Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is dated as of and effective as of August 31, 2017 (the “Effective
Date”), by and between Meridian Waste Solutions, Inc., a corporation incorporated under the laws of the State of New
York (the “Company”), and the investors set forth on the signature page hereof (the “Purchasers”).

 

WHEREAS,
the Company and the Purchasers are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b)
of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission under the
Securities Act.

 

WHEREAS,
Purchasers desire to purchase from the Company, and the Company desires to sell and issue to Purchasers, upon the terms and subject
to the conditions contained herein, units consisting of shares of Series D Preferred Stock with a liquidation preference of $10.00
per share (the “Preferred Stock”), the certificate of designation of which is in the form attached hereto as
Exhibit A, shares of the Company’s Common Stock, and warrants to purchase shares of Common Stock (the “Warrants”),
in the form attached hereto as Exhibit B.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, each intending to be legally bound,
agree as follows:

 

ARTICLE
I

RECITALS,
EXHIBITS, SCHEDULES

 

The
foregoing recitals are true and correct and, together with the Schedules and Exhibits referred to hereafter, are hereby incorporated
into this Agreement by this reference.

 

ARTICLE
II

DEFINITIONS

 

For
purposes of this Agreement, except as otherwise expressly provided or otherwise defined elsewhere in this Agreement, or unless
the context otherwise requires, the capitalized terms in this Agreement shall have the meanings assigned to them in the Preferred
Stock or this Article as follows:

 

2.1 
“Affiliate” means, with respect to a Person, any other Person directly or indirectly controlling, controlled
by, or under common control with, such Person at any time during the period for which the determination of affiliation is being
made. For purposes of this definition, the term “control,” “controlling” “controlled” and
words of similar import, when used in this context, means, with respect to any Person, the possession, directly or indirectly,
of the power to direct, or cause the direction of, management policies of such Person, whether through the ownership of voting
securities, by contract or otherwise.

 

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2.2 
“Assets” means all of the properties and assets of the Person in question, as the context may so require, whether
real, personal or mixed, tangible or intangible, wherever located, whether now owned or hereafter acquired.

 

2.3 
“Business Day” shall mean any day other than a Saturday, Sunday or a legal holiday on which federal banks are
authorized or required to be closed for the conduct of commercial banking business.

 

2.4 
“Claims” means any Proceedings, Judgments, Obligations, threats, losses, damages, deficiencies, settlements,
assessments, charges, costs and expenses of any nature or kind.

 

2.5 
“Common Stock” means the common stock of the Company, par value $0.025 per share.

 

2.6 
“Common Stock Equivalents” means any securities of the Company or its subsidiaries which would entitle the
holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock.

 

2.7 
“Consent” means any consent, approval, order or authorization of, or any declaration, filing or registration
with, or any application or report to, or any waiver by, or any other action (whether similar or dissimilar to any of the foregoing)
of, by or with, any Person, which is necessary in order to take a specified action or actions, in a specified manner and/or to
achieve a specific result.

 

2.8
“Contract” means any written or oral contract, agreement, order or commitment of any nature whatsoever,
including, any sales order, purchase order, lease, sublease, license agreement, services agreement, loan agreement, mortgage,
security agreement, guarantee, management contract, employment agreement, consulting agreement, partnership agreement,
shareholders agreement, buy-sell agreement, option, warrant, Preferred Stock, subscription, call or put required to be filed
as an exhibit to the SEC Filings (as that term is defined below).

 

2.9 
“Preferred Stock” shall have the meaning given to it in the preamble hereof.

 

2.10 
“Effective Date” means the date so defined in the introductory paragraph of this Agreement.

 

2.11
“Encumbrance” means any lien, security interest, pledge, mortgage, easement, leasehold, assessment, tax,
covenant, restriction, reservation, conditional sale, prior assignment, or any other encumbrance, claim, burden or charge of
any nature whatsoever.

 

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2.12 
“Environmental Requirements” means all Laws and requirements relating to human, health, safety or protection
of the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, or Hazardous Materials
in the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata),
or otherwise relating to the treatment, storage, disposal, transport or handling of any Hazardous Materials.

 

2.13 
“GAAP” means generally accepted accounting principles, methods and practices set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, and statements and
pronouncements of the Financial Accounting Standards Board, or of such other Person as may be approved by a significant segment
of the U.S. accounting profession, in each case as of the date or period at issue, and as applied in the U.S. to U.S. companies.

 

2.14 
“Governmental Authority” means any foreign, federal, state or local government, or any political subdivision
thereof, or any court, agency or other body, organization, group, stock market or exchange exercising any executive, legislative,
judicial, quasi-judicial, regulatory or administrative function of government.

 

2.15 
“Hazardous Materials” means: (i) any chemicals, materials, substances or wastes which are now or hereafter
become defined as or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous
materials,” “extremely hazardous wastes,” “restricted hazardous wastes,” “toxic substances,”
“toxic pollutants” or words of similar import, under any Law; and (iii) any other chemical, material, substance, or
waste, exposure to which is now or hereafter prohibited, limited or regulated by any Governmental Authority.

 

2.16 
“Judgment” means any order, writ, injunction, fine, citation, award, decree, or any other judgment of any nature
whatsoever of any Governmental Authority.

 

2.17 
“Law” means any provision of any law, statute, ordinance, code, constitution, charter, treaty, rule or regulation
of any Governmental Authority.

 

2.18
“Leases” means all leases for real or personal property.

 

2.19 
“Material Adverse Effect” shall mean: (i) a material adverse change in, or a material adverse effect upon,
the Assets, business, prospects, properties, financial condition or results of operations of the Company; (ii) a material impairment
of the ability of the Company to perform any of its Obligations under any of the Transaction Documents; or (iii) a material adverse
effect on: (A) the legality, validity, binding effect or enforceability against the Company of any of the Transaction Documents;
(B) the rights or remedies of the Purchasers under any of the Transaction Documents; or (C) a material adverse effect or impairment
on the Purchaser’s ability to sell the shares of the Company’s Common Stock issuable to Purchasers under any Transaction
Documents without limitation or restriction. For purposes of determining whether any of the foregoing changes, effects, impairments,
or other events have occurred, such determination shall be made by each Purchaser, in its sole, but reasonably exercised, discretion.

 

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2.20 
“Obligation” means, now existing or in the future, any debt, liability or obligation of any nature whatsoever
(including any required performance of any covenants or agreements), whether secured, unsecured, recourse, nonrecourse, liquidated,
unliquidated, accrued, voluntary or involuntary, direct or indirect, absolute, fixed, contingent, ascertained, unascertained,
known, unknown, whether or not jointly owed with others, whether or not from time to time decreased or extinguished and later
decreased, created or incurred, or obligations under Contracts, existing or incurred under this Agreement or the Preferred Stock,
as such obligations may be amended, supplemented, converted, extended or modified from time to time.

 

2.21 
“Ordinary Course of Business” means the ordinary course of business of the Person in question, consistent with
past custom and practice (including with respect to quantity, quality and frequency).

 

2.22 
“Permit” means any license, permit, approval, waiver, order, authorization, right or privilege of any nature
whatsoever, granted, issued, approved or allowed by any Governmental Authority.

 

2.23 
“Person” means any individual, sole proprietorship, joint venture, partnership, company, corporation, association,
cooperation, trust, estate, Governmental Authority, or any other entity of any nature whatsoever.

 

2.24 
“Proceeding” means any demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative
hearing, or any other proceeding of any nature whatsoever.

 

2.25 
“Registration Rights Agreement” means the registration rights agreement between the Company and each Purchaser,
in the form of Exhibit C hereto.

 

2.26 
“Securities” means, collectively, the Preferred Stock, Common Stock and Warrants and any additional shares
of Common Stock issuable (i) in connection with a conversion of the Preferred Stock, (ii) exercise of the Warrants or (iii) issuance
in accordance with any of the terms or provisions of this Agreement or any other Transaction Documents.

 

2.27 
“Tax” means (i) any foreign, federal, state or local income, profits, gross receipts, franchise, sales, use,
occupancy, general property, real property, personal property, intangible property, transfer, fuel, excise, accumulated earnings,
personal holding company, unemployment compensation, social security, withholding taxes, payroll taxes, or any other tax of any
nature whatsoever, (ii) any foreign, federal, state or local organization fee, qualification fee, annual report fee, filing fee,
occupation fee, assessment, rent, or any other fee or charge of any nature whatsoever, or (iii) any deficiency, interest or penalty
imposed with respect to any of the foregoing.

 

2.28 
“Tax Return” means any tax return, filing, declaration, information statement or other form or document required
to be filed in connection with or with respect to any Tax.

 

2.29 
“Transaction Documents” means this Agreement any and all documents or instruments executed or to be executed
by the Company in connection with this Agreement, including the Preferred Stock and the Warrants, together with all modifications,
amendments, extensions, future advances, renewals, and substitutions thereof.

 

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2.30 
“Underlying Shares” means collectively the shares of Common Stock issuable upon conversion of the Preferred
Stock and the shares of Common Stock issuable upon exercise of the Warrants.

 

2.31 
“Unit” means a unit of Securities to be purchased consisting of (i) one (1) share of Preferred Stock, (ii)
fifteen (15) Warrants, and (iii) three (3) shares of Common Stock.

 

2.32 
“Variable Rate Transaction” shall have the meaning set forth in Section 4.5 of this Agreement.

 

2.33 
“Warrant(s)” means the five (5) year Common Stock Purchase Warrants of the Company, the form of which is attached
hereto as Exhibit B.

 

2.34 
“Warrant Shares” means all shares of Common Stock issuable upon exercise of the Warrants and/or any other securities
issuable upon exercise of the Warrants.

  

ARTICLE
III

INTERPRETATION

 

In
this Agreement, unless the express context otherwise requires: (i) the words “herein,” “hereof” and “hereunder”
and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) references
to the words “Article” or “Section” refer to the respective Articles and Sections of this Agreement, and
references to “Exhibit” or “Schedule” refer to the respective Exhibits and Schedules attached hereto;
(iii) references to a “party” mean a party to this Agreement and include references to such party’s permitted
successors and permitted assigns; (iv) references to a “third party” mean a Person not a party to this Agreement;
(v) references to the words “share” or “shareholder”, if in reference to the Company, shall refer to “units”
or “unitholder” respectively and (v) the terms “dollars” and “$” means U.S. dollars; (vi)
wherever the word “include,” “includes” or “including” is used in this Agreement, it will
be deemed to be followed by the words “without limitation”.

  

ARTICLE
IV

PURCHASE
AND SALE OF UNITS

 

4.1 
Purchase and Sale of Units. Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, Purchasers
agree to purchase, and Company agrees to sell and issue to Purchasers, up to 141,000 Units for the Purchase Price set forth on
Schedule 1 attached hereto. The Purchase Price for each Unit shall be ten dollars ($10.00). The aggregate Purchase Price for the
Units which may be purchased under this Agreement shall not exceed $1,410,000.

 

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4.2 
Closing Date. The purchase and sale of the Units shall take place on the Effective Date, or such later date as the Company
and the Purchasers may agree in writing, subject to satisfaction of the conditions set forth in this Agreement (the “Closing
Date“).

 

4.3 
Form of Payment. Subject to the satisfaction of the terms and conditions of this Agreement, on the Closing Date: (i) the
Purchasers shall deliver to the Company, to a Company account designated by the Company, the Purchase Price for the Preferred
Stock and Warrants to be issued and sold to Purchasers, minus the fees to be paid directly from the proceeds as set forth in this
Agreement, in the form of wire transfers of immediately available U.S. dollars; and (ii) the Company shall deliver to Purchasers
the Securities which each Purchaser is purchasing hereunder, duly executed on behalf of the Company, together with any other documents
required to be delivered pursuant to this Agreement.

