Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of June 28, 2019, among Creative Medical Technology Holdings, Inc.,
a Nevada corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, the parties
hereto desire that the Purchaser make advances to the Company to purchase the securities to be sold under this Agreement; and

 

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 each
Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company securities as more fully described
in this Agreement, and

 

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

 

ARTICLE I.

DEFINITIONS

 

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

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.6.

 

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

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business Day”
means any day except any Saturday, any Sunday, any day that is a federal legal holiday in the United States or any day on
which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing Date”
means the Trading Day(s) on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto in connection with the Closing, and all conditions precedent to (i) each Purchaser’s obligations to pay the Subscription
Amount as to the Closing and (ii) the Company’s obligations to deliver the Securities as to the Closing, in each case, have
been satisfied or waived.

 

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

 

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“Closing Statement”
means the Closing Statement in the form on Annex A attached hereto.

 

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

 

“Disclosure Schedules”
shall have the meaning ascribed to such term in Section 3.1.

 

“Equity Incentive Plan”
means the Company’s existing equity incentive plan, as amended.

 

“Evaluation Date”
shall have the meaning ascribed to such term in Section 3.1(q).

 

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

 

“FCPA” means
the Foreign Corrupt Practices Act of 1977, as amended.

 

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

 

“Indebtedness”
means (x) any liabilities for borrowed money or amounts owed in excess of $150,000 (other than trade accounts payable or for services
provided incurred in the ordinary course of business); (y) all guaranties, endorsements and other contingent obligations in respect
of indebtedness of others, whether or not: the same are or should be reflected in the Company’s consolidated balance sheet
(or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions
in the ordinary course of business; and (z) the present value of any lease payments in excess of $150,000 due under leases required
to be capitalized in accordance with GAAP.

 

“Intellectual Property
Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

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

 

“Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits”
shall have the meaning ascribed to such term in Section 3.1 (m).

 

“Maximum Rate”
shall have the meaning ascribed to such term in Section 5.17.

 

“Note” means
the 8% Original Issue Discount Senior Convertible Promissory Note due, subject to the terms therein, twelve (12) months from its
date of issuance, issued by the Company to each Purchaser hereunder, in the form of Exhibit A attached hereto,

 

“Person” means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof), or other entity' of any kind.

 

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“Principal Amount”
means, as to each Purchaser, the amounts set forth below such Purchaser’s signature block on the signature pages hereto
next to the heading “Principal Amount,” in United States Dollars, which shall equal such Purchaser’s Subscription
Amount as to the Closing.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

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

 

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

 

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

 

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

 

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

 

“Securities”
means the Notes and the Warrants.

 

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

 

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

 

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

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

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

 

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

 

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

 

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

 

“Warrant”
means the Common Stock Purchase Warrants granted by the Company to each Purchaser hereunder, in the form of Exhibit B attached
hereto.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Purchase.
The Purchasers may purchase an aggregate of up to $100,000 in Subscription Amount of Notes and Warrants in one tranche (the “Tranche”)
at the closing (the “Closing”). The Closing is contingent upon, among other things, all matters being satisfactory
to the Purchasers in their sole discretion, and that the Company is in full compliance with its obligations and not in default
under this Agreement, any Note, the other Transaction Documents, or any agreement with or for the benefit of the Purchasers on
the Closing Date of the Tranche.

 

2.2           Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and each Purchaser,
severally and not jointly, agrees to purchase, such Purchaser’s Closing Subscription Amount as set forth on the signature
page hereto executed by such Purchaser. At the Closing, unless otherwise agreed, each Purchaser shall have delivered funds to
the Company for release as set forth in Section 4.8 — Use of Proceeds, via wire transfer or a certified or bank check, immediately
available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such
Purchaser and the Company shall deliver to each Purchaser its respective Note and Warrant, each as determined pursuant to Section
2.3(a), and the Company each Purchaser shall deliver the other items set forth in Section 2.3 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections 2.3 and 2.4 for the Closing, the Closing shall occur at the
offices of Purchasers’ Counsel or such other location as the parties shall mutually agree.

 

2.3           Deliveries.

 

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

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         a
Note with a principal amount equal to such Purchaser’s Principal Amount as to the Closing, registered in the name of such
Purchaser;

 

(iii)        a
Warrant; and

 

(iv)        such
other documents, certificates, instruments, and other writings as Purchasers’ counsel may reasonably request.

 

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(b)          On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)          this
Agreement duly executed by such Purchaser;

 

(ii)         such
Purchaser’s Subscription Amount as to the Closing by wire transfer to the escrow
account specified in writing by the Company and such Purchaser; and

 

(iii)        such
other documents, certificates, instruments, and other writings as the Company’s counsel may reasonably request.

 

2.4          Closing
Conditions.

 

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

 

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

 

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

 

(iii)        the
delivery by each Purchaser of the items set forth in Section 2.3(b) of this Agreement.

 

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

 

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

 

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

 

(iii)        the
delivery by the Company of the items set forth in Section 2.3(a) of this Agreement;

 

(iv)        there
is no existing Event of Default (as defined in the Notes, the other Transaction Documents, or any agreement with or for the benefit
of the Purchasers) and no existing event that, with the passage of time or the giving of notice, would constitute an Event of
Default;

 

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

 

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(vi)        from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market and, at any time prior to the 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 such Purchaser, and without regard to any factors unique to such Purchaser, makes it
impracticable or inadvisable to purchase the Securities at the Closing.

 

2.5          Post-closing
Undertakings. Subsequent to the Closing, the Company shall:

 

(a)          promptly
pay to the Company’s transfer agent any and all of its costs and fees associated with any activity of such transfer agent
with respect to the performance of its duties in respect of the transactions contemplated by this Agreement;

 

(b)          during
the period from the date of this Agreement through the date on which all of the Purchasers shall have disposed of all of the Conversion
Shares or the shares of the Company’s common stock underlying the Warrants, neither the Company nor its Subsidiaries shall
enter into any additional, or modify any existing, agreements with any existing or future investors in the Company or any of its
Subsidiaries that have the effect of establishing rights or otherwise benefiting such investor in a manner more favorable in any
material respect, to such investor than the. rights and benefits established in favor of the Purchasers by this Agreement, unless,
in any such case, the Purchasers have been provided with such rights and benefits; and

 

(c)          not
enter into any transaction that utilizes or requires, could utilize or requires, or could be deemed to require the use of the
exemption from the registration requirements of the Securities Act provided by Section 3 (a) (10) thereof.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

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

 

(a)      
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any liens,
and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, nonassessable
and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other
references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

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(b)          Organization
and Qualification. The Company and each of the Company’s Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document; (it) a material adverse effect on the results of operations, assets, business,
prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole; or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction
Document (any of (i), (ii), or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in
any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)          Authorization;
Enforcement. The Company has the requisite power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, its Board of Directors, stockholders, or members, as applicable, in connection
herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document
to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against that Company
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.

 

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

 

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(e)          Filings;
Consents; and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal (except for any federal consents, etc., concerning cannabis),
state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the
Company of the Transaction Documents, other than: the filing of Form D with the Commission, to the extent the Company is required
to file with the Commission, and such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

(f)          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.

 

(g)          Capitalization.
The capitalization of the Company is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include 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 since its most recently" filed periodic report under the Exchange Act, other than pursuant
to the exercise of employee stock options under any applicable Equity Incentive Plan, the issuance of shares of Common Stock to
employees pursuant to the Company’s employee stock purchase plans and 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. No Person has
any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities and securities issued
to employees, officers or directors, or former employees, officers or directors and other service providers or former service
providers of the Company pursuant to such Equity Incentive Plan or otherwise, there are no outstanding options, warrants, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate any Company
to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of
any bolder of that Company’s securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
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 federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any
stockholder or other equity holder, as applicable, the Board of Directors or others is requited for the issuance and sale of the
Securities. Other than as set forth on Schedule 3.1(g), there are no stockholders agreements, voting agreements or other
similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the
Company, between or among any of the Company’s stockholders.

 

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(h)          SEC
Reports; Financial Statements. Except as set forth in Schedule 3.1(h), the Company has provided all reports, schedules,
forms, statements, and other documents required to be filed by the Company with the Commission for the two years preceding the
date hereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the “SEC Reports”). As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Commission 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. Except as set forth in Schedule 3.1(h),
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. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present 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 normal, immaterial, year-end audit adjustments.

 

(i)          Material
Changes; Undisclosed Events; Liabilities or Developments. Except as provided on Schedule 3.1(i), since filing the Company’s
most recent Quarterly Report with the Commission for the period ended March 31, 2019: (i) there has been no event, occurrence
or development that has had or that could reasonably be expected to result in a Material Adverse Effect; (ii) the Company has
not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities nor required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the Commission; (iii) the Company has not altered its method of
accounting; (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders
or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock; and (v) the Company has not
issued any equity securities to any officer, director or Affiliate, except pursuant to the Equity Incentive Plan or as set forth
in the SEC Reports. Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance,
occurrence, or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
Subsidiaries or their respective businesses, properties, operations, assets, or financial condition, that would be required to
be disclosed by the Company under applicable securities laws 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.

 

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(j)          Litigation.
Except as set forth in the SEC Reports, or, if applicable, Schedule 3.1(j), there is no action, suit, inquiry, notice of
violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company,
any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency
or regulator)' authority (federal, state, county’, local, or foreign) (collectively, an “Action”), which
(i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect, and
neither the Company not any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Other than
as set forth in the SEC Reports, there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company that is
likely to lead to action that can reasonably be expected to result in a Material Adverse Effect. Other than as set forth in the
SEC Reports, there has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation
by the Commission involving the Company or any current or former director or officer of the Company.

