Document:

Exhibit
10.4

 

WARRANT TERMINATION
agreement

 

THIS WARRANT TERMINATION
AGREEMENT (this “Agreement”) is made as of August 29, 2022, by and between AMERICAN VIRTUAL CLOUD TECHNOLOGIES,
INC., a Delaware corporation (the “Company”), and RIBBON COMMUNICATIONS INC., a Delaware corporation (the “Holder”).
The Company and the Holder may collectively be referred to herein as the “Parties,” and each, individually, may be
referred to herein as a “Party.”

 

RECITALS

 

WHEREAS, the Company, the Holder, Ribbon
Communications Operating Company, Inc., and Ribbon Communications International Limited are parties to that certain Amended and Restated
Purchase Agreement, dated as of December 1, 2020 (the “Purchase Agreement”);

 

WHEREAS, pursuant to the terms of the Purchase
Agreement , the Company issued to the Holder a Warrant to Purchase Common Stock, pursuant to which the Holder has the right to acquire
4,377,800 shares of common stock of the Company, pursuant to the terms set forth therein (the “Warrant”);

 

WHEREAS, the Company and the Holder, pursuant
to the terms of a Settlement Agreement of even date herewith by and between the Company and the Holder, among other parties a party thereto
(the “Settlement Agreement”), have agreed to irrevocably terminate the Warrant, effective as of the date hereof (the “Effective
Date”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, and intending to be legally
bound, the Parties hereby agree as follows:

 

1.
Recitals. The Parties agree that the above Recitals are true and correct in all respects.

 

2.
Termination of Warrant. The Company and the Holder agree and acknowledge that the Warrant, and any and all rights thereunder
and with respect thereto are, in each case, hereby terminated, cancelled and declared null and void with no further force or effect as
of the Effective Date, and all past, current, or future obligations of the Parties under the Warrant are hereby extinguished, except as
otherwise expressly set forth in this Agreement. The Holder and the Company each acknowledges and agrees that, as of the Effective Date,
the Holder shall have no surviving right, title or interest in or to the Warrant, any Common Units purchasable thereunder or any other
option, warrant, right or interest to acquire any equity of the Company. The Holder hereby acknowledges and agrees that it shall have
no claims of any nature whatsoever against the Company, or any of its affiliates, equity holders, members, managers, directors or officers,
arising out of or related to the Warrant (including as a result of the termination and cancellation thereof), and the Holder hereby waives,
and releases the Company and its affiliates, equity holders, members, managers, directors and officers from, any and all past, present
and future claims arising out of or related to the Warrant (including the termination and cancellation thereof). The Company hereby acknowledges
and agrees that it shall have no claims of any nature whatsoever against the Holder, or any of its affiliates, equity holders, members,
managers, directors or officers, arising out of or related to the Warrant (including as a result of the termination and cancellation thereof),
and the Company hereby waives, and releases the Holder and its affiliates, equity holders, members, managers, directors and officers from,
any and all past, present and future claims arising out of or related to the Warrant (including the termination and cancellation thereof).

 

3.
Return of Warrant. The Holder shall, simultaneously with the execution of this Agreement, return the originals of the Warrant
for cancellation by the Company as of the Effective Date.

 

     

     

    

 

4.
Representations and Warranties.

 

a.
By Holder. The Holder hereby warrants and represents to the Company that (i) the Holder has full corporate power and authority
to execute and deliver this Agreement; (ii) the execution, delivery and performance of this Agreement by the Holder has been duly and
validly authorized by all necessary corporate action on the part of the Holder, and no other corporate action on the part of the Holder,
its governing body or its equity holders is necessary to authorize the execution, delivery and performance by the Holder of this Agreement;
(iii) this Agreement has been duly executed and delivered by the Holder and, assuming the due execution and delivery by the Company,
constitutes the legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms; and (iv) the
Holder is the sole owner and beneficiary of the Warrant and the Holder has not transferred, sold or otherwise assigned Warrant or any
of the rights of the Holder under the Warrant.

