Document:

CORRECTED

 

EQUITY
PURCHASE AGREEMENT

 

This
equity purchase agreement is entered into as of September 15, 2017 (this “Agreement”), by and between nFüsz,
Inc., a Nevada corporation (the “Company”), and Kodiak Capital Group, LLC, a Delaware limited liability company
(the “Investor”).

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the
Investor, from time to time as provided herein, and the Investor shall purchase up to Two Million Dollars ($2,000,000.00) of the
Company’s Common Stock (as defined below);

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

CERTAIN
DEFINITIONS

 

Section
1.1 DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated
(such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

“Agreement”
shall have the meaning specified in the preamble hereof.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Claim
Notice” shall have the meaning specified in Section 9.3(a).

 

“Clearing
Costs” shall mean all of the Investor’s broker and Transfer Agent fees, excluding commissions.

 

“Clearing
Date” shall be the date on which the Investor receives the Put Shares as DWAC Shares in its brokerage account.

 

“Closing”
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

“Closing
Certificate” shall mean the closing certificate of the Company in the form of Exhibit B hereto.

 

“Closing
Date” shall mean the date that is 2 days after the Closing Request Date.

 

“Closing
Request Date” shall mean the date the Investors receive a Put Notice from the Company.

 

“Commitment
Note” shall mean the 5% promissory note in the principal amount of $100,000.00, attached as Exhibit C hereto, to be
issued by the Company to the Investor as of the date hereof.

 

    	 

    	 

    

 

“Commitment
Period” shall mean the period commencing on the Execution Date and ending on the earlier of (i) the date on which the
Investor shall have purchased Put Shares pursuant to this Agreement equal to the Maximum Commitment Amount, (ii) September 15,
2019, or (iii) written notice of termination by the Company to the Investor upon a material breach of this Agreement by Investor.

 

“Common
Stock” shall mean the Company’s common stock, $0.0001 par value per share, and any shares of any other class of
common stock whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when
declared) and assets (upon liquidation of the Company).

 

“Common
Stock Equivalents” means any securities of the Company or the 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.

 

“Company”
shall have the meaning specified in the preamble to this Agreement.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Damages”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees
and disbursements and costs and expenses of expert witnesses and investigation).

 

“Dispute
Period” shall have the meaning specified in Section 9.3(a).

 

“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

“DTC/FAST
Program” shall mean the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.

 

“DWAC
Eligible” shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational
Arrangements, including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without
revocation) by the DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program,
(d) the Put Shares are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting
or limiting delivery of the Put Shares, as applicable, via DWAC.

 

“DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and
without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified
DWAC account with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the
same function.

 

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

 

“Exchange
Cap” shall have the meaning set forth in Section 7.1(c).

 

“Execution
Date” shall mean the date of this Agreement.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Investment
Amount” shall mean the Put Shares referenced in the Put Notice multiplied by the Purchase Price.

 

“Indemnified
Party” shall have the meaning specified in Section 9.2.

 

“Indemnifying
Party” shall have the meaning specified in Section 9.2.

 

“Indemnity
Notice” shall have the meaning specified in Section 9.3(e).

 

“Investment
Notes” shall mean the two 5% promissory notes each in the principal amount of $110,000 in the form attached hereto as
Exhibit D.

 

“Investor”
shall have the meaning specified in the preamble to this Agreement.

 

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

 

“Market
Price” shall mean the VWAP of the Common Stock on the Principal Market during the Valuation Period, as reported by OTC
Markets or such other Principal Market.

 

“Material
Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company
and the Subsidiaries that is material and adverse to the Company and the Subsidiaries and/or any condition, circumstance, or situation
that would prohibit or otherwise materially interfere with the ability of the Company to enter into and perform its obligations
under any Transaction Document.

 

“Maximum
Commitment Amount” shall mean Two Million Dollars ($2,000,000.00).

 

“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Principal
Market” shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e.
OTCQX, OTCQB, OTC Pink, the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time
the principal trading platform or market for the Common Stock.