 

(k)          Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in 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, and the Company and its Subsidiaries
believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company
or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive
covenant in favor of any third party’, and the continued employment of each such executive officer does not subject the
Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries
ate in compliance with all U.S. federal, state, local, and foreign laws and regulations relating to employment and employment
practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(l)          Compliance.
Except as set forth in Schedule 3.1(1), neither the Company nor any Subsidiary: (i) is in default under or in violation
of (and no event has occurred that has not been warned that, with notice or lapse of time or both, would result in a default by
the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation
of any judgment, decree or order of any court, arbitrator or other governmental authority ,or (iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and
employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

(m)          Regulatory
Permits. The Company and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal
(except for any federal certificates, etc., concerning cannabis), state, local or foreign regulatory authorities necessary to
conduct their respective businesses as described in the SEC Reports, as applicable or on Schedule 3.11m), except where
the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (the “Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(n)          Title
to Assets. The Company and its Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect, the value of such property and do
not materially interfere with the use made and proposed to he made of such property by the Company and the Subsidiaries arid (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 the Company and the Subsidiaries are held by them under valid, subsisting, and enforceable leases with which the Company and
the Subsidiaries are in compliance.

 

(o)          Intellectual
Property. The Company and its Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights as described in the SEC Reports as necessary or required for use in connection with their respective businesses
as presently conducted and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). Neither the Company nor any Subsidiary 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 tints Agreement. No Company nor any Subsidiary has received, since the date of the latest
audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that,
the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be
expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable
and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company 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.

 

    	 	11	 

     

    

 

(p)          Transactions
with Affiliates and Employees. Except as set forth in Schedule 3.1(p) or the SEC Reports, none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary
is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from providing for the borrowing of money from or lending of money to, or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member,
or partner, in each case in excess of $120,000 other than for: (i) payment of salary’ or consulting fees for services tendered;
(ii) reimbursement for expenses incurred on behalf of the Company; and (iii) other employee benefits, including stock option or
stock award agreements under the Equity Incentive Plan.

 

(q)          Sarbanes-Oxley:
Internal Accounting Controls. Except as set forth in Schedule 3.1(g), the Company and the 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 applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as
of the Closing Date. Other than as disclosed in the SEC Reports, the Company and the 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 the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits 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 the 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 with
the Commission 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 repotting of the Company and its Subsidiaries.

 

    	 	12	 

     

    

 

(r)          Certain
Fees. Other than as set forth on Schedule 3.1 (r), no brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiaries 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. The Purchaser shall
have no obligation with respect to any fees or with respect to any claims made by oi on behalf of other Persons for fees of a
type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(s)          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 each Purchaser as contemplated
hereby. The issuance and sale of the Securities hereunder docs not contravene the rules and regulations of the Trading Market.

 

(t)          Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company 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.

 

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

 

(v)         Listing
and Maintenance Requirements. 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.

 

(w)          Application
of Takeover Protections. The Company and the Board of Directors 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 certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and each Purchaser’s ownership of the Securities.

 

    	 	13	 

     

    

 

(x)          Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers 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 the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.
All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their
respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true
and correct and does 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 Company 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 hi Section 3.2 hereof.

 

(y)          No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, 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 stockholder approval provisions
of any Trading Market oil which any of the securities of the Company are listed or designated.

 

(z)          No
General Solicitation. No 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.

 

(aa) Foreign Corrupt Practices.
Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting
on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts,
entertainment or other unlawful expenses related to foreign or domestic political activity; (ii) made any unlawful payment to
foreign or domestic government officials or employees of to any foreign or domestic political parties or campaigns from corporate
funds; (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on
its behalf of which the Company is aware) which is in violation of law; or (iv) violated in any material respect any provision
of FCPA.

 

(bb) Accountants. The
Company’s accounting firm is set forth on Schedule 3.1(bb) of the Disclosure Schedules. To the knowledge and belief
of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act.

 

(cc) No Disagreements with
Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company
to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company.

 

    	 	14	 

     

    

 

(dd) 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
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.

 

(ee) Regulation M Compliance.
The Company has not, and to its knowledge no one acting on its 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.

 

(ff) Stock Option Plans.
Each stock option granted by the Company under the Equity Incentive Plan was granted (i) in accordance with the terms of the Equity
Incentive Plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock
option would be considered granted under GAAP and applicable law. No stock option granted under the Equity Incentive Plan has
been backdated. 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.

 

(gg) Office of Foreign Assets
Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee
or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”).

 

(hh) 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 a Purchaser’s request.

 

(ii) Bank Holding Company
Act. Neither the Company nor any of its Subsidiaries or Affiliates 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”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly,
five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) 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. Neither the Company
nor any of its Subsidiaries or Affiliates exercises 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.

 

    	 	15	 

     

    

 

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

 

(kk) Seniority. As of
the Closing Date, no Indebtedness or other claim against the Company is senior to the Notes in right of payment, 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).

 

(ll) Shell Company.
The Company is not now and has never been a “shell company” as that term, is defined in Section 12b-2 of the Exchange
Act.

 

(mm) Money Laundering.
The operations of the Company and its 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, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any
Subsidiary , threatened.

 

(nn) Related Party Transactions.
All related party transactions have been consummated in accordance with all applicable laws and governing agreements, including,
without limitation, those laws applicable to the diversion of a corporate opportunity of the Company or any of Affiliate of the
Company or any .Affiliate of any principal of that Company. In each instance, the particular related party transaction has been
approved by a majority of the disinterested directors of the applicable Company, after fall disclosure has been made to each board
member of the pertinent facts of the proposed transaction. Each such related party transaction has been consummated on terms and
conditions that are equal or more favorable to the applicable Company than a transaction with an unaffiliated third party knowing
all the facts and under no compulsion to consummate such transaction.

 

    	 	16	 

     

    

 

Each Purchaser acknowledges
and agrees that the representations contained in Section 3.1 shall not modify, amend or affect the Company’s and each Subsidiary’s
rights to indemnification or to rely on such Purchaser’s representations and warranties contained in this Agreement or any
representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or
delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

 

3.2       Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):

 

(a)          Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and m 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 the Securities, it was, and as of the date hereof it is an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8) under the Securities Act.

 

    	 	17	 

     

    

 

(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.

 

(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)          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, in the case of a Purchaser that 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 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).
Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty,
or preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow
in order to effect Short Sales or similar transactions in the future.

 

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

 

ARTICLE IV.

OTHER 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, 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.

 

    	 	18	 

     

    

 

(b)          The
Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following
form:

 

THIS SECURITY AND ANY SECURITY
INTO WHICH THIS SECURITY MAY BE CONVERTED OR FOR WHICH IT MAY BE EXERCISED HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, 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 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.

 

The Company acknowledges and
agrees that a 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 the 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 mat' 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
Purchaser’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.

 

    	 	19	 

     

    

 

(c)          In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated
damages and not as a penalty, $1,000 per Trading Day for each Trading Day after the third Trading Date after such Purchaser has
duly requested the removal of the above legend (the “Legend Removal Date”) 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 such Purchaser shall have the
tight to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

4.2          [Reserved].

 

4.3          Furnishing
of Information: Public Information.

 

(a)          Until
the earliest time that no Purchaser owns Securities, the Company covenants to file timely (or obtain extensions in respect thereof
and file within the applicable grace period) all reports required or permitted 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 one-year anniversary of the date hereof and ending at such time that all of the
Securities 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 such Purchaser’s other available
remedies, the Company shall pay to a 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 the 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 even thirtieth (30th)
day (pro-rated for periods totaling less than thirty (30) 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 a seller to transfer shares of Common
Stock pursuant to Rule 144. The payments to which a 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 in a timely manner, such Public Information Failure
Payments shall hear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall
limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have
the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

    	 	20	 

     

    

 

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 stockholder approval
prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

4.5           [Reserved].

 

4.6           Stockholder
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” 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 the Purchasers.

 

4.7           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser
or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior
thereto 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 the Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

4.8           Use
of Proceeds. The Company shall use the net proceeds hereunder as set forth on Schedule 4.8 attached hereto.

 

4.9           Indemnification
of Purchasers. Subject to the provisions of this Section 4.9, the Company will indemnify and hold each Purchaser and its directors,
officers, stockholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of
a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, stockholders,
agents, members, partners, or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such tide or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs, and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is
not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party- in respect of which indemnity
may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to such Purchaser Party. Any
Purchaser Patty shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel, or (iii) in such action there is, in the reasonable opinion of counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. No Company will be
liable to any Purchaser Party under this Agreement, (y) for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed, or (z) to the extent, but only to the extent that
a loss, claim, damage of liability is attributable to any Purchaser Party’s breach of any of the representations, warranties,
covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. 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 indemnity agreements contained herein shall be in addition to any
cause of action or similar right of any Purchaser Party against any Company or others and any liabilities any Company may be subject
to pursuant to law.

 

    	 	21	 

     

    

 

4.10         [Reserved].

 

4.11         Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
is also offered to all of the parties to this Agreement. Further, no Company shall make any payment of principal or interest on
the Notes in amounts which are disproportionate to the respective principal amounts outstanding on the Notes at any applicable
time. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated
separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed
as the Purchasers acting in conceit or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 

4.12         [Reserved].

 

4.13         [Reserved].

    	 	22	 

     

    

 

4.14         Securities
Laws Disclosure; Publicity. The Company shall by 9:30 a.m. (New York City time) on the second (2nd) Trading Day immediately
following the date hereof, (a) issue a press release disclosing the material terms of the transactions contemplated hereby and
(b) prominently display such press release on its website. The Company represents to the Purchasers that, as of the issuance
of such press release, it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
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. The Company and the Purchasers shall consult with each other
in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the Purchasers
shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with
respect to any press release of the Purchasers, or without the prior consent of the Purchaser, with respect to any press release
of the Company, which consent shall not unreasonably be withheld, delayed, denied, or conditioned except if such disclosure is
required by law, 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 of the Purchasers, or include
the name of the Purchasers in any filing with the Commission or any regulatory agency or Trading Market, without the prior written
consent of such Purchasers, except: (a) as required by federal securities law in connection with any offering statement contemplated
by this Agreement and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company
shall provide such Purchasers with prior notice of such disclosure permitted under this clause (b).