 

b.
By Company. The Company hereby warrants and represents to the Holder that (a) the Company has full corporate power and authority
to execute and deliver this Agreement; (b) the execution, delivery and performance of this Agreement by the Company has been duly and
validly authorized by all necessary corporate action on the part of the Company, and no other corporate action on the part of Company,
its governing body or its equity holders is necessary to authorize the execution, delivery and performance by the Company of this Agreement;
and (c) this Agreement has been duly executed and delivered by the Company and, assuming the due execution and delivery by the Holder,
constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

5.
Successors and Assigns. This Agreement shall be binding upon the Parties and their respective successors and assigns.

 

6.
Parties’ Acknowledgment. The Parties agree that this Agreement is fully and adequately supported by consideration,
is fair and reasonable, and that each Party has had the opportunity to discuss this matter with counsel of their choice.

 

7.
Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED, INTERPRETED AND ENFORCED ACCORDING TO,
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS PROVISIONS THEREOF. ANY ACTION BROUGHT CONCERNING
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT SHALL BE BROUGHT ONLY IN THE STATE COURTS OF DELAWARE OR IN THE FEDERAL COURTS LOCATED
IN THE STATE OF DELAWARE.

 

8.
WAIVER OF JURY TRIAL. THE PARTIES HEREBY WAIVE TRIAL BY JURY.

 

9.
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

10. Further
Assurance. Each Party agrees, at any time and from time to time, to make, execute and deliver any and all such other and further
instruments or documents and do any and all such acts and/or things as the other party shall reasonably require for the purpose of
giving full force and effect to this Agreement.

 

11. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together
shall be deemed to constitute one agreement. It is understood and agreed that if electronic or facsimile copies of this Agreement
bearing electronic or facsimile signatures are exchanged between the Parties, such copies shall in all respects have the same
weight, force and legal effect and shall be fully as valid, binding, and enforceable as if such signed copies were original
documents bearing original signature.

  

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first above written.

  

	 	RIBBON COMMUNICATIONS INC.
	 	 	 
	 	By: 	/s/ Patrick Macken
	 	Name:	Patrick Macken
	 	Title:	EVP, CLO
	 	 	 
	 	AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
	 	 	 
	 	By: 	/s/ Kevin Keough
	 	Name:	Kevin Keough
	 	Title:	Chief Executive Officer

 

 

3Exhibit 10.5 

 

AMENDED AND RESTATED WAIVER AGREEMENT

 

This AMENDED AND RESTATED WAIVER AGREEMENT
(this “Agreement”), dated as of August 31, 2022, is entered into by and among American Virtual Cloud Technologies,
Inc., a Delaware corporation (the “Company”), and the undersigned holders of securities of the Company (each, a “Holder
Entity”, and collectively, the “Holder”), on each Holder Entity’s own behalf and in its respective
capacity as the Required Holder, as such term is defined in the Purchase Agreements, the Certificate of Designations and the Notes (all
as defined below).

 

RECITALS

 

A. On August 15, 2022, the Company
and each Holder Entity entered into that certain Waiver Agreement, which is being amended and restated herein as this Agreement.

 

B. The Company and a Holder Entity
are parties to (i) a Securities Purchase Agreement, dated as of November 5, 2021 (as in effect as of the date hereof, the “November
SPA”), pursuant to which such Holder Entity purchased from the Company, among other securities, Series A Warrants (as such term
is defined in the November SPA), and (ii) a Securities Purchase Agreement, dated as of December 13, 2021 (as in effect as of the date
hereof, the “December SPA”), pursuant to which such Holder Entity purchased from the Company, among other securities,
Series D Warrants (as such term is defined in the December SPA).