 

    	3

    	 

    

 

“Purchase
Price” shall mean 80% of the Market Price on such date on which the Purchase Price is calculated in accordance with
the terms and conditions of this Agreement.

 

“Put”
shall mean the right of the Company to require the Investor to purchase shares of Common Stock, subject to the terms and conditions
of this Agreement.

 

“Put
Date” shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section
2.2(b).

 

“Put
Notice” shall mean a written notice, substantially in the form of Exhibit A hereto, to Investor setting forth the Put
Shares which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

 

“Put
Shares” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable
Put Notice in accordance with the terms and conditions of this Agreement.

 

“Registration
Statement” shall have the meaning specified in Section 6.4.

 

“Regulation
D” shall mean Regulation D promulgated under the Securities Act.

 

“Required
Minimum” shall mean, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially
issuable in the future pursuant to the Transaction Documents, including any shares issuable upon conversion in full of the Commitment
Note and the Investment Notes (the “Underlying Shares”).

 

“Rule
144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“SEC
Documents” shall have the meaning specified in Section 4.5.

 

“Securities”
means, collectively, the Put Shares, the Commitment Note, and any shares underlying the Commitment Note.

 

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

 

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

 

“Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the
voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K
promulgated under the Securities Act.

 

“Third
Party Claim” shall have the meaning specified in Section 9.3(a).

 

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“Trading
Day” shall mean a day on which the Principal Market shall be open for business.

 

“Transaction
Documents” shall mean this Agreement, the Commitment Note, the Investment Notes and all schedules and exhibits hereto
and thereto.

 

“Transfer
Agent” shall mean the current transfer agent of the Company, and any successor transfer agent of the Company.

 

“Transfer
Agent Instruction Letter” means the letter from the Company to the Transfer Agent which instructs the Transfer Agent
to issue the Put Shares and the Underlying Shares pursuant to the Transaction Documents, in the form of Exhibit D attached
hereto.

 

“Valuation
Period” shall mean the period of five (5) Trading Days immediately preceding the Closing Request Date associated
with the applicable Put Notice during which the Purchase Price of the Common Stock is valued.

 

“Warrants”
shall mean the three warrants to purchase up to an aggregate of 6,000,000 shares of the Company’s Common Stock, attached
as Exhibit E, F and G hereto, issued by the Company to the Investor as of the date hereof.

 

ARTICLE
II

PURCHASE
AND SALE OF COMMON STOCK

 

Section
2.1 PUTS. Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article VII),
the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Put Notice
from time to time, to purchase Put Shares in a minimum amount not less than $25,000.00; provided that such minimum amount
of Put Shares may be decreased, maximum amount of Put Shares may be increased, and the Minimum Pricing (as defined herein) may
be decreased subject to the Investor’s approval; and provided further that the amount of Put Shares shall not exceed
the Beneficial Ownership Limitation set forth in Section 7.2(g).

 

Section
2.2 MECHANICS.

 

(a)
PUT NOTICE. At any time and from time to time during the Commitment Period, except as provided in this Agreement, the Company
may deliver a Put Notice to Investor, subject to satisfaction of the conditions set forth in Section 7.2 and otherwise provided
herein. The Company shall deliver, or cause to be delivered, the Put Shares as DWAC Shares to the Investor within two (2) Trading
Days following the Put Date.

 

(b)
DATE OF DELIVERY OF PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by email by
the Investor if such notice is received on or prior to 8:30 a.m. New York time or (ii) the immediately succeeding Trading Day
if it is received by email after 8:30 a.m. New York time on a Trading Day or at any time on a day which is not a Trading Day.
The Company shall not deliver another Put Notice to the Investor within ten (10) Trading Days of a prior Put Notice, without the
consent of Investor.

 

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Section
2.3 CLOSINGS. If the value of the Put Shares delivered to the Investor causes the Company to exceed the Maximum Commitment
Amount, then the Investor shall return to the Company the surplus amount of Put Shares associated with such Put and the Purchase
Price with respect to such Put shall be reduced by any Clearing Costs related to the return of such Put Shares. The Closing of
a Put shall occur within two (2) Trading Days following the end of the respective Valuation Period, whereby the Investor shall
deliver the Investment Amount by wire transfer of immediately available funds to an account designated by the Company. In addition,
on or prior to such Closing, each of the Company and the Investor shall deliver to each other all documents, instruments and writings
required to be delivered or reasonably requested by either of them pursuant to this Agreement in order to implement and effect
the transactions contemplated herein.

