Document:

Exhibit 10.2

 

UNIT PURCHASE AGREEMENT

 

UNIT PURCHASE AGREEMENT
(this “Agreement”) made as of the date set forth on the signature page hereof between Pershing Gold Corporation, a
Nevada corporation (the “Company”), and the subscriber(s) identified on Exhibit A annexed hereto (the “Subscriber”).

 

WITNESSETH:

 

WHEREAS, the Company
is conducting a private offering (the “Offering”) consisting of up to a maximum of 3,076,923 units (the “Units”),
each Unit consisting of (a) one share of the Company’s common stock par value $0.0001 per share (the “Common Stock”)
and (b) a thirty month warrant (collectively, the “Warrants” and together with the Units and Common Stock, the “Securities”)
to purchase 0.5 of a share of Common Stock of the Company at an exercise price equal to 110% of the market value of the Company’s
common stock on the trading day immediately preceding the applicable closing, with such exercise price to be subject to adjustment
as set forth in the warrant agreement (the “Exercise Price”) at a negotiated price of $3.25 per Unit (the “Unit
Purchase Price”);

 

WHEREAS, the Company
has retained Laidlaw & Company (UK) Ltd. to act as its placement agent in connection with the sale of the Units pursuant to
this Agreement (the “Placement Agent”);

 

WHEREAS, the Offering
is on a “best efforts, all-or-none” basis to attain the minimum offering amount of $1,750,000 purchase price for the
Units (the “Minimum Offering”), and on a “reasonable efforts” basis as to the remaining Units to be sold
up to the maximum offering amount of $10,000,000 purchase price for the Units (the “Maximum Offering”), to a limited
number of “accredited investors” (as that term is defined by Rule 501(a) of Regulation D (“Regulation D”)
promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the
“Securities Act”);

 

WHEREAS, the Company
and each Subscriber is executing and delivering this agreement in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated by the SEC under the Securities Act;

 

WHEREAS the subscription
for the Securities will be made in accordance with and subject to the terms and conditions of the Subscription Agreement and the
Company’s Confidential Private Placement Memorandum dated February 9, 2016, together with all amendments thereof and supplements
and exhibits thereto and as such may be amended from time to time (the “Memorandum”); and

 

WHEREAS, the Subscriber
desires to purchase such number of Units as set forth on the signature page hereof on the terms and conditions hereinafter set
forth.

 

NOW, THEREFORE, in
consideration of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto do hereby
agree as follows:

 

     

     

    

  

I.           SUBSCRIPTION
FOR SECURITIES

 

1.1         Subject
to the terms and conditions hereinafter set forth and as set forth in the Memorandum, the Subscriber hereby subscribes for and
agrees to purchase from the Company, and the Company subject to its rights to accept or reject this subscription, agrees to sell
to the Subscriber, such number of Units for the aggregate purchase price as is set forth on the signature page hereof. The purchase
price is payable by wire transfer, to be held in escrow until the conditions to closing are achieved, to Signature Bank, the escrow
agent (the “Escrow Agent”) as follows:

 

Bank:  Signature Bank

ABA Number:

Account #: 

Account Name: Signature Bank, as Escrow Agent for Pershing
Gold Corporation

Swift Code: 

 

1.2         The
Subscriber understands acknowledges and agrees that, except as otherwise set forth herein or otherwise required by law, that once
irrevocable, the Subscriber is not entitled to cancel, terminate or revoke this Agreement or any agreements of the Subscriber hereunder
and that this Agreement and such other agreements shall survive the death or disability of the Subscriber and shall be binding
upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and
permitted assigns. If the Subscriber is more than one person, the obligations of the Subscriber hereunder shall be joint and several
and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and be binding
upon each such person and his/her heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

II.          REPRESENTATIONS
BY SUBSCRIBER

 

Each Subscriber hereby
severally, and not jointly, represents and warrants to the Company that each such Subscriber’s representations in the Subscription
Agreement, in the form attached as Exhibit B to the Memorandum, entered into in connection with this Agreement are true and correct
as of the date hereof.

 

III.         REPRESENTATIONS
BY AND COVENANTS OF THE COMPANY

 

The Company hereby
represents and warrants to the Subscriber that:

 

3.1         Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada and has full corporate power and authority to own and use its properties and its assets and conduct
its business as currently conducted. Each of the Company’s subsidiaries identified on Schedule 3.1 hereto (the “Subsidiaries”)
is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation with
the requisite corporate power and authority to own and use its properties and assets and to conduct its business as currently conducted.
Neither the Company, nor any of its Subsidiaries is in violation of any of the provisions of its respective articles of incorporation,
by-laws or other organizational or charter documents, including, but not limited to the Charter Documents (as defined below). Each
of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation 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, would not result in a direct and/or indirect (i) material
adverse effect on the legality, validity or enforceability of any of the Securities and/or this Agreement, (ii) material adverse
effect on the results of operations, assets, business or condition (financial and other) of the Company and its Subsidiaries, taken
as a whole, or (iii) material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under this Agreement, the Subscription Agreement, the Memorandum, the Warrant and all exhibits, supplements and
schedules thereto, as such may be amended from time to time (collectively the “Transaction Documents”) (any of (i),
(ii) or (iii), a “Material Adverse Effect”).

 

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3.2         Capitalization
and Voting Rights. The authorized, issued and outstanding capital stock of the Company is as set forth in Schedule 3.2
hereto and all issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable.
Except as set forth in Schedule 3.2 hereto, (i) there are no outstanding securities of the Company or any of its Subsidiaries
which contain any preemptive, redemption or similar provisions, nor is any holder of securities of the Company or any Subsidiary
entitled to preemptive or similar rights arising out of any agreement or understanding with the Company or any Subsidiary by virtue
of any of the Transaction Documents, and there are no contracts, commitments, understandings or arrangements by which the Company
or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (ii) neither
the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement except for its equity incentive plans set forth on Schedule 3.2; and (iii) except as set forth in Schedule
3.2 there are no outstanding options, warrants, agreements, convertible securities, preemptive rights or other rights to subscribe
for or to purchase or acquire, any shares of capital stock of the Company or any Subsidiary or contracts, commitments, understandings,
or arrangements by which the Company or any Subsidiary is or may become bound to issue any shares of capital stock of the Company
or any Subsidiary, or securities or rights convertible or exchangeable into shares of capital stock of the Company or any Subsidiary.
Except as set forth in Schedule 3.2 and as otherwise required by law, there are no restrictions upon the voting or transfer
of any of the shares of capital stock of the Company pursuant to the Company’s Charter Documents (as defined below) or other
governing documents or any agreement or other instruments to which the Company is a party or by which the Company is bound. All
of the issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable and the shares
of capital stock of the Subsidiaries are owned by the Company, free and clear of any mortgages, pledges, liens, claims, charges,
encumbrances or other restrictions (collectively, “Encumbrances”). All of such outstanding capital stock has been issued
in compliance with applicable federal and state securities laws. The issuance and sale of the Securities and, upon issuance, the
Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”), as contemplated hereby will not obligate
the Company to issue shares of Common Stock or other securities to any other person (other than the Subscribers and the Placement
Agent) and except as set forth in Schedule 3.2 will not result in the adjustment of the exercise, conversion, exchange or
reset price of any outstanding security. The Company is not a party to any outstanding stockholder purchase rights and does not
have a “poison pill” or any similar arrangement in effect giving any person the right to purchase any equity interest
in the Company upon the occurrence of certain events.

 

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3.3         Authorization;
Enforceability. The Company has all corporate right, power and authority to enter into, execute and deliver this Agreement
and each other agreement, document, instrument and certificate to be executed by the Company in connection with the consummation
of the transactions contemplated hereby, including, but not limited to Transaction Documents and to perform fully its obligations
hereunder and thereunder. All corporate action on the part of the Company, its directors and stockholders necessary for the (a)
authorization execution, delivery and performance of this Agreement and the Transaction Documents by the Company; and (b) authorization,
sale, issuance and delivery of the Securities and upon exercise, the Warrant Shares contemplated hereby and the performance of
the Company’s obligations under this Agreement and the Transaction Documents has been taken. This Agreement and the Transaction
Documents have been duly executed and delivered by the Company and each constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its respective terms, subject to laws of general application relating
to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other
equitable remedies, and to limitations of public policy. 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
Encumbrances other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares, when issued and
paid for in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free
and clear of all Encumbrances imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.
The Company has reserved a sufficient number of Warrant Shares for issuance upon the exercise of the Warrants, free and clear of
all Encumbrances, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities
laws. Except as set forth on Schedule 3.3 hereto, the issuance and sale of the Securities contemplated hereby will not give
rise to any preemptive rights or rights of first refusal on behalf of any person other than the Subscribers.

 

3.4         No
Conflict; Governmental Consents.

 

(a)          The
execution and delivery by the Company of this Agreement and the Transaction Documents, the issuance and sale of the Securities
(including, when issued, the Warrant Shares) and the consummation of the other transactions contemplated hereby or thereby do not
and will not (i) result in the violation of any law, statute, rule, regulation, order, writ, injunction, judgment or decree of
any court or governmental authority to or by which the Company is bound including without limitation all foreign, federal, state
and local laws applicable to its business and all such laws that affect the environment, except in each case as could not have
or reasonably be expected to result in a Material Adverse Effect, (ii) conflict with or violate any provision of the Company’s
Articles of Incorporation (the “Articles”), as amended or the Bylaws, (and collectively with the Articles, the “Charter
Documents”) of the Company, and (iii) conflict with, or result in a material breach or violation of, any of the terms or
provisions of, or constitute (with or without due notice or lapse of time or both) a default or give to others any rights of termination,
amendment, acceleration or cancellation (with or without due notice, lapse of time or both) under any agreement, credit facility,
lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which the Company or any
Subsidiary is a party or by which any of them is bound or to which any of their respective properties or assets is subject, nor
result in the creation or imposition of any Encumbrances upon any of the properties or assets of the Company or any Subsidiary.