 

C. The Company and a Holder Entity
are parties to a Securities Purchase Agreement, dated as of February 28, 2022 (as in effect as of the date hereof, the “February
SPA”), pursuant to which such Holder Entity purchased from the Company shares of Series B Preferred Stock (as such term is defined
in the February SPA) (the “Preferred Shares”) issued pursuant to a certificate of designations with respect thereto,
the “Certificate of Designations”) and Warrants (the “February Warrants” and, collectively with
the Series A Warrants and the Series D Warrants, the “Warrants”);

 

D. The Company and HB Sub Fund
II LLC, a Holder Entity, are parties to a Securities Purchase Agreement, dated as of April 14, 2022 (as in effect as of the date hereof,
the “April SPA” and, collectively with the November SPA, the December SPA and the February SPA, the “Purchase
Agreements”), pursuant to which such Holder Entity purchased from the Company the certain senior secured convertible notes (the
“Notes”);

 

E. On August 25, 2022, pursuant
to that certain Securities Transfer Agreement, by and between HB Sub Fund II LLC, a Holder Entity, and HB Fund LLC, a Holder Entity, HB
Sub Fund II LLC transferred its entire interest in the Notes to HB Fund LLC, with HB Sub Fund II LLC agreeing to remain the collateral
agent with respect thereto (collectively, the “Note Transfer”).

 

F. The Company and each Holder
Entity desires to waive certain provisions of the Purchase Agreements, the Certificate of Designations, the Warrants, the Preferred Shares
and/or the Notes, as applicable, all as set forth herein;

 

    

     

    

 

G. The Company has executed and
delivered that certain Security and Pledge Agreement, dated April 19, 2022, made by the Company, AVCtechnologies USA Inc. (“AVCT
USA”), and Kandy Communications LLC (“Kandy”, together with Company and AVCT USA, the “Grantors”),
in favor of HB Sub Fund II LLC, in its capacity as collateral agent (the “Collateral Agent”) (as amended, modified,
supplemented, renewed, restated or replaced from time to time, the “Security Agreement”);

 

H. Pursuant to the terms of the
Security Agreement, each Grantor has granted to the Collateral Agent, for the ratable benefit of itself and the Noteholders (as defined
in the Security Agreement), a valid, enforceable and perfected security interest in the Collateral (as defined in the Security Agreement),
including certain Intellectual Property (as defined in the Security Agreement) of Company and AVCT USA. Each of Company and AVCT USA has
executed and delivered to the Collateral Agent an Intellectual Property Security Agreement (as amended, modified, supplemented, renewed,
restated or replaced from time to time, collectively, the “IP Security Agreements”);

 

I. The Company has negotiated
(i) a settlement agreement (as in effect as of the date hereof and attached hereto as Exhibit A-1, the “Settlement Agreement”)
with Ribbon Communications Operating Company, Inc. and certain of its affiliates (collectively, “Ribbon”) pursuant
to which Grantors, as applicable, are granting certain non-exclusive rights to Ribbon to utilize WebRTC gateway technology that is integrated
with Ribbon’s SBCs and Application Servers, as more particularly described on Exhibit B hereto (the “Licensed Technology
Rights”), (ii) a Stock Redemption Agreement with Ribbon (as in effect as of the date hereof and attached hereto as Exhibit
A-2, the “Stock Redemption Agreement”), pursuant to which the Company shall redeem 13,600,421 shares of Common
Stock as additional consideration for the transactions contemplated by the Settlement Agreement (the “Redemption”),
(iii) a Warrant Termination Agreement with Ribbon (as in effect as of the date hereof and attached hereto as Exhibit A-3, the “Warrant
Termination Agreement”), pursuant to which the Company shall terminate a warrant to purchase 4,377,800 shares of Common Stock
previously issued to Ribbon as additional consideration for the transactions contemplated by the Settlement Agreement (the “Warrant
Termination”, and together with the Redemption, the “Redemption and Termination”) and (iv) the Wind Down
Agreement with Ribbon (as in effect as of the date hereof and attached hereto as Exhibit A-4, the “Wind Down Agreement”,
and together with the Settlement Agreement, the Stock Redemption Agreement and the Warrant Termination Agreement, the “Settlement
Documents”); and

 

J. Each Grantor has requested
that the Collateral Agent consent to the license of the Licensed Technology Rights and the Collateral Agent release any Lien relating
thereto, and that the Holder agree to certain other consents and waivers in connection with the Settlement Agreement, all as set forth
herein.

