Document:

Exhibit 10.2 

 

NEITHER THE ISSUANCE AND SALE OF
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL IN A FORM GENERALLY
ACCEPTABLE TO THE BORROWER, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.

 

	Principal Amount:  $277,777.77	Issue Date:June 21, 2013
	Purchase Price:  $250,000.00	 

 

5% CONVERTIBLE DEBENTURE

 

FOR VALUE RECEIVED,
Advaxis, Inc., a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to the order of Redwood
Management LLC, or registered assigns (the “Holder”) the sum of $250,000.00 together with interest as set forth
herein, on December 20, 2013 (the “Maturity Date”), and to pay interest on the initial principal balance hereof at
the rate of five percent (5%) (the “Interest Rate”), all of which shall be deemed earned as of the date hereof (the
“Issue Date”), until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or
otherwise. The five percent (5%) interest shall be payable regardless of how long this Debenture remains outstanding. This Debenture
shall also have an original issue discount of ten percent (10%) from the stated Principal Amount. This Debenture may not be prepaid
in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Debenture which
is not paid when due shall bear interest at the rate of fourteen percent (14%) per annum from the due date thereof until the same
is paid (“Default Interest”). Interest shall commence accruing on the date that the Debenture
is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due
hereunder (to the extent not converted into common stock, $0.001 par value per share (the “Common Stock”) in accordance
with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address
as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Debenture.
Whenever any amount expressed to be due by the terms of this Debenture is due on any day which is not a business day, the same
shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment date which is
not the date on which this Debenture is paid in full, the extension of the due date thereof shall not be taken into account for
purposes of determining the amount of interest due on such date. As used in this Debenture, the term “business day”
shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized
or required by law or executive order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have
the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Debenture
was originally issued (the “Purchase Agreement”).

 

    	 

    	 

    

 

This Debenture is free
from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights
or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The following terms
shall apply to this Debenture:

 

Article
I. CONVERSION RIGHTS

 

1.1           Conversion
Right. The Holder shall have the right from time to time, and at any time commencing on the Issue Date and ending on the later
of: (i) the Maturity Date and (ii) such later date as this Debenture has been paid in full, each in respect of the remaining outstanding
principal amount of this Debenture to convert all or any part of the outstanding and unpaid principal amount of this Debenture
into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital
stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion
price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however,
that in no event shall the Holder be entitled to convert any portion of this Debenture in excess of that portion of this Debenture
upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates
(other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the
Debentures or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion
or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion
of the portion of this Debenture with respect to which the determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso
to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided
in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be waived
by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions
of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may
be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each conversion of this Debenture
shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the
date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”),
delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted
by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00
p.m., New York, New York time on such conversion date (the “Conversion Date”). The term “Conversion Amount”
means, with respect to any conversion of this Debenture, the sum of (1) the principal amount of this Debenture to be converted
in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if any, on such principal amount
at the interest rates provided in this Debenture to the Conversion Date, plus (3) at the Holder’s option, Default
Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s
option, any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof.

 

    	 

    	 

    

 

1.2           Conversion
Price. The conversion price (the “Conversion Price”) shall equal the lesser of (i) $.05,
or (ii) the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or
rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events and issuances of securities at
specified lower prices). The "Variable Conversion Price" shall mean seventy percent (70%) of the ten (10) day
average value weighted average price (“VWAP”) of the Common Stock as quoted by Bloomberg L.P. for the ten (10) trading
days immediately preceding the Conversion Date.  Notwithstanding the foregoing, in the event the Holder
has not purchased an aggregate of $555,555.55 principal face amount of Debentures from the Borrower within 14 days from the Issue
Date, the Variable Conversion Price shall mean eighty percent (80%) of the ten (10) day average VWAP of the Common Stock
as quoted by Bloomberg L.P. for the ten (10) trading days immediately preceding the Conversion Date. Upon
and after an Event of Default, the "Variable Conversion Price" shall mean sixty percent (60%) of the lowest traded
price of the Common Stock as quoted by Bloomberg L.P. for the 15 trading days immediately preceding the Conversion Date.
If the trading price cannot be calculated for such security on such date in the manner provided above, the trading price shall
be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Debentures being
converted for which the calculation of the trading price is required in order to determine the Conversion Price of such Debentures.

 

    	 

    	 

    

 

1.3           Authorized
Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized
and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock
upon the full conversion of this Debenture issued pursuant to the Purchase Agreement. The Borrower is required at all times to
have authorized and reserved 2.5 times the number of shares that are actually issuable upon full conversion of the Debenture (based
on the Conversion Price of the Debentures in effect from time to time) (the “Reserved Amount”). The Reserved Amount
shall be recalculated each month and the Company shall notify the Transfer Agent and the Holder in writing by the fifth day of
the following month of the new Reserved Amount. Notwithstanding the foregoing, in no event shall the Reserved Amount be lower than
the initial Reserved Amount, regardless of any prior conversions. The Borrower represents that upon issuance, such shares will
be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any
change to its capital structure which would change the number of shares of Common Stock into which the Debentures shall be convertible
at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall
be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding
Debentures. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common
Stock issuable upon conversion of this Debenture, and (ii) agrees that its issuance of this Debenture shall constitute full
authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Debenture.

 

If, at any time the Borrower
does not maintain the Reserved Amount or fails to notify the Holder and the Transfer Agent of the new Reserved Amount, it will
be considered an Event of Default under Section 3.2 of the Debenture.

 

1.4          Method
of Conversion.

 

(a)  Mechanics
of Conversion. Subject to Section 1.1, this Debenture may be converted by the Holder in whole or in part at any time from time
to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable
means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section
1.4(b), surrendering this Debenture at the principal office of the Borrower.

 

(b)  Surrender
of Debenture Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Debenture
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Borrower unless
the entire unpaid principal amount of this Debenture is so converted. The Holder and the Borrower shall maintain records showing
the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to
the Holder and the Borrower, so as not to require physical surrender of this Debenture upon each such conversion. In the event
of any dispute or discrepancy, such records of the Borrower shall, prima
facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion
of this Debenture is converted as aforesaid, the Holder may not transfer this Debenture unless the Holder first physically surrenders
this Debenture to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Holder a new Debenture
of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing
in the aggregate the remaining unpaid principal amount of this Debenture. The Holder and any assignee, by acceptance of this Debenture,
acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Debenture,
the unpaid and unconverted principal amount of this Debenture represented by this Debenture may be less than the amount stated
on the face hereof.

 

    	 

    	 

    

 

(c)  Payment
of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issue and delivery of shares of Common Stock or other securities or property on conversion of this Debenture in a name other than
that of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities
or property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are
to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such
tax or shall have established to the satisfaction of the Borrower that such tax has been paid.

 

(d)  Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission
or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided
in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock (or, if the Borrower issues and maintains shares in uncertificated form, comparable notice of
share ownership) issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and,
solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Debenture) in accordance with
the terms hereof and the Purchase Agreement.

 

(e)  Obligation
of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to
be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued
and unpaid interest on this Debenture shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations
under this Article I, all rights with respect to the portion of this Debenture being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the
Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower,
and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection
with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice
of Conversion is received by the Borrower before 6:00 p.m., New York, New York time, on such date.

 

    	 

    	 

    

 

(f)   Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Borrower (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1
and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common
Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit
Withdrawal Agent Commission (“DWAC”) system.

 

(g)  Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right
to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock
issuable upon conversion of this Debenture is not delivered by the Deadline, the Borrower shall pay to the Holder, in cash, as
partial liquidated damages and not as a penalty, for each $1,000 of shares of Common Stock issuable upon such conversion (based
on the VWAP of the Common Stock on the date such shares are submitted to the Transfer Agent) delivered, $10 per trading day (increasing
to $20 per trading day five trading days after such damages have begun to accrue) for each trading day after such shares were to
be issued, until such certificate is delivered. Such cash amount shall be paid to Holder by the fifth day of the month following
the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month
following the month in which it has accrued), shall be added to the principal amount of this Debenture, in which event interest
shall accrue thereon in accordance with the terms of this Debenture and such additional principal amount shall be convertible into
Common Stock in accordance with the terms of this Debenture. The Borrower agrees that the right to convert is a valuable right
to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult
if not impossible to qualify. Accordingly the parties acknowledge that the liquidated damages provision contained in this Section
1.4(g) are justified

 

1.5          Concerning
the Shares. The shares of Common Stock issuable upon conversion of this Debenture may not be sold or transferred unless (i)
such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) (“Rule
144”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees
to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an accredited investor. Except as
otherwise provided in the Purchase Agreement (and subject to the removal provisions set forth below), until such time as the shares
of Common Stock issuable upon conversion of this Debenture have been registered under the Act or otherwise may be sold pursuant
to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold and
without any requirement that current public information concerning Borrower be available, each certificate for shares of Common
Stock issuable upon conversion of this Debenture that has not been so included in an effective registration statement or that has
not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a
legend substantially in the following form, as appropriate:

 

    	 

    	 

    

 

“NEITHER THE ISSUANCE
AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM GENERALLY ACCEPTABLE TO THE ISSUER,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES, IN COMPLIANCE WITH THE PROVISIONS OF THE AGREEMENTS RELATING TO THE SECURITIES REPRESENTED HEREBY.”

 

The legend set forth
above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if (i)
the Borrower or its transfer agent shall have received an opinion of counsel reasonably satisfactory to Borrower, in form, substance
and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common
Stock may be made without registration under the Act, which opinion shall be accepted by the Borrower so that the sale or transfer
is effected or (ii) in the case of the Common Stock issuable upon conversion of this Debenture, such security is registered for
sale by the Holder under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule 144
without any restriction as to the number of securities as of a particular date that can then be immediately sold. In the event
that the Borrower does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant
to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline, it will be considered an Event of Default
pursuant to Section 3.2 of the Debenture.

 

    	 

    	 

    

 

1.6          Effect
of Certain Events.

 

(a)  Effect
of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially all
of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more
than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the
Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be treated pursuant
to Section 1.6(b) hereof. “Person” shall mean any individual, corporation, limited liability company, partnership,
association, trust or other entity or organization.

 

(b)  Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Debenture is issued and outstanding and prior to conversion of
all of the Debentures, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other
similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number
of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance
of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower,
then the Holder of this Debenture shall thereafter have the right to receive upon conversion of this Debenture, upon the basis
and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon
conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this
Debenture been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth
herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this
Debenture to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price
and of the number of shares issuable upon conversion of the Debenture) shall thereafter be applicable, as nearly as may be practicable
in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower shall not effect any transaction
described in this Section 1.6(b) unless (a) it first gives, to the extent reasonably practicable, thirty (30) days prior written
notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special meeting of shareholders
to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization,
reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Debenture)
(provided, that if such disclosure and written notice to Holder is subject to Section 4.8 of the Purchase Agreement concerning
non-public information, Holder shall have first executed a confidentiality agreement as described in that Section) and (b) in the
case of the consolidation, merger or other business combination of the Borrower with or into any other Person when the Borrower
is not the survivor, the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations
of this Section 1.6(b). The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share
exchanges.

 

    	 

    	 

    

 

(c)  Purchase
Rights. If, at any time when any Debentures are issued and outstanding, the Borrower issues any convertible securities or rights
to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders of
any class of Common Stock, then the Holder of this Debenture will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common
Stock acquirable upon complete conversion of this Debenture (without regard to any limitations on conversion contained herein)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record
is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights.

 

(d)  Notice
of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described
in this Section 1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish
to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder a like
certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii) the number
of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion
of the Debenture.

 

1.7          Trading
Market Limitations. Unless permitted by the applicable rules and regulations of the principal securities
market on which the Common Stock is then listed or traded, in no event shall the Borrower issue upon conversion of or otherwise
pursuant to this Debenture and the other Debentures issued pursuant to the Purchase Agreement more than the maximum number of shares
of Common Stock that the Borrower can issue pursuant to any rule of the principal United States securities market on which the
Common Stock is then traded (the “Maximum Share Amount”), which shall be 19.99% of the total shares outstanding on
the Closing Date (as defined in the Purchase Agreement), subject to equitable adjustment from time to time for stock splits, stock
dividends, combinations, capital reorganizations and similar events relating to the Common Stock occurring after the date hereof.

 

1.8          Status
as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares,
if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the Reserved Amount
or Maximum Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of
such converted portion of this Debenture shall cease and terminate, excepting only the right to receive certificates for such shares
of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure
by the Borrower to comply with the terms of this Debenture. Notwithstanding the foregoing, if a Holder has not received certificates
for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline with respect to a conversion
of any portion of this Debenture for any reason, then (unless the Holder otherwise elects to retain its status as a holder of Common
Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Debenture with respect to such unconverted
portions of this Debenture and the Borrower shall, as soon as practicable, return such unconverted Debenture to the Holder or,
if the Debenture has not been surrendered, adjust its records to reflect that such portion of this Debenture has not been converted.

 

    	 

    	 

    

 

1.9          Borrower
Optional Prepayment. At any time during the period beginning on the Issue Date and expiring four (4) months after the Issue
Date (the “Initial Prepayment Deadline”), the Borrower shall have the right, exercisable on not less than twenty (20)
days prior written notice to the Holder of the Debenture to prepay the outstanding Debenture (principal and accrued interest),
in full, in accordance with this Section 1.9, provided that no Event of Default shall then exist. Any notice of prepayment hereunder
(an “Optional Prepayment Notice”) shall be delivered to the Holder of the Debenture at its registered addresses and
shall state: (1) that the Borrower is exercising its right to prepay the Debenture, and (2) the date of prepayment which shall
be not less than twenty (20) days from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional
Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to or upon the order
of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to the Optional Prepayment
Date. If the Borrower exercises its right to prepay the Debenture, the Borrower shall make payment to the Holder of an amount in
cash (the “Optional Prepayment Amount”) equal to 110% (the “Multiple”), multiplied by the sum of: (w) the
then outstanding principal amount of this Debenture plus (x) accrued and unpaid interest on the unpaid principal amount
of this Debenture to the Optional Prepayment Date plus (y) if applicable, Default Interest, if any, on the amounts referred
to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof. If the Borrower
delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to the Holder of the Debenture within
two (2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay the Debenture
pursuant to this Section 1.9. At any time after the Initial Prepayment Deadline, prepayment may be made as set forth above, utilizing
125% as the Multiple.

  

1.10       Holder
Optional Prepayment. In the event the Borrower intends to close on a financing with aggregate gross proceeds of at least $7,000,000
(a “Qualified Financing”), the Borrower shall provide written notice to the Holder at least three (3) business days
prior to the consummation of any such Qualified Financing. The Holder shall have the right to demand the redemption of this Debenture
(principal and accrued interest) upon the closing of the Qualified Financing (the “QF Closing Date”). On the QF Closing
Date, and provided that Holder has made a written demand for redemption upon the closing of the Qualified Financing no later than
one (1) business days prior to such QF Closing Date, the Borrower shall make payment of the QF Prepayment Amount (as defined below)
to or upon the order of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to
the QF Closing Date. If the Holder exercises its right to have this Debenture redeemed pursuant to this Section 1.10, the Borrower
shall make payment to the Holder upon the closing of the Qualified Financingof an amount in cash (the “QF Prepayment Amount”)
equal to 110% (the “QF Multiple”), multiplied by the sum of: (w) the then outstanding principal amount of this Debenture
plus (x) accrued and unpaid interest on the unpaid principal amount of this Debenture to the QF Closing Date plus
(y) if applicable, Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed
to the Holder pursuant to Sections 1.3 and 1.4(g) hereof. At any time after the Initial Prepayment Deadline,
redemption may be made as set forth above, utilizing 125% as the QF Multiple. Holder acknowledges and agrees that to the
extent any notifications regarding a Qualified Financing under this Section 1.10 constitute material non-public information that
it shall not disclose or trade on any such information.

 

    	 

    	 

    

 

Article
II.  CERTAIN COVENANTS

 

2.1          Negative
Covenants As long as any portion of this Debenture remains outstanding, unless the holders of all of the outstanding Debentures
shall have otherwise given prior written consent, the Borrower shall not, and shall not permit any of its subsidiaries (whether
or not a subsidiary on the Issue Date) to, directly or indirectly:

 

(a)  other
than to effect stock splits, reverse stock splits or changes in the authorized number of shares (including
without limitation those matters approved at the Borrower’s Annual Meeting of Stockholders held on June 14, 2013),
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner
that materially and adversely affects any rights of the Holder;

 

(b)  repay,
repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common
Stock or Common Stock equivalents except pursuant to written agreements with employees, directors, officers or consultants providing
for a right or repurchase at the original purchase price of such securities upon cessation of service, cessation of vesting, employment
termination or similar events;

 

(c)  repay,
repurchase or offer to repay, repurchase or otherwise acquire any indebtedness, other than the Debentures if on a pro-rata basis,
other than (x) regularly scheduled principal and interest payments as such terms are in effect as of the Issue Date, provided that
such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist or occur,
(y) any debt included on the Borrower’s April 30, 2013 balance sheet, and (z) ordinary trade debt incurred in the ordinary
course of business.

 

(d)  pay
cash dividends or cash distributions on any equity securities of the Borrower;

 

    	 

    	 

    

  

(e)  sell,
lease or otherwise dispose of any portion of its assets outside the ordinary course of business, other than de minimis
sales, unless Borrower offers to prepay the full amount owed under the Debentures in connection with the closing of any such sale,
lease or disposition transaction. Notwithstanding the foregoing, nothing shall prohibit or limit the Borrower from selling or licensing
assets or products in the ordinary course of business, on commercially reasonable terms;

 

(f)   lend
money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers,
directors, employees, subsidiaries and affiliates of the Borrower, except loans, credits or advances (a) in existence or committed
on the date hereof and which the Borrower has informed Holder in writing prior to the date hereof, (b) made in the ordinary course
of business or (c) not in excess of $10,000;

 

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

 

(h)  enter
into any agreement with respect to any of the foregoing.

 

Article
III.  EVENTS OF DEFAULT

 

If any of the following
events of default (each, an “Event of Default”) shall occur:

 

3.1           Failure
to Pay Principal or Interest. Any default in the payment of the principal of, interest on or other
charges in respect of this Debenture, free of any claim of subordination, as and when the same shall become due and payable whether
upon the Maturity Date or by acceleration or otherwise, if Borrower does not pay in full the amount that is due and payable within
three (3) business days after delivery of a notice of demand therefor from Holder.

