall effect conversions by delivering
to the Company a Notice of Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”),
specifying therein the principal amount of this Note to be converted and the date on which such conversion shall be effected (such
date, the “Conversion Date”).  If no Conversion Date is specified in a Notice of Conversion, the
Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder.  No ink-original Notice
of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Conversion form be required.  To effect conversions hereunder, the Holder shall not be required to physically
surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon,
has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in
an amount equal to the applicable conversion.  The Holder and the Company shall maintain a Conversion Schedule, containing
at a minimum the information shown on Schedule 1, and showing historically, among other things, the principal amounts converted
and the date of such conversions.  The Company may deliver an objection to any Notice of Conversion within one (1) Business
Day of delivery of such Notice of Conversion.  In the event of any dispute or discrepancy, the records of the Holder
shall be controlling and determinative in the absence of manifest error.

 

b)
Conversion Price.  The conversion price in effect on any Conversion Date shall be equal to $5.28 (the “Fixed
Conversion Price”). In addition to any other adjustments described in this Section 4(b), the Fixed Conversion Price
shall be subject to adjustment as follows: after ninety (90) days following the Company’s completion of its
contemplated business combination as initially reported in the Company’s Current Report on Form 8-K filed with the Commission
on July 23, 2019, the Conversion Price shall equal the lowest VWAP of the Company’s Common Stock during the five (5) Trading
Day period ending on the Trading Day immediately prior to the Conversion Date, All such foregoing determinations will be appropriately
adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately
decreases or increases the Common Stock during such measuring period.  The Fixed Conversion Price shall be rounded down
to the nearest $0.01 and in no event lower than $2.00. In addition, for so long as the Company is not in default under the terms
of this Note, the Holder shall not, on any individual Trading Day, sell an amount of shares of Common Stock received upon conversion
of this Note issued by the Company to the Holder that is in excess of fifteen percent (15%) of the total trading volume for such
Trading Day. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant
to Section 6 and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including
a decree of specific performance and/or injunctive relief.  The exercise of any such rights shall not prohibit the Holder
from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

 

    		10	 

     

    

 

c)
Mechanics of Conversion.

 

i.
Conversion Shares Issuable Upon Conversion of Principal Amount.  The number of Conversion Shares issuable upon
a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note
to be converted and any accrued and unpaid interest, including interest, to be converted by (y) the Fixed Conversion Price.

 

ii.
Delivery of Certificate Upon Conversion. Not later than two (2) Trading Days after each Conversion Date (the “Share
Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder a certificate or certificates representing
the Conversion Shares which, on or after the date on which such Conversion Shares are eligible to be sold under Rule 144 without
the need for current public information and the Company has received an opinion of counsel to such effect, which such opinion
must be acceptable to the Holder in its sole and absolute discretion (which opinion the Company shall be responsible for obtaining
at its sole cost and expense) shall be free of restrictive legends and trading restrictions, representing the number of Conversion
Shares being acquired upon the conversion of this Note. All certificate or certificates required to be delivered by the Company
under this Section 4(c) shall be delivered electronically through the Depository Trust Company or another established clearing
corporation performing similar functions. If the Conversion Date is prior to the date on which such Conversion Shares are eligible
to be sold under Rule 144 without the need for current public information, or there is no registration statement in effect covering
the Conversion Shares, the Conversion Shares shall bear a restrictive legend in the following form, as appropriate:

 

“THE
ISSUANCE AND SALE OF 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 (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS 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.”

 

Notwithstanding
the foregoing, commencing on such date that the Conversion Shares are eligible for sale under Rule 144 subject to current public
information requirements, the Company, upon request and at the sole cost and expense of the Company, shall obtain a legal opinion
that is acceptable to the Holder in its sole and absolute discretion, to allow for such sales under Rule 144.

 

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

 

    		11	 

     

    

 

iv.
Obligation Absolute; Partial Liquidated Damages.  The Company’s obligations to issue and deliver the Conversion
Shares upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action
or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged
violation of Regulations by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit
such obligation of the Company to the Holder in connection with the issuance of such Conversion Shares; provided, that
such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder.  In
the event the Holder of this Note shall elect to convert any or all of the outstanding principal or interest amount hereof, the
Company may not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been
engaged in any violation of Regulation, Contractual Obligation or for any other reason, unless an injunction from a court, on
notice to Holder, restraining and or enjoining conversion of all or part of this Note shall have been sought.  If the
injunction is not granted, the Company shall promptly comply with all conversion obligations herein.  If the injunction
is obtained, the Company must post a surety bond for the benefit of the Holder in the amount of one hundred percent (100%) of
the outstanding principal amount of this Note, which is subject to the injunction, which bond shall remain in effect until the
completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the Holder to the
extent it obtains judgment.  In the absence of seeking such injunction, the Company shall issue Conversion Shares or,
if applicable, cash, upon a properly noticed conversion.  If the Company fails for any reason to deliver to the Holder
such certificate or certificates pursuant to Section 4(c)(ii) by the Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, $1,000 per Trading Day for each Trading Day after such Share Delivery Date
until such certificates are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to
pursue actual damages or declare an Event of Default pursuant to Section 6 for the Company’s failure to deliver Conversion
Shares within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder,
at law or in equity including a decree of specific performance and/or injunctive relief.  The exercise of any such rights
shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable Regulation.

 

v.
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery
Date pursuant to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the
conversion relating to such Share Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the
Holder (in addition to any other remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s
total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the
aggregate number of shares of Common Stock that the Holder was entitled to receive from the conversion at issue multiplied by
(2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage
commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Note in a principal amount equal to the
principal amount of the attempted conversion (in which case such conversion shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements
under Section 4(c)(ii).  For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted conversion of this Note with respect to which the actual sale price of the Conversion
Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of
the immediately preceding sentence, the Company shall be required to pay the Holder $1,000.  The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver certificates representing shares of Common Stock upon conversion of this Note
as required pursuant to the terms hereof.

 

    		12	 

     

    

 

vi.
Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued shares of Common Stock a number of shares of Common Stock at least equal to one hundred percent
(100%) of the Required Minimum Reserve (the “Reserve Amount”) for the sole purpose of issuance upon conversion
of this Note and payment of interest on this Note, each as herein provided, free from preemptive rights or any other actual contingent
purchase rights of Persons other than the Holder (and the other holders of the Notes).  The Company covenants that all
shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.
The Company shall calculate and readjust the minimum share reserve on the first Business Day of each month so long as this Note
is outstanding; provided, however, in no event shall such minimum share reserve be reduced below 250%.

 

vii.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of
this Note.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion,
the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Fixed Conversion Price or round up to the next whole share.

 

viii.
Transfer Taxes and Expenses.  The issuance of certificates for shares of the Common Stock on conversion of this
Note shall be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect
of the issue or delivery of such certificates, provided, that the Company shall not be required to pay any tax that may
be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name
other than that of the Holder of this Note so converted and the Company shall not be required to issue or deliver such certificates
unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or
shall have established to the satisfaction of the Company that such tax has been paid.  The Company shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion.

 

    		13	 

     

    

 

d)
Holder’s Conversion Limitations.  The Company shall not effect any conversion of principal or interest
of this Note, and a Holder shall not have the right to convert any principal or interest of this Note, to the extent that after
giving effect to the conversion set forth on the applicable Notice of Conversion, the Holder (together with the Holder’s
Affiliates, and any Persons acting as a group together with the Holder or any of the Holder’s Affiliates) (such Persons,
“Attribution Parties”) would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder
and its Affiliates and Attribution Parties or Attribution Parties shall include the number of shares of Common Stock issuable
upon conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of this Note beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the
limitation contained herein (including any other Notes) beneficially owned by the Holder or any of its Affiliates or Attribution
Parties.  Except as set forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  To
the extent that the limitation contained in this Section 4(d) applies, the determination of whether this Note is convertible (in
relation to other Securities owned by the Holder together with any Affiliates or Attribution Parties) and of which principal amount
of this Note is convertible shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall
be deemed to be the Holder’s determination of whether this Note may be converted (in relation to other Securities owned
by the Holder together with any Affiliates or Attribution Parties) and which principal amount of this Note is convertible, in
each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed
to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions
set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination.  In
addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 4(d), in determining
the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated
in the most recent of the following: (i) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company
or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding.  Upon the written
or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of Securities of the Company, including this Note, by the Holder
or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon conversion of this Note held by the Holder.  The Holder,
upon not less than sixty-one (61) days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 4(d); provided, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion
of this Note held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(d) shall continue to apply.  Any
such increase or decrease will not be effective until the sixty-first (61st) day after such notice is delivered to
the Company.  The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in
a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Note.

 

    		14	 

     

    

 

The
Company shall not issue any shares of Common Stock upon conversion of of this Note or otherwise pursuant to the terms of this
Note if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company
may issue upon conversion of this Note or otherwise pursuant to the terms of this Note without breaching the Company’s obligations
under the rules or regulations of the Principal Market (the number of shares which may be issued without violating such rules
and regulations, the “Exchange Cap”), except that such limitation shall not apply in the event that the Company
(i) obtains the approval of its stockholders as required by the applicable rules of the Principal Market for issuances of shares
of Common Stock in excess of such amount or (ii) obtains a written opinion from outside counsel to the Company that such approval
is not required, which opinion shall be reasonably satisfactory to the Purchasers. Until such approval or such written opinion
is obtained, no Purchaser (as defined in the Purchase Agreement) shall be issued in the aggregate, upon conversion of this Note
or otherwise pursuant to the terms of this Note, shares of Common Stock in an amount greater than the product of (A) the Exchange
Cap as of the Issuance Date multiplied by (B) the quotient of (1) the aggregate original Principal Amount of this Note issued
to the applicable Purchaser pursuant to the Purchase Agreement on such Closing Date divided by (2) the aggregate original Principal
Amount of the Notes issued to the Purchasers pursuant to the Purchase Agreement on such Closing Date (with respect to each Purchaser,
the “Exchange Cap Allocation”). In the event that any Purchaser shall sell or otherwise transfer any portion
of this Note, the transferee shall be allocated a pro rata portion of such Purchaser’s Exchange Cap Allocation with respect
to such portion of this Note so transferred, and the restrictions of the prior sentence shall apply to such transferee with respect
to the portion of the Exchange Cap Allocation so allocated to such transferee. Upon conversion in full of a holder’s Note, the
difference (if any) between such holder’s Exchange Cap Allocation and the number of shares of Common Stock actually issued
to such holder upon such holder’s conversion in full of this Note shall be allocated to the respective Exchange Cap Allocations
of the remaining holders of this Note on a pro rata basis in proportion to the shares of Common Stock underlying this Note hen
held by each such holder of this Note. In the event that the Company is prohibited from issuing any shares of Common Stock pursuant
to this Section 4(d) (the “Exchange Cap Shares”) to a Holder, the Company shall pay cash to such Holder
in exchange for the redemption of such portion of this Note held by the Holder that are not convertible into such Exchange Cap
Shares at a price equal to the sum of (A) the product of (1) such number of Exchange Cap Shares and (2) the Closing Sale Price
on the Trading Day immediately preceding the date such Holder delivers the applicable Conversion Notice with respect to such Exchange
Cap Shares to the Company, and (B) to the extent such Holder purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a sale by such Holder of Exchange Cap Shares, brokerage commissions, if any, of such
Holder incurred in connection therewith.

 

Section
5. Certain Adjustments

 

a)
Stock Dividends and Stock Splits.  If the Company, at any time while this Note is outstanding: (i) pays a stock
dividend or otherwise makes a Restricted Payment payable in shares of Common Stock on shares of Common Stock or any Stock Equivalents
(which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment
of interest on, this Note), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues,
in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Fixed Conversion
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury
shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of
Common Stock outstanding immediately after such event.  Any adjustment made pursuant to this Section 5(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Lower Priced Transaction. So long as this Note remains outstanding, other than in respect of an Exempt Issuance, the Company
shall not enter into any financing transaction pursuant to which the Company sells its Securities at a price lower than the Fixed
Conversion Price (subject to adjustment in accordance with Section 4(b) and Section 5(a)) without the written consent of the Holder.  

 

c)
Most Favored Nation Status. If the Company or any Subsidiary thereof, as applicable, at any time while this Note is outstanding,
shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Stock Equivalents, at an effective
price per share less than the Fixed Conversion Price then in effect other than in respect of an Exempt Issuance (such lower price,
the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”)
(it being understood and agreed that if the holder of the Common Stock or 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 Common
Stock at an effective price per share that is less than the Fixed Conversion Price, such issuance shall be deemed to have occurred
for less than the Fixed Conversion Price on such date of the Dilutive Issuance at such effective price), then simultaneously with
the consummation of each Dilutive Issuance the Fixed Conversion Price shall be reduced and only reduced to equal the Base Share
Price.  Such adjustment shall be made whenever such Common Stock or Stock Equivalents are issued.  The Company
shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock
or Stock Equivalents subject to this Section 5(c), indicating therein the applicable issuance price, or applicable reset price,
exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For
purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 5(c), upon
the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Conversion Shares based upon the Base Share
Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Conversion. If the Company enters
into a Variable Rate Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have
issued Common Stock or Stock Equivalents at the lowest possible conversion or exercise price at which such Securities may be converted
or exercised.

 

    		15	 

     

    

 

d)
Pro Rata Distributions. While this Note is outstanding, the Company shall not declare or make any Restricted Payment (or
rights to receive Restricted Payments).  In the event that the Note is repaid at the time of such Restricted Payment,
the Holder shall not be entitled to participate in such Restricted Payment.  If the Holder and the Company mutually
agree, and the Note is not repaid at the time of such Restricted Payment, then the Holder shall be entitled to participate in
such Restricted Payment to the same extent that the Holder would have participated therein if the Holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Note (without regard to any limitations on exercise hereof, including
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Restricted Payment, or, if
no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation
in such Restricted Payment (provided, that to the extent that the Holder's right to participate in any such Restricted
Payment would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Restricted Payment to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Restricted
Payment to such extent) and the portion of such Restricted Payment shall be held in abeyance for the benefit of the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

e)
Fundamental Transaction.  Upon the occurrence of any Fundamental Transaction, the Holder, upon any subsequent
conversion of this Note,   shall have the right to receive, for each Conversion Share that would have been issuable
upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in
Section 4(c) on the conversion of this Note), the number of shares of Common Stock of the successor or acquiring corporation or
of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note
is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 4(c) on the conversion
of this Note).  For purposes of any such conversion, the determination of the Fixed Conversion Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1)
share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Fixed Conversion Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If
holders of Common Stock are given any choice as to the Securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note
following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in
which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the Obligations
of the Company, in accordance with the provisions of this Section 5(e) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall,
at the option of the holder of this Note, deliver to the Holder in exchange for this Note a Security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Note which is convertible for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon conversion of this Note (without regard to any limitations on the conversion of this Note) prior to such Fundamental
Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking
into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares
of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic
value of this Note immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed
to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note 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 with the same effect as if such Successor
Entity had been named as the Company herein.

 

    		16	 

     

    

 

f)
Calculations.  All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th
of a share, as the case may be.  For purposes of this Section 5, the number of shares of Common Stock deemed to be issued
and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of
the Company) issued and outstanding.

 

g)
Notice to the Holder.

 

i.
Adjustment to Fixed Conversion Price.  Whenever the Fixed Conversion Price is adjusted pursuant to any provision
of Section 5, the Company shall promptly deliver to each Holder a notice setting forth the Fixed Conversion Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment.  Notwithstanding anything in this Section
5 to the contrary, no adjustment pursuant to this Section 5 shall increase the Fixed Conversion Price (other than proportional
increases upon the occurrence of a reverse stock split in accordance with Section 5(a) above).

 

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

 

    		17	 

     

    

 

h)
Variable Rate Transaction. So long as this Note remains outstanding, the Company shall not directly or indirectly (i)(A)
consummate any exchange of any Indebtedness and/or Securities of the Company for any other Securities and/or Indebtedness of the
Company, (B) cooperate with any person to effect any exchange of Securities and/or Indebtedness of the Company in connection with
a proposed sale of such Securities from an existing holder of such Securities to any other unrelated Person), and/or (C) reduce
and/or otherwise change the exercise price, conversion price and/or exchange price of any Stock Equivalent of the Company and/or
amend any non-convertible Indebtedness of the Company to make it convertible into Securities of the Company, (ii) issue or sell
any of its Securities either (A) at a conversion, exercise or exchange rate or price that is based upon and/or varies with the
trading prices of, or quotations for, Common Stock, and/or (B) with a conversion, exercise or exchange rate and/or price that
is subject to being reset on one or more occasions either (1) at some future date after the initial issuance of such Securities
or (2) upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or
the market for the Common Stock, and/or (iii) enter into any agreement (including an “equity line of credit” or an
“at-the-market offering”) whereby the Company may sell Securities at a future determined price.  Any transaction
contemplated in this Section 5(h), shall be referred to as a “Variable Rate Transaction”. The Holder shall
be entitled to obtain injunctive relief against the Company to preclude any Variable Rate Transaction (without the need for the
posting of any bond or similar item, which the Company hereby expressly and irrevocably waives the requirement for), which remedy
shall be in addition to any right of the Holder to collect damages.  A “Variable Rate Transaction” shall
also mean, collectively, an “Equity Line of Credit” or similar agreement, or a Variable Priced Equity Linked Instrument.
For purposes hereof, “Equity Line of Credit” means any transaction involving a written agreement between the
Company and an investor or underwriter whereby the Company has the right to “put” its Securities to the investor or
underwriter over an agreed period of time and at future determined price or price formula (other than customary “preemptive”
or “participation” rights or “weighted average” or “full-ratchet” anti-dilution provisions
or in connection with fixed-price rights offerings and similar transactions that are not Variable Priced Equity Linked Instruments),
and “Variable Priced Equity Linked Instruments” means: (A) any Stock Equivalent convertible into, exercisable
or exchangeable for, or carry the right to receive additional shares of Common Stock either (1) at any conversion, exercise or
exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for Common Stock at any
time after the initial issuance of such Stock Equivalent, or (2) with a conversion, exercise or exchange price that is subject
to being reset on more than one occasion at some future date at any time after the initial issuance of such debt or equity security
due to a change in the market price of the Company’s Common Stock since date of initial issuance (other than customary “preemptive”
or “participation” rights or “weighted average” or “full-ratchet” anti-dilution provisions
or in connection with fixed-price rights offerings and similar transactions), and (B) any amortizing convertible Stock Equivalent
which amortizes prior to its maturity date, where the Company is required or has the option to (or any investor in such transaction
has the option to require the Company to) make such amortization payments in shares of Common Stock which are valued at a price
that is based upon and/or varies with the trading prices of or quotations for Common Stock at any time after the initial issuance
of such Stock Equivalent (whether or not such payments in stock are subject to certain equity conditions). Notwithstanding the
foregoing, the Company may engage in an “at-the-market” transaction on customary terms long as such transaction is
consummated in accordance with Section 2(b).