 

4.15       Form
D: Blue Sky Filings. The Company agrees to file a Form D timely with respect to the Securities if required under Regulation
D and to provide a copy thereof, promptly upon request of the Purchasers. The Company shall take such action as it shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing
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 the Purchasers.

  

ARTICLE
V.

MISCELLANEOUS

 

5.1           Reserved.

 

5.2           Fees
and Expenses. The Company shall deliver to the Purchaser, prior to the Closing, a completed and executed copy of the
Closing Statement, attached hereto as Annex A. Except as expressly set forth in the Transaction Documents to the contrary,
each party shall pay the fees and expenses of its advisers, counsel, accountants, and other experts, if any, and all other expenses
incurred by such parry incident to the negotiation, preparation, execution, delivery and performance of this Agreement; provided
that, at the Closing the Company shall pay the Purchaser $1,000 for Purchaser’s legal fees. the Company shall pay all stamp
taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

 

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

 

5.4          
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior
to 12:00 noon (New York City time) on a Trading Day; (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day
that is not a Trading Day or later than 12:00 noon (New York City time) on any Trading Day; (iii) the second (2nd) Trading Day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service; or (iv) upon actual receipt by
the party to whom such notice is requited to be given. The address for such notices and communications shall be as set forth on
the signature pages attached hereto.

 

    	 	23	 

     

    

 

5.5           Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Purchasers holding at least two-thirds (2/3) in interest of the Securities
then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

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

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8           No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

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

 

    	 	25	 

     

    

 

5.10         Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

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

 

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

 

5.13         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 m part without prejudice to its future actions and rights.

 

5.14         Replacement
of Securities. If any certificate or instrument evidencing any of the 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.

 

    	 	26	 

     

    

 

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

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof ate 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 the Company, a trustee, receiver or any other Person
under any law (including, without limitation, 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 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.

 

5.17        Usury.
To the extent it may lawfully do so, the Company 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 the Company 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 the Company 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 the Company to any Purchaser with respect to indebtedness evidenced by the Transaction
Documents, such excess shall be applied by such Purchaser 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.

 

5.18         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall he deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to he joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents.

 

    	 	27	 

     

    

 

5.19         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.

 

5.20         Saturdays.
Sundays. Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

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

 

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

 

(Signature Pages Follow)

 

    	 	28	 

     

    

 

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.

 

CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.

 

	By:	/s/
    Timothy Warbington	 
	 	Timothy
    Warbington, Chief Executive Officer	 
	 	 	 
	 	Facsimile
    No. for delivery of Notices: ________________________

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

[SIGNATURE PAGE FOR PURCHASERS FOLLOWS]

 

    	 	29	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO

SECURITIES PURCHASE AGREEMENT]

 

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:____________     ___________________________________________

 

Authorized
Signatory of Purchaser:_____________________________________________

 

Name
of Authorized Signatory:             ________________________________

Title
of Authorized Signatory:               ________________________________

Email
Address of Authorized Signatory:     _____________________________

 

Facsimile
Number of Authorized Signatory: _______________________________________

Address
for Notice to Purchaser:_______    _____________________________________

 

________________________________________________________________________

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

________________________________________________________________________

 

________________________________________________________________________

 

Closing
Principal Amount:       $________________________

Closing
Subscription Amount: $________________________

EIN
Number: _______________________

 

    	 	30EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 Dated as of
July 1, 2019 
 to 

AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of December 7, 2018 

THIS AMENDMENT NO. 1 (this “Amendment”) is made as of July 1, 2019 by and among Extra Space Storage LP,
a Delaware limited partnership (the “Borrower”), the financial institutions signatory hereto as “Augmenting Lenders” or “Increasing Lenders”, and U.S. Bank National Association, as Administrative Agent (the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement (as defined below). 

WHEREAS, the Borrower, Extra Space Storage Inc., certain financial institutions party thereto (the “Lenders”)
and the Administrative Agent are party to an Amended and Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, the Borrower desires to enter into two tranches of Incremental Term Loans pursuant to and in accordance with the
terms and conditions of Section 2.24 of the Credit Agreement; 
 WHEREAS, pursuant to Section 2.24 of the Credit
Agreement, the Credit Agreement may be amended pursuant to an Incremental Term Loan Amendment executed by the Borrower, each Increasing Lender participating in a tranche of Incremental Term Loans, each Augmenting Lender participating in a tranche of
Incremental Term Loans, if any, and the Administrative Agent; and 
 WHEREAS, each of (x) BOKF, NA as a new Lender (the
“Augmenting Lender”) and (y) the existing Lenders identified on the signature pages hereof as “Increasing Lenders” (each individually, an “Increasing Lender” and collectively, the “Increasing
Lenders’), are willing to provide Incremental Term Loans under the Credit Agreement, and the Borrower, the Augmenting Lender, the Increasing Lenders and the Administrative Agent have agreed to amend the Credit Agreement to effect the making
of the applicable Incremental Term Loans on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent, the Augmenting Lender and
the Increasing Lenders party hereto have agreed to enter into this Amendment. 

1.        Incremental Term Loans; Amendments to Credit Agreement. Effective as
of the date of satisfaction or waiver of the conditions precedent set forth in Section 2 below, the parties hereto agree as follows: 

(a)        Pursuant to Section 2.24 of the Credit Agreement, the Augmenting
Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this Amendment, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a
commitment to fund the Tranche 4 Term Loans (as defined below, and which shall constitute an Incremental Term Loan under the Credit Agreement) on the Amendment No. 1 Effective 

 
Date (as defined below) in an amount equal to its Tranche 4 Term Loan Commitment (as defined below). Each Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement,
including without limitation Section 2.24 thereof, that it shall participate in the funding of the Tranche 3 Term Loans and the Tranche 4 Term Loans (each of which shall constitute Incremental Term Loans under the Credit Agreement) on the
Amendment No. 1 Effective Date in amounts equal to its Tranche 3 Term Loan Commitment and Tranche 4 Term Loan Commitment, respectively. 

(b)        Section 1.1 of the Credit Agreement is hereby amended to delete the
definition of “Amendment No. 2 Effective Date”. 
 (c)        Section
1.1 of the Credit Agreement is hereby amended to amend and restate or add, as applicable, the following definitions in their appropriate alphabetical order therein: 

“Amendment No. 1 Effective Date” means July 1, 2019. 

“Class”, when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans
comprising such Advance, are Revolving Loans, Tranche 1 Term Loans, Tranche 2 Term Loans, Tranche 3 Term Loans or Tranche 4 Term Loans. 

“Facility” means the Revolving Facility, the Tranche 1 Term Loan Facility, the Tranche 2 Term Loan
Facility, the Tranche 3 Term Loan Facility, the Tranche 4 Term Loan Facility, any Incremental Term Loan facility or any or all of them, as the context requires. 

“Lenders” means the lending institutions listed on the signature pages of this Agreement, the
Augmenting Lenders or a Designated Lender and their respective successors and permitted assigns; provided, however, that the term “Lender” shall exclude each Designated Lender when used in reference to any Loan other than a Bid Rate Loan,
the Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each Designated Lender for all other purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate Loan shall, subject to
Section 12.1, have only the rights (including the rights given to a Lender contained in Section 9.6) and obligations of a Lender associated with holding such Bid Rate Loan. For the avoidance of doubt, the term “Lenders” excludes
any Departing Lenders. 
 “Prepayment Premium” is defined in Section 2.7(c). 

“Pro Rata Share” means, (a) with respect to any Revolving Lender, a portion equal to a fraction
the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitments, provided, however, if all of the Revolving Commitments are terminated pursuant to the terms of this Agreement,
then “Pro Rata Share” with respect to any Revolving Lender means the percentage obtained by dividing (i) such Lender’s Revolving Exposure at such time by (ii) the Aggregate Outstanding Revolving Credit Exposure at such time;
provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall be adjusted in accordance with the provisions of Section 2.22, (b) with respect to any Tranche 1 Term Loan Lender, a portion equal to a fraction the
numerator of which is such Lender’s outstanding principal amount of Tranche 1 Term Loans and the denominator of which is the aggregate outstanding principal amount of the Tranche 1 Term Loans of all Lenders, (c) with respect to any Tranche
2 Term Loan Lender, a portion equal to a fraction the numerator of which is such Lender’s outstanding principal amount of Tranche 2 Term Loans and the denominator of which is the aggregate outstanding principal amount of the Tranche 2 Term
Loans of all Lenders, (d) with respect to any Tranche 3 Term Loan Lender, a portion equal to a fraction the numerator of which is such Lender’s outstanding principal amount of Tranche 3 Term Loans and the

  
 2 

 
denominator of which is the aggregate outstanding principal amount of the Tranche 3 Term Loans of all Lenders and (e) with respect to any Tranche 4 Term Loan Lender, a portion equal to a
fraction the numerator of which is such Lender’s outstanding principal amount of Tranche 4 Term Loans and the denominator of which is the aggregate outstanding principal amount of the Tranche 4 Term Loans of all Lenders. 

“Refinanced Indebtedness” is defined in Section 6.2. 

“Term Loan” means a Tranche 1 Term Loan, a Tranche 2 Term Loan, a Tranche 3 Term Loan, a Tranche 4
Term Loan and/or an Incremental Term Loan, as the context requires. 
 “Term Loan Commitments”
means, for each Lender, such Lender’s Tranche 1 Term Loan Commitment, Tranche 2 Term Loan Commitment, Tranche 3 Term Loan Commitment, Tranche 4 Term Loan Commitment and/or Incremental Term Loan Commitment. 