 

3.2           Conversion
and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or
threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the
Holder in accordance with the terms of this Debenture, fails to transfer or cause its transfer
agent to transfer (issue) (electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder
upon conversion of or otherwise pursuant to this Debenture as and when required by this Debenture, the Borrower directs its transfer
agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in
certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant
to this Debenture as and when required by this Debenture, or fails to remove (or directs its transfer agent not to remove or impairs,
delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant
to this Debenture as and when required by this Debenture (or makes any written announcement, statement or threat that it does not
intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement,
statement or threat not to honor its obligations shall not be rescinded in writing) for ten (10) days after the Holder shall have
delivered written notice thereof to the Borrower. It is an obligation of the Borrower to remain current in its obligations to its
transfer agent. It shall be an event of default of this Debenture, if a conversion of this Debenture is delayed, hindered or frustrated
beyond the periods of time provided for in this Debenture, due to a balance owed by the Borrower to its transfer agent. If at the
option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such
advanced funds shall be paid by the Borrower to the Holder within forty eight (48) hours of a demand from the Holder.

 

    	 

    	 

    

 

3.3           Breach
of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Debenture,
the Purchase Agreement or the Borrower’s instruction letter to its transfer agent contemplated by the Purchase Agreement
(together, the “Collateral Documents”) and such breach continues for a period of ten (10) days after written notice
thereof to the Borrower from the Holder.

 

3.4           Breach
of Representations and Warranties. Any representation or warranty of the Borrower made herein or in the Collateral Documents
shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have)
a material adverse effect on the rights of the Holder with respect to this Debenture.

 

3.5           Bankruptcy,
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall commence, or there shall be commenced against the
Borrower or any subsidiary of the Borrower under any applicable bankruptcy or insolvency laws as now or hereafter in effect or
any successor thereto, or the Borrower or any subsidiary of the Borrower commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether
now or hereafter in effect relating to the Borrower or any subsidiary of the Borrower or there is commenced against the Borrower
or any subsidiary of the Borrower any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of
90 days; or the Borrower or any subsidiary of the Borrower is adjudicated insolvent or bankrupt; or any order of relief or other
order approving any such case or proceeding is entered; or the Borrower or any subsidiary of the Borrower suffers any appointment
of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues
undischarged or unstayed for a period of 90 days; or the Borrower or any subsidiary of the Borrower makes a general assignment
for the benefit of creditors; or the Borrower or any subsidiary of the Borrower shall call a meeting of its creditors with a view
to arranging a composition, adjustment or restructuring of its debts; or the Borrower or any subsidiary of the Borrower shall by
any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate
or other action is taken by the Borrower or any subsidiary of the Borrower for the purpose of effecting any of the foregoing (other
than actions to dismiss, terminate or resolve any bankruptcy or similar proceeding).

 

    	 

    	 

    

 

3.6           Indebtedness
Default. The Borrower or any subsidiary of the Borrower shall default in any of its obligations under any other Debenture or
any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there
may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term
leasing or factoring arrangement of the Borrower or any subsidiary of the Borrower in an amount exceeding $100,000, whether such
indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared
due and payable prior to the date on which it would otherwise become due and payable, in each of the above instances where such
default would have a Material Adverse Effect on the Company’s ability to pay the Debentures on the Maturity Date.

 

3.7           Delisting
of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on the Trading Market.

 

3.8           Failure
to Comply with the Exchange Act. The Borrower shall fail in any material respect to comply with the reporting requirements
of the Exchange Act with regards to the filing of Form 10-Q's and 10-K's; and/or the Borrower shall cease to be subject to the
reporting requirements of the Exchange Act.

 

3.9           Liquidation.
Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10         Cessation
of Operations. Any cessation by Borrower of substantially all of its operations, provided, however, that any disclosure of
the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay
its debts as they become due or of a cessation of operations.

 

3.11         Maintenance
of Assets. The failure by Borrower to maintain any material assets which would have a material adverse effect on Borrower’s
ability conduct its overall business (whether now or in the future).

 

3.13         Replacement
of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior
to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in
the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

  

    	 

    	 

    

  

3.14         Cross-Default.
Notwithstanding anything to the contrary contained in this Debenture or the other related or companion documents, a breach or default
by the Borrower of any covenant or other term or condition contained in any of the Collateral Documents, after the passage of all
applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Debenture and
the Collateral Documents, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies
of the Holder under the terms of this Debenture and the Collateral Documents by reason of a default under said Collateral Documents
or hereunder. 

 

Upon the occurrence and
during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof
or interest thereon when due at the Maturity Date, giving effect to any applicable cure period), the Debenture shall become immediately
due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to
the Default Sum (as defined herein). Upon the occurrence and during the continuation of any Event of Default the Debenture shall
become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder,
an amount equal to the sum of (w) the then outstanding principal amount of this Debenture plus (x) accrued and unpaid
interest on the unpaid principal amount of this Debenture to the date of payment (the “Mandatory Prepayment Date”)
plus (y) Default Interest plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as
the “Default Sum”) and all other amounts payable hereunder shall immediately become due and payable, all without demand,
presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal
fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or
in equity. Notwithstanding the foregoing, the Borrower shall have a period of ten days to cure any Event of Default, other than
those set forth in Section 3.1 and 3.9.

  

If
the Borrower fails to pay the Default Sum within five (5) business days of written notice that such amount is due and payable,
then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that
there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default
Sum, the number of shares of Common Stock of the Borrower equal to the Default Sum divided by the Conversion Price then
in effect.

 

Article
IV. MISCELLANEOUS

 

4.1           Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

    	 

    	 

    

 

4.2           Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) when delivered if delivered by hand delivery during a normal business day (or if not on a business day then the next
business day), (b) one business day after delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below or (c) on the second business day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communications shall be:

 

If to the
Borrower, to:

 

Advaxis, Inc.

305 College Road East

Princeton, NJ 08540

Attention:  Mark Rosenblum, CFO

Telephone:  (609) 452-9813

Facsimile:  (609) 452-9818

 

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

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attention:  Yvan-Claude Pierre,
Esq.

Telephone:  (212) 521-5400

Facsimile: (212) 521-5450

 

If to the Holder:

 

To its registered address

 

4.3           Amendments.
This Debenture and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder.
The term “Debenture” and all reference thereto, as used throughout this instrument, shall mean this instrument (and
the other Debentures issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

    	 

    	 

    

 

4.4           Assignability.
This Debenture shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder
and its successors and assigns. Each transferee of this Debenture must be an “accredited investor” (as defined in
Rule 501(a) of the Securities Act
of 1933, as amended). Holder may transfer this Debenture provided that the transferee agrees in writing with Borrower
to be bound by the provisions of this Debenture and the Purchase Agreement, and that such transfer complies with any applicable
federal and state securities laws. Notwithstanding anything in this Debenture to the contrary, this Debenture may be pledged as
collateral in connection with a bona fide margin account or other lending arrangement, provided that the pledgee
agrees in writing with Borrower to be bound by the provisions of this Debenture and the Purchase Agreement (as applicable to the
pledgee), and that such pledge complies with any applicable federal and state securities laws.

 

4.5           Cost
of Collection. If default is made in the payment of this Debenture, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

4.6           Governing
Law. This Debenture shall be governed by and construed in accordance with the laws of the State of New York without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Debenture shall be brought only in the state courts of New York or in the federal courts located in the state and county
of Nassau. The parties to this Debenture hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney's fees and costs. In the event that any provision of this Debenture or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of
any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit,
action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

4.7           Certain
Amounts. Whenever pursuant to this Debenture the Borrower is required to pay an amount in excess of the outstanding principal
amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest, the Borrower
and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Debenture may be difficult
to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate
the Holder in part for loss of the opportunity to convert this Debenture and to earn a return from the sale of shares of Common
Stock acquired upon conversion of this Debenture at a price in excess of the price paid for such shares pursuant to this Debenture.
The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible
loss to the Holder from the receipt of a cash payment without the opportunity to convert this Debenture into shares of Common Stock.

 

    	 

    	 

    

 

4.8           Purchase
Agreement. By its acceptance of this Debenture, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.9           Notice
of Corporate Events. Except as otherwise provided below, the Holder of this Debenture shall have no rights as a Holder of Common
Stock unless and only to the extent that it converts this Debenture into Common Stock. The Borrower shall provide the Holder with
prior notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent
to shareholders). In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders
who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire
(including by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities
or property, or to receive any other right, or for the purpose of determining shareholders who are entitled to vote in connection
with any proposed sale, lease or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation,
dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least ten (10) days prior to the
record date specified therein (or ten (10) days prior to the consummation of the transaction or event, whichever is earlier), of
the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief
statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time.
The Holder acknowledges and agrees that to the extent any such notification under this Section 4.9 constitutes material non-public
information that it shall not disclose or use any such information.

 

4.10         Remedies.
The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for
a breach of its obligations under this Debenture will be inadequate and agrees, in the event of a breach or threatened breach by
the Borrower of the provisions of this Debenture, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Debenture and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

  

    	 

    	 

    

  

4.11         Severability.
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect,
and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons
and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable
laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted
rate of interest. The Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which
would prohibit or forgive the Borrower from paying all or any portion of the principal of or interest on this Debenture as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture,
and the Borrower (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder,
but will suffer and permit the execution of every such as though no such law has been enacted.

 

(Signature Pages Follow)

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrower has caused this Debenture to be signed in its name by its duly authorized officer this June 21, 2013.

 

ADVAXIS, INC.

 

	By: 	/s/ Mark Rosenblum	 
	 	 Name:  Mark Rosenblum	 
	 	 Title: Chief Financial Officer	 

 

    	 

    	 

    

 

EXHIBIT A

 

CONVERSION NOTICE

 

(To be executed by the Holder in order
to Convert the Debenture)

 

TO: 

 

The undersigned hereby
irrevocably elects to convert $___________________________ of the principal amount of Debenture No. ___________ into Shares of Common Stock of
ADVAXIS, INC., according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion Date:	 
	Amount to be converted:	$	 
	Conversion Price:	$	 
	Number of shares of Common Stock to be issued:	 
	
        Amount of Note

        Unconverted:
	$	 
	 	 
	Please issue the shares of Common Stock in the following name and to the following address:
	Issue to:	 
	 	 
	Authorized Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:	 
	Account Number:STOCK PURCHASE AGREEMENT

 

dated

 

June 21, 2013

 

by and among

 

Prime Acquisition Corp., a Cayman Islands
company,

 

as Parent

 

Prime BHN Luxembourg S.àr.l., a Luxembourg
company,

 

as LuxCo

 

BHN LLC, a New York limited liability company

 

as BHN

 

Nova S.r.l., an Italian limited liability
company,

 

as Company

 

and Francesco Rotondi and Giuseppe Pantaleo,

 

as the Sellers,

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS 	1
	 	 
	ARTICLE II TERMS AND CONDITIONS OF THE PURCHASE AND SALE 	8
	2.1	 	Exchange	8
	2.2	 	Exchange Consideration	8
	2.3	 	Delivery of the Exchange Shares	8
	2.4	 	Closing	8
	2.5	 	Board of Directors	8
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND SELLERS 	9
	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT, LUXCO AND BHN 	9
	 	 
	ARTICLE V COVENANTS OF COMPANY AND SELLERS PENDING CLOSING 	9
	5.1	 	Conduct of the Business	9
	5.2	 	Access to Information	11
	5.3	 	Notices of Certain Events	12
	5.4	 	Exclusivity	12
	5.5	 	Annual Financial Statements	13
	5.6	 	SEC Filings	13
	5.7	 	Financial Information	13
	 	 	 	 
	ARTICLE VI COVENANTS OF Company and SELLERS 	14
	6.1	 	Confidentiality	14
	6.2	 	Injunctive Relief	14
	6.3	 	Best Efforts to Obtain Consents	14
	6.4	 	Financial Reporting	14
	 	 	 	 
	ARTICLE VII COVENANTS OF PARENT, LUXCO and BHN 	15
	7.1	 	Registration Statement	15
	7.2	 	Dividend	15
	7.3	 	Listing on NASDAQ	15
	7.4	 	Guaranty	15
	7.5	 	Side Letter	15
	 	 	 	 
	ARTICLE VIII COVENANTS OF ALL PARTIES HERETO 	16
	8.1	 	Best Efforts; Further Assurances	16
	8.2	 	Confidentiality of Transaction	16
	8.3	 	Business Combination Tender Offer	16
	 	 	 	 
	ARTICLE IX CONDITIONS TO CLOSING 	16
	9.1	 	Condition to the Obligations of the Parties	16
	9.2	 	Conditions to Obligations of Parent, LuxCo and BHN	17
	9.3	 	Conditions to Obligations of Sellers and Company	19

 

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TABLE OF CONTENTS (CONTINUED)

	 	 	 	 
	ARTICLE X INDEMNIFICATION 	20
	10.1	 	Indemnification of Parent, LuxCo and BHN	20
	10.2	 	Indemnification of Sellers	20
	10.3	 	Procedure	21
	10.4	 	Periodic Payments	23
	10.5	 	Right of Set Off	23
	10.6	 	Payment of Indemnification	23
	10.7	 	Insurance	23
	10.8	 	Survival of Indemnification Rights	23
	 	 	 	 
	ARTICLE XI DISPUTE RESOLUTION 	24
	11.1	 	Arbitration	24
	11.2	 	Waiver of Jury Trial; Exemplary Damages	25
	11.3	 	Attorneys’ Fees	25
	 	 	 	 
	ARTICLE XII TERMINATION 	26
	12.1	 	Termination Without Default; Expenses	26
	12.2	 	Termination Upon Default	26
	12.3	 	Survival	27
	 	 	 	 
	ARTICLE XIII MISCELLANEOUS 	27
	13.1	 	Notices	27
	13.2	 	Amendments; No Waivers; Remedies	29
	13.3	 	Arms’ Length Bargaining; no Presumption Against Drafter	29
	13.4	 	Publicity	29
	13.5	 	Expenses	30
	13.6	 	No Assignment or Delegation	30
	13.7	 	Governing Law	30
	13.8	 	Counterparts; Facsimile Signatures	30
	13.9	 	Entire Agreement	30
	13.10	 	Severability	30
	13.11	 	Construction of Certain Terms and References; Captions	30
	13.12	 	Further Assurances	31
	13.13	 	Third Party Beneficiaries	31
	13.14	 	Waiver..	31
	13.15	 	Sellers Representative.	32

    	ii

    	 

    

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE AGREEMENT
(the “Agreement”), dated as of June 21, 2013, by and among Prime Acquisition Corp., a Cayman Islands company
(“Parent”), Prime BHN Luxembourg S.àr.l., a Luxembourg company and wholly-owned subsidiary of Parent
(“LuxCo”), BHN LLC, a New York limited liability company (“BHN”), Nova S.r.l., an Italian
limited liability company (the “Company”), Francesco Rotondi, an individual, and Giuseppe Pantaleo, an individual
(the “Sellers”).

 

W I T N E S S E T H :

 

		A.	Parent was created specifically to acquire a target business within a set timeframe. Parent concluded
its initial public offering on March 25th, 2011. It raised $36 million from investors and a private placement from its
founders of about $1.6388 million;

 

		B.	In order to exploit certain investment opportunities in southern Europe, Parent has recently incorporated
LuxCo to serve as European investment platform to, among other things, invest in real estate assets located in southern Europe
from several Sellers listed on Schedule I; and

 

		C.	The Sellers presently owns all of the issued and outstanding Units of the Company;

 

		D.	The Company is the sole owner of the real properties and/or the lessees under the financial lease
agreements (a copy of which is attached as Exhibit A) relating to the real properties described in Exhibit B hereto.

 

		E.	Pursuant to Section 13.15, the Sellers desire to appoint Francesco Rotondi as their true and lawful
agent and attorney-in-fact (the “Representative”).

 

The parties
accordingly agree as follows:

 

ARTICLE
I

DEFINITIONS

 

The following terms, as used herein, have
the following meanings:

 

1.1             
“2012 Period” is defined in Section 3.17 of Exhibit 3.

 

1.2             
“Action” means any legal action, suit, claim, investigation, hearing or proceeding, including any audit, claim
or assessment for Taxes or otherwise.

 

    	 

    	 

    

1.3             
“Additional Agreements” means the Voting Agreement, the Registration Rights Agreement, the Transaction Value
Agreement, the Escrow Agreement, the Pledge Agreement, the Stockholders Agreement, and the Deed.

 

1.4             
“Additional Parent SEC Documents” is defined in Section 4.11 of Exhibit 4.

 

1.5             
“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
by, or under common Control with such Person.

 

1.6             
“Arbitrator” is defined in Section 11.1(a).

 

1.7             
“Authority” means any governmental, regulatory or administrative body, agency or authority, any court or judicial
authority, any arbitrator, or any public, private or industry regulatory authority, whether international, national, Federal, state,
or local.

 

1.8             
“Basket” is defined in Section 10.1.

 

1.9             
“BHN” is defined in the Preamble.

 

1.10         
“BHN Termination Fee” is defined in Section 7.5.

 

1.11         
“Books and Records” means all books and records, ledgers, employee records, customer lists, files, correspondence,
and other records of every kind (whether written, electronic, or otherwise embodied) owned or used by a Person or in which a Person’s
assets, the Business or its transactions are otherwise reflected, other than stock books and minute books.

 

1.12         
“Business Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions
in New York, U.S.A. or Milan, Italy are authorized to close for business.

 

1.13         
“Business” means the Real Property, contracts, liabilities and assets relating to the Real Property, as identified
in Exhibits A and B.

 

1.14         
“Change in Cash” means a number equal to the Company’s cash and cash equivalents on the date that is three
Business Days prior to the Closing Date, minus the Company’s cash and cash equivalents on date hereof, each calculated in
accordance with IFRS.

 

1.15         
“Closing Date” is defined in Section 2.4.

 

1.16         
“Closing” is defined in Section 2.4.

 

1.17         
“Company” is defined in the Recitals.

 

1.18         
“Contract Subject to Consent” has the meaning provided in Section 3.6 of Exhibit 3.