 

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(b)          No
approval by the holders of Common Stock, or other equity securities of the Company is required to be obtained by the Company in
connection with the authorization, execution, delivery and performance of this Agreement and the other Transaction Documents or
in connection with the authorization, issue and sale of the Securities and, upon issuance, the Warrant Shares, except as has been
previously obtained.

 

(c)          No
consent, approval, authorization or other order of any governmental authority or any other person is required to be obtained by
the Company in connection with the authorization, execution, delivery and performance of this Agreement and the other Transaction
Documents or in connection with the authorization, issue and sale of the Securities and, upon issuance, the Warrant Shares, except
for filings and approvals required to be made or obtained from NASDAQ Global Market (“NASDAQ”) and such post-sale filings
as may be required to be made with the SEC and with any state securities regulatory authority, all of which shall be made when
required.

 

3.5         Consents
of Third Parties. No vote, approval or consent of any holder of capital stock of the Company or any other third parties is
required or necessary to be obtained by the Company in connection with the authorization, execution, deliver and performance of
this Agreement and the other Transaction Documents or in connection with the authorization, issue and sale of the Securities and,
upon issuance, the Warrant Shares, except as previously obtained, each of which is in full force and effect.

 

3.6         Shell
Company Status; SEC Reports; Financial Statements. The Company has (a) since the filing of the Company’s Annual Report
on Form 10-K of the fiscal year ended December 31, 2014 (the “2014 10-K”) (i) disclosed all material information required
to be publicly disclosed by it on Form 8-K, (ii) filed all reports on Form 10-Q and (iii) filed all other reports (other than any
Form 8-K) required to be filed by it under the Securities Act and the Securities Exchange Act of 1934, as amended, including pursuant
to Section 13(a) or 15(d) thereof (the “Exchange Act”) and (b) since the filing of the 2014 10-K, the Company has filed
all reports required to be filed by it under the Securities Act and Exchange Act, (the foregoing materials being collectively referred
to herein as the “SEC Reports” and, together with the Schedules to this Agreement (if any), the “Disclosure Materials”)
on a timely basis or has timely filed a valid extension of such time of filing and has filed any such SEC Reports prior to the
expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements
of the Exchange Act and the rules and regulations of the SEC promulgated thereunder, 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 aggregate and in light of the circumstances under which they were made, not misleading (except
to the extent superseded by subsequently filed SEC Reports). 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 SEC 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 (“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise
specified in such financial statements or the footnotes thereto, 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.

 

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3.7         Licenses.
Except as otherwise set forth in the SEC Reports, the Company and its Subsidiaries have sufficient licenses, permits and other
governmental authorizations currently required for the conduct of their respective businesses or ownership of properties and is
in all material respects in compliance therewith.

 

3.8         Litigation.
Except as set forth in the SEC Reports, the Company knows of no pending or threatened legal or governmental proceedings against
the Company or any Subsidiary which could materially adversely affect the business, property, financial condition or operations
of the Company and its Subsidiaries, taken as a whole, or which materially and adversely questions the validity of this Agreement
or the other Transaction Documents or the right of the Company to enter into this Agreement and the other Transaction Documents,
or to perform its obligations hereunder and thereunder. Neither the Company nor any Subsidiary is a party or subject to the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which could materially
adversely affect the business, property, financial condition or operations of the Company and its Subsidiaries taken as a whole.
Except as set forth in the SEC Reports or on Schedule 3.8, there is no action, suit, proceeding or investigation by the
Company or any Subsidiary currently pending in any court or before any arbitrator or that the Company or any Subsidiary intends
to initiate. Neither the Company nor any Subsidiary, nor to the Company’ s knowledge any director or officer thereof, is
or since the 2014 Form 10-K 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. There has not been, and to the Company’s knowledge, there is
not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer of
the Company.

 

3.9         Compliance.
Except as set forth in the SEC Reports or on Schedule 3.9, neither the Company nor any Subsidiary: (i) is in default under
or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result
in a default by the Company or any Subsidiary under), nor has 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.

 

3.10       Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations, permits, and licenses issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted,
except where the failure to possess such permits or licenses could not reasonably be expected to result in a Material Adverse Effect
(“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.

 

    	 	-6-	 

     

    

  

3.11       Reserved.

 

3.12       Investment
Company. The Company is not an “investment company” within the meaning of such term under the Investment Company
Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

3.13       Brokers.
Except for the engagement of the Placement Agent and the fees payable to the Placement Agent, neither the Company nor any of the
Company’s officers, directors, employees or stockholders has employed or engaged any broker or finder in connection with
the transactions contemplated by this Agreement and no fee or other compensation is or will be due and owing to any broker, finder,
underwriter, placement agent or similar person in connection with the transactions contemplated by this Agreement. The Company
is not party to any agreement, arrangement or understanding whereby any person has an exclusive right to raise funds and/or place
or purchase any debt or equity securities for or on behalf of the Company other than the Engagement Agreement dated January 8,
2016 between the Company and the Placement Agent.

 

3.14       Intellectual
Property; Employees.

 

(a)          The
Company owns or possesses sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets,
licenses, information and other proprietary rights and processes necessary for its business as now conducted and as presently proposed
to be conducted, without any known infringement of the rights of others as described in the SEC Reports and which the failure to
so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Except as disclosed
on Schedule 3.14 or the SEC Reports, there are no material outstanding options, licenses or agreements of any kind relating
to the Intellectual Property Rights, nor is the Company bound by or a party to any material options, licenses or agreements of
any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information
and other proprietary rights and processes of any other person or entity other than such licenses or agreements arising from the
purchase of “off the shelf” or standard products. The Company has not received any written communications alleging
that the Company has violated or, by conducting its business as presently proposed to be conducted, would violate any Intellectual
Property Rights of any other person or entity. 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.

 

(b)          Except
as disclosed in the SEC Reports, the Company is not aware that any of its executive officers is obligated under any contract (including
licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court
or administrative agency, that would interfere with his or her duties to the Company or that would conflict with the Company’s
business as presently conducted.

 

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(c)          The
Company is not aware that any of its executive officers intend to terminate his or her employment with the Company, nor does the
Company have a present intention to terminate the employment of any executive officer.

 

(d)          Neither
the execution nor delivery of this Agreement, nor the carrying on of the Company’s business by the employees of the Company,
nor the conduct of the Company’s business as presently conducted, will, to the Company’s knowledge, conflict with or
result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument
between any employee and the Company.

 

3.15      Title
to Real Property; Liens, Etc. Except as described in the SEC Reports, each of the Company and the Company’s subsidiary,
Gold Acquisition Corp., a Nevada corporation (“GAC”) has record title to the unpatented mining claims (“Mining
Claims”) and unpatented millsites (“Millsites”) it owns, and record title to its leasehold and subleasehold interests
in real property (the “Leasehold Estates”), in each case subject to no Encumbrances, other than (a) the production
royalties listed in Schedule 3.15, (b) Encumbrances those resulting from taxes which have not yet become delinquent; and
(c) Encumbrances which do not materially detract from the value of the property subject thereto or materially impair the operations
of the Company; and (d) those that have otherwise arisen in the ordinary course of business, none of which are material; and, with
respect to the Mining Claims and Millsites, subject to the paramount title of the United States of America and the statutory rights
of third parties to use the surface of the Mining Claims and Millsites and to explore for and develop federal leasable minerals.
Except as set forth in Schedule 3.15, each of the Company and GAC are in compliance with all material terms of each lease
or sublease of real property to which it is a party or is otherwise bound. Nothing in this Section 3.15, however, shall
be deemed to be a representation or a warranty that any of the Mining Claims contains a discovery of valuable minerals.

 

3.16       Obligations
to Related Parties. Except as described in the SEC Reports including employment agreements filed on Form 8-K or in Schedule
3.16, there are no obligations of the Company to officers, directors, stockholders, or employees of the Company other than
(a) for payment of salary or other compensation for services rendered including equity compensation, (b) reimbursement for reasonable
expenses incurred on behalf of the Company and (c) for other standard employee benefits made generally available to all employees
(including stock option agreements outstanding under any stock option plan approved by the Board of Directors of the Company).
Except as disclosed in the SEC Reports or in Schedule 3.16, none of the officers or directors of the Company and, to the
Company’s knowledge, none of the employees of the Company is presently a party to any transaction with the Company or any
Subsidiary (other than as holders of equity and/or warrants, and 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, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s
knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee or partner.

 

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3.17        Material
Changes. Except as set forth in Schedule 3.17, since the date of the latest audited financial statements included within
the SEC Reports, except as specifically disclosed in the subsequent SEC Reports, (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, accrued expenses and other liabilities incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to generally accepted accounting principles or required to be disclosed in filings made with the SEC, (iii)
the Company has not altered its method of accounting or the identity of its auditors, (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 existing Company equity incentive plans. The Company does not have pending before the SEC any request
for confidential treatment of information.