“Term Loan Termination Date” means the Tranche 1 Term Loan Termination Date, Tranche 2 Term Loan
Termination Date, Tranche 3 Term Loan Termination Date, Tranche 4 Term Loan Termination Date and/or each Incremental Term Loan Termination Date, as the context requires. 

“Tranche 3 Term Loan” means a loan made pursuant to Section 2.1(d) (or any conversion or
continuation thereof). 
 “Tranche 3 Term Loan Commitment” means, for each Lender, the obligation,
if any, of such Lender to make Tranche 3 Term Loans to the Borrower, as set forth in Schedule 1, as it may be modified (a) as a result of any assignment that has become effective pursuant to Section 12.3(c) or (b) otherwise from time
to time pursuant to the terms hereof. As of the Amendment No. 1 Effective Date, the aggregate amount of the Lenders’ Tranche 3 Term Loan Commitments is $245,000,000. After advancing the Tranche 3 Term Loan, each reference to a
Lender’s Tranche 3 Term Loan Commitment shall refer to that Lender’s Pro Rata Share of the Tranche 3 Term Loans. 

“Tranche 3 Term Loan Facility” means the $245,000,000 approximately five and one-half year term loan facility evidenced by this Agreement. 

“Tranche 3 Term Loan Lender” means, as of any date of determination a Lender having a Tranche 3 Term
Loan Commitment. 
 “Tranche 3 Term Loan Termination Date” means January 30, 2025 or any
earlier date on which the Tranche 3 Term Loans are due in full pursuant to the terms hereof. 

“Tranche 4 Term Loan” means a loan made pursuant to Section 2.1(e) (or any conversion or
continuation thereof). 
 “Tranche 4 Term Loan Commitment” means, for each Lender, the obligation,
if any, of such Lender to make Tranche 4 Term Loans to the Borrower, as set forth in Schedule 1, as it may be modified (a) as a result of any assignment that has become effective pursuant to Section 12.3(c) or (b) otherwise from time
to time pursuant to the terms hereof. As of the Amendment No. 1 Effective Date, the aggregate amount of the Lenders’ Tranche 4 Term Loan Commitments is $255,000,000. After advancing the Tranche 4 Term Loan, each reference to a
Lender’s 

  
 3 

 
Tranche 4 Term Loan Commitment shall refer to that Lender’s Pro Rata Share of the Tranche 4 Term Loans. 

“Tranche 4 Term Loan Facility” means the $255,000,000 approximately seven-year term loan facility
evidenced by this Agreement. 
 “Tranche 4 Term Loan Lender” means, as of any date of
determination a Lender having a Tranche 4 Term Loan Commitment. 
 “Tranche 4 Term Loan Termination
Date” means June 29, 2026 or any earlier date on which the Tranche 4 Term Loans are due in full pursuant to the terms hereof. 

(d)          Section 2.1 of the Credit Agreement is hereby amended to
(i) remove “; and” from the end of clause (b) thereof and substitute “;”; (ii) remove the “.” at the end of clause (c) thereof and substitute “;” therefor; (iii) add the following clauses
(d) and (e) immediately following clause (c) thereof, and (iv) restate the final paragraph of such Section 2.1 in its entirety as follows, immediately following new clause (e) as set forth below: 

“(d)        on the Amendment No. 1 Effective Date, to make
Tranche 3 Term Loans to the Borrower in Dollars in an amount equal to such Lender’s Tranche 3 Term Loan Commitment as of the Amendment No. 1 Effective Date by making immediately available funds available to the Administrative Agent’s
designated account not later than the time specified by the Administrative Agent on the Amendment No. 1 Effective Date; and 

(e)        on the Amendment No. 1 Effective Date, to make Tranche
4 Term Loans to the Borrower in Dollars in an amount equal to such Lender’s Tranche 4 Term Loan Commitment as of the Amendment No. 1 Effective Date by making immediately available funds available to the Administrative Agent’s
designated account not later than the time specified by the Administrative Agent on the Amendment No. 1 Effective Date. 

Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow the Revolving Loans at any time prior to
the Revolving Loan Termination Date. Amounts repaid in respect of Term Loans may not be reborrowed. Unless previously terminated, (i) any unfunded Tranche 1 Term Loan Commitments and Tranche 2 Term Loan Commitments terminated at 5:00 p.m.
(Chicago time) on the date of this Agreement, (ii) any unfunded Tranche 3 Term Loan Commitments and Tranche 4 Term Loan Commitments shall terminate at 5:00 p.m. (Chicago time) on the Amendment No. 1 Effective Date, and (iii) the
Revolving Commitments shall terminate on the Revolving Loan Termination Date. The LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.19.” 

(e)        Section 2.3 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “2.3.      Ratable Loans; Types of
Advances. Each Revolving Advance hereunder shall consist of Revolving Loans made from the several Revolving Lenders ratably according to their Pro Rata Shares. The Revolving Advances may be Base Rate Advances or Eurodollar Advances, or a
combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9. Each Tranche 1 Term Loan Advance hereunder shall consist of Tranche 1 Term Loans made from the several Tranche 1 Term Loan Lenders ratably according to their Pro
Rata Shares on the funding 

  
 4 

 
date for each such Advance. Each Tranche 2 Term Loan Advance hereunder shall consist of Tranche 2 Term Loans made from the several Tranche 2 Term Loan Lenders ratably according to their Pro Rata
Shares on the funding date for each such Advance. Each Tranche 3 Term Loan Advance hereunder shall consist of Tranche 3 Term Loans made from the several Tranche 3 Term Loan Lenders ratably according to their Pro Rata Shares on the funding date for
each such Advance. Each Tranche 4 Term Loan Advance hereunder shall consist of Tranche 4 Term Loans made from the several Tranche 4 Term Loan Lenders ratably according to their Pro Rata Shares on the funding date for each such Advance. The Term Loan
Advances may be Base Rate Advances or Eurodollar Advances.” 

(f)        Section 2.7(b) of the Credit Agreement is hereby amended to add the
following parenthetical after each instance of the word “premium” set forth therein: “(other than, in the case of the Tranche 4 Term Loans, any applicable Prepayment Premium)”. 

(g)        Section 2.7 of the Credit Agreement is hereby further amended to add the
following new clause (c) immediately following clause (b) thereof: 

“(c)        Notwithstanding clause (b) above, to the extent
that the Borrower makes (or shall be required to be made) a prepayment of principal of all or any portion of the Tranche 4 Term Loans (whether voluntary or otherwise) on or prior to the second anniversary of the Amendment No. 1 Effective Date,
the Borrower shall pay to the Administrative Agent, for the ratable account of the applicable Lenders, a prepayment premium (the “Prepayment Premium”) equal to the percentage of the principal amount so prepaid (or required to be prepaid)
set forth in the following table corresponding to the period during which such prepayment is made (or required to be made). Such fee shall be due and payable on the date of any such prepayment. 

 

					
	 	 
	Period	 	 
 
	        Prepayment        

Premium
	 
  

	 	 
	 After the Amendment No. 1
Effective Date and on or prior to the 1-year anniversary of the Amendment No. 1 Effective Date
	 	 	2.00%	 
	 	 
	 After the 1-year anniversary of the Amendment No. 1 Effective Date and on or prior to the 2-year anniversary of the Amendment No. 1 Effective Date
	 	 	1.00%	 
	 	 
	 After the 2-year anniversary of the Amendment No. 1 Effective Date
	 	 	0.00%	 

 The Loan Parties and the Tranche 4 Term Loan Lenders expressly agree as follows: 

(i)        (A)        All
amounts payable pursuant to this Section 2.7(c) are reasonable and are the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (B) all such amounts shall be payable
notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between the Tranche 4 Term Loan Lenders and the Loan Parties giving specific consideration in this transaction for such
agreement to pay all such amounts; (D) the Loan Parties, the Administrative Agent and the Tranche 4 Term Loan Lenders shall be estopped hereafter from claiming differently than as agreed to in this Section 2.7(c); (E) their agreement to
pay all such amounts is a material inducement to the Tranche 4 Term Loan Lenders to make the Tranche 4 Term Loans, and (F) such amounts represent a good faith, reasonable estimate and calculation of the lost profits or

  
 5 

 
damages of the Tranche 4 Term Loan Lenders and it would be impractical and extremely difficult to ascertain the actual amount of damages to the Tranche 4 Term Loan Lenders or profits lost by the
Tranche 4 Term Loan Lenders as a result of the prepayment of the Tranche 4 Term Loans. 

(ii)        Any amounts payable in accordance with this
Section 2.7(c) shall be presumed to be equal to the liquidated damages sustained by the Tranche 4 Term Loan Lenders as the result of the prepayment of the Tranche 4 Term Loans and the Loan Parties agree that it is reasonable under the
circumstances currently existing. THE LOAN PARTIES EXPRESSLY WAIVE TO THE EXTENT PERMITTED BY APPLICABLE LAW THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF ANY SUCH AMOUNTS IN CONNECTION WITH
ANY ACCELERATION.” 
 (h)        Section 6.2 of the Credit Agreement is amended
to amend and restate the first sentence thereof in its entirety as follows: 
 “The REIT and the Borrower will, and
will cause each Subsidiary to, use the proceeds of the Credit Extensions for general corporate purposes (including, among others, to refinance certain existing Indebtedness from time to time); provided, that the proceeds of the Tranche 3 Term
Loans and the Tranche 4 Term Loans shall be used to refinance certain existing Indebtedness previously identified in writing by the Borrower to the Administrative Agent (the “Refinanced Indebtedness”) and otherwise for general corporate
purposes.” 
 (i)        Section 7.2 of the Credit Agreement is hereby amended
to add “the Prepayment Premium,” immediately after the reference to “the LC Fee,” set forth therein. 