 

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TERMS OF AGREEMENT

 

In consideration of the premises
and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Ribbon Consents and Waivers.
Capitalized terms used but not otherwise defined in this Section 1 shall have the same meanings ascribed to them in the Security Agreement.

 

	 	a.	The Collateral Agent and each Holder Entity hereby consent to the license to Ribbon of (x) the Licensed Technology Rights and (y) all of Grantors’ rights, title and interest in and to the Conveyed Technology (as defined in the Wind Down Agreement) (collectively, the “Permitted License and Assignment”) and, for the avoidance of doubt, waives, solely with respect to the Permitted License and Assignment, any covenant in the Transaction Documents prohibiting the Permitted License and Assignment. Upon execution of this Agreement, all Liens, security interests and/or other rights of every kind granted to the Collateral Agent in the Licensed Technology Rights shall automatically and immediately be terminated and released without further action by any party. The Licensed Technology Rights shall be released from the effect of the Notes, the Security Agreement and the IP Security Agreements and any other document executed in connection therewith without further action by any party. The Grantors and the Collateral Agent each acknowledge and agree that (i) the Collateral Agent is not consenting to the transfer of any other assets of the Grantors to the extent such asset constitutes Collateral or the release of any other Lien with respect to Collateral, and (ii) any such further transfers or release of any Lien, as applicable, shall require the prior written consent of Collateral Agent, which may not be unreasonably withheld.

 

	 	b.	Upon execution of this Agreement, the Collateral Agent hereby authorizes the Company to file the appropriate UCC-3 amendment (subject to the Collateral Agent’s prior review) and such other release filings in the United States Patent and Trademark Office, the United States Copyright Office and other governmental authorities, solely with respect to the release of the Licensed Technology Rights from the Collateral Agent’s Lien and security interest related thereto as contemplated by subsection (a) above (but not with respect to any other Lien on any other Collateral).

 

	 	c.	The Holder hereby consents to the Redemption and Termination. The Holder hereby waives any prohibition of the Redemption and Termination set forth in Section 15 of the Certificate of Designations, Section 13 of the Notes or any similar covenants contained in any Purchase Agreement (in each case, solely with respect to the Redemption and Termination and not with respect to any other transaction). For the avoidance of doubt, the Company shall be entitled to retain 100% of the proceeds paid to the Company or any of its subsidiaries pursuant to the Settlement Documents, which proceeds shall be deposited to the Company’s operating account.

 

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2.  Other
Waivers; Acknowledgement.

 

	 	a.	From the Effective Time through and including December 30, 2022 (the “Waiver Period”), clause (ix) of the definition of Equity Conditions in the Certificate of Designations and clause (x) of the definition of Equity Conditions in the Note, in each case, shall be waived, in part, such that (i) no Price Failure (as defined in the Notes) nor Price Failure (as defined in the Certificate of Designations) shall be deemed to have occurred and (ii) if the Company satisfies the definition of Volume Failure (as defined in the Notes) and Volume Failure (as defined in the Certificate of Designations), assuming for such purpose that “$1,000,000” of each such definition was replaced with “$250,000, no Volume Failure (as defined in the Notes) nor Volume Failure (as defined in the Certificate of Designations) shall be deemed to have occurred.