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF INVESTOR

 

The
Investor represents and warrants to the Company that:

 

Section
3.1 INTENT. The Investor is entering into this Agreement for its own account and the Investor has no present arrangement
(whether or not legally binding) at any time to sell the Securities to or through any Person in violation of the Securities Act
or any applicable state securities laws; provided, however, that the Investor reserves the right to dispose of the
Securities at any time in accordance with federal and state securities laws applicable to such disposition.

 

Section
3.2 NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement
and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is
relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives
or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement
or the securities laws of any jurisdiction.

 

Section
3.3 ACCREDITED INVESTOR. The Investor is an accredited investor as defined in Rule 501(a)(3) of Regulation D, and the Investor
has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in
the Securities. The Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

 

Section
3.4 AUTHORITY. The Investor has the requisite power and authority to enter into and perform its obligations under this
Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby. The execution
and delivery of this Agreement and the other Transaction Documents and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary action and no further consent or authorization of the Investor is
required. Each Transaction Document to which it is a party has been duly executed by the Investor, and when delivered by the Investor
in accordance with the terms hereof, will constitute the valid and binding obligation of the Investor enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the
enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

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Section
3.5 NOT AN AFFILIATE. The Investor is not an officer, director or “affiliate” (as that term is defined
in Rule 405 of the Securities Act) of the Company.

 

Section
3.6 ORGANIZATION AND STANDING. The Investor is an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and the
other Transaction Documents.

 

Section
3.7 ABSENCE OF CONFLICTS. The execution and delivery of this Agreement and the other Transaction Documents, and the consummation
of the transactions contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate
any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision
of any indenture, instrument or agreement to which the Investor is a party or is subject, or by which the Investor or any of its
assets is bound, or conflict with or constitute a material default thereunder, (c) result in the creation or imposition of any
lien pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by
the Investor to any third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any material
contract, instrument, agreement, relationship or legal obligation to which the Investor is subject or to which any of its assets,
operations or management may be subject.

 

Section
3.8 DISCLOSURE; ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the SEC Documents filed on behalf
of the Company and has had access to all publicly available information with respect to the Company.

 

Section
3.9 MANNER OF SALE. At no time was the Investor presented with or solicited by or through any leaflet, public promotional
meeting, television advertisement or any other form of general solicitation or advertising.

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Investor that, except as disclosed in the SEC Documents or except as set forth in the disclosure
schedules hereto:

 

Section
4.1 ORGANIZATION OF THE COMPANY. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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Section
4.2 AUTHORITY. The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and the other Transaction Documents. The execution and delivery of this Agreement, the other Transaction Documents
and Warrants by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized
by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders
is required. Each of this Agreement, the Warrants and the other Transaction Documents has been duly executed and delivered by
the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

Section
4.3 CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of (a) 200,000,000 shares
of Common Stock, par value of $0.0001 per share, of which approximately 105,072,899 shares of Common Stock are issued and outstanding
and (b) 15,000,000 shares of preferred stock of which 409,500 shares are issued and outstanding. Except as set forth on Schedule
4.3, the Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other
than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of
Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or
exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange
Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in
the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 4.3 and except as a result
of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common
Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other
securities to any Person (other than the Investor) and will not result in a right of any holder of Company securities to adjust
the exercise, conversion, exchange or reset price under any of such securities. There are no stockholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s stockholders.