  

ARTICLE
V

PURCHASERS’
REPRESENTATIONS AND WARRANTIES

 

Each
Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date
to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

5.1 
Investment Purpose. Purchaser is acquiring the Securities for its own account for investment only and not with a view towards,
or for resale in connection with, the public sale or distribution thereof.

 

5.2 
Accredited Purchaser Status. Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation
D, as promulgated under the Securities Act of 1933.

 

5.3 
Reliance on Exemptions. Purchaser understands that the Securities are being offered and sold to it in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of Purchasers set forth herein in order to determine the availability of such exemptions and the eligibility
of Purchaser to acquire the Securities.

 

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5.4 
Information. Purchaser and its advisors, if any, have been furnished with all materials they have requested relating to
the business, finances and operations of the Company and information Purchaser deemed material to making an informed investment
decision regarding its purchase of the Securities. Purchaser and its advisors, if any, have been afforded the opportunity to ask
questions of the Company and its management and have received response from the Company or management satisfactory to the Purchaser.
 Purchaser acknowledges receipt of the disclosures contained on Exhibit D attached hereto, entitled “Company
Disclosures.” Neither such inquiries, nor any materials provided to Purchasers, nor any other due diligence investigations
conducted by Purchaser or its advisors, if any, or its representatives, shall modify, amend or affect Purchaser’s right
to fully rely on the Company’s representations and warranties contained in Article VI below. Purchaser understands that
its investment in the Securities involved a high degree of risk.  Purchaser is in a position regarding the Company, which,
based upon economic bargaining power, enabled and enables Purchaser to obtain information from the Company in order to evaluate
the merits and risks of this investment. Purchaser has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its acquisition of the Securities.

 

5.5 
No Governmental Review. Purchaser understands that no United States federal or state Governmental Authority has passed
on or made any recommendation or endorsement of the Securities, or the fairness or suitability of the investment in the Securities,
nor have such Governmental Authorities passed upon or endorsed the merits of the offering of the Securities.

 

5.6 
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of Purchasers
and is a valid and binding agreement of Purchaser, enforceable in accordance with its terms, except as such enforceability may
be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

ARTICLE
VI

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

To
induce the Purchasers to purchase the Securities, the Company makes the following representations and warranties to Purchasers,
each of which shall be true and correct in all respects as of the date of the execution and delivery of this Agreement, and which
shall survive the execution and delivery of this Agreement:

 

6.1 
Organization. The Company is a corporation, duly incorporated, validly existing and in good standing under the Laws of
the State of New York. The Company has the full power and authority and all necessary certificates, licenses, approvals and Permits
to: (i) enter into and execute this Agreement and the Transaction Documents and to perform all of its Obligations hereunder and
thereunder; and (ii) own and operate its Assets and properties and to conduct and carry on its business as and to the extent now
conducted. The Company is duly qualified to transact business and is in good standing as a foreign corporation in each jurisdiction
where the character of its business or the ownership or use and operation of its Assets or properties requires such qualification.
The exact legal name of the Company is as set forth in the preamble to this Agreement, and the Company does not currently conduct,
nor has the Company, during the last five (5) years conducted, business under any other name or trade name.

 

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6.2 
Authority and Approval of Agreement; Binding Effect. The execution and delivery by Company of this Agreement and the Transaction
Documents, and the performance by Company of all of its Obligations hereunder and thereunder, including the issuance of the Securities,
have been duly and validly authorized and approved by the Company and its board of directors pursuant to all applicable Laws and
no other action or Consent on the part of Company, its board directors or any other Person is necessary or required by the Company
to execute this Agreement and the Transaction Documents, consummate the transactions contemplated herein and therein, perform
all of Company’s Obligations hereunder and thereunder, or to issue the Securities. This Agreement and each of the Transaction
Documents have been duly and validly executed by Company (and the officer executing this Agreement and all such other Transaction
Documents is duly authorized to act and execute same on behalf of Company) and constitute the valid and legally binding agreements
of Company, enforceable against Company in accordance with their respective terms, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

6.3 
Capitalization. The authorized capital stock of the Company consists of 75,000,000 shares of Common Stock, par value $0.025
per share, of which 9,752,322 shares are issued and outstanding and the following preferred stock: (i) 51 shares of Series A Preferred
Stock authorized of which 51 shares of Series A Preferred Stock are issued and outstanding; (ii) 71,120 shares of Series B Preferred
Stock authorized of which 0 shares of Series B Preferred Stock are issued and outstanding; (iii) 67,361 shares of Series C Preferred
Stock authorized of which 0 shares of Series C Preferred Stock are issued and outstanding; and (iv) 4,861,468 shares of undesignated
“blank check” preferred stock. All of such outstanding shares have been validly issued and are fully paid and nonassessable,
have been issued in compliance with all foreign, federal and state securities laws and none of such outstanding shares were issued
in violation of any preemptive rights or similar rights to subscribe for or purchase securities. The Company has no subsidiaries
other than Here to Serve – Missouri Waste Division, LLC, Here to Serve – Georgia Waste Division, LLC, Meridian Waste
Operations, Inc., Meridian Land Company, LLC, Christian Disposal, LLC, FWCD, LLC, The CFS Group, LLC, The CFS Group Disposal&
Recycling Services, LLC, RWG5, LLC, Meridian Waste Missouri, LLC, Meridian Innovations, LLC and Mobile Science Technologies, LLC.
As of the Effective Date, no shares of the Company’s capital stock are subject to preemptive rights or any other similar
rights or any Claims or Encumbrances suffered or permitted by the Company. Except for the Securities to be issued pursuant to
this Agreement, and except as disclosed in the Company’s filings with the Securities and Exchange Commission (the “SEC
Filings”), as of the date hereof: (i) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of
the Company, or Contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional
shares of capital stock of the Company, or options, warrants, scrip, rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company; (ii) except as disclosed
in the SEC Filings, there are no outstanding debt securities, notes, credit agreements, credit facilities or other Contracts or
instruments evidencing indebtedness of the Company or any of its, or by which the Company is or may become bound; (iii) there
are no outstanding registration statements with respect to the Company or any of its securities; (iv) there are no agreements
or arrangements under which the Company is obligated to register the sale of any of their securities under the Securities Act
(except pursuant to this Agreement); (v) there are no financing statements securing obligations filed in connection with the Company
or any of its Assets expect as set forth in the SEC Reports; (vi) there are no securities or instruments containing anti-dilution
or similar provisions that will be triggered by this Agreement or any related agreement or the consummation of the transactions
described herein or therein; and (vii) there are no outstanding securities or instruments of the Company which contain any redemption
or similar provisions, and there are no Contracts by which the Company is or may become bound to redeem a security of the Company.
The Company has furnished to the Purchasers true, complete and correct copies of: (I) the Company’s Articles of Incorporation,
as amended and as in effect on the date hereof; and (II) the Company’s Bylaws, as in effect on the date hereof (together,
the “Organizational Documents”). Except for the Organizational Documents, there are no other shareholder agreements,
voting agreements or other Contracts of any nature or kind that restrict, limit or in any manner impose Obligations on the governance
of the Company. No further approval or authorization of any stockholder, the Board of Directors or others is required for the
issuance and sale of the Securities.

 

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6.4 
No Conflicts; Consents and Approvals. The execution, delivery and performance of this Agreement and the Transaction Documents,
and the consummation of the transactions contemplated hereby and thereby, including the issuance of any of the Securities, will
not: (i) constitute a violation of or conflict with the Organizational Documents of the Company; (ii) constitute a violation of,
or a default or breach under (either immediately, upon notice, upon lapse of time, or both), or conflicts with, or gives to any
other Person any rights of termination, amendment, acceleration or cancellation of, any provision of any Contract to which Company
is a party or by which any of its Assets or properties may be bound, other than the Amended and Restated Credit Agreement dated
February 15, 2017, as amended, and the Underwriting Agreement dated June 28, 2017; (iii) constitute a violation of, or a default
or breach under (either immediately, upon notice, upon lapse of time, or both), or conflict with, any Judgment; (iv) constitute
a violation of, or conflict with, any Law (including United States federal and state securities Laws); or (v) result in the loss
or adverse modification of, or the imposition of any fine, penalty or other Encumbrance with respect to, any Permit granted or
issued to, or otherwise held by or for the use of, Company or any of Company’s Assets. The Company is not in violation of
its Organizational Documents and the Company is not in default or breach (and no event has occurred which with notice or lapse
of time or both could put the Company in default or breach) under, and the Company has not taken any action or failed to take
any action that would give to any other Person any rights of termination, amendment, acceleration or cancellation of, any Contract
to which the Company is a party or by which any property or Assets of the Company are bound or affected. The businesses of the
Company are not being conducted, and shall not be conducted so long as Purchasers own any of the Securities, in violation of any
Law. Except as specifically contemplated by this Agreement, the Company is not required to obtain any Consent of, from, or with
any Governmental Authority, or any other Person, in order for it to execute, deliver or perform any of its Obligations under this
Agreement or the Transaction Documents in accordance with the terms hereof or thereof, or to issue and sell the Securities in
accordance with the terms hereof. All Consents which the Company is required to obtain pursuant to the immediately preceding sentence
have been obtained or effected on or prior to the date hereof. The Company is not aware of any facts or circumstances which might
give rise to any of the foregoing.

 

6.5 
Issuance of Securities. The Securities are duly authorized and, upon issuance in accordance with the terms hereof, shall
be duly issued, fully paid and non-assessable, and free from all Encumbrances with respect to the issue thereof, and will be issued
in compliance with all applicable United States federal and state securities Laws.

 

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6.6 
Absence of Litigation or Adverse Matters. No condition, circumstance, event, agreement, document, instrument, restriction,
litigation or Proceeding (or threatened litigation or Proceeding or basis therefor) exists which: (i) could adversely affect the
ability of the Company to perform its Obligations under the Transaction Documents; (ii) would constitute a default under any of
the Transaction Documents; (iii) would constitute such a default with the giving of notice or lapse of time or both; or (iv) would
constitute or give rise to a Material Adverse Effect. In addition: (v) there is no Proceeding before or by any Governmental Authority
or any other Person, pending, or the best of Company’s knowledge, threatened or contemplated by, against or affecting the
Company, its business or Assets; (vi) there is no outstanding Judgments against or affecting the Company, its business or Assets;
(vii) the Company is not in breach or violation of any Contract; and (viii) the Company has not received any material complaint
from any customer, supplier, vendor or employee.

 

6.7 
Title to Assets. The Company has good and marketable title to, or a valid leasehold interest in, all of its Assets which
are material to the business and operations of the Company as presently conducted, free of any Encumbrance, except as set forth
herein. Except as would not have a Material Adverse Effect, the Company’s Assets are in good operating condition and repair,
ordinary wear and tear excepted, and are free of any latent or patent defects which might impair their usefulness, and are suitable
for the purposes for which they are currently used and for the purposes for which they are proposed to be used.

 

6.8 
Compliance with Laws. The Company is and at all times has been in full compliance with all Laws, except for any instances
which would not have a Material Adverse Effect. The Company has not received any notice that it is in violation of, has violated,
or is under investigation with respect to, or has been threatened to be charged with, any violation of any Law.

 

6.9 
Labor and Employment Matters. The Company is not involved in any labor dispute or, to the knowledge of the Company, is
any such dispute threatened. To the knowledge of the Company and its officers, none of the Company’s employees is a member
of a union and the Company believes that its relations with its employees are good. To the knowledge of the Company and its officers,
the Company has complied in all material respects with all Laws relating to employment matters, civil rights and equal employment
opportunities.