(j)        Sections 8.2(b) and (c) are each hereby amended to include “the
Prepayment Premium,” immediately following the references to “LC Fees,” set forth therein. 

(k)        Section 8.3(a) is hereby amended to amend and restate clause
(iii) thereof in its entirety as follows: 
 “(iii) postpone any regularly scheduled payment of principal of any
Loan or forgive all or any portion of the principal amount thereof or any Reimbursement Obligation related thereto, or reduce the rate or extend the time of payment of interest or fees or Prepayment Premium (excluding any waiver of application of
the interest rate applicable under Section 2.11, which shall only require the consent of Required Lenders) thereon or Reimbursement Obligations related thereto;”. 

(l)        The Pricing Schedule attached to the Credit Agreement shall be amended and
restated in its entirety as set forth on Annex I hereto. 

(m)        Schedule 1 to the Credit Agreement shall be amended and restated in its
entirety as set forth on Annex II hereto. 
 (n)        The Credit Agreement
shall have new Exhibits E-5 and E-6 appended thereto immediately following Exhibit E-4, each in the forms attached hereto as
Annexes V and VI, respectively. 
 2.        Conditions of
Effectiveness. The effectiveness of this Amendment is subject to 

  
 6 

 
the following conditions precedent: 

(a)        the Administrative Agent’s receipt of: 

(i)        counterparts of this Amendment duly executed by the
Borrower, the Augmenting Lender, each Increasing Lender and the Administrative Agent; 

(ii)        the Consent and Reaffirmation attached hereto as Annex
III (the “Reaffirmation”) duly executed by the REIT and each Guarantor; 

(iii)        each other document set forth on Annex IV attached
hereto; 
 (iv)        all of the Administrative Agent’s
accrued costs, fees and expenses in connection with this Amendment through the date hereof that are required to be paid on or prior to the date hereof pursuant to Section 9.6(a) of the Credit Agreement; 

(v)        (x) pro forma financial statements giving effect to
incurrence of the Tranche 3 Term Loans and the Tranche 4 Term Loans, which demonstrate, in the Administrative Agent’s reasonable judgment, together with all other information then available to the Administrative Agent, that the Borrower can
repay its debts and satisfy its other obligations as and when they become due, together with, (y) such information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such pro forma
financial statements, and (z) unaudited consolidated financial statements of the REIT and its Subsidiaries for the fiscal quarter ended March 31, 2019; and 

(vi)        due diligence responses to its requests regarding the
Eligible Properties, including a list of the Eligible Properties and the NOI attributable thereto; and 

(b)        upon the reasonable request of any Increasing Lender or the Augmenting
Lender made at least ten Business Days prior to the Amendment No. 1 Effective Date, the Borrower must have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer”
and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least five Business Days prior to the Amendment No. 1 Effective Date. 

3.        Representations and Warranties of the Borrower. The Borrower hereby
represents and warrants as follows as of the Amendment No. 1 Effective Date: 

(a)        This Amendment and the Credit Agreement (as amended hereby) constitute the
legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights. 
 (b)        As of the date hereof after giving effect to the terms of this
Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in Article V of the Credit Agreement are (A) with respect to any representations
or warranties that contain a materiality qualifier, true and correct in all respects as of the Amendment No. 1 Effective Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case
such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (B) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all
material respects as of the Amendment No. 1 Effective Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in 

  
 7 

 
which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. 

4.        Reference to and Effect on the Credit Agreement. 

(a)        Upon the effectiveness hereof, each reference to the Credit Agreement in
the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement, as amended hereby. This Amendment, the Reaffirmation, and any other documents described on Annex IV each constitutes a “Loan Document”
for all purposes of the Credit Agreement and the other Loan Documents. 

(b)        Except as specifically amended above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c)        The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection
therewith. 
 5.        Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE
TO NATIONAL BANKS. 
 6.        Headings. Section headings in this Amendment
are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

7.        Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Signature Pages Follow] 

  
 8 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first above written. 
  

			
	 EXTRA SPACE STORAGE LP, as the Borrower

		
	 By:      
	 	 ESS Holdings Business Trust I

	 Its:
	 	 General Partner

		
		 	 By: /s/ P. Scott
Stubbs                          

		 	 Name: P. Scott Stubbs

		 	 Title: Trustee

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as an Increasing Lender and as Administrative 
Agent

 
			
		
	 By:
	 	 /s/ Michelle Pearce

			
	 Name:
	 	 Michelle Pearce

	 Title:
	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,

as an Increasing Lender

 
			
		
	 By:
	 	 /s/ Tyler Lowry

			
	 Name:
	 	 Tyler Lowry

 
			
	 Title:
	 	 SVP

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 
			
	 TD BANK,

as an Increasing Lender

 
			
		
	 By: 
	 	 /s/ Benjamin Kruger

			
	 Name:
	 	 Benjamin Kruger

 
			
	 Title:
	 	 VP

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 
			
	 BBVA USA,

as an Increasing Lender

 
			
		
	 By:
	 	 /s/ Brian Tuerff

			
	 Name:
	 	 Brian Tuerff

	 Title:
	 	 Senior Vice President

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 
			
	 BOKF, NA,

as an Augmenting Lender

 
			
		
	 By: 
	 	 /s/ Chad Neubecker

			
	 Name:
	 	 Chad Neubecker

 
			
	 Title:
	 	 Senior Vice President

  
 Signature Page to
Amendment No. 1 to Amended and Restated Credit Agreement 
 Extra Space Storage LP 

 ANNEX I 

PRICING SCHEDULE 
  

	I.	 Leverage-Based Pricing 

From the Effective Date until the Investment Grade Election, the Applicable Margin and the Applicable Fee Rate shall be determined as set
forth below. 
  

	 	A.	 Revolving Loans 

 

									
	
      Level      

	  	
Consolidated
    Leverage
Ratio    
	  	 Applicable

Margin for
 Eurodollar
Rate
 Loans
	  	 Applicable

  Margin for Base  
Rate Loans
	  	
  Applicable Fee  

        Rate     
   

	 1

 
	  	 < 35%

 
	  	 1.050%

 
	  	 0.050%

 
	  	
0.150%
  

	 2

 
	  	 3 35% but < 40%
  
	  	 1.100%

 
	  	 0.100%

 
	  	
0.150%
  

	 3
	  	 3 40% but < 45%
  
	  	 1.150%

 
	  	 0.150%

 
	  	
0.200%
  

	 4
	  	 3 45% but < 50%
  
	  	 1.250%

 
	  	 0.250%

 
	  	
0.200%
  

	 5
	  	 3 50% but < 55%
  
	  	 1.300%

 
	  	 0.300%

 
	  	
0.300%
  

	
6
	  	 3
55%
  
	  	 1.500%

 
	  	 0.500%

 
	  	 0.300%

 

  

	 	B.	 Tranche 1 Term Loans, Tranche 2 Term Loans and Tranche 3 Term Loans 

 

							
	
            
Level            
	  	
Consolidated

    Leverage Ratio    
	  	
Applicable
 Margin
for
     Eurodollar Rate    

Loans
	  	
Applicable Margin

    for Base Rate Loans    

	 1

 
	  	 < 35%

 
	  	 1.200%

 
	  	
0.200%
  

	 2

 
	  	 3 35% but < 40%
  
	  	 1.250%

 
	  	
0.250%
  

	 3

 
	  	 3 40% but < 45%
  
	  	 1.350%

 
	  	
0.350%
  

	 4

 
	  	 3 45% but < 50%
  
	  	 1.400%

 
	  	
0.400%
  

	 5

 
	  	 3 50% but < 55%
  
	  	 1.500%

 
	  	
0.500%
  

	 6

 
	  	 3 55%
  
	  	 1.700%

 
	  	
0.700%
  

  

	 	C.	 Tranche 4 Term Loans 

 

							
	
            
Level            
	  	
Consolidated

    Leverage Ratio    
	  	
Applicable
 Margin
for
     Eurodollar Rate    

Loans
	  	
Applicable Margin

    for Base Rate Loans    

	 1

 
	  	 < 35%

 
	  	 1.500%

 
	  	
0.500%
  

	 2

 
	  	 3 35% but < 40%
  
	  	 1.600%

 
	  	
0.600%
  

							
	 3

 
	  	 3 40% but < 45%
  
	  	 1.650%

 
	  	
0.650%
  

	 4

 
	  	 3 45% but < 50%
  
	  	 1.750%

 
	  	
0.750%
  

	 5

 
	  	 3 50% but < 55%
  
	  	 1.850%

 
	  	
0.850%
  

	 6

 
	  	 3 55%
  
	  	 2.200%

 
	  	
1.200%
  

 For the purposes of Section I (Leverage-Based Pricing) of this Schedule, “Financials” means the
annual or quarterly financial statements of the Borrower delivered pursuant to Section 6.1(a) or (b). 
 Until the
Investment Grade Election, the Applicable Margin and Applicable Fee Rate shall be determined in accordance with the foregoing table based on the Borrower’s Consolidated Leverage Ratio as reflected in the then most recent Financials.
Adjustments, if any, to the Applicable Margin and Applicable Fee Rate shall be effective from and after the first Business Day immediately following the date on which the delivery of such Financials is required until the first Business Day
immediately following the next such date on which delivery of such Financials of the REIT and its Subsidiaries is so required. If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to
Section 6.1, then the Applicable Margin and Applicable Fee Rate shall be the highest Applicable Margin and Applicable Fee Rate set forth in the foregoing table until five (5) days after such Financials are so delivered. 

Notwithstanding the foregoing, (a) Level 2 shall be deemed to be applicable until the Administrative Agent’s
receipt of the applicable Financials for the Borrower’s first fiscal quarter ending after the Effective Date, and adjustments to the Level then in effect shall thereafter be effected in accordance with the preceding paragraph and
(b) Level 3 shall be deemed to be applicable for the Tranche 3 Term Loans and Tranche 4 Term Loans until the Administrative Agent’s receipt of the applicable Financials for the Borrower’s fiscal quarter ending June 30, 2019.