 

Section
6. Events of Default

 

a)
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event shall be voluntary or involuntary or effected by Regulation or pursuant to any judgment, decree or order
of any court, or any order, rule or Regulation of any Governmental Authority):

 

i.
any default in the payment of (A) the principal amount of this Note or any Make Whole Amount or (B) interest, fees, liquidated
damages or any other amount owing to a Holder on this Note or by any Company Party under any Transaction Document, as and when
the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise);

 

    		18	 

     

    

 

ii.
any Company Party shall fail for any reason to comply with Section 2.3 or Section 4.8 of the Purchase Agreement
or Section 2(b), Section 2(e), Section 4(c) (including Section 4(c)(vi)),  Section 7 or
Section 8(mi) of this Note or any other Section of this Note or any Transaction Document that provides for an action after
a notice period or that provides a specific period of time for the Company Parties to comply with;

 

iii.
any representation or warranty made by any Company Party in this Note, any other Transaction Document, any other Contractual Obligation
with, or any other report, financial statement, document, written statement or certificate made or delivered to, the Holder or
any other Holder shall be untrue or incorrect in any material respect as of the date when made or deemed made;

 

iv.
any Company Party shall provide at any time notice to the Holder, including by way of public announcement, of such Company Party’s
intention to not honor any provision of this Note or any other Transaction Document (including requests for conversions of this
Note in accordance with the terms hereof);

 

v.
any Company Party shall fail to observe or perform any other covenant, provision, or agreement contained in this Note or any other
Transaction Document which failure is not cured, if possible to cure, within the earlier to occur of (A) seven (7) Trading Days
after notice of such failure sent by the Holder or by any other Holder to the Company and (B) seven (7) Trading Days after any
Company Party has become or should have become aware of such failure;

 

vi.
(a) a breach, default or event of default (without regard for any cure period therefor provided therein) shall have occurred under
any single Indebtedness of any Company Party in a maximum principal amount or commitment greater than One Hundred Thousand Dollars
($100,000) (or multiple Indebtedness aggregating in maximum principal amounts or commitments greater than Two Hundred Fifty Thousand
Dollars ($250,000), or (b) any such Indebtedness shall become or be declared due and payable prior to the date on which it would
otherwise become due and payable;

 

vii.
A breach, default or event of default (without regard to any subsequent waiver of such event of default or any grace or cure period
provided in the applicable agreement, document or instrument) shall have occurred under any other Contractual Obligation to which
any Company Party is obligated;

 

viii.
(A) any Company Party or any Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) of any Company Party commences
a case or other Proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or
similar Regulation of any jurisdiction relating to the Company or any Subsidiary thereof or any Proceeding seeking the entry of
an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any
of its assets, (B) any such case or other Proceeding is commenced against the Company or any Subsidiary thereof by any other Person
and such case or other Proceeding is not dismissed within forty-five (45) days after commencement, (C) the Company or any Subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding
is entered, (D) the Company or any Subsidiary thereof shall generally not pay its debts as such debts become due, shall admit
in writing its inability to pay its debts as they mature or shall make a general assignment for the benefit of creditors, (E)
the Company or any Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring
of its debts or (F) the Company or any Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval
of or acquiescence in any of the foregoing or takes any corporate or other action to authorize or otherwise for the purpose of
effecting any of the foregoing;

 

    		19	 

     

    

 

ix.
any monetary judgment, writ or similar final process shall be entered or filed against any Company Party, any Subsidiary of any
Company Party or any of their assets for more than One Hundred Thousand Dollars ($100,000) (or multiple monetary judgments, writs
or similar final process, and such judgments, writs or similar final process aggregating more than Two Hundred Fifty Thousand
Dollars ($250,000) shall remain unvacated, unbonded or unstayed for a period of forty-five (45) calendar days;

 

x.
the occurrence of any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any asset of any Company Party
or any Subsidiary of any Company Party having an aggregate fair value or repair cost (as the case may be) in excess of One Hundred
Thousand Dollars ($100,000) individually or more than Two Hundred Fifty Thousand ($250,000) in the aggregate, and any such levy,
seizure or attachment shall not be set aside, bonded or discharged within thirty (30) days after the date thereof;

 

xi.
the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume
listing or quotation for trading thereon within five (5) Trading Days or the transfer of shares of Common Stock through the Depository
Trust Company System is no longer available or “chilled”;

 

xii.
the Company does not meet the current public information requirements under Rule 144, which failure is not cured, if possible
to cure, within two (2) Trading Days after the expiration of the applicable grace period permitted under Rule 12b-25 of the Exchange
Act; unless the Company files a Form 12b-25 for the relevant report required to meet the current public information requirements
under Rule 144; 

 

xiii.
the Company fails to file with the Commission any required reports under Section 13 or 15(d) of the Exchange Act such that it
is not in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable), which failure is not cured, if possible to cure,
within two (2) Trading Days after the expiration of the applicable grace period permitted under Rule 12b-25 of the Exchange Act;
unless the Company files a Form 12b-25 for such report; 

 

xiv.
the Company fails to consummate the Business Combination on or prior to November 9, 2020; or

 

xv.
the Company sells or otherwise disposes of any of its assets outside of  the ordinary course of its business.

 

The
clauses in the definition of Event of Default above operate independently, so that any action or event that falls within any such
clause shall constitute an Event of Default regardless of, whether because of a grace period or threshold or otherwise, it falls
outside the language of any other clause.

 

    		20	 

     

    

 

b)
Remedies Upon Event of Default. Subject to the Beneficial Ownership Limitation as and to the extent set forth in Section
4(d), if any Event of Default occurs, then the outstanding principal amount of this Note, plus accrued but unpaid interest (including
all interest, whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or similar proceeding, all of which shall continue to accrue whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding), fees, liquidated damages and any other amounts owing by any Company Party in respect thereof or
under any Transaction Document through the date of acceleration, shall become, at the Holder’s election in its sole discretion,
in whole or in part, immediately due and payable, in cash or in shares of Common Stock (at the Holder’s option in its sole
discretion), at the greater of (i) the Mandatory Default Amount, and (ii) (a) the outstanding principal amount of this Note and
accrued and unpaid interest hereon (including any outstanding Minimum Interest Amount), in addition to the payment of all other
amounts, costs, expenses and liquidated damages due in respect of this Note, divided by the Fixed Conversion Price, multiplied
by (b) the highest closing price for the Common Stock on the Trading Market (as defined in the Purchase Agreement) during the
period beginning on the date of first occurrence of the Event of Default and ending one day prior to the mandatory prepayment
date as set forth in Section 2 (f).  Immediately on and after the occurrence of any Event of Default, without
need for notice or demand all of which are waived, interest on this Note shall accrue and be owed daily at an increased interest
rate equal to the lesser of two percent (2.0%) per month (twenty-four percent (24.0%) per annum) or the maximum rate permitted
under applicable law.  Upon the payment in full of the Mandatory Default Amount in cash or in shares of Common Stock,
the Holder shall promptly surrender this Note to or as directed by the Company.  In connection with such acceleration
described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice
of any kind (other than the Holder’s election to declare such acceleration), and the Holder may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law.  Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder
and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant
to this Section 6(b).  No such rescission or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon.  The Company shall provide all information and documentation to the Holder that is requested by
the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Note and the other
Transaction Documents and to enforce its rights hereunder and thereunder.

 

Section
7. NEGATIVE COVENANTS

 

a)
As long as any portion of this Note or any other Obligation is not paid in full in cash, the Company shall not, and shall not
permit any of its Subsidiaries to, directly or indirectly, do any of the following:other than Permitted Debt, enter into, create,
incur, assume, enter into Guaranty Obligations with respect to, or  suffer to exist any Indebtedness or repay the principal
amount of, redeem, purchase or otherwise acquire or offer to repay the principal amount of, redeem, repurchase or otherwise acquire
any Indebtedness whether or not extant on the Original Issue Date (other than the Notes (as defined in the Purchase Agreement)
on a pro rata basis based on the principal amounts outstanding);

 

b)
except with the prior written approval of Holder, create, permit, incur or suffer to exist any Lien on any assets other than the
Liens securing the Obligations created pursuant to the Transactions Documents or subject to the Collateral Agency Agreement and
Permitted Liens;

 

c)
except in the ordinary course of its business, sell or otherwise dispose of any of its assets;

 

d)
except with the prior written approval of the Holder, and other than Permitted Liens,create, permit, incur, assume or suffer to
exist any Liens of any kind, on or with respect to any of its  assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom;

 

e)
amend its charter documents, including, its certificate of incorporation and bylaws, in any manner that materially and adversely
affects any rights of the Holder;

 

f)
make, approve, or offer to make any Restricted Payment any shares of Capital Stock other than with respect to the Commitment Shares,
shares of Series A Preferred Stock, Conversion Shares, and Preferred Conversion Shares, and then only as permitted or required
under the Transaction Documents;

 

g)
enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with
the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested
directors of the Company (even if less than a quorum otherwise required for board approval);

 

h)
consummate a Fundamental Transaction other than the Business Combination and then only on terms and conditions, and using documentation,
acceptable to the Holder;

 

i)
enter into any agreement with respect to any of the foregoing.;

 

    		21	 

     

    

 

j)
change the nature of the Company’s business from the business conducted by the Company and its Subsidiaries on the date
hereof (and, after the consummation of the Business Combination, the business conducted by the Target on the date hereof);

 

k)
fail to use the proceeds of the Note as provided for in the Transaction Documents, including being engaged in operations involving
the financing of any investments or activities in, or any payments to, any Sanctioned Person;

 

l)
directly or indirectly (including through agents, contractors, trustees, representatives or advisors) (a) be in violation of any
Sanctions Law or engage in, or conspire or attempt to engage in, any transaction evading or avoiding any prohibition in any Sanction
Law, (b) be a Sanctioned Person or derive revenues from investments in, or transactions with Sanctioned Persons, (c) have any
assets located in Sanctioned Jurisdictions, (d) deal in, or otherwise engage in any transactions relating to, any property or
interest in property blocked pursuant to any Regulation administered or enforced by OFAC or (e) fail to comply with any material
Regulations or Contractual Obligations applicable to it or fail to obtain or comply with any material Permits.

 

Section
8. Miscellaneous

 

a)
Notices.  Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including
any Notice of Conversion, shall be in writing and delivered as set forth in the Purchase Agreement or, alternatively, delivered
personally, by email or facsimile, or sent by a nationally recognized overnight courier service, addressed to the Company as set
forth in the signature pages hereof, or such other contact information as the Company may specify for such purposes by notice
to the Holder delivered in accordance with this Section 8(a).  All notices and other communications delivered
hereunder shall be effective as provided in the Purchase Agreement.

 

b)
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable,
on this Note, without set off or counterclaim, at the time, place, and rate, and in the coin or currency, herein prescribed.  This
Note is a direct debt obligation of the Company.  This Note ranks pari passu with all other Notes now or hereafter
issued under the terms set forth herein and is at least pari passu with all Indebtedness and other obligations of the Company,
and is not subordinated to any such Indebtedness or other obligation.

 

c)
Lost or Mutilated Note.  If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute
and deliver, in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for
a lost, stolen or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but
only upon receipt of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory
to the Company.

 

d)
Governing Law.  This Note is governed by, and shall be construed and enforced in accordance with, the laws of
the State of New York.

 

e)
Characterizations.  The Company covenants to the 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 the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof).

 

f)
Payments on Next Business Day.  Whenever any payment Obligation shall be due on a day other than a Business Day,
such payment shall be due instead on the next succeeding Business Day.

 

    		22	 

     

    

 

g)
Payment of Collection, Enforcement and Other Costs. In addition to, and not in substitution for and not to limit (but without
duplication), any other right to reimbursement under this Note or any other Transaction Document, (i) this Note is placed in the
hands of an attorney for collection or enforcement or is collected or enforced through any Proceeding or the Holder otherwise
takes action to collect amounts due under this Note or to enforce the provisions of this Note or (ii) there occurs any bankruptcy,
reorganization, receivership of the Company or other Proceedings affecting Company creditors' rights and involving a claim under
this Note, then the Company shall pay all out-of-pocket costs incurred by the Holder for such collection, enforcement or action
or in connection with such bankruptcy, reorganization, receivership or other Proceeding, including, but not limited to, attorneys'
fees and disbursements.

 

h)
Security Interest. The Obligations of the Company Parties under this Note and the other Transaction Documents are secured
by the Security Agreement, the Intellectual Property Security Agreement,  as well as other Transaction Documents.

 

i)
Use of Proceeds.  All gross proceeds of the funding to the Company related to this Note shall be used as provided
in the Purchase Agreement.

 

j)
Securities Laws Disclosure; Publicity. The Company shall file a Current Report on Form 8-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such Current
Report on Form 8-K, the Company represents to the Holder that it shall have publicly disclosed all material, non-public information
delivered to any of the Holder by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance
of such Current Report on Form 8-K, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
directors, agents, employees or Affiliates on the one hand, and the Holder or any of its Affiliates on the other hand, shall terminate.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Holder, or include the name of the Holder
in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of the Holder,
except (i) as required by federal securities Regulation in connection with the filing of final Transaction Documents with the
Commission and (ii) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company
shall provide the Holder with prior notice of such disclosure permitted under this clause (iii).

 

k)
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 7(j), the Company covenants and agrees that neither it, nor
any other Person acting on its behalf has provided nor will provide the Holder or its agents or counsel with any information that
constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Holder
shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that the Holder will be relying on the foregoing covenant in effecting transactions in Securities
of the Company. Any non-disclosure agreement (including “click through” agreements and confidentiality clauses incorporated
in larger agreements) entered into with the Holder and any Company Party is hereby terminated.  The Holder does not
have any duty of confidentiality (or a duty not to trade on the basis of material non-public information) to any Company Party
or any of their Affiliates, or any of their respective officers, directors, agents, members, stockholders, managers, employees
and is governed only by application Regulations.  To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall,
within two (2) Trading Days, file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands
and confirms that the Holder shall be relying on all of the foregoing covenants in trading Securities of the Company.

 

    		23	 

     

    

 

l)
Interpretation.  This Note is a Transaction Document and as such is subject to various interpretative, amendment
and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction
Documents, located principally in Article V thereof. In particular, without limitation, none of the terms or provisions
of this Note may be waived, amended, supplemented or otherwise modified except in accordance with Section 5.3(b) (Amendments)
of the Purchase Agreement.  In addition, unless otherwise expressly provided in any Transaction Document, “outstanding”
when referring in any Transaction Document to the principal amount owing under this Note shall mean “outstanding and
unconverted.”

 

m)  Successors
and Assigns.  This Note shall be binding upon the successors and assigns of the Company and shall inure to the benefit
of the Holder, each Purchaser Party and their successors and assigns; provided, that the Company may not assign, transfer
or delegate any of its rights or obligations under this Note except as authorized in the Purchase Agreement.

 

n)
Counterparts.  This Note may be executed in any number of counterparts and by different parties in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery
of an executed signature page of this Note by facsimile transmission or by e-mail shall be as effective as delivery of a manually
executed counterpart hereof.

 

o)
Severability.  Any provision of this Note being held illegal, invalid or unenforceable in any jurisdiction shall
not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of this Note or any part
of such provision in any other jurisdiction.

 

p)
Waiver of Jury Trial.  Each party hereto hereby irrevocably waives trial by jury in any Proceeding with respect
to, or directly or indirectly arising out of, under or in connection with, this Note or any other Transaction Document or the
transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory).  Each
party hereto (A) certifies that no other party, no Purchaser Party and no Affiliate or representative of any such other party
or Affiliate has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce
the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this Note by the
mutual waivers and certifications in this Section 8(p).

 

[Signature
Pages Follow]

 

    		24	 

     

    

 

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

 

	 	KBL
    MERGER CORP. IV
	 	 
	 	By:
    	 
	 	 	Name:
    
	 	 	Title:
    
	 	Address:  
	 	 
	 	Email
    Address for delivery of Notices: 

 

    		25	 

     

    

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 10% Senior Secured Convertible Promissory Note, due February 11, 2021  of  KBL
Merger Corp. IV., a Delaware (the “Company”), into shares of common stock, $0.0001 par value per share (the
“Common Stock”), of the Company according to the conditions hereof, as of the date written below.  If
shares of Common Stock are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer
taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith.  No fee will be charged to the holder for any conversion, except for such transfer taxes, if
any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common
Stock does not exceed the amounts specified under Section 4 of this Note, as determined in accordance with Section 13(d) of the
Exchange Act.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with
any transfer of the aforesaid shares of Common Stock.  

 

Conversion
calculations:

 

Date
to Effect Conversion:

 

Principal
Amount of Note to be Converted:

 

Payment
of Interest in Common Stock __ yes __ no

 

If
yes, $_____ of Interest Accrued on Account of Conversion at Issue.

 

Number
of shares of Common Stock to be issued:

 

Signature:

 

Name:

 

Delivery
Instructions:

 

    		26	 

     

    

 

Schedule
1

 

CONVERSION
SCHEDULE

 

This
Conversion Schedule is part of, and reflects conversions made under Section 4 of, the 10% Senior Secured Convertible Promissory
Note, due on February 11, 2021, in the original principal amount of $      is issued by KBL Merger
Corp. IV, a Delaware corporation.

 

Dated:

 

	Date
    of Conversion

    (or for first entry, Original Issue Date)	 	Amount
    of Conversion	 	Aggregate
    Principal Amount Remaining Subsequent to Conversion

    (or original Principal Amount)	 	Company
    Attest
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

		27Exhibit 10.1

 

EXECUTION COPY

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of June 12, 2020, between KBL Merger Corp. IV, a Delaware corporation (the “Company”),
and the purchasers identified on the signature pages hereto (each, an “Initial Purchaser” and, including their
respective successors and permitted assigns, a “Purchaser”) and Dominion Capital LLC, a Connecticut limited
liability company (“Dominion”), as purchaser agent for the Purchaser Parties (in such capacity, and together
with any successor and replacement named in accordance with this Agreement, the “Purchaser Agent”).

 

WHEREAS, prior to the date hereof,
pursuant to that Securities Purchase Agreement, dated as of July 24, 2019, by and between CannBioRx Life Sciences Corp (“Predecessor”)
and the investors party thereto (including, Kingsbrook Opportunities Master Fund LP, a Delaware limited partnership (“Kingsbrook”),
an Initial Purchaser hereunder) (as the same has been amended, restated, amended and restated, supplemented or otherwise modified
prior to the date hereof, the “2019 Securities Purchase Agreement”), Predecessor issued certain senior secured
notes to such investors (as the same has been amended, restated, amended and restated, supplemented or otherwise modified prior
to the date hereof, the “2019 Notes”), including, without limitation, a 2019 Note issued by Predecessor to Kingsbrook
with original principal amount thereunder as of December 11, 2019 (the “Original Exchange Date”) of $1,405,695.06
(the “2019 Kingsbrook Note”, and such original principal amount thereunder as of the Original Exchange Date,
the “2019 Kingsbrook Note Amount”).

 

WHEREAS, subject to the terms and
conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), and/or Rule 506 promulgated thereunder, the Company desires to issue and sell to the Initial Purchasers, and the
Initial Purchasers desire to purchase from the Company for consideration consisting of cash Securities of the Company as defined
and described more fully in this Agreement.

 

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

 

ARTICLE I DEFINITIONS

 

1.1 Definitions. In addition to
the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Affiliate” means each
Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For purpose
of this definition, “control” and related words are used as such terms are used in and construed under Rule 405 under
the Securities Act. Notwithstanding the foregoing, the Purchaser and its Subsidiaries, on the one hand, and the Company Parties
and their Subsidiaries, on the other hand, shall not be considered “Affiliates” of each other.

 

“AML/CTF Regulation” has the meaning ascribed
to such term in Section 3.1(ll).

 

“BHCA” has the meaning ascribed to such term
in Section 3.1(gg).

 

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

 

“Business Day” means
any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States and except any day on which
the Federal Reserve Bank of New York is not open for business.

 

“Business Combination” shall have the meaning
ascribed to such term in Section 2.2.

 

    		1	 

     

    

 

“Capital Lease” means, as applied to
any Person, any lease of, or other arrangement conveying the right to use, any property (whether real, personal or mixed) by
that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of
that Person.

 

“Capital Stock” means
all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership
or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless
of how designated) of or in a Person (other than an individual), whether voting or non-voting.

 

“Certificate of Designations”
means the Certificate of Designations with respect to the Company’s Series A Convertible Preferred Stock, in the form attached
hereto as Exhibit A.

 

“Claim” has the meaning ascribed to such
term in Section 4.11(b).

 

“Closings”
means each of the First Closing pursuant to Section 2.1 and the Second Closing pursuant to Section 2.2.

 

“Closing Dates” means each of the First Closing
Date and the Second Closing.

 

“Collateral” means any
and all “Collateral” as defined in the Security Agreement or any other Transaction Document granting a Lien to the
Collateral Agent, the Purchaser Agent or any other Purchaser Party, as applicable, together with all property and interests in
property and proceeds thereof now owned or hereafter acquired by any Company Party in or upon which a Lien is granted or purported
to be granted pursuant to any Transaction Document.

 

“Collateral Agent” means Dominion as Collateral
Agent under the Collateral Agency Agreement.

 

“Collateral Agency
Agreement” means that certain Collateral Agency Agreement required to be delivered pursuant to Section 2.5, in
the form attached hereto as Exhibit J.

 

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

 

“Commitment Shares”
shall mean, respectively, the Dominion Commitment Shares or KB Commitment Shares as set forth in Section 2.5(a)(iii) or
Section 2.5(a)(iv) .

 

“Common Stock” means
the Common Stock of the Company, par value $0.0001 per share, and any Capital Stock into which such shares of Common Stock shall
have been changed or any share capital resulting from a reclassification of such Common Stock.

 

“Common Stock Equivalents”
means any securities of any Company Party which would entitle the holder thereof to acquire at any time Common Stock, including
whether or not presently convertible, exchangeable or exercisable, 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 purchase,
subscribe or otherwise receive, Common Stock.

 

“Company Party” means each of the Company
and its Subsidiaries.

 

“Consents” means any
approval, consent, authorization, notice to, or any other action by, any Person other than any Governmental Authority.

 

“Contractual Obligation”
means, with respect to any Person, any provision of any security or similar instrument issued by such Person or of any agreement,
undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument (other than a Transaction Document) to which
such Person is a party or by which it or any of its property is bound or to which any of its property is subject.

 

    		2	 

     

    

 

“Control Agreement”
means amended and restated agreements in form and substance satisfactory to the Purchasers on the First Closing Date, transferring
“control” (as defined under the applicable UCC) from Kingsbrook to the Collateral Agent over the Collateral described
thereunder.

 

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

 

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

 

“Currency Agreement”
means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar
agreement or arrangement. For purposes of this definition, cryptocurrencies shall be considered currencies.

 

“Derivative” means any
Interest Rate Agreement, Currency Agreement, futures or forward contract, spot transaction, commodity swap, purchase or option
agreement, other commodity price hedging arrangement, cap, floor or collar transaction, any credit default or total return swap,
any other derivative instrument, any other similar speculative transaction and any other similar agreement or arrangement designed
to alter the risks of any Person arising from fluctuations in any underlying variable, including interest rates, currency values,
insurance, catastrophic losses, climatic or geological conditions or the price or value of any other derivative instrument. For
the purposes of this definition, “derivative instrument” means “any derivative instrument” as defined in
Statement of Financial Accounting Standards No. 133 (Accounting for Derivative Instruments and Hedging Activities) of the United
States Financial Accounting Standards Board, and any defined with a term similar effect in any successor statement or any supplement
to, or replacement of, any such statement.