 

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6.10 
Employee Benefit Plans. Except as disclosed to the Purchasers in writing prior to the date hereof, the Company does not
have and has not ever maintained, and has no Obligations with respect to any employee benefit plans or arrangements, including
employee pension benefit plans, as defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), multiemployer plans, as defined in Section 3(37) of ERISA, employee welfare benefit plans, as defined
in Section 3(1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, hospitalization,
disability and other insurance plans, severance or termination pay plans and policies, whether or not described in Section 3(3)
of ERISA, in which employees, their spouses or dependents of the Company participate (collectively, the “Employee Benefit
Plans”). To the Company’s knowledge, all Employee Benefit Plans meet the minimum funding standards of Section
302 of ERISA, where applicable, and each such Employee Benefit Plan that is intended to be qualified within the meaning of Section
401 of the Internal Revenue Code of 1986 is qualified. No withdrawal liability has been incurred under any such Employee Benefit
Plans and no “Reportable Event” or “Prohibited Transaction” (as such terms are defined in ERISA), has
occurred with respect to any such Employee Benefit Plans, unless approved by the appropriate Governmental Authority. To the Company’s
knowledge, the Company has promptly paid and discharged all Obligations arising under ERISA of a character which if unpaid or
unperformed might result in the imposition of an Encumbrance against any of its Assets or otherwise have a Material Adverse Effect.

 

6.11 
Tax Matters. The Company has made and timely filed all Tax Returns required by any jurisdiction to which it is subject,
and each such Tax Return has been prepared in compliance with all applicable Laws, and all such Tax Returns are true and accurate
in all respects. Except and only to the extent that the Company has set aside on its books provisions reasonably adequate for
the payment of all unpaid and unreported Taxes, the Company has timely paid all Taxes shown or determined to be due on such Tax
Returns, except those being contested in good faith, and the Company has set aside on its books provision reasonably adequate
for the payment of all Taxes for periods subsequent to the periods to which such Tax Returns apply. There are no unpaid Taxes
in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of
no basis for any such claim. The Company has withheld and paid all Taxes to the appropriate Governmental Authority required to
have been withheld and paid in connection with amounts paid or owing to any Person. There is no Proceeding or Claim for refund
now in progress, pending or threatened against or with respect to the Company regarding Taxes.

 

6.12 
Insurance. The Company is covered by valid, outstanding and enforceable policies of insurance which were issued to it by
reputable insurers of recognized financial responsibility, covering its properties, Assets and businesses against losses and risks
normally insured against by other corporations or entities in the same or similar lines of businesses as the Company is engaged
and in coverage amounts which are prudent and typically and reasonably carried by such other corporations or entities (the “Insurance
Policies”). Such Insurance Policies are in full force and effect, and all premiums due thereon have been paid. None
of the Insurance Policies will lapse or terminate as a result of the transactions contemplated by this Agreement. The Company
has complied with the provisions of such Insurance Policies. The Company has not been refused any insurance coverage sought or
applied for and the Company does not have any reason to believe that it will not be able to renew its existing Insurance Policies
as and when such Insurance Policies expire or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings,
business or operations of the Company.

 

    	 	11	 

     

    

 

6.13 
Permits. The Company possesses all Permits necessary to conduct its business, and the Company has not received any notice
of, or is otherwise involved in any Proceedings relating to, the revocation or modification of any such Permits. All such Permits
are valid and in full force and effect and the Company is in full compliance with the respective requirements of all such Permits.

 

6.14 
Environmental Laws. Except as are used in such amounts as are customary in the Company’s Ordinary Course of Business
and in compliance with all applicable Environmental Laws, the Company represents and warrants to Purchasers that: (i) the Company
has not generated, used, stored, treated, transported, manufactured, handled, produced or disposed of any Hazardous Materials,
on or off any of the premises of the Company (whether or not owned by the Company) in any manner which at any time violates any
Environmental Law or any Permit, certificate, approval or similar authorization thereunder; (ii) the operations of the Company
comply in all material respects with all Environmental Laws and all Permits certificates, approvals and similar authorizations
thereunder; (iii) there has been no investigation, Proceeding, complaint, order, directive, Claim, citation or notice by any Governmental
Authority or any other Person, nor is any pending or, to the Company’s knowledge, threatened; and (iv) the Company does
not have any liability, contingent or otherwise, in connection with a release, spill or discharge, threatened or actual, of any
Hazardous Materials or the generation, use, storage, treatment, transportation, manufacture, handling, production or disposal
of any Hazardous Material.

 

6.15 
Illegal Payments. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the
Company has, in the course of his actions for, or on behalf of, the Company: (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any foreign or domestic government official or employee.

 

6.16 
Related Party Transactions. Except for arm’s length transactions pursuant to which the Company makes payments in
the Ordinary Course of Business upon terms no less favorable than the Company could obtain from third parties, and except as described
in the SEC filings, none of the officers, directors or employees of the Company, nor any stockholders who own, legally or beneficially,
five percent (5%) or more of the issued and outstanding shares of any class of the Company’s capital stock (each a “Material
Shareholder”), is presently a party to any transaction with the Company (other than for services as employees, officers
and directors), including any Contract providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from, any officer, director or such employee or Material Shareholder
or, to the best knowledge of the Company, any other Person in which any officer, director, or any such employee or Material Shareholder
has a substantial or material interest in or of which any officer, director or employee of the Company or Material Shareholder
is an officer, director, trustee or partner. There are no Claims or disputes of any nature or kind between the Company and any
officer, director or employee of the Company or any Material Shareholder, or between any of them, relating to the Company and
its business.

 

    	 	12	 

     

    

 

6.17 
Acknowledgment Regarding Purchasers’ Purchase of the Securities. The Company acknowledges and agrees that each Purchaser
is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by any Purchaser
or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental
to Purchaser’s purchase of the Securities. The Company further represents to Purchasers that the Company’s decision
to enter into this Agreement has been based solely on the independent evaluation by the Company, and its representatives.

 

6.18 
Brokerage Fees. There is no Person acting on behalf of the Company who is entitled to or has any claim for any brokerage
or finder’s fee or commission in connection with the execution of this Agreement or the consummation of the transactions
contemplated hereby, except for an 8% fee in cash and warrants deliverable to Garden State Securities, Inc.

 

6.19 
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or issuance of the Securities.

 

6.20 
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under
the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person"
and, together, "Issuer Covered Persons") is subject to any of the "Bad Actor" disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "Disqualification Event"), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person
is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

6.21 
No Integrated Offering. None of the Company, any of its Affiliates, or any Person acting on their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would require registration of any of the Securities under the 1933 Act or cause this offering of the Securities to be integrated
with prior offerings of the Company’s securities for purposes of the 1933 Act. None of the Company, its Affiliates and any
Person acting on their behalf will take any action or steps referred to in the preceding sentence that would require registration
of any of the Securities under the 1933 Act or cause the offering of the Securities to be integrated with other offerings.

 

    	 	13	 

     

    

 

6.22 
Management. During the past ten-year period, no current officer or director or, to the knowledge of the Company, no current
five percent (5%) or greater stockholder of the Company has been the subject of:

 

(i) 
a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal
agent or similar officer for such Person, or any partnership in which such person was a general partner at or within two years
before the filing of such petition or such appointment, or any corporation or business association of which such person was an
executive officer at or within two years before the time of the filing of such petition or such appointment;

 

(ii) 
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);

 

(iii) 
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1) 
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker,
leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated
person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated
person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in
or continuing any conduct or practice in connection with such activity;

 

(2) 
Engaging in any particular type of business practice; or

 

(3) 
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation
of securities laws or commodities laws;

 

(iv) 
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;

 

(v) 
a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or

 

(vi) a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

    	 	14	 

     

    

 

6.23 
Full Disclosure. All the representations and warranties made by Company herein or in the Schedules hereto, and all of the
financial statements, schedules, certificates, confirmations, agreements, contracts, and other materials submitted to the Purchasers
in connection with or in furtherance of this Agreement or pertaining to the transaction contemplated herein, whether made or given
by Company, its agents or representatives, are complete and accurate to the best of the knowledge of the Company, its officers
and directors, and do not omit any information required to make the statements and information provided, in light of the transaction
contemplated herein and in light of the circumstances under which they were made, not misleading, accurate and meaningful.

 

ARTICLE
VII

COVENANTS

 

7.1
Covenants.

 

(a) 
Corporate Existence. The Company shall at all times preserve and maintain its: (i) existence and good standing in the jurisdiction
of its organization; and (ii) its qualification to do business and good standing in each jurisdiction where the nature of its
business makes such qualification necessary, and shall at all times continue as a going concern in the business which the Company
is presently conducting.

 

(b) 
Tax Liabilities. The Company shall at all times pay and discharge all Taxes upon, and all Claims (including claims for
labor, materials and supplies) against the Company or any of its properties or Assets, before the same shall become delinquent
and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith by appropriate proceedings
and for which adequate reserves in accordance with GAAP are being maintained.

 

(c) 
Notice of Proceedings. The Company shall, promptly, but not more than five (5) days after knowledge thereof shall have
come to the attention of any officer of the Company, give written notice to the Purchasers of all threatened or pending material
Proceedings before any Governmental Authority or otherwise affecting the Company or any of its Assets.

 

(d) 
Material Adverse Effect. The Company shall, promptly, but not more than five (5) days after knowledge thereof shall have
come to the attention of any officer of the Company, give written notice to the Purchasers of any event, circumstance, fact or
other matter that could in any way have or be reasonably expected to have a Material Adverse Effect.

 

(e) 
Notice of Default. The Company shall, promptly, but not more than five (5) days after the commencement thereof, give notice
to the Purchasers in writing of the occurrence of any “Event of Default” (as such term is defined in any of the Transaction
Documents) or of any event which, with the lapse of time, the giving of notice or both, would constitute an Event of Default hereunder
or under any other Transaction Documents.

 

    	 	15	 

     

    

 

(f) Maintain
Property. The Company shall at all times maintain, preserve and keep all of its Assets in good repair, working order and condition,
normal wear and tear excepted, and shall from time to time, as the Company deems appropriate in its reasonable judgment, make
all needful and proper repairs, renewals, replacements, and additions thereto so that at all times the efficiency thereof shall
be fully preserved and maintained.

 

(g) 
ERISA Liabilities; Employee Plans. The Company shall: (i) keep in full force and effect any and all Employee Plans which
are presently in existence or may, from time to time, come into existence under ERISA, and not withdraw from any such Employee
Plans, unless such withdrawal can be effected or such Employee Plans can be terminated without liability to the Company; (ii)
make contributions to all of such Employee Plans in a timely manner and in a sufficient amount to comply with the standards of
ERISA, including the minimum funding standards of ERISA; (iii) comply with all material requirements of ERISA which relate to
such Employee Plans; (iv) notify Purchasers immediately upon receipt by the Company of any notice concerning the imposition of
any withdrawal liability or of the institution of any Proceeding or other action which may result in the termination of any such
Employee Plans or the appointment of a trustee to administer such Employee Plans; (v) promptly advise Purchasers of the occurrence
of any “Reportable Event” or “Prohibited Transaction” (as such terms are defined in ERISA), with respect
to any such Employee Plans; and (vi) amend any Employee Plan that is intended to be qualified within the meaning of Section 401
of the Internal Revenue Code of 1986 to the extent necessary to keep the Employee Plan qualified, and to cause the Employee Plan
to be administered and operated in a manner that does not cause the Employee Plan to lose its qualified status.