 

3.18        Sarbanes-Oxley.
The Company is in compliance with all effective requirements of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
thereunder, that are applicable to it, except where such noncompliance could not have or reasonably be expected to result in a
Material Adverse Effect.

 

3.98        No
General Solicitation. None of the Company, its Subsidiaries, any of their affiliates, and any person acting on their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Securities.

 

3.20        No
Integrated Offering. Assuming the accuracy of the Subscriber representations and warranties set forth in Article I hereunder,
none of the Company, its Subsidiaries, any of their affiliates, and any person acting on 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 require registration
of any of the Securities under the Securities Act or that is likely to cause this offering of the Securities to be integrated with
prior offerings by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including
without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities
of the Company are listed or designated. Except as disclosed in the SEC Reports, none of the Company, its Subsidiaries, their affiliates
and any person acting on their behalf, have taken any action or steps referred to in the preceding sentence that would require
registration of any of the Securities under the Securities Act or cause the offering of the Securities to be integrated with other
offerings.

 

3.21        Application
of Takeover Protections. The Company has 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 Charter Documents or the laws of its state of incorporation that is or could become applicable
to the Subscriber as a result of the Subscriber and the Company fulfilling their obligations or exercising their rights under this
Agreement, including, without limitation, the Company’s issuance of the Securities and the Subscribers’ ownership of
the Securities.

 

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3.22        Taxes.
Each of the Company and its Subsidiaries has filed all U.S. federal, state, local and foreign tax returns which are required to
be filed by each of them and all such returns are true and correct in all material respects, except for such failures to file which
could not reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary has paid all taxes pursuant
to such returns or pursuant to any assessments received by any of them or by which any of them are obligated to withhold from amounts
owing to any employee, creditor or third party except where not reasonably expected to have a Material Adverse Effect. The Company
and each Subsidiary has properly accrued all taxes required to be accrued and/or paid, except where the failure to accrue would
not have a Material Adverse Effect. To the knowledge of the Company, the tax returns of the Company and its Subsidiaries are not
currently being audited by any state, local or federal authorities. Neither the Company nor any Subsidiary has waived any statute
of limitations with respect to taxes or agreed to any extension of time with respect to any tax assessment or deficiency. The Company
has set aside on its books adequate provision for the payment of any unpaid taxes except where not reasonably expected to have
a Material Adverse Effect.

 

3.23        Registration
Rights. Except as set forth on Schedule 3.23, no person has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company.

 

3.24        Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof (or such shorter period during which the Company
was subject to such requirements), received notice from NASDAQ to the effect that the Company is not in compliance with the rules
or regulations of NASDAQ. To the Company’s knowledge it is, and has no reason to believe that it will not in the foreseeable
future continue to be, in compliance with all such rules and regulations of NASDAQ.

 

3.25        Disclosure.
Except with respect to the material terms and conditions of the Offering contemplated by the Memorandum, the Company confirms that
neither it nor, to the Company’s knowledge, any other person acting on its behalf has provided the Subscriber or its agents
or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company
understands and confirms that the Subscriber will rely on the foregoing representation in purchasing the Units. All disclosure
in the Transaction Documents is true and correct when considered in the aggregate 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 press releases disseminated by the Company during the twelve months preceding the
date of this Agreement taken as a whole together with the SEC Reports do not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the statements, in light of the circumstances
under which they were made and when made, not misleading.

 

    	 	-10-	 

     

    

  

3.26        Private
Placement. Assuming the accuracy of the Subscribers’ representations and warranties set forth in Section 1, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Subscriber as contemplated
hereby.

 

3.27        DTC
Status. To the Company’s knowledge, the Company’s transfer agent (the “Transfer Agent”) is a limited
participant of the Depository Trust Company and a full FAST transfer agent in the Depository Trust Company Automated Securities
Transfer Program. The Company’s Common Stock is currently eligible for transfer pursuant to the Depository Trust Company
Automated Securities Transfer Program.

 

3.28        OFAC.
Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee, affiliate or person acting on
its behalf, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the sale of the Units, or
lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or entity, towards any
sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC or for the purpose of financing
the activities of any person currently subject to any U.S. sanctions.

 

3.29        Bad
Actor Disqualification

 

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

 

(b)          Other
Covered Persons. The Company is not aware of any person that (i) has been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of the Securities and (ii) who is subject to a Disqualification Event.  

 

(c)          Notice
of Disqualification Events. The Company will notify the Placement Agent in writing of (i) any Disqualification Event relating
to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating
to any Issuer Covered Person, prior to any Closing of this Offering.

 

    	 	-11-	 

     

    

  

IV.         TERMS
OF SUBSCRIPTION

 

4.1          The
Securities will be offered for sale until the earlier of (i) the date upon which subscriptions for the Maximum Offering offered
hereunder have been accepted, (ii) March 31, 2016 (subject to the right of the Company and the Placement Agent to extend the offering
for 45 days without further notice to investors), (iii) the date upon which the Company and the Placement Agent elect to terminate
the Offering or (iv) the date upon which the Company elects to terminate the Offering (the “Termination Date”).
The Offering is being conducted on a “reasonable efforts, all or none” basis with respect to the Minimum Offering
and thereafter on a “reasonable efforts” basis for up to the Maximum Offering.

 

4.2          The
Company may hold an initial closing (“Initial Closing”) at any time after the receipt of accepted subscriptions for
the Minimum Offering. After the Initial Closing, subsequent closings with respect to additional Securities may take place at any
time prior to the Termination Date as determined by the Company, with respect to subscriptions accepted prior to the Termination
Date (each such closing, together with the Initial Closing, being referred to as a “Closing”). The last Closing of
the Offering, occurring on or prior to the Termination Date, shall be referred to as the “Final Closing”. Any subscription
documents or funds received after the Final Closing will be returned, without interest or deduction. In the event that an Initial
Closing does not occur prior to the Termination Date, all amounts paid by the Subscriber shall be returned to the Subscriber, without
interest or deduction. The Subscriber may revoke its subscription and obtain a return of the subscription amount paid to the Escrow
Account at any time before the date of the Initial Closing by providing written notice to the Placement Agent, the Company and
the Escrow Agent as provided in Section 6.1 below. Upon receipt of a revocation notice from the Subscriber prior to the date of
the Initial Closing, all amounts paid by the Subscriber shall be returned to the Subscriber, without interest or deduction. The
Subscriber may not revoke this subscription or obtain a return of the subscription amount paid to the Escrow Agent on or after
the date of the Initial Closing. Any subscription received after the Initial Closing but prior to the Termination Date shall be
irrevocable.

 

4.3          The
minimum purchase that may be made by any Subscriber shall be $32,500. Subscriptions for investment below the minimum purchase may
be accepted at the discretion of the Placement Agent and the Company. The Company and the Placement Agent reserve the right to
reject any subscription made hereby, in whole or in part, in their sole discretion. The Company’s agreement with each Subscriber
is a separate agreement and the sale of the Securities to each Subscriber is a separate sale.

 

4.4          All
funds shall be deposited in the account identified in Section 1.1 hereof.

 

4.5          Certificates
representing the Securities purchased by the Subscriber pursuant to this Agreement will be prepared for delivery to the Subscriber
as soon as practicable following the Closing (but in no event later than five (5) days after a Closing) at which such purchase
takes place. The Subscriber hereby authorizes and directs the Company to deliver the certificates representing the Securities purchased
by the Subscriber pursuant to this Agreement directly to the Subscriber’s residential or business or brokerage house address
indicated on the signature page hereto.

 

    	 	-12-	 

     

    

  

4.6          The
Company’s agreement with each Subscriber is a separate agreement and the sale of Securities to each Subscriber is a separate
sale.

 

		V.	CONDITIONS TO OBLIGATIONS OF THE SUBSCRIBER

 

5.1         The
Subscriber’s obligation to purchase the Securities at the Closing at which such purchase is to be consummated is subject
to the fulfillment on or prior to such Closing of the following conditions, which conditions may be waived at the option of each
Subscriber to the extent permitted by law:

 

(a)          Representations
and Warranties; Covenants. The representations and warranties made by the Company in Section 3 hereof qualified as to materiality
shall be true and correct as of the Initial Closing and on each Closing Date, except (i) to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as
of such earlier date, and, (ii) the representations and warranties made by the Company in Section 3 hereof not qualified as to
materiality shall be true and correct in all material respects at all times prior to and on the Closing Date, except to the extent
any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall
be true and correct in all material respects as of such earlier date; provided however, that notwithstanding the
foregoing, the Company shall only be required to update the Disclosure Schedules by the delivery to the Subscribers by the Company
of an amended Disclosure Schedule with respect to any information that is of a material nature as of such proposed Closing Date.
All covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior to the date of
such Closing shall have been performed or complied with in all material respects.

 

(b)          No
Legal Order Pending. There shall not then be in effect any legal or other order enjoining or restraining the transactions contemplated
by this Agreement.

 

(c)          No
Law Prohibiting or Restricting Such Sale. There shall not be in effect any law, rule or regulation prohibiting or restricting
such sale or requiring any consent or approval of any person, which shall not have been obtained, to issue the Securities (except
as otherwise provided in this Agreement).

 

(d)          Required
Consents. The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or
appropriate for consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated
by the Transaction Documents, all of which shall be in full force and effect.

 

(e)          Adverse
Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably could
have or result in a Material Adverse Effect.

