Document:

Exhibit 10.4
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	Name: 
	[•]

	Number of Restricted Stock Units subject to Award:
	[•]

	Date of Grant:
	[•]

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OSMOTICA PHARMACEUTICALS PLC
2018 INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
(NON-EMPLOYEE DIRECTOR)
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This agreement (this “Agreement”) evidences an award (the “Award”) of restricted stock units granted by the Company to the individual named above (the “Grantee”), pursuant to and subject to the terms of the Osmotica Pharmaceuticals plc 2018 Incentive Plan (as from time to time amended and in effect, the “Plan”).
1.         Grant of Restricted Stock Unit Award.  The Company grants to the Grantee on the date set forth above (the “Date of Grant”) the number of restricted stock units (the “Restricted Stock Units”) set forth above giving the Grantee the conditional right to receive, without payment and pursuant to and subject to the terms set forth in this Agreement and in the Plan, one Share with respect to each Restricted Stock Unit forming part of the Award, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.
2.         Meaning of Certain Terms.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.  The following terms have the following meanings:
(a)        “Change in Control” means the first to occur of any of the following events:
(i)         an event in which any “person” or “group” within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (other than (A) the Company, (B) any subsidiary of the Company, (C) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any subsidiary of the Company, (D) any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company and (E) any of ACP Holdco (Offshore), L.P., ACP III AIV, L.P. or Altchem Limited or their respective affiliates), is or becomes the “beneficial owner” (as defined in Section 13(d) of the 1934 Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities;
(ii)        the consummation of the merger or consolidation of the Company with any other company, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
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by being converted into voting securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation and (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) after which no “person” or “group” (other than any of ACP Holdco (Offshore), L.P., ACP III AIV, L.P. or Altchem Limited or their respective affiliates) “beneficially owns” (with the determination of such “beneficial ownership” on the same basis as set forth in clause (i) of this definition) securities of the Company or the surviving entity of such merger or consolidation representing more than 50% of the combined voting power of the securities of the Company or the surviving entity of such merger or consolidation; or
(iii)       the sale or disposition by the Company of all or substantially all of the Company’s assets to one or more purchasers other than any of ACP Holdco (Offshore), L.P., ACP III AIV, L.P. or Altchem Limited or their respective affiliates.
3.         Vesting; Cessation of Employment; Change in Control.
(a)        Vesting.  Unless earlier terminated, forfeited, relinquished or expired, the Restricted Stock Units will vest as follows, subject to the Grantee remaining in continuous Employment from the Date of Grant through such vesting date.
(i)         [•]
(ii)        In the event of a Change in Control, the Restricted Stock Units, to the extent then outstanding and unvested, will automatically vest in full immediately prior to the consummation of the Change in Control.
(b)        Cessation of Employment.  Automatically and immediately upon the cessation of the Grantee’s Employment the unvested portion of this Award will terminate and be forfeited for no consideration.
4.         Delivery of Shares.  Subject to Section 5 below, the Company shall, as soon as practicable upon the vesting of any portion of the Award (but in no event later than thirty (30) days following the date on which such Restricted Stock Units vest), effect delivery of the Shares with respect to such vested Restricted Stock Units to the Grantee (or, in the event of the Grantee’s death, to the person to whom the Award has passed by will or the laws of descent and distribution).  No Shares will be issued pursuant to this Award unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction of the Administrator.
5.         Forfeiture; Recovery of Compensation.
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(a)        This Award, any Shares acquired under this Award and any proceeds from the disposition thereof, will be subject to forfeiture and disgorgement to the Company, with interest and related earnings, if at any time the Grantee is not in compliance with all applicable provisions of this Agreement and the Plan.
(b)        By accepting, or being deemed to have accepted, this Award, the Grantee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of this Award, under this Award, including the right to any Shares acquired under this Award or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision).  Nothing in the preceding sentence may be construed as limiting the general application of Section 10 of this Agreement.
6.         Dividends; Other Rights.  This Award may not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company or any subsidiary prior to the date on which the Company delivers Shares to the Grantee.  The Grantee is not entitled to vote any Shares by reason of the granting of this Award or to receive or be credited with any dividends declared and payable on any Share prior to the date on which such Share is delivered to the Grantee hereunder.  The Grantee will have the rights of a shareholder only as to those Shares, if any, that are actually delivered under this Award.
7.         Nontransferability.  This Award may not be transferred except as expressly permitted under Section 6(a)(3) of the Plan.
8.         Taxes.
(a)        The Grantee acknowledges and agrees that the statutory minimum amount of any non-U.S. tax withholding due in connection with the vesting and settlement of the Restricted Stock Units (or portion thereof) will be satisfied by the Grantee furnishing to the Company, no later than the date on which the Company effects a delivery of Shares pursuant to Section 4, a check in an amount sufficient to satisfy such non-U.S. withholding tax requirements in accordance with the Plan; provided, however, that the Administrator hereby reserves the discretion to use any one or more methods permitted by the Plan to satisfy the Grantee’s obligations with respect to any applicable withholding tax requirements attributable to the Restricted Stock Units, or portion thereof, being settled.  The Grantee acknowledges and agrees that any U.S. federal, state or local taxes due in connection with the vesting and settlement of the Restricted Stock Units (or portion thereof) are the sole responsibility of the Grantee.
(b)        The Grantee authorizes the Company and its subsidiaries to withhold any amounts due in respect of any required tax withholdings or payments from any amounts otherwise owed to the Grantee, but nothing in this sentence may be construed as relieving the Grantee of any liability for satisfying his or her obligation under the preceding provisions of this Section 8.
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(c)        In no event will the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.
9.         Effect on Employment.  Neither the grant of this Award, nor the issuance of Shares upon the vesting of this Award, will give the Grantee any right to be retained in the employ or service of the Company or any of its subsidiaries, affect the right of the Company or any of its subsidiaries to discharge the Grantee at any time, or affect any right of the Grantee to terminate his or her Employment at any time.
10.       Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Date of Grant has been furnished to the Grantee.  By accepting, or being deemed to have accepted, all or any portion of the Award, the Grantee agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.
11.       Acknowledgements.   The Grantee acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which will be an original and all of which together will constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for all purposes hereunder, and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Grantee.
[Signature page follows.]
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The Company, by its duly authorized officer, and the Grantee have executed this Agreement as of the date first set forth above.
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	OSMOTICA PHARMACEUTICALS PLC