 

(h) 
Reservation of Shares.  So long as any Securities are owned beneficially and/or of record by any Purchasers or any
transferee thereof, the Company covenants and agrees that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock a number of shares of Common Stock sufficient for the sole purpose of issuance upon conversion
of the Preferred Stock, payment of interest on the Preferred Stock and exercise of the Warrants (and/or any transferee thereof),
free from preemptive rights or any other actual contingent purchase rights of persons other than the applicable Purchaser (and
any other holders of any Preferred Stock and/or Warrants transferred from a Purchaser).

 

(i) 
For so long as at least 10% of the shares of Preferred Stock sold in the Offering remain outstanding, the Company will not, without
the prior written consent of holders owning at least 75% of the number of shares of Preferred Stock then outstanding, (i) enter
into a Variable Rate Transaction, (ii) issue any additional shares of preferred stock or debt which shall rank senior in any terms
to the Preferred Stock, or (iii) reprice any outstanding shares of Common Stock or Common Stock equivalents or issue any Common
Stock or any Common Stock equivalents below $1.00 per share, excluding equity-based awards issued at the market price for the
Company’s Common Stock on the date of grant pursuant to the Company’s current stock option plan and the issuance of
Common Stock upon exercise or conversion of currently outstanding securities.

 

    	 	16	 

     

    

 

“Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion
price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations
for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity
security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company
or the market for the Common Stock or (ii) enters into, or effects any transaction under, any agreement, including, but not limited
to, an equity line of credit, an "at-the-market" offering or similar agreement, whereby the Company may issue securities
at a future determined price.

  

ARTICLE
VIII

INDEMNIFICATION

 

8.1 Indemnification
by the Company. The Company will indemnify and hold Purchasers and their directors, officers, stockholders, members, partners,
employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the 1933
Act and Section 20 of the Exchange Act), and the directors, officers, stockholders, agents, members, partners or employees (and
any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or
any other title) of such controlling person (each, a “Purchaser Party”) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs
and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result
of (i) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or
any Transaction Document or (ii) any action instituted against a Purchaser Party in any capacity, or any of them or their respective
Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions
contemplated by this Agreement. The Company will not be liable to any Purchaser Party under this Agreement to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or any Transaction Document;
provided that such a claim for indemnification relating to any breach of any of the representations or warranties made by the
Company in this Agreement is made within 24 months from the Closing.

 

    	 	17	 

     

    

 

8.2 Conduct
of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”) of notice
of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Article VIII, such Indemnified Person shall promptly
notify the Company in writing and the Company shall assume the defense thereof, including the employment of counsel reasonably
satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however, that the failure
of any Indemnified Person so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent
that the Company is actually and materially and adversely prejudiced by such failure to notify. In any such proceeding, any Indemnified
Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel;
(ii) the Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory
to such Indemnified Person in such proceeding; or (iii) in the reasonable judgment of counsel to such Indemnified Person, representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company
shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably
withheld, delayed or conditioned. Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably
withheld, delayed or conditioned, the Company shall not effect any settlement of any pending or threatened proceeding in respect
of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Person from all liability arising out of such
proceeding.

  

ARTICLE
IX

CONDITIONS
PRECEDENT TO THE COMPANY’S OBLIGATIONS TO SELL

 

The
obligation of the Company hereunder to issue and sell the Securities to the Purchasers is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion:

  

9.1 
Purchasers shall have executed the Transaction Documents and delivered the Purchase Price to the Company.

 

9.2 
The representations and warranties of the Purchasers shall be true and correct in all material respects as of the Closing Date
(except for representations and warranties that speak as of a specific date), and the Purchasers shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Purchasers at or prior to the Closing Date.

 

9.3 
The Company shall have received such certificates, confirmations, resolutions, acknowledgements or other documentation necessary
or advisable from all applicable Governmental Authorities, including, but not limited to, those located in the State of Nevada,
as the Company may require in order to evidence such Governmental Authorities’ approval of this Agreement, the Transaction
Documents and the purchase of the Preferred Stock contemplated hereby.

 

    	 	18	 

     

    

 

ARTICLE
X

CONDITIONS
PRECEDENT TO THE PURCHASERS’ OBLIGATIONS TO PURCHASE

 

The
obligation of the Purchasers hereunder to purchase the Preferred Stock is subject to the satisfaction, at or before the Closing
Date, of each of the following conditions (in addition to any other conditions precedent elsewhere in this Agreement), provided
that these conditions are for the Purchasers’ sole benefit and may be waived by each Purchaser at any time in its sole discretion:

 

10.1 
The Company shall have executed and delivered the Transaction Documents to the Purchasers.

 

10.2 
The representations and warranties of the Company shall be true and correct in all material respects (except to the extent that
any of such representations and warranties are already qualified as to materiality in Article VI above, in which case, such representations
and warranties shall be true and correct in all respects without further qualification) as of the Closing Date (except for representations
and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with
by the Company at or prior to the Closing Date.

 

10.3 
The Company shall have executed and delivered to Purchasers a closing certificate, certified as true, complete and correct by
an officer of the Company, in substance and form required by Purchasers, which closing certificate shall include and attach as
exhibits: (i) a true copy of a certificate of good standing evidencing the formation and good standing of the Company from the
secretary of state (or comparable office) from the jurisdiction in which the Company is formed; (ii) the Company’s Organizational
Documents; and (iii) copies of the resolutions of the board of directors of the Company as adopted by the Company’s or board
of directors, in a form acceptable to Purchasers, approving and authorizing the execution, delivery and performance of the Transaction
Documents to which it is party and the transactions contemplated thereby, in a form acceptable to the Purchasers.

 

10.4 
No event shall have occurred which could reasonably be expected to have a Material Adverse Effect.

 

10.5 
The Preferred Stock certificate of designation shall have been filed with the New York Secretary of State.

 

10.6 
The Company shall have executed and delivered to the Purchasers the Warrant and the Registration Rights Agreement.

 

10.7 
The Company shall have executed such other agreements, certificates, confirmations or resolutions as the Purchasers may require
to consummate the transactions contemplated by this Agreement and the Transaction Documents, including a closing statement and
joint disbursement instructions as may be required by Purchasers.

 

    	 	19	 

     

    

 

ARTICLE
XI

MISCELLANEOUS

 

11.1 Notices.
All notices of request, demand and other communications hereunder shall be addressed to the parties as follows:

 

	If
    to the Company:	Meridian
    Waste Solutions, Inc.
	 	One
    Glenlake Parkway NE Suite 900
	 	Atlanta,
    GA30328
	 	Attn:
    Jeffrey Cosman, CEO
	 	 
	With
    a copy to: 	 
	(which
    shall not constitute notice) 	Lucosky
    Brookman LLP
	 	101
    Wood Avenue South
	 	Woodbridge,
    NJ 08830
	 	Attn:
    Joseph Lucosky, Esq.
	 	 
	If
    to the Purchasers	To
    the address set forth on the signature page hereof
	 	 
	With
    a copy to: 	 
	(which
    shall not constitute notice) 	Sichenzia
    Ross Ference Kesner LLP
	 	1185
    Avenue of the Americas, 37th Floor
	 	New
    York, NY 10036
	 	Attn:
    Thomas A. Rose, Esq.

 

unless
the address is changed by the party by like notice given to the other parties. Notice shall be in writing and shall be deemed
delivered: (i) if mailed by certified mail, return receipt requested, postage prepaid and properly addressed to the address below,
then three (3) business days after deposit of same in a regularly maintained U.S. Mail receptacle; or (ii) if mailed by Federal
Express, UPS or other nationally recognized overnight courier service, next business morning delivery, then one (1) business day
after deposit of same in a regularly maintained receptacle of such overnight courier; or (iii) if hand delivered or sent by email,
then upon hand delivery or receipt thereof to the address indicated on or prior to 5:00 p.m., EST, on a business day. Any notice
hand delivered after 5:00 p.m., EST, shall be deemed delivered on the following business day. Notwithstanding the foregoing, notice,
consents, waivers or other communications referred to in this Agreement may be sent by facsimile, e-mail, or other method of delivery,
but shall be deemed to have been delivered only when the sending party has confirmed (by reply e-mail or some other form of written
confirmation from the receiving party) that the notice has been received by the other party.

 

11.2 Entire
Agreement. This Agreement and the other Transaction Documents: (i) are valid, binding and enforceable against the Company
and Purchasers in accordance with its provisions and no conditions exist as to their legal effectiveness; (ii) constitute the
entire agreement between the parties; and (iii) are the final expression of the intentions of the Company and Purchasers. No promises,
either expressed or implied, exist between the Company and Purchasers, unless contained herein or in the Transaction Documents.
This Agreement and the Transaction Documents supersede all negotiations, representations, warranties, commitments, offers, contracts
(of any kind or nature, whether oral or written) prior to or contemporaneous with the execution hereof.

 

    	 	20	 

     

    

 

11.3 Amendments;
Waivers. No amendment, modification, termination, discharge or waiver of any provision of this Agreement or of the Transaction
Documents, or consent to any departure by the Company therefrom, shall in any event be effective unless the same shall be in writing
and signed by Purchasers, and then such waiver or consent shall be effective only for the specific purpose for which given.

 

11.4 WAIVER
OF JURY TRIAL. PURCHASERS AND THE COMPANY AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES, IRREVOCABLY, THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON,
OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY TRANSACTION DOCUMENT OR ANY OF THE OBLIGATIONS HEREUNDER, OR
ANY OTHER AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT OR COURSE
OF DEALING IN WHICH PURCHASERS AND THE COMPANY AND/OR THE GUARNATORS ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT
FOR PURCHASERS PURCHASING THE UNITS.

 

11.5 Assignability.
Purchasers may at any time assign Purchaser’s rights in this Agreement, any Securities or any Transaction Document, or any
part thereof. The Company may not sell or assign this Agreement, any Transaction Document or any other agreement with Purchasers,
or any portion thereof, either voluntarily or by operation of law, nor delegate any of its duties of obligations hereunder or
thereunder, without the prior written consent of Purchasers, which consent may be withheld or conditioned in Purchasers’
sole and absolute discretion. This Agreement shall be binding upon Purchasers and the Company and their respective legal representatives,
successors and permitted assigns. All references herein to a Company shall be deemed to include any successors, whether immediate
or remote.

 

11.6 Publicity.
Purchasers shall have the right to approve, before issuance, any press release or any other public statement with respect to the
transactions contemplated hereby made by the Company; provided, however, that the Company shall be entitled, without the prior
approval of Purchasers, to issue any press release or other public disclosure with respect to such transactions required under
applicable securities or other laws or regulations. Notwithstanding the foregoing, the Company shall use its best efforts to consult
Purchasers in connection with any such press release or other public disclosure prior to its release and Purchasers shall be provided
with a copy thereof upon release thereof. Purchasers shall have the right to make any press release with respect to the transactions
contemplated hereby without Company’s approval. In addition, with respect to any press release to be made by Purchasers,
the Company hereby authorizes and grants blanket permission to Purchasers to include the Company’s stock symbol, if any,
in any press releases. The Company shall, promptly upon request, execute any additional documents of authority or permission as
may be requested by Purchasers in connection with any such press releases.

 

    	 	21	 

     

    

 

11.7 Binding
Effect. This Agreement shall become effective upon execution by the Company and Purchasers.

 

11.8 Governing
Law. This Agreement shall be governed by and be construed in accordance with the laws of the State of New York without regard
to the conflicts of law rules of such state. The parties hereby irrevocably and unconditionally submit, for themselves and their
property, to the jurisdiction of the courts sitting in New York, New York (Manhattan) and any appellate court from any thereof,
in respect of actions brought against it in any action, suit or proceeding arising out of or relating to this Agreement, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action, suit or proceeding may be heard and determined in such courts. Each of the parties hereto
agrees that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each of the parties hereto irrevocably and unconditionally waives,
to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any action, suit or proceeding arising out of or relating to this Agreement in any court referred to above. Each of the
parties further hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action, suit proceeding in any such court and waives any other right to which it may be entitled on account
of its place of residence or domicile. To the fullest extent permitted by applicable law, the parties agree to bring all actions
or proceedings regarding this Agreement in the courts (Federal or State) of the State of New York located in the County of New
York, City of New York.