 

(f)          No
Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the SEC or by
NASDAQ (except for any suspensions of trading of not more than one trading day solely to permit dissemination of material information
regarding the Company) at any time since the date of execution of this Agreement, and the Common Stock shall have been at all times
since such date listed for trading on NASDAQ.

 

    	 	-13-	 

     

    

  

(g)          Blue
Sky. The Company shall have completed qualification for the Securities, including the Warrant Shares, under applicable Blue
Sky laws.

 

(h)          Legal
Opinion. The Company’s corporate counsel shall have delivered a legal opinion addressed to the Subscribers in a form
reasonably acceptable to the Placement Agent.

 

(i)          Proceedings
and Litigation. No action, suit or proceeding shall have been commenced by any Person against any party hereto seeking to restrain
or delay the purchase and sale of the Units or the other transactions contemplated by this Agreement or any of the other Offering
Documents.

 

(j)          Disclosure
Schedules. The Company shall have delivered a copy of its Disclosure Schedules (or delivered a copy of its amended Disclosure
Schedules pursuant to Section 5.1(a)).

 

(k)          Transfer
Agent Instruction Letter. The Company shall have delivered instructions to the Transfer Agent authorizing the issuance of the
shares of Common Stock included in the Units purchased by such Purchaser at such Closing.

 

(l)          Officer
Certificate. A certificate signed by the Company’s chief executive officer certifying that all representations and warranties
made by the Company as of the Closing Date are true, complete and correct as of the Closing Date (unless any such representation
or warranty is made only as of a specific date, in which event such representation and warranty is true and correct as of such
specified date), as qualified by the Disclosure Schedules and that all covenants in this Agreement and the other Transaction Documents
required to be performed by the Company prior to the Closing Date have been so performed.

 

(m)          Secretary’s
Certificate. A certificate of the Secretary of the Company (i)attaching and certifying as to the Company’s Articles of
Incorporation, as amended (the “Certificate”), (ii) attaching and certifying as to the Bylaws of the Company in effect
at the Closing, (iii) attaching and certifying as to copies of resolutions by the Board of Directors of the Company authorizing
and approving this Agreement and the other Transaction Documents and the transactions contemplated hereby (collectively, the “Minutes”);
and (iv) certifying as to the incumbency of the officers of the Company executing this Agreement and the other Transaction Documents.

 

    	 	-14-	 

     

    

  

VI.         COVENANTS
OF THE COMPANY

 

6.1         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 promulgated under the Securities Act, to the Company or
to an affiliate of a Subscriber or in connection with, 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 of a Subscriber under this Agreement.

 

(b)          The
Subscriber agrees to the imprinting of a legend on the Securities substantially in the following form until the Securities have
been transferred pursuant to a registration statement under the Securities Act that has been declared effective or an exemption
thereunder:

 

THESE SECURITIES HAVE BEEN ISSUED
PURSUANT TO A FEBRUARY 2016 PRIVATE PLACEMENT. [NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE]]
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 [AND THE SECURITIES ISSUABLE UPON [EXERCISE] OF THIS SECURITY]
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(c)          Certificates
evidencing the Common Stock shall not contain any legend (including the legend set forth in Section 6.1(b) hereof): (i) following
any sale of such Common Stock pursuant to an effective registration statement covering the resale of such security under the Securities
Act, or (ii) following any sale of such Common Stock pursuant to Rule 144, or (iii) if such legend is not required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The
Company shall cause its counsel, at the Company’s expense, to issue a legal opinion to the Company’s transfer agent
promptly (but in no event later then the requisite share delivery date set forth in the Warrants) if required by the Company’s
transfer agent to effect the removal of the legend if one of the preceding events has occurred and as permitted by law.

 

    	 	-15-	 

     

    

 

6.2         Listing
of Securities. The Company agrees, (i) if the Company applies to have the Common Stock traded on any other trading market,
it will include in such application the shares of Common Stock and Warrant Shares, and will take such other action as is necessary
or desirable to cause the shares of Common Stock and Warrant Shares to be listed on such other trading market as promptly as possible,
and (ii) it will take all action reasonably necessary to continue the listing and trading of its Common Stock on a trading market
and will comply in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules
of the trading market.

 

6.3         Reservation
of Warrant Shares. The Company shall at all times while the Warrants are outstanding maintain a reserve from its duly authorized
shares of Common Stock of a number of shares of Common Stock sufficient to allow for the issuance of the Warrant Shares.

 

6.4         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, 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 and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement securities.
If a replacement certificate or instrument evidencing any securities is requested due to a mutilation thereof, the Company may
require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

6.5         Furnishing
of Information. Until the time that no Subscriber owns Securities, the Company covenants to maintain the registration of the
Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange
Act. As long as Subscriber owns Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will
prepare and furnish to Subscriber and make publicly available in accordance with Rule 144(c) such information as is required for
the Subscribers to sell the Securities under Rule 144. The Company further covenants that it will take such further action as any
holder of Securities may reasonably request, to the extent required from time to time to enable such person to sell such Securities
without registration under the Securities Act within the requirements of the exemption provided by Rule 144.

 

6.6         Securities
Laws; Publicity. The Company shall, by 8:30 a.m. (New York City time) on the fourth trading day immediately following a Closing
hereunder, issue a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby and including
the Transaction Documents as exhibits thereto to the extent required by law. The Company shall not publicly disclose the name of
Subscriber, or include the name of any Subscriber in any filing with the SEC or any regulatory agency or trading market, without
the prior written consent of Subscriber, except: (a) as required by federal securities law in connection with the filing of final
Transaction Documents (including signature pages thereto) with the SEC and (b) to the extent such disclosure is required by law,
in which case the Company shall provide the Subscriber with prior notice of such disclosure permitted under this clause (b).

 

    	 	-16-	 

     

    

  

6.7         Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation
D promulgated under the Securities Act and to provide a copy thereof, promptly upon request of the Subscriber. The Company shall
take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the
Securities for, sale to the Subscriber 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 any Subscriber.

 

6.8         Equal
Treatment of Subscribers. 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 any of the Transaction Documents unless the same
consideration is also offered to all of the parties to the Transaction Documents.

 

6.9         Indemnification.

 

(a)         The Company
agrees to indemnify and hold harmless the Subscriber, its affiliates and their respective officers, directors, employees, agents
and controlling persons (collectively, the “Indemnified Parties”) from and against , any and all loss, liability, damage
or deficiency suffered or incurred by any Indemnified Party by reason of any misrepresentation or breach of warranty by the Company
made in this Agreement or, after any applicable notice and/or cure periods, nonfulfillment of any covenant or agreement to be performed
or complied with by the Company under this Agreement or other Transaction Documents; and will promptly reimburse the Indemnified
Parties for all expenses (including reasonable fees and expenses of legal counsel) as incurred in connection with the investigation
of, preparation for or defense of any pending or threatened claim related to or arising in any manner out of any of the foregoing,
or any action or proceeding arising therefrom (collectively, “Proceedings”), whether or not such Indemnified Party
is a formal party to any such Proceeding (unless such action is based upon a breach of such Subscriber’s representations,
warranties or covenants under the Transaction Documents or any agreements or understandings such Subscriber may have with any such
stockholder or any violations by such  Subscriber of state or federal securities laws or any conduct by such Subscriber which
constitutes fraud, gross negligence, willful misconduct or malfeasance. If any action shall be brought against any Subscriber in
respect of which indemnity may be sought pursuant to this Agreement, such Subscriber 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 the
Subscriber. Any Subscriber 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 Subscriber 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 Subscriber, in which case the Company
shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable
to any Subscriber under this Agreement (y) for any settlement by a Subscriber 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 or liability is attributable to any Subscriber’s breach of its representations, warranties or covenants under the
Transaction Documents or any agreements or understandings such Subscriber may have with any such stockholder or any violations
by such Subscriber of state or federal securities laws or any conduct by such Subscriber which constitutes fraud, gross negligence,
willful misconduct or malfeasance. The indemnification required by this Section 8.2 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 Subscriber against the Company or others and
any liabilities the Company may be subject to pursuant to law.

 

    	 	-17-	 

     

    

  

(b)          If
for any reason (other than a final non-appealable judgment finding any Indemnified Party liable for losses, claims, damages, liabilities
or expenses for its gross negligence or willful misconduct) the foregoing indemnity is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless, then the Company shall contribute to the amount paid or payable by an Indemnified Party
as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect not only the relative
benefits received by the Company on the one hand and the Advisor on the other, but also the relative fault by the Company and the
Indemnified Party, as well as any relevant equitable considerations.

 

6.10        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 Subscriber or its agents
or counsel with any information that the Company believes constitutes material non-public information. The Company understands
and confirms that Subscriber shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

6.11        Use
of Proceeds. Except as set forth on Schedule 6.11 attached hereto, the Company shall use the net proceeds from the sale
of the Securities hereunder for working capital purposes and shall not use such proceeds for: (a) the satisfaction of any portion
of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior
practices), (b) the redemption of any Common Stock or Common Stock equivalents or (c) the payment for expenses connected with any
investigations or potential litigation or litigation and/or any settlement of any litigation. 