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	By:
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	Name:
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	Title:
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	Agreed and Accepted:
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	By
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	[•]
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[Signature Page to Restricted Stock Unit Award Agreement]Exhibit 4.7

 

REMARK HOLDINGS,
INC.

 

CERTIFICATE
OF DESIGNATIONS, RIGHTS AND PREFERENCES

 

OF

 

9.5% SERIES
A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK

 

Pursuant to Section 151 of the 

Delaware General Corporation Law

 

Remark Holdings, Inc.,
a Delaware corporation (the “Corporation”), hereby certifies that the following resolution was adopted by the
Board of Directors of the Corporation (the “Board of Directors”) pursuant to the authority of the Board of Directors
as required by Section 151 of the Delaware General Corporation Law.

 

WHEREAS, the Amended
and Restated Certificate of Incorporation of the Corporation as filed with the Secretary of State of Delaware on December 23, 2014
(as amended on January 11, 2016, June 7, 2016 and April 6, 2017, the “Certificate of Incorporation”) provides
for a class of its authorized stock known as preferred stock, comprised of 1,000,000 shares, $0.001 par value per share (the “Preferred
Stock”), issuable from time to time in one or more series; and

 

WHEREAS, the Board
of Directors is authorized by the provisions of the Certificate of Incorporation to, among other things, fix the dividend rights,
dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation preferences of any wholly unissued
series of Preferred Stock and the number of shares constituting any such series.