 

“Disclosure Certificate”
means a certificate disclosing detailed information about the Company Parties and the Collateral in form and substance satisfactory
to the Purchasers on the First Closing Date and updated on each other Closing Date, together with any update on the Collateral
or any other information in such certificate required to be given and given in accordance with any Transaction Document.

 

“Disqualification Event” has the meaning
ascribed to such term in Section 3.1(oo).

 

“Dollars” and the sign “$”
each mean the lawful money of the United States of America.

 

“Escrow Agreements means the
Sponsors Pledge and Escrow Agreement, the Sullivan & Worcester Escrow Agreement and the Western Alliance Escrow Agreement.

 

“Evaluation Date” has the meaning ascribed
to such term in Section 3.1(o).

 

“Exchange Act” means the Securities Exchange
Act of 1934.

 

“Exchange Transaction” has the meaning ascribed
to such term in Section 4.11(b).

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors, advisors
or independent contractors of the Company Parties; provided, that such issuance is approved by a majority of the board
of directors of the Company; and provided, further that such issuance shall not exceed in the aggregate 15% of
the outstanding shares of Common Stock without the prior approval of the Purchasers, (b) shares of Common Stock, warrants or
options to advisors or independent contractors of any Company Party for compensatory purposes, (c) securities upon the
exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into shares of Common Stock issued and outstanding on the date hereof, provided, that such
securities have not been amended since the date hereof to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities, (d) securities issuable pursuant to any contractual
anti-dilution obligations of the Company in effect as of the date hereof, provided, that such obligations have not
been materially amended since the date of hereof, and (e) securities issued pursuant to acquisitions or any other strategic
transactions approved by a majority of the disinterested members of the Board of Directors; provided, that such
acquisitions and other strategic transactions shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

    		3	 

     

    

 

“Federal Reserve” has the meaning ascribed
to such term in Section 3.1(gg).

 

“First Closing” shall have the meaning ascribed
to such term in Section 2.1.

 

“First Closing Date” shall have the meaning
ascribed to such term in Section 2.1.

 

“GAAP” means United States generally accepted
accounting principles, consistently applied.

 

“Governmental Authority”
means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, any municipality,
any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial,
regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing, including any central bank stock exchange regulatory
body arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any
self-regulatory organization (including the National Association of Insurance Commissioners).

 

“Guaranty” means the
US Guaranty and the Canadian Guaranty by and among, as applicable, the Company Parties the secured parties signatory thereto for
the benefit of, and in form and substance satisfactory to the Purchasers on the First Closing Date respectively in the form attached
hereto as Exhibit F-1 and Exhibit F-2.

 

“Guaranty Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person with respect to any
Indebtedness of another Person, if the purpose or intent of such Person in incurring the Guaranty Obligation is to provide assurance
to the holder of such Indebtedness that such Indebtedness will be paid or discharged, that any agreement relating thereto will
be complied with, or that any holder of such Indebtedness will be protected (in whole or in part) against loss in respect thereof,
including (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such Person of Indebtedness of another Person and (b) any liability
of such Person for Indebtedness of another Person through any agreement (contingent or otherwise) (i) to purchase, repurchase or
otherwise acquire such Indebtedness or any security therefor or to provide funds for the payment or discharge of such Indebtedness
(whether in the form of a loan, advance, stock purchase, capital contribution or otherwise), (ii) to maintain the solvency or any
balance sheet item, level of income or financial condition of another Person, (iii) to make take-or-pay or similar payments, if
required, regardless of non-performance by any other party or parties to an agreement, (iv) to purchase, sell or lease (as lessor
or lessee) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such
Indebtedness or to assure the holder of such Indebtedness against loss or (v) to supply funds to, or in any other manner invest
in, such other Person (including to pay for property or services irrespective of whether such property is received or such services
are rendered), if in the case of any agreement described under clause (b)(i), (ii), (iii), (iv) or
(v) above the primary purpose or intent thereof is to provide assurance that Indebtedness of another Person will be paid
or discharged, that any agreement relating thereto will be complied with or that any holder of such Indebtedness will be protected
(in whole or in part) against loss in respect thereof. The amount of any Guaranty Obligation shall be equal to the amount of the
Indebtedness so guaranteed or otherwise supported.

 

    		4	 

     

    

 

“Indebtedness” means,
with respect to any Person, without duplication, the following: (a) all indebtedness of such Person for borrowed money, (b) all
obligations of such Person for the deferred purchase price of property or services other than accounts payable and accrued liabilities
incurred in respect of property or services purchased in the ordinary course of business (provided, that such accounts
payable and accrued liabilities are not overdue by more than 180 days), (c) all obligations of such Person evidenced by notes,
bonds, debentures or similar borrowing or securities instruments, (d) all obligations of such Person created or arising under
any conditional sale or other title retention agreement with respect to property acquired by such Person, (e) all obligations
of such Person as lessee under Capital Leases, (f) all reimbursements and all other obligations of such Person with respect to
(i) letters of credit, bank guarantees or bankers’ acceptances or (ii) surety, customs, reclamation, performance or other
similar bonds, (g) all obligations of such Person secured by Liens on the assets of such Person, (h) all Guaranty Obligations
of such Person, (i) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect
of any Capital Stock, Stock Equivalent (valued, in the case of redeemable preferred stock, at the greater of its voluntary liquidation
preference and its involuntary liquidation preference plus accrued and unpaid dividends) or any warrants, rights or options to
acquire such Capital Stock, (j) after taking into account the effect of any legally-enforceable netting Contractual Obligation
of such Person, all payments that would be required to be made in respect of any Derivative in the event of a termination (including
an early termination) on the date of determination and (k) all obligations of another Person of the type described in clauses
(a) through (j) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) a Lien on the assets of such Person (whether or not such Person is otherwise liable for such obligations of such other
Person).

 

“Initial Principal Amount”
means, as to any Purchaser, the principal amount of the Note of such Purchaser set forth on Schedule 1.

 

“Intellectual Property Rights”
means, collectively, all copyrights, patents, trademarks, service marks and trade names all applications for any of the foregoing,
together with: (i) all inventions, processes, production methods, proprietary information, know-how and trade secrets; (ii) all
licenses or user or other agreements granted with respect to any of the foregoing, in each case whether now or hereafter owned
or used; (iii) all customer lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded
knowledge, surveys, engineering reports, test reports, manuals, materials standards, processing standards, performance standards,
catalogs, computer and automatic machinery software and programs; (iv) all field repair data, sales data and other information
relating to sales or service of products now or hereafter manufactured; (v) all accounting information and all media in which or
on which any information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation
or printout of such information, knowledge, records or data; (vi) all applications for any of the foregoing and (vii) all causes
of action, claims and warranties, in each case, now or hereafter owned or acquired in respect of any item listed above.

 

“Intellectual Property
Security Agreement” means that certain Amended and Restated Intellectual Property Security Agreement that may be required
to be delivered pursuant to Section 2.5, in form and substance satisfactory to the Collateral Agent on the First Closing
Date in the form attached hereto as Exhibit E.

 

“Interest Rate Agreement”
means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement
or other similar agreement or arrangement.

 

“IPO” has the meaning ascribed to such term
in Section 4.11(b).

 

“Issuer Covered Person” has the meaning ascribed
to such term in Section 3.1(oo).

 

“Leak-Out Agreement”
means that certain agreement required to be delivered pursuant to Section 2.5 in form and substance satisfactory to the
Purchasers on the First Closing Date in the form attached hereto as Exhibit M.

 

“Legend Removal Date” has the meaning ascribed
to such term in Section 4.1(c).

 

    		5	 

     

    

 

“Liabilities” means
all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company Party
from time to time to any Purchaser or any other Purchaser Party, whether direct or indirect, joint or several, absolute or contingent,
due or to become due, liquidated or unliquidated, secured or unsecured, now existing or hereafter arising and however created,
acquired (regardless of whether acquired by assignment), whether or not evidenced by any note or other instrument or for the payment
of money and whether arising under Contractual Obligations, Regulations or otherwise, including, without duplication, (i) the
principal amount due of the Note, (ii) all other amounts, fees, interest (including any prepayment premium), commissions, charges,
costs, expenses, attorneys’ fees and disbursements, indemnities, reimbursement of amounts paid and other sums chargeable
to the Company under the Note, this Agreement or any other Transaction Document (including attorneys’ fees) or otherwise
arising under any Transaction Document and (iii) all interest on any item otherwise qualifying as a “Liability” hereunder,
whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or similar proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding.

 

“License Agreement” has the meaning ascribed
to such term in Section 3.1(m).

 

“Lien” means any lien
(statutory or other) mortgage, pledge, hypothecation, assignment, security interest, encumbrance, charge, claim, right of first
refusal, preemptive right, restriction on transfer or similar restriction or other security arrangement of any kind or nature whatsoever,
including any conditional sale or other title retention agreement and any capital or financing lease having substantially the same
economic effect as any of the foregoing.

 

“Losses” means all liabilities,
rights, demands, covenants, duties, obligations (including indebtedness, receivables and other contractual obligations), claims,
damages, Proceedings and causes of actions, settlements, judgments, damages, losses (including reductions in yield), debts, responsibilities,
fines, penalties, sanctions, commissions and interest, disbursements, Taxes, interest, charges, costs, fees and expenses (including
fees, charges, and disbursements of financial, legal and other advisors, consultants and professionals and, if applicable, any
value-added and other taxes and charges thereon), in each case of any kind or nature, whether joint or several, whether now existing
or hereafter arising and however acquired and whether or not known, asserted, direct, contingent, liquidated, due, consequential,
actual, punitive or treble.

 

“Material Adverse Effect”
means material adverse effect on, or change in, (a) the legality, validity or enforceability of any portion of any Transaction
Document, (b) the operations, assets, business, prospects or condition (financial or otherwise) of any Company Party, (c) the ability
of any Company Party to perform on a timely basis its obligations under any Transaction Document, for any reason whatsoever, foreseen
or unforeseen, including due to pandemic, governmental action, interruption of transportation systems, strikes, terrorist activity,
interruption of supply chain, or act of God or (d) the Collateral or the perfection or priority of any Liens granted to any Purchaser
Party under any Transaction Document.

 

“Maximum Rate” has the meaning ascribed to
such term in Section 6.12.

 

“Notes” mean the Dominion
Senior Secured Convertible Promissory Note, the KB Senior Secured Convertible Promissory Note and Dominion Senior Secured Convertible
Extension Promissory Note, the KB Senior Secured Convertible Extension Promissory Note issuable by the Company at the First Closing,
in the respective Principal Amounts set forth on Schedule 1, due, subject to the terms therein, eight (8) months from the
date of issuance, issued by the Company to the Purchasers hereunder, respectively in the form attached hereto as Exhibit B-1,
Exhibit B-2, Exhibit B-3, and Exhibit B-4. .

 

“Notice of Conversion” has the meaning ascribed
to such term in Section 4.5.

 

“OFAC” has the meaning ascribed to such term
in Section 3.1(ee).

 

“Participation Maximum” has the meaning ascribed
to such term in Section 4.13(a).

 

“Permit” means,
with respect to any Person, any permit, filing, notice, license, approval, variance, exception, permission, concession,
grant, franchise, confirmation, endorsement, waiver, certification, registration, qualification, clearance or other
Contractual Obligation or arrangement with, or authorization by, to or under the authority of, any Governmental Authority or
pursuant to any Regulation, or any other action by any Governmental Authority in each case whether or not having the force of
law and affecting or applicable to or binding upon such Person, its Contractual Obligations or arrangements or other
liabilities or any of its property or to which such Person, its Contractual Obligations or any of its property is or is
purported to be subject.

 

    		6	 

     

    

 

“Person” means an individual,
partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership,
joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other
subdivision thereof or other entity of any kind.

 

“Pledged Sponsor Shares”
shall mean the 1,468,750 shares of Common Stock owned by Affiliates of the Sponsor.

 

“Preferred Conversion Shares”
shall mean the shares of Common Stock issuable upon conversion of the shares of the Series A Preferred Stock pursuant to the Certificate
of Designations.

 

“Pre-Notice” has the meaning ascribed to
such term in Section 4.13(b).

 

“Proceeding” against
a Person means an action, suit, litigation, arbitration, investigation, complaint, dispute, contest, hearing, inquiry, inquest,
audit, examination or other proceeding threatened or pending against, affecting or purporting to affect such Person or its property,
whether civil, criminal, administrative, investigative or appellate, in law or equity before any arbitrator or Governmental Authority.

 

“Prohibited Short Sale” has the meaning ascribed
to such term in Section 4.12.

 

“Pro Rata Portion” means,
with respect to a Purchaser and a group of Purchasers as of a particular date, the ratio of (i) the Subscription Amount of Securities
purchased on or prior to such date by such Purchaser (including, for the avoidance of doubt its predecessors and assignors) that
remain outstanding on such date to (ii) the sum of the aggregate Subscription Amounts of Securities purchased by all Purchasers
(including, for the avoidance of doubt, their predecessors and assignors) in such group on or prior to such date and that remain
outstanding on such date.

 

“Public Information Failure” has the meaning
ascribed to such term in Section 4.3(b).

 

“Public Information Failure Payments” has
the meaning ascribed to such term in Section 4.3(b).

 

“Purchaser Party” has the meaning ascribed
to such term in Section 4.9.

 

“Registrable Securities”
means, as of any date of determination, (a) all of the Conversion Shares then issued and issuable upon conversion in full of the
Notes (assuming on such date the Notes are converted in full without regard to any conversion limitations therein), (b) all shares
of Common Stock issued and issuable as interest or principal on the Notes assuming all permissible interest and principal payments
are made in shares of Common Stock and the Notes are held until maturity, (c) any additional shares of Common Stock issued and
issuable in connection with any anti-dilution provisions in the Notes (without giving effect to any limitations on conversion set
forth in the Notes), (d) the Commitment Shares, and (e) any securities issued or then issuable upon any stock split, dividend or
other distribution, recapitalization or similar event with respect to the foregoing.

 

“Registration Rights
Agreement” means that certain Registration Rights Agreement required to be delivered pursuant to Section 2.5,
in the form attached hereto as Exhibit C.

 

“Registration Statement” shall have the meaning
ascribed to such term in Section 2.2.

 

    		7	 

     

    

 

“Regulation” means,
all international, federal, state, provincial and local laws (whether civil or common law or rule of equity and whether U.S. or
non- U.S.), treaties, constitutions, statutes, codes, tariffs, rules, guidelines, regulations, writs, injunctions, orders, judgments,
decrees, ordinances and administrative or judicial precedents or authorities, including, in each case whether or not having the
force of law, the interpretation or administration thereof by any Governmental Authority, all policies, recommendations or guidance
of any Governmental Authority and all administrative orders, directed duties, directives, requirements, requests.

 

“Related Parties” of
any Person means such Person, (i) each Affiliate of such Person, (ii) each Person that, directly or indirectly, owns or controls,
whether beneficially, or as a trustee, guardian or other fiduciary, 5% or more of the Capital Stock having ordinary voting power
in the election of directors of such Person or such Affiliate, (iii) each of such Person’s or such Affiliate’s officers,
managers, directors, joint venture partners, partners and employees (and any other Person with a functionally equivalent role of
a Person holding such titles notwithstanding a lack of such title or any other title or classification as a contractor under employment
Regulations), (iv) any lineal descendants, ancestors, spouse or former spouses (as part of a marital dissolution) of any of the
foregoing, (v) any trust or beneficiary of a trust of which any of the foregoing are the sole trustees or for the benefit of any
of the foregoing. Notwithstanding the foregoing, the Purchaser and its Subsidiaries, on the one hand, and the Company Parties and
their Subsidiaries, on the other hand, shall not be considered “Related Parties” of each other.

 

“Required Purchasers”
means Dominion, so long as Dominion holds any shares of Series A Convertible Preferred Stock, and, if later, so long as Dominion
holds Securities in excess of $150,000 Purchase Price; and, thereafter, each of the Purchasers.

 

“Required Filings”
means (a) any filing required pursuant to Section 4.3 or 4.14, (b) the notice and/or application(s) to each applicable
Trading Market for the issuance and sale of the Securities and the listing of the Conversion Shares for trading thereon in the
time and manner required thereby and (c) the filing of Form D with the Commission and such filings as are required to be made
under applicable state securities laws.

 

“Required Minimum” means,
as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant
to the Transaction Documents, including any Conversion Shares issuable upon conversion in full of the Notes, ignoring any conversion
limits set forth therein, and assuming that the Conversion Price is at all times on and after the date of determination 100% of
the then Conversion Price on the Trading Day immediately prior to the date of determination.

 

“Resignation Effective Date” has the meaning
ascribed to such term in Section 5.6(a).

 

“Restricted Payment” means,
for any Person, (a) any dividend, stock split or other distribution, direct or indirect (including by way of spin off, reclassification,
corporate rearrangement, scheme of arrangement or similar transaction), on account of, or otherwise to the holder or holders of,
any shares of any class of Capital Stock of such Person now or hereafter outstanding, (b) any redemption, retirement, sinking fund
or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of
such Person by such Person or any Affiliate thereof now or hereafter outstanding, and (c) any payment made to retire, or to obtain
the surrender of, any Stock Equivalents now or hereafter outstanding; provided, that for the avoidance of doubt, (i) a cashless
exercise of an employee stock option in which options are cancelled to the extent needed such that the “in-the-money”
value of the options (i.e. the excess of market price over exercise price) that are cancelled is utilized to pay the exercise price,
and applicable taxes, shall not be a “Restricted Payment” and (ii) a distribution of rights (including rights
to receive assets) or options shall constitute a “Restricted Payment”.

 

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

 

“Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such
Rule.

 

    		8	 

     

    

 

“Sanctioned Jurisdiction”
means, at any time, a country, territory or geographical region that is subject to, the target of, or purported to be subject to,
Sanctions Laws.

 

“Sanctions Laws” means
all applicable Regulations concerning or relating to economic or financial sanctions, requirements or trade embargoes imposed,
administered or enforced from time to time by OFAC, including the following (together with their implementing regulations, in each
case, as amended from time to time): the International Security and Development Cooperation Act (ISDCA) (22 U.S.C. §23499aa-9
et seq.); the Patriot Act; and the Trading with the Enemy Act (TWEA) (50 U.S.C. §5 et seq.).

 

“Sanctioned Person”
means (a) any Person that is listed in the annex to, or otherwise subject to the provisions of, Executive Order 13224 – Blocking
Property and Prohibiting Transactions with Persons Who Commit and Threaten to Commit or Support Terrorism, effective September
24, 2001; (b) any Person that is named in any Sanctions Laws-related list maintained by OFAC, including the “Specially Designated
National and Blocked Person” list; (c) any Person or individual located, organized or resident or determined to be resident
in a Sanctioned Jurisdiction that is, or whose government is, the target of comprehensive Sanctions Laws; (d) any organization
or Person directly or indirectly owned or controlled by any such Person or Persons described in the foregoing clauses (a) through
(c); and (e) any Person that commits, threatens or conspires to commit or supports “terrorism”," as defined in
applicable United States Regulations.

 

“Second Closing” shall have the meaning ascribed
to such term in Section 2.2.

 

“Second Closing Date” shall have the meaning
ascribed to such term in Section 2.2.

 

“Second Closing Notice” shall have the meaning
ascribed to such term in Section 2.2.

 

“SEC Reports” has the meaning ascribed to
such term in Section 3.1(f).

 

“Securities” mean the
Notes, the shares of Series A Preferred Stock, Conversion Shares, the Preferred Conversion Shares and the Commitment Shares.

 

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

 

“Security Agreements”
mean the US Security Agreement, the Canadian Security and Pledge Agreement, the Amended and Restated Security Agreement, the Canadian
Amended and Restated Security and Pledge Agreement by and among, as applicable, the Company Parties and the secured parties signatory
thereto, and for the benefit of, and in form and substance satisfactory on the First Closing Date to, the Collateral Agent respectively
in the form attached hereto as Exhibit D-1, Exhibit D-2, Exhibit D-3, and Exhibit D-1.

 

“Selling Expense” has the meaning ascribed
to such term in Section 4.17.

 

“Shell Company” means an entity that fits
within the definition of “shell company” under Section 12b-2 of the Exchange Act and Rule 144.

 

“Short Sales” means all “short sales”
as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

“Sponsor” means KBL IV Sponsor LLC, a limited
liability company organized under the laws of the State of Delaware.

  

“Sponsors Pledge and Escrow Agreement”
means the Sponsors Pledge and Escrow Agreement executed by the Company, the holders of the Pledged Sponsor Shares, and the Purchaser,
in the form attached hereto as Exhibit K.

 

    		9	 

     

    

 

“Stock Equivalents” means
all securities and/or Indebtedness convertible into or exchangeable for Capital Stock or any other Stock Equivalent and all warrants,
options, scrip rights, calls or commitments of any character whatsoever, and all other rights or options or other arrangements
(including through a conversion or exchange of any other property) to purchase, subscribe for or acquire, any Capital Stock or
any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.