 

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Section
4.4 LISTING AND MAINTENANCE REQUIREMENTS. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating
terminating such registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from
the Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance
with the listing or maintenance requirements of such Principal Market. The Company is, and has no reason to believe that it will
not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

Section
4.5 SEC DOCUMENTS; DISCLOSURE. Except as set forth on Schedule 4.5, the Company has filed all reports, schedules,
forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including
pursuant to Section 13(a) or 15(d) thereof, for the one (1) year preceding the date hereof (or such shorter period as the Company
was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Documents”) on a timely
basis or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of
any such extension. As of their respective dates, the SEC Documents complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations applicable to such SEC Documents,
and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance
in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other applicable
rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such
financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include
footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case
of unaudited statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and conditions
of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting
on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute
material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation
in effecting transactions in securities of the Company.

 

Section
4.6 VALID ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by
the Company other than restrictions on transfer provided for in the Transaction Documents.

 

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Section
4.7 NO CONFLICTS. The execution, delivery and performance of this Agreement and the other Transaction Documents by the
Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation,
the issuance of the Put Shares, Commitment Note, and the Underlying Shares, do not and will not: (a) result in a violation of
the Company’s or any Subsidiary’s certificate or articles of incorporation, by-laws or other organizational or charter
documents, (b) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would become
a material default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, instrument
or any “lock-up” or similar provision of any underwriting or similar agreement to which the Company or any
Subsidiary is a party, or (c) result in a violation of any federal, state or local law, rule, regulation, order, judgment or decree
(including federal and state securities laws and regulations) applicable to the Company or any Subsidiary or by which any property
or asset of the Company or any Subsidiary is bound or affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect) nor
is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of the Company
is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations
that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or
the other Transaction Documents (other than any SEC, FINRA or state securities filings that may be required to be made by the
Company subsequent to any Closing or any registration statement that may be filed pursuant hereto); provided that, for purposes
of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations
and agreements of Investor herein.

 

Section
4.8 NO MATERIAL ADVERSE CHANGE. No event has occurred that would have a Material Adverse Effect on the Company that has
not been disclosed in subsequent SEC filings.

 

Section
4.9 LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents or as set forth on Schedule 4.9, there are
no actions, suits, investigations, inquiries or proceedings pending or, to the knowledge of the Company, threatened against or
affecting the Company, any Subsidiary or any of their respective properties, nor has the Company received any written or oral
notice of any such action, suit, proceeding, inquiry or investigation, which would have a Material Adverse Effect. No judgment,
order, writ, injunction or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator
or governmental agency which would have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there
is not pending or contemplated, any investigation by the SEC involving the Company, any Subsidiary or any current or former director
or officer of the Company or any Subsidiary.

 

Section
4.10 REGISTRATION RIGHTS. Except as set forth on Schedule 4.10, no Person (other than the Investor) has any right to cause
the Company to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

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ARTICLE
V

COVENANTS
OF INVESTOR

 

Section
5.1 COMPLIANCE WITH LAW; TRADING IN SECURITIES. The Investor’s trading activities with respect to shares of Common
Stock will be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations
of FINRA and the Principal Market.

 

Section
5.2 SHORT SALES AND CONFIDENTIALITY. Neither the Investor, nor any affiliate of the Investor acting on its behalf or pursuant
to any understanding with it, will execute any Short Sales during the period from the date hereof to the end of the Commitment
Period. For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number
of shares of Common Stock reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale. The Investor
shall, until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company in accordance
with the terms of this Agreement, maintain the confidentiality of the existence and terms of this transaction and the information
included in the Transaction Documents.

 

ARTICLE
VI

COVENANTS
OF THE COMPANY

 

Section
6.1 RESERVATION OF COMMON STOCK. The Company shall maintain a reserve from its duly authorized shares of Common Stock equal
to ___ shares to satisfy its obligation to issue the Put Shares and the Underlying Shares in accordance with the terms of this
Agreement, the Commitment Note and the Investment Notes.

 

Section
6.2 LISTING OF COMMON STOCK. The Company shall promptly secure the listing of all of the Put Shares and Underlying Shares
to be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and shall use commercially
reasonable best efforts to maintain, so long as any shares of Common Stock shall be so listed, the listing of all such Put Shares
and Underlying Shares from time to time issuable hereunder. The Company shall use its commercially reasonable efforts to continue
the listing and trading of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net
tangible assets) and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws
or rules of FINRA and the Principal Market.