 

NOW THEREFORE, BE IT
RESOLVED, that pursuant to this authority granted to and vested in the Board of Directors in accordance with the provisions of
the Certificate of Incorporation, the Board of Directors hereby adopts this Certificate of Designations, Rights and Preferences
(the “Certificate of Designations”) for the purpose of creating a series of Preferred Stock of the Corporation
classified and designated as 9.5% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share (the “Series
A Preferred”), and hereby states the designation and number of shares, and fixes the relative rights, powers and preferences,
and qualifications, limitations and restrictions of the Series A Preferred as follows:

 

1.       Designation
and Amount. The shares of such series of Preferred Stock shall be designated as “9.5% Series A Cumulative Redeemable
Perpetual Preferred Stock” and the number of shares constituting such series shall be 690,000 shares.

 

2.       No
Maturity, Sinking Fund, Mandatory Redemption. The Series A Preferred has no stated maturity and will not be subject to any
sinking fund or mandatory redemption, and will remain outstanding indefinitely unless the Corporation decides to redeem or otherwise
repurchase the Series A Preferred. The Corporation is not required to set aside funds to redeem the Series A Preferred.

 

3.       Ranking.
The Series A Preferred will rank, with respect to rights to the payment of dividends and the distribution of assets in the event
of any liquidation, dissolution or winding up of the Corporation, (i) senior to all classes or series of the Corporation’s
common stock, par value $0.001 per share (“Common Stock”), and to all other equity securities issued by the
Corporation other than equity securities referred to in clauses (ii) and (iii) of this Section 3; (ii) on a parity with all equity
securities issued by the Corporation with terms specifically providing that those equity securities rank on a parity with the Series
A Preferred with respect to rights to the payment of dividends and the distribution of assets upon any liquidation, dissolution
or winding up of the Corporation; (iii) junior to all equity securities issued by the Corporation with terms specifically providing
that those equity securities rank senior to the Series A Preferred with respect to rights to the payment of dividends and the distribution
of assets upon any liquidation, dissolution or winding up of the Corporation, including any other series of Preferred Stock; and
(iv) junior to all of the Corporation’s existing and future indebtedness. The term “equity securities” shall
not include convertible debt securities.

 

     

    

    

 

4.       Dividends.

 

(a)
Holders of shares of the Series A Preferred are entitled to receive, when, as and if declared by the Board of Directors, out of
funds of the Corporation legally available for the payment of dividends, cumulative cash dividends at the rate of 9.5% on $25.00
per share of the Series A Preferred per annum (equivalent to $2.375 per annum per share). Commencing on the date of issuance of
Series A Preferred (as applicable, the “Issue Date”), dividends shall accrue on the Series A Preferred daily
and shall be cumulative, from, and including, the Issue Date, and shall be payable monthly on the 15th day of each
calendar month (each such date, a “Dividend Payment Date”) to the holders of record of the Series A Preferred
as they appear on the stock records of the Corporation at the close of business on the last day of the calendar month, whether
or not a Business Day, immediately preceding the month in which the applicable Dividend Payment Date falls (each, a “Dividend
Record Date”); provided, that if any Dividend Payment Date is not a Business Day (as defined below), then the dividend
which would otherwise have been payable on that Dividend Payment Date may be paid on the next succeeding Business Day with the
same force and effect as if paid on such Dividend Payment Date and no interest, additional dividends or other sums will accumulate
on the amount so payable for the period from and after such Dividend Payment Date to such next succeeding Business Day. Dividends
payable on the Series A Preferred will be computed on the basis of a 360-day year consisting of twelve 30-day months, provided
that for partial dividend periods, dividend payments will be pro-rated, unless otherwise provided in the applicable securities
offering and sale documents. The dividends payable on any Dividend Payment Date shall include dividends accumulated to, but not
including, such Dividend Payment Date.