 

	 	b.	(i) the Notes, the Warrants and the Certificate of Designations, as applicable, shall each be waived, in part, such that securities issued pursuant to a Subsequent Placement of up to an aggregate of $15 million (the “New Permitted Offering Size Limitation”) in gross proceeds (excluding any issuances of securities pursuant to an equity line of credit) shall be deemed to be an “Excluded Security” (as defined in each applicable Transaction Document) for all purposes thereunder (the “New Permitted Offering”), and (ii) the Transaction Documents (as defined in each of the Purchase Agreements), including, without limitation, the Notes, the Warrants and the Certificate of Designations, shall be waived in part, such that if such New Permitted Offering is an at-the-market offering, such agreement with respect thereto and any issuances of Common Stock thereunder, subject to the New Permitted Offering Size Limitation, shall not be deemed to be a variable rate transaction (and securities issued thereunder shall not be deemed to be variable rate securities) for any purpose thereunder.

 

	 	c.	During the Waiver Period, the Holder hereby agrees to defer the time of each required payment by the Company to the applicable Holder Entity of any Acceleration Floor Amount or Conversion Installment Floor Amount (as such terms are defined in the Certificate of Designations) or Acceleration Floor Amount or Conversion Installment Floor Amount (as such terms are defined in the Notes) or Intermonth Installment Floor Amount (as defined below) due and payable under the Certificate of Designations or the Notes or this Agreement, as applicable, including without limitation any such Acceleration Floor Amount due and payable with respect to any Acceleration (as defined in the Certificate of Designations) or any Acceleration (as defined in the Notes), as applicable, that occurred on August 11, 2022 (collectively, the “Outstanding Floor Amounts”) until the first (1st) Trading Day immediately following the Waiver Period; provided, that, notwithstanding the foregoing, if the Company consummates a New Permitted Offering, the lesser of (x) 25% of the gross proceeds of the New Permitted Offering and (y) the aggregate Outstanding Floor Amounts as of the time of consummation of such New Permitted Offering, as applicable (with respect to any New Permitted Offering until $2.8 million in the aggregate has been distributed to the Holder), shall be paid to the applicable Holder Entity, pro rata, as of the time of consummation of such New Permitted Offering to reduce the Outstanding Floor Amounts then outstanding.

 

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	 	d.	The Company hereby waives, in part, the prohibition of Accelerations (as defined in the Certificate of Designations) and Accelerations (as defined in the Notes), such that the Holder may effect Accelerations (as defined in the Certificate of Designations) and Accelerations (as defined in the Notes), in each case, up to 400% of the Installment Amount (as defined in the Certificate of Designations) for such Current Installment Date (as defined in the Certificate of Designations) and up to 400% of the Installment Amount (as defined in the Notes) for such Current Installment Date (as defined in the Notes), in each case, in each of (x) the first fifteen (15) calendar days of such applicable calendar month and (y) the remaining calendar days of such calendar month, as applicable (in any calendar month, in the aggregate, any Accelerations (as defined in the Certificate of Designations) in excess of 300% of the Installment Amount (as defined in the Certificate of Designations) for such Current Installment Date (as defined in the Certificate of Designations) and Accelerations (as defined in the Notes) in excess of 300% of the Installment Amount (as defined in the Notes) for such Current Installment Date (as defined in the Notes), collectively shall be referred to herein as the “Additional Accelerations”). For the avoidance of doubt, for the purpose of this Section 2(d), any given Installment Amount shall include any Deferral Amount that has been previously deferred to such applicable Installment Date and shall also include any amount deferred from such Installment Amount to a later Installment Date.

 