 

Section
6.3 OTHER EQUITY LINES AND CONVERTIBLE NOTES. So long as this Agreement remains in effect, the Company covenants and agrees
that it will not, without the prior written consent of the Investor, enter into any other equity line of credit agreement with
any other party or issue any promissory note convertible into common stock to any other party. For the avoidance of doubt, nothing
contained in the Transaction Documents shall restrict, or require the Investor’s consent for, any agreement providing for
the issuance or distribution of any equity securities of the Company pursuant to any agreement or arrangement that is not covered
in this Section 6.3.

 

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Section
6.4 FILING OF CURRENT REPORT AND REGISTRATION STATEMENT. The Company agrees that it shall file a Current Report on Form
8-K, including the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating
to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents (the “Current
Report”). The Company shall permit the Investor to review and comment upon the final pre-filing draft version of the
Current Report at least two (2) Trading Days prior to its filing with the SEC, and the Company shall give reasonable consideration
to all such comments. The Investor shall use its reasonable best efforts to comment upon the final pre-filing draft version of
the Current Report within one (1) Trading Day from the date the Investor receives it from the Company. The Company shall also
file with the SEC, within thirty (30) calendar days from the date hereof, a new registration statement (the “Registration
Statement”) covering only the resale of the Put Shares.

 

ARTICLE
VII

CONDITIONS
TO DELIVERY OF

PUT
NOTICES AND CONDITIONS TO CLOSING

 

Section
7.1 CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL PUT SHARES. The right of the Company to issue and
sell the Put Shares to the Investor is subject to the satisfaction of each of the conditions set forth below:

 

(a)
ACCURACY OF INVESTOR’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Investor shall be
true and correct in all material respects as of the date of this Agreement and as of the date of each Closing as though made at
each such time.

 

(b)
PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to such Closing.

 

(c)
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive
any Put Shares, if the issuance of such Put Shares would exceed the aggregate number of shares of Common Stock which the Company
may issue without breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange
Cap”).

 

Section
7.2 CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE PUT SHARES. The obligation of the Investor hereunder
to purchase Put Shares is subject to the satisfaction of each of the following conditions:

 

(a)
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective
for the resale by the Investor of the Put Shares and the Underlying Shares and (i) neither the Company nor the Investor shall
have received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that
the SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently,
or intends or has threatened to do so and (ii) no other suspension of the use of, or withdrawal of the effectiveness of, such
Registration Statement or related prospectus shall exist.

 

    	12

    	 

    

 

(b)
ACCURACY OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall
be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations
and warranties specifically made as of a particular date).

 

(c)
PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company.

 

(d)
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially
adversely affects any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced
that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction
Documents.

 

(e)
ADVERSE CHANGES. Since the date of filing of the Company’s most recent SEC Document, no event that had or is reasonably
likely to have a Material Adverse Effect has occurred.

 

(f)
NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended
by the SEC, the Principal Market or FINRA, or otherwise halted for any reason, and the Common Stock shall have been approved for
listing or quotation on and shall not have been delisted from the Principal Market. In the event of a suspension, delisting, or
halting for any reason, of the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the
right to return to the Company any remaining amount of Put Shares associated with such Put, and the Purchase Price with respect
to such Put shall be reduced accordingly.

 

(g)
BENEFICIAL OWNERSHIP LIMITATION. The number of Put Shares then to be purchased by the Investor shall not exceed the number
of such shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially
owned by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as
determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. For purposes of this
Section 7.2(g), in the event that the amount of Common Stock outstanding, as determined in accordance with Section 16 of the Exchange
Act and the regulations promulgated thereunder, is greater on a Closing Date than on the date upon which the Put Notice associated
with such Closing Date is given, the amount of Common Stock outstanding on such Closing Date shall govern for purposes of determining
whether the Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more than the
Beneficial Ownership Limitation following such Closing Date. The “Beneficial Ownership Limitation” shall be
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable pursuant to a Put Notice.