 

(b)
No dividends on shares of Series A Preferred shall be authorized by the Board of Directors, or paid or set apart for payment by
the Corporation at any time when the terms and provisions of any agreement of the Corporation, including any agreement relating
to any indebtedness of the Corporation, prohibit the authorization, payment or setting apart for payment thereof or provide that
the authorization, payment or setting apart for payment thereof would constitute a breach of the agreement or a default under the
agreement, or if the authorization, payment or setting apart for payment shall be restricted or prohibited by law.

 

(c)
Notwithstanding anything to the contrary contained herein, dividends on the Series A Preferred will accumulate whether or not the
Corporation has earnings, whether or not there are funds legally available for the payment of those dividends and whether or not
those dividends are declared by the Board of Directors. No interest, or sum in lieu of interest, will be payable in respect of
any dividend payment or payments on the Series A Preferred which may be in arrears, and holders of the Series A Preferred will
not be entitled to any dividends in excess of full cumulative dividends described in Section 4(a). Any dividend payment made on
the Series A Preferred shall first be credited against the earliest accumulated but unpaid dividend due with respect to the Series
A Preferred.

 

(d)
Unless full cumulative dividends on the Series A Preferred have been or contemporaneously are declared and paid or declared and
a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past Dividend Payment Dates,
(i) no dividends (other than in shares of Common Stock or in shares of any series of Preferred Stock that the Corporation may issue
ranking junior to the Series A Preferred as to the payment of dividends and the distribution of assets upon liquidation, dissolution,
or winding up) shall be declared or paid or set aside for payment upon shares of Common Stock or Preferred Stock that the Corporation
may issue ranking junior to, or on a parity with, the Series A Preferred as to the payment of dividends, or the distribution of
assets upon liquidation, dissolution, or winding up. Nor shall any other dividend be declared or made upon such shares of Common
Stock or Preferred Stock that the Corporation may issue ranking junior to or on a parity with the Series A Preferred as to the
payment of dividends, or the distribution of assets upon liquidation, dissolution, or winding up.

 

     

    

    

 

(e)
When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series A Preferred
and upon the shares of any other series of Preferred Stock that the Corporation may issue ranking on a parity as to the payment
of dividends with the Series A Preferred, all dividends declared upon the Series A Preferred and any other series of Preferred
Stock that the Corporation may issue ranking on parity as to the payment of dividends with the Series A Preferred shall be declared
pro rata so that the amount of dividends declared per share of Series A Preferred and such other series of Preferred Stock that
the Corporation may issue shall in all cases bear to each other the same ratio that accrued dividends per share on the Series A
Preferred and such other series of Preferred Stock that the Corporation may issue (which shall not include any accrual in respect
of unpaid dividends for prior dividend periods if such Preferred Stock does not have a cumulative dividend) bear to each other.
No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series
A Preferred that may be in arrears.

 

(f)
“Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close.

 

5.       Liquidation
Preference.

 

(a)
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of shares of
Series A Preferred will be entitled to be paid out of the assets the Corporation has legally available for distribution to its
stockholders, subject to the preferential rights of the holders of any class or series of capital stock of the Corporation it may
issue ranking senior to the Series A Preferred with respect to the distribution of assets upon liquidation, dissolution or winding
up, a liquidation preference of Twenty-Five Dollars ($25.00) per share, plus an amount equal to any accumulated and unpaid dividends
(whether or not declared) to, but not including, the date of payment, before any distribution of assets is made to holders of Common
Stock or any other class or series of capital stock of the Corporation that it may issue that ranks junior to the Series A Preferred
as to liquidation rights. The liquidation preference shall be proportionately adjusted in the event of a stock split, stock combination
or similar event so that the aggregate liquidation preference allocable to all outstanding shares of Series A Preferred immediately
prior to such event is the same immediately after giving effect to such event.

 

(b)
In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Corporation
are insufficient to pay the amount of the liquidating distributions on all outstanding shares of Series A Preferred and the corresponding
amounts payable on all shares of other classes or series of capital stock of the Corporation that it may issue ranking on a parity
with the Series A Preferred in the distribution of assets, then the holders of the Series A Preferred and all other such classes
or series of capital stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions
to which they would otherwise be respectively entitled.