 

6.12        DTC In
the event that while any of the Securities are outstanding, (i) the Company does not use a transfer agent that is a member participant
of the Depository Trust Company Automated Securities Transfer Program and/or (ii) the Company’s Common Stock is not at all
times eligible for transfer pursuant to the Depositor Trust Company Automated Transfer Program ((i) and (ii) are referred to as
a “DTC Event”) then then, in addition to any other rights the Subscribers may have hereunder or under applicable law,
on each monthly anniversary of each such date (if the applicable DTC Event shall not have been cured by such date) until the applicable
DTC Event is cured, the Company shall pay to each Subscriber an amount in cash, as partial liquidated damages and not as a penalty,
equal to 1.0% of the aggregate purchase price paid to such Subscriber pursuant to the Subscription Agreement and Purchase Agreement.
The parties agree that the maximum aggregate liquidated damages payable to a Subscriber under this Agreement shall be 10% of the
aggregate Purchase Price paid by such Subscriber pursuant to this Purchase Agreement.  If the Company fails to pay any
partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest
thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Subscriber,
accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid
in full.

 

    	 	-18-	 

     

    

 

VII.        MISCELLANEOUS

 

7.1        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: (a) the date of transmission, if such notice or communication is delivered via
facsimile with receipt confirmed at or prior to 5:30 p.m. (New York City time) on a day in which the New York Stock Exchange is
open for trading (a “Trading Day”), (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile with receipt confirmed on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd) Trading Day following the date sent by U.S. nationally recognized overnight
courier service or (d) upon delivery to or actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be addressed as follows:

 

If to the Company, to it at:

Pershing Gold Corporation

1658 Cole Boulevard

Building 6, Suite 200

Lakewood, Colorado 80401

Attn: Stephen Alfers, President & CEO

 

With a copy to (which shall not constitute notice):

 

Davis Graham & Stubbs LLP

1550 Seventeenth Street, Suite 500

Denver, Colorado 80202

Attn: Deborah Friedman, Esq.

 

If to the Subscriber, to the Subscriber’s address
indicated on the signature page of this Agreement.

 

With a copy to (which shall not constitute notice):

 

Sichenzia Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, NY 10006

Attn: Richard A. Friedman, Esq.

 

    	 	-19-	 

     

    

 

If to the Escrow Agent, to it at:

Signature Bank

261 Madison Ave.

New York, NY 10016

Attn: Cliff Broder, Group Director and Senior Vice President

Fax: 646-822-1359

 

7.2         Except
as otherwise provided herein, this Agreement shall not be changed, modified or amended except by a writing signed by the parties
hereto. 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.

 

7.3         This
Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of Subscriber (other than by merger). Subscriber may assign any or all of its rights under this Agreement to any person
to whom Subscriber assigns or transfers any Securities in accordance with applicable law, provided that such transferee agrees
in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents.

 

7.4         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 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.

 

7.5         Upon
the execution and delivery of this Agreement by the Subscriber and the Company, this Agreement shall become a binding obligation
of the Subscriber with respect to the purchase of Securities as herein provided, subject, however, to the right hereby reserved
by the Company to enter into the same agreements with other subscribers and to reject any subscription, in whole or in part, provided
the Company returns to Subscriber any funds paid by Subscriber with respect to such rejected subscription or portion thereof, without
interest or deduction.

 

7.6         All
questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), 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 any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding.

 

    	 	-20-	 

     

    

 

7.7         The
holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement shall be
declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision
shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining
conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent
they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision unless
so expressed herein.

 

7.8         It
is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a
waiver of any subsequent breach by that same party.

 

7.9         The
Company and Subscriber agree to execute and deliver all such further documents, agreements and instruments and take such other
and further action as may be necessary or appropriate and as permitted by law to carry out the purposes and intent of this Agreement.

 

7.10       This
Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument. 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.

 

7.11       Nothing
in this Agreement shall create or be deemed to create any rights in any person or entity not a party to this Agreement.

 

7.12       In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Subscriber
and the Company will be entitled to specific performance under this Agreement. The parties agree that monetary damages may not
be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby
agrees to waive in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

7.13       The
Company further understands and acknowledges that (i) Subscriber may engage in hedging activities at various times during the period
that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable
with respect to Securities are being determined, and (ii) such hedging activities (if any) could reduce the value of the existing
stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. 
The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

    	 	-21-	 

     

    

 

7.14       In
order to discourage frivolous claims the parties agree that unless a claimant in any proceeding arising out of this Agreement succeeds
in establishing his claim and recovering a judgment against another party (regardless of whether such claimant succeeds against
one of the other parties to the action), then the other party shall be entitled to recover from such claimant all of its/their
reasonable legal costs and expenses relating to such proceeding and/or incurred in preparation therefor.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	-22-	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Unit Purchase Agreement as of the date set forth in the first paragraph hereof.

 

	COMPANY:	 
	 	 
	PERSHING GOLD CORPORATION	 
	 	 
	By:	 	 
	Name:   	 
	Title:    	 
	 	 
	Address:   	 
	 	 
	1658 Cole Boulevard	 
	Building 6, Suite 200	 
	Lakewood, Colorado 80401	 
	Attn:  Stephen Alfers, President & CEO	 

 

SUBSCRIBERS:

 

The Subscribers set forth on Exhibit
A to the Agreement have executed a Subscription Agreement with the Company which provides, among other things, that by executing
the Subscription Agreement each Subscriber is deemed to have executed this UNIT PURCHASE AGREEMENT in all respects and is bound
to purchase the Units set forth in such Subscription Agreement and Exhibit A to the Agreement.Exhibit 10.3

 

PERSHING GOLD CORPORATION

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (the “Agreement”), dated as of February 25, 2016, is made by and between Pershing
Gold Corporation, a Nevada corporation (the “Company”) and the undersigned investors (each an “Investor”
and collectively, the “Investors”).

 

RECITALS

 

WHEREAS, in
connection with that certain Subscription Agreement on even date herewith by and between the Company and the Investors (the “Subscription
Agreement”) and the Unit Purchase Agreement by and between the Company and the Investors (the “Purchase
Agreement”), each Investor has purchased from the Company certain units (the “Units”),
each Unit consisting of (a) one share (the “Share” and collectively with all Shares issued as part of
the Units, “Shares”) of common stock, par value $0.0001 per share, of the Company (“Common
Stock”), and (b) a warrant (the “Warrant” and collectively with all Warrants issued as
part of the Units, “Warrants”) to purchase 0.5 of a share of Common Stock at an exercise price equal
to 110% of the market value of the Company’s common stock on the trading day immediately preceding the applicable closing,
for a period beginning six (6) months and one day from, and ending thirty (30) months from, the date of issuance, at a negotiated
price of $3.25 per Unit.

 

WHEREAS, to
induce the Investors to purchase the Units, the Company has agreed to grant the Investors certain rights with respect to registration
of Registrable Securities under the Securities Act pursuant to the terms of this Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
the Company and the Investors, and each of them, hereby covenant and agree as follows:

 

1.          Recitals.
The recitals set forth above are true and correct and are incorporated herein by reference.

 

2.          Certain
Definitions. Capitalized terms used and not otherwise defined herein that are defined in the
Purchase Agreement shall have the meanings given such terms in the Purchase Agreement As used in this Agreement, the
following terms shall have the following respective meanings:

 

“Agent”
shall mean Laidlaw & Company (UK) Ltd. as the agent for the Investors for certain notice
purposes under this Agreement.

 

“Agreement”
shall have the meaning set forth in the Preamble hereof.

 

“Automatic
Registration Statement” shall have the meaning set forth in Section 3(a) of this Agreement.

 

     

     

    

 

“Closing”
shall mean the closing of the sale of the Units purchased by an Investor.

 

“Closing
Date” means the date on which the Closing occurred.

 

“Commission”
shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act.

 

“Common Stock”
shall have the meaning set forth in the Recitals hereof.

 

“Company”
shall have the meaning set forth in the Preamble hereof.

 

“Delay Period”
shall have the meaning set forth in Section 3(b) of this Agreement.

 

“Effectiveness
Date” shall mean that date which is sixty (60) days following the Filing Date (in case of a no review by the Commission
staff) or one hundred eighty (180) days following the Filing Date (in the case of a review by the Commission staff).

 

“Effectiveness
Period” shall have the meaning set forth in Section 3(a) of this Agreement.

 

“End of Suspension
Notice” shall have the meaning set forth in Section 3(c) of this Agreement.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended. 

 

“Filing Date”
shall mean with respect to the Automatic Registration Statement required hereunder, that date which is forty-five (45) days following
the Final Closing Date and, with respect to any additional Registration Statements which may be required herein, the earliest practical
date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable
Securities.

 

“Final Closing
Date” means closing date of the Offering after which the Company ceases to offer for sale the Units.

 

“Investor”
shall have the meaning set forth in the Preamble hereof.

 

“Offering”
shall have the meaning set forth in the Subscription Agreements.

 

“Piggyback
Registration” shall have the meaning set forth in Section 4(a) of this Agreement.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

    	 	- 2 -	 

     

    

 

“Purchase
Agreement” shall have the meaning set forth in the Preamble hereof.

 

“Purchase
Price” shall have the meaning set forth in the Subscription Agreements.

 

“Register,”
“registered” and “registration” each shall refer to a registration of the Registrable
Securities effected by preparing and filing a Registration Statement or statements or similar documents in compliance with the
Securities Act and the declaration or ordering of effectiveness of such Registration Statement or document by the Commission.