 

“Subordination and Intercreditor
Agreements” means those certain Subordination and Intercreditor Agreements required to be delivered pursuant to Section
2.5, in the form attached hereto as Exhibit I, which shall provide, among other things, that, upon the occurrence of certain Events
(as defined in the Subordination and Intercreditor Agreements), the holders of the Company’s unsecured debt, may offer to
acquire the Purchaser’s Notes for a purchase price at least equal to the then outstanding principal amount of such Notes,
all accrued but unpaid interest thereunder, the “Make Whole Amounts” (as defined in such Notes), and any fees or other
“Obligations” (as defined in such Notes) or other obligations outstanding due and unpaid by the Company, the Target
or any of their Affiliates or Related Parties under such Notes or any other security or other Transaction Document, and shall include
provisions to ensure these purchase rights are distributed ratably amongst such holders wishing to participate in such purchase.

 

“Subscription Amount”
means, as to any Purchaser, the aggregate amount to be paid for the Notes purchased hereunder as specified on Schedule 1.

 

“Subsequent Financing” has the meaning ascribed
to such term in Section 4.13.

 

“Subsequent Financing Notice” has the meaning
ascribed to such term in Section 4.13(b).

 

“Subsidiary” means (a)
any subsidiary of the Company as set forth in, or otherwise required to be set forth in, the SEC Reports, both on or after the
date hereof, and (b) any Person (other than natural persons) the management of which is, directly or indirectly, controlled by,
or of which an aggregate of 50% or more of the outstanding Voting Stock is, at the time, owned or controlled, directly or indirectly,
by such Person or one or more Subsidiaries of such Person.

 

“Sullivan & Worcester
Escrow Agreement” means that certain Escrow Agreement with Sullivan & Worcester LLP required to be delivered pursuant
to Section 2.5, in the form attached hereto as Exhibit G.

 

“Target” means 180 Life Sciences Corp., a
corporation organized under the laws of the State of Delaware.

 

“Taxes” means any present
or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including
income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and franchise taxes now
or hereafter imposed or levied by the United States or any other Governmental Authority and all interest, penalties, additions
to tax and similar liabilities with respect thereto, but excluding, in the case of any Purchaser, taxes imposed on or measured
by the net income or overall gross receipts of such Purchaser.

 

“Third Party Exchange Transfer” has the meaning
ascribed to such term in Section 4.11(b).

 

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

 

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

 

    		10	 

     

    

 

“Transaction
Documents” means this Agreement, the Disclosure Certificate, the Certificate of Designations, the Collateral Agency
Agreement, the Subordination and Intercreditor Agreements, the Western Alliance Bank Escrow Agreement, the Sullivan &
Worcester LLP Escrow Agreement, the Registration Rights Agreement, the Guaranty, the Sponsors Pledge and Escrow Agreement,
the Notes, the Security Agreements, the Intellectual Property Security Agreement, the Deposit Account Control Agreement, the
Transfer Agent Instruction Letters, and any other documents or agreements executed in connection with the transactions
contemplated hereunder.

 

“Transfer Agent” means
Continental Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of One State
Street Plaza, 30th Floor, New York, New York 10004 and a phone number of (212)
509-4000, attention: Mark Zimkind, and any successor transfer agent of the Company.

 

“Transfer Agent Instruction Letters”
means the letters from the Company to the Transfer Agent on each Closing Date, duly acknowledged and agreed by the Transfer Agent,
which instructs the Transfer Agent to issue the Commitment Shares, Conversion Shares and the Preferred Conversion Shares created
or issued on such Closing Date pursuant to the Transaction Documents, respectively, in the form of Exhibit L-1 and Exhibit-2,
attached hereto, in form and substance satisfactory to the Purchasers on each Closing Date.

 

“Trust Account” has the meaning ascribed
to such term in Section 4.11(b).

 

“UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York; provided, that in the event that, by reason of
mandatory provisions of any applicable Regulation, any of the attachment, perfection or priority of the Collateral Agent’s
or any other Purchaser Party’s security interest in any Collateral is governed by the Uniform Commercial Code of a jurisdiction
other than the State of New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related
to or otherwise used in such provisions.

 

“Variable Rate Transaction” has the meaning
ascribed to such term in Section 4.11(a).

 

“Voting Stock” means
Capital Stock of any Person (i) having ordinary power to vote in the election of any member of the board of directors or any manager,
trustee or other controlling persons of such Person (irrespective of whether, at the time, Capital Stock of any other class or
classes of such entity shall have or might have voting power by reason of the happening of any contingency) and (ii) any Capital
Stock of such Person convertible or exchangeable without restriction at the option of the holder thereof into Capital Stock of
such Person described in clause (i) of this definition.

 

“VWAP” means, for or
as of any date for any Security, the dollar volume-weighted average price for such Security on the Trading Market (or, if the Trading
Market is not the principal trading market for such Security, then on the principal securities exchange or securities market on
which such Security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New
York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not
apply, the dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board
for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if no dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average
of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security as reported in
the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such Security
on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined
by the Company and the Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination, recapitalization or other similar transaction during such period.

 

“Western Alliance Escrow
Agreement” means that certain Escrow Agreement with Western Alliance Bank required to be delivered pursuant to Section
2.5, in the form attached hereto as Exhibit H.

 

    		11	 

     

    

 

ARTICLE II PURCHASE AND SALE

 

2.1 First Closing. The first closing
of the offer and sale of the Note (the “First Closing”) shall occur at 10:00 am (New York City time) at the
offices of Sullivan & Worcester LLP, 1633 Broadway, New York, New York 10019, on the first (1st)
Trading Day on which the conditions to the First Closing set forth in Section 2.6 hereof are satisfied or waived in writing as
provided elsewhere herein, or on such other date and time as agreed to by the Company and the Purchaser (the “First Closing
Date”)

 

2.2 Second Closing.

 

(a) 
Subject to the satisfaction (or express waiver) of the conditions set forth in this Section 2.2 and Section 2.6, the Company
shall have the right to require the Purchaser to purchase the shares of the Series A Preferred Stock on the Second Closing Date
(as defined herein) by delivering to the Purchaser an irrevocable written notice (the “Second Closing Notice”)
on the Effective Date (as such term is defined in the Registration Rights Agreement) that the Company has exercised its right to
require the Purchaser to purchase the shares of Series A Preferred Stock.

 

(b) The
Second Closing Notice shall state that (i) the registration statement (the “Registration Statement”),
which is the subject of the Registration Rights Agreement has been declared effective by the SEC (and with respect to which
no stop order has been issued); (ii), the date and time of the a second closing (the “Second Closing”),
which shall be at 10:00 a.m. (New York City time), on a date that is no later than the second (2nd)
Trading Day after the Registration Statement has been declared effective by the SEC (the “Second Closing
Date”); and (iii) all the conditions to the Second Closing set forth in this Section 2.2 and Section 2.6 hereof are
satisfied or waived in writing, Subject to compliance with the applicable federal securities laws, the Company and the
Purchaser may mutually agree on such other date and time for the Second Closing. Notwithstanding anything herein to the
contrary, if the Second Closing does not occur by October 9, 2020, the Company’s right to effect a Second Closing
hereunder shall automatically terminate.

 

2.3 Conditions to Purchase of Notes
and Series A Preferred Stock. Subject to the terms and conditions of this Agreement, the Purchaser will at the applicable Closing,
on the applicable Closing Date, purchase from the Company the Notes and shares of Series A Preferred Stock, as applicable, in the
amounts and for the purchase price as set forth on Schedule 1 for such Closing Date (the “Purchase Price”),
provided, that on such Closing Date, (i) no Event of Default (or event that with the passage of time or the giving of notice,
or both, would become an Event of Default), shall have occurred or would result therefrom; and (ii) the applicable conditions in
Section 2.8 hereof have been satisfied.

 

2.4 Purchase Price and Payment of the
Purchase Price for the Notes and Series A Preferred Stock. The Purchase Price for the Notes and shares of Series A Preferred
Stock to be purchased by each Purchaser at the applicable Closing shall be as set forth on Schedule 1 and shall be paid
at the applicable Closing by such Purchaser by wire transfer of immediately available funds to the Company in accordance with the
Company’s written wire instructions and delivery of the 2019 Kingsbrook Note to the Company, against delivery of the Notes
and such shares of Series A Preferred Stock. The Purchase Price for each Note purchased shall be ten (10%) less than (i) the aggregate
principal amount of each such Note purchased, which 10% discount shall constitute original issue discount and (ii) the aggregate
amount of the shares of Series A Preferred Stock purchased.

 

2.5 Deliveries.

 

(a) 
On or prior to the First Closing Date (except as noted), the Company shall deliver or cause to be delivered to each Purchaser
the following:

 

(i) 
this Agreement duly executed by the Company;

 

(ii) 
the specified Notes, having the respective principal amounts set forth on Schedule 1, registered in the name of specified
Purchaser;

 

    		12	 

     

    

 

(iii) 
400,000 Commitment Shares as set forth on Schedule 1, registered in the name of the specified Purchaser, (the “Dominion
Commitment Shares”);

 

(iv) 
250,000 Commitment Shares as set forth on Schedule 1, registered in the name of the specified Purchaser, (the “KB
Commitment Shares”);

 

(v) 
the Pledged Sponsor Shares and accompanying stock powers endorsed in blank, which shares and stock power shall be subject
to the Sponsors Pledge and Escrow Agreement;

 

(vi) 
the Sponsors Pledge and Escrow Agreement executed by the Company and the holders of the Pledged Sponsor Shares;

 

(vii) 
the Certificate of Designations duly executed by the Company;

 

(viii) 
the Collateral Agency Agreement, duly executed by the Company and the Target;

 

(ix) 
Subordination and Intercreditor Agreements duly executed by the Company, the junior creditors of the Company and/or the
Target;

 

(x)  the
West Alliance Escrow Agreement duly executed by the Company and the Escrow Agent;

 

(xi) 
the Sullivan & Worcester Escrow Agreement duly executed by the Company and the Escrow Agent;

 

(xii) 
the Registration Rights Agreement duly executed by the Company;

 

(xiii) 
the Guaranty duly executed by the Target;

 

(xiv) 
the Security Agreement duly executed by the Company and its Subsidiaries, as applicable;

 

(xv) 
the Intellectual Property Security Agreement duly executed by the Company and its Subsidiaries, as applicable;

 

(xvi)  the
Amended and Restated Security Agreement duly executed by the Company, the Target and the Target’s Subsidiaries, as
applicable;

 

(xvii) 
the Canadian Security and Pledge Agreement duly executed by the Target and its Canadian Subsidiaries;

 

(xviii) 
the Canadian Amended and Restated Security and Pledge Agreement duly executed by the Target and the Target’s Subsidiaries,
as applicable;

 

(xix) 
The Canadian Guaranty executed by the Target and its Canadian Subsidiaries;

 

(xx) 
the Leak-Out Agreement;

 

(xxi) 
a Transfer Agent Instruction Letter duly executed by the Company and the Transfer Agent;

 

(xxii) 
an opinion from the Company’s counsel in a form reasonably acceptable to the Purchaser’s counsel;

 

    		13	 

     

    

 

(xxiii)  an
officer’s certificate and compliance certificate, each in a form reasonably acceptable to the Purchaser’s
counsel; and

 

(xxiv) 
such other opinions, certificates, statements, including, without limitation, a closing statement, and agreements as the
Purchasers’ counsel may reasonably require.

 

(b) 
On or prior to the First Closing Date, the Purchaser signatory to the specified agreement shall deliver or cause to be delivered
to the Company, as applicable, the following:

 

(i) 
this Agreement duly executed by such Purchaser;

 

(ii)  the
applicable Purchaser’s Subscription Amount as to the Dominion Senior Secured Convertible Promissory Note or the KB
Senior Secured Convertible Promissory Note and/or each Senior Secured Convertible Extension Promissory Note being purchased
by such Purchaser at the First Closing (A) by wire transfer to the account specified in writing by Sullivan & Worcester
LLP with respect to the Subscription Amounts for the Dominion Senior Secured Convertible Promissory Note and the Senior
Secured Convertible Extension Promissory Notes and (B) by wire transfer to the account specified in writing by the Company
with respect to the Subscription Amount for the $50,000 cash consideration for the KB Senior Secured Convertible Promissory
Note to be paid in accordance with Section 6.2. The Subscription Amounts for the Dominion Senior Secured Convertible
Promissory Note and the Senior Secured Convertible Extension Promissory Notes shall be held in escrow pursuant to the terms
of the Sullivan & Worcester Alliance Escrow Agreement;

 

(iii) 
the Western Alliance Escrow Agreement duly executed by the specified Purchaser;

 

(iv) 
the Sullivan & Worcester Escrow Agreement duly executed by the specified Purchaser;

 

(v) 
the Subordination and Intercreditor Agreements duly executed by the Purchasers;

 

(vi) 
the Collateral Agency Agreement duly executed by the Purchasers;

 

(vii) 
the Sponsors Pledge and Escrow Agreement duly executed by the specified Purchaser;

 

(viii) 
the Registration Rights Agreement duly executed by the Purchasers;

 

(ix) 
the Security Agreements duly executed by the Purchasers, as applicable;

 

(x)  the
Intellectual Property Security Agreement duly executed by the specified Purchaser; and

 

(xi) 
the Leak-Out Agreement executed by the Purchasers.

 

(c) 
On or prior to the Second Closing Date (except as noted), the Company shall deliver or cause to be delivered to the specified
Purchaser the following:

 

(i) 
shares of Series A Preferred Stock, in the amount set forth on Schedule 1, registered in the name of the Purchaser,
which are subject to the customary Securities Act restrictive legend;

 

(ii) 
the Disclosure Certificate, updated as of such Second Closing Date, together with any additional collateral documents necessary
or appropriate, in the Collateral Agent’s sole discretion, because of any changes in such Disclosure Certificate;

 

(iii) 
all documentation relating to the Business Combination, together with evidence of the effectiveness of the Business Combination,
each of which shall be in form and substance acceptable to the Purchasers in their sole discretion;

 

    		14	 

     

    

 

(iv) the Transfer Agent
Instruction Letter duly executed by the Company and the Transfer Agent;

 

(v)  an
opinion from the Company’s counsel in a form reasonably acceptable to the Purchasers’ counsel;

 

(vi)  an
officer’s certificate and compliance certificate, each in a form reasonably acceptable to the Purchasers’
counsel;

 

(vii) 
an officer certificate that the milestones to the Second Closing set forth in the Disclosure Certificate have been achieved,
together with evidence thereof, and the specified Purchaser shall be satisfied in its sole discretion that such milestones have
been achieved and that the Registration Statement (as defined in the Registration Rights Agreement) has been declared effective
and remains effective as of the Second Closing Date; and

 

(viii) 
such other opinions, certificates, statements, including, without limitation, a closing statement, and agreements as the
Purchasers’ counsel may reasonably require.

 

(d) 
On or prior to the Second Closing Date, the Purchaser shall deliver or cause to be delivered on behalf of the Company, the
Purchaser’s Subscription Amount for the shares of Series A Preferred Stock being purchased by the Purchaser at the Second
Closing by wire transfer to the account specified in writing by Western Alliance Bank. The Subscription Amount for the shares of
Series A Preferred Stock shall be held in escrow pursuant to the terms of the Western Alliance Escrow Agreement.

 

2.6 Closing Conditions.

 

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

 

(i) 
the accuracy in all material respects as at the Closing Date for such Closing of the representations and warranties of the
Purchasers contained in any Transaction Document (unless as of a specific date therein in which case they shall be accurate as
of such date);

 

(ii) 
all obligations, covenants and agreements of the Purchasers required to be performed at or prior to the Closing Date for
such Closing pursuant to any Transaction Document shall have been performed;

 

(iii)  the
delivery by the specified Purchaser of the items set forth in Section 2.5(b) or 2.5(d), as applicable; and

 

(iv) 
the specified Purchaser’s Subscription Amount being equal to the Purchase Price due and payable at such Closing.

 

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

 

(i) the
accuracy in all material respects when made as to the Closing Date for such Closing of the representations and warranties of
the Company contained herein (unless as of a specific date therein);

 

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

 

(iii)
the delivery by the Company of the items set forth in Section 2.5(a) or 2.5(c), as applicable;

 

    		15	 

     

    

 

(iv) there
is no existing Event of Default (as defined in the Notes or the Certificate of Designations) and no existing event which, with
the passage of time or the giving of notice, would constitute an Event of Default;

 

(v)
there is no breach of an obligations, covenants and agreements under the Transaction Documents and no existing event which,
with the passage of time or the giving of notice, would constitute a breach under the Transaction Documents;

 

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

 

(vii) from
the date hereof to the Closing Date for such Closing, trading in the shares of Common Stock shall not have been suspended by
the Commission or the Company’s principal Trading Market and, at any time prior to such Closing Date, trading in
securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have
been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking
moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any
material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect
on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser,
and without regard to any factors unique to the Purchaser, makes it impracticable or inadvisable to purchase the Securities
at such Closing;

 

(viii)
the Company meets the current public information requirements under Rule 144 in respect of the Commitment Shares, Pledged
Sponsor Shares, Conversion Shares or Preferred Conversion Shares and any other shares of Common Stock issuable under the
Notes or the Certificate of Designations;

 

(ix) any
other conditions contained herein or the other Transaction Documents, including those set forth in Section 2.5;
and

 

(x) 
the Company has submitted a Listing of Additional Shares Notification Form with the Nasdaq Capital Market with respect to
each issuance of Securities pursuant to this Agreement.

 

ARTICLE III.REPRESENTATIONS
AND WARRANTIES

 

3.1 Representations and Warranties of
the Company Parties. The Company hereby makes the following representations and warranties (and, to the extent provided in
the Security Agreement or any other Transaction Document, each other Company Party makes the following representations and warranties
as, and to the extent applicable to, such Company Party) to each Purchaser as of each Closing Date as to each Company Party, each
subject to the exceptions set forth in the Disclosure Certificate, which Disclosure Certificates is deemed a part hereof and qualifies
any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure
Certificates:

 

(a) Subsidiaries.
All of the direct and indirect Subsidiaries of the Company are set forth on the Disclosure Certificate. The Company owns,
directly or indirectly, all of the Capital Stock and Stock Equivalents of each Subsidiary free and clear of any Liens, other
than as set forth in the SEC Reports, and all of the issued and outstanding shares of Capital Stock of each Subsidiary are
validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase
securities.

 

(b) Organization
and Qualification. Each Company Party is a Person having the corporate form listed on the Disclosure Certificate, duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization listed on the Disclosure
Certificate and is duly qualified or licensed to transact business in its jurisdiction of organization, the jurisdiction of
its principal place of business, any other jurisdiction where the Purchasers have filed a UCC financing statement or a
mortgage and, except where the failure to do so would not have a Material Adverse Effect, any other jurisdiction where such
qualification is necessary to conduct its business or own the property it purports to own – and no Proceeding exists or
has be instituted or threatened in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or
curtail such power and authority or qualification. Each Company Party has the right, power and authority to enter into and
discharge all of its obligations under each Transaction Document to which it purports to be a party, each of which
constitutes a legal, valid and binding obligation of such Company Party, enforceable against it in accordance with its terms,
subject only to bankruptcy and similar Regulations affecting creditors’ rights generally; and has the power, authority,
Permits and Licenses to own its property and to carry on its business as presently conducted. No Company Party is engaged in
the business of extending credit (which shall not include intercompany credit among the Company Parties) for the purpose of
purchasing or carrying margin stock or any cryptocurrency, token or other blockchain asset.

 

    		16	 

     

    

 

(c) 
Authorization; Enforcement. The execution, delivery, performance by each Company Party of its obligations, and exercise
by such Company Party of its rights under the Transaction Documents, including, if applicable, the sale of Notes and other securities
under this Agreement, (i) have been duly authorized by all necessary corporate actions of such Company Party, (ii) except for the
Required Filings, do not require any Consents or Permits that have not been obtained prior to the date hereof and each such Permit
or Consent is in full force and effect and not subject of any pending or, to the best of any Company Party’s knowledge, threatened,
attack or revocation, (iii) are not and will not be in conflict with or prohibited or prevented by or create a breach under (A)
except for those that do not have a Material Adverse Effect, any Regulation or Permit, (B) any corporate governance document or
resolution or (C) except for those that do not have a Material Adverse Effect, any Contractual Obligation or provision thereof
binding on such Company Party or affecting any property of such Company Party and (iv) will not result in the imposition of any
Lien on the Collateral other than Liens for the benefit of the Purchaser Parties. Upon execution and delivery thereof, each Transaction
Document to which such Company Party purports to be a party shall constitute the legal, valid and binding obligation of such Company
Party, enforceable against such Company Party in accordance with its terms.

 

(d) Issuance of
the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by
the Company other than restrictions on transfer provided for in the Transaction Documents. The Conversion Shares, when issued
in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The
Company has reserved from its duly authorized Capital Stock a number of shares of Common Stock for issuance of the Commitment
Shares, Conversion Shares, and the Preferred Conversion Shares at least equal to the Required Minimum on the date hereof or
as provided for in Section 4.10(a).