 

11.9 Enforceability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by, unenforceable or invalid under any jurisdiction, such provision
shall as to such jurisdiction, be severable and be ineffective to the extent of such prohibition or invalidity, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

11.10 Survival
of Company’s Representations. All covenants, agreements, representations and warranties made by the Company herein shall,
notwithstanding any investigation by Purchasers, be deemed material and relied upon by Purchasers and shall survive the making
and execution of this Agreement and the Transaction Documents and the sale and purchase of the Preferred Stock, and shall be deemed
to be continuing representations and warranties until such time as the Company have fulfilled all of its Obligations to Purchasers
hereunder and under all other Transaction Documents, and Purchasers has been indefeasibly paid in full.

 

11.11 Time
of Essence. Time is of the essence in making payments of all amounts due Purchasers under this Agreement and the other Transaction
Documents and in the performance and observance by the Company of each covenant, agreement, provision and term of this Agreement
and the other Transaction Documents. The parties agree that in the event that any date on which performance is to occur falls
on a day other than a Business Day, then the time for such performance shall be extended until the next Business Day thereafter
occurring.

 

    	 	22	 

     

    

 

11.12 Interpretation.
If any provision in this Agreement requires judicial or similar interpretation, the judicial or other such body interpreting or
construing such provision shall not apply the assumption that the terms hereof shall be more strictly construed against one party
because of the rule that an instrument must be construed more strictly against the party which itself or through its agents prepared
the same. The parties hereby agree that all parties and their agents have participated in the preparation hereof equally.

 

11.13 Compliance
with Federal Law. The Company shall: (i) ensure that no Person who owns a controlling interest in or otherwise controls the
Company is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained
by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury, included in any Executive
Orders or any other similar lists from any Governmental Authority, foreign or national; (ii) not use or permit the use of the
proceeds of the Preferred Stock to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive
Order relating thereto, or any other similar national or foreign governmental regulations; and (iii) comply with all applicable
Lender Secrecy Act laws and regulations, as amended. As required by federal law and Purchasers’ policies and practices,
Purchasers may need to obtain, verify and record certain customer identification information and documentation in connection with
opening or maintaining accounts or establishing or continuing to provide services.

 

11.14 Gender
and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural,
as the identity of the party or parties or their personal representatives, successors and assigns may require.

 

11.15 Execution.
This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed and considered one and
the same Agreement, and same shall become effective when counterparts have been signed by each party and each party has delivered
its signed counterpart to the other party. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf’ format file or other similar format file, such signature shall be deemed an original for all
purposes and shall create a valid and binding obligation of the party executing same with the same force and effect as if such
facsimile or “.pdf’ signature page was an original thereof.

 

11.16 Headings.
The article and section headings contained in this Agreement are inserted for convenience only and shall not affect in any way
the meaning or interpretation of the Agreement.

 

11.17 Further
Assurances. The Company will execute and deliver such further instruments and do such further acts and things as may be reasonably
required by Purchasers to carry out the intent and purposes of this Agreement.

 

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

 

    	 	23	 

     

    

 

11.19 Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim,
and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any claim, action or proceeding that may be brought by Purchasers in order to
enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction
Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments
in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”),
and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated
with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed
such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction
Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum
contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date
thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess
of the Maximum Rate is paid by the Company to the Purchasers with respect to indebtedness evidenced by the Transaction Documents,
such excess shall be applied by the Purchasers to the unpaid principal balance of any such indebtedness or be refunded to the
Company, the manner of handling such excess to be at the Purchasers’ election.

 

11.21 Fees
and Expenses. At the Closing, the Company shall reimburse Purchasers or their counsel for attorney’s fees and expenses
for the transactions contemplated by this Agreement, in an amount of $20,000. The Company shall also be directly responsible for
the payment of fees or commissions payable to the placement agent for the offering, Garden State Securities, Inc., in the amount
of 8% of the aggregate cash invested by the Purchasers and Warrants to purchase 8% of the shares of Common Stock issuable upon
conversion of shares of Preferred Stock sold in this Offering, upon the same terms and conditions as the Purchasers.

 

 

[signature pages follow]

 

    	 	24	 

     

    

 

SIGNATURE PAGE TO SECURITIES PURCHASE
AGREEMENT

  

Please
acknowledge your acceptance of the foregoing Securities Purchase Agreement by signing and returning a copy to the undersigned
whereupon it shall become a binding agreement between us.

 

	 	MERIDIAN WASTE SOLUTIONS, INC
	 	a New York corporation
	 	 	 
	 	By: 	 
	 	Name: 	Jeffrey Cosman
	 	Title: 	Chief Executive Officer
	 	 	 
	 	Address:
	 	 	 
	 	Facsimile No.: _________________
	 	 	 
	 	Dated:
    ____________, 2017

 

	PURCHASER	 
	 	 
	Name
                                         of Purchaser ____________________________________

         

        Address:
        _________________________________________

         

        _________________________________________

         

        Fax
        No.: ________________________________

         

        Taxpayer
        ID# (if applicable): ________________

         

        _________________________________________

         

        (Signature)

         

        By:
        _____________________________________

         

        Dated:
        _____________, 2017

         

        Aggregate
        Purchase Price: ________________

         
	 

  

[Signature
Page to Meridian Waste Solutions, Inc. Securities Purchase Agreement]

  

    	 	25	 

     

    

 

SCHEDULE
1

 

PURCHASE
PRICE; SECURITIES PURCHASED

 

	Name of
 Purchaser	 	 	Purchase Price 
for Units 
Being Purchased	 	 	Aggregate Number of 
Units being Purchased	 
	 	                      	 	 	 	                    	 	 	 	                            	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

  

    	 	26	 

     

    

  

EXHIBIT
A

 

FORM
OF PREFERRED STOCK DESIGNATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

 

EXHIBIT
B

  

FORM
OF WARRANT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	28	 

     

    

 

EXHIBIT
C

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	29	 

     

    

 

EXHIBIT
D

 

COMPANY
DISCLOSURE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 31, 2017, is by and among Meridian
Waste Solutions, Inc., a New York corporation (the “Company”), and each of the undersigned buyers (each,
a “Buyer,” and collectively, the “Buyers”).

 

RECITALS

 

A. In
connection with the Securities Purchase Agreement by and among the parties hereto, dated as of the date hereof (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to each Buyer units consisting of (i) shares of Preferred Stock (as defined in the Securities Purchase
Agreement), (ii) Warrants (as defined in the Securities Purchase Agreement) to purchase Common Stock, (iii) shares of Common Stock
issuable upon the conversion of the Preferred Stock (“Preferred Shares”) and exercise of the Warrants (“Warrant
Shares”), and (iv) additional shares of Common Stock.

 

B. To
induce the Buyers to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to
provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or
any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows:

 

 1.  Definitions.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings:

 

(a)
“Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in New
York, New York are authorized or required by law to remain closed.

 

(b) “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(c) “Company
Counsel” means Lucosky Brookman LLP.

 

(d) “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

    	 	1	 

     

    

 

(e) “Effectiveness
Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 2(a),
the earlier of the (A) 90th calendar day after the Filing Deadline (or the 120th calendar day after the
Filing Deadline in the event that such Registration Statement is subject to Full Review by the SEC), and (B) the fifth day after
the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will
not be reviewed or will not be subject to further review, and (ii) with respect to any additional Registration Statements that
may be required to be filed by the Company pursuant to this Agreement, the earlier of the (A) 90th calendar day following the
date on which the Company was required to file such additional Registration Statement and (B) the fifth day after the date the
Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed
or will not be subject to further review.

 

(f)
“Filing Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant
to Section 2(a), the 30th calendar day after the Closing Date, and (ii) with respect to any additional Registration
Statements that may be required to be filed by the Company pursuant to this Agreement, the date on which the Company was required
to file such additional Registration Statement pursuant to the terms of this Agreement.

 

(g) “Full
Review” in respect of any Registration Statement shall mean an instance where the staff of the SEC does not inform the
Company either that the Registration Statement will not be reviewed or that such review will be on a limited, monitor or expedited
(or other similar) basis.

 

(h) “Investor”
means a Buyer or any transferee or assignee of any Registrable Securities, Preferred Stock or Warrants, as applicable, to whom
a Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance
with Section 9 and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities or Warrants,
as applicable, assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance
with Section 9.

 

(i) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
or a government or any department or agency thereof.

 

(j)
“register,” “registered,” and “registration” refer to a registration
effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415
and the declaration of effectiveness of such Registration Statement(s) by the SEC.

 

(k) “Registrable
Securities” means (i) the Warrant Shares, (ii) the additional shares of Common Stock, (iii) the Preferred Shares, and
(iv) any capital stock of the Company issued or issuable with respect to the Preferred Stock, the Warrant, or any other shares
of Common Stock issuable pursuant to the Transaction Documents, including without limitation, (1) as a result of any stock split,
stock dividend, recapitalization, exchange or similar event or otherwise and (2) shares of capital stock of the Company into which
the shares of Common Stock (as defined in the Securities Purchase Agreement) are converted or exchanged and shares of capital
stock of a Successor Entity (as defined in the Warrants) into which the shares of Common Stock are converted or exchanged, in
each case, without regard to any limitations on exercise of the Warrants and the Certificate of Designation with respect to the
Preferred Stock provided, however, that Registrable Securities shall not include any securities of the Company that
have previously been registered and remain subject to a currently effective registration statement or which have been sold to
the public either pursuant to a registration statement or Rule 144, or which have been sold in a private transaction in which
the transferor’s rights under this Section 1 are not assigned, or which may be sold immediately without registration under
the Securities Act and without volume restrictions pursuant to Rule 144.

 

    	 	2	 

     

    

 

(l) “Registration
Statement” means a registration statement or registration statements of the Company filed under the 1933 Act covering
Registrable Securities.

 

(m) “Required
Holders” means the holders of at least a majority of the Registrable Securities.

 

(n) “Required
Registration Amount” means the Registrable Securities required to be registered hereunder.

 

(o) “Response
Deadline” means the date which is ten (10) calendar days after receipt of a letter of comment or telephonic comments
from the SEC.

 

(p) “Rule
144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company
to the public without registration.

 

(q) “Rule
415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(r) “SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

 2.  Registration.

 

(a) Mandatory
Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file
with the SEC an initial Registration Statement on Form S-3 covering the resale of all of the Registrable Securities, or the largest
amount thereof permissible; provided that such initial Registration Statement shall register for resale at least the number of
shares of Common Stock equal to the Required Registration Amount as of the date such Registration Statement is initially filed
with the SEC. Such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the
terms of this Agreement, shall contain (except if otherwise directed by the Required Holders) the “Selling Stockholders”
and “Plan of Distribution” sections in substantially the form attached hereto as Exhibit A. The
Company shall use its best efforts to have such initial Registration Statement, and each other Registration Statement required
to be filed pursuant to the terms of this Agreement, declared effective by the SEC as soon as practicable.