 

“Registrable
Securities” shall mean (a) all Shares, (b) all Warrant Shares then issuable upon exercise of the Warrants delivered
to the Investors in connection with the Offering (assuming on such date the Warrants are exercised in full without regard to any
exercise limitations therein), and (c) any securities issued or then issuable upon any stock split, dividend or other distribution,  recapitalization
or similar event with respect to the foregoing provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (i) when subject to an effective Registration Statement under the Securities Act as provided for hereunder, (ii) upon
any sale pursuant to a Registration Statement or Rule 144 under the Securities Act or (iii) at such time such securities become
eligible for resale without volume or manner of sale restrictions and without current public information pursuant to Rule 144(c)
as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the affected Investor.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Sections 3 or
4 and any additional registration statements contemplated herein, including (in each case) the Prospectus, amendments and
supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

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

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff and (ii)
the Securities Act.

 

“Securities
Act” shall mean the United States Securities Act of 1933, as amended.

 

    	 	- 3 -	 

     

    

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 6 of this Agreement.

 

“Shares”
shall have the meaning set forth in the Recitals hereof.

 

“Subscription
Agreement” shall have the meaning set forth in the Recitals hereof.

 

“Suspension
Event” shall have the meaning set forth in Section 3(c) of this Agreement.

 

“Suspension
Notice” shall have the meaning set forth in Section 3(c) of this Agreement.

 

“Warrant”
shall have the meaning set forth in the Recitals hereof.

 

“Warrant
Shares” shall mean the shares of Common Stock to be issued upon exercise of the Warrants.

 

Capitalized terms used
but not defined herein shall have the meanings set forth in the Subscription Agreement.

 

		3.	Automatic Registration.

 

(a)          On
or prior to the Filing Date, the Company shall prepare and file with the Commission a registration statement (the “Automatic
Registration Statement”) covering the resale of all of the Registrable Securities for an offering to be made on a
continuous basis pursuant to Rule 415. The Automatic Registration Statement required hereunder shall be on Form S-1 or Form S-3,
as applicable, and shall contain substantially the “Plan of Distribution” attached hereto as Annex A. 
Subject to the terms of this Agreement, the Company shall use its reasonable best efforts to cause the Automatic Registration Statement
to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event not later
than the Effectiveness Date, and shall use its best efforts to keep the Automatic Registration Statement continuously effective
under the Securities Act until the earlier of (i) the date when all Registrable Securities covered by the Registration Statement
have been sold thereunder or pursuant to Rule 144 or (ii) the date when all Registrable Securities covered by the Registration
Statement may be sold by non-affiliates of the Company without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144(c), as determined by counsel to the Company pursuant to a written opinion letter
to such effect, addressed, delivered and acceptable to the affected Investor (the “Effectiveness Period”).
The maximum amount of Registrable Securities that may be included in the Automatic Registration Statement at any one time shall
be limited by Rule 415 as required by the Commission. In the event that there is a limitation by the Commission on the number of
Registrable Securities that may be included for registration at one time, the Company shall promptly so advise the Investors and
use its best efforts to file an additional Automatic Registration Statement covering such ineligible Registrable Securities, on
a pro-rata basis, within 30 days of the date such securities become eligible and cause such Automatic Registration Statement to
be declared effective by the Commission as soon as reasonably practicable. The Company shall immediately
notify the Holders and the Agent of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically
confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement.
The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement, file a
final Prospectus with the Commission under Rule 424. Notwithstanding anything else contained herein, so long as the Company
is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act and is timely
filing reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”),
it is not required to provide notice to the Holders of effectiveness of a Registration Statement to the extent a notice of effectiveness
is public available through EDGAR.

 

    	 	- 4 -	 

     

    

 

(b)          Notwithstanding
anything to the contrary set forth herein, the Company shall have the right to delay the filing of the Registration Statement for
a period not in excess of 60 consecutive days and no more than 90 days in any consecutive 12-month period (a “Delay
Period”), if the Company is pursuing a public offering of securities and the underwriter recommends a Delay Period.

 

(c)          In
the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension Event”),
the Company shall give written notice (a “Suspension Notice”) to the Investors to suspend sales of the
Registrable Securities included in the Registration Statement and such notice shall continue only for so long as the Suspension
Event or its effect is continuing. No Investor shall effect any sales of the Registrable Securities pursuant to such Registration
Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End
of Suspension Notice (as defined below) with respect to such Registration Statement. The Investors may recommence effecting sales
of the Registrable Securities pursuant to such Registration Statement (or such filings) following further notice to such effect
(an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the
Company to the Investors in the manner described above promptly following the conclusion of any Suspension Event and its effect.

 

    	 	- 5 -	 

     

    

 

(d)          If:
(i) the Automatic Registration Statement is not filed on or prior to its Filing Date (if the Company files the Automatic Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 5(a)
herein, the Company shall be deemed to have not satisfied this clause (i)), (ii) the Company fails
to file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the
Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing,
whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject
to further review, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective
amendment or otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within thirty
(30) calendar days after the receipt of comments by or notice from the Commission that such amendment is required in order for
such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the
Registrable Securities is not declared effective by the Commission by the Effectiveness Date (unless the reason for such non-registration
of all or any portion of the Registrable Securities is as a result of SEC Guidance under Rule 415 or similar rule which limits
the number of Registrable Securities which may be included in a registration statement with respect to the Holders), or (v) after
the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective
as to all Registrable Securities included in such Registration Statement, or the Investors are otherwise not permitted to utilize
the prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an
aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure
or breach being referred to as an “Event”, and for purposes of clauses
(i) and (iv), the date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period
is exceeded, and for purpose of clause (iii) the date which such thirty (30) calendar day period is exceeded, and for purpose of
clause (v) the date on which such ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as
an “Event Date”), then, in addition to any other rights the Investors may have hereunder
or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event
shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Investor an amount in
cash, as partial liquidated damages and not as a penalty, equal to 1.0% of the aggregate purchase price paid by such Investor pursuant
to the Subscription Agreement and Purchase Agreement. The parties agree that the maximum aggregate liquidated damages payable to
an Investor under this Agreement shall be 6% of the aggregate Purchase Price paid by such Investor.  If the Company fails
to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will
pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law)
to the Investor, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest
thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for
any portion of a month prior to the cure of an Event. Notwithstanding the foregoing, no payments shall be owed (i) to any affiliate
of the Company, (ii) with respect to any period during which all of the holder’s Registrable Shares may be sold by such holder
under Rule 144 without the requirement for the Company to be in compliance with the current public information requirement under
Rule 144(c), or (iii) in circumstances described in Section 3(c).

 

		4.	Piggyback Registrations.

 

(a)          With
respect to any Registrable Securities not otherwise included in the Automatic Registration Statement or any other Registration
Statement as a result of any limitation imposed by the Commission under Rule 415 (the “Excluded Registrable Securities”),
whenever the Company proposes to register (including, for this purpose, a registration effected by the Company for other shareholders)
any of its securities under the Securities Act (other than pursuant to (i) an Automatic Registration pursuant to Section 3
hereof or (ii) registration pursuant to a registration statement on Form S-4 or S-8 or any successor forms thereto), and the
registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”),
the Company will give written notice to the holder of Excluded Registrable Securities of its intention to effect such a registration
and will, subject to the provisions of Section 4(b) hereof, include in such registration all Excluded Registrable Securities
with respect to which the Company has received a written request for inclusion therein within twenty (20) days after the receipt
of the Company’s notice.

 

    	 	- 6 -	 

     

    

 

(b)          If
a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities, and
the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the
offering, the Company will, if permitted by all applicable agreements, include in such registration a pro rata share of Excluded
Registrable Securities requested to be included in such Registration Statement as calculated by dividing the number of Excluded
Registrable Securities requested to be included in such Registration Statement by the number of the Company’s securities
requested to be included in such Registration Statement by all selling security holders. In such event, the holder of Excluded
Registrable Securities shall continue to have registration rights under this Agreement with respect to any Excluded Registrable
Securities not so included in such Registration Statement.

 

(c)          Notwithstanding
the foregoing, if, at any time after giving a notice of Piggyback Registration and prior to the effective date of the Registration
Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration
of such securities, the Company may, at its election, give written notice of such determination to each record holder of Excluded
Registrable Securities and, following such notice, (i) in the case of a determination not to register, shall be relieved of its
obligation to register any Excluded Registrable Securities in connection with such registration, and (ii) in the case of determination
to delay registering, shall be permitted to delay registering any Excluded Registrable Securities for the same period as the delay
in registering such other securities.

 

(d)          Neither
the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of
the Company in any Registration Statements other than the Registrable Securities. The Company shall not file any other registration
statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the
Commission, provided that this Section shall not prohibit the Company from filing amendments to registration statements filed prior
to the date of this Agreement or a shelf registration statement.

 

5.          Registration
Procedures. If and whenever the Company is required to effect the registration of any Registrable Securities pursuant to this
Agreement, the Company will:

 

(a)          not
less than four (4) trading days prior to the filing of each Registration Statement and not less than one (1) trading day prior
to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), and subject, if appropriate, to the relevant parties’ entry into a customary
agreement to maintain the confidentiality of any non-public information provided (a “Confidentiality Agreement”)
or the Company may excise any information which would constitute material non-public information regarding the Company, the Company
shall (i) furnish to one counsel on behalf of all sellers of Registrable Securities copies of all such documents proposed to be
filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review
of such sellers, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of counsel to the sellers of Registrable Securities, to conduct
a reasonable investigation within the meaning of the Securities Act. Notwithstanding the above, the Company shall not be obligated
to provide each seller of Registrable Securities advance copies of any universal shelf registration statement registering securities
in addition to those required hereunder, or any Prospectus prepared thereto. The Company shall not
file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of 67% or more
of the Registrable Securities shall reasonably object in good faith on the basis that such Registration Statement, Prospectus or
amendment or supplement is materially noncompliant with the Securities Act, provided that, the Company is notified of such objection
in writing no later than three (3) trading days after the Holders have been so furnished copies of a Registration Statement or
one (1) trading day after the Holders have been so furnished copies of any related Prospectus or amendments or supplements thereto..