 

(e) 
Capitalization. The capitalization of the Company is as set forth on the Disclosure Certificate, which Disclosure
Certificate also includes the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company
as of the date hereof. The Company has not issued any Capital Stock or Stock Equivalent since its most recently filed periodic
report under the Exchange Act except (i) as set forth on the Disclosure Certificate, (ii) for the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and (iii) pursuant to the conversion and/or exercise
of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act as set
forth on the Disclosure Certificate. No Person has any right of first refusal, preemptive right, right of participation, or any
similar right to participate in, or triggered by, the transactions contemplated by the Transaction Documents (including the issuance
of the Conversion Shares upon conversion of the Notes in accordance with their terms) as set forth on the Disclosure Certificate.
There are no outstanding Stock Equivalents with respect to any shares of Common Stock, and there are no Contractual Obligations
by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents
except as set forth on the Disclosure Certificate. The issuance and sale of the Securities will not obligate the Company to issue
shares of Common Stock or any other securities to any Person (other than to any Purchaser) and will not result in a right of any
holder of securities issued by any Company Party to adjust the exercise, conversion, exchange or reset price under any Stock Equivalent,
except as set forth on the Disclosure Certificate. All of the outstanding shares of Capital Stock of the Company are duly authorized,
validly issued, fully paid and nonassessable, have been issued in compliance with all securities Regulations, and no such outstanding
share was issued in violation of any preemptive right or similar or other right to subscribe for or purchase securities or any
other existing Contractual Obligation. No further approval or authorization of any stockholder or the Board of Directors, and
no other Permit or Consent, is required for the issuance and sale of the Securities. There are no stockholders’ agreements,
voting agreements or other similar Contractual Obligations with respect to the Company’s Capital Stock or Stock Equivalents
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders
or other equity investors.

 

    		17	 

     

    

 

(f) 
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the one (1) year preceding the date hereof (or such shorter period as the Company was required by Regulation to file
such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC Reports”). As of their respective dates, the SEC Reports complied
in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Except as
disclosed in footnotes to such financial statements, such financial statements have been prepared in accordance with GAAP and fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to customary and immaterial year-end audit adjustments.

 

(g) 
Material Adverse Effects; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof: (i) there has been no event that has had, or could reasonably be expected to result in, a Material Adverse Effect, (ii)
no Company Party has incurred any Indebtedness or other liability (contingent or otherwise) other than (A) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required by GAAP to
be reflected in the Company’s financial statements and not required to be disclosed in filings made with the Commission,
(iii) no Company Party has altered its fiscal year or accounting methods; (iv) no Company Party has declared or made any Restricted
Payment or entered in any Contractual Obligation to do so, (v) no Company Party has issued any Capital Stock to any officer, director
or other Affiliate, and (vi) there has been no event, liability, fact, circumstance, occurrence or development has occurred or
exists or is reasonably expected to occur or exist with respect to any Company Party, their Subsidiaries or their respective businesses,
properties, operations, assets or financial condition, that would be required to be disclosed by any Company Party under applicable
securities Regulations at the time this representation is made or deemed made that has not been publicly disclosed at least one
(1) Trading Day prior to the date that this representation is made.

 

(h) 
Litigation. Except as set forth in the SEC Reports, there is no Proceeding against any Company Party of any Subsidiary
of any Company Party or any current or former officer or director of any Company Party or any Subsidiary of any Company Party in
its capacity as such which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities, (ii) involves the Commission or otherwise involves violations of securities Regulations or (iii) could,
assuming an unfavorable result, have or reasonably be expected to result in a Material Adverse Effect, and none of the Company
Parties, their Subsidiaries, or any director or officer of any of them, is or has been the subject of any Proceeding involving
a claim of violation of or liability under securities Regulations or a claim of breach of fiduciary duty. The Commission has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.

 

    		18	 

     

    

 

(i)  Labor
Relations. There is no (i) no unfair labor practice at any Company Party and there is no unfair labor practice complaint
pending against any Company Party or any Subsidiary of any Company Party or, to their knowledge of any Company Party,
threatened against any of them before the National Labor Relations Board and no grievance or arbitration proceeding arising
out of or under any collective bargaining agreement that is so pending against any Company Party or any Subsidiary of any
Company Party or to their knowledge threatened against any of them, (ii) no strike, work stoppage or other labor dispute in
existence or to their knowledge threatened involving any Company Party or any Subsidiary of any Company Party, and (iii) no
union representation question existing with respect to the employees of any Company Party or any Subsidiary of any Company
Party, as the case may be, and no union organization activity that is taking place, except (with respect to any matter
specified in clause (i), (ii) or (iii) above, either individually or in the aggregate) such as could not reasonably likely to
have a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that
relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its
Subsidiaries is a party to a collective bargaining agreement. To the knowledge of the Company, the continued service to the
Company of the executive officers of the Company Parties and their Subsidiaries is not, and is not expected to be, in
violation of any material term of any Contractual Obligation in favor of any third party, and does not subject any Company
Party or any Subsidiary of any Company Party to any Loss with respect to any of the foregoing matters.

 

(j) 
Compliance. No Company Party and no Subsidiary thereof, except as set forth in the SEC Reports or as could not have
or reasonably be expected to result in a Material Adverse Effect: (i) is in default under or in violation of (and no event has
occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has any Company Party or any Subsidiary thereof received notice of a claim that it is in default under or that it is
in violation of, any Contractual Obligation (whether or not such default or violation has been waived); (ii) is in violation of
any judgment, decree or order of any Governmental Authority; (iii) is or has been in violation of any Regulation, and to the knowledge
of each Company Party, no Person has made or threatened to make any claim that such a violation exists (including relating to taxes,
environmental protection, occupational health and safety, product quality and safety, employment or labor matters) or (iv) has
incurred, or could reasonably be expected to incur Losses relating to compliance with Regulations (including clean-up costs under
environmental Regulations), nor have any such Losses been threatened.

 

(k) Permits.
Each Company Party and its Subsidiaries possess all Permits, each issued by the appropriate Governmental Authority, that are
necessary to conduct their respective businesses as described in the SEC Reports and which failure to possess could
reasonably be expected to result in a Material Adverse Effect and no Company Party nor any Subsidiary thereof has received
any notice of proceedings relating to the revocation or modification of any such Permit.

 

(l) 
Title to Assets. Each Company Party and their Subsidiaries have good and marketable title in fee simple to all real
property owned by them and good title in fee simple to all personal property owned or purported to be owned by any of them that
is material to the business of any Company Party or any Subsidiary of any Company Party, in each case free and clear of all Liens
except as set forth in the SEC Reports and except for (i) Liens that do not materially affect the value of any such property and
do not materially interfere with the use made and proposed to be made of such property by the Company Parties and their Subsidiaries
and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by any Company Party or any Subsidiary of the Company Parties (and any personal property if such lease is material to the
business of any Company Party or any Subsidiary of any Company Party) are held by them under valid, subsisting and enforceable
leases with which the Company Parties and their Subsidiaries party thereto are in compliance.

 

    		19	 

     

    

 

(m) 
Intellectual Property. Except where the failure to do so would not have a Material Adverse Effect, each Company
Party and each Subsidiary of the Company Parties have, or have rights to use, all Intellectual Property Rights they purport to
have or have rights to use, which, in the aggregate for all such Company Party and such Subsidiary, constitute all Intellectual
Property Rights necessary or required for use in connection with the businesses of the Company Parties and their Subsidiary as
presently conducted. No Company Party and no Subsidiary of any Company Party has received a notice (written or otherwise) that
any of the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be
abandoned, within two (2)  years from the date of this Agreement, and, to the knowledge
of each Company Party and its Subsidiaries, no event has occurred that permits, or would permit after notice or passage of time
or both, the revocation, suspension or termination of such rights. No Company Party and no Subsidiary of any Company Party has
received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim,
nor has such a claim been threatened or could reasonably be expected to be made, and no Company Party and no Subsidiary of any
Company Party otherwise has any knowledge that any slogan or other advertising device, product, process, method, substance or
other Intellectual Property or goods or services bearing or using any Intellectual Property Right presently contemplated to be
sold by or employed by Intellectual Property Right of any Company Party or any Subsidiary of any Company Party violate or infringe
upon the rights of any Person, except as could not reasonably be expected to have a Material Adverse Effect. To the knowledge
of each Company Party and its Subsidiaries, all such Intellectual Property Rights are enforceable and there is no existing infringement
by another Person of any of the Intellectual Property Rights. Each Company Party and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do
so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of such Closing Date
, no Company Party and no Subsidiary of any Company Party has any Intellectual Property Right registered, or subject to pending
applications, in the United States Patent and Trademark Office or any similar office or agency in the United States, any State
thereof, any political subdivision thereof or in any other country, other than those set forth on the Disclosure Certificate,
or has granted any licenses with respect thereto other than as set forth on the Disclosure Certificate. The Disclosure Certificate
also sets forth all Contractual Obligations or other arrangements of any Company Party or any Subsidiary of any Company Party
as in effect on the date hereof pursuant to which such Company Party or such Subsidiary has a license or other right to use any
Intellectual Property owned by another Person and the dates of the expiration of such Contractual Obligations or other arrangements
(collectively, together with such Contractual Obligations or other arrangements as may be entered into by any Company Party or
any Subsidiary of any Company Party after the date hereof, the “License Agreements”). As of the date hereof,
all material License Agreements and related rights are in full force and effect, no default or event of default exists with respect
thereto in respect of the obligations of licensor or with respect to any royalty or other payment obligations of any Company Party
or any Subsidiary of any Company Party or any obligation of any Company Party or any Subsidiary of any Company Party with respect
to manufacturing standards, quality control or specifications and each such Company Party or such Subsidiary is in compliance
with the terms thereof in all material respects and no owner, licensor or other party thereto has sent any notice of termination
or its intention to terminate such license or rights.

 

(n) Transactions
with Related Parties. Except as set forth in the SEC Reports, no Company Party and no Subsidiary of any Company Party is
a party to any Contractual Obligation or other transaction with any Related Party that is not a Company Party or Subsidiary
of a Company Party, including (a) Investments by any Company Party or any Subsidiary thereof in any such other Related Party
or Indebtedness owing by or to any such other Related Party and (b) transfers, sales, leases, assignments or other
acquisitions or dispositions of any asset, in each case except for (x) transactions in the ordinary course of business on a
basis no less favorable to the Company Parties and their Subsidiaries as would be obtained in a comparable arm’s length
transaction with a Person not a Related Party and (y) salaries and other director or employee or other staff compensation,
including expense reimbursements and employee benefits, of the Company Parties and their Subsidiaries.

 

(o) Sarbanes-Oxley;
Internal Accounting Controls. The Company and its Subsidiaries are in compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all related Regulations. The Company
Parties and their Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii)  access to assets is permitted only in accordance with
management’s general or specific authorization and (iv)  the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences. The Company and its Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and its Subsidiaries and designed such disclosure controls and
procedures to ensure that information required to be disclosed in the reports the Company is required to file or submit under
the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and
procedures of the Company and its Subsidiaries as of the end of the period covered by the most recently filed periodic report
under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the
disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there
have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) that have
materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the
Company and its Subsidiaries.

 

    		20	 

     

    

 

(p) 
Certain Fees. No brokerage or finder’s fees or commissions or similar fees are or will be payable by any Company
Party or any Subsidiary of any Company Party to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. No Purchaser shall have
any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type
contemplated in this Section 3.1(p) that may be due in connection with the transactions contemplated by the Transaction
Documents.

 

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

 

(r) 
Investment Company. No Company Party and no Subsidiary of any Company Party is, or is an Affiliate of (and, immediately
after receipt of payment for the Securities and before and after giving effect to the use of the proceeds thereof, none will be
or be an Affiliate of), an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
Each Company Party and each Subsidiary of any Company Party shall conduct its business in a manner so that it will not become an
“investment company” subject to registration under the Investment Company Act of 1940, as amended.

 

(s) 
Registration Rights. No Person has any right to cause any Company Party or any Subsidiary of any Company Party to
effect the registration under the Securities Act of any securities of any Company Party or any Subsidiary of any Company Party.

 

(t) 
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from any
Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with
the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in
the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Company has submitted,
or will submit, as applicable, the Listing of Additional Shares Notification Form with the Nasdaq Capital Market with respect to
the offering of the Securities. In this regard, the Company represents that the issuance of the Commitment Shares, Conversion Shares
and the Preferred Conversion Shares would not exceed the maximum number of shares of Common Stock that may be issued under the
Listing Rules of the Nasdaq Stock Market LLC without obtaining stockholder approval.

 

(u) 
Application of Takeover Protections. The Company and the Board of Directors (or equivalent body) have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any
distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Articles of Incorporation
(or similar charter documents) or the laws of its state of incorporation that is or could become applicable as a result of the
Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including as
a result of the Company’s issuance of the Securities and the ownership of the Securities by any Purchaser or any Affiliate
of any Purchaser.

 

(v) 
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, each Company Party confirms that none of the Company Parties, their Affiliates, or agents or counsel or any other Person
acting on behalf of the foregoing has provided any Purchaser, any Purchaser Party or their agents or counsel with any information
that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that each
Purchaser will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosures
furnished by or on behalf of any Company Party or any Affiliate thereof to any Purchaser regarding the Company Parties and their
Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Certificate, are
true and correct and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press releases
disseminated by the Company Parties during the twelve months preceding the date of this Agreement taken as a whole do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made and when made, not misleading. Each Company
Party acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3.2.

 

    		21	 

     

    

 

(w) 
No Integrated Offering. Assuming the accuracy of each Purchaser’s representations and warranties set forth
in Section 3.2, no Company Party, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities
Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(x) 
No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any
of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only
to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(y) 
Foreign Corrupt Practices. No Company Party and no Related Party of any Company Party, has done any of the following,
directly or indirectly (including through agents, contractors, trustees, representatives and advisors): (i) made contributions
or payments of, or reimbursement for, gifts, entertainment or other expenses, in each case that could reasonably be viewed as unlawful
under U.S. or other Regulations related to foreign or domestic political activity or (ii) made payments to U.S. or other officials,
judges, employees or other staff members of any Governmental Authority or other Persons viewed as government officials under any
Regulation or to any foreign or domestic political parties, elected or union officials or campaigns in order to obtain, retain
or direct business or obtain any improper advantage, and no part of the proceeds of the Notes will be used, directly or indirectly,
to fund any such payment; (iii) failed to disclose fully any contribution or other payment made by any Company Party or any Subsidiary
of any Company Party (or made by any person acting on the behalf of any of the foregoing) which could reasonably be viewed as in
violation of U.S. or other Regulations; or (iv) any other activity in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended, or any other Regulation sanctioning or purporting to sanction bribery, corruption and other improper payments.

 

(z) Accountants.
The Company’s accounting firm is WithumSmith+Brown, PC. To the knowledge and belief of the Company, such accounting
firm is a registered public accounting firm as required by the Exchange Act.

 

(aa) No
Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably
anticipated by any Company Party to arise, between the Company and the accountants and lawyers formerly or presently employed
by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the
Company’s ability to perform any of its obligations under any of the Transaction Documents.

 

(bb) Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each Purchaser is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the
Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and
any advice given by any Purchaser, Purchaser Party or any of their respective representatives or agents in connection with
the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of
the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this
Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its representatives.

 

    		22	 

     

    

 

(cc) Regulation
M Compliance. The Company has not, and to its knowledge no Company Party, Subsidiary of any Company Party or no one
acting on any of their behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the
Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or
(iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the
Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in
connection with the placement of the Securities.

 

(dd) Stock
Option Plans. The Company has not knowingly granted, and there is no and has been no Company policy or practice to
knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or
other public announcement of material information regarding the Company or its Subsidiaries or their financial results or
prospects.

 

(ee) Sanctions.
No Company Party and no Related Party of any Company Party, directly or indirectly (including through agents, contractors,
trustees, representatives or advisors) (a) is in violation of any Sanctions Law or engages in, or conspire or attempts to
engage in, any transaction evading or avoiding any prohibition in any Sanction Law, (b) is a Sanctioned Person or derive
revenues from investments in, or transactions with Sanctioned Persons, (c) has any assets located in Sanctioned Jurisdictions
or (d) deals in, or otherwise engages in any transactions relating to, any property or interest in property blocked pursuant
to any Regulation administered or enforced by the U.S. Office of Foreign Assets Control (“OFAC”). The
Borrower will not use, directly or indirectly, any part of the proceeds of any Note hereunder to fund, and none of the
Borrower or its Related Parties, either directly or indirectly (including through agents, contractors, trustees,
representatives or advisors), are engaged in any operations involving, the financing of any investments or activities in, or
any payments to, a Sanctioned Person.

 

(ff) 
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon any Purchaser’s
request.

 

(gg) 
Bank Holding Company Act and Other Limiting Regulations. No Company Party and no Affiliate of any Company Party is
subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors
of the Federal Reserve System (the “Federal Reserve”). No Company Party and no Subsidiary or Affiliate of any
Company Party owns or controls, directly or indirectly, individually or in the aggregate, five percent (5%) or more of the outstanding
shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject
to the BHCA and to regulation by the Federal Reserve. No Company Party and no Subsidiary or Affiliate of any Company Party, either
individually or in the aggregate, directly or indirectly, exercise or has the ability to exercise a controlling influence over
the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. The Company
is not an “investment company” and is not a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940. The Company is not subject to regulation under the Public Utility Holding
Company Act of 2005, the Federal Power Act, the Interstate Commerce Act or the Investment Company Act of 1940 or to any Regulation
or Permit limiting the Company’s ability to incur indebtedness for borrowed money.

 

(hh)  Promotional
Stock Activities. No Company Party, no Subsidiary of any Company Party and none of their officers, directors, managers,
affiliates or agents have engaged in any stock promotional activity that could give rise to a complaint, inquiry, or trading
suspension by the Securities and Exchange Commission alleging (i)  a violation of
the anti-fraud provisions of the federal securities laws, (ii) violations of the anti-touting provisions, (iii)  improper
“gun-jumping; or (iv) promotion without proper disclosure of compensation.

 

(ii)  Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in
a Material Adverse Effect, the Company Parties (i) have made or filed all United States federal, state and local income and
all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) have paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to
be due on such returns, reports and declarations and (iii)  have set aside on their
respective books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to
which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Company Parties know of no basis for any such claim.

 

    		23	 

     

    

 

(jj) Seniority. As of such Closing Date, except for the Indebtedness set forth on the Disclosure Certificate and Indebtedness
having an outstanding principal amount as of the applicable Closing Date not exceeding $50,000, no Indebtedness or other claim
against any Company Party is senior in right of payment to the Notes or the obligations due thereunder or their guaranties, whether
with respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security
interests (which is senior only as to underlying assets covered thereby) and capital lease obligations (which is senior only as
to the property covered thereby)

 

(kk) Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Section 3.2(f) or Section 4.12), it is understood and acknowledged by the Company that: (i) the Purchaser
has not been asked by the Company to agree, nor has the Purchaser agreed, to desist from purchasing or selling Securities of the
Company or from entering into Short Sales or Derivatives based on securities issued by the Company or to hold the Securities for
any specified term, (ii) past or future open market or other transactions by the Purchaser, specifically including Short Sales
or Derivatives , before or after any Closing or the closing of any future private placement transactions, may negatively impact
the market price of the Company’s publicly-traded securities, (iii) the Purchaser, and counter-parties in Derivatives to
which the Purchaser is a party, directly or indirectly, may presently have a “short” position in the shares of Common
Stock and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any Derivative. The Company further understands and acknowledges that (y) the Purchaser may engage in hedging activities at
various times during the period that the Securities are outstanding, including, during the periods that the value of the Commitment
Shares, the Conversion Shares or the Preferred Conversion Shares deliverable with respect to Securities are being determined,
and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company
at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging
activities and Derivatives do not constitute a breach of any of the Transaction Documents.

 

(ll) 
AML/CTF Regulations. The operations of the Company Parties and their Subsidiaries are and have been conducted at
all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970 and other applicable money laundering and counter-terrorism financing Regulations (collectively, the “AML/CTF
Regulations”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving any Company Party or any Subsidiary of any Company Party with respect to any AML/CTF Regulation is pending
or, to the knowledge of any Company Party or any such Subsidiary, threatened.

 

(mm) 
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506(b)
of Regulation D promulgated under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any
director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of twenty
percent (20%) or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor
any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time
of sale (each, an “Issuer Covered Person”) is subject to any of the "Bad Actor" disqualifications
described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) of Regulation D promulgated under the Securities Act. The
Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The
Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) of Regulation D promulgated under
the Securities Act, and has furnished to the Purchaser a copy of any disclosures provided thereunder.

 

(nn) 
Other Covered Persons. To the knowledge of the Company there is no Person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of the Purchaser in connection with the sale
of any Securities.

 

(oo) 
Notice of Disqualification Events. The Company will notify the Purchaser in writing, prior to such Closing Date,
of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time,
become a Disqualification Event relating to any Issuer Covered Person.