 

    	 	3	 

     

    

 

(b) [intentionally
omitted]

 

(c) Sufficient
Number of Shares Registered. In the event the number of shares available under any Registration Statement is insufficient
to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor’s allocated
portion of the Registrable Securities pursuant to Section 2(f), the Company shall amend such Registration Statement (if permissible),
or file with the SEC a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover
at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of such amendment
or new Registration Statement, in each case, as soon as practicable, but in any event not later than fifteen (15) days after the
necessity therefor arises (but taking account of any Staff position with respect to the date on which the Staff will permit such
amendment to the Registration Statement and/or such new Registration Statement (as the case may be) to be filed with the SEC).
The Company shall use its best efforts to cause such amendment to such Registration Statement and/or such new Registration Statement
(as the case may be) to become effective as soon as practicable following the filing thereof with the SEC. For purposes of the
foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover
all of the Registrable Securities” if at any time the number of shares of Common Stock available for resale is insufficient.

 

(d) Effect
of Failure to File, Respond to and Maintain Effectiveness of any Registration Statement. If (i) a Registration Statement covering
the resale of all of the Registrable Securities required to be covered thereby (disregarding any reduction pursuant to Section
2(e)) and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the Filing
Deadline for such Registration Statement (a “Filing Failure”), (B) SEC comments are not responded to by the
Response Deadline (“Response Failure”), or (C) not declared effective by the SEC on or before the Effectiveness
Deadline for such Registration Statement (an “Effectiveness Failure”) (it being understood that if on the Business
Day immediately following the Effective Date for such Registration Statement the Company shall not have filed a “final”
prospectus for such Registration Statement with the SEC under Rule 424(b) in accordance with Section 3(b) (whether or not such
a prospectus is technically required by such rule), the Company shall be deemed to not have satisfied this clause (i)(C) and such
event shall be deemed to be an Effectiveness Failure), (ii) other than during an Allowable Grace Period (as defined below), on
any day after the Effective Date of a Registration Statement, sales of all of the Registrable Securities required to be included
on such Registration Statement (disregarding any reduction pursuant to Section 2(e)) cannot be made pursuant to such Registration
Statement (including, without limitation, because of a failure to keep such Registration Statement effective, a failure to disclose
such information as is necessary for sales to be made pursuant to such Registration Statement, on or after the Closing Date a
suspension or delisting of (or a failure to timely list) the Common Stock on an Eligible Market (as defined in the Securities
Purchase Agreement), or a failure to register a sufficient number of shares of Common Stock or by reason of a stop order) or the
prospectus contained therein is not available for use for any reason (a “Maintenance Failure”), or (iii) at
any time when a Registration Statement is not effective for any reason or the prospectus contained therein is not available for
use for any reason, the Company fails to file with the SEC any required reports under Section 13 or 15(d) of the 1934 Act such
that it is not in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable) (a “Current Public Information Failure”)
as a result of which any of the Investors are unable to sell Registrable Securities without restriction under Rule 144 (including,
without limitation, volume restrictions), then, as partial relief for the damages to any holder by reason of any such delay in,
or reduction of, its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies
available at law or in equity), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement
an amount in cash equal to one percent (1%) of such Investor’s Purchase Price on the Closing Date (1) on the date of such
Filing Failure, Response Failure, Effectiveness Failure, Maintenance Failure, Response Failure or Current Public Information Failure,
as applicable, and (2) on every thirty (30) day anniversary or portion thereof of (I) a Filing Failure until such Filing Failure
is cured; (II) an Effectiveness Failure until such Effectiveness Failure is cured; (III) a Maintenance Failure until such Maintenance
Failure is cured; (IV) a Response Failure until a response is properly filed with the SEC; and (V) a Current Public Information
Failure until the earlier of (i) the date such Current Public Information Failure is cured and (ii) such time that such public
information is no longer required pursuant to Rule 144 (in each case, pro rated for periods totaling less than thirty (30) days).
The payments to which a holder of Registrable Securities shall be entitled pursuant to this Section 2(e) are referred to herein
as “Registration Delay Payments.” Following the initial Registration Delay Payment for any particular event
or failure (which shall be paid on the date of such event or failure, as set forth above), without limiting the foregoing, if
an event or failure giving rise to the Registration Delay Payments is cured prior to any thirty (30) day anniversary of such event
or failure, then such Registration Delay Payment shall be made on the third (3rd) Business Day after such cure. Notwithstanding
the foregoing, no Registration Delay Payments shall be owed to an Investor (other than with respect to a Maintenance Failure resulting
from a suspension of listing or quotation or delisting of (or a failure to timely list or quote) the Common Stock on the Principal
Market) with respect to any period during which all of such Investor’s Registrable Securities may be sold by such Investor
without restriction under Rule 144 (including, without limitation, volume restrictions) and without the need for current public
information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable). Notwithstanding the foregoing, the Company shall not
be obligated to pay any such liquidated damages pursuant to this Section 2(d) if the Company is unable to fulfill its registration
obligations as a result of rules, regulations, positions or releases issued or actions taken by the Commission pursuant to its
authority with respect to “Rule 415”, and the Company registers at such time the maximum number of shares of Common
Stock permissible upon consultation with the staff of the SEC (the “Staff”) or as contemplated pursuant to
Section 2(e) below. The maximum penalties payable hereunder shall not exceed 6% of the Purchase Price. Penalties shall cease to
accrue at such time as the Registrable Securities may be sold under Rule 144 and the Company uses commercially reasonable efforts
to provide appropriate legal opinions.

 

    	 	4	 

     

    

 

(e) Offering.
Notwithstanding anything to the contrary contained in this Agreement, in the event the Staff or the SEC seeks to characterize
any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities
by, or on behalf of, the Company, or in any other manner, such that the Staff or the SEC do not permit such Registration
Statement to become effective and used for resales in a manner that does not constitute such an offering and that permits the
continuous resale at the market by the Investors participating therein (or as otherwise may be acceptable to each Investor)
without being named therein as an “underwriter,” then the Company shall reduce the number of shares to be included
in such Registration Statement by all Investors until such time as the Staff and the SEC shall so permit such Registration
Statement to become effective as aforesaid. In making such reduction, the Company shall reduce the number of shares to be
included by all Investors on a pro rata basis (based upon the number of Registrable Securities otherwise required to be included
for each Investor) unless the inclusion of shares by a particular Investor or a particular set of Investors are resulting in the
Staff or the SEC’s “by or on behalf of the Company” offering position, in which event the shares held by
such Investor or set of Investors shall be the only shares subject to reduction (and if by a set of Investors on a pro rata basis
by such Investors or on such other basis as would result in the exclusion of the least number of shares by all such Investors). 
In addition, in the event that the Staff or the SEC requires any Investor seeking to sell securities under a Registration
Statement filed pursuant to this Agreement to be specifically identified as an “underwriter” in order
to permit such Registration Statement to become effective, and such Investor does not consent to being so named as an underwriter
in such Registration Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities
to be registered on behalf of such Investor, until such time as the Staff or the SEC does not require such identification
or until such Investor accepts such identification and the manner thereof. Any reduction pursuant to this paragraph will first
reduce all securities that are not Registrable Securities (including securities included in such Registration Statement pursuant
to a Permitted Registration (as defined in the Securities Purchase Agreement)), if any such securities are permitted by the Required
Holders to be included in accordance with the terms of this Agreement. In the event of any reduction in Registrable
Securities pursuant to this paragraph, an affected Investor shall have the right to require, upon delivery of a written request
to the Company signed by such Investor, the Company to file a registration statement within thirty (30) calendar days of such
request (subject to any restrictions imposed by Rule 415 or required by the Staff or the SEC) for resale by such Investor
in a manner acceptable to such Investor, and the Company shall following such request cause to be and keep effective such
registration statement in the same manner as otherwise contemplated in this Agreement for registration statements hereunder,
in each case, until such time as: (i) all Registrable Securities held by such Investor have been registered and sold pursuant
to an effective Registration Statement in a manner acceptable to such Investor or (ii) all Registrable Securities may be
resold by such Investor without restriction (including, without limitation, volume limitations) pursuant to Rule 144 (taking
account of any Staff position with respect to “affiliate” status) and without the need for current public information
required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (iii) such Investor agrees to be named as an underwriter in any
such Registration Statement in a manner acceptable to such Investor as to all Registrable Securities held by such Investor and
that have not theretofore been included in a Registration Statement under this Agreement (it being understood that the special
demand right under this sentence may be exercised by an Investor multiple times and with respect to limited amounts of Registrable
Securities in order to permit the resale thereof by such Investor as contemplated above). Any reduction made to securities included
in a Registration Statement in accordance with this Section 2(e) shall not constitute a Filing Failure, Effectiveness Failure
or a Maintenance Failure and shall not be subject to the payment requirements under Section 2(d).

 

    	 	5	 

     

    

 

(f) Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase
in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of
Registrable Securities held by each Investor at the time such Registration Statement covering such initial number of Registrable
Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any
of such Investor’s Registrable Securities, each transferee or assignee (as the case may be) that becomes an Investor shall
be allocated a pro rata portion of the then-remaining number of Registrable Securities included in such Registration Statement
for such transferor or assignee (as the case may be). Any shares of Common Stock included in a Registration Statement and which
remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors which
are covered by such Registration Statement.

 

(g) Inclusion
of Other Securities. Other than as set forth in this Agreement or in the Securities Purchase Agreement, in no event shall
the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent
of the Required Holders. Until the Expiration Date (as defined in the Securities Purchase Agreement), the Company shall not enter
into any agreement providing any registration rights to any of its security holders that have any priority to any of the Investor’s
rights contained in this Agreement or adversely affect any Investor’s rights under this Agreement.

 

 3.  Related Obligations.

 

The
Company shall use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method
of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(a) The
Company shall prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities (but in no
event later than the applicable Filing Deadline) and use its best efforts to cause such Registration Statement to become effective
as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). Subject to Allowable Grace Periods,
the Company shall keep each Registration Statement effective (and the prospectus contained therein available for use) pursuant
to Rule 415 for resales by the Investors on a delayed or continuous basis at then-prevailing market prices (and not fixed prices)
at all times until the earlier of (i) the date as of which all of the Investors may sell all of the Registrable Securities required
to be covered by such Registration Statement (disregarding any reduction pursuant to Section 2(e)) without restriction pursuant
to Rule 144 (including, without limitation, volume restrictions) and without the need for current public information required
by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything to
the contrary contained in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration
Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation,
all amendments and supplements thereto) used in connection with such Registration Statement (1) shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein
(in the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will disclose
(whether directly or through incorporation by reference to other SEC filings to the extent permitted) all material information
regarding the Company and its securities.

 

    	 	6	 

     

    

 

(b) Subject
to Section 3(r) of this Agreement, the Company shall prepare and file with the SEC such amendments (including, without limitation,
post-effective amendments) and supplements to each Registration Statement and the prospectus used in connection with each such
Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary
to keep each such Registration Statement effective at all times during the Registration Period for such Registration Statement,
and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities
of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities shall
have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in
such Registration Statement; provided, however, by 9:30 a.m. (New York time) no later than the second Business Day immediately
following each Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the 1933 Act the final
prospectus to be used in connection with sales pursuant to the applicable Registration Statement (whether or not such a prospectus
is technically required by such rule). In the case of amendments and supplements to any Registration Statement which are required
to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason of the Company
filing a report on Form 10-K, Form 10-Q, Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended
(the “1934 Act”), the Company shall have incorporated such report by reference into such Registration Statement,
if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed
which created the requirement for the Company to amend or supplement such Registration Statement.

 

(c) The
Company shall (A) permit the Required Holders to review and provide comments to the Company and Company Counsel, with respect
to (i) each Registration Statement at least two (2) Business Days prior to its filing with the SEC and (ii) all amendments and
supplements to each Registration Statement (including, without limitation, the prospectus contained therein) (except for Reports
on Form 10-K, Form 10-Q, Form 8-K, and any similar or successor reports) within a reasonable number of days prior to their filing
with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which the Required Holders
reasonably objects.