 

     

    

    

 

(c)
Holders of shares of Series A Preferred shall be entitled to written notice of any such liquidation, dissolution or winding up
no fewer than 30 days and no more than 60 days prior to the payment date. After payment of the full amount of the liquidating distributions
to which they are entitled, the holders of Series A Preferred will have no right or claim to any of the remaining assets of the
Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or entity or of any other
entity with or into the Corporation, or the sale, lease, transfer or conveyance of all or substantially all of the property or
business the Corporation, shall not be deemed a liquidation, dissolution or winding up of the Corporation.

 

6.       Redemption.

 

(a)
The Series A Preferred is not redeemable by the Company prior to [•], 2023, except as described in this Section 6.

 

(b)
Optional Redemption Right. On and after [•], 2023, the Corporation may, at its option, upon not less than 30 days nor
more than 60 days’ written notice by mail prior to the date fixed for redemption thereof, redeem the Series A Preferred,
in whole or in part, at any time or from time to time, for cash at a redemption price equal to (i) $25.00, plus (ii) any accumulated
and unpaid dividends thereon to, but not including, the date fixed for redemption. If the Corporation elects to redeem any
shares of Series A Preferred as described in this Section 6(b), it may use any available cash to pay the redemption price,
and it will not be required to pay the redemption price only out of the proceeds from the issuance of other equity securities or
any other specific source.

 

(c)
Special Optional Redemption Right. Notwithstanding anything to the contrary contained in Section 6(a), upon the occurrence
of a Change of Control (as defined herein), the Corporation may, at its option, upon not less than 30 nor more than 60 days’
written notice, redeem the Series A Preferred, in whole or in part, within 120 days after the first date on which such Change of
Control occurred, for cash at a redemption price of Twenty-Five Dollars ($25.00) per share, plus any accumulated and unpaid dividends
thereon to, but not including, the redemption date. If the Corporation elects to redeem any shares of Series A Preferred as described
in this Section 6(c), it may use any available cash to pay the redemption price, and it will not be required to pay the redemption
price only out of the proceeds from the issuance of other equity securities or any other specific source.

 

(d)
A “Change of Control” is deemed to occur when the following have occurred and are continuing: (i) the acquisition
by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), of beneficial ownership, directly or indirectly, through a purchase,
merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of the Corporation
entitling that person to exercise more than 50% of the total voting power of all stock of the Corporation entitled to vote generally
in the election of directors of the Corporation (except that such person will be deemed to have beneficial ownership of all securities
that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition); and (ii) following the closing of any transaction referred to in clause (i), neither the Corporation
nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities)
listed on the New York Stock Exchange (the “NYSE”), the NYSE American LLC (the “NYSE American”)
or the Nasdaq Stock Market (“Nasdaq”), or listed or quoted on an exchange or quotation system that is a successor
to the NYSE, the NYSE American or Nasdaq.

 

     

    

    

 

(e)
In the event the Corporation elects to redeem Series A Preferred, the notice of redemption will be mailed by the Corporation, postage
prepaid, not less than 30 nor more than 60 days prior to the redemption date, to each holder of record of Series A Preferred called
for redemption at such holder’s address as it appears on the stock transfer records of the Corporation and shall state: (i)
the redemption date; (ii) the number of shares of Series A Preferred to be redeemed; (iii) the redemption price; (iv) the place
or places where certificates (if any) for the Series A Preferred other than through The Depositary Trust Company (“DTC”)
are to be surrendered for payment of the redemption price; (v) that dividends on the shares to be redeemed will cease to accumulate
on the redemption date; (vi) whether such redemption is being made pursuant to Section 6(b) or Section 6(c); and (vii) if applicable,
that such redemption is being made in connection with a Change of Control and, in that case, a brief description of the transaction
or transactions constituting such Change of Control. If less than all of the shares of Series A Preferred held by any holder are
to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series A Preferred held by such holder
to be redeemed. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the
proceedings for the redemption of any shares of Series A Preferred except as to the holder to whom notice was defective or not
given.