 

    		24	 

     

    

 

(pp) 
Payments of Cash. Except as disclosed on the Disclosure Certificate, neither the Company, its officers, or any Affiliates
or agents of the Company have withdrawn or paid cash (not including a check or other similar negotiable instrument) to any vendor
in an aggregate amount that exceeds Five Thousand Dollars ($5,000) for any purpose.

 

(qq) 
Subsidiary Rights. Each Company Party has the unrestricted right to vote, and (subject to limitations imposed by
applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by any Company Party
or any Subsidiary of any Company Party.

 

(rr) 
Shell Company Status. The Company has never been, and is not presently, an issuer identified as a “Shell Company”.

 

(ss) 
Full Disclosure. No representation or warranty by any Company Party in any Transaction Document and no statement
contained in the Disclosure Certificate to this Agreement or any certificate or other document furnished or to be furnished to
any Purchaser or any Purchaser Party or their attorneys or advisors pursuant to any Transaction Document contains any untrue statement
of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances
in which they are made, not misleading.

 

3.2 Representations and Warranties of
Each Purchaser. Each Purchaser, severally and not jointly, for itself and for no other Purchaser, hereby represents and warrants
as of the date hereof and as of each Closing Date to the Company as follows (unless as of a specific date therein in which case
they shall be accurate as of such date):

 

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

 

(b) 
Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not
been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for
its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the
Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation
of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any
other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable
state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities in compliance
with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course
of its business.

 

(c) 
Purchaser Status. At the time such Purchaser was offered or otherwise purchased or acquired the Securities, it was,
and as of the date hereof it is, and on each date on which it converts the Notes it will be an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

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

 

    		25	 

     

    

 

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

 

(f) 
2019 Kingsbrook Note. Kingsbrook owns the 2019 Kingsbrook Note free and clear of any liens and has the requisite
power and authority to enter into and perform its obligations under this Agreement and to transfer the 2019 Kingsbrook Note to
the Company in accordance herewith.

 

(g)  Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not
directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, if such Purchaser is a multi-managed investment vehicle (whereby separate portfolio managers manage separate portions
of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets), the representation set forth above in this clause (f) shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has maintained the
confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

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

 

ARTICLE IVOTHER
AGREEMENTS OF THE PARTIES

 

4.1 Transfer Restrictions.

 

(a) 
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer
of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser
or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide
to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, at the Company’s
sole expense in the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any
such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of
a Purchaser under this Agreement.

 

(b) 
Each Purchaser agrees, severally but not jointly, to the imprinting, for as long as is required by this Section 4.1,
of a legend on all of the Securities in the following form:

 

[NEITHER] THIS SECURITY [NOR THE SECURITIES
INTO WHICH THIS SECURITY IS [CONVERTIBLE][EXERCISABLE]] HAS NOT [HAVE] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
[AND THE SECURITIES ISSUABLE UPON [CONVERSION] [EXERCISE] OF THIS SECURITY]] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

    		26	 

     

    

 

The Company acknowledges and agrees that
each Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a
security interest in some or all of its Securities to a financial institution that is an “accredited investor” as defined
in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the
terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a
pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured
party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the Company’s
expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities.

 

(c)  Certificates
evidencing the Commitment Shares, Conversion Shares or the Preferred Conversion Shares shall not contain any legend (including
the legend set forth in Section 4.1(b)): (i) following any sale of such Commitment Shares, Conversion Shares or Preferred
Conversion Shares pursuant to Rule 144, (ii) if such Commitment Shares, Conversion Shares or Preferred Conversion Shares are eligible
for sale under Rule 144 or (iii) if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall, upon request of the Purchaser
and at the Company’s sole expense, cause its counsel (or at the Purchaser’s option exercised in its sole discretion,
counsel selected by the Purchaser) to issue a legal opinion to the Transfer Agent promptly after any of the events described in
(i) through(iii) in the preceding sentence if required by the Transfer Agent to effect the removal of the legend from any certificate
(with a copy to the Purchaser and its broker). If all or any portion of any Note or any shares of Series A Preferred Stock are
converted, as applicable, at a time when such Conversion Shares or Preferred Conversion Shares may be sold under Rule 144 or if
such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission) then such Conversion Shares or Preferred Conversion Shares shall be
issued free of all legends. The Company agrees that following such time as such legend is no longer required under this Section
4.1(c), it will, no later than two (2) Trading Days following the delivery by the Purchaser to the Company or the Transfer
Agent of a certificate representing Commitment Shares, Conversion Shares or Preferred Conversion Shares, as applicable, issued
with a restrictive legend (such second (2nd) Trading Day, the “Legend Removal Date”), instruct the Transfer
Agent to deliver or cause to be delivered to the Purchaser a certificate representing such shares that is free from all restrictive
and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge
the restrictions on transfer set forth in this Section 4.14.1. Certificates for the Commitment Shares, Conversion Shares
or the Preferred Conversion Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser
by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by the Purchaser.

 

(d) 
In addition to such Purchaser’s other available remedies, the Company shall pay to such Purchaser, in cash, as partial
liquidated damages and not as a penalty, $1,000 per Trading Day for each Trading Day after the Legend Removal Date of such Securities
of such Purchaser until such certificate is delivered without a legend. Nothing herein shall limit such Purchaser’s right
to pursue actual damages for the Company’s failure to deliver certificates representing any Securities as required by the
Transaction Documents, and each Purchaser shall have, severally and not jointly, the right to pursue all remedies available to
it at law or in equity including a decree of specific performance and/or injunctive relief.

 

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4.2 Acknowledgment of Dilution. The Company
acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock, which
dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the
Transaction Documents, including its obligation to issue the Conversion Shares pursuant to the Transaction Documents, are
unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the
effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect
that such issuance may have on the ownership of the other stockholders of the Company.

 

4.3 Furnishing
of Information; Public Information.

 

(a) 
The Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act
and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to
be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

(b) 
At any time during the period commencing from the six (6)-month anniversary of the date hereof and ending at such time
that all of the Securities have been sold or may be sold without the requirement for the Company to be in compliance with Rule
144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy
the current public information requirement under Rule 144(c) (a “Public Information Failure”) then, in addition
to any Purchaser’s other available remedies, the Company shall pay to each Purchaser, in cash, as partial liquidated damages
and not as a penalty, by reason of any such delay in or reduction of its ability to sell its Securities, an amount in cash equal
to two percent (2.0%) of the aggregate Subscription Amount of such Purchaser’s Securities on the day of a Public Information
Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the
earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required
for such Purchaser to transfer the Commitment Shares, Conversion Shares, or the Preferred Conversion Shares pursuant to Rule 144. 
The payments to which such Purchaser shall be entitled pursuant to this Section 4.3(b) are referred to herein as “Public
Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day
of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd)
Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company
fails to make Public Information Failure Payments when required by the preceding sentence, such Public Information Failure Payments
shall bear interest at the rate of 2.0% per month (accruing and due daily and prorated for partial months) until paid in full.
Nothing herein shall limit each Purchaser’s right to pursue actual damages for the Public Information Failure, and each
Purchaser shall have the right to pursue all remedies available to it at law or in equity including a decree of specific performance
and/or injunctive relief and recovery of loss profits.

 

4.4 Integration. The Company shall
not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of
the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration
under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for
purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing
of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.5 Conversion Procedures. The form
of Notice of Conversion included in any Note or attached to the Certificate of Designations, as applicable, sets forth the totality
of the procedures required of the applicable Purchaser in order to convert such Note or such shares of Series A Preferred Stock.
Without limiting the preceding sentences, no ink-original Notice of Conversion shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Conversion form be required in order to convert the Notes or the
shares of Series A Preferred Stock. No additional legal opinion, other information or Notice of Conversion instructions shall be
required of the Purchaser to convert such Note or such shares of Series A Preferred Stock. The Company shall honor conversions
of any Note or shares of Series A Preferred Stock, and shall deliver Conversion Shares or Preferred Conversion Shares, respectively,
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.6 Shareholder Rights Plan. No
claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an
“acquiring person” (or similar or equivalent term) under any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and any Purchaser.

 

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4.7 Material Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company
Party covenants and agrees that neither it, nor any of its Affiliates, nor any other Person acting on its behalf, will provide
any Purchaser, any Purchaser Party or their respective agents or counsel with any information that any Company Party believes constitutes
material non-public information, unless prior thereto such information is disclosed to the public, or such Purchaser shall have
entered into a written agreement with the Company regarding the confidentiality and use of such information. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.8 Use of Proceeds.
The Company Parties shall use the net proceeds as set forth in the Disclosure Certificate.

 

4.9 Indemnification of Each Purchaser
Party. Each Company Party shall, jointly and severally, indemnify against, and hold harmless from, each Purchaser, the Collateral
Agent, the Purchaser Agent, their Related Parties, each Person who controls any of them (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act), and their agents, contractors, trustees, representatives and advisors (each,
a “Purchaser Party”) any and all Losses that any Purchaser Party may suffer or incur as a result of or relating
to (a) the administration, performance or enforcement by the Purchasers of any of the Transaction Documents or consummation of
any transaction described therein, (b) the existence of, perfection of, a Lien upon or the sale or collection of, or any other
damage, Loss, failure to return or other realization upon any collateral, (c) the failure of any Company Party or any of their
Related Parties (whether directly or through their agents, contractors, trustees, representatives and advisors) to observe, perform
or discharge any of the covenants or duties under any of the Transaction Documents, (d) any Proceeding, whether or not any Purchaser
Party is a party thereto (including Proceedings instituted by any Governmental Authority or any holder of any equity interest
in, or other direct or indirect investor in, the Company who is not an Affiliate of such Purchaser Party) with respect to any
of the Transaction Documents or the transactions contemplated therein. Additionally, if any Taxes (excluding Taxes imposed upon
or measured solely by the net income of the recipient of any payment made under any Transaction Document, but including any intangibles
tax, stamp tax, recording tax or franchise tax) shall be imposed on any Company Party or Purchaser Party, whether or not lawfully
payable, on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of
the other Transaction Documents, or the creation or repayment of any of obligations hereunder, by reason of any applicable Regulations
now or hereafter in effect, each Company shall, jointly and severally, pay (or shall promptly reimburse such Purchaser Party for
the payment of) all such Taxes, including any interest, penalties, expenses and other Losses with respect thereto), and will indemnify
and hold the Purchaser Parties harmless from and against all Losses arising therefrom or in connection therewith. The foregoing
indemnities shall not apply to Losses incurred by any Purchaser Party as a result of its own gross negligence or willful misconduct
as determined by a final non-appealable order of a court of competent jurisdiction. Notwithstanding anything to the contrary
in any Transaction Document, the obligations of the Company Parties with respect to each indemnity given by them in this Agreement
or any of the other Transaction Documents in favor of the Purchaser Parties shall survive the payment in full of the Notes and
the termination of this Agreement. The indemnification required by this Section 4.9 shall be made by periodic payments
of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnification
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against any Company Party
or others and any liabilities any Company Party may be subject to pursuant to any Regulation.

  

4.10 Reservation
and Listing of Securities.

 

(a) 
The Company shall maintain a reserve equal to 5,721,622 shares from its duly authorized shares of Common Stock for issuance
pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction
Documents. Upon a reverse stock split or increase in the authorized Common Stock of the Company, the Company will immediately instruct
the Transfer Agent to reserve at least two and one-half times (2.5x) the full number of Conversion Shares issuable pursuant to
all of the Notes at the Fixed Conversion Price after giving effect to such stock split or increase. This reserve amount shall be
updated monthly.

 

    		29	 

     

    

 

(b) 
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than 100%
of the Required Minimum on such date, then the Board of Directors shall amend the Company’s Articles of Incorporation (or
equivalent governing document) to increase the number of authorized but unissued shares of Common Stock to 100% of the Required
Minimum at such time, as soon as possible and in any event not later than the 60th
day after such date.

 

(c) 
The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file
with such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to
the Required Minimum on the date of such application; (ii) take all steps necessary to cause such shares of Common Stock to be
approved for listing or quotation on such Trading Market as soon as possible thereafter; (iii) provide to each Purchaser evidence
of such listing or quotation; and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the
Required Minimum on such date on such Trading Market or another Trading Market.

 

4.11 Subsequent
Equity Sales.

 

(a) 
For so long as any Note or the shares of Series A Preferred Stock remain outstanding, except as provided in any Note, no
Company Party shall effect or enter into an agreement to effect any issuance by any Company Party or any Subsidiary of any Company
Party of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable
Rate Transaction” means a transaction in which a Person (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive, additional shares of common stock (including Common Stock)
either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading
prices of or quotations for the shares of common stock at any time after the initial issuance of such debt or equity securities
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance
of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of such Person or the market for the common stock or (ii) enters into any agreement, including an equity line of credit,
whereby such Person may issue securities at a future determined price.

 

(b) 
For as long as any Note or the shares of Series A Preferred Stock remain outstanding, no Company Party, no Related Party
of any Company Party will, directly or indirectly (including through agents, contractors, trustees, representatives or advisors):
(a) solicit, initiate, encourage or accept any other inquiries, proposals or offers from any Person relating to any exchange (i)
of any security of any Company Party for any other security of any Company Party, except to the extent consummated pursuant to
the terms of Common Share Equivalents of the Company as in effect as of the date hereof and disclosed in filings with the Commission
prior to the date hereof (without giving effect to any amendment, modification, change or waiver of any terms thereof occurring
on or after the date hereof or not disclosed in a filing by the Company with the Commission prior to the date hereof) or (ii)
of any indebtedness or other securities of, or claim against, any Company Party pursuant to a registration statement files with
the Commission or relying on any exemption under the Securities Act (including Section 3(a)(10) of the Securities Act (any such
transaction described in clauses (i) or (ii), an “Exchange Transaction”); (b) enter into, effect, alter, amend,
announce or recommend to its stockholders any Exchange Transaction with any Person; or (c) participate in any discussions, conversations,
negotiations or other communications with any Person regarding any Exchange Transaction, or furnish to any Person any information
with respect to any Exchange Transaction, or otherwise cooperate in any way, assist or participate in, facilitate or encourage,
any effort or attempt by any Person to seek an Exchange Transaction involving any Company Party. For as long as any Note remains
outstanding, no Company Party and no Related Party of any Company Party, will, either directly or indirectly (including through
agents, contractors, trustees, representatives or advisors), cooperate in any way, assist or participate in, facilitate or encourage
any effort or attempt by any Person to effect any acquisition of securities or indebtedness of, or claim against, the Company
by such Person from an existing holder of such securities, indebtedness or claim in connection with a proposed exchange of such
securities or indebtedness of, or claim against, the Company (whether pursuant to Section 3(a)(9) or 3(a)(10) of the Securities
Act or otherwise) (a “Third Party Exchange Transfer”). The Company Parties and each of their Related Parties
shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and other communications
with any Persons with respect to any of the foregoing. For all purposes of this Agreement, violations of the restrictions set
forth in this Section 4.11 by any Company Party, or any Subsidiary or Affiliate of any Company Party, or any officer, employee,
director, agent or other representative of any Company Party or any Subsidiary or Affiliates of any Company Party shall be deemed
a direct breach of this Section 4.11 by the Company.

 

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(c)  Except
as specifically provided in this Section 4.11, during the period commencing on the Original Issue Date (as defined in
the Note) through the Second Closing Date, or if there be no Second Closing Date, ninety (90) days from the Original Issue
Date, no Company Party shall, directly or indirectly, issue, offer, sell, grant any option or right to purchase, or otherwise
dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any
equity security or any equity-linked or related security (including any “equity security” (as that term is
defined under Rule 405 promulgated under the Securities Act), any Common Shares or Common Share Equivalents, any debt
securities, any preferred stock or any purchase rights) or otherwise amend, modify, waiver or alter any terms of conditions
of any Common Share Equivalents outstanding as of the date hereof to decrease the exercise, conversion and/or exchange price,
as applicable, thereunder or otherwise increase the aggregate number of Common Shares issuable in connection therewith.
Notwithstanding the foregoing, provided, that the Company is in material compliance with the provisions of this
Agreement and all the other Transaction Documents, the Company, subject to obtaining approval by Board of Directors, of each
such issuance, including, without limitation, the specified use of proceeds, may issue up to an aggregate of $300,000 of
principal amount, unsecured debt that is subordinated in a manner satisfactory to the Purchasers, to cover the
Company’s extension expenses.

 

(d) 
Each Purchaser shall, severally and not jointly, be entitled to obtain injunctive relief against any Company Party to preclude
any such issuance, which remedy shall be in addition to any right to collect damages. Notwithstanding the foregoing, this Section
4.11 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

 

(e) 
For so long as any Note or the shares of Series A Preferred Stock remain outstanding, if the Company has, on or prior to
the date of this Agreement, entered into, or shall in the future enter into, any agreement with any purchaser or holder of any
securities of the Company, by providing such purchaser or holder with any terms that are more favorable than the rights made available
to the Purchasers pursuant any terms set out in the Transaction Documents in issue as of the date hereof, the Company shall promptly
notify the Purchasers of such terms in writing and Purchasers shall have the right to elect in writing within thirty (30) days
of the receipt of such notice to elect to have such terms apply to such Transaction Documents.

 

4.12 Certain Transactions;
Obligations of the Company.

 

(a)  Each
Purchaser, severally and not jointly, covenants and agrees that neither it, nor any of its Affiliates acting on its behalf or
pursuant to any understanding with it, will execute (i) any Short Sales of the Common Stock or (ii) any hedging transaction
that establishes a net short position with respect to the Company’s Common Stock, in each case during the period
commencing with the execution of this Agreement and ending on the earlier of the earliest “Maturity Date” of such
Purchaser’s Notes (under and as defined in such Notes) or the full repayment or conversion of all of such
Purchaser’s Notes; provided, that this provision shall not prohibit any sales made where a corresponding Notice
of Conversion is tendered to the Company and the shares received upon such conversion are used to close out such sale (a
“Prohibited Short Sale”); provided, further, that this provision shall not operate to restrict any
Purchaser’s trading under any prior securities purchase agreement containing contractual rights that explicitly
protects such trading in respect of the previously issued securities.

 

(b) 
The Company shall timely file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act and the Company shall meet the current
public information requirements of Rule 144(c) under the Securities Act as of the end of the period in question.

 

(c) 
The Company’s shares of Common Stock must be eligible for the “Deposit and Withdrawal at Custodian” (DWAC)
service of the Deposit Trust Corporation and not subject to any restriction or limitation imposed by or on behalf of the Deposit
Trust Corporation on any of its services or any other restriction or limitation on the use of the services provided by the Deposit
Trust Corporation (DTC chill).

 

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(d)  The Commitment
Shares, the Conversion Shares, and the Preferred Conversion Shares, as applicable, shall be deemed “freely tradeable”
shares (for the purposes of this Section 4.12(d), if such shares are eligible for resale pursuant to (i) Rule 144 (provided
the Company is compliant with its current public information requirements) promulgated by the Commission pursuant to the Securities
Act or such shares are the subject of a then effective registration statement or (ii) an effective “shelf” or resale
registration statement under the Securities Act, in customary form, is effective under the Securities Act, registering the resale
of such Commitment Shares, Conversion Shares or Preferred Conversion Shares by such security holder and names such holder as a
selling security holder thereunder, and such registration statement is reasonably acceptable such holder).

 

(e) 
The shares of Common Stock are trading on any Trading Market (subject to any volume restrictions set forth in the Notes)
and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on any Trading Market (and
the Company believes, in good faith, that trading of the shares of Common Stock on any Trading Market will continue uninterrupted
for the foreseeable future).

 

(f) 
There has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction
(as each such term is defined in the Notes) that has not been consummated.

 

(g) 
The Purchaser is not in possession of any information provided by the Company, any of its Subsidiaries, or any of their
officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information.

 

4.13 Right
of First Refusal.

 

(a) 
For so long as any of the Notes or the shares of Series A Preferred Stock remain outstanding, upon any issuance by the Company
of Common Stock, Common Stock Equivalents or other Indebtedness or other Securities, whether for cash consideration or a combination
of units thereof, resulting in gross proceeds to the Company in excess of $3,000,000 (a “Subsequent Financing”),
each Purchaser shall have the right to participate up to its Pro Rata Portion (measured against all Purchasers) of a percentage
of such Subsequent Financing equal to, in the aggregate for all Purchasers, 50%, in case of a registered offering, and 50% in case
of any other offering (the “Participation Maximum”) (provided, however, in no event shall the
Participation Maximum exceed the sum of the Principal Amount of the Notes and the Stated Value of the Shares of Preferred Stock)
on the same terms, conditions and price provided for in the Subsequent Financing. To be free from doubt, if a Subsequent Financing
involves an equity line of credit, which has been approved by Dominion, then, in such event, Kingbrook shall not be entitled to
participate under this Section 4.13.