 

1.19         
“Contracts” means the Leases, the loan agreements and all contracts, agreements, leases (including equipment
leases, car leases and capital leases), licenses, commitments, client contracts, statements of work (SOWs), sales and purchase
orders and similar instruments, oral or written relating to the Business, to which the Company is a party or by which any of the
Real Property is bound, including any agreement entered into by the Company in compliance with Section 5.1 after the signing hereof
and prior to the Closing, and all rights and benefits thereunder, including all rights and benefits thereunder with respect to
all cash and other property of third parties under the Sellers’ or the Company’s dominion or control.

 

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1.20         
“Control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”,
“Controlling” and “under common Control with” have correlative meanings. Without limiting the foregoing
a Person (“Controlled Person”) shall be deemed Controlled by (a) any other Person (“10% Owner”) (i) owning
beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast 10% or more of the votes
for election of directors or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive
10% or more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director, general partner, partner
(other than a limited partner), manager, or member (other than a member having no management authority that is not a 10% Owner
) of the Controlled Person; or (c) a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law,
sister-in-law, or brother-in-law of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled
Person or of which an Affiliate of the Controlled Person is a trustee.

 

1.21         
“Deed” means that certain notarized deed pursuant to which the Units are transferred (subject to the provisions
of the Pledge Agreement) from Sellers to Parent and LuxCo pursuant to Italian Laws.

 

1.22         
“Enterprise Value” means EUR 6,400,000.

 

1.23         
“Environmental Laws” is defined in Section 3.25 of Exhibit 3.

 

1.24         
“Escrow Agreement”, means that certain escrow agreement by and among Parent, Luxco, Sellers and Escrow Agent
(as defined therein).

 

1.25         
“Exchange Shares” is defined in Section 2.2.

 

1.26         
“Excluded Persons” is defined in Section 5.4.

 

1.27         
“Exchange Rate” means the average exchange rate at which Euros may be exchanged into US Dollars for the 20 days
preceding the third Business Day prior to the Closing Date, as set forth on the Reuters world currency webpage.

 

1.28         
“Fair Market Value” means, with respect to shares of Parent’s Common Stock:

 

(1) if Parent’s
Common Stock is traded on a national securities exchange, the Fair Market Value shall be deemed to be the closing price on the
trading day prior to any applicable date; or

 

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(2) if Parent’s
Common Stock is traded over-the-counter, the Fair Market Value shall be deemed to be the last sales price on the trading day prior
to any applicable date; or

 

(3) if neither
(1) nor (2) is applicable, the Fair Market Value of Parent’s Common Stock shall be at the commercially reasonable price per
share which the Company could obtain from a willing third-party buyer for shares of Parent’s Common Stock sold by the Company,
from authorized but unissued shares, as determined in good faith by the Parent’s board of directors.

 

1.29         
“Financial Statements” is defined in Section 3.7(a) of Exhibit 3.

 

1.30         
“Guarantees” means the guarantees by Sellers or Sellers’ Affiliates securing repayment of the Company’s
Indebtedness, a list of which is set forth in Schedule 3.7.

 

1.31         
“Hazardous Material” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture,
solid, liquid, mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic,
or words of similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products,
radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation,
and polychlorinated biphenyls.

 

1.32         
“IFRS” means the International Financial Reporting Standards.

 

1.33         
“Indebtedness” means with respect to any Person, (a) all obligations of such Person for borrowed money, or with
respect to deposits or advances of any kind (including amounts by reason of overdrafts and amounts owed by reason of letter of
credit reimbursement agreements) including with respect thereto, all interests, fees and costs, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other
title retention agreements relating to property purchased by such Person, (d) all obligations of such Person issued or assumed
as the deferred purchase price of property or services (other than accounts payable to creditors for goods and services incurred
in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any lien or security interest on property owned or acquired by such
Person, whether or not the obligations secured thereby have been assumed, (f) all obligations of such Person under leases required
to be accounted for as capital leases under IFRS, (g) all guarantees by such Person and (h) any agreement to incur any of the same.

 

1.34         
“Indemnifiable Loss Limit” is defined in Section 10.1.

 

1.35         
“Indemnification Notice” is defined in Section 10.3.

 

1.36         
“Indemnified Party” is defined in Section 10.3.

 

1.37         
“Indemnifying Parties” is defined in Section 10.3.

 

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1.38         
“Law” means any domestic or foreign, Federal, state, municipality or local law, statute, ordinance, code, rule,
or regulation or common law.

 

1.39         
“Leases” means the leases with respect to the Real Property space leased by Company as set forth on Schedule
3.12 attached hereto, together with all fixtures and improvements erected on the premises leased thereby.

 

1.40         
“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, and any conditional sale or voting agreement or proxy, including any agreement to give any
of the foregoing.

 

1.41         
“Liabilities” means any Company’s liabilities, obligations or commitments of any nature whatsoever, accrued
or unaccrued, matured or unmatured or otherwise, as they would be adequately reflected or reserved against in accordance with IFRS,
as of the date that is three Business Days prior to the Closing Date.

 

1.42         
“Loss(es)” is defined in Section 10.1.

 

1.43         
“LuxCo Indemnitees” is defined in Section 10.1.

 

1.44         
“LuxCo” is defined in the Preamble.

 

1.45         
“Material Adverse Change” and “Material Adverse Effect” mean, with respect to the parties hereto,
any change, event or effect that individually or when taken together with all other changes, events and effects (financial or otherwise)
that have occurred prior to the date of determination, is or is reasonably likely to be material and adverse to the operations,
assets, liabilities, business or financial condition of the parties hereto or the Company’s Property owned thereby; provided,
however, without prejudicing whether any other matter qualifies as a Material Adverse Change, any matter involving a loss or payment
in excess of $1,500,000 by the parties hereto shall constitute a Material Adverse Change with respect to the parties hereto, per
se.

 

1.46         
“Maximum Tender Condition” is defined in Section (a) of Exhibit 8.

 

1.47         
“Money Laundering Laws” is defined in Section 3.30 of Exhibit 3.

 

1.48         
“OFAC” is defined in Section 3.31 of Exhibit 3.

 

1.49         
“Offer to Purchase” is defined in Section (c) of Exhibit 8.

 

1.50         
“Order” means any decree, order, judgment, writ, award, injunction, rule or consent of or by an Authority.

 

1.51         
“Outside Closing Date” is defined in Section 12.1(a).

 

1.52         
“Parent Common Stock” means the common stock, $0.001 par value per share, of Parent.

 

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1.53         
“Parent” is defined in the Recitals.

 

1.54         
“Permits” is defined in Section 3.14 of Exhibit 3.

 

1.55         
“Permitted Liens” means (i) all defects, exceptions, restrictions, easements, rights of way and encumbrances
disclosed in policies of title insurance which have been made available to LuxCo; (ii) mechanics’, carriers’, workers’,
repairers’ and similar Liens arising or incurred in the ordinary course of business that are not material to the Business
operations and financial condition of the Company so encumbered and that are not resulting from a breach, default or violation
by Sellers or the Company of any Contract or Law to the extent applicable to the relevant assets; (iii) zoning, entitlement and
other land use and environmental regulations by any Authority, provided that such regulations have not been violated, and (iv)
the mortgages, or comparable security interests over the Business’ real estate assets, pursuant to Italian laws, listed on
Schedule II.

 

1.56         
“Person” means an individual, corporation, partnership (including a general partnership, limited partnership
or limited liability partnership), limited liability company, association, trust or other entity or organization, including a government,
domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

 

1.57         
“Pledge Agreement” means that certain notarized agreement by and among Parent, LuxCo and Company pursuant to
which the Units are being pledged in favor of the Sellers in pursuance to Italian laws, in the form of Exhibit C hereto;

 

1.58         
“Pre-Closing Period” means any period that ends on or before the Closing Date, or with respect to a period that
includes but does not end on the Closing Date, the portion of such period through and including the day of the Closing.

 

1.59         
“Prospectus” is defined in Section 13.5.

 

1.60         
“Real Property Investigation Period” means the period ending on 9:00 a.m. Central European Time (CET) on June
28, 2013.

 

1.61         
“Real Property” means, collectively, all real properties and interests therein (including the right to use pursuant
to financial lease agreements), together with all buildings, fixtures, trade fixtures, plant and other improvements located thereon
or attached thereto; all rights arising out of use thereof (including air, water, oil and mineral rights); and all subleases, franchises,
licenses, permits, easements and rights-of-way which are appurtenant thereto.

 

1.62         
“Registration Rights Agreement” means the agreement in substantially the same form and substance as that certain
registration rights agreement entered into in connection with Parent’s initial public offering pursuant to its prospectus,
dated March 24, 2011, which was consummated on March 30, 2011, modified as necessary to provide for Sellers’ registration
rights as provided in this Agreement and the Transaction Value Agreement.

 

1.63         
“Representative” is defined in the Recitals.

 

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1.64         
“Restrictive Covenants” is defined in Section 6.2.

 

1.65         
“SEC” means the Securities and Exchange Commission.

 

1.66         
“Sellers Indemnitees” is defined in Section 10.2.

 

1.67         
“Sellers(s)” is defined in the Recitals.

 

1.68         
“Side Letter” is defined in Section 7.5.

 

1.69         
“Stock Certificate” is defined in Section 2.2.

 

1.70         
“Stockholders Agreement” means that certain stockholders agreement by and among Prime, LuxCo and Sellers pursuant
to which the Company shall not take, without Sellers’ prior written consent, the actions listed in Exhibit F hereto.

 

1.71         
“Tangible Assets” means all tangible personal property and interests therein, including machinery, computers
and accessories, furniture, office equipment, communications equipment, vehicles, automobiles, trucks, forklifts and other vehicles
owned/leased by the Company as it relates to the Business and other tangible property other than the Real Property, including the
items listed on Schedule 3.15;

 

1.72         
“Tax Franchise Payment” means the payment of that certain tax franchise which Sellers shall make to the Italian
Tax Authorities on June 28, 2013 in reliance upon the consummation of the transactions contemplated by this Agreement and the Additional
Agreements.

 

1.73         
“Tax Return” means any return, information return, declaration, claim for refund or credit, report or any similar
statement, and any amendment thereto, including any attached schedule and supporting information, whether on a separate, consolidated,
combined, unitary or other basis, that is filed or required to be filed with any Taxing Authority in connection with the determination,
assessment, collection or payment of a Tax or the administration of any Law relating to any Tax.

 

1.74         
“Tax(es)” means any tax and duty required by law to be paid and imposed by any national or local taxing authorities,
including income tax, property tax, capital gain tax, value added tax, stamp duty and registration and similar taxes and Taxes
shall be construed accordingly.

 

1.75         
“Taxing Authority” means any government, state, region or municipality or any governmental, state, social or
other fiscal, revenue, customs or excise authority, body or official or other authority competent to impose, assess or collect
any liability relating to Taxes.

 

1.76         
“Third-Party Claim” is defined in Section 10.3.

 

1.77         
“Transaction Value Agreement” means that certain transaction value agreement by and between Parent, LuxCo and
Sellers, in the form of Exhibit D hereto;

 

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1.78         
“Trust Account” has the meaning provided in Section 13.14.

 

1.79         
“Units” means all of the outstanding units, or “quota”, of the Company.

 

1.80         
“Voting Agreement” is defined in Section 2.5.

 

ARTICLE
II

TERMS AND CONDITIONS OF THE PURCHASE AND SALE

 

2.1             
Exchange. Upon the terms and subject to the conditions of this Agreement, at the Closing, Parent shall acquire
from Sellers and Sellers shall convey, transfer, assign and deliver to Parent the Units, free and clear of all Liens. Immediately
subsequent to the Closing, Parent shall transfer the Units to LuxCo, in exchange for shares of LuxCo.

 

2.2             
Exchange Consideration.The consideration for the Units shall be represented by stock certificates (the “Stock
Certificates”) representing a number of shares of Parent’s Common Stock (the “Exchange Shares”) equal to:(a)
the Enterprise Value, plus the Change in Cash, minus Liabilities, multiplied by (b) the Exchange Rate, divided by (c) 10.

 

2.3             
Delivery of the Exchange Shares. The Stock Certificates representing the Exchange Shares shall be delivered
by Parent (which, at Parent’s convenience, may be delivered within 3 Business Days after the Closing Date) to the Representative
at its address for notices in accordance with Section 13.1. The Stock Certificates shall bear the legend set forth on Schedule
2.3. No certificates or scrip representing fractional shares of the Exchange Shares will be issued, and such fractional share interests
will not entitle the owner thereof to vote or to any rights of a stockholder of Parent. Any fractional shares will be rounded to
the nearest whole share.

 

2.4             
Closing. Subject to the terms and conditions of this Agreement, the closing of the purchase and sale of the
Units (the “Closing”) shall take place no later than 2 Business Days after the last of the conditions to Closing set
forth in Article IX have been satisfied or waived (the date and time at which the Closing is actually held being the “Closing
Date”). At the Closing:

 

(a)               
Parent shall deliver an irrevocable instruction to its transfer agent relating to the issuance of the Exchange Shares in
accordance with Section 2.3.

 

(b)              
Sellers and Parent shall execute the Deed and the Pledge Agreement before an Italian Notary Public.

 

(c)               
Parent shall transfer the Units to LuxCo.

 

2.5             
Board of Directors. Immediately after the Closing, Parent’s board of directors will consist of seven
(7) directors. BHN shall designate six (6) persons to the Parent’s board of directors, of which three (3) designees shall
qualify as an independent director under the Exchange Act, and the rules of any applicable securities exchange, who are expected
to initially be (a) Martin Major, (b) Mark Horan, and (c) Marco De Franceschini. Parent shall designate one (1) person to the Parent’s
board of directors to serve for one (1) year from the Closing, who shall initially be William Yu. The parties to this Agreement
shall enter into a voting agreement in form and substance satisfactory to the parties thereof relating to nominations to the Parent’s
board of directors in accordance with this Section 2.5 (the “Voting Agreement”).

 

    	8

    	 

    

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF

THE COMPANY AND SELLERS

 

Except as set forth
in the corresponding section of the disclosure schedules referred to in Exhibit 3, each of Company and Sellers, jointly and severally,
hereby represents and warrants to Parent and LuxCo that each of the representations and warranties set forth in Exhibit 3, is true,
correct and complete as of the date of this Agreement and as of the Closing Date, provided that Sellers shall deliver to Parent
and LuxCo the Schedules referred to in Exhibit 3 as soon as they are available after the date hereof, subject to subsequent updates
and modifications, but in no event later than June 24, 2013.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF PARENT, LUXCO AND BHN

 

Except as set forth in
the corresponding section of the disclosure schedules delivered to Company and Sellers concurrently herewith, each of Parent, LuxCo
and BHN, jointly and severally, hereby represents and warrants to Company and Sellers that each of the representations and warranties
set forth in Exhibit 4 is true, correct and complete as of the date of this Agreement and as of the Closing Date.

 

ARTICLE
V

COVENANTS OF COMPANY AND SELLERS PENDING CLOSING

 

Company and Sellers covenant
and agree that:

 

5.1             
Conduct of the Business.

 

(a)               
From the date hereof through the Closing Date, Company shall conduct the Business only in the ordinary course, consistent
with past practices, and shall not enter into any material transactions without the prior written consent of LuxCo, and shall use
its best efforts to preserve intact the business relationships with employees, clients, suppliers, tenants, financing banks and
other third parties. Without limiting the generality of the foregoing, from the date hereof until and including the Closing Date,
without LuxCo’s prior written consent, with respect to the Business, Company shall not:

 

(i)                
amend, waive any provision of, terminate prior to its scheduled expiration date, or otherwise compromise in any way, any
Contract, or any other right or asset of Company;

 

(ii)              
modify, amend or enter into any contract, deed, agreement, lease, license or commitment, which (A) is with respect to Real
Property, (B) extends for a term of one year or more or (C) obligates the payment of more than $150,000 (individually or in the
aggregate);

 

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(iii)            
make any capital expenditures in excess of $150,000 (individually or in the aggregate);

 

(iv)            
sell, lease, license or otherwise dispose of any of Company’s assets, including without limitation the Real Property,
or assets covered by any Contract except (i) pursuant to existing contracts or commitments disclosed herein and (ii) in the ordinary
course of business consistent with past practice;

 

(v)              
pay, declare or promise to pay any dividends or other distributions with respect to its capital stock, or pay, declare or
promise to pay any other payments to the Sellers or any Affiliate of Company;

 

(vi)            
authorize any salary increase of more than 10% for any employee making an annual salary of greater than $50,000 or in excess
of $80,000 in the aggregate on an annual basis or change the bonus or profit sharing policies of the Company.

 

(vii)          
obtain or incur any loan or other Indebtedness, including drawings under the Company’s existing lines of credit;

 

(viii)        
suffer or incur any Lien on any of the Company’s assets, including without limitation the Real Property, except for
Permitted Liens;

 

(ix)            
suffer any damage, destruction or loss of property related to any of Company’s assets, including without limitation
Real Property, whether or not covered by insurance;

 

(x)              
delay, accelerate or cancel any receivables or Indebtedness owed to Company;

 

(xi)            
allow Company to be acquired by any other Person;

 

(xii)          
suffer any insurance policy protecting any of the Company’s assets, including without limitation the Real Property,
to lapse; or

 

(xiii)        
make any change in its accounting principles or methods or write down the value of any Inventory or assets, including without
limitation the Real Property;

 

(xiv)        
extend any loans other than travel or other expense advances to employees in the ordinary course of business not to exceed
$8,000 individually or $50,000 in the aggregate;

 

(xv)          
effect or agree to any change in any practices or terms, including payment terms, with respect to customers, suppliers or
tenants;

 

    	10

    	 

    

(xvi)        
hire any employees, consultants or advisors;

 

(xvii)      
make or change any material Tax election or change any annual Tax accounting periods; or

 

(xviii)    
agree to do any of the foregoing.

 

(b)              
Sellers and Company shall not (i) take or agree to take any action that might make any representation or warranty of Company
hereunder inaccurate or misleading in any respect at, or as of any time prior to, the Closing Date or (ii) omit to take, or agree
to omit to take, any action necessary to prevent any such representation or warranty from being inaccurate or misleading in any
respect at any such time.