 

    	13

    	 

    

 

(h)
PRINCIPAL MARKET REGULATION. The issuance of the Put Shares shall not exceed the Exchange Cap.

 

(i)
NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing the Registration
Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading
Days following the Trading Day on which such Put Notice is deemed delivered).

 

(j)
NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the Put Shares shall not violate the shareholder approval
requirements of the Principal Market.

 

(k)
OFFICER’S CERTIFICATE. On the date of delivery of each Put Notice, the Investor shall have received the Closing Certificate
executed by an executive officer of the Company and to the effect that all the conditions to such Closing shall have been satisfied
as of the date of each such certificate.

 

(l)
DWAC ELIGIBLE. The Common Stock must be DWAC Eligible and not subject to a “DTC chill.”

 

(m)
SEC DOCUMENTS. All reports, schedules, registrations, forms, statements, information and other documents required to have
been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the
SEC within the applicable time periods prescribed for such filings under the Exchange Act.

 

(n)
TRANSFER AGENT INSTRUCTION LETTER. The Transfer Agent Instruction Letter shall have been executed and delivered by the
Company to the Transfer Agent and acknowledged and agreed to in writing by the Transfer Agent.

 

(o)
RESERVE. The Company shall have reserved sufficient shares of its Common Stock for the Investor, pursuant to the terms
of this Agreement and all other contracts between the Company and Investor.

 

(p)
MINIMUM PRICING. The lowest closing bid price of the Common Stock in the five (5) Trading Days immediately preceding the
respective Put Date must exceed $0.001 per share (the “Minimum Pricing”).

 

ARTICLE
VIII

LEGENDS

 

Section
8.1 NO RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates representing the
Put Shares.

 

    	14

    	 

    

 

Section
8.2 INVESTOR’S COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor’s obligations
hereunder to comply with all applicable securities laws upon the sale of the Common Stock.

 

ARTICLE
IX

NOTICES;
INDEMNIFICATION

 

Section
9.1 NOTICES. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid,
or (d) transmitted by hand delivery, telegram, or email as a PDF, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice given in accordance herewith. Any notice or other communication required
or permitted to be given hereunder shall be deemed effective (i) upon hand delivery or delivery by email at the address designated
below (if delivered on a business day during normal business hours where such notice is to be received), or the first business
day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be
received) or (ii) on the second business day following the date of mailing by express courier service or on the fifth business
day after deposited in the mail, in each case, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur.

 

The
addresses for such communications shall be:

 

If
to the Company:

nFüsz,
Inc.

344
S. Hauser Blvd., Suite 414

Los
Angeles, CA 90036

Email:
rory@nFusz.com

Attention:
Rory Cutaia, CEO

 

If
to the Investor:

 

Kodiak
Capital Group, LLC

260
Newport Center Drive

Newport
Beach, CA 92660

Email:
investments@kodiakfunds.com

Attention:
Ryan Hodson, Managing Director

 

Either
party hereto may from time to time change its address or email for notices under this Section 9.1 by giving at least ten (10)
days’ prior written notice of such changed address to the other party hereto.

 

    	15

    	 

    

 

Section
9.2 INDEMNIFICATION. Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless the
other party along with its officers, directors, employees, and authorized agents, and each Person or entity, if any, who controls
such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified
Party”) from and against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party
becomes subject to, resulting from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment
of or failure to perform any covenant or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective
amendment thereof or supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of
a material fact contained in any preliminary prospectus 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 or alleged omission to state therein any
material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein
were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as
such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party’s failure to perform
any covenant or agreement contained in this Agreement or the Indemnified Party’s negligence, recklessness or bad faith in
performing its obligations under this Agreement; provided, however, that the foregoing indemnity agreement shall
not apply to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity
with written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement,
any post-effective amendment thereof or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

 

Section
9.3 METHOD OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party under Section 9.2
shall be asserted and resolved as follows:

 