 

(f)
Holders of Series A Preferred that holds a certificate other than through DTC book entry, shall surrender the Series A Preferred
at the place designated in the notice of redemption and shall be entitled to the redemption price and any accumulated and unpaid
dividends payable upon the redemption following the surrender.

 

(g)
If notice of redemption of any shares of Series A Preferred has been given and if the Corporation irrevocably sets aside the funds
necessary for redemption in trust for the benefit of the holders of the shares of Series A Preferred so called for redemption,
then from and after the redemption date (unless the Corporation shall default in providing for the payment of the redemption price
plus accumulated and unpaid dividends, if any), dividends will cease to accumulate on those shares of Series A Preferred, those
shares of Series A Preferred shall no longer be deemed outstanding and all rights of the holders of those shares will terminate,
except the right to receive the redemption price plus accumulated and unpaid dividends, if any, payable upon redemption.

 

(h)
If any redemption date is not a Business Day, then the redemption price and accumulated and unpaid dividends, if any, payable upon
redemption may be paid on the next Business Day and no interest, additional dividends or other sums will accumulate on the amount
payable for the period from and after that redemption date to that next Business Day. 

 

(i)
If less than all of the outstanding Series A Preferred is to be redeemed, the Series A Preferred to be redeemed shall be selected
pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method the Corporation
shall determine.

 

(j)
In connection with any redemption of Series A Preferred, the Corporation shall pay, in cash, any accumulated and unpaid dividends
to, but not including, the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding
Dividend Payment Date, in which case each holder of Series A Preferred at the close of business on such Dividend Record Date shall
be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of
such shares before such Dividend Payment Date. Except as provided in this Section 6(j), the Corporation will make no payment or
allowance for unpaid dividends, whether or not in arrears, on shares of the Series A Preferred to be redeemed.

 

(k)
Unless full cumulative dividends on all shares of Series A Preferred shall have been or contemporaneously are declared and paid
or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past Dividend
Payment Dates, no shares of Series A Preferred shall be redeemed unless all outstanding shares of Series A Preferred are simultaneously
redeemed and the Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred (except
by exchanging it for its capital stock ranking junior to the Series A Preferred as to the payment of dividends, or the distribution
of assets upon liquidation, dissolution, or winding up); provided, however, that the foregoing shall not prevent the purchase or
acquisition by the Corporation of shares of Series A Preferred pursuant to a purchase or exchange offer made on the same terms
to holders of all outstanding shares of Series A Preferred.

 

     

    

    

 

(l)
Subject to applicable law, the Corporation may purchase shares of Series A Preferred in the open market, by tender or by private
agreement. Any shares of Series A Preferred that the Corporation acquires may be retired and re-classified as authorized but unissued
shares of Preferred Stock, without designation as to class or series, and may thereafter be reissued as any class or series of
Preferred Stock.

 

7.      No
Conversion Rights. The shares of Series A Preferred are not convertible into or exchangeable for any other property or securities
of the Corporation.

 

8.       Voting
Rights.

 

(a)
Holders of the Series A Preferred will not have any voting rights, except as set forth in this Section 8 or as otherwise required
by law. On each matter on which holders of Series A Preferred are entitled to vote, as a separate class, each share of Series A
Preferred will be entitled to one vote.