 

(d) The
Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement, without
charge, (i) after the same is prepared and filed with the SEC, at least one (1) copy of each Registration Statement and any amendment(s)
and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein
by reference, if requested by an Investor, all exhibits and each preliminary prospectus (unless such Registration Statement is
available on EDGAR), (ii) upon the effectiveness of each Registration Statement, ten (10) copies of the prospectus included in
such Registration Statement and all amendments and supplements thereto (unless such Registration Statement is available on EDGAR)
and (iii) such other documents, including, without limitation, copies of any preliminary or final prospectus, as such Investor
may reasonably request from time to time (unless such document is available on EDGAR) in order to facilitate the disposition of
the Registrable Securities owned by such Investor.

 

    	 	7	 

     

    

 

(e) The
Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities
or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions,
such amendments (including, without limitation, post-effective amendments) and supplements to such registrations and qualifications
as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may
be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect
to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue
sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any
proceeding for such purpose.

 

(f) The
Company shall either notify each Investor in writing or file a current Report on Form 8-K with the SEC providing disclosure of
the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information
regarding the Company or any of its Subsidiaries), and, subject to Section 3(r), promptly prepare a supplement or amendment to
such Registration Statement and such prospectus contained therein to correct such untrue statement or omission and deliver ten
(10) copies of such supplement or amendment to each Investor (or such other number of copies as such Investor may reasonably request)
(unless such supplements or amendments are available on EDGAR). The Company shall also promptly notify each Investor in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, when a Registration Statement or
any post-effective amendment has become effective (notification of such effectiveness shall be delivered to each Investor by facsimile
or e-mail on the same day of such effectiveness and by overnight mail), and when the Company receives written notice from the
SEC that a Registration Statement or any post-effective amendment will be reviewed by the SEC, (ii) of any request by the SEC
for amendments or supplements to a Registration Statement or related prospectus or related information, (iii) of the Company’s
reasonable determination that a post-effective amendment to a Registration Statement would be appropriate; and (iv) of the receipt
of any request by the SEC or any other federal or state governmental authority for any additional information relating to the
Registration Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond as promptly
as practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto (it
being understood and agreed that the Company’s response to any such comments shall be delivered to the SEC no later than
ten (10) Business Days after the receipt thereof).

 

    	 	8	 

     

    

 

(g) The
Company shall (i) use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the
loss of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order
or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and (ii) notify
each Investor who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual
notice of the initiation or threat of any proceeding for such purpose.

 

(h) [RESERVED]

 

(i) If
any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter and
such Investor consents to so being named an underwriter, upon the written request of such Investor, the Company shall make available
for inspection by (i) such Investor, (ii) legal counsel for such Investor and (iii) one (1) firm of accountants or other agents
retained by such Investor (collectively, the “Inspectors”), all pertinent financial and other records, and
pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably
deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information
which any Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold in strict confidence
and not to make any disclosure (except to such Investor) or use of any Record or other information which the Company’s board
of directors determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (1)
the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is
otherwise required under the 1933 Act, (2) the release of such Records is ordered pursuant to a final, non-appealable subpoena
or order from a court or government body of competent jurisdiction, or (3) the information in such Records has been made generally
available to the public other than by disclosure in violation of this Agreement or any other Transaction Document (as defined
in the Securities Purchase Agreement). Such Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and
allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for,
the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and such Investor,
if any) shall be deemed to limit any Investor’s ability to sell Registrable Securities in a manner which is otherwise consistent
with applicable laws and regulations.

 

(j) The
Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed
in such Registration Statement pursuant to the 1933 Act, (iii) the release of such information is ordered pursuant to a subpoena
or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has
been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document.
The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by
a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and
allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

    	 	9	 

     

    

 

(k) Without
limiting any obligation of the Company under the Securities Purchase Agreement, on and after the Closing Date, the Company shall
use its best efforts either to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed
on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if
the listing of such Registrable Securities is then permitted under the rules of such exchange, (ii) secure designation and quotation
of all of the Registrable Securities covered by each Registration Statement on the OTC Bulletin Board, or (iii) if, despite the
Company’s best efforts to satisfy the preceding clauses (i) or (ii) the Company is unsuccessful in satisfying the preceding
clauses (i) or (ii), without limiting the generality of the foregoing, to use its best efforts to arrange for at least two market
makers to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”) as such with respect to
such Registrable Securities. In addition, the Company shall cooperate with each Investor and any broker or dealer through which
any such Investor proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as
requested by such Investor. The Company shall pay all fees and expenses in connection with satisfying its obligations under this
Section 3(k).

 

(l) To
the extent that any registration statement filed pursuant to this Agreement has been declared effective by the SEC or restricted
legends have been removed pursuant to Section 5 of the Securities Purchase Agreement, then the Company shall cooperate with the
Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery
of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration
Statement and enable such certificates to be in such denominations or amounts (as the case may be) as the Investors may reasonably
request from time to time and registered in such names as the Investors may request, or, if requested by an Investor and the Common
Stock is traded through the facilities of the DTC (as defined below), credit such aggregate number of Registrable Securities to
be offered by such Investor to such Investor’s or its designee’s balance account with The Depository Trust Company
(“DTC”) through its Deposit/Withdrawal at Custodian system.

 

(m) If
reasonably requested by an Investor, the Company shall as soon as practicable after receipt of notice from such Investor and subject
to Section 3(o) hereof, (i) incorporate in a prospectus supplement or post-effective amendment such information as an Investor
reasonably requests to be included therein, but only as to which information the Company Counsel agrees (which agreement shall
not be unreasonably withheld), relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor
and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings
of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or prospectus contained
therein if reasonably requested by an Investor holding any Registrable Securities.

 

(n) The
Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

 

    	 	10	 

     

    

 

(o) Notwithstanding
anything to the contrary herein (but subject to the last sentence of this Section 3(r)), at any time after the Effective Date
of a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the
Company or any of its Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the board of directors
of the Company, in the best interest of the Company and, in the opinion of Company Counsel, otherwise required (a “Grace
Period”), provided that the Company shall promptly notify the Investors in writing of the (i) existence of material,
non-public information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose the content
of such material, non-public information to any of the Investors) and the date on which such Grace Period will begin and (ii) date
on which such Grace Period ends, provided further that (I) no Grace Period shall exceed twenty (20) consecutive days and during
any three hundred sixty five (365) day period all such Grace Periods shall not exceed an aggregate of forty-five (45) days, (II)
the first day of any Grace Period must be at least five (5) Trading Days after the last day of any prior Grace Period and (III)
no Grace Period may exist during the thirty (30) Trading Day period immediately following the Effective Date of such Registration
Statement (provided that such thirty (30) Trading Day period shall be extended by the number of Trading Days during such period
and any extension thereof contemplated by this proviso during which such Registration Statement is not effective or the prospectus
contained therein is not available for use) (each, an “Allowable Grace Period”). For purposes of determining
the length of a Grace Period above, such Grace Period shall begin on and include the date the Investors receive the notice referred
to in clause (i) above and shall end on and include the later of the date the Investors receive the notice referred to in clause
(ii) above and the date referred to in such notice. The provisions of the first sentence of Section 3(f) and the provisions of
Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period,
the Company shall again be bound by the first sentence of Section 3(f) and the provisions of Section 3(g) with respect to the
information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything
to the contrary contained in this Section 3(r), the Company shall cause its transfer agent to deliver unlegended shares of Common
Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any
sale of Registrable Securities with respect to which such Investor has entered into a contract for sale, and delivered a copy
of the prospectus included as part of the particular Registration Statement (unless an exemption from such prospectus delivery
requirement exists), prior to such Investor’s receipt of the notice of a Grace Period and for which the Investor has not
yet settled.

 

 4.  Obligations of the Investors.

 

(a) At
least five (5) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall notify
each Investor in writing of the information the Company requires from each such Investor with respect to such Registration Statement.
It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with
respect to the Registrable Securities of a particular Investor that such Investor shall furnish to the Company such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held
by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the Company may reasonably request.

 

    	 	11	 

     

    

 

(b) Each
Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless such Investor
has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable Securities
from such Registration Statement.

 

(c) Each
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(g) or the first sentence of 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that
no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(c), the Company shall cause
its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of
the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which such Investor has
entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(g) or the first sentence of Section 3(f) and for which such Investor has not yet settled.

 

(d) Each Investor
covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it in
connection with sales of Registrable Securities
pursuant to a Registration Statement.

 

5. 
Expenses of Registration.

 

All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers and accounting fees, FINRA filing fees (if any), blue sky fees and fees and disbursements of counsel for the Company
shall be paid by the Company. The Company shall have no obligation to pay the expenses of any Investor incurred in connection
with any registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement.

 

    	 	12	 

     

    

 

 6.  Indemnification.

 

(a) To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor and
each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) and each Person, if any, who controls such Investor within the meaning of the 1933 Act or the 1934 Act and each of the
directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with
a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such
controlling Persons (each, an “Indemnified Person”), against any losses, obligations, claims, damages, liabilities,
contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’
fees and costs of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken
from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether
pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement of a material fact in a Registration Statement or any
post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities
or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”),
or the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission to state therein any material fact necessary to make the statements made therein,
in light of the circumstances under which the statements therein were made, not misleading or (iii) any violation by the Company
of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the
foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to Section 6(c), the Company
shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or
other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information
furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with
the preparation of such Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available
to a particular Investor to the extent such Claim is based on a failure of such Investor to deliver or to cause to be delivered
the prospectus made available by the Company (to the extent applicable), including, without limitation, a corrected prospectus,
if such prospectus or corrected prospectus was timely made available by the Company pursuant to Section 3(d) and then only if,
and to the extent that, following the receipt of the corrected prospectus no grounds for such Claim would have existed; and (iii)
shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of
the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of any of the Registrable
Securities by any of the Investors pursuant to Section 9.

 

    	 	13	 

     

    

 

(b) In
connection with any Registration Statement in which an Investor is participating, such Investor agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company
within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim or Indemnified
Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified
Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation
occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use
in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), such
Investor will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this Section 6(b) and
the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld
or delayed, provided further that such Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the applicable sale of Registrable Securities pursuant
to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities by any of the Investors
pursuant to Section 9.

 

(c) Promptly
after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice of the commencement
of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party
under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party
and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified Person or Indemnified
Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid
by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying
party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Indemnified
Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without
limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the case may be) and the indemnifying
party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have been advised by counsel that a conflict
of interest is likely to exist if the same counsel were to represent such Indemnified Person or such Indemnified Party and the
indemnifying party (in which case, if such Indemnified Person or such Indemnified Party (as the case may be) notifies the indemnifying
party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party
shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party, provided
further that in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable fees and expenses
of more than one (1) separate legal counsel for such Indemnified Person or Indemnified Party (as the case may be). The Indemnified
Party or Indemnified Person (as the case may be) shall reasonably cooperate with the indemnifying party in connection with any
negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnified Party or Indemnified Person (as the case may be) which relates to such action or Claim.
The indemnifying party shall keep the Indemnified Party or Indemnified Person (as the case may be) reasonably apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable
for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written
consent of the Indemnified Party or Indemnified Person (as the case may be), consent to entry of any judgment or enter into any
settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person (as the case may be) of a release from all liability in respect to such Claim
or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified Person (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified
Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially and adversely
prejudiced in its ability to defend such action.

 

    	 	14	 

     

    

 

(d) No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale
of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e) The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

(f) The
indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the
Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party
may be subject to pursuant to the law.

 

 7.  Contribution.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker would not have been
liable for indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the
sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable
Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities
shall be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable
Securities pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, no Investor shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Investor
from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that such Investor
has otherwise been required to pay, or would otherwise be required to pay under Section 6(b), by reason of such untrue statement
or omission. Notwithstanding the foregoing, the contribution agreement contained in this Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld or delayed.