 

5.2             
Access to Information.

 

(a)               
From the date hereof until and including the Closing Date, Company shall (a) continue to give LuxCo and Parent and their
legal counsel and other representatives full access to the offices and properties of the Business, (b) furnish to LuxCo and Parent,
their legal counsel and other representatives such information relating to the Business as such Persons may request and (c) cause
the employees, legal counsel, accountants and representatives of Company to cooperate with LuxCo and Parent in their investigation
of the Business; provided that no investigation pursuant to this Section (or any investigation prior to the date hereof) shall
affect any representation or warranty given by Company; provided, that such access shall be in a manner that does not interfere
with the normal business operations of the Company.

 

(b)              
If requested by LuxCo or Parent, Company shall arrange for representatives of LuxCo or Parent to meet with or speak to the
representatives of the lessees of the Real Property.

 

(c)               
LuxCo or Parent may, promptly after it executes this Agreement and continuing through the Real Property Investigation Period,
at their discretion, order a title search (or comparable search) with the appropriate cadastral offices and land registries (or
comparable register offices), and conduct such investigations of the Real Property as LuxCo or Parent deem necessary to evaluate
the Real Property, including, without limitation, deeds, leases, contracts, engineering, licenses, permits, approvals, physical
inspections and all other reasonable information and matters which LuxCo or Parent deem advisable, provided, that such investigation
shall be conducted in a manner that does not interfere with the normal business operations of the Company or Company’s tenants.
LuxCo and Parent shall have the right to enter upon and pass through the Real Property during normal business hours to physically
inspect the same at such times and in such manners as reasonably requested by Parent or LuxCo. Company shall reasonably cooperate
with LuxCo and Parent in connection with LuxCo’s and Parent’s reviews and investigations of the Real Property, including
by giving LuxCo and Parent reasonable access to the Real Property and making available to LuxCo and Parent copies of all files,
documentation, plans, specifications, Records, Books, leases and other materials relating to the Real Property in the possession
or within the control of Company for the purpose of conducting such investigations.

    	11

    	 

    

 

5.3             
Notices of Certain Events. Company shall promptly notify LuxCo of:

 

(a)               
any notice or other communication from any Person alleging or raising the possibility that the consent of such Person is
or may be required in connection with the transactions contemplated by this Agreement or that the transactions contemplated by
this Agreement might give rise to any Action or other rights by or on behalf of such Person or result in the loss of any rights
or privileges of Company (or LuxCo or Parent, Post-Closing) to any such Person or create any Lien on any of the Business’
assets, including without limitation the Real Property;

 

(b)              
any notice or other communication from any Authority in connection with the transactions contemplated by this Agreement
or the Additional Agreements;

 

(c)               
any Actions commenced or threatened against, relating to or involving or otherwise affecting Company or any of the Business’
assets, including without limitation the Real Property, or that relate to the consummation of the transactions contemplated by
this Agreement or the Additional Agreements;

 

(d)              
the occurrence of any fact or circumstance which constitutes or results, or could be expected to constitute or result in
a Material Adverse Change; and

 

(e)               
the occurrence of any fact or circumstance which constitutes or results, or could be expected to constitute or result in
any representation made hereunder by Company to be false or misleading in any respect or to omit or fail to state a material fact.

 

5.4             
Exclusivity. Neither Company nor anyone acting on its behalf is currently involved, directly or indirectly,
in any activity which is intended to, nor for so long as this Agreement is in effect, shall Company or anyone acting on its behalf
directly or indirectly, (a) encourage, solicit, initiate or participate in discussions or negotiations with, or provide any information
to or cooperate in any manner with any Person, other than Parent, LuxCo, BHN or their Affiliates (collectively “Excluded
Persons”), or an officer, partner, employee or other representative of an Excluded Person, concerning the sale of all or
any part of the Business (other than in the ordinary course of business), whether such transaction takes the form of a sale of
stock, assets, merger, consolidation, or issuance of debt securities or making of a loan or otherwise or any joint venture or partnership
or (b) otherwise solicit, initiate or encourage the submission (or attempt to submit) of any inquiry or proposal contemplating
the sale of all or any part of the Business, or (c) consummate any such transaction or accept any offer or agree to engage in any
such transaction. Company shall promptly (within 24 hours) communicate to LuxCo or Parent the terms of any proposal, contract or
sale which it may receive in respect of any of the foregoing and respond to any such communication in a manner reasonably acceptable
to LuxCo or Parent. The notice of Company under this Section 5.4 shall include the identity of the person making such proposal
or offer, copies (if written) or a written description of the terms (if oral) thereof and any other such information with respect
thereto as LuxCo or Parent may reasonably request.

 

    	12

    	 

    

5.5             
Annual Financial Statements. From the date hereof through the Closing Date, within thirty (30) calendar days
following the end of each calendar month, Company shall deliver to Parent or LuxCo an unaudited summary of its earnings and an
unaudited balance sheet for the period from December 31, 2012 through the end of such calendar month and the applicable comparative
period in the preceding fiscal year, in each case accompanied by a certificate of the Chief Financial Officer, or comparable authorized
officer of Company, to the effect that all such financial statements fairly present the financial position and results of operations
of the Company as of the date or for the periods indicated, in accordance with IFRS, except as otherwise indicated in such statements
and subject to year-end audit adjustments. Such certificate shall also state that except as noted, from the December 31, 2012 through
the end of the previous month there has been no Material Adverse Effect. Company shall also promptly deliver to Parent or LuxCo
copies of any audited financial statements of Company that Company’s certified public accountants may issue.

 

5.6             
SEC Filings.

 

(a)               
Company acknowledges that:

 

(i)                
Parent will be required to file Annual Reports on Form 20-F that may be required to contain information about the transactions
contemplated by this Agreement; and

 

(ii)              
Parent will be required to file Reports of Foreign Private Issuer on Form 6-K to announce the transactions contemplated
hereby and other significant events that may occur in connection with such transactions.

 

(b)              
In connection with any filing Parent makes with the SEC that requires information about the transactions contemplated by
this Agreement to be included, Company and Sellers shall, in connection with the disclosure included in any such filing or the
responses provided to the SEC in connection with the SEC’s comments to a filing (i) cooperate with LuxCo and Parent, (ii)
respond to questions about Company or Sellers required in any filing or requested by the SEC, and (iii) provide any information
requested by Parent or Parent’s representatives in connection with any filing with the SEC.

 

5.7             
Financial Information. Company shall provide additional financial information requested by the Parent for
inclusion in any filings to be made by Parent with the SEC. If requested by LuxCo, such information must be reviewed or audited
by the auditors of Company.

 

    	13

    	 

    

ARTICLE
VI

COVENANTS OF Company and SELLERS

 

Company and Sellers covenant
and agree that:

 

6.1             
Confidentiality. Except as otherwise required by law, prior to and after the Closing, Company shall not, without
the prior written consent of LuxCo, or a person authorized thereby, disclose to any other Person or use (whether for the account
of Company or any other party) any confidential information or proprietary work product of LuxCo or Parent. In the event Company
or Sellers believes that it is required to disclose any such confidential information pursuant to applicable Laws, Company or Sellers
shall give timely written notice to LuxCo or Parent so that LuxCo or Parent may have an opportunity to obtain a protective order
or other appropriate relief. Company and Sellers shall cooperate fully in any such action by LuxCo or Parent.

 

6.2             
Injunctive Relief. If Company or Sellers breaches, or threatens to commit a breach of, any of the covenants
set forth in Sections 5.2, 5.5, 6.1, 8.2 or 13.4 (the “Restrictive Covenants”), LuxCo shall have the following rights
and remedies, which shall be in addition to, and not in lieu of, any other rights and remedies available to LuxCo by agreement
(including those set forth in Section 11.1 hereof), under law or in equity:

 

(a)               
The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, all
without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide
an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to
LuxCo and that monetary damages will not provide adequate remedy to LuxCo; and

 

(b)              
The right and remedy to require Company and Sellers, (i) to account for and pay over to LuxCo all compensation, profits,
monies, accruals, increments or other benefits derived or received by Sellers or Company or any associated party as the result
of any such breach; and (ii) to indemnify LuxCo against any other losses, damages (including special and consequential damages),
costs and expenses, including actual attorneys’ fees and court costs, which may be incurred by it and which result from or
arise out of any such breach or threatened breach.

 

6.3             
Best Efforts to Obtain Consents. Sellers and Company shall use their best efforts to obtain the consents of
each counterparty under the Contracts Subject to Consent as promptly as practicable hereafter.

 

6.4             
Financial Reporting. As soon as available, but in any event no later than June 27, 2013, the Sellers and the
Company shall deliver to Parent or LuxCo a copy of the annual audit report for the Financial Statements including a copy of the
audited consolidated balance sheet of Company as at the end of such years, and the related audited consolidated statements of income
and of cash flows for such years, setting forth in each case in comparative form the figures for the previous years. The opinion
as to such audit report of BDO S.p.A., or other independent certified public accountants registered with the Public Company Accounting
Oversight Board, shall not contain a “going concern” or similar qualification or exception, or qualification arising
out of the scope of the audit.

 

    	14

    	 

    

ARTICLE
VII

COVENANTS OF PARENT, LUXCO and BHN

 

7.1             
Registration Statement. Parent, LuxCo and BHN jointly and severally covenant and agree that from and after
the Closing, Parent shall effect the registration of the Exchange Shares in accordance with the provisions of and its obligations
under the Registration Rights Agreement. The registration statement to be filed by Parent pursuant to the Registration Rights Agreement
will be prepared by Loeb & Loeb LLP.

 

7.2             
Dividend. Parent and BHN covenant and agree that as soon as practicable after the Closing, Parent shall pay
an annualized dividend of $0.50 per share of Parent Common Stock, the payment date of which will be announced and approved by the
then Parent’s board of directors, provided funds are legally available therefor.

 

7.3             
Listing on NASDAQ. Parent covenants and agrees that it shall use its reasonable best efforts to ensure that
Parent’s shares shall continue to be listed on NASDAQ.

 

7.4             
Guaranty. Within 9 months from the Closing Date, Parent shall provide Sellers with a guaranty in substantially
the same form of those certain guarantees Sellers has executed in favor of the lenders with respect to the Real Property assets
identified in Exhibits A and B.

 

7.5             
Side Letter. BHN shall enter into a side letter agreement with Sellers (the “Side Letter”) prior
to the Closing Date, which shall provide that if Parent terminates this Agreement without there being any breach on the part of
Sellers or the Company, or Sellers terminates this Agreement for breach by Parent or LuxCo, and all of the conditions to Parent’s
obligations to consummate the Closing have been satisfied or waived by Parent (other than any such conditions which by their nature
are to be satisfied by the Closing Date), then BHN shall pay to Sellers an amount equal to the Tax Franchise Payment (the “BHN
Termination Fee”), it being understood that in no event shall BHN be required to pay the BHN Termination Fee on more than
one occasion. The BHN Termination Fee shall be payable by BHN in immediately available funds by wire transfer no later than twelve
(12) months after the date hereof. Prior to the date the BHN Termination Fee is due, BHN shall be permitted to locate an alternative
entity with which to enter into a similar transaction. If such an alternative transaction is entered into by the Sellers, BHN shall
not be required to pay the BHN Termination Fee. The Side Letter shall also provide that BHN will pay equivalent amounts if the
Sellers exercises the Call Option in accordance with Section 6 of the Transaction Value Agreement, to the extent the cash portion
of the Option Consideration described in Section 6(f) of the Transaction Value Agreement is insufficient to repay Sellers of the
Tax Franchise amount and the other costs referred to therein.

 

    	15

    	 

    

ARTICLE
VIII

COVENANTS OF ALL PARTIES HERETO

 

The parties hereto covenant
and agree that:

 

8.1             
Best Efforts; Further Assurances. Subject to the terms and conditions of this Agreement, each party shall
use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable
under applicable Laws, and, in the case of Company and Sellers, as reasonably requested by LuxCo or Parent, to consummate and implement
expeditiously each of the transactions contemplated by this Agreement. The parties hereto shall execute and deliver such other
documents, certificates, agreements and other writings and take such other actions as may be necessary or desirable in order to
consummate or implement expeditiously each of the transactions contemplated by this Agreement in order to transfer all of the Units
to LuxCo and to vest in LuxCo good, valid and marketable title to the Business, free and clear of all Liens.

 

8.2             
Confidentiality of Transaction. Any information (except publicly available or freely usable material obtained
from another source) respecting any party or its Affiliates will be kept in strict confidence by all other parties to this Agreement
and their agents. Except as required by Law, neither the Company, Sellers, nor any of their Affiliates, directors, officers, employees
or agents will disclose the terms of the transactions contemplated hereunder or by any Additional Agreement at any time, currently,
or on or after the Closing, regardless of whether the Closing takes place, except as required by Law or as necessary to their attorneys,
accountants and professional advisors, in which instance such Persons shall be advised of the confidential nature of the terms
of the transaction and shall themselves be required to keep such information confidential. Except as required by Law, each party
shall retain all information obtained from the other and their legal counsel on a confidential basis except as necessary to their
attorneys, accountants and professional advisors, in which instance such persons and any employees or agents of such party shall
be advised of the confidential nature of the terms of the transaction and shall themselves be required by such party to keep such
information confidential.

 

8.3             
Business Combination Tender Offer.

 

The parties hereto
covenant and agree to comply with the business combination tender offer covenants set forth in Exhibit 8.

 

ARTICLE
IX

CONDITIONS TO CLOSING

 

9.1             
Condition to the Obligations of the Parties. The obligations of all of the parties to consummate the Closing
are subject to the satisfaction of all the following conditions: (a) no provision of any applicable Law, and no Order shall prohibit
or impose any condition on the consummation of the Closing, (b) there shall not be pending any Action brought by a third-party
non-Affiliate to enjoin or otherwise restrict the consummation of the Closing, and (c) the Business Combination Tender Offer
shall have been completed and Parent shall have accepted the shares of Parent Common Stock validly tendered and not validly withdrawn
pursuant to the Tender Offer and no more than a number of shares of the Parent Common Stock equal to eighty-three percent (83%)
of the IPO Shares as defined in the Parent’s Amended and Restated Memorandum and Article of Association shall have been validly
tendered and not validly withdrawn prior to the expiration of the Business Combination Tender Offer.

 

    	16

    	 

    

9.2             
Conditions to Obligations of Parent, LuxCo and BHN. The obligation of Parent LuxCo, and BHN to consummate
the Closing is subject to the satisfaction, or the waiver at Parent, LuxCo and BHN’s sole and absolute discretion, of all
the following further conditions:

 

(a)               
Company and Sellers shall have performed in all material respects all of their obligations hereunder required to be performed
by them at or prior to the Closing Date.

 

(b)              
All of the representations and warranties of Company and Sellers contained in this Agreement, the Additional Agreements
and in any certificate or other writing delivered by Company and Sellers pursuant hereto, disregarding all qualifications and exceptions
contained therein relating to materiality or Material Adverse Effect, regardless of whether it involved a known risk, shall: (i)
be true, correct and complete at and as of the date of this Agreement, or, (ii) if otherwise specified, when made or when deemed
to have been made, and (iii) shall be true, correct and complete as of the Closing Date, in the case as (i) and (ii) with only
such exceptions as could not in the aggregate reasonably be expected to have a Material Adverse Effect.

 

(c)               
There shall have been no event, change or occurrence which individually or together with any other event, change or occurrence,
could reasonably be expected to have a Material Adverse Change or a Material Adverse Effect, regardless of whether it involved
a known risk.

 

(d)              
Parent or LuxCo shall have received a certificate signed by the Chief Executive Officer and Chief Financial Officer or comparable
title of Company to the effect set forth in clauses (a) through (c) of this Section 9.2.

 

(e)               
Parent or LuxCo shall have received letters of resignation of the directors and auditors of the Company, confirming that
such persons have no claims against the Company.

 

(f)               
Parent or LuxCo shall have received audited consolidated financial statements of Company.

 

(g)              
No court, arbitrator or other Authority shall have issued any judgment, injunction, decree or order, or have pending before
it a proceeding for the issuance of any thereof, and there shall not be any provision of any applicable Law restraining or prohibiting
the consummation of the Closing, the ownership by LuxCo of Company or the effective operation of the Business by LuxCo after the
Closing Date.

 

(h)              
Parent and LuxCo shall have received all documents they may request relating to the existence of Company and the authority
of Company and Sellers to enter into and perform under this Agreement, all in form and substance reasonably satisfactory to Parent
and LuxCo and their legal counsel, including (i) a copy of the certificate of incorporation or comparable document of formation
of Company, (ii) copies of resolutions duly adopted by the board of directors of Company authorizing this Agreement, the Additional
Agreements and the transaction contemplated hereby and thereby, (iv) a recent good standing certificate regarding Company from
the office of any appropriate Authority of each other jurisdiction in which Company is qualified to do business.

 

    	17

    	 

    

(i)                
Parent and LuxCo shall be fully satisfied, in their sole discretion which shall be exercised in good faith, with the results
of their and their representatives’ review of the Company, the (including any review of the capitalization, Real Property,
assets, processes, systems, financial condition, and prospects of the Business), provided that no such review shall affect any
representation or warranty of Company given hereunder or in any instrument related to the transactions contemplated hereby; and
provided, further, that LuxCo and Parent shall notify Sellers and the Company by 9:00 a.m. CET, on June 28, 2013, time being of
the essence, if they are not satisfied with the results of their review, in the absence of which notice this condition to Closing
shall cease to apply and shall be deemed waived by the Parent and LuxCo.

 

(j)                
LuxCo shall have received copies of the consents of all the counterparties to the Contracts Subject to Consent, in form
and substance reasonably satisfactory to LuxCo, and no such consent shall have been revoked.

 

(k)              
Company shall have delivered to LuxCo documents satisfactory to LuxCo to evidence the release of all Liens on any portion
of Company’s assets, including Real Property, and the filing of appropriate lien termination statements or comparable termination
documents, if applicable, other than the Permitted Liens.

 

(l)                
Company and Sellers shall have entered into and delivered a counterpart signature page of each Additional Agreement to which
it is a party.

 

(m)            
All the expenses borne in connection with the transactions contemplated by this Agreement, other than the expenses of each
of Sellers and Company, shall be paid at Closing.

 

(n)              
Studio Associato R&P Legal - Rossotto, Colombatto & Partners, counsel to Company shall have delivered an opinion
substantially in the form of Exhibit E hereto.

 

(o)              
Company shall have delivered to LuxCo’s satisfaction updated Schedules and all such updated schedules shall be true,
correct and complete as of the date with respect thereto set forth in the respective representation and warranty.