 

(b) 
At least three (3) Trading Days (six (6) hours in case of a Subsequent Financing structured as a public offering or as an
‘overnight’ deal or other similar transaction) prior to the closing of a Subsequent Financing, the Company shall deliver
to each Purchaser of the Senior Secured Convertible Promissory Notes a written notice of its intention to effect a Subsequent Financing
(“Pre-Notice”), which Pre-Notice shall ask such Purchaser if it wants to review the details of such financing
(each additional notice containing such details, a “Subsequent Financing Notice”). Upon the request of any Purchaser
for a Subsequent Financing Notice, and only upon such a request, the Company shall promptly, but no later than one (1) Trading
Day after such request, deliver a Subsequent Financing Notice to such Purchaser. The Subsequent Financing Notice shall describe
in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and
the Persons through or with whom such Subsequent Financing is proposed to be effected, the Pro Rata Portion (as defined below)
of the Participation Maximum of such Purchaser, an inquiry as to whether such Purchaser is willing to participate above their Pro
Rata Portion (and what is the maximum amount such Purchaser is willing to commit), and shall include a term sheet or similar document
relating thereto as an attachment.

 

(c)  If
any such Purchaser desires to participate in such Subsequent Financing, such Purchaser must provide written notice to the
Company within one (1) Trading Day of receipt of the Subsequent Financing Notice (six (6) hours in case of a Subsequent
Financing structured as a public offering or as an ‘overnight’ deal or other similar transaction) that such
Purchaser is willing to participate in the Subsequent Financing, the maximum amount for which such Purchaser would be willing
to participate if it is allocated to it (up to the Participation Maximum), and representing and warranting that the Purchaser
has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice.

 

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(d) 
At first, each such Purchaser shall first have the right to purchase its Pro Rata Portion (measured against all Purchasers)
of the Participation Maximum. If some Purchasers have declined to participate in such Subsequent Financing, and some portion of
the Participation Maximum remains unallocated, each Purchaser having agreed to participate above its current allocation shall be
allocated its Pro Rata Portion (measured against all Purchaser having so agreed) of the next dollar – and so on and so forth
until the Participation Maximum shall be fully allocated or all Purchasers shall have been given their desired allocation in full.

 

(e) 
The transaction documents related to any Subsequent Financing applicable to any Purchaser participating in such Subsequent
Financing shall not include any term or provision whereby such Purchaser shall be required to agree to any restrictions on trading
as to any of the Securities purchased hereunder. In addition, the transaction documents related to the Subsequent Financing shall
not include any requirement to consent to any amendment to or termination of, or grant any waiver, release or other modification
or the like under or in connection with, this Agreement, without the prior written consent of the number of Purchasers required
hereunder to consent to this amendment, termination, waiver, consent, release or other modification.

 

(f) 
Notwithstanding anything to the contrary in this Section 4.13 and unless otherwise agreed to by the applicable Purchaser,
the Company shall either confirm in writing to each Purchaser that the transaction with respect to the Subsequent Financing has
been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in
such a manner such that each Purchaser will not be in possession of any material, non-public information, by the fifth (5h)
Trading Day following delivery of the Subsequent Financing Notice. If by such fifth (5th)
Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice
regarding the abandonment of such transaction has been received by the Purchaser, such transaction shall be deemed to have been
abandoned and the Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the
Company or any of its Subsidiaries.

 

(g) 
Notwithstanding the foregoing, this Section 4.13 shall not apply to an Exempt Issuance or any issuance of “Permitted
Indebtedness” (as defined under any of the Notes).

 

4.14 Securities
Laws Disclosure; Publicity.

 

(a) 
8-K Filing. The Company shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act in connection with the transactions contemplated by the
Transaction Documents. The Company represents to each Purchaser that, from and after the issuance of such Current Report on Form
8-K, it shall have publicly disclosed all material, non-public information delivered to any Purchaser or their Related Parties
(including to their agents, contractors, trustees, representatives and advisors) by any Company Party (including through agents,
contractors, trustees, representatives and advisors) in connection with the transactions contemplated by the Transaction Documents.

 

(b) 
Other Public Disclosures. The Company and the Purchasers shall consult with each other in issuing any other public
disclosure with respect to the transactions contemplated hereby, and none of the Company or any Purchaser shall issue any such
public disclosure nor otherwise make any such public statement without the prior consent of the Company, with respect to any press
release of any Purchaser, or without the prior consent of the Required Purchasers, with respect to any press release of the Company,
which consent shall not unreasonably be withheld or delayed, except if such disclosure is reasonably viewed as required by any
Regulation, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement
or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name, trademark, service mark, symbol,
logo (or any abbreviation, contraction or simulation thereof) of, or otherwise refer to, any Purchaser (including in any filing
with the Commission, regulatory agency or Trading Market, including the 8-K filing referenced above) without the prior consent
of the Purchaser (including in any press release, letterhead, public announcement or marketing material), except, and then only
after consulting with such Purchaser, to the extent required to do so under applicable Regulations (including as required in any
registration statement filed with the Commission). None of the Company Parties and their Affiliates shall represent that any Company
Party or any of its Affiliates, any product or service of the Company Parties or their Affiliates, or any know how or policy or
practice of the Company Parties or their Affiliates has been approved or endorsed by any Purchaser Party.

 

    		33	 

     

    

 

(c) 
Credit Report and Other Authorizations. Each Company Party authorizes the Purchaser Parties, their agents and representatives
and any credit reporting agency engaged by any Purchaser Party, to (i) investigate any references given or any other statements
or data obtained from or about the Company Parties for the purpose of the Transaction Documents, (ii) obtain consumer business
credit reports on the Company Parties, (iii) contact personal and business references provided by any Company Parties, at any time
now or for so long as any amounts remains unpaid under the Transaction Documents, and (iv) share information regarding the Company
Parties’ performance under this Agreement with affiliates and unaffiliated third parties.

 

(d) 
Credit Inquiries. Each Company Party hereby authorizes the Purchasers (but they shall have no obligation) to respond
to usual and customary credit inquiries from third parties concerning any Company Party.

 

4.15 Form D; Blue Sky Filings. The
Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof,
promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary
in order to obtain an exemption for the sale of the Securities, or to qualify the Securities for sale, to the Purchasers at such
Closing for the sale of such Securities under applicable securities or “Blue Sky” laws of the states of the United
States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.16 Waiver. The Purchaser hereby
waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from
that certain trust account which was established at JPMorgan Chase, N.A. (the “Trust Account”) established by
the Company in which the proceeds of the initial public offering (the “IPO”) (including without limitation the
overallotment securities) and the proceeds of the sale of the units issued in the private placement that occurred in connection
with the IPO, as described in the registration statement and prospectus filed in connection with the IPO, were deposited, and agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account or distributions therefrom
to the Company’s public stockholders for any reason whatsoever

 

4.17 Subordinated Note. Pursuant
to a separate agreement, the Target had agreed to pay Kingsbrook a fee of $150,000. This obligation is to be evidenced by a subordinated
note of the Company providing for, among other matters, interest accruing at the rate of 15% per annum and a maturity date of August
31, 2021. The Company and Kingsbrook covenant to enter into a mutually satisfactory instrument with the customary provisions within
five Business Days of the First Closing. The parties acknowledge and agree that neither the entering into or the carrying out the
terms of the subordinated note will trigger an Event of Default under any of the Transaction Documents.

 

ARTICLE V PURCHASER AGENT

 

5.1 Appointment. Each Purchaser
hereby irrevocably appoints Dominion, to act on its behalf as the Purchaser Agent hereunder and under the other Transaction Documents
and authorizes the Purchaser Agent to take such actions on its behalf and to exercise such powers as are delegated to the Purchaser
Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions
of this ARTICLE V are solely for the benefit of the Purchaser Agent and the Purchasers, and no Company Party will have any rights
as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Transaction Documents (or any other similar term) with reference to the Purchaser Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead,
such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between
contracting parties.

 

5.2 Rights as a Purchaser. The
Person serving as the Purchaser Agent hereunder has the same rights and powers in its capacity as an Initial Purchaser and
Purchaser as any other Initial Purchaser and Purchaser and may exercise the same as though it were not the Purchaser Agent,
and the terms “Initial Purchaser”, “Initial Purchasers,” “Purchaser” or
“Purchasers” will, unless otherwise expressly indicated or unless the context otherwise requires, include the
person serving as the Purchaser Agent hereunder in its individual capacity to the extent such Person is an Initial Purchaser
or, as the case may be, Purchaser. Such Person and its Affiliates may accept payments from, lend money to, own securities of,
and generally engage in any kind of business with, the Company, any Company Party or any other Subsidiaries or Affiliates of
the Company as if such Person were not the Purchaser Agent hereunder and without any duty to account therefor to the
Purchasers.

 

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5.3 Exculpatory
Provisions.

 

(a) 
The Purchaser Agent will not have any duties or obligations except those expressly set forth herein and in the other Transaction
Documents, and its duties hereunder are administrative in nature. Without limiting the generality of the foregoing, the Purchaser
Agent:

 

(i) 
will not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default under the Notes
has occurred and is continuing;

 

(ii) 
will not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Transaction Documents that the Purchaser Agent is required to exercise
as directed in writing by the Required Holders (or such other number or percentage of the Purchasers as will be expressly provided
for herein or in the other Transaction Documents); provided, that the Purchaser Agent will not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Purchaser Agent to liability or that is contrary to any Transaction
Document or any applicable statutes, rules, ordinances, regulations guidance documents, contract terms, and other requirements
of all applicable governmental authorities, including any action that may be in violation of the automatic stay under any bankruptcy
or insolvency; and

 

(iii) 
will not, except as expressly set forth herein and in the other Transaction Documents, have any duty to disclose, and will
not be liable for the failure to disclose, any information relating to the Companies or any of its Subsidiaries or Affiliates that
is communicated to or obtained by the Person serving as the Purchaser Agent or any of its Affiliates in any capacity.

 

(b) 
The Purchaser Agent will not be liable for any action taken or not taken by it (i) with the consent or at the request of
the Required Purchasers (or such other number or percentage of the Purchasers as will be necessary, or as the Purchaser Agent believes
in good faith will be necessary, under the circumstances), or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment. The Purchaser Agent will be deemed not
to have knowledge of any Event of Default unless and until notice describing such Event of Default is given to the Purchaser Agent
in writing by the Companies or a Purchaser.

 

(c)  The
Purchaser Agent will not be responsible for or have any duty to ascertain or inquire into (i)  any
statement, warranty or representation made in or in connection with this Agreement or any other Transaction Document, (ii)
the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Event of Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Transaction Document or any other agreement, instrument or document or (v) the satisfaction of
any condition set forth herein, other than to confirm receipt of items expressly required to be delivered to the Purchaser
Agent.

 

5.4 Reliance by Purchaser Agent.
The Purchaser Agent will be entitled to rely upon, and will not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.
The Purchaser Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and will not incur any liability for relying thereon. In determining compliance with any condition hereunder
that by its terms must be fulfilled to its satisfaction, the Purchaser Agent may make such determination in its sole discretion,
and in determining compliance with any condition hereunder that by its terms must be fulfilled to the satisfaction of a Purchaser,
the Purchaser Agent may presume that such condition is satisfactory to such Purchaser unless the Purchaser Agent has received
notice to the contrary from such Purchaser prior to the issuance of the Notes. The Purchaser Agent may consult with legal counsel
(who may be counsel for the Companies), independent accountants and other experts selected by it, and will not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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5.5 Delegation of Duties. The Purchaser
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document
by or through any one or more sub-agents appointed by the Purchaser Agent. The Purchaser Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions
of this Section will apply to any such sub-agent and to the Affiliates of the Purchaser Agent and any such sub-agent, and will
apply to their respective activities in connection with the syndication of the facility as well as activities as Purchaser Agent.
The Purchaser Agent will not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court
of competent jurisdiction determines in a final and nonappealable judgment that the Purchaser Agent acted with gross negligence
or willful misconduct in the selection of such sub-agents.

 

5.6 Resignation
of Purchaser Agent.

 

(a)  The
Purchaser Agent may at any time give notice of its resignation to the Purchasers and the Companies, which notice shall set
forth the effective date of such resignation (the “Resignation Effective Date”), such date not to be
earlier than the thirtieth (30th) day following the date of such notice. The Required Purchasers and the Companies shall
mutually agree upon a successor to the Purchaser Agent. If the Required Purchasers and the Companies are unable to so
mutually agree and no successor shall have been appointed within twenty-five (25) days after the retiring Purchaser Agent
gives notice of its resignation, then the retiring Purchaser Agent may (but will not be obligated to), on behalf of the
Purchasers, appoint a successor Purchaser Agent it shall designate (in its reasonable discretion after consultation with the
Companies and the Required Purchasers). Whether or not a successor has been appointed, such resignation will become effective
in accordance with such notice on the Resignation Effective Date.

 

(b) 
With effect from the Resignation Effective Date (i) the retiring Purchaser Agent will be discharged from its duties and
obligations hereunder and under the other Transaction Purchasers under any of the Transaction Documents, the retiring Purchaser
Agent will continue to hold such Collateral until such time as a successor Purchaser Agent is appointed) and (ii) except for any
indemnity payments owed to the retiring Purchaser Agent, all payments, communications and determinations provided to be made by,
to or through the Purchaser Agent will instead be made by or to each Purchaser directly, until such time, if any, as the Required
Purchasers appoint a successor Purchaser Agent as provided for above. Upon the acceptance of a successor’s appointment as
Purchaser Agent hereunder, such successor will succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring Purchaser Agent (other than any rights to indemnity payments owed to the retiring Purchaser Agent), and the retiring
Purchaser Agent will be discharged from all of its duties and obligations hereunder or under the other Transaction Documents. The
fees payable by the Company to a successor Purchaser Agent will be the same as those payable to its predecessor unless otherwise
agreed between the Companies and such successor. After the retiring Purchaser Agent’s resignation hereunder and under the
other Transaction Documents, the provisions of this Article VI will continue in effect for the benefit of such retiring Purchaser
Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be taken by any of them while
the retiring Purchaser Agent was acting as Purchaser Agent.

 

5.7 Non-Reliance on Purchaser Agent
and Other Purchasers. Each Purchaser acknowledges that it has, independently and without reliance upon the Purchaser Agent
or any other Purchaser or any of their Affiliates and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Purchaser also acknowledges that it will, independently
and without reliance upon the Purchaser Agent or any other Purchaser or any of their Affiliates and based on such documents and
information as it will from time to time deem appropriate, continue to make its own decisions in taking or not taking action under
or based upon this Agreement, any other Transaction Document or any related agreement or any document furnished hereunder or thereunder.

 

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5.8 Purchaser Agent May File Proofs
of Claim. In case of the pendency of any bankruptcy or insolvency proceeding or any other judicial proceeding relative to
the Company, the Purchaser Agent (irrespective of whether the principal of the Notes will then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Purchaser Agent has made any demand on the Company) will be entitled
and empowered (but not obligated), by intervention in such proceeding or otherwise:

 

(a) 
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Notes and
all other obligations that are owing and unpaid hereunder or under any other Transaction Document and to file such other documents
as may be necessary or advisable in order to have the claims of the Purchasers and the Purchaser Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Purchasers and the Purchaser Agent and their respective
agents and counsel and all other amounts due the Purchasers and the Purchaser Agent under this Agreement or any other Transaction
Document) allowed in such judicial proceeding; and

 

(b) 
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.

 

Any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Purchaser to make
any payments of the type described above in this Section 5.8 to the Purchaser Agent and, in the event that the Purchaser
Agent consents to the making of such payments directly to the Purchasers, to pay to the Purchaser Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Purchaser Agent and its agents and counsel, and any other
amounts due the Purchaser Agent under this Agreement or any other Transaction Document.

 

5.9 Indemnification. Each Purchaser
agrees to indemnify the Purchaser Agent and each of its Related Parties (to the extent not reimbursed by the Borrower), from and
against such Purchaser’s aggregate ratable share (based on the principal amount of the Notes held by the Purchasers) of any
and all Losses that may be imposed on, incurred by, or asserted against, the Purchaser Agent or any of its Related Parties in any
way relating to or arising out of this Agreement or the other Transaction Documents or any action taken or omitted by the Purchaser
Agent under this Agreement or the other Transaction Documents; provided, that no Purchaser shall be liable for any portion
of such Losses resulting from the Purchaser Agent’s or such Related Party’s gross negligence or willful misconduct
as finally determined by a court of competent jurisdiction. Without limiting the foregoing, each Purchaser agrees to reimburse
the Purchaser Agent and its Related Parties promptly upon demand for its ratable share of any out-of-pocket expenses (including
fees, expenses and disbursements of financial and legal advisors) incurred by the Purchaser Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of its rights or responsibilities under, this Agreement or the other Transaction Documents,
to the extent that the Purchaser Agent is not reimbursed for such expenses by the Company or another Company Party.

 

5.10 Collateral
Matters; Appointment of Purchaser Agent under other Transaction Documents.

 

(a) 
Without limiting the provisions of Section 5.8, the Purchasers irrevocably agree as follows:

 

(i) 
the Purchaser Agent is authorized, at its option and in its discretion, to release any Lien on any property granted to or
held by the Purchaser Agent under any Transaction Document (A) on the date when all obligations have been satisfied in full in
cash (other than obligations under the Warrant and contingent obligations as to which no claims have been asserted), (B) that is
sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition
permitted under the Transaction Documents, and

 

(ii) 
Upon request by the Purchaser Agent at any time, each Purchaser will confirm in writing the Purchaser Agent’s authority
to release or subordinate its interest in particular types or items of Collateral.

 

(b) 
The Purchaser Agent will not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Purchaser Agent’s
lien thereon, or any certificate prepared by any Obligor in connection therewith, nor will the Purchaser Agent be responsible
or liable to the Purchasers for any failure to monitor or maintain any portion of the Collateral.

 

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(c)  Each
Purchaser hereby appoints the Purchaser Agent as its Purchaser Agent under each of the Transaction Documents and agrees that,
in so acting, the Purchaser Agent will have all of the rights, protections, exculpations, indemnities and other benefits
provided to the Purchaser Agent under this Agreement, and hereby authorizes and directs the Purchaser Agent, on behalf of
such Purchaser and all Purchasers, without the necessity of any notice to or further consent from any of the Purchaser, from
time to time to (i) take any action with respect to any collateral or any Transaction Document which may be necessary to
perfect and maintain perfected the liens on the collateral granted pursuant to any such Transaction Document or protect and
preserve the Purchaser Agent’s ability to enforce the liens or realize upon the collateral, (ii) act as Purchaser Agent
for each Purchaser that is a secured party for purposes of acquiring, holding, enforcing and perfecting all Liens created by
the Transaction Documents and all other purposes stated therein, (iii) enter into non-disturbance or similar agreements in
connection with licensing agreements and arrangements permitted by this Agreement and the other Transaction Documents and
(iv)  otherwise to take or refrain from taking any and all action that the
Purchaser Agent shall deem necessary or advisable in fulfilling its role as Purchaser Agent under any of the Transaction
Documents.

 

5.11 Purchaser Agent acting as Collateral
Agent. The Purchaser Agent shall act as Collateral Agent on behalf of the Purchaser Parties under the Collateral Agency Agreements
and may execute the Collateral Agency Agreement on behalf of the Purchaser Parties and exercise any of the rights provided above
in its capacity as Collateral Agent under the Collateral Agency Agreement.

 

ARTICLE VI MISCELLANEOUS

 

6.1 Termination and Survival. This
Agreement may be terminated by each Purchaser, as to the Purchaser’s obligations hereunder only and without any effect whatsoever
on the obligations between the Company and the other Purchasers, by written notice to the Company and the other Purchasers, if
the First Closing Date has not occurred on or before June 23, 2020. Termination of this Agreement will not affect the right of
any party to sue for any breach by any other party (or parties) prior to such termination. The representations and warranties,
covenants and other provisions hereof shall survive each Closing and the delivery of the Securities. Notwithstanding any termination
of any Transaction Document, the reimbursement and indemnities to which the Purchaser Parties are entitled under the provisions
of any Transaction Document shall continue in full force and effect and shall protect the Purchaser Parties against events arising
after such termination as well as before.

 

6.2 Fees and Expenses. Whether or
not the transactions contemplated hereby shall be consummated or any Securities shall be purchased, the Company agrees to pay promptly
to the Dominion and its Related Parties and Kingsbrook, or reimburse such Purchaser Party for, the following:

 

(a)  all
the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of the Transaction
Documents and the purchase and sale of the Securities in connection therewith and the consummation of the other transactions
contemplated hereby to be consummated on or about the First Closing Date, including the reasonable fees, expenses and
disbursements of counsel to such Purchaser Party in connection therewith; provided, that such reimbursement obligation
shall not exceed, without duplication, $25,000 for the Purchaser Agent and $25,000 for Dominion and its Related Parties, in
the aggregate; in this regard, the firm of Sullivan & Worcester LLP, counsel to the Purchaser, shall be entitled to
receive out of the proceeds (i) distributed at the First Closing its actual attorneys’ fees not to exceed $85,000 and
(ii) distributed at the Second Closing its actual attorneys’ fees not to exceed $115,000. At the First Closing, Kelley
Drye & Warren LLP, counsel to Kingsbrook, shall be entitled to receive from Kingbrook on behalf of the Company, its
actual attorneys’ fees not to exceed $50,000. To this end, the amount of Kelley Drye & Warren LLP’s fees
shall be added to the KB Senior Secured Convertible Promissory. In the event, the transactions contemplated hereunder are not
consummated in accordance with the terms hereof, the Company, on demand, shall pay the Purchaser and Purchaser’s
counsel fees and expenses in accordance with the terms hereof.