 

    	 	- 7 -	 

     

    

 

(b)          prepare
and file with the Commission the Registration Statement with respect to such Registrable Securities and use its best efforts to
cause such Registration Statement to become effective in an expeditious manner;

 

(c)          
(i) prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and
the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the
applicable Registrable Securities for the Effectiveness Period, (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed
pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect
to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to one counsel for all sellers
of Registrable Securities true and complete copies of all correspondence from and to the Commission relating to a Registration
Statement (provided that, the Company may either obtain a Confidentiality Agreement from Investors or excise any information contained
therein which would constitute material non-public information regarding the Company), and (iv) comply in all material respects
with the applicable provisions of the Securities Act and the Exchange Act, as amended, with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement)
with the intended methods of disposition by each seller of Registrable Securities thereof set forth in such Registration Statement
as so amended or in such Prospectus as so supplemented.

 

(d)          if
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case
prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Investors of not less than
the number of such Registrable Securities.

 

(e)          furnish
to each seller of Registrable Securities and to each underwriter such number of copies of the Registration Statement and the Prospectus
included therein (including each preliminary prospectus) as such persons reasonably may request in order to facilitate the intended
disposition of the Registrable Securities covered by such Registration Statement;

 

    	 	- 8 -	 

     

    

 

(f)          use
its commercially reasonable efforts (i) to register or qualify the Registrable Securities covered by such Registration Statement
under the state securities or “blue sky” laws of such jurisdictions as the sellers of Registrable Securities or, in
the case of an underwritten public offering, the managing underwriter, reasonably shall request, (ii) to prepare and file in those
jurisdictions such amendments (including post-effective amendments) and supplements, and take such other actions, as may be necessary
to maintain such registration and qualification in effect at all times for the period of distribution contemplated thereby, (iii)
to notify the Holders with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such
purpose and (iv) to take such further action as may be necessary or advisable to enable the disposition of the Registrable
Securities in such jurisdictions, provided, that the Company shall not for any such purpose be required to qualify generally to
transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of
process in any such jurisdiction;

 

(g)          use
its commercially reasonable efforts to list the Registrable Securities covered by such Registration Statement with any securities
exchange on which the Common Stock of the Company is then listed;

 

(h)          immediately
notify each seller of Registrable Securities and each underwriter under such Registration Statement, at any time when a Prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event of which the Company has knowledge
as a result of which the Prospectus contained in such Registration Statement, as then in effect, includes any untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing and promptly amend or supplement such Registration Statement to correct
any such untrue statement or omission;

 

(i)          promptly
notify each seller of Registrable Securities of the issuance by the Commission or any other federal or state regulatory authority
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose
and make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting
thereof at the earliest possible time;

 

(j)          if
the offering is an underwritten offering, enter into a written agreement with the managing underwriter selected in the manner herein
provided in such form and containing such provisions as are usual and customary in the securities business for such an arrangement
between such underwriter and companies of the Company’s size and investment stature, including, without limitation, customary
indemnification and contribution provisions;

 

(k)          if
the offering is an underwritten offering, at the request of any Investor, furnish to such Investor on the date that Registrable
Securities are delivered to the underwriters for sale pursuant to such offering: (i) a copy of an opinion, dated such date, of
counsel representing the Company for the purposes of such registration, addressed to the underwriters, stating that such Registration
Statement has become effective under the Securities Act and that (A) to the knowledge of such counsel, no stop order suspending
the effectiveness thereof has been issued and no proceedings for that purpose have been instituted or are pending or contemplated
under the Securities Act, (B) the Registration Statement, the related Prospectus and each amendment or supplement thereof comply
as to form in all material respects with the requirements of the Securities Act (except that such counsel need not express any
opinion as to financial statements or other financial, statistical, or technical information, including without limitation information
regarding mineral reserves, mineralized material or resources, contained therein) and (C) to such other effects as reasonably may
be requested by counsel for the underwriters; and (ii) a copy of a letter dated such date from the independent public accountants
retained by the Company, addressed to the underwriters, stating that they are independent registered public accountants within
the meaning of the Securities Act and that, in the opinion of such accountants, the financial statements of the Company included
in the Registration Statement or the Prospectus, or any amendment or supplement thereof, comply as to form in all material respects
with the applicable accounting requirements of the Securities Act, and such letter shall additionally cover such other financial
matters (including information as to the period ending no more than five business days prior to the date of such letter) with respect
to such registration as such underwriters reasonably may request;

 

    	 	- 9 -	 

     

    

 

(l)          the
Company shall cooperate with the Agent in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule
5110 in connection with its efforts to resell Registrable Securities on behalf of a Holder, and the Company shall pay the filing
fee required by such filing within two (2) Business Days of request therefor.

 

(m)          the
Company shall use its reasonable best efforts to maintain eligibility for use of Form S-3 (or any successor form thereto) for the
registration of the resale of Registrable Securities;

 

(n)          take
all actions reasonably necessary to facilitate the timely preparation and delivery of certificates (not bearing any legend restricting
the sale or transfer of such securities) representing the Registrable Securities sold pursuant to the Registration Statement and
to enable such certificates to be in such denominations and registered in such names as each Investor or any underwriters may reasonably
request; and

 

(o)          take
all other reasonable actions necessary to expedite and facilitate the registration of the Registrable Securities pursuant to the
Registration Statement.

 

6.          Obligations
of Investors. Each Investor shall furnish to the Company such information regarding such Investor, the number of Registrable
Securities owned and proposed to be sold by it, the intended method of disposition of such securities and any other information
as shall be required to effect the registration of the Registrable Securities, and cooperate with the Company in preparing the
Registration Statement and in complying with the requirements of the Securities Act. Each Investor agrees to furnish to the Company
a completed questionnaire in the form attached to this Agreement as Exhibit A to the Subscription Agreement (a “Selling
Stockholder Questionnaire”) on a date that is not less than fifteen (15) trading days prior to the Filing. The Company
shall have no obligation to include in the Registration Statement Registrable Securities of an Investor who has failed to timely
furnish such information which, in the opinion of counsel to the Company, is reasonably required to be furnished or confirmed in
order for the Registration Statement, to comply with the Securities Act.

 

    	 	- 10 -	 

     

    

 

		7.	Expenses.

 

(a)          All
expenses incurred by the Company in complying with Sections 3, 4 and 5 including, without limitation, all registration
and filing fees (including the fees of the Commission and any other regulatory body with which the Company is required to file),
any FINRA filing fees required to be made by the Agent in connection with its efforts to resell Registered Securities on behalf
of a Holder pursuant to FINRA Rule 5110, printing expenses, fees and disbursements of counsel and independent public accountants
for the Company, fees and expenses (including counsel fees) incurred in connection with complying with state securities or “blue
sky” laws, and fees of transfer agents and registrars are referred to herein as “Registration Expenses”.
All underwriting discounts and selling commissions applicable to the sale of Registrable Securities are referred to herein as “Selling
Expenses”. The Company shall pay a one-time fee of $10,000 to the counsel who reviews
the Registration Statement on behalf of the Holders as referenced in Section 5(a) above, which shall be paid by the Company at
the time such counsel is to review such Registration Statement and in any event prior to the filing of such Registration Statement.

 

(b)          The
Company will pay all Registration Expenses in connection with any Registration Statement filed hereunder, and the Selling Expenses
in connection with each such Registration Statement shall be borne by the participating sellers in proportion to the number of
Registrable Securities sold by each or as they may otherwise agree.

 

(c)          Notwithstanding
anything herein to the contrary, at the request of any Investor, the Company shall employ its counsel at the Company’s expense
to prepare any and all legal opinions necessary for the prompt removal of restrictive legends from certificates representing Registrable
Securities as, when and to the extent such legends may be removed in compliance with the Securities Act and/or Rule 144.

 

		8.	Indemnification and Contribution.

 

(a)          In
the event of a registration of any of the Registrable Securities under the Securities Act pursuant to the terms of this Agreement,
the Company will indemnify and hold harmless and pay and reimburse, each Investor thereunder, each underwriter of such Registrable
Securities thereunder and each other person, if any, who controls such seller or underwriter within the meaning of the Securities
Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which each such Investor, underwriter
or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material
fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant
hereto or any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, or any violation or alleged violation of the Securities Act or any state securities
or “blue sky” laws and will reimburse each such Investor, each such underwriter and each such controlling person for
any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, that the Company will not be liable in any such case if and to the extent that any such loss, claim,
damage or liability arises out of or is based upon the Company’s reliance on an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information furnished in writing (which may include by email) by any
such seller, any such underwriter or any such controlling person in writing specifically for use in such Registration Statement
or prospectus. The Company shall notify the Holders promptly of the institution, threat or assertion
of any proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware.
The indemnity provided under this Section 8(a) shall remain in full force and effect regardless of any investigation made by or
on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance
with Section 13(a).