 

(p)              
Company and Sellers acknowledge that Parent and LuxCo have entered into agreements to purchase two other companies (the
“Other Companies”) on terms and conditions substantially similar to this Agreement. Parent and LuxCo must concurrently
close on transactions (consisting of the transactions contemplated by this Agreement and the transactions for the Other Companies)
with assets having an aggregate value of no less than $150,000,000.00.

 

    	18

    	 

    

(q)              
The parties hereto shall have purchased a directors and officers liability insurance policy for a minimum coverage amount
of $10,000,000 for Parent’s pre-transaction directors and officers, which will cover the directors and officers for a period
of at least three (3) years after the Closing. The policy will be paid for with funds made available in connection with the Closing.

 

9.3             
Conditions to Obligations of Sellers and Company. The obligations of Sellers and Company to consummate the
Closing is subject to the satisfaction, or the waiver at the Sellers’ discretion, of the following further conditions:

 

(a)               
Parent, LuxCo and BHN shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing Date.

 

(b)              
All of the representations and warranties of Parent, LuxCo and BHN contained in this Agreement, the Additional Agreements,
and in any certificate or other writing delivered by Parent, LuxCo or BHN pursuant hereto, disregarding all qualifications and
expectations contained therein relating to materiality or Material Adverse Effect, regardless of whether it involved a known risk,
shall be true and correct in all material respects at and as of the Closing Date, as if made at and as of such date.

 

(c)               
Company shall have received certificates signed by an authorized officer of each of Parent, LuxCo and BHN to the foregoing
effect.

 

(d)              
There shall have been no event, change, or occurrence with respect to Parent which individually or together with any other
event, change or occurrence, could reasonably be expected to have a Material Adverse Change.

 

(e)               
No court, arbitrator or other Authority shall have issued any judgment, injunction, decree or order, or have pending before
it a proceeding for the issuance of any thereof, and there shall not be any provision of any applicable Law restraining or prohibiting
the consummation of the Closing, or the public trading of Parent’s shares after the Closing Date.

 

(f)               
Each of Parent, LuxCo and BHN shall have entered into and delivered a counterpart signature page of each Additional Agreement
to which it is a party.

 

    	19

    	 

    

ARTICLE
X

INDEMNIFICATION

 

10.1         
Indemnification of Parent, LuxCo and BHN. Company and Sellers hereby agree to indemnify and hold harmless
Parent, LuxCo and BHN, each of their respective Affiliates (including without limitation Parent) and each of its and their respective
members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees (the “LuxCo
Indemnitees”), against and in respect of any and all out-of-pocket loss, cost, payments, demand, penalty, forfeiture, expense,
liability, judgment, deficiency or damage, and diminution in value or claim (including actual costs of investigation and attorneys’
fees and other costs and expenses) (all of the foregoing collectively, “Losses”) incurred or sustained by any LuxCo
Indemnitee as a result of or in connection with (a) any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy
or nonfulfillment of any of the representations, warranties and covenants of Company and Sellers contained herein or in any of
the Additional Agreements or any certificate or other writing delivered pursuant hereto, (b) any Actions by any third parties with
respect to the Business (including breach of contract claims, violations of warranties, trademark infringement, privacy violations,
torts or consumer complaints) for any period on or prior to the Closing Date (c) the violation of any Laws in connection with or
with respect to the operation of the Business on prior to the Closing Date, (d) any claims by any employee of Company, with respect
to any period or event occurring on or prior to the Closing Date, or relating to the termination of employee’s employment
status in connection with the transactions contemplated by this Agreement, or the termination, amendment or curtailment of any
employee benefit plans, (e) the failure of Company to pay any Taxes to any Taxing Authority or to file any Tax Return with any
Taxing Authority with respect to any period ending on or prior to the Closing Date, or (f) any sales, use, transfer or similar
Tax imposed on LuxCo or its Affiliates as a result of any transaction contemplated by this Agreement. The total payments made by
Company or Sellers to LuxCo Indemnitees with respect to Losses shall not exceed an amount equal to ten percent (10%) of the total
amount received by Sellers from the sale of the Exchange Shares and the Make-Whole Shares, as defined in the Transaction Value
Agreement (the “Indemnifiable Loss Limit”), except that the Indemnifiable Loss Limit shall not apply with respect to
any Losses relating to or arising under or in connection with breaches of Sections 3.10 of Exhibit 3 (Properties; Title to the
Company’ Assets), Section 3.19 of Exhibit 3 (Employees), Section 3.20 of Exhibit 3 (Employee Benefits and Compensation),
Section 3.21 of Exhibit 3 (Real Property) or any of clauses (b) through (f) of this Section 10.1; provided, however, LuxCo Indemnitees
shall not be entitled to indemnification pursuant to this Section 10.1. unless and until the aggregate amount of Losses to all
LuxCo Indemnitees equals at least $200,000.00 (the “Basket”), at which time, subject to the Indemnifiable Loss Limit,
LuxCo Indemnitees shall be entitled to indemnification for the total amount of such Losses. Any breach of Section 3.1 of Exhibit
3 (Corporate Existence and Power), Section 3.3 of Exhibit 3 (Authorization), Section 3.4 of Exhibit 3 (Governmental Authorization),
Section 3.10 of Exhibit 3 (Properties; Title to the Company’ Assets), Section 3.19 of Exhibit 3 (Employees), Section 3.20
of Exhibit 3 (Employee Benefits and Compensation), Section 3.21 of Exhibit 3 (Real Property) or Section 3.22 of Exhibit 3 (Tax
Matters) shall not be subject to the Basket. Notwithstanding anything set forth in this Section 10.1, (i) any amounts recovered
under Section 6.2(b), and (ii) any Losses incurred by any LuxCo Indemnitee arising out of the failure of Company and Sellers to
perform any covenant or obligation to be performed by it at or after the Closing Date, shall not, in any such case, be subject
to or applied against the Indemnifiable Loss Limit or the Basket, respectively. For the avoidance of doubt, any indemnification
payment under this Agreement shall be limited to the Exchange Shares and Make-Whole Shares, or the proceeds of the sale of such
Exchange Shares and Make-Whole Shares.

 

10.2         
Indemnification of Sellers . Parent, LuxCo and BHN, jointly and severally hereby agree to indemnify and hold
harmless Sellers, each of its Affiliates, and each of its members, managers, partners, directors, officers, employees, attorneys
and agents and permitted assignees (the “Sellers Indemnitees”) against and in respect of any Losses incurred or sustained
by any Sellers Indemnitee as a result of any breach, inaccuracy or nonfulfillment or the alleged breach, of any of the representations,
warranties and covenants of LuxCo contained herein. The total payments made by Parent, LuxCo or BHN to Sellers Indemnitees with
respect to Losses shall not exceed the Indemnifiable Loss Limit; provided, however, Sellers Indemnitees shall not be entitled to
indemnification pursuant to this Section 10.2 unless and until the aggregate amount of Losses to Sellers Indemnitees equals at
least the Basket, at which time, subject to the Indemnifiable Loss Limit, the Sellers Indemnitees shall be entitled to indemnification
for the total amount of such Losses. Notwithstanding anything set forth in this Section 10.2, any Losses incurred by any Sellers
Indemnitee arising out of the failure of Parent, LuxCo or BHN to perform any covenant or obligation to be performed by it at or
after the Closing Date including payment of the Purchase Price, shall not be subject to or applied against the Indemnifiable Loss
Limit or the Basket, respectively.

 

    	20

    	 

    

10.3         
Procedure. The following shall apply with respect to all claims by either a LuxCo Indemnitee or a Sellers
Indemnitee (together, “Indemnified Party”) for indemnification:

 

(a)               
An Indemnified Party shall give the Sellers or Parent, LuxCo and BHN, as applicable, prompt notice (an “Indemnification
Notice”) of any third-party Action with respect to which such Indemnified Party seeks indemnification pursuant to Section 10.1
or 10.2 (a “Third-Party Claim”), which shall describe in reasonable detail the Loss that has been or may be
suffered by the Indemnified Party. The failure to give the Indemnification Notice shall not impair any of the rights or benefits
of such Indemnified Party under Section 10.1 or 10.2, except to the extent such failure materially and adversely affects the ability
of Sellers or Parent, LuxCo and BHN, as applicable (any of such parties, “Indemnifying Parties”) to defend such claim
or increases the amount of such liability.

 

(b)              
In the case of any Third-Party Claims as to which indemnification is sought by any Indemnified Party, such Indemnified Party
shall be entitled, at the sole expense and liability of the Indemnifying Parties, to exercise full control of the defense, compromise
or settlement of any Third-Party Claim unless the Indemnifying Parties, within a reasonable time after the giving of an Indemnification
Notice by the Indemnified Party (but in any event within ten (10) days thereafter), shall (i) deliver a written confirmation to
such Indemnified Party that the indemnification provisions of Section 10.1 or 10.2 are applicable to such Action and the Indemnifying
Parties will indemnify such Indemnified Party in respect of such Action pursuant to the terms of Section 10.1 or 10.2 and, notwithstanding
anything to the contrary, shall do so without asserting any challenge, defense, limitation on the Indemnifying Parties liability
for Losses, counterclaim or offset, (ii) notify such Indemnified Party in writing of the intention of the Indemnifying Parties
to assume the defense thereof, and (iii) retain legal counsel reasonably satisfactory to such Indemnified Party to conduct the
defense of such Third-Party Claim.

 

(c)               
If the Indemnifying Parties assume the defense of any such Third-Party Claim pursuant to Section 10.3(b), then the Indemnified
Party shall cooperate with the Indemnifying Parties in any manner reasonably requested in connection with the defense, and the
Indemnified Party shall have the right to be kept fully informed by the Indemnifying Parties and their legal counsel with respect
to the status of any legal proceedings, to the extent not inconsistent with the preservation of attorney-client or work product
privilege. If the Indemnifying Parties so assume the defense of any such Third-Party Claim the Indemnified Party shall have the
right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the
fees and expenses of such counsel employed by the Indemnified Party shall be at the expense of such Indemnified Party unless (i)
the Indemnifying Parties have agreed to pay such fees and expenses, or (ii) the named parties to any such Third-Party Claim (including
any impleaded parties) include an Indemnified Party and an Indemnifying Party and such Indemnified Party shall have been advised
by its counsel that there may be a conflict of interest between such Indemnified Party and the Indemnifying Parties in the conduct
of the defense thereof, and in any such case the reasonable fees and expenses of such separate counsel shall be borne by the Indemnifying
Parties.

 

    	21

    	 

    

(d)              
If the Indemnifying Parties elect to assume the defense of any Third-Party Claim pursuant to Section 10.3(b), the Indemnified
Party shall not pay, or permit to be paid, any part of any claim or demand arising from such asserted liability unless the Indemnifying
Parties withdraw from or fail to vigorously prosecute the defense of such asserted liability, or unless a judgment is entered against
the Indemnified Party for such liability. If the Indemnifying Parties do not elect to defend, or if, after commencing or undertaking
any such defense, the Indemnifying Parties fail to adequately prosecute or withdraw such defense, the Indemnified Party shall have
the right to undertake the defense or settlement thereof, at the Indemnifying Parties’ expense. Notwithstanding anything
to the contrary, the Indemnifying Parties shall not be entitled to control, but may participate in, and the Indemnified Party (at
the expense of the Indemnifying Parties) shall be entitled to have sole control over, the defense or settlement of (x) that part
of any Third Party Claim (i) that seeks a temporary restraining order, a preliminary or permanent injunction or specific performance
against the Indemnified Party, or (ii) to the extent such Third Party Claim involves criminal allegations against the Indemnified
Party or (y) the entire Third Party Claim if such Third Party Claim would impose liability on the part of the Indemnified Party
in an amount which is greater than the amount as to which the Indemnified Party is entitled to indemnification under this Agreement.
In the event the Indemnified Party retains control of the Third Party Claim, the Indemnified Party will not settle the subject
claim without the prior written consent of the Indemnifying Party, which consent will not be unreasonably withheld or delayed.

 

(e)               
If the Indemnified Party undertakes the defense of any such Third-Party Claim pursuant to Section 10.1 or 10.2 and proposes
to settle the same prior to a final judgment thereon or to forgo appeal with respect thereto, then the Indemnified Party shall
give the Indemnifying Parties prompt written notice thereof and the Indemnifying Parties shall have the right to participate in
the settlement, assume or reassume the defense thereof or prosecute such appeal, in each case at the Indemnifying Parties’
expense. The Indemnifying Parties shall not, without the prior written consent of such Indemnified Party settle or compromise or
consent to entry of any judgment with respect to any such Third-Party Claim (i) in which any relief other than the payment of money
damages is or may be sought against such Indemnified Party, (ii) in which such Third Party Claim could be reasonably expected to
impose or create a monetary liability on the part of the Indemnified Party (such as an increase in the Indemnified Party’s
income Tax) other than the monetary claim of the third party in such Third-Party Claim being paid pursuant to such settlement or
judgment, or (iii) which does not include as an unconditional term thereof the giving by the claimant, person conducting such investigation
or initiating such hearing, plaintiff or petitioner to such Indemnified Party of a release from all liability with respect to such
Third-Party Claim and all other Actions (known or unknown) arising or which might arise out of the same facts.

 

    	22

    	 

    

10.4         
Periodic Payments. Any indemnification required by Section 10.1 or 10.2 for costs, disbursements or expenses
of any Indemnified Party in connection with investigating, preparing to defend or defending any Action shall be made by periodic
payments by the Indemnifying Parties to each Indemnified Party during the course of the investigation or defense, as and when bills
are received or costs, disbursements or expenses are incurred.

 

10.5         
Right of Set Off. In the event that Parent, LuxCo or BHN is entitled to any indemnification pursuant to this
Article X, Parent, BHN or LuxCo shall be entitled to set off any amounts owed to Sellers pursuant to Section 10.2 and/or against
the amount of such indemnification. Any such set-off will be treated as an adjustment to the Purchase Price.

 

10.6         
Payment of Indemnification. In the event that Parent, LuxCo or BHN are entitled to any indemnification pursuant
to this Article, and Parent, LuxCo or BHN are unable to set off such indemnification pursuant to Section 10.5, Sellers may pay
the amount of the indemnification (subject to the limitation set forth in Section 10.1) in shares of Parent Common Stock at Fair
Market Value. Any payments by Sellers to a LuxCo Indemnitee will be treated as an adjustment to the Purchase Price.

 

10.7         
Insurance. Any indemnification payments hereunder shall take into account any insurance proceeds or other
third party reimbursement actually received.

 

10.8         
Survival of Indemnification Rights. Except for the representations and warranties in Section 3.1 of Exhibit
3 (Corporate Existence and Power), Section 3.3 of Exhibit 3 (Authorization), Section 3.4 of Exhibit 3 (Governmental Authorization),
Section 3.10 of Exhibit 3 (Properties; Title to Company’s Assets), Section 3.15 of Exhibit 3 (Compliance with Laws), 3.19
of Exhibit 3 (Employees) Section 3.20 of Exhibit 3 (Employee Benefits and Compensation), Section 3.21 of Exhibit 3 (Real Property),
Section 3.22 of Exhibit 3 (Tax Matters), Section 3.23 of Exhibit 3 (Environmental Laws), Section 3.24 of Exhibit 3 (Finder’s
Fees), Section 4.1 of Exhibit 4 (Corporate Existence and Power), Section 4.2 of Exhibit 4 (Corporate Authorization), and Section
4. 6 of Exhibit 4 (Finders’ Fees) which shall survive until ninety (90) days after the expiration of the statute of limitations
with respect thereto (including any extensions and waivers thereof), the representations and warranties of Sellers, Company, Parent,
LuxCo and BHN shall survive until the twenty-four (24) months following the Closing. The indemnification to which any Indemnified
Party is entitled from the Indemnifying Parties pursuant to Section 10.1 or 10.2 for Losses shall be effective so long as it is
asserted prior to: (x) ninety (90) days after the expiration of the applicable statute of limitations (including all extensions
and waivers thereof), in the case of the representations and warranties referred to in the first sentence of Section 10.8 and the
breach or the alleged breach of any covenant or agreement of any Indemnifying Party; and (y) the twenty-four (24) months following
the Closing, in the case of all other representations and warranties of Sellers and Parent, LuxCo and BHN hereunder.

 

    	23

    	 

    

ARTICLE
XI

DISPUTE RESOLUTION

 

11.1         
Arbitration.

 

(a)               
The parties shall promptly submit any dispute, claim, or controversy arising out of or relating to this Agreement, or any
Additional Agreement (including with respect to the meaning, effect, validity, termination, interpretation, performance, or enforcement
of this Agreement or any Additional Agreement) or any alleged breach thereof (including any action in tort, contract, equity, or
otherwise), to binding arbitration before one arbitrator (“Arbitrator”), shall be binding, final and non-appealable
and not subject to this Section 11.1. The parties agree that binding arbitration shall be the sole means of resolving any dispute,
claim, or controversy arising out of or relating to this Agreement or any Additional Agreement (including with respect to the meaning,
effect, validity, termination, interpretation, performance or enforcement of this Agreement or any Additional Agreement) or any
alleged breach thereof (including any claim in tort, contract, equity, or otherwise).

 

(b)              
If the parties cannot agree upon the Arbitrator, the Arbitrator shall be selected by the New York, New York chapter head
of the American Arbitration Association upon the written request of either side. The Arbitrator shall be selected within thirty
(30) days of such written request.

 

(c)               
The laws of the State of New York shall apply to any arbitration hereunder. In any arbitration hereunder, this Agreement
and any agreement contemplated hereby shall be governed by the laws of the State of New York applicable to a contract negotiated,
signed, and wholly to be performed in the State of New York, which laws the Arbitrator shall apply in rendering his decision. The
Arbitrator shall issue a written decision, setting forth findings of fact and conclusions of law, within sixty (60) days after
he shall have been selected. The Arbitrator shall have no authority to award punitive or other exemplary damages.

 

(d)              
The arbitration shall be held in New York, New York in accordance with and under the then current provisions of the rules
of the American Arbitration Association, except as otherwise provided herein.

 

(e)               
On application to the Arbitrator, any party shall have rights to discovery to the same extent as would be provided under
the Federal Rules of Civil Procedure, and the Federal Rules of Evidence shall apply to any arbitration under this Agreement; provided,
however, that the Arbitrator shall limit any discovery or evidence such that his decision shall be rendered within the period referred
to in Section 11.1(c).