  

	II.	 Rating-Based Pricing 

From and after the Investment Grade Election, the Applicable Margin and the Applicable Fee Rate shall be determined as set forth below. 

 

	 	A.	 Revolving Loans 

 

									
	
        Level    
    
	  	
      Rating      

	  	
Applicable
 Margin
for
      Eurodollar      

Loans
	  	
Applicable

    Margin for    

Base Rate

Loans
	  	
      Applicable      

Fee Rate

	 1
	  	 A or
higher/A2
 or higher
	  	0.750%	  	0.00%	  	0.100%
	 2

 
	  	 A-/A3
  
	  	 0.775%

 
	  	 0.00%

 
	  	
0.125%
  

	 3

 
	  	 BBB+/Baa1

 
	  	 0.825%

 
	  	 0.00%

 
	  	
0.150%
  

	 4

 
	  	 BBB/Baa2

 
	  	 0.900%

 
	  	 0.00%

 
	  	0.200%
	 5

 
	  	 BBB-/Baa3
  
	  	 1.100%

 
	  	 0.100%

 
	  	0.250%
	 6

 
	  	 <BBB-/Baa3
  
	  	 1.450%

 
	  	 0.450%

 
	  	0.300%

  

	 	B.	 Tranche 1 Term Loans, Tranche 2 Term Loans and Tranche 3 Term Loans 

							
	
      Level      

	  	
      Rating      

	  	
Applicable
 Margin
for
       Eurodollar      

Loans
	  	
Applicable

      Margin for      

Base Rate

Loans

	 1
	  	 A or
higher/A2
 or higher
	  	0.800%	  	0.00%
	 2

 
	  	 A-/A3
  
	  	 0.850%

 
	  	
0.00%
  

	 3

 
	  	 BBB+/Baa1

 
	  	 0.900%

 
	  	
0.00%
  

	 4

 
	  	 BBB/Baa2

 
	  	 1.000%

 
	  	
0.00%
  

	 5

 
	  	 BBB-/Baa3
  
	  	 1.250%

 
	  	
0.250%
  

	 6

 
	  	 <BBB-/Baa3
  
	  	 1.650%

 
	  	
0.650%
  

  

	 	C.	 Tranche 4 Term Loans 

 

							
	
      Level      

	  	
      Rating      

	  	
Applicable
 Margin
for
       Eurodollar      

Loans
	  	
Applicable

      Margin for      

Base Rate

Loans

	 1
	  	 A or
higher/A2
 or higher
	  	1.400%	  	0.400%
	 2

 
	  	 A-/A3
  
	  	 1.400%

 
	  	
0.400%
  

	 3

 
	  	 BBB+/Baa1

 
	  	 1.450%

 
	  	
0.450%
  

	 4

 
	  	 BBB/Baa2

 
	  	 1.550%

 
	  	
0.550%
  

	 5

 
	  	 BBB-/Baa3
  
	  	 1.700%

 
	  	
0.700%
  

	 6

 
	  	 <BBB-/Baa3
  
	  	 2.250%

 
	  	
1.250%
  

 For the purposes of Section II (Rating-Based Pricing) of this Schedule, the following terms have the following
meanings, subject to the final two paragraphs of this Section II: 
 “Moody’s Rating” means, at any time, the
rating issued by Moody’s and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement. 

“Rating” means, as applicable, each of the Moody’s Rating, the S&P Rating and any other rating issued by
another nationally recognized ratings agency and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, as applicable. 

“S&P Rating” means, at any time, the rating issued by S&P and then in effect with respect to the
Borrower’s senior unsecured long-term debt securities without third-party credit enhancement. 
 The Applicable Margin
and Applicable Fee Rate shall be determined in accordance with the foregoing table based on the Borrower’s Level as determined from its then-current Ratings. The credit rating in effect on any date for the purposes of this Schedule is that in
effect at the close of business on such date. If the Ratings differ by one level, then the applicable level will be the higher Rating. If the Ratings differ by two or more levels, then the applicable level will be the level corresponding to the

 
midpoint between the two Ratings (unless there is no midpoint, in which case the applicable level will be one level below the level corresponding to the higher Rating). If the Borrower obtains
debt ratings from a third nationally recognized ratings agency, the applicable level will be the lower of the highest two ratings (provided that one of the two highest ratings must be from either S&P or Moody’s). If the Borrower does
not maintain debt ratings from at least two nationally recognized rating agencies, Level 5 shall exist. Once the Borrower has made the Investment Grade Election, the Leverage-Based Pricing tables above shall cease to be available. 

Any change in the Borrower’s Rating which would cause it to move to a different level shall be effective as of the first
Business Day following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with the Loan Documents that the Borrower’s Rating has changed; provided, however, if the Borrower has not delivered
such required notice but the Administrative Agent becomes aware that the Borrower’s Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the level effective as of the first Business Day following the date upon
which the Administrative Agent becomes aware that the Borrower’s Rating has changed. 

 ANNEX II 

SCHEDULE 1 
 Commitments1 
  

													
	Lender:	  	Revolving
Commitment:	  	Tranche 1 Term
Loan
Commitment:	  	Tranche 2 Term
Loan Commitment:	  	Tranche 3 Term
Loan
Commitment	  	Tranche 4 Term
Loan Commitment	  	Total Commitment:
	
U.S. Bank National Association
	  	$56,000,000	  	$49,000,000	  	$45,000,000	  	$70,000,000	  	$50,000,000	  	$270,000,000
	 Wells Fargo Bank, National
Association
	  	$56,000,000	  	$39,000,000	  	$45,000,000	  	$0	  	$0	  	$140,000,000
	
Bank of America, N.A.
	  	$56,000,000	  	$69,000,000	  	$0	  	$0	  	$0	  	$125,000,000
	 PNC Bank, National Association
	  	$53,000,000	  	$37,000,000	  	$45,000,000	  	$47,000,000	  	$50,000,000	  	$232,000,000
	
TD Bank
	  	$52,000,000	  	$23,000,000	  	$45,000,000	  	$40,000,000	  	$80,000,000	  	$240,000,000
	 JPMorgan Chase Bank, N.A.
	  	$52,000,000	  	$43,000,000	  	$0	  	$0	  	$0	  	$95,000,000
	BMO Harris Bank N.A.	  	$52,000,000	  	$43,000,000	  	$0	  	$0	  	$0	  	$95,000,000
	 Bank of the West
	  	$52,000,000	  	$23,000,000	  	$20,000,000	  	$0	  	$0	  	$95,000,000
	
Citibank, N.A.
	  	$52,000,000	  	$43,000,000	  	$0	  	$0	  	$0	  	$95,000,000
	 BBVA USA
	  	$52,000,000	  	$43,000,000	  	$0	  	$88,000,000	  	$0	  	$183,000,000
	
Regions Bank
	  	$52,000,000	  	$33,000,000	  	$0	  	$0	  	$0	  	$85,000,000
	Branch Banking and Trust Company	  	$20,000,000	  	$30,000,000	  	$0	  	$0	  	$0	  	$50,000,000
	Associated Bank, National Association	  	$15,000,000	  	$5,000,000	  	$20,000,000	  	$0	  	$0	  	$40,000,000
	Morgan Stanley Bank N.A.	  	$30,000,000	  	$0	  	$0	  	$0	  	$0	  	$30,000,000
	
BOKF, NA
	  	$0	  	$0	  	$0	  	$0	  	$75,000,000	  	$75,000,000
	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Total
Commitments
	  	$650,000,000	  	$480,000,000	  	$220,000,000	  	$245,000,000	  	$255,000,000	  	$1,850,000,000

   

 

1 For the avoidance of doubt, the Tranche 1 Term Loan Commitments and
Tranche 2 Term Loan Commitments terminated on the Effective Date upon the funding of the Tranche 1 Term Loans and Tranche 2 Term Loans, respectively. 

 ANNEX III 

CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Amended and
Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”) by and among Extra Space Storage LP (the “Borrower”), Extra Space
Storage Inc. (the “REIT”), the financial institutions from time to time party thereto (the “Lenders”) and U.S. Bank National Association, as Administrative Agent for the Lenders (the “Administrative
Agent”), which Amendment No. 1 is dated as of July 1, 2019 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit
Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned (i) consents to the Amendment, (ii) reaffirms its obligations under the Credit Agreement, the Guaranty and
each and every other Loan Document to which it is a party and (iii) acknowledges and agrees that such Credit Agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full
force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment. 