	 	e.	Pursuant to Section 8(g) of the Certificate of Designations and Section 7(g) of the Note, respectively, on the fifteenth calendar day of each calendar month (or, if such date is not a Trading Day, the next Trading Day, each, an “Intermonth Installment Date”), the Company shall reduce the Conversion Price (as defined in the Certificate of Designations) and the Conversion Price (as defined in the Note), respectively, solely with respect to (x) such aggregate number of Preferred Shares equal to the Installment Amount (as defined in the Certificate of Designations) of such Current Installment Date (as defined in the Certificate of Designations) (each, an “Intermonth Preferred Installment Amount”) and (y) such aggregate Conversion Amount (as defined in the Note) of the Note equal to the Installment Amount (as defined in the Note) of such Current Installment Date (as defined in the Note) occurring in such applicable Installment Period (as defined in the Note) (each, an “Intermonth Note Installment Amount”, and together with each Intermonth Preferred Installment Amount, each an “Intermonth Installment Amount”) to (x) with respect to such applicable Intermonth Preferred Installment Amount, the Installment Conversion Price (as defined in the Certificate of Designations assuming an Installment Date (as defined in the Certificate of Designations) as of the applicable Intermonth Installment Date) (each, an “Intermonth Installment Preferred Conversion Price”) and (y) with respect to such applicable Intermonth Note Installment Amount, the Installment Conversion Price (as defined in the Notes assuming an Installment Date (as defined in the Notes) as of the applicable Intermonth Installment Date) (each, an “Intermonth Installment Note Conversion Price”, and together with each Intermonth Installment Preferred Conversion Price, each an “Intermonth Conversion Price”); provided, that in the event of the Conversion Floor Price Condition (as defined in the Certificate of Designations) or a Conversion Floor Price Condition (as defined in the Notes), respectively, exists with respect to any conversion of any Intermonth Installment Amount (excluding any Intermonth Installment Amount or any Additional Accelerations), the Company herby agrees to pay to the Holder on the first (1st) Trading Day after the Waiver Period (or, if earlier, as required in accordance with Section 2(c) above) with respect thereto an additional amount in cash equal to the applicable Intermonth Installment Floor Amount (as defined below) with respect thereto.

 

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“Intermonth Installment Floor
Amount” means an amount in cash, to be delivered by wire transfer of immediately available funds pursuant to wire instructions
delivered to the Company by the Holder in writing, equal to the product obtained by multiplying (A) the higher of (I) the highest price
that the Common Stock trades at on the Trading Day immediately preceding the relevant Intermonth Installment Date and (II) the applicable
Intermonth Installment Conversion Price and (B) the difference obtained by subtracting (I) the number of shares of Common Stock delivered
(or to be delivered) to the Holder on the applicable Intermonth Installment Date with respect to such applicable conversion from (II)
the quotient obtain by dividing (x) the applicable Intermonth Installment Amount subject to such applicable conversion, by (y) the applicable
Intermonth Installment Conversion Price without giving effect to clause (x) of such definition.

 

	 	f.	The Holder hereby defers, from the Effective Time through and including the earlier of (i) the Company’s receipt of gross proceeds of $15 million from the New Permitted Offering and (ii) December 31, 2022, the application of (A) any adjustment to the Conversion Price that would otherwise result from any Stock Combination Event (as such terms are defined in the Certificate of Designations), (B) any adjustment to the Conversion Price that would otherwise result from any Stock Combination Event (as such terms are defined in the Notes) and (C) any adjustment to the Exercise Price that would otherwise result from any Stock Combination Event (as such terms are defined in certain of the Warrants), in each case if such Stock Combination Event is a reverse stock split approved by the Company’s stockholders pursuant to the definitive proxy statement filed by the Company on May 2, 2022 (each, a “Deferred Adjustment Right”); provided that if the Holder exercises, at any time prior to the Company’s receipt of gross proceeds of $15 million from the New Permitted Offering, any such Warrants as to which a Deferred Adjustment Right is applicable, (I) the deferral of the Deferred Adjustment Right with respect to such portion of such Warrant exercised shall be deemed to have ended immediately prior to such exercise, and (II) any such exercise shall reflect any adjustments in the Warrant as a result of the Deferred Adjustment Right; provided further, and notwithstanding the foregoing, the application of such Deferred Adjustment Right shall not occur to such portion of the Warrant that is not exercised for cash, if any, unless the Company is not then in compliance with its obligations to register the underlying shares of Common Stock under any applicable registration rights agreement.

 

	 	g.	The Company acknowledges and agrees that the Note Transfer occurred on August 25, 2022, such Note Transfer has been recorded on the Register (as defined in the Notes) and the books and records of the Company, and the Company shall use its reasonable best efforts to promptly effect the transfer of the certificate evidencing the Note from HB Sub Fund II LLC to HB Fund LLC.