 

    		38	 

     

    

 

(b) 
all the costs, fees and expenses of preparation, printing and distribution of any registration statement for the Securities
or of the Transfer Agent (including any fees required for same-day processing of any instruction letter delivered by the Company
and any conversion notice delivered by any Purchaser Party) and all other costs and expenses (including stamp taxes and other
taxes and duties levied) incurred in connection with the delivery to or conversion by, any Purchaser of any Securities or the
Conversion Shares;

 

(c) 
all the actual and reasonable costs, fees and expenses of creating and perfecting Liens in favor of such Purchaser Party,
pursuant to any Transaction Document, including costs associated with the Intellectual Property Security Agreement, UCC fees, other
filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable
fees, expenses and disbursements of counsel to such Purchaser Party;

 

(d) 
all the actual and reasonable costs, fees and expenses of administration of the Transaction Documents and preparation, execution
and closing of any consents, amendments, waivers or other modifications thereto, including the reasonable fees, expenses and disbursements
of counsel to Dominion in connection therewith and in connection with any other documents or matters requested by such Company
Party (including through agents, contractors, trustees, representatives and advisors) or otherwise prepared or delivered in connection
with any Transaction Document;

 

(e) 
all the actual and reasonable costs, fees, expenses and disbursements of any auditors, accountants, consultants or appraisers
used in connection with the Transaction Documents by Dominion;

 

(f) 
all the actual and reasonable costs, fees and expenses (including the reasonable fees, expenses and disbursements of any
appraisers, consultants, advisors and agents employed or retained by Dominion and its counsel) in connection with the inspection,
verification, custody or preservation of any collateral, to the extent required or permitted under any Transaction Document; and

 

(g) 
all costs, fees and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel)
and costs of settlement, incurred by any Purchaser in enforcing any obligation owed hereunder of or in collecting any payments
due from any Company Party hereunder or under the other Transaction Documents (including in connection with the sale of, collection
from, or other realization upon any collateral or the enforcement of any guaranty) or in connection with any negotiations, reviews,
refinancing or restructuring of the credit arrangements provided hereunder, including in the nature of a “work out”
or pursuant to any insolvency or bankruptcy cases or proceedings.

 

The foregoing shall be in addition to,
and shall not be construed to limit, any other provisions of the Transaction Documents regarding indemnification and costs and
expenses to be paid by the Company Parties.

 

6.3 Modifications and Signatures.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any modification effected in accordance with accordance with this Section 6.3 shall be binding upon each Purchaser and
holder of Securities and the Company.

 

(a) 
Entire Agreement. This Agreement and the other Transaction Documents contain and constitute the entire agreement
of the parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, and understandings,
whether written or oral, of the parties hereto, which the parties acknowledge have been merged into such documents.

 

(b) 
Amendments. No amendment, modification, waiver or termination of any provision of this Agreement or any other Transaction
Document shall be effective without the written consent of the Company and the Required Purchasers (or such other number of Purchasers
as expressly stated in other provisions of the Transaction Documents); provided, that (i) if any amendment, modification
or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of holders of a majority
of the principal amount of the Notes held by such disproportionately impacted Purchaser (or group of Purchasers) shall also be
required and (ii)  this clause (b) may only be modified with the consent of all Purchasers.
No waiver or consent shall be effective against any party unless given in writing and then any such waiver shall then be effective
only in the specific instance and for the specific purpose for which it was given. Where the consent or waiver of the Purchasers
generally (and not each Purchaser) is required, it may be given by the Required Purchasers.

 

    		39	 

     

    

 

(c) 
Successors and Assigns. This Agreement shall bind and inure solely to the benefit of the Company Parties, the Purchaser
Parties, and their respective successors and, if permitted, assigns; provided, that the Company Parties may not assign this
Agreement or any other Transaction Document or any rights or obligations hereunder or thereunder without the Required Purchaser’s
prior written consent and any prohibited assignment shall be absolutely void. Unless otherwise expressly provided in any Transaction
Document, each Purchaser may sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in,
or any right or remedy under, the Securities and the Transaction Documents without the consent of the Company Parties; provided,
that any transferee of the Securities shall agree in writing to be bound, with respect to the transferred Securities, by the provisions
of the Transaction Documents that apply to the “Purchaser” (and any attempt to effect such transfer without securing
such agreement shall be null and void).

 

(d) 
No Waiver by Course of Dealing. No notice to or demand on any Company Party, whether or not in any Proceeding,
pursuant to any Transaction Document shall entitle any Company Party to any other or further notice (except as specifically required
hereunder or under any other Transaction Document) or demand in similar or other circumstances. The failure by any Purchaser Party
at any time or times to require strict performance by any Company Party of any provision of this Agreement or any of the other
Transaction Documents or the granting of any waiver or indulgence shall not waive, affect or otherwise diminish any right of any
Purchaser Party thereafter to demand strict compliance and performance with such provision, shall not affect or be a waiver under
any other provision of any Transaction Document except as specifically mentioned and shall not constitute a course of dealing by
such Purchaser Party at variance with the terms of this Agreement or any other Transaction Document (and therefore, among other
things, shall not require further notice by such Purchaser Party of its intent to require strict adherence to the terms of such
Transaction Document in the future). Any such actions shall not in any way affect the ability of each Purchaser Party, in its discretion,
to exercise any rights available to it under this Agreement, the other Transaction Documents or under applicable Regulations.

 

(e) 
Execution in Counterparts. This Agreement may be executed in counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and both of which, when taken together, shall constitute
but one and the same Agreement. In proving this Agreement in any judicial proceedings, it shall not be necessary to produce or
account for more than one such counterpart signed by the party against whom such enforcement is sought.

 

(f) 
Electronic Signatures. Each party agrees that the electronic signatures, whether digital or encrypted, of
the parties included in this Agreement or any other Transaction Document are intended to authenticate this writing and to have
the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to
or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile
or email electronic signatures. The Borrower expressly agrees that this Agreement and all other Transaction Documents are “transferable
records” as defined in applicable Regulations relating to electronic transaction and that it may be created, authenticated,
stored, transmitted and transferred in a manner consistent with and permitted by such applicable Regulations.

 

6.4 Notices.

 

(a) 
All notices, requests, demands, and other communications to either party hereto or given under any Transaction Document
shall be in writing (including electronic mail transmission or similar writing) and shall be given to such party at the physical
address or send to the electronic mailing address set forth in the signature pages hereof or at such other physical address or
electronic mailing address as such party may hereafter specify for the purpose of notice to the Purchasers and the Company in accordance
with the provisions of this Section 6.4.

 

    		40	 

     

    

 

(b)  Each
such notice, request or other communication shall be effective (i) if given by mail, three (3) Trading Days after such
communication is deposited in the U.S. Mail with first class postage pre-paid, addressed to the noticed party at the address
specified herein, (ii) if by nationally recognized overnight courier, when delivered with receipt acknowledged in writing by
the noticed party, (iii) if given by personal delivery, when duly delivered with receipt acknowledged in writing by the
noticed party or (iv) if given by electronic mail, when delivered (receipt by the sender of a receipt using the “return
receipt” function or receipt of a reply email being presumptive evidence of receipt thereof); provided, that if
such electronic mail is not sent prior to the last trading hour of the principal Trading Market of the Securities on a
Trading Day, such electronic mail shall be deemed to have been sent at the opening of trading on the next Trading Day for
such principal Trading Market. Any written notice, request or demand that is not sent in conformity with the provisions
hereof shall nevertheless be effective on the date that such notice, request or demand is actually received by the individual
to whose attention at the noticed party such notice, request or demand is required to be sent.

 

6.5 Set-Off. In addition to any
rights now or hereafter granted under applicable Regulations and not by way of limitation of any such rights, each Purchaser Party
is hereby authorized by the Company Parties at any time or from time to time, without notice or demand to any Company Party or
to any other Person, any such notice or demand being hereby expressly waived, to set off and to appropriate and to apply any and
all deposits (general or special, time or demand, provisional or final, including indebtedness evidenced by certificates of deposit,
whether matured or unmatured, but not including trust accounts) and any other indebtedness or other amounts at any time held or
owing by such Company Party to or for the credit or the account of any Company Party or any of their Related Parties against and
on account of any amounts due by any Company Party or any of their Related Parties to any Purchaser Party under any Transaction
Documents (including from the Purchase Price to be disbursed hereunder), irrespective of whether or not (a) such Purchaser Party
shall have made any demand hereunder or (b) the principal of or the interest on the Notes or any other Obligation shall have become
due and payable and although such obligations and liabilities, or any of them, may be contingent or unmatured. If, as a result
of such set off, appropriate or application, such Purchaser Party receives more than it is owed under any Transaction Document,
it shall hold such amounts in trust for the other Purchaser Parties and transfer such amounts to the other Purchaser Parties ratably
according to the amounts they are owed on the date of receipt.

 

6.6 Governing
Law.

 

(a) 
Except as otherwise expressly provided in any other Transaction Document, this Agreement, the other Transaction Documents
and all claims, Proceedings and matters arising hereunder or thereunder or related hereto or thereto are governed by, and construed
and enforced in accordance with, the laws of the State of New York.

 

(b)  Any Proceeding
with respect to any Transaction Document may be brought exclusively in the New York State courts sitting in New York County or
the federal courts of the United States of America for the Southern District of New York and sitting in New York County. Each
Company Party (i) accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction
of such courts, (ii) irrevocably waives any objection, including any objection to the laying of venue, based on the grounds of
forum non conveniens or that such jurisdiction is improper or otherwise that such party is not subject to the jurisdiction
of such courts, that it may now or hereafter have to the bringing of any Proceeding in those jurisdictions, (iii) irrevocably
consents to the service of process of any court referred to above in any Proceeding by the mailing of copies of the process to
the parties hereto as provided in Section 6.4 and (iv) agrees that a final judgment in any such Proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service
effected as provided in this manner will become effective ten (10) calendar days after the mailing of the process. Notwithstanding
the foregoing, nothing contained in any Transaction Document shall affect the right of any Purchaser Party to serve process in
any other manner permitted by applicable Regulations or commence Proceedings or otherwise proceed against the Borrower in any
other jurisdiction.

 

6.7 Severability. Any provision
of any Transaction Document being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such
provision not held illegal, invalid or unenforceable, any other provision of any Transaction Document or any part of such provision
in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner adverse to any party. In addition, upon any determination that any such term or other provision is invalid, illegal
or incapable of being enforced, the parties hereto will negotiate in good faith to modify the relevant Transaction Document so
as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are fulfilled to the extent possible.

 

    		41	 

     

    

 

6.8 Rescission and Withdrawal Right.
Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction
Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does
not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw,
in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or
in part without prejudice to its future actions and rights; provided, that in the case of a rescission of a conversion of
any Note, such Purchaser shall be required to return any shares of Common Stock subject to any such rescinded conversion notice.

 

6.9 Replacement of Securities. If
any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

6.10 Remedies.

 

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

 

(b) 
If any Company Party shall fail to discharge any covenant, duty or obligation hereunder or under any of the other Transaction
Documents, each Purchaser may, in its discretion at any time, for the account and at the expense of the Company Parties jointly
and severally, pay any amount or do any act required of such Company Party hereunder or under any of the other Transaction Documents
or otherwise lawfully requested by any Purchaser (including buying-in Securities in the principal Trading Market of the Securities
in case of failure by the Company to deliver Convertible Securities). All costs and expenses incurred by any Purchaser in connection
with the taking of any such action shall be reimbursed to such Purchaser by the Company Party on demand with interest at the highest
interest rate applicable to amounts due under the Notes of such Purchaser from the date such payment is made or such costs or
expenses are incurred to the date of payment thereof. Any payment made or other action taken by any Purchaser under this clause
(b) shall be without prejudice to any right to assert, and without waiver of, any breach of any Transaction Document and without
prejudice to any Purchaser Party’s right to proceed thereafter as provided herein or in any of the other Transaction Documents.

 

(c) 
The remedies provided in this Agreement and all other Transaction Documents shall be cumulative and in addition to all other
remedies available under any Transaction Document, whether at law or in equity (including a decree of specific performance and/or
other injunctive relief).

 

(d) 
Nothing in any Transaction Document shall limit the Purchaser Party’s rights to pursue actual and consequential damages
for any failure by any Company Party to comply with the terms of this Agreement or any other Transaction Document.

 

(e) 
An Event of Default will cause irreparable harm to the Purchasers and that the remedy at law for any such breach may be
inadequate. Therefore, in the event of any such Event of Default, the Purchasers 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.

 

    		42	 

     

    

 

6.11 Marshaling; Payment Set Aside.
No Purchaser Party shall be under any obligation to marshal any property in favor of any Company Party or any other party or against
or in payment of any amount due under any Transaction Document. To the extent that any Company Party makes a payment or payments
to any Purchaser pursuant to any Transaction Document or any Purchaser Party enforces or exercises its rights thereunder, and
such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise
restored to any Company Party, a trustee, receiver or any other Person under any law (including any bankruptcy law, state or federal
law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect
as if such payment had not been made or such enforcement or setoff had not occurred.

 

6.12 Usury. To the extent it may
lawfully do so, each Company Party hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist
any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter
in force, in connection with any claim, action or proceeding that may be brought by any Purchaser in order to enforce any right
or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document,
it is expressly agreed and provided, that the total liability of each Company Party under the Transaction Documents for
payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum
Rate”) and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them,
when aggregated with any other sums in the nature of interest that any Company Party may be obligated to pay under the Transaction
Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to
the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof,
the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from
the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever,
interest in excess of the Maximum Rate is paid by any Company Party to any Purchaser Party with respect to indebtedness evidenced
by the Transaction Documents, such excess shall be applied by such Purchaser Party to the unpaid principal balance of any
such indebtedness or be refunded to the Company, the manner of handling such excess to be at such Purchaser’s election.

 

6.13 Liquidated Damages. The Company’s
obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation
of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding
the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable
shall have been canceled.

 

6.14 Further Assurances. The Company
Parties agree to take such further actions as each Purchaser shall reasonably request from time to time in connection herewith
to evidence, give effect to or carry out this Agreement and the other Transaction Documents and any of the transactions contemplated
hereby or thereby.

 

    		43	 

     

    

 

6.15 Interpretation. The
parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the
Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of any Transaction Document. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for
reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that
occur after the date of this Agreement. Except as otherwise expressly provided in any Transaction Document, if the last or
appointed day for the taking of any action or the expiration of any right required or granted under any Transaction Document
shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day. As used in any Transaction Document, references to the singular will include the plural and vice versa and references to
the masculine gender will include the feminine and neuter genders and vice versa, as appropriate. When used in any
Transaction Document, unless otherwise expressly provided in such Transaction Document, (a) the words
“hereof,” “herein” and “hereunder” and words of similar import refer
to such Transaction Document as a whole and not to any particular provision of such Transaction Document, (b) recital,
article, section, subsection, schedule and exhibit references are references with respect to such Transaction Document unless
otherwise specified, (c) any reference to any agreement shall include a reference to all recitals, appendices, exhibits and
schedules to such agreement and, unless the prior written consent of any party is required hereunder and is not obtained,
shall be a reference to such agreement as waived, amended, restated, supplemented or otherwise modified and (d) any reference
to a specific Regulation shall be to such Regulation, as modified from time to time, together with any successor or
replacement Regulation, in each case as in effect at the time of determination. Unless the context otherwise requires, when
used in any Transaction Document, the following terms have the following meaning: (u) “execution,”
“signed,” “signature” and words of like import shall be deemed to include electronic
signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable Regulation, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state Regulation based on the
Uniform Electronic Transactions Act, (v) “incur” means incur, create, make, issue, assume or otherwise
become or remain directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly,
as primary obligor or guarantor or endorser, and the terms “incurrence” and “incurred”
and similar derivatives shall have correlative meanings, (w) “knowledge” of the any Company Party means
the best knowledge of any officer, director or employee of such Company Party after due inquiry, (x)
“including” means “including, without limitation,” (y) “asset” and
“property” have the same meaning and mean, “collectively, all rights and interests in tangible and
intangible assets and properties, whether real, personal or mixed and including cash, capital stock, revenues, accounts,
leasehold interests, contract rights and other rights under Permits and Contractual Obligations” and (z)  “documents”
and “documentation” have the same meaning and mean “collectively, all documents, drafts,
instruments, agreements, indentures, certificates, forms, opinions, powers of attorney, notices, summons, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.” The headings in this
Agreement are included for convenience of reference only and will not affect in any way the meaning or interpretation of this
Agreement. All references in this Agreement or any other Transaction Document to statutes and regulations shall include all
amendments of same and implementing regulations and any successor statutes and regulations; to any instrument or agreement
(including any of the Transaction Documents) shall include any and all modifications and supplements thereto and any and all
restatements, extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or
renewals of any such documents are permitted by the terms hereof and thereof. A Default or an Event of Default (as defined in
the Notes) shall be deemed to exist at all times during the period commencing on the date that such Default or Event of
Default occurs to the date on which such Default or Event of Default is waived in writing pursuant to the relevant Note or,
with respect to any Default, is cured within any period of cure expressly provided in the relevant Note. Whenever in any
provision of any Transaction Document, any Purchaser is authorized to take or decline to take any action (including making
any determination) in the exercise of its “discretion,” such provision shall be understood to mean that
such Purchaser may take or refrain to take such action in its sole discretion. References to times of the day in any
Transaction Document shall refer to Eastern Time. In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including,” the words “to”
and “until” each mean “to but excluding” and the word “through” means
“to and including.” Time is of the essence of this Agreement and the other Transaction Documents. No provision of
this Agreement or any of the other Transaction Documents shall be construed against or interpreted to the disadvantage of any
party hereto by any Governmental Authority by reason of such party having or being deemed to have structured, drafted or
dictated such provision. “month” (but not calendar month) means each period from a day (including a
Closing Date) in a calendar month to the next such numerically-corresponding day in the next calendar month (provided,
that, if such calendar month does not have any such numerically-corresponding day, such numerically-corresponding day
shall be deemed to be the last day of such calendar month).

 

6.16 Waiver of Jury
Trial and Certain Other Rights.

 

(a) 
The parties hereto hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable Regulations,
any right that they may have to trial by jury of any claim or cause of action or in any Proceeding, directly or indirectly based
upon or arising out of this Agreement or any Transaction Document (whether based on contract, tort or any other theory). Each party
(a) certifies that no representative, agent, or attorney of any other party has represented, expressly or otherwise, that such
other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the
other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual
waivers and certifications in this section.

 

(b) 
Each Company Party acknowledges and agrees that the foregoing waivers are a material inducement to the Purchasers to enter
into and accept this Agreement. Each Company Party has reviewed the foregoing waivers with its legal counsel and has knowingly
and voluntarily waived its jury trial rights following consultation with such legal counsel. In the event of litigation, this
Agreement may be filed as a written consent to a trial by the court. This Section 6.16 shall not restrict a party from
exercising remedies under the UCC or from exercising pre-judgment remedies under applicable Regulations.

 

[Signature Pages Follow]

 

    		44	 

     

    

  

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

 

	KBL
    MERGER CORP. IV	 	Address
    for Notice:
	 	 	KBL
    Merger Corp. IV
	By:	 /s/ Marlene Krauss	 	30
    Park Place, Suite 45E
	 	Name: Marlene Krauss, M.D.	 	New
    York, NY 10007
	 	Title: Chief Executive Officer	 	 

 

	 	Fax:
    _____________
	 	 
	 	Email:
    mkrauss@kblvc.com

 

The
undersigned, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agrees to
by bound by the applicable provisions of Section 2.5.

 

	180 Life Sciences Corp.	 
	 	 
	By:	/s/ Lawrence Pemble	 
	 	Name: Lawrence Pemble	 
	 	Title: Director	 

 

[Signature
Pages for Purchaser Follow]

 

    		45	 

     

    

 

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

 

	Name
    of Purchaser:	 	 
	 	 	 
	Signature
    of Authorized Signatory of Purchaser:	/s/
    Mikhail Gurevich	 
	 	 	 
	Name:	Mikhail
    Gurevich	 
	 	 	 
	Title:	Managing
    Member	 

 

	Address
    for Notice to Purchaser:	 
	 	 
	Email:	 
	Facsimile
    Number:	 
	EIN
    Number: _______________________	 

 

The
Purchase Price/Subscription Amount of the Securities for the specified Closing set forth on Schedule 1

 

SECURITIES
PURCHASE AGREEMENT FOR KBLM

 

    		46	 

     

    

 

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

 

	Name
    of Purchaser:	 	 
	 	 	 
	Signature
    of Authorized Signatory of Purchaser:	/s/
    Adam Chill	 
	 	 	 
	Name:	Adam
    Chill	 
	 	 	 
	Title:	Managing
    Member of general partner	 

 

	Address
    for Notice to Purchaser:	 
	 	 
	Email:	 
	Facsimile
    Number:	 
	EIN
    Number: _______________________	 

 

The
Purchase Price/Subscription Amount of the Securities for the specified Closing set forth on Schedule 1

 

SECURITIES
PURCHASE AGREEMENT FOR KBLM

 

 

		47

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