 

(f)               
The Arbitrator may, at his discretion and at the expense of the parties who will bear the cost of the arbitration, employ
experts to assist him in his determinations.

 

(g)              
The costs of the arbitration proceeding and any proceeding in court to confirm any arbitration award or to obtain relief
as provided in Section 6.2, as applicable (including actual attorneys’ fees and costs), shall be borne by the unsuccessful
party and shall be awarded as part of the Arbitrator’s decision, unless the Arbitrator shall otherwise allocate such costs
in such decision. The determination of the Arbitrator shall be final and binding upon the parties and not subject to appeal.

 

    	24

    	 

    

(h)              
Any judgment upon any award rendered by the Arbitrator may be entered in and enforced by any court of competent jurisdiction.
The parties expressly consent to the exclusive jurisdiction of the courts (Federal and state) in New York, New York to enforce
any award of the Arbitrator or to render any provisional, temporary, or injunctive relief in connection with or in aid of the Arbitration.
The parties expressly consent to the personal and subject matter jurisdiction of the Arbitrator to arbitrate any and all matters
to be submitted to arbitration hereunder. None of the parties hereto shall challenge any arbitration hereunder on the grounds that
any party necessary to such arbitration (including the parties hereto) shall have been absent from such arbitration for any reason,
including that such party shall have been the subject of any bankruptcy, reorganization, or insolvency proceeding.

 

(i)                
The parties shall indemnify the Arbitrator and any experts employed by the Arbitrator and hold them harmless from and against
any claim or demand arising out of any arbitration under this Agreement or any agreement contemplated hereby, unless resulting
from the willful misconduct of the person indemnified.

 

(j)                
This arbitration section shall survive the termination of this Agreement and any agreement contemplated hereby.

 

11.2         
Waiver of Jury Trial; Exemplary Damages.

 

(a)               
THE PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO
TRIAL BY JURY IN ANY ACTION OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN CONNECTION
WITH THIS AGREEMENT OR ANY ADDITIONAL AGREEMENT, OR BY REASON OF ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY OF
THE PARTIES TO THIS AGREEMENT OF ANY KIND OR NATURE. NO PARTY SHALL BE AWARDED PUNITIVE OR OTHER EXEMPLARY DAMAGES RESPECTING ANY
DISPUTE ARISING UNDER THIS AGREEMENT OR ANY ADDITIONAL AGREEMENT.

 

(b)              
Each of the parties to this Agreement acknowledges that each has been represented in connection with the signing of this
waiver by independent legal counsel selected by the respective party and that such party has discussed the legal consequences and
import of this waiver with legal counsel. Each of the parties to this Agreement further acknowledge that each has read and understands
the meaning of this waiver and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences
of this waiver with legal counsel.

 

11.3         
Attorneys’ Fees. The unsuccessful party to any Action arising out of this Agreement that is not resolved
by arbitration under Section 11.1 shall pay to the prevailing party all attorneys’ fees and costs actually incurred by the
prevailing party, in addition to any other relief to which it may be entitled. As used in this Section 11.3 and elsewhere
in this Agreement, “actual attorneys’ fees” or “attorneys’ fees actually incurred” means the
full and actual cost of any legal services actually performed in connection with the matter for which such fees are sought, calculated
on the basis of the usual fees charged by the attorneys performing such services, and shall not be limited to “reasonable
attorneys’ fees” as that term may be defined in statutory or decisional authority.

 

    	25

    	 

    

ARTICLE
XII

TERMINATION

 

12.1         
Termination Without Default; Expenses.

 

(a)               
In the event that the Closing of the transactions contemplated hereunder has not occurred by December 31, 2013 (the “Outside
Closing Date”), and no material breach of this Agreement by Parent, LuxCo, and BHN, on one hand, or Company and Sellers,
on the other hand, seeking to terminate this Agreement shall have occurred or have been made (as provided in Section 12.2 hereof),
each party hereto shall have the right, at its sole option, to terminate this Agreement without liability to the other side. Such
right may be exercised by each party hereto, giving written notice to the other at any time after the Outside Closing Date. Upon
receipt of such notice, neither party shall have any further obligation to the other under this Agreement, except for those obligations
that are expressly stated to survive the cancellation or termination of this Agreement. In the event this Agreement is terminated
pursuant to this Section 12(a), each party shall bear its own expenses incurred in connection with this Agreement.

 

(b)              
Parent and LuxCo shall have the right, at any time prior to the Real Property Investigation Period, time being of the essence,
to terminate this Agreement for any reason or no reason whatsoever if the results of the investigations in connection with the
Business, including the Real Property, are not satisfactory to Prime or LuxCo, in Prime’s or LuxCo's sole discretion, by
giving notice to Sellers or Company on or before the Real Property Investigation Period. Upon receipt of such notice, neither party
shall have any further obligation to the other under this Agreement, except for those obligations that are expressly stated to
survive the cancellation or termination of this Agreement. In the event this Agreement is terminated pursuant to this Section 12.1(b),
each party shall bear its own expenses incurred in connection with this Agreement.

 

12.2         
Termination Upon Default.

 

(a)               
Parent and LuxCo may terminate this Agreement by giving notice to the Sellers on or prior to the Closing Date, without prejudice
to any rights or obligations Parent or LuxCo may have, if Sellers or Company shall have materially breached any representation
or warranty or breached any agreement or covenant contained herein or in any Additional Agreement to be performed on or prior to
the Closing Date, and in either case, such breach shall not be cured by the earlier of the Outside Closing Date and ten (10) days
following receipt by the Sellers of a notice describing in reasonable detail the nature of such breach.

 

    	26

    	 

    

(b)              
The Sellers may terminate this Agreement by giving notice to Parent and LuxCo, without prejudice to any rights or obligations
Sellers or Company may have, if Parent or LuxCo shall have materially breached any of its covenants, agreements, representations,
and warranties contained herein to be performed on or prior to the Closing Date and such breach shall not be cured by the earlier
of the Outside Closing Date and ten (10) days following receipt by LuxCo of a notice describing in reasonable detail the nature
of such breach.

 

(c)               
In the event this Agreement is terminated by Parent or LuxCo pursuant to Section 12.2(a) and (b), Sellers and Company shall
be responsible for paying all of its own expenses and those of LuxCo incurred in connection with this Agreement.

 

(d)              
In the event this Agreement is terminated by the Sellers pursuant to Section 12.2(c), LuxCo shall be responsible for paying
all of its own expenses and those of Sellers or Company incurred in connection with this Agreement (provided, however, such expenses
of Sellers shall be limited to reasonable attorney’s fees of one counsel).

 

12.3         
Survival. The provisions of Section 11.3, as well as this Article XII, shall survive any termination hereof
pursuant to Article XII.

 

ARTICLE
XIII

MISCELLANEOUS

 

13.1         
Notices. Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed
given: (a) if by hand or recognized courier service, by 4:00PM on a business day, addressee’s day and time, on the date of
delivery, and otherwise on the first business day after such delivery; (b) if by fax or email, on the date that transmission is
confirmed electronically, if by 4:00PM on a business day, addressee’s day and time, and otherwise on the first business day
after the date of such confirmation; or (c) five days after mailing by certified or registered mail, return receipt requested.
Notices shall be addressed to the respective parties as follows (excluding telephone numbers, which are for convenience only),
or to such other address as a party shall specify to the others in accordance with these notice provisions:

 

if to Parent, to:

 

Prime Acquisition Corp.

No. 322, Zhongshan East Road

Shijiazhuang

Hebei Province, 050011

People’s Republic of China

Telecopy: 650-618-2552

    	27

    	 

    

 

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

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attention: Mitchell S. Nussbaum, Esq.

Telecopy: +1 212.504.3013

 

if to LuxCo, to:

 

Prime BHN Luxembourg S.àr.l.

13-15 Avenue de la Liberte’, L-1931

Luxembourg

 

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

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attention: Mitchell S. Nussbaum, Esq.

Telecopy: +1 212.504.3013

 

if to BHN, to:

 

BHN LLC

6369 Mill Street, Suite 205

Rhinebeck, NY 12572

Telecopy: +1 845.876.8714

Attention: Marco Prete, Managing Member

 

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

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attention: Gerald S. DiFiore

Telecopy: +1 212.521.5450

 

if to Company, Representative
or Sellers:

 

Francesco Rotondi

Viale San Gimignano n. 30

Milano, Italy 20146

Telecopy: +39.02.30.311.431

    	28

    	 

    

 

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

 

Studio Associato R&P Legal - Rossotto, Colombatto
& Partners

Piazzale Luigi Cadorna n. 4

20123 Milano

Attention: Claudio Elestici

Telecopy: +39 02 8807222

 

13.2         
Amendments; No Waivers; Remedies.

 

(a)               
This Agreement cannot be amended, except by a writing signed by each party, or terminated orally or by course of conduct.
No provision hereof can be waived, except by a writing signed by the party against whom such waiver is to be enforced, and any
such waiver shall apply only in the particular instance in which such waiver shall have been given.

 

(b)              
Neither any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein
nor any course of dealing shall constitute a waiver of or prevent any party from enforcing any right or remedy or from requiring
satisfaction of any condition. No notice to or demand on a party waives or otherwise affects any obligation of that party or impairs
any right of the party giving such notice or making such demand, including any right to take any action without notice or demand
not otherwise required by this Agreement. No exercise of any right or remedy with respect to a breach of this Agreement shall preclude
exercise of any other right or remedy, as appropriate to make the aggrieved party whole with respect to such breach, or subsequent
exercise of any right or remedy with respect to any other breach.

 

(c)               
Except as otherwise expressly provided herein, no statement herein of any right or remedy shall impair any other right or
remedy stated herein or that otherwise may be available.

 

(d)              
Notwithstanding anything else contained herein, neither shall any party seek, nor shall any party be liable for, punitive
or exemplary damages, under any tort, contract, equity, or other legal theory, with respect to any breach (or alleged breach) of
this Agreement or any provision hereof or any matter otherwise relating hereto or arising in connection herewith.

 

13.3         
Arms’ Length Bargaining; no Presumption Against Drafter. This Agreement has been negotiated at arms-length
by parties of equal bargaining strength, each represented by counsel or having had but declined the opportunity to be represented
by counsel and having participated in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship
between the parties, and no such relationship otherwise exists. No presumption in favor of or against any party in the construction
or interpretation of this Agreement or any provision hereof shall be made based upon which Person might have drafted this Agreement
or such provision.

 

13.4         
Publicity. Except as required by law, the parties agree that neither they nor their agents shall issue any
press release or make any other public disclosure concerning the transactions contemplated hereunder without the prior approval
of the other party hereto.

 

    	29

    	 

    

13.5         
Expenses. Except as otherwise expressly set forth herein, all costs and expenses incurred in connection with
this Agreement and the transactions contemplated hereby shall be paid by the party incurring such cost or expense, provided that
all the notary public fees and expenses in connection with the Deed shall be borne by the Parent.

 

13.6         
No Assignment or Delegation. No party may assign any right or delegate any obligation hereunder, including
by merger, consolidation, operation of law, or otherwise, without the written consent of the other party. Any purported assignment
or delegation without such consent shall be void, in addition to constituting a material breach of this Agreement.

 

13.7         
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State
of New York, without giving effect to the conflict of laws principles thereof.

 

13.8         
Counterparts; Facsimile Signatures. This Agreement may be executed in counterparts, each of which shall constitute
an original, but all of which shall constitute one agreement. This Agreement shall become effective upon delivery to each party
of an executed counterpart or the earlier delivery to each party of original, photocopied, or electronically transmitted signature
pages that together (but need not individually) bear the signatures of all other parties.

 

13.9         
Entire Agreement. This Agreement together with the Additional Agreements, sets forth the entire agreement
of the parties with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous understandings
and agreements related thereto (whether written or oral), all of which are merged herein. No provision of this Agreement or any
Additional Agreement may be explained or qualified by any agreement, negotiations, understanding, discussion, conduct or course
of conduct or by any trade usage. Except as otherwise expressly stated herein or any Additional Agreement, there is no condition
precedent to the effectiveness of any provision hereof or thereof. No party has relied on any representation from, warranty or
agreement of any person in entering into this Agreement, prior or contemporaneous or any Additional Agreement, except those expressly
stated herein or therein.

 

13.10     
Severability. A determination by a court or other legal authority that any provision that is not of the essence
of this Agreement is legally invalid shall not affect the validity or enforceability of any other provision hereof. The parties
shall cooperate in good faith to substitute (or cause such court or other legal authority to substitute) for any provision so held
to be invalid a valid provision, as alike in substance to such invalid provision as is lawful.

 

13.11     
Construction of Certain Terms and References; Captions. In this Agreement:

 

    	30

    	 

    

(a)               
References to particular sections and subsections, schedules, and exhibits not otherwise specified are cross-references
to sections and subsections, schedules, and exhibits of this Agreement.

 

(b)              
The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this
Agreement as a whole and not to any particular provision of this Agreement, and, unless the context requires otherwise, “party”
means a party signatory hereto.

 

(c)               
Any use of the singular or plural, or the masculine, feminine, or neuter gender, includes the others, unless the context
otherwise requires; “including” means “including without limitation;” “or” means “and/or;”
“any” means “any one, more than one, or all;” and, unless otherwise specified, any financial or accounting
term has the meaning of the term under United States generally accepted accounting principles as consistently applied heretofore
by party.

 

(d)              
Unless otherwise specified, any reference to any agreement (including this Agreement), instrument, or other document includes
all schedules, exhibits, or other attachments referred to therein, and any reference to a statute or other law includes any rule,
regulation, ordinance, or the like promulgated thereunder, in each case, as amended, restated, supplemented, or otherwise modified
from time to time. Any reference to a numbered schedule means the same-numbered section of the disclosure schedule.

 

(e)               
If any action is required to be taken or notice is required to be given within a specified number of days following a specific
date or event, the day of such date or event is not counted in determining the last day for such action or notice. If any action
is required to be taken or notice is required to be given on or before a particular day which is not a Business Day, such action
or notice shall be considered timely if it is taken or given on or before the next Business Day.

 

(f)               
Captions are not a part of this Agreement, but are included for convenience, only.

 

(g)              
For the avoidance of any doubt, all references in this Agreement to “the knowledge or best knowledge of Sellers”,
“the knowledge or best knowledge of Company” or similar terms shall be deemed to include the actual or constructive
knowledge of any officers or any member of the Board of Directors of Sellers and Company, after reasonable inquiry.

 

13.12     
Further Assurances. Each party shall execute and deliver such documents and take such action, as may reasonably
be considered within the scope of such party’s obligations hereunder, necessary to effectuate the transactions contemplated
by this Agreement.

 

13.13     
Third Party Beneficiaries. Neither this Agreement nor any provision hereof confers any benefit or right upon
or may be enforced by any Person not a signatory hereto.

 

13.14     
Waiver. Reference is made to the final prospectus of Parent, dated March 24, 2011 (the “Prospectus”).
Sellers and Company have read the Prospectus and understand that Parent has established a trust account (“Trust Account”)
for the benefit of the public stockholders of Parent and the underwriters of the IPO pursuant to the Investment Management Trust
Agreement, dated as of March 30, 2011, between Parent and American Stock Transfer & Trust Company, as trustee. For and in consideration
of Parent and LuxCo agreeing to enter into this Agreement with Sellers and Company, each of Sellers and Company hereby agrees that
it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account and hereby agrees that
it will not seek recourse against the Trust Account for any claim it may have in the future as a result of, or arising out of,
any negotiations, contracts or agreements with Parent, LuxCo or BHN.

 

    	31

    	 

    

13.15     
Sellers Representative.

 

(a)               
Each Seller hereby appoints Francesco Rotondi, as such Seller’s representative to act as Representative for all purposes
of this Agreement and the transactions contemplated hereby, with the right, in such capacity, in his discretion, to do any and
all things and to execute any and all documents in such Stockholder’s place and stead, in any way which such Stockholder
could do if personally present, in connection with this Agreement and the transactions contemplated thereby, including the authority
on behalf of such Seller, without giving notice to such Seller, to take any of the following actions:

 

(i)                
to accept on such Seller’s behalf any amount payable to such Seller under this Agreement;

 

(ii)              
to negotiate and otherwise deal with Parent or LuxCo, in all respects;

 

(iii)            
to accept and give service of process and all other notices and other communications relating to this Agreement;

 

(iv)            
to settle any dispute relating to the terms of this Agreement;

 

(v)              
to execute any instrument or document that the Representative may determine is necessary or desirable in the exercise of
his authority under this Agreement and power-of-attorney; and

 

(vi)            
to act in connection with all matters relating to this Agreement and the transactions contemplated thereby, including the
power to employ auditors, attorneys and other Persons in connection therewith.

 

(b)              
Each Seller further agrees, as follows:

 

(i)                
Such Seller recognizes the inherent conflict of interest of Francesco Rotondi as the Representative and waives any claims
with respect thereto;

 

(ii)              
the Representative (A) shall not incur any personal liability for acting in such capacity if in doing so he acts upon advice
of counsel or otherwise acts in good faith, (B) shall not incur any personal liability for acting in such capacity in the absence
of his willful misconduct, (C) may act upon any instrument or signature believed by him to be genuine and may assume that any Person
purporting to give any notice or instruction under this Agreement or under any other related agreement or document believed by
him to be authorized has been authorized to do so (D) shall not be responsible for the investment of any payments received from
Parent for the benefit of Sellers, and (E) shall be promptly reimbursed by Sellers, pro rata for out-of-pocket expenses incurred
by him in his capacity of Representative, and such expenses shall first be satisfied from any payment paid by Parent and received
by the Representative for the benefit of Sellers, prior to distribution of such payments to Sellers; and

    	32

    	 

    

 

(iii)            
If Francesco Rotondi is unable to serve or resigns as the Representative, Sellers may appoint from among their ranks a substitute
Representative to replace Francesco Rotondi which individual shall have all the powers and authority granted to Francesco Rotondi
by this Section 13.15. Parent and LuxCo shall accept such substitute Representative without objection; provided, however, that
Francesco Rotondi shall continue to serve as the Representative until such substitute Representative has been appointed by Sellers.