 

    	 	15	 

     

    

 

 8.  Reports Under the 1934 Act.

 

With
a view to making available to the Investors the benefits of Rule 144, on and after the Closing Date, the Company agrees to:

 

(a) make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b) file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall limit any obligations
of the Company under the Securities Purchase Agreement) and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

 

(c) furnish
to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the 1934 Act, (ii) a copy
of the most recent Form 20-F of the Company and such other reports and documents so filed by the Company with the SEC if such
reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit the Investors
to sell such securities pursuant to Rule 144 without registration.

 

 9.  Assignment of Registration Rights.

 

The
rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be transferred or assigned, but
only with all related obligations, by an Investor to a transferee or assignee.

 

 10.  Amendment of Registration Rights.

 

Provisions
of this Agreement may be amended only with the written consent of the Company and the Required Holders. Any amendment effected
in accordance with this Section 10 shall be binding upon each Investor and the Company, provided that no such amendment shall
be effective to the extent that it (1) applies to less than all of the holders of the holders of Registrable Securities, (2) imposes
any obligation or liability on any Investor without such Investor’s prior written consent (which may be granted or withheld
in such Investor’s sole discretion) or (3) applies retroactively. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party, provided that the Required Holders (in a writing signed by all of
the Required Holders) may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity
with the provisions of this Section 10 shall be binding on each Investor, provided that no such waiver shall be effective to the
extent that it (1) applies to less than all the Investors (unless a party gives a waiver as to itself only) or (2) imposes any
obligation or liability on any Investor without such Investor’s prior written consent (which may be granted or withheld
in such Investor’s sole discretion). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

    	 	16	 

     

    

 

 11.  Miscellaneous.

 

(a) Solely
for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns, or is deemed
to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two
or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice
or election received from such record owner of such Registrable Securities.

 

(b) Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) with respect to Section 3(c), by e-mail (provided confirmation of transmission is electronically generated and kept
on file by the sending party); or (iv) one (1) Business Day after deposit with a nationally recognized overnight delivery service
with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and facsimile
numbers for such communications shall be:

 

	If
    to the Company:	Meridian
    Waste Solutions, Inc.
	 	One
    Glenlake Parkway NE Suite 900
	 	Atlanta,
    GA30328
	 	Attn:
    Jeffrey Cosman, CEO  
	 	 
	With
    a copy to:	 
	(which
shall not constitute notice)	Lucosky
    Brookman LLP    
	 	101
    Wood Avenue South
	 	Woodbridge,
    NJ 08830
	 	Attn:
    Joseph Lucosky, Esq.

 

If
to a Buyer, to its address, facsimile number or e-mail address (as the case may be) set forth on the Schedule of Buyers attached
to the Securities Purchase Agreement, with copies to such Buyer’s representatives as set forth on the Schedule of Buyers,
or to such other address, facsimile number and/or e-mail address and/or to the attention of such other Person as the recipient
party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine or e-mail transmission containing the time, date and recipient
facsimile number or e-mail address or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

 

    	 	17	 

     

    

 

(c) Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(d) All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the
State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such 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 manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e) This
Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and
the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto solely
with respect to the subject matter hereof and thereof; provided, however, nothing contained in this Agreement or any other Transaction
Document shall (or shall be deemed to) (i) have any effect on any agreements any Investor has entered into with, or any instrument
that any Investor received from, the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment
made by such Investor in the Company, (ii) waive, alter, modify or amend in any respect any obligations of the Company or any
of its Subsidiaries or any rights of or benefits to any Investor or any other Person in any agreement entered into prior to the
date hereof between or among the Company and/or any of its Subsidiaries and any Investor or any instrument that any Investor received
prior to the date hereof from the Company and/or any of its Subsidiaries and all such agreements and instruments shall continue
in full force and effect or (iii) limit any obligations of the Company under any of the other Transaction Documents.

 

    	 	18	 

     

    

 

(f) Subject
to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision hereof be enforced
by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons referred to in
Sections 6 and 7 hereof.

 

(g) The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless
the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular
and plural forms thereof. The terms “including,” “includes,” “include” and words of like import
shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

(h) This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any
signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed
signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(i) Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j) The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party. Notwithstanding anything to the contrary set forth in Section
10, terms used in this Agreement but defined in the other Transaction Documents shall have the meanings ascribed to such terms
on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by each Investor.

 

(k) All
consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Required Holders.

 

    	 	19	 

     

    

 

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

 

[Signature
Pages Follow]

 

    	 	20	 

     

    

 

IN
WITNESS WHEREOF, Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to
be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	MERIDIAN WASTE SOLUTIONS, INC.
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

IN
WITNESS WHEREOF, Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to
be duly executed as of the date first written above.

 

	 	BUYER:

         

	 	Name
        of Buyer: __________________________

         

        Signature
        of Authorized Signatory of Buyer: __________________________

         

        Name
        of Authorized Signatory: _________________________

         

        Title
of Authorized Signatory: __________________________

 

 

 

 

 

 

 

Signature
Page to Meridian RRA

 

[SIGNATURE
PAGES CONTINUE]

 

     

     

    

 

EXHIBIT
A

 

SELLING
STOCKHOLDERS

 

The
shares of Common Stock being offered by the selling stockholders are those shares issued to the selling stockholders and issuable
to the selling stockholders exercise of the warrants or the conversion of shares of Series D Preferred Stock. For additional information
regarding the issuance of the shares of Series D Preferred Stock, the shares of Common Stock and the warrants, see “Private
Placement of Preferred Stock, Shares and Warrants” above. We are registering the shares of Common Stock in order to permit
the selling stockholders to offer the shares for resale from time to time. Except for the ownership of the shares and the warrants
issued pursuant to the Securities Purchase Agreement, the selling stockholders have not had any material relationship with us
within the past three years.

 

The
table below lists the selling stockholders and other information regarding the beneficial ownership (as determined under Section
13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the shares of Common Stock
held by each of the selling stockholders. The second column lists the number of shares of Common Stock beneficially owned by the
selling stockholders, based on their respective ownership of shares of Series D Preferred Stock and Common Stock and warrants,
as of ________, 2017, assuming exercise of the warrants and the conversion of the Series D Preferred Stock held by each such selling
stockholder on that date, but taking account of any limitations on exercise set forth therein.

 

The
third column lists the shares of Common Stock being offered by this prospectus by the selling stockholders and does not take into
account any limitations on exercise of the warrants or the conversion of the Series D Preferred Stock set forth therein.

 

In
accordance with the terms of a registration rights agreement with the holders of the shares of Series D Preferred Stock and the
warrants, this prospectus generally covers the resale of (i) the shares and (ii) the maximum number of shares of Common Stock
issuable upon exercise of the warrants and the conversion of the Series D Preferred Stock determined as if the outstanding warrants
were exercised in full and the Series D Preferred Stock were fully converted (without regard to any limitations on exercise contained
therein) as of the trading day immediately preceding the date this registration statement was initially filed with the SEC. Because
the exercise price of the warrants and the conversion price of the Series D Preferred Stock may be adjusted, the number of shares
that will actually be issued may be more or less than the number of shares being offered by this prospectus. The fourth column
assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.

 

Under
the terms of the warrants and the Series D Preferred Stock, a selling stockholder may not exercise the warrants or convert the
Series D Preferred Stock into shares of Common Stock to the extent (but only to the extent) such selling stockholder or any of
its affiliates would beneficially own a number of shares of our shares of Common Stock which would exceed 9.99%. The number of
shares in the second column reflects these limitations. The selling stockholders may sell all, some or none of their shares in
this offering. See “Plan of Distribution.”

 

	Name of Selling Stockholder	 	Number of shares of Common Stock Beneficially Owned Prior to
    Offering	 	Maximum Number of shares of Common Stock to be Sold Pursuant
    to this Prospectus	 	Number of  shares of Common Stock Beneficially Owned
    After Offering
	 	 	 	 	 	 	 

 

*
Table to be completed based on information provided by the Buyers and their assignees.

 

     

     

    

 

PLAN
OF DISTRIBUTION

 

We
are registering the shares of Common Stock issued to the holders and issuable upon exercise of the warrants and the conversion
of Series D Preferred Stock to permit the resale of these shares of Common Stock by the holders of the shares of the Series D
Preferred Stock and warrants from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the selling stockholders of the shares of Common Stock. We will bear all fees and expenses incident to our obligation
to register the shares of Common Stock.

 

The
selling stockholders may sell all or a portion of the shares of Common Stock held by them and offered hereby from time to time
directly or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters
or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions.
The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of
the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions, pursuant to one or more of the following methods:

 

		●	on
                                         any national securities exchange or quotation service on which the securities may be
                                         listed or quoted at the time of sale;

 

		●	in
                                         the over-the-counter market;

 

		●	in
                                         transactions otherwise than on these exchanges or systems or in the over-the-counter
                                         market;

 

		●	through
                                         the writing or settlement of options, whether such options are listed on an options exchange
                                         or otherwise;

 

		●	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		●	block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;

 

		●	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		●	an
                                         exchange distribution in accordance with the rules of the applicable exchange;

 

		●	privately
                                         negotiated transactions;

 

		●	short
                                         sales made after the date the Registration Statement is declared effective by the SEC;

 

		●	broker-dealers
                                         may agree with a selling securityholder to sell a specified number of such shares at
                                         a stipulated price per share;

 

		●	a
                                         combination of any such methods of sale; and

 

		●	any
                                         other method permitted pursuant to applicable law.

 

     

     

    

 

The
selling stockholders may also sell shares of Common Stock under Rule 144 promulgated under the Securities Act of 1933, as amended,
if available, rather than under this prospectus. In addition, the selling stockholders may transfer the shares of Common Stock
by other means not described in this prospectus. If the selling stockholders effect such transactions by selling shares of Common
Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions
in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares
of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions
as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).
In connection with sales of the shares of Common Stock or otherwise, the selling stockholders may enter into hedging transactions
with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions
they assume. The selling stockholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by
this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders
may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares.

 

The
selling stockholders may pledge or grant a security interest in some or all of the notes, warrants, shares of Common Stock owned
by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell
the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3)
or other applicable provision of the Securities Act amending, if necessary, the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer
and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus.

 

To
the extent required by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer
participating in the distribution of the shares of Common Stock may be deemed to be “underwriters” within the meaning
of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed
to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of Common
Stock is made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares
of Common Stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any
discounts, commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions
or concessions allowed or re-allowed or paid to broker-dealers.

 

Under
the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered
or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

 

     

     

    

 

There
can be no assurance that any selling stockholder will sell any or all of the shares of Common Stock registered pursuant to the
registration statement, of which this prospectus forms a part.

 

The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, to the extent applicable,
Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the
selling stockholders and any other participating person. To the extent applicable, Regulation M may also restrict the ability
of any person engaged in the distribution of the shares of Common Stock to engage in market-making activities with respect to
the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of
any person or entity to engage in market-making activities with respect to the shares of Common Stock.

 

We
will pay all expenses of the registration of the shares of Common Stock pursuant to the registration rights agreement, estimated
to be $[     ] in total, including, without limitation, Securities and Exchange Commission filing fees
and expenses of compliance with state securities or “blue sky” laws; provided, however, a selling stockholder will
pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities,
including some liabilities under the Securities Act in accordance with the registration rights agreements or the selling stockholders
will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities
under the Securities Act that may arise from any written information furnished to us by the selling stockholder specifically for
use in this prospectus, in accordance with the related registration rights agreements or we may be entitled to contribution.

 

Once
sold under the registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable
in the hands of persons other than our affiliates.

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