Dated: July 1, 2019 

[Signature Pages Follow] 

 ASSC HT LLC 

ASSC MH LLC 
 ASSC WH LLC 

BREN STORAGE, LLC 
 EDGEWATER REIT ACQUISITION
(MD) LLC 
 EP RHINO, LLC 
 ESP 135 LLC

 ESP SEVEN SUBSIDIARY LLC 
 ESS OF PLANTATION
LLC 
 ESS PROPERTIES 116 LLC 
 ESS PROPERTIES 151
LLC 
 ESS STORAGE ACQUISITION EIGHT LLC 
 ESS
STORAGE ACQUISITION ELEVEN LLC 
 ESS STORAGE ACQUISITION FIFTEEN LLC 

ESS STORAGE ACQUISITION FIVE LLC 
 ESS STORAGE
ACQUISITION FOUR LLC 
 ESS STORAGE ACQUISITION FOURTEEN LLC 

ESS STORAGE ACQUISITION NINE LLC 
 ESS STORAGE
ACQUISITION ONE LLC 
 ESS STORAGE ACQUISITION SEVEN LLC 

ESS STORAGE ACQUISITION SIX LLC 
 ESS STORAGE
ACQUISITION TEN LLC 
 ESS STORAGE ACQUISITION THIRTEEN LLC 

ESS STORAGE ACQUISITION THREE LLC 
 ESS STORAGE
ACQUISITION TWELVE LLC 
 ESS STORAGE ACQUISITION TWO LLC 

ESS WCOT FL LLC 

ESS-H BAYCHESTER ASSOCIATES, LLC 

ESS-H BLOOMFIELD INVESTMENT LLC 

ESS-H CHEMICAL ROAD INVESTMENTS, LLC 

ESS-H ELMONT ASSOCIATES LLC 

EXTRA SPACE OF ANNAPOLIS LLC 
 EXTRA SPACE OF ANNAPOLIS
MEMBER LLC 
 EXTRA SPACE OF AUSTIN BLUFFS LLC 

EXTRA SPACE OF AVENEL LLC 
 EXTRA SPACE OF CASTLE ROCK
LLC 
 EXTRA SPACE OF EDGEWOOD LLC 
 EXTRA SPACE
OF EDGEWOOD PULASKI HWY LLC 
 EXTRA SPACE OF FREEPORT LLC 

EXTRA SPACE OF FT WASHINGTON LLC 
 EXTRA SPACE OF FT
WASHINGTON MEMBER LLC 
 EXTRA SPACE OF HANOVER NEW RIDGE ROAD LLC 

EXTRA SPACE OF HILO LLC 
 EXTRA SPACE OF HONOLULU AHUA
STREET LLC 
 EXTRA SPACE OF HONOLULU KEAHOLE STREET LLC 

EXTRA SPACE OF LIHUE LLC 
 EXTRA SPACE OF LOS ANGELES
SLAUSON AVE LLC 
 EXTRA SPACE OF MANAYUNK LLC 

EXTRA SPACE OF MASSACHUSETTS THREE LLC 
 EXTRA SPACE OF
MINNETONKA LLC 

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 EXTRA SPACE OF NANUET TWO LLC 

EXTRA SPACE OF NORTH HOLLYWOOD COLDWATER CANYON LLC 

EXTRA SPACE OF PENNSYLVANIA LLC 
 EXTRA SPACE OF
RICHMOND MEEKER AVE LLC 
 EXTRA SPACE OF SUNLAND FOOTHILL BLVD LLC 

EXTRA SPACE OF VAN NUYS RAYMER LLC 
 EXTRA SPACE
PROPERTIES 102 LLC 
 EXTRA SPACE PROPERTIES 113 LLC 

EXTRA SPACE PROPERTIES 120 LLC 
 EXTRA SPACE PROPERTIES
122 LLC 
 EXTRA SPACE PROPERTIES 131 LLC 
 EXTRA
SPACE PROPERTIES 132 LLC 
 EXTRA SPACE PROPERTIES EIGHTEEN LLC 

EXTRA SPACE PROPERTIES EIGHTY FIVE LLC 
 EXTRA SPACE
PROPERTIES EIGHT FOUR LLC 
 EXTRA SPACE PROPERTIES EIGHTY LLC 

EXTRA SPACE PROPERTIES EIGHTY NINE LLC 
 EXTRA SPACE
PROPERTIES EIGHTY ONE LLC 
 EXTRA SPACE PROPERTIES EIGHTY SEVEN LLC 

EXTRA SPACE PROPERTIES FIFTY ONE LLC 
 EXTRA SPACE
PROPERTIES FIFTY THREE LLC 
 EXTRA SPACE PROPERTIES FIFTY TWO LLC 

EXTRA SPACE PROPERTIES FORTY LLC 
 EXTRA SPACE
PROPERTIES NINETY FIVE LLC 
 EXTRA SPACE PROPERTIES NINETY NINE LLC 

EXTRA SPACE PROPERTIES NINETY ONE LLC 
 EXTRA SPACE
PROPERTIES NINETY SIX LLC 
 EXTRA SPACE PROPERTIES NINETY THREE LLC 

EXTRA SPACE PROPERTIES SEVENTY EIGHT LLC 
 EXTRA SPACE
PROPERTIES SEVENTY FOUR LLC 
 EXTRA SPACE PROPERTIES SEVENTY LLC 

EXTRA SPACE PROPERTIES SEVENTY TWO LLC 
 EXTRA SPACE
PROPERTIES THIRTY LLC 
 EXTRA SPACE PROPERTIES THIRTY ONE LLC 

EXTRA SPACE PROPERTIES TWENTY FIVE LLC 
 EXTRA SPACE
PROPERTIES TWENTY FOUR LLC 
 EXTRA SPACE PROPERTIES TWENTY ONE LLC 

EXTRA SPACE PROPERTIES TWENTY SIX LLC 
 EXTRA SPACE
PROPERTIES TWO LLC 
 EXTRA SPACE STORAGE LLC 

EXTRA SPACE WEST ONE LLC 
 EXTRA SPACE WEST TWO LLC

 JILES ROAD STORAGE, LLC 
 HAMPSHIRE DREAM TEAM
HAZLET, LLC 
 HPFVIII ELMONT MEMBER LLC 

LINDBERGH INVESTMENTS, LLC 
 MADISON COUNTY SELF
STORAGE, LLC 
 OAKDALE INVESTMENTS, LLC 
 SELF
STORAGE REIT II, LLC 
 SELF STORAGE REIT, LLC 

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 SOUTHWEST COLONIAL, LLC 

SPACESAVERS, LLC 
 SSTI 1000 E 95TH ST, LLC 

SSTI 10490 COLONEL CT, LLC 
 SSTI 1117 BOWMAN RD, LLC

 SSTI 1120 S LAS VEGAS BLVD, LLC 
 SSTI 120
NORTHPOINT DR, LLC 
 SSTI 15 LANDINGS DR, LLC 

SSTI 1533 ASHLEY RIVER RD, LLC 
 SSTI 1625 WEST CHANDLER
BLVD, LLC 
 SSTI 1742 PASS RD, LLC 
 SSTI 1990 NW
FEDERAL HWY 1, LLC 
 SSTI 201 FULTON CT, LLC 

SSTI 2016 LEBANON RD, LLC 
 SSTI 2025 N RANCHO RD, LLC

 SSTI 2244 S WESTERN AVE, LLC 
 SSTI 2343
SAVANNAH HWY, LLC 
 SSTI 2526 RITCHIE ST, LLC 

SSTI 2619 AUSTELL RD, LLC 
 SSTI 2727 MISSOURI AVE, LLC

 SSTI 281 RICHWOOD RD, LLC 
 SSTI 298 RED CEDAR
ST, LLC 
 SSTI 30 TERRACE RD, LLC 
 SSTI 3015
RICKS INDUSTRIAL PARK DR, LLC 
 SSTI 3155 W ANN RD, LLC 

SSTI 3803 S PRIEST DR, LLC 
 SSTI 4257 BUFORD DR, LLC

 SSTI 4435 SKIPPACK PIKE, LLC 
 SSTI 4761 GULF
BREEZE PKWY, LLC 
 SSTI 4770 S PECOS AVE, LLC 

SSTI 512 PERCIVAL RD, LLC 
 SSTI 5219 PLANK RD, LLC

 SSTI 550 MAIN ST, LLC 
 SSTI 5525 W ROOSEVELT
RD, LLC 
 SSTI 5550 TIMUQUANA RD, LLC 
 SSTI 5701
W OGDEN AVE, LLC 
 SSTI 5970 CENTENNIAL CIR, LLC 

SSTI 6010 MONTICELLO DR, LLC 
 SSTI 6047 WOODROW BEAN
DR, LLC 
 SSTI 6195 SOUTH KANNER HWY, LLC 
 SSTI
69 MALLORY AVE, LLC 
 SSTI 75 BROOKLINE RD, LLC 

SSTI 782 KING GEORGE BLVD, LLC 
 SSTI 815 LASALLE AVE,
LLC 
 SSTI 8337 TARA BLVD, LLC 
 SSTI 890 ST
PETERS CHURCH RD, LLC 
 SSTI 9252 E GUADALUPE RD, LLC 

SSTI 99 2ND AVE, LLC 
 STORAGE ADVANTAGE, LLC 

STORAGE DEVELOPMENT HERNDON, L.L.C. 

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 STORAGE USA, L.L.C. 

SUSA YPSILANTI, L.L.C. 
 U LOCK, LLC 

USA BAY AREA SELF STORAGE GP, LLC 
 USA BAY AREA SELF
STORAGE GP, LLC 
 USA CHARLESTON LV SELF STORAGE, LLC 

USA DURANGO LV SELF STORAGE, LLC 
 USA GREENVILLE SC
SELF STORAGE GP, LLC 
 USA HOLLYWOOD SELF STORAGE, LLC 

USA SELF STORAGE I, LLC 
 USA SENATE AVENUE SELF
STORAGE, LLC 
 USA SF SELF STORAGE, LLC 
 WCOT
EXTRA SPACE WEST TWO CARSON, LLC 
 WCOT EXTRA SPACE WEST TWO CESAR CHAVEZ, LLC 

WCOT EXTRA SPACE WEST TWO CHATSWORTH, LLC 
 WCOT EXTRA
SPACE WEST TWO OAKLAND, LLC 
 WCOT EXTRA SPACE WEST TWO SATICOY, LLC 

WW MADISON REALTY LIMITED LIABILITY COMPANY 
  

			
		
	 By:
	 	 /s/ P. Scott
Stubbs

			
	 Name:
	 	 P. Scott Stubbs

	 Title:
	 	 Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
			
	EXTRA SPACE STORAGE INC.
		
	 By:        
	 	 /s/ P. Scott Stubbs

	 Name:
	 	 P. Scott Stubbs

	 Title:
	 	 Chief Financial Officer and Executive Vice President

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
			
	ESS HOLDINGS BUSINESS TRUST I
	ESS HOLDINGS BUSINESS TRUST II
		
	 By:
	 	 /s/ P. Scott
Stubbs

 
			
	 Name:
	 	 P. Scott Stubbs

	 Title:
	 	 Trustee

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
			
	EXTRA SPACE MANAGEMENT, INC.
		