 

(c)               
At and after Closing, Parent and LuxCo shall be entitled to deal exclusively with Representative on all matters relating
to this Agreement and the transactions contemplated hereby involving Sellers, or any of them, and shall be entitled to rely conclusively
(without further evidence of any kind whatsoever) on any statements made by the Representative or documents executed or purported
to be executed on behalf of any Seller by the Representative, and on any other action taken or purported to be taken on behalf
of any Seller by the Representative including the appropriate communication or delivery to Seller.

 

[The remainder of this
page intentionally left blank; signature pages to follow]

 

    	33

    	 

    

IN WITNESS WHEREOF, LuxCo,
Parent, BHN, Company and Sellers have each caused this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

 

 

	LUXCO:	 	 	 
	 	Prime BHN Luxembourg S.àr.l.	 
	 	a Luxembourg company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ William YU	 
	 	 	Name: William YU	 
	 	 	Title: Manager	 
	 	 	 	 
	 	 	 	 
	PARENT:	 	 	 
	 	Prime Acquisition Corp.	 
	 	a Cayman Islands company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Diana LIU	 
	 	 	Name: Diana LIU	 
	 	 	Title: CEO	 
	 	 	 	 
	BHN:	 	 	 
	 	BHN LLC	 
	 	a New York limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Marco PRETE	 
	 	 	Name: Marco PRETE	 
	 	 	Title: Managing Member 	 

 

    	34

    	 

    

 

 

	 	 	 	 
	COMPANY:	 	 	 
	 	Seba S.r.l. 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Giuseppe Pantaleo	 
	 	 	Name: Giuseppe Pantaleo	 
	 	 	Title: Managing Director	 
	 	 	 	 
	SELLERS:	 
	 	/s/ Francesco Rotondi	 
	 	Francesco Rotondi	 
	 	 	 	 
	 	/s/ Luca Massimo Failla	 
	 	Luca Massimo Failla	 

 

    	35

    	 

    

EXHIBIT 3

 

REPRESENTATIONS AND WARRANTIES OF

THE COMPANY AND SELLERS

 

3.1 Corporate Existence
and Power. Company is a limited liability company duly organized, validly existing and in good standing under and by virtue
of the Laws of Italy. Company has all power and authority, corporate and otherwise, and all governmental licenses, franchises,
Permits, authorizations, consents and approvals required to own, manage and operate its properties and assets, including without
limitation the Real Property, and to carry on the Business as presently conducted and as proposed to be conducted and to sell it,
in whole or in part, to LuxCo. Company has not taken any action, adopted any plan, or made any agreement or commitment in respect
of any merger, consolidation, sale of all or substantially all of their assets, reorganization, recapitalization, dissolution or
liquidation.

 

3.2 Units. Sellers
owns all of the outstanding Units of Company, free and clear of all Liens, except for Permitted Liens.

 

3.3 Authorization.
Company has full legal capacity, power and authority to execute and deliver this Agreement and the Additional Agreements to which
such Company is named as a party, to perform such Company’s obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. This Agreement has been, and the Additional Agreements to which Company is named as a party, will
be at Closing, duly executed and delivered by Company, and this Agreement constitutes, and such Additional Agreements are, or upon
their execution and delivery at Closing will be, valid and legally binding agreements of Sellers and the Company, enforceable against
Sellers and the Company in accordance with their respective terms.

 

3.4 Governmental
Authorization. Sellers and the Company have obtained or completed all consent, approval, license or other action by or in respect
of, or registration, declaration or filing with, any Authority regarding the execution, delivery and performance by Sellers and
the Company of this Agreement or any Additional Agreements.

 

3.5 Non-Contravention.
None of the execution, delivery or performance by Company of this Agreement or any Additional Agreement does or will (a) contravene
or conflict with the organizational or constitutive documents of the Company, (b) contravene or conflict with or constitute a violation
of any provision of any Law or Order binding upon or applicable to the Company, (c) constitute a default under or breach of (with
or without the giving of notice or the passage of time or both) or violate or give rise to any right of termination, cancellation,
amendment or acceleration of any right or obligation of Company or require any payment or reimbursement or to a loss of any material
benefit relating to the Business to which Company is entitled under any provision of any Permit, Contract or other instrument or
obligations binding upon the Company or by which any of the Business’ assets, including without limitation the Real Property,
is or may be bound or any Permit, or (d) result in the creation or imposition of any Lien on any of the Business’ assets,
including, without limitation, the Real Property.

 

    	1

    	 

    

3.6 Consents.
The Contracts listed on Schedule 3.6 are the only Contracts binding upon Company, including without limitation Real Property, requiring
a consent, approval, authorization, order or other action of or filing with any Person as a result of the execution, delivery and
performance of this Agreement or any of the Additional Agreements or the consummation of the transactions contemplated hereby or
thereby (each of the foregoing, a “Contracts Subject to Consent”).

 

3.7 Financial Statements.

 

(d)              
Attached hereto as Schedule 3.7 are (i) the unaudited consolidated financial statements of Company as of and for the fiscal
years ended December 31, 2012, and 2011, consisting of the unaudited consolidated balance sheets as of such dates, the unaudited
consolidated income statements for the twelve (12) month periods ended on such dates, and the unaudited consolidated cash flow
statements for the twelve (12) month periods ended on such dates (the “Financial Statements”).

 

(e)               
The Financial Statements are complete and accurate and fairly present, in conformity with IFRS applied on a consistent basis,
the financial position of Company as of the dates thereof and the results of operations of Company for the periods reflected therein.
The Financial Statements (i) were prepared from the books and records of Company; (ii) were prepared on an accrual basis in accordance
with IFRS consistently applied; (iii) contain and reflect all necessary adjustments and accruals for a fair presentation of Company’s
financial condition as of their dates including for all warranty, maintenance, service and indemnification obligations; and (iv)
contain and reflect adequate provisions for all liabilities for all material Taxes applicable to Company with respect to the periods
then ended. Company has delivered to Parent or LuxCo complete and accurate copies of all “management letters” received
by it from its accountants and all responses during the last five (5) years by lawyers engaged by Company to inquiries from its
accountant or any predecessor accountants.

 

(f)               
Except for liabilities and obligations incurred in the ordinary course of business since December 31, 2012, there are no
liabilities, debts or obligations of any nature (whether accrued, fixed or contingent, liquidated or unliquidated, asserted or
unasserted or otherwise) relating to Company. All debts and liabilities, fixed or contingent, which should be included under IFRS
are included therein.

 

(g)              
The balance sheet included in the Financial Statements accurately reflects the outstanding Indebtedness of Company as of
the date thereof. Except as set forth on Schedule 3.7, Company does not have any Indebtedness.

 

(h)              
Schedule 3.7 sets forth a list of all Guarantees.

 

(i)                
All financial projections delivered by or on behalf of Company to Parent with respect to Company were prepared in good faith
using assumptions that each of Company and Sellers believes to be reasonable and each of Company or Sellers is not aware of the
existence of any fact or occurrence of any circumstances that is reasonably likely to have a Material Adverse Effect.

 

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3.8 Books and Records.

 

(a)The Books
and Records accurately and fairly, in reasonable detail, reflect the transactions and dispositions of assets of and the providing
of services by Company. Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that:

 

(i)                
transactions are executed only in accordance with management’s authorization;

 

(ii)              
all income and expense items are promptly and properly recorded for the relevant periods in accordance with the revenue
recognition and expense policies as permitted by IFRS;

 

(iii)            
access to assets is permitted only in accordance with management’s authorization; and

 

(iv)            
recorded assets are compared with existing assets at reasonable intervals, and appropriate action is taken with respect
to any differences.

 

(b)Company has
heretofore made all Books and Records available to Parent and LuxCo for their inspection, and have heretofore delivered to Parent
and LuxCo complete and accurate copies of all documents referred to in the Schedules to this Agreement or that Parent or LuxCo
otherwise has requested. All Contracts, documents, and other papers or copies thereof delivered to Parent or LuxCo by or on behalf
of Company are accurate, complete, and authentic.

 

(c)All accounts,
books and ledgers of Company have been properly and accurately kept and completed in all material respects, and there are no material
inaccuracies or discrepancies of any kind contained or reflected therein.

 

3.9 Absence of Certain
Changes.

 

(a)Since December
31, 2012, the Business has been conducted in the ordinary course consistent with past practices, and there has not been:

 

(i)any Material
Adverse Change, or in any material diminishment in the value of the Business;

 

(ii)any transaction,
Contract or other instrument entered into, or commitment made, by Company relating to the Business or any of the Business’
assets (including without limitation the acquisition or disposition of Real Property) or any relinquishment by Company of any contract
or other right, in either case other than transactions and commitments in the ordinary course of business consistent in all respects,
including kind and amount, with past practices and those contemplated by this Agreement;

 

(iii)any bonus,
salary or other compensation paid or agreed to be paid to any employee; or

 

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(iv)any creation
or other incurrence of any Lien other than Permitted Liens on any of the Company’ assets, including without limitation the
Real Property.

 

(b)Since December
31, 2012, through and including the date hereof, Company has not taken any action nor has any event occurred which would have violated
the covenants of Sellers set forth in Section 5.1 herein if such action had been taken or such event had occurred between the date
hereof and the Closing Date.

 

3.10 Properties;
Title to the Company’ Assets.

 

(a)The Tangible Assets
have no defects, are in good operating condition and repair and function in accordance with their intended uses (ordinary wear
and tear excepted) and have been properly maintained, and are suitable for their present uses and meet all specifications and warranty
requirements with respect thereto. Schedule 3.10 sets forth a complete list, setting forth a description and location, of the Tangible
Assets as of a date within five days of the date of this Agreement. All of the Tangible Assets are located at each property that
is being contributed and is part of the Business.

 

(b)Company has good,
valid and marketable title in and to, or, in the case of the Lease and the assets which are leased or licensed pursuant to Contracts,
a valid leasehold interest or license in or a right to use each of its respective assets, free and clear of all Liens other than
Permitted Liens. The Company’s assets constitute all of the assets of any kind or description whatsoever, including goodwill,
that are used or useful in the operation of the Business.

 

3.11 Litigation.
Except as set forth on Schedule 3.11, there is no Action (or any basis therefor) pending against Company or Sellers in connection
with the Business, or threatened against or affecting, Company, Sellers or any of the Business’ assets, including without
limitation the Real Property or any Contract before any court, Authority or official or which in any manner challenges or seeks
to prevent, enjoin, alter or delay the transactions contemplated hereby or by the Additional Agreements. There are no outstanding
judgments against Company or Sellers affecting or which may affect the Business. Company is not, nor has it been in the past five
(5) years, subject to any proceeding with any Authority.

 

3.12 Contracts.

 

(a)Each Contract
is a valid and binding agreement, and is in full force and effect, and neither the Company, nor, to the best knowledge of Company
or Sellers, any other party thereto, is in breach or default (whether with or without the passage of time or the giving of notice
or both) under the terms of any such Contract. Company, Sellers or any other party thereto has not assigned, delegated, or otherwise
transferred any of their rights or obligations with respect to any Contracts, or granted any power of attorney with respect thereto
or to any of the Business’ assets, including without limitation the Real Property. No Contract (i) requires Sellers to post
a bond or deliver any other form of security or payment to secure its obligations thereunder or (ii) imposes any non-competition
covenants that may be binding on, or restrict the Business or require any payments by or with respect to LuxCo or any of its Affiliates.
Company has given to LuxCo true and correct (A) copies of each written Contract and (B) written summaries of each oral Contract.

 

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(b)The Contracts
constitute all the material agreements, statements of work, arrangements, understandings and other instruments in effect to which
any of the Business’ assets, including without limitation the Real Property, are bound. Schedule 3.12 lists all material
Contracts, oral or written, separately referencing the applicable subsection below in each case, including:

 

(i)all client Contracts
which have generated revenues to Company or are expected to generate revenues to Company in excess of $10,000 in any of the current
or next two (2) fiscal years or any of the two (2) preceding fiscal years of Company;

 

(ii)all Leases;

 

(iii)any other
Contract pursuant to which Company is required to pay, has paid or is entitled to receive or has received an amount in excess of
$50,000 during the current fiscal year or any one of the two preceding fiscal years;

 

(iv)all employment
Contracts, employee leasing Contracts, and consultant and sales representatives Contracts;

 

(v)all material
sales, agency, factoring, commission and distribution contracts to which Company is a party;

 

(vi)all ongoing
agreements for purchases or receipt by Sellers of media, supplies, equipment, goods or services (other than under Section 3.12(b)(iii)
or (iv));

 

(vii)all joint
venture, strategic alliance, limited liability company and partnership agreements to which Company is a party;

 

(viii)all significant
documents relating to any acquisitions or dispositions of assets, including without limitation the Real Property, by Company;

 

(ix)all material
licensing agreements, including agreements licensing Intellectual Property Rights, other than “shrink wrap” licenses;

 

(x)all secrecy,
confidentiality and nondisclosure agreements applicable to Company;

 

(xi)all contracts
relating to patents, trademarks, service marks, trade names, brands, copyrights, trade secrets and other Intellectual Property
Rights of Company;

 

(xii)all guarantees,
indemnification arrangements and other hold harmless arrangements made or provided by Company in connection with the Business,
including all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations;

 

(xiii)all contracts
or agreements pertaining to the Business to which Company is a party;

 

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(xiv)all agreements
relating to real and tangible personal property, including any Real Property financial lease, sublease or space sharing, license
or occupancy agreement;

 

(xv)all material
agreements relating to the Business; and

 

(xvi)all agreements
relating to outstanding Indebtedness of Company.

 

(c)Company
is in compliance with all covenants, including all financial covenants, in all notes, indentures, bonds and other instruments or
agreements evidencing any Indebtedness.

 

3.13 Insurance.
Schedule 3.13 contains a true, complete and correct list (including the names and addresses of the insurers, the names of the Persons
if other than Company to whom such insurance policies have been issued, the expiration dates thereof, the annual premiums and payment
terms thereof, whether it is a “claims made” or an “occurrence” policy and a brief identification of the
nature of the policy) of all liability, property, workers’ compensation or comparable insurance and other insurance policies
currently in effect that insure Company and the property, assets, including without limitation the Real Property, included in the
Business. Each such insurance policy is valid and binding and in full force and effect, all premiums due thereunder have been paid
and Company has not received any notice of cancellation or termination in respect of any such policy or default thereunder. Company
believes such insurance policies, in light of the nature of the Business are in amounts and have coverage that are reasonable and
customary for Persons engaged in such business and having such assets and properties. Company has not received notice that any
insurer under any policy referred to in this Section 3.13 is denying liability with respect to a claim thereunder or defending
under a reservation of rights clause. Except as set forth on Schedule 3.13, within the last two (2) years, Company has not filed
for any claims exceeding $50,000 against any of their insurance policies. Company has not received written notice from any of its
insurance carriers or brokers that any premiums will be materially increased in the future, and does not have any reason to believe
that any insurance coverage listed on Schedule 3.13 will not be available in the future to LuxCo on substantially the same terms
as now in effect.

 

3.14 Licenses and
Permits. Schedule 3.14 correctly lists each license, franchise, permit, order or approval or other similar authorization affecting,
or relating in any way to Company, together with the name of the Authority issuing the same (the “Permits”). Such Permits
are valid and in full force and effect, and none of the Permits will, assuming the related consents related to those Contracts
subject to Consent have been obtained or waived prior to the Closing Date, be terminated or impaired or become terminable as a
result of the transactions contemplated hereby. Company has all Permits necessary for it to operate.

 

3.15 Compliance
with Laws. Except as set forth on Schedule 3.15, Company is not in violation of, has violated, and, to the best knowledge of
Company and Sellers, is neither under investigation with respect to nor has been threatened in writing to be charged with or given
notice of any violation or alleged violation of, any Law, or judgment, order or decree entered by any court, arbitrator or Authority,
domestic or foreign, nor to the best knowledge of Sellers is there any basis for any such charge and within the last 24 months
Company has not received any subpoenas by any Authority.

 

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(a)Without limiting
the foregoing paragraph, Company is not in violation of, has not violated, and to the best knowledge of Sellers and Company, is
not under investigation with respect to nor has been threatened or charged with or given notice of any violation of any provisions
of any Law applicable to Company.

 

(b)No permit,
license or registration is required in the conduct of the Business under any of the Laws described in this Section 3.15.

 

3.16 Accounts Receivable;
Loans. All accounts receivables and notes of Company whether reflected on Schedule 3.16 or otherwise, represent valid obligations
arising from lease agreements or services actually performed by Company in the ordinary course of business. Except as set forth
on Schedule 3.16, there is no contest, claim, or right of setoff in any lease agreement with tenants or in other agreements with
any maker of an account receivable or note relating to the amount or validity of such account, receivables or note. All accounts,
receivables or notes are good and collectible in the ordinary course of business. The information set forth on Schedule 3.16 separately
identifies any and all accounts, receivables or notes of Company which are owed by any Affiliate of Company or Sellers.

 

3.17 Customers;
Revenues. The list of the Company’s 10 largest customers or tenants based on revenues derived by the Company’s
customers or tenants, which together with related revenue information for the Company’s December 31, 2012 and 2011 fiscal
years, is attached hereto as Schedule 3.17 and is true and complete. Except as indicated on Schedule 3.17, Company has not been
notified, on a formal or informal basis, of the probability or actuality or otherwise have any reason to believe that any of its
customers or tenants from which Company derived revenues in excess of $100,000 in its 2011 fiscal year or in the 2012 Period (as
shown on Schedule 3.22) intends to or will cancel, substantially limit, terminate or materially modify the terms of its business
relationship with Company. Company has not received any written notice or communication from its customers or tenants to the effect
that the revenues with respect to such customers or tenants should not, for the foreseeable future after the Closing, in the aggregate
remain constant or increase from the amounts shown on Schedule 3.16 or why the practices of Company with respect to the billing
of and collections from its customers or tenants should not, for the foreseeable future after the Closing, be able to be continued
by Company on substantially the same basis.

 

3.18 Pre-payments.
Except as set forth on Schedule 3.18, Company has not received any payments with respect to lease agreements to be paid or to any
services to be rendered after the Closing.

 

3.19 Employees.
Company has no employees.

 

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3.20 Employee Benefits
and Compensation. There are no employee benefits plans maintained or contributed to by Company and with respect to which Company
could incur or could have incurred any direct or indirect, fixed or contingent liability.