 

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3. Disclosure of Transaction.
The Company shall, on or before 9:30 a.m., New York City Time, on the first Business Day following the date of this Agreement, file a
Current Report on Form 8-K, or a Quarterly Report on Form 10-Q, describing the terms of the transactions contemplated hereby in the form
required by the 1934 Act and attaching this Agreement and the form of the New Notes as an exhibit to such filing (excluding schedules,
the “SEC Filing”). From and after the filing of the SEC Filing, the Company shall have disclosed all material, non-public
information (if any) provided up to such time to the Holders by the Company or any of its Subsidiaries or any of their respective officers,
directors, employees or agents. In addition, upon the filing of the SEC Filing, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement with respect to the transactions contemplated hereby or as otherwise disclosed in the SEC Filing,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees
or agents, on the one hand, and any of the Holder or any of their affiliates, on the other hand, shall terminate. Neither the Company,
its Subsidiaries nor the Holder shall issue any press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, the Company shall be entitled, without the prior approval of the Holders, to issue a press release or make
such other public disclosure with respect to such transactions (i) in substantial conformity with the SEC Filing and contemporaneously
therewith or (ii) as is required by applicable law and regulations (provided that in the case of clause (i) the Holders shall be consulted
by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent
of the Holder (which may be granted or withheld in the Holder’s sole discretion), except as required by applicable law, the Company
shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Holder in any filing, announcement,
release or otherwise.

 

4. Fees. The Company
shall reimburse Kelley Drye & Warren, LLP (counsel to the Holder) in an aggregate non-accountable amount of $45,000 (the “Legal
Fee Amount”) for costs and expenses incurred by it in connection with drafting and negotiation of this Agreement. Each party
to this Agreement shall bear its own expenses in connection with the structuring, documentation, negotiation and closing of the transactions
contemplated hereby, except as provided in the previous sentence and except that the Company shall be responsible for the payment of any
placement agent’s fees, financial advisory fees, transfer agent fees, Depository Trust Company fees relating to or arising out of
the transactions contemplated hereby.

 

5. Most Favored Nation.
The Company hereby represents and warrants as of the date hereof and covenants and agrees that none of the terms offered to any Person
with respect to any amendment, modification, waiver or exchange of any warrant to purchase Common Stock (or other similar instrument),
including, without limitation with respect to any consent, release, amendment, settlement, or waiver relating thereto (each an “Settlement
Document”), is or will be more favorable to such Person (other than any reimbursement of legal fees) than those of the Holder
and this Agreement. If, and whenever on or after the date hereof, the Company enters into a Settlement Document while any Warrant remains
outstanding, then (i) the Company shall provide notice thereof to the applicable Holder promptly following the occurrence thereof and
(ii) the terms and conditions of this Agreement shall be, without any further action by the applicable Holder or the Company, automatically
amended and modified in an economically and legally equivalent manner such that the applicable Holder shall receive the benefit of the
more favorable terms and/or conditions (as the case may be) set forth in such Settlement Document, provided that upon written notice to
the Company at any time such Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event
the term or condition contained in this Agreement shall apply to such Holder as it was in effect immediately prior to such amendment or
modification as if such amendment or modification never occurred with respect to such Holder. The provisions of this Section 7 shall apply
similarly and equally to each Settlement Document.

 

6. Effective Time.
This Agreement shall be effective (the “Effective Time”) upon the time of due execution and delivery by the Company
and the Holders of this Agreement.

 

7. Ratification.
Except as otherwise expressly provided herein, the Transaction Documents (as defined in each Purchase Agreement), are, and shall continue
to be, in full force and effect and are hereby ratified and confirmed in all respects.

 

8. Miscellaneous.
Section 9 of the April SPA is hereby incorporated by reference herein, mutatis mutandis.

 

[Signature Page Follows]

 

 

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