	 By:
	 	 /s/ P. Scott Stubbs

		 	       Name:  P. Scott Stubbs

		 	       Title:    President

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	USA GREENVILLE SC SELF STORAGE, LP
			
	 By:
	 	       
	 	 USA Greenville SC Self Storage GP, LLC

	 Its:
	 		 	 General Partner

  

					
			
	             
	 	 By:
	 	 /s/ P. Scott
Stubbs

 
					
	             
	 	 Name:
	 	 P. Scott Stubbs

		 	 Title:
	 	 Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	EXTRA SPACE OF PICO RIVERA LLC
			
	 By:
	 	       
	 	 Extra Space Storage LLC

	 Its:
	 		 	 Manager

  

					
			
	             
	 	 By:
	 	 /s/ P. Scott
Stubbs

 
					
	             
	 	 Name:
	 	 P. Scott Stubbs

		 	 Title:
	 	 Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

							
	USA BAY AREA SELF STORAGE, LP
		
	By:	 	        USA Bay Area Self Storage GP, LLC
	Its:	 	        General Partner
			
		 	        By:	 	        Edgewater REIT Acquisition (MD) LLC
		 	        Its:	 	        Manager
			
		 		 	        By: /s/ P. Scott Stubbs                    

		 		 	        Name:   P. Scott Stubbs
		 		 	        Title:     Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	EXTRA SPACE OF MORRISVILLE LP
		
	By:	 	        Extra Space of Pennsylvania LLC
	Its:	 	        General Partner
		
		 	        By: /s/ P. Scott
Stubbs                        
		 	        Name:   P. Scott Stubbs
		 	        Title:     Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	ESS SSTI 2015, L.P.
		
	By:	 	        Edgewater REIT Acquisition (MD) LLC
	Its:	 	        General Partner
		
		 	        By:  /s/ P. Scott
Stubbs                        
		 	        Name:   P. Scott Stubbs
		 	        Title:     Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	USA SS REIT II OPERATING PARTNERSHIP, L.P.
		
	By:	 	    Self Storage REIT II, LLC
	Its:	 	    General Partner
		
		 	    By:        /s/ P. Scott
Stubbs                        
		 	    Name:   P. Scott Stubbs
		 	    Title:     Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	SOUTH PHILADELPHIA ACQUISITION, LP
		
	By:	 	        Extra Space Storage LLC
	Its:	 	        General Partner
		
		 	        By:  /s/ P. Scott
Stubbs                        
		 	        Name:   P. Scott Stubbs
		 	        Title:     Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	STORAGE PARTNERS OF WARRINGTON, LP
		
	By:	 	         Extra Space Storage LLC

	Its:	 	        General Partner
		
		 	        By:  /s/  P. Scott Stubbs                   
                 
		 	        Name:  P. Scott Stubbs
		 	        Title:    Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 
					
	USA SELF STORAGE OPERATING PARTNERSHIP, LP
		
	By:	 	        Self Storage REIT, LLC
	Its:	 	        General Partner
		
		 	        By:      /s/ P. Scott Stubbs                
            
		 	        Name:  P. Scott Stubbs
		 	        Title:    Manager

  
 Signature Page to Consent
and Reaffirmation 
 Amendment No. 1 to Amended and Restated Credit Agreement 

Extra Space Storage LP 

 ANNEX IV 

LIST OF CLOSING DOCUMENTS 
  

	1.	 Amendment No. 1 (the “Amendment”) to Amended and Restated Credit Agreement dated as of
December 7, 2018, among Extra Space Storage LP (the “Borrower”), the Augmenting Lender and Increasing Lenders party thereto and U.S. Bank National Association, as administrative agent (in such capacity, the “Administrative
Agent”). 

  

	2.	 Notes executed by the Borrower in favor of each of the Augmenting Lender and the Increasing Lenders, if any,
which has requested a note pursuant to Section 2.13(d) of the Credit Agreement. 

  

	3.	 Consent and Reaffirmation executed by the Guarantors party to the Guaranty prior to the Amendment No. 1
Effective Date (collectively with the Borrower, the “Existing Loan Parties”) and the New Guarantors (as defined below, and collectively with the Existing Loan Parties, the “Loan Parties”) in favor of the Administrative Agent.

  

	4.	 Certificate of the Secretary of the Parent Guarantor, certifying (i) the charter document of each Loan
Party, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization (or if applicable, certifying that there have been no changes in the charter
document of each Existing Loan Party since previously certified to the Administrative Agent on December 7, 2018), (ii) the Operating Agreement or other organizational document, as attached thereto, of each Loan Party as in effect on the date of
such certification (or if applicable, certifying that there have been no changes in the Operating Agreement or other organizational document of each Existing Loan Party since previously certified to the Administrative Agent on December 7,
2018), (iii) resolutions of the Board of Directors of the Parent Guarantor or other applicable authorizing party of each Loan Party authorizing the execution and delivery of the Amendment, the Guaranty Supplement and/or the Consent and
Reaffirmation, as applicable, and the performance of each Loan Document to which it is a party, (iv) the Good Standing Certificate (or analogous documentation if applicable) for each Loan Party from the Secretary of State (or analogous
governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction and to the extent available for such entity, (v) the names and true signatures of the authorized signatories with respect to
each Loan Party authorized to sign the Loan Documents to which it is a party, and (in the case of Borrower) among other things authorized to request an Advance or the issuance of a Facility LC under the Credit Agreement, (vi) that no Material
Adverse Change has occurred, (vii) that there is no litigation or other proceeding relating adversely to or affecting the Parent Guarantor or its Subsidiaries which could reasonably be expected to result in a Material Adverse Effect, and
(viii) that attached thereto are copies of all governmental, shareholder, corporate and third party consents, if any, required in respect of the Tranche 3 Term Loan Facility and the Tranche 4 Term Loan Facility (or certifying that no such
consents are required). 

  

	5.	 Opinion of Latham and Watkins LLP, counsel for the Loan Parties. 

 

	6.	 Opinions of local counsel to the Parent Guarantor and the other Loan Parties, as agreed between primary
counsel to the Borrower and counsel to the Administrative Agent. 

  

	7.	 Compliance Certificate signed by an Authorized Signatory of the Borrower calculating (and showing compliance
with) the financial covenants set forth in Section 6.16 as of March 31, 2019 calculated on a pro forma basis giving effect to the incurrence of the Tranche 3 Term Loans and Tranche 4 Term Loans and the repayment of the Refinanced
Indebtedness. 

 ANNEX V 

EXHIBIT E-5 

FORM OF TRANCHE 3 TERM LOAN NOTE 

[                    ],
20[    ] 
 Extra Space Storage LP, a Delaware limited partnership (the “Borrower”),
promises to pay to
[                                        
                                    ] or its registered
assigns (the “Lender”) the aggregate unpaid principal amount of all Tranche 3 Term Loans made by the Lender to the Borrower pursuant to Section 2.1(d) of the Agreement (as hereinafter defined), in immediately available funds at the
applicable office of U.S. Bank National Association, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued
and unpaid interest on the Tranche 3 Term Loans in full on the Tranche 3 Term Loan Termination Date. 
 The Lender shall,
and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Tranche 3 Term Loan and the date and amount of each principal payment hereunder. 

This Term Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit
Agreement dated as of December 7, 2018 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, Extra Space Storage Inc., the lenders party thereto, including the
Lender, the LC Issuer and U.S. Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Term Note, including the terms and conditions under which this
Term Note may be prepaid or its maturity date accelerated. This Term Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

The undersigned waives demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THAT
WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

 

			
	EXTRA SPACE STORAGE LP,

 
			
		
	 By:
	 	 ESS Holdings Business Trust I

 
			
	 Its:
	 	 General Partner

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 TRANCHE 3 TERM LOAN NOTE OF
[                                ], 

DATED [_________], 20[__] 
  

											
	   Date
	  	 Principal

Amount of
 Tranche 3
Term
Loan
	  	 Type of

Tranche 3 Term
Loan
    
	  	 Maturity
of Interest

Period
	  	 Principal

Amount
 Paid
	  	 Unpaid

Balance

 ANNEX VI 

EXHIBIT E-6 

FORM OF TRANCHE 4 TERM LOAN NOTE 

[                ], 20[    ]

 Extra Space Storage LP, a Delaware limited partnership (the “Borrower”), promises to pay to
[                                       
                 ] or its registered assigns (the “Lender”) the aggregate unpaid principal amount of all Tranche 4 Term Loans made by the Lender
to the Borrower pursuant to Section 2.1(e) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank National Association, as Administrative Agent, together with interest on the unpaid
principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Tranche 4 Term Loans in full on the Tranche 4 Term Loan Termination Date. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance
with its usual practice, the date and amount of each Tranche 4 Term Loan and the date and amount of each principal payment hereunder. 

This Term Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit
Agreement dated as of December 7, 2018 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, Extra Space Storage Inc., the lenders party thereto, including the
Lender, the LC Issuer and U.S. Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Term Note, including the terms and conditions under which this
Term Note may be prepaid or its maturity date accelerated. This Term Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

The undersigned waives demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THAT
WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

 

			
	EXTRA SPACE STORAGE LP,

 
			
		
	By:	 	ESS Holdings Business Trust I

 
			
	Its:	 	General Partner

 
			
		
	By:	 	 

 
			
	Name:	 	

 
			
	Title:	 	

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 TRANCHE 4 TERM LOAN NOTE OF
[                                  ], 

DATED [                ],
20[    ] 
  

											
	  Date	  	Principal
Amount of
Tranche 4
Term Loan	  	Type of
Tranche 4
Term Loan
    	  	Maturity
of Interest
Period	  	Principal
Amount
Paid	  	Unpaid
Balance

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