 

(b)
So long as any shares of Series A Preferred remain outstanding, the Corporation will not, without the affirmative vote or consent
of the holders of at least two-thirds of the votes entitled to be cast by the holders of the Series A Preferred outstanding at
the time, given in person or by proxy, either in writing or at a meeting (voting together as a class with all other series of parity
Preferred Stock that the Corporation may issue upon which like voting rights have been conferred and are exercisable), (i) authorize
or create, or increase the authorized or issued amount of, any class or series of capital stock ranking senior to the Series A
Preferred with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up or reclassify
any of the authorized capital stock of the Corporation into such shares, or create, authorize or issue any obligation or security
convertible into or evidencing the right to purchase any such shares; or (ii) amend, alter, repeal or replace the Certificate of
Incorporation, including by way of merger, consolidation or otherwise in which the Corporation may or may not be the surviving
entity, so as to materially and adversely affect and deprive holders of Series A Preferred of any right, preference, privilege
or voting power of the Series A Preferred (each, an “Event”). An increase in the amount of the authorized Preferred
Stock, including the Series A Preferred, or the creation or issuance of any additional Series A Preferred or other series of Preferred
Stock that the Corporation may issue, or any increase in the amount of authorized shares of such series, in each case ranking on
a parity with or junior to the Series A Preferred with respect to payment of dividends or the distribution of assets upon liquidation,
dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting
powers.

 

(c)
Notwithstanding Section 8(b)(ii) above, if any Event set forth in Section 8(e)(ii) above materially and adversely affects any right,
preference, privilege or voting power of the Series A Preferred but not all series of parity Preferred Stock that the Corporation
may issue upon which like voting rights have been conferred and are exercisable, the affirmative vote or consent of the holders
of at least two-thirds of the shares of the Series A Preferred and all such other similarly affected series, outstanding at the
time (voting together as a class), given in person or by proxy, either in writing or at a meeting, shall be required in lieu of
the vote or consent that would otherwise be required by Section 8(b)(ii).

 

(d)
The voting rights provided for in this Section 8 will not apply if, at or prior to the time when the act with respect to which
voting by holders of the Series A Preferred would otherwise be required pursuant to this Section 8 shall be effected, all outstanding
shares of Series A Preferred shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have
been deposited in trust to effect such redemption pursuant to Section 6.

 

     

    

    

 

(e)
Except as expressly stated in this Section 8 or as may be required by applicable law, the Series A Preferred will not have any
relative, participating, optional or other special voting rights or powers and the consent of the holders thereof shall not be
required for the taking of any corporate action.

 

9.       Information
Rights. During any period in which the Corporation is not subject to Section 13 or 15(d) of the Exchange Act and any shares
of Series A Preferred are outstanding, the Corporation will use its best efforts to (i) transmit by mail (or other permissible
means under the Exchange Act) to all holders of Series A Preferred, as their names and addresses appear on our record books and
without cost to such holders, copies of the annual reports on Form 10-K and quarterly reports on Form 10-Q that the Corporation
would have been required to file with the Securities and Exchange Commission (the “SEC”) pursuant to Section
13 or 15(d) of the Exchange Act if it were subject thereto (other than any exhibits that would have been required); and (ii) promptly,
upon request, supply copies of such reports to any holders or prospective holder of Series A Preferred. The Corporation will use
its best efforts to mail (or otherwise provide) the information to the holders of the Series A Preferred within 30 days after the
respective dates by which a periodic report on Form 10-K or Form 10-Q, as the case may be, in respect of such information would
have been required to be filed with the SEC, if the Corporation were subject to Section 13 or 15(d) of the Exchange Act, in each
case, based on the dates on which the Corporation would be required to file such periodic reports if it were a “non-accelerated
filer” within the meaning of the Exchange Act.

 

10.       No
Preemptive Rights. No holders of the Series A Preferred will, as holders of Series A Preferred, have any preemptive rights
to purchase or subscribe for Common Stock or any other security of the Corporation.

 

11.       Record
Holders. The Corporation and the transfer agent for the Series A Preferred may deem and treat the record holder of any Series
A Preferred as the true and lawful owner thereof for all purposes, and neither the Corporation nor the transfer agent shall be
affected by any notice to the contrary.

 

[Signature
on Following Page]

 

     

    

    

 

 IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Designations to be signed in its name and on its behalf on this
___ day of August, 2020.

 

	 	REMARK HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:	Kai-Shing Tao
	 	 	Title:	
        Chairman and Chief Executive Officer

        (principal executive, financial and accounting officer)

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