 

    	 	- 11 -	 

     

    

 

(b)          In
the event of a registration of any of the Registrable Securities under the Securities Act pursuant hereto, each seller of such
Registrable Securities thereunder, severally and not jointly, will indemnify and hold harmless the Company, each person, if any,
who controls the Company within the meaning of the Securities Act, each officer of the Company who signs the Registration Statement,
each director of the Company, each underwriter and each person who controls any underwriter within the meaning of the Securities
Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such officer, director, underwriter
or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon reliance on any untrue statement or alleged untrue statement of
any material fact contained in the registration statement under which such Registrable Securities were registered under the Securities
Act pursuant hereto or any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse the Company and each such officer, director, underwriter
and controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; provided that such seller will be liable hereunder in any such case if and only
to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in conformity with information pertaining to such seller, as
such, furnished in writing to the Company by such seller specifically for use in such Registration Statement or prospectus; and
provided, further, that the liability of each seller hereunder shall be limited to the proceeds received by such seller from the
sale of Registrable Securities covered by such Registration Statement. Notwithstanding the foregoing, the indemnity provided in
this Section 8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or expense
if such settlement is effected without the consent of such indemnified party and provided further, that the Company shall not be
liable in any such case pursuant to this Section 8 to the extent that any such loss, claim, damage or liability (or
action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission in such Registration Statement, which untrue statement or alleged untrue statement or omission or alleged omission is
completely corrected in an amendment or supplement to the Registration Statement and the undersigned indemnitees thereafter fail
to deliver or cause to be delivered such Registration Statement as so amended or supplemented prior to or concurrently with the
sale of the Registrable Securities to the person asserting such loss, claim, damage or liability (or actions in respect thereof)
or expense after the Company has furnished the undersigned with the same.

 

    	 	- 12 -	 

     

    

 

(c)          Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to such indemnified
party other than under this Section 8 and shall only relieve it from any liability which it may have to such indemnified
party under this Section 8 if and to the extent the indemnifying party is materially prejudiced by such omission. In
case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the
defense thereof with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to
such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable
to such indemnified party under this Section 8 for any legal expenses subsequently incurred by such indemnified party
in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided
that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded based upon written advice of its counsel that there may be reasonable defenses available to it
that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying party, the indemnified party shall have the right to
select a separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the
expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying
party as incurred.

 

(d)          In
order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i)
any holder of Registrable Securities exercising rights under this Agreement, or any controlling person of any such holder, makes
a claim for indemnification pursuant to this Section 8 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal)
that such indemnification may not be enforced in such case notwithstanding the fact that this Section 8 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling holder
or any such controlling person in circumstances for which indemnification is provided under this Section 8; then, and
in each such case, the Company and such holder will contribute to the aggregate losses, claims, damages or liabilities to which
they may be subject (after contribution from others) in such proportion so that such holder is responsible for the portion represented
by the percentage that the public offering price of its Registrable Securities offered by the Registration Statement bears to the
public offering price of all securities offered by such Registration Statement, and the Company is responsible for the remaining
portion; provided, that, in any such case, (A) no such holder will be required to contribute any amount in excess of the public
offering price of all such Registrable Securities offered by it pursuant to such Registration Statement and (B) no person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Securities Act) will be entitled to contribution
from any person or entity who was not guilty of such fraudulent misrepresentation. Notwithstanding
the provisions of this Section, no Holder shall be required to contribute pursuant to this Section, in the aggregate, any amount
in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable Securities
subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

 

    	 	- 13 -	 

     

    

 

9.          Changes
in Capital Stock. If, and as often as, there is any change in the capital stock of the Company by way of a stock split, stock
dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other
means, appropriate adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue
as so changed.

 

10.         Representations
and Warranties of the Company. The Company represents and warrants to the Investors as follows:

 

(a)          The
execution, delivery and performance of this Agreement by the Company have been duly authorized by all requisite corporate action
and will not violate any provision of law, any order of any court or other agency of government, the Articles of Incorporation
or Bylaws of the Company or any provision of any indenture, agreement or other instrument to which it or any or its properties
or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under
any such indenture, agreement or other instrument or result in the creation or imposition of any lien, charge or encumbrance of
any nature whatsoever upon any of the properties or assets of the Company or its subsidiaries.

 

(b)          This
Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company,
enforceable in accordance with its terms, subject to any applicable bankruptcy, insolvency or other laws affecting the rights of
creditors generally and to general equitable principles and the availability of specific performance.

 

11.         Rule
144 Requirements. The Company agrees to, for so long as any Investor owns Registrable Securities:

 

(a)          make
and keep current public information about the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act;

 

(b)          use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

 

(c)          furnish
to any Investor upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule
144 and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii)
a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company
as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any
such securities without registration.

 

12.         Termination.
All of the Company’s obligations to register Registrable Securities under Sections 3, 4, and 5 hereof
shall terminate with respect to each Investor upon the date on which such Investor no longer holds Registrable Securities or the
date on which such Investor’s Registrable Securities are eligible for resale without volume or manner of sale restrictions
pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement
under Rule 144(c), as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed, delivered
and acceptable to the affected Investor.

 

    	 	- 14 -	 

     

    

 

		13.	Miscellaneous.

 

(a)          All
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit
of the respective successors and assigns of the parties hereto (including without limitation transferees of any Registrable Securities),
whether so expressed or not. The Company may not assign its rights or obligations hereunder without
the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective
rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(b)          All
notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in person, mailed by
certified mail, return receipt requested, postage prepaid, addressed, facsimile or e-mail of a PDF document (with confirmation
of transmission) or sent by a nationally recognized overnight courier service: (i) if to the Company, at Pershing Gold Corporation,
1658 Cole Boulevard, Building 6, Suite 200, Lakewood, Colorado 80401, Attn: Stephen Alfers, President & CEO ; (ii) if to any
holder of Registrable Securities, to such holder at such address as may have been furnished to the Company or its counsel in writing
by such holder; or, in any case, at such other address or addresses as shall have been furnished, in writing to the Company or
its counsel (in the case of a holder of Registrable Securities) or to the holders of Registrable Securities (in the case of the
Company) in accordance with the provisions of this paragraph and (iii) if to Agent at Laidlaw &
Company (UK) Ltd., 546 Fifth Avenue, 5th Floor, New York, New York 10036, Attn: Hugh Regan, Executive Managing Director
. Any notice or other communication or deliveries hereunder shall be deemed given and effective upon actual receipt by the
party or at the address of the party to whom such notice is required to be given.

 

(c)          This
Agreement shall be governed by and construed under the laws of the State of New York, without giving effect to principles of conflicts
of laws. The Company and Investors (i) agree that any legal suit, action or proceeding arising out of or relating to this Agreement
may be instituted exclusively in the state or federal courts located in the City of New York, New York County, State of New York,
(ii) waive any objection which the Company or Investors may have now or hereafter to the venue of any such suit, action or proceeding,
and (iii) irrevocably consent to the jurisdiction of any such federal or state court in any such suit, action or proceeding. The
Company and Investors further agree to accept and acknowledge service of any and all process which may be served in any such suit,
action or proceeding and agree that service of process upon the Company or Investors mailed by certified mail, return receipt requested,
postage prepaid, to, in the case of the Company, the Company’s address, and in the case of an Investor, to such Investor’s
address as set forth on the Company’s books and records, shall be deemed in every respect effective service of process upon
the Company, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

 

    	 	- 15 -	 

     

    

 

(d)          In
the event of a breach by the Company or by the Investors, of any of their obligations under this Agreement, the Investors or the
Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including
recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each of the Investors
agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any
of the provisions of this Agreement and each of them hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

 

(e)          This
Agreement may not be amended or modified without the written consent of the Company and the holders of a majority of the Registrable
Securities.

 

(f)          Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof. No waiver shall be effective unless and until it is in writing and signed by the
party granting the waiver.

 

(g)          This
Agreement may be executed in two or more counterparts (including by facsimile or .pdf transmission) each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission or sent by electronic mail of a copy of this Agreement bearing
the signature of the party so delivering this Agreement.

 

(h)          If
any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability
shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision
of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not
contained herein.

 

(i)          This
Agreement constitutes the entire agreement among the Company and the Investors relative to the subject matter hereof and supersedes
in its entirety any and all prior agreements, understandings and discussions with respect thereto.

 

(j)          The
headings of the sections of this Agreement are for convenience and shall not by themselves determine the interpretation of this
Agreement.

 

(k)          The
obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder
shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein
or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall
be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or
create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations
or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Holders are not
acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions.
Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement,
and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The
use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not
the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or
requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between
the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders

 

[Signature Page Follows]

 

    	 	- 16 -	 

     

    

 

Signature Page to the Registration Rights
Agreement

 

IN WITNESS WHEREOF,
the parties hereto have executed this Registration Rights Agreement as of the date set forth in the first paragraph hereof.

 

COMPANY:

 

PERSHING GOLD CORP.

 

	By: 	 	 
	 	Name: 	 
	 	Title:	 

 

INVESTORS:

 

The Investors set forth on Exhibit A
to this Agreement have executed a Subscription Agreement with the Company which provides, among other things, that by executing
the Subscription Agreement each Investor is deemed to have executed the REGISTRATION RIGHTS AGREEMENT in all respects and is bound
by its terms.

 

    	 	A-1

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