 

3.21 Real Property

 

(a)Company has
good and valid (and, in the case of owned Real Property, good and marketable fee simple, or comparable right) title to, or a valid
leasehold interest in, all Real Property and personal property and other assets reflected on Exhibit B. All such properties and
assets (including leasehold interests) are free and clear of Liens except for the following (collectively referred to as “Permitted
Lien”):

 

(i)those items
set forth on Schedule 3.21(a);

 

(ii)easements,
rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually or in the aggregate,
material to the Business; or

 

(iii)other than
with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment leases
with third parties entered into in the ordinary course of business consistent with past practice which are not, individually or
in the aggregate, material to the Business.

 

(b)Schedule 3.21
(b) lists: (i) the street address of each parcel of Real Property; (ii) if such property is leased or subleased by Company, the
landlord under the lease, the rental amount currently being paid, and the expiration of the term of such lease or sublease for
each leased or subleased property; and (iii) the current use of such property.

 

(c)With respect
to owned Real Property, Company has delivered or made available to Parent or LuxCo true, complete and correct copies of the deeds
and other comparable instruments (as duly recorded in the appropriate cadastral offices and land registries) by which Company and
Sellers acquired such Real Property, and copies of all title insurance policies, opinions, abstracts and surveys in the possession
of Sellers and Company, relating to the Real Property.

 

(d)With respect
to any Lease: (i) it is valid, binding and in full force and effect; (ii) all rents and additional rents and other sums, expenses
and charges due thereunder have been paid; (iii) the lessee has been in peaceable possession since the commencement of the original
term thereof; (iv) no waiver, indulgence or postponement of the lessee’s obligations thereunder has been granted by the lessor;
(v) there exists no default or event of default thereunder by Company or to the best knowledge of Sellers by any other party thereto;
(vi) there exists no occurrence, condition or act which, with the giving of notice, the lapse of time or the happening of any further
event or condition, would become a default or event of default by Company thereunder; and (vii) there are no outstanding claims
of breach or indemnification or notice of default or termination thereunder. The Real Property leased by Company is in a state
of maintenance and repair in all material respects adequate and suitable for the purposes for which it is presently being used,
and there are no material repair or restoration works likely to be required in connection with any of the leased Real Properties.
Company is in physical possession and actual and exclusive occupation of the whole of the leased property, none of which is subleased
or assigned to another Person.

 

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(e)Company and
Sellers do not owe any brokerage commission with respect to any Real Property.

 

3.22 Tax Matters.
Except as set forth on Schedule 3.22, Company has paid all Taxes due in connection with the Business, including without limitation
the so-called Imposta Municipale Unica (IMU). Company has duly and timely filed all Tax Returns which are required to be
filed by or with respect to it, and has paid all Taxes for which a Lien may be imposed on any of the Business’ assets which
have become due.

 

3.23 Environmental
Laws. Company has complied in all material respects with all Laws relating to pollution or the protection of the environment
or human health or Hazardous Materials (“Environmental Laws”), and there is not and there has not been at any time
any notice, demand, request for information, complaint, order, investigation, or review pending or, to the best knowledge of Company
and Sellers, threatened by any Authority with respect to any alleged violation by Company of any Environmental Law. Company has
not been requested by any Authority to pay any sum of money, or otherwise aid or take any action or refrain from taking actions,
to abate or remediate any environmental occurrence or condition (including removal of asbestos or any other potentially hazardous
substance). All Real Property is in compliance in all material respects with all Environmental Laws and no environmental site assessments
for any such Real Property have identified any violations of any Environmental Laws in connection therewith. Company has not retained
or assumed, by contract or operation of Law, any liabilities or obligations of third parties under Environmental Laws, including
any obligations of Company. Company is not aware of or reasonably anticipates, as of the Closing Date, any condition, event or
circumstance concerning the release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede or
materially increase the costs associated with the ownership, lease, operation, performance or use of the Business or assets of
Company as currently carried out.

 

3.24 Finders’
Fees. There is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act
on behalf of Company or Sellers or any of their Affiliates who might be entitled to any fee or commission from Parent, LuxCo or
any of their Affiliates upon consummation of the transactions contemplated by this Agreement.

 

3.25 Powers of Attorney
and Suretyships. Except as set forth on Schedule 3.25, Company has not general or special powers of attorney outstanding (whether
as grantor or grantee thereof) or any obligation or liability (whether actual, accrued, accruing, contingent, or otherwise) as
guarantor, surety, co-signer, endorser, co-maker, indemnitor or otherwise in respect of the obligation of any Person.

 

3.26 Other Information.
Neither this Agreement nor any of the documents or other information made available to Parent, LuxCo or their Affiliates, attorneys,
accountants, agents or representatives pursuant hereto or in connection with Parent or LuxCo’s due diligence review of Company,
Sellers, the Real Property, the Business assets or the transactions contemplated by this Agreement and the Additional Agreements
contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order
to make the statements contained therein not misleading. Company provided Parent and LuxCo all material information regarding Company,
the Business and the Real Property.

 

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3.27 Certain Business
Practices. Neither Company, nor any director, officer, agent or employee of Company (in their capacities as such) has (i) used
any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made
any unlawful payment to foreign or domestic government officials or employees, to foreign or domestic political parties or campaigns
or violated any provision of the Foreign Corrupt Practices Act of 1977 or (iii) made any other unlawful payment. Neither Company,
nor any of its Subsidiaries, nor any director, officer, agent or employee of Company (nor any Person acting on behalf of any of
the foregoing, but solely in his or her capacity as a director, officer, employee or agent of Company) has, since January 1, 2000,
directly or indirectly, given or agreed to give any gift or similar benefit in any material amount to any customer, supplier, governmental
employee or other Person who is or may be in a position to help or hinder Company or assist Company in connection with any actual
or proposed transaction, which, if not given could reasonably be expected to have had an adverse effect on Company, or which, if
not continued in the future, could reasonably be expected to adversely affect the business or prospects of Company that could reasonably
be expected to subject Sellers to suit or penalty in any private or governmental litigation or proceeding.

 

3.28 Money Laundering
Laws. The operations of Company are and have been conducted at all times in compliance with laundering statutes in all applicable
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental authority (collectively, the “Money Laundering Laws”), and no Action involving Company
and the Business with respect to the Money Laundering Laws is pending or, to the best knowledge of Sellers, threatened.

 

3.29 OFAC. Company
is not, or any of its directors or officers, agent, employee, affiliate or Person acting on behalf of Company is, currently identified
on the specially designated nationals or other blocked person list or otherwise currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and Company has not, directly or
indirectly, used any funds, or loaned, contributed or otherwise made available such funds to any Person, in connection with 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, or otherwise in violation of, any U.S. sanctions administered by OFAC in the
last five (5) fiscal years.

 

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EXHIBIT 4

 

REPRESENTATIONS AND WARRANTIES OF PARENT,
LUXCO AND BHN

 

4.1 Corporate Existence
and Power. Parent is a company duly organized, validly existing and in good standing under the laws of the Cayman Island. LuxCo
is a company duly organized, validly existing and in good standing under the laws of Luxembourg. BHN is a company duly organized,
validly existing and in good standing under the laws of the state of New York. Parent owns all of the outstanding equity interests
in LuxCo.

 

4.2 Corporate Authorization.
The execution, delivery and performance by Parent, LuxCo and BHN of this Agreement and the Additional Agreements and the consummation
by Parent, LuxCo and BHN of the transactions contemplated hereby and thereby are within the corporate powers of Parent, LuxCo and
BHN, and have been duly authorized by all necessary corporate action on the part of Parent, LuxCo and BHN. Each of this Agreement
and the Additional Agreements have been duly executed and delivered by Parent, LuxCo and BHN and it constitutes a valid and legally
binding agreement of Parent, LuxCo and BHN, enforceable against them in accordance with its terms.

 

4.3 Parent Board
Approval. The board of directors of Parent (including any required committee or subgroup of such board) has, as of the date
of this Agreement, unanimously (i) declared the advisability of the transactions contemplated by this Agreement, (ii) determined
that the transactions contemplated hereby are in the best interests of the stockholders of Parent, and (iii) determined that the
transactions contemplated hereby constitutes a “Business Transaction” as such term is defined in Parent’s Amended
and Restated Memorandum and Article of Association. Assuming no more than a number of shares of the Parent Common Stock equal to
eighty-three percent (83%) of the “IPO Shares” as defined in the Parent’s Amended and Restated Memorandum and
Article of Association, elect to redeem their Parent Common Stock in the Tender Offer, no other action on the part of Parent’s
stockholders is required to consummate the transactions contemplated hereby and upon consummation thereof, Article 156 of Parent’s
certificate of incorporation, as amended, shall no longer be applicable. The execution, delivery and performance by Parent of this
Agreement and the Additional Agreements and the consummation by Parent of the transactions contemplated hereby and thereby are
within the corporate powers of Parent, and have been duly authorized by all necessary corporate action on the part of Parent. This
Agreement has been duly executed and delivered by Parent and it constitutes a valid and legally binding agreement of Parent, enforceable
against it in accordance with its terms.

 

4.4 Governmental
Authorization. Neither the execution, delivery nor performance by Parent and LuxCo of this Agreement requires any consent,
approval, license or other action by or in respect of, or registration, declaration or filing with, any Authority except for any
filings required to be made in connection with the Registration Rights Agreement.

 

4.5 Non-Contravention.
The execution, delivery and performance by Parent, LuxCo and BHN of this Agreement do not and will not (i) contravene or conflict
with the organizational or constitutive documents of Parent, LuxCo or BHN, or (ii) contravene or conflict with or constitute a
violation of any provision of any Law, judgment, injunction, order, writ, or decree binding upon Parent, LuxCo or BHN.

 

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4.6 Finders’
Fees. Except for Stabilfin SRL, and Morgan Joseph TriArtisan LLC, there is no investment banker, broker, finder or other intermediary
which has been retained by or is authorized to act on behalf of Parent, LuxCo, BHN or any of their Affiliates who might be entitled
to any fee or commission from Sellers upon consummation of the transactions contemplated by this Agreement or any of the Additional
Agreements.

 

4.7 Issuance of
Shares. The Exchange Shares, when issued, will be duly authorized, validly issued, fully paid and nonassessable, free and clear
of Liens.

 

4.8 Capitalization
of Parent. The authorized capital stock of Parent consists of 50,000,000 shares of Parent Common Stock and 1,000,000 shares
of preferred stock, par value $0.001 per share, of which 1,886,028 shares of Parent Common Stock are issued and outstanding as
of the date hereof and no shares of preferred stock are issued and outstanding. 7,080,050 warrants and 60,000 options to purchase
shares of Parent Common Stock are outstanding. A unit purchase option to purchase 215,000 units (consisting of one share of Parent
Common Stock and one warrant) for $12.00 per unit is issued and outstanding. No shares of capital stock or other voting securities
of Parent are issued, reserved for issuance or outstanding. All outstanding shares of Parent Common Stock are duly authorized,
validly issued, fully paid and nonassessable and not subject to or issued in violation of any purchase option, right of first refusal,
preemptive right, subscription right or any similar right under any provision of the Companies Law (2011 Revision) of the Cayman
Islands, Parent’s organizational documents or any contract to which Parent is a party or by which Parent is bound.

 

4.9 Information
Supplied. None of the information supplied or to be supplied by Parent expressly for inclusion or incorporation by reference
in the filings with the SEC or the mailings to Parent’s stockholders and warrant holders as it relates to the Business Combination
Tender Offer will, at the date of filing or mailing, or any amendment thereto, as the case may be, contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they are made, not misleading (subject to the qualifications and limitations
set forth in the materials provided by Parent or that are included in the Parent SEC filings or mailings).

 

4.10 Trust Fund.
As of the date of this Agreement (and immediately prior to the Closing Date), Parent has (and will have
immediately prior to the Closing Date) at least $6,453,080.40 in the trust fund established by Parent for the benefit of its public
stockholders in the Trust Account, such monies invested in “government securities” (as such term is defined in the
Investment Company Act of 1940, as amended), and held in trust pursuant to the Investment Management
Trust Agreement, dated as of March 30, 2011, between Parent and American Stock Transfer & Trust Company as trustee.

 

4.11 Parent SEC
Documents and Parent Financial Statements. Parent has filed all forms, reports, schedules, statements and other documents,
including any exhibits thereto, required to be filed or furnished by Parent with the SEC since March 24, 2011 under the Exchange
Act or the Securities Act, together with any amendments, restatements or supplements thereto, and will file all such forms, reports,
schedules, statements and other documents required to be filed subsequent to the date of this Agreement (the “Additional
Parent SEC Documents”). Parent has made available to the Sellers copies in the form filed with the SEC of all of the following,
except to the extent available in full without redaction on the SEC’s website through EDGAR for at least two (2) days prior
to the date of this Agreement: (i) Parent’s Annual Reports on Form 20-F for each fiscal year of Parent beginning with the
first year Parent was required to file such a form, (ii) all proxy statements relating to Parent’s meetings of stockholders
(whether annual or special) held, and all information statements relating to stockholder consents, since the beginning of the first
fiscal year referred to in clause (i) above, (iii) its Reports of Foreign Private Issuer on Form 6-K filed since the beginning
of the first fiscal year referred to in clause (i) above, and (iv) all other forms, reports, registration statements and other
documents filed by Parent with the SEC since Parent’s formation (the forms, reports, registration statements and other documents
referred to in clauses (i), (ii), (iii) and (iv) above, whether or not available through EDGAR, are, collectively, the “Parent
SEC Documents”). The Parent SEC Documents were, and the Additional Parent SEC Documents will be, prepared in all material
respects in accordance with the requirements of the Securities Act, the Exchange Act, and the Sarbanes-Oxley Act, as the case may
be, and the rules and regulations thereunder. The Parent SEC Documents did not, and the Additional Parent SEC Documents will not,
at the time they were or are filed, as the case may be, with the SEC (except to the extent that information contained in any Parent
SEC Document or Additional Parent SEC Document has been or is revised or superseded by a later filed Parent SEC Document or Additional
Parent SEC Document, then on the date of such filing) 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 made therein, in the light of the circumstances
under which they were made, not misleading. From the date of the most recent Parent SEC Document there has been no Parent Material
Adverse Effect. As used in this Section 4.11, the term “file” shall be broadly construed to include any manner in which
a document or information is furnished, supplied or otherwise made available to the SEC.

 

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EXHIBIT 8

 

BUSINESS COMBINATION
TENDER OFFER

 

(a)               
Prior to the Closing Date, Prime will provide its stockholders with the opportunity to redeem their shares of Parent Common
Stock for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less Taxes, upon the
consummation of the transactions contemplated by this Agreement (the “Business Combination Tender Offer”).

 

(b)              
Business Combination Tender Offer Documents. Each of Parent, LuxCo, BHN, Company, and the Sellers agree to correct
promptly any information provided by it for use in the Business Combination Tender Offer Documents that shall have become false
or misleading in any material respect, and Parent further agrees to take all steps necessary to cause the Schedule TOs, as so corrected,
to be filed with the SEC, and the other Business Combination Tender Offer Documents, as so corrected, to be disseminated to holders
of Parent Common Stock, in each case as and to the extent required by applicable federal securities laws.

 

(c)               
Company Cooperation. The Company and Sellers acknowledge that a substantial portion of the filings with the SEC and
mailings to Parent’s stockholders with respect to the Business Combination Tender Offer shall include disclosure regarding
the Company and its management, operations and financial condition. Accordingly, each of the Company and the Sellers agrees to
as promptly as reasonably practical provide Parent with such information as shall be reasonably requested by Parent for inclusion
in or attachment to the Business Combination Tender Offer Documents. Each of the Company and Sellers understands that such information
shall be included in the Offer Documents and/or responses to comments from the SEC or its staff in connection therewith and mailings.
The Company shall make, and cause each Subsidiary to make, their managers, directors, officers and employees available to Parent
and its counsel in connection with the drafting of such filings and mailings and responding in a timely manner to comments from
the SEC.

 

(d)              
Other Information. None of the information supplied or to be supplied by the Company and the Sellers with respect
to the Company and the Sellers expressly for inclusion or incorporation by reference in the filings with the SEC or the mailings
to Parent’s stockholders and warrant holders as it relates to the Business Combination Tender Offer will, at the date of
filing or mailing, or any amendment thereto, as the case may be, contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they are made, not misleading (subject to the qualifications and limitations set forth in the materials provided by
the Company and the Sellers or that is included in the SEC filings or mailings).

 

    	1

    	 

    

 

EXHIBIT F

 

STOCKHOLDERS AGREEMENT

 

The following actions
shall be governed by the Stockholders Agreement, pursuant to which Company shall not, without Sellers’ prior written consent:

 

i.amend its articles
of association or comparable document;

 

ii.without prejudice
to paragraph (v) below regarding assets, acquire or transfer, by way of merger, contribution of assets, purchase or sale of shares
or assets (a) any interest in a company (excluding investments in liquid shares of limited liability entities made solely for cash
management purposes), or (b) any going concern;

 

iii.alter in any
way its registered share capital (through an increase, a reduction, a redemption or otherwise) or issue (or agree to issue) any
shares, securities or any options, warrants, or other rights to purchase any such shares or any securities convertible into or
exchangeable for such shares, or more generally carry out any transaction concerning the distribution of share capital, voting
rights and rights to the Company profits;

 

iv.incur additional
third party indebtedness for borrowed money, save for the utilization in the ordinary course of business of any credit lines currently
made available to the Company;

 

v.except in the
ordinary course of business, (a) sell, transfer or otherwise dispose of any fixed assets of Company or (b) accept to create any
new Lien over the properties or assets of Company;

 

vi.enter into any
contract other than in the ordinary course of business;

 

vii.make capital
expenditures, other than in the ordinary course of business;

 

viii.enter into
any sale and lease-back arrangements whatsoever, other than in the ordinary course of business;

 

ix.change the debtors
payment methods and policy, assessed on a country-by-country basis, or the issue of invoices or collection of receivables policies;

 

x.amend its accounting
methods and practices;

 

xi.launch new activities
or enter into any contract which may result in a material change in the nature or scope of the business of Company;

 

xii.enter into
any joint-venture, unlimited liability partnership or other similar arrangement with any third party; and

 

xiii.amend, modify
or waive any provision of the Pledge Agreement.

 

 

    	1

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