(a)
In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against
or sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate thereof (a “Third
Party Claim”), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if
any, and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party’s claim for indemnification
that is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then
reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a “Claim Notice”)
with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable
promptness after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated
to indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability
to defend has been prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party
as soon as practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either
a Claim Notice or an Indemnity Notice (as defined below) (the “Dispute Period”) whether the Indemnifying Party
disputes its liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying
Party desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

 

    	16

    	 

    

 

(i)
If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend
the Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall
have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying
Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted
by the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with
the consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary
damages or that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full
pursuant to Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise
or settlement thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified
Party, at any time prior to the Indemnifying Party’s delivery of the notice referred to in the first sentence of this clause
(i), file any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be
necessary or appropriate to protect its interests; and provided, further, that if requested by the Indemnifying
Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the
Indemnifying Party in contesting any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may
participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant
to this clause (i), and except as provided in the preceding sentence, the Indemnified Party shall bear its own costs and expenses
with respect to such participation. Notwithstanding the foregoing, the Indemnified Party may take over the control of the defense
or settlement of a Third Party Claim at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect
to such Third Party Claim.

 

(ii)
If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires
to defend the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute
vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within
the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying
Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in
a reasonable manner and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying
Party, which consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings,
including any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying
Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and
its counsel in contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions
of this clause (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying
Party disputes its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party
Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying
Party will not be required to bear the costs and expenses of the Indemnified Party’s defense pursuant to this clause (ii)
or of the Indemnifying Party’s participation therein at the Indemnified Party’s request, and the Indemnified Party
shall reimburse the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection
with such litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the
Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect
to such participation.

 

    	17

    	 

    

 

(iii)
If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability
to the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within
the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party
with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability
of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified
Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such
claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute;
provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying
Party shall be entitled to institute such legal action as it deems appropriate.

 

(b)
In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve
a Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying
the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount,
determined in good faith, of such claim (an “Indemnity Notice”) with reasonable promptness to the Indemnifying
Party. The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder
except to the extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying
Party notifies the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity
Notice or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or
the amount of the claim described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively
deemed a liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages
to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability
with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution
of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying
Party shall be entitled to institute such legal action as it deems appropriate.

 

(c)
The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for
any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such
Claim.

 

(d)
The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified
Party against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

    	18

    	 

    

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.1 GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the
State of Nevada without regard to the principles of conflicts of law. Each of the Company and the Investor hereby submits to the
exclusive jurisdiction of the United States federal and state courts located in Kansas, County of Johnson, with respect to any
dispute arising under the Transaction Documents or the transactions contemplated thereby.

 

Section
10.2 JURY TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim
brought by either of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction
Documents.

 

Section
10.3 ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Company and the Investor and their
respective successors. Neither this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either
party to any other Person.

 

Section
10.4 NO THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and the Investor and their
respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
set forth in Section 9.3.

 

Section
10.5 TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor in the event of
a material breach of this Agreement by the Investor. In addition, this Agreement shall automatically terminate on the earlier
of (i) the end of the Commitment Period; (ii) the date that the Company sells and the Investor purchases the Maximum Commitment
Amount; (iii) the date in which the Registration Statement is no longer effective, or (iv) the date that, pursuant to or within
the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company,
a Custodian is appointed for the Company or for all or substantially all of its property or the Company makes a general assignment
for the benefit of its creditors; provided, however, that the provisions of Articles III, IV, V, VI, IX and the agreements and
covenants of the Company and the Investor set forth in Article X shall survive the termination of this Agreement.

 

Section
10.6 ENTIRE AGREEMENT. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire
understanding of the Company and the Investor with respect to the matters covered herein and therein and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

    	19

    	 

    

 

Section
10.7 FEES AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other writing to the contrary,
each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company
shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction
letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities
to the Investor. Upon execution of this Agreement, the Company shall issue the Commitment Note and Warrant to Investor for its
commitment to enter into this Agreement. The Commitment Note and Warrant shall be earned in full upon the execution of this Agreement,
and the Commitment Note and Warrant is not contingent upon any other event or condition, including but not limited to the effectiveness
of the Registration Statement or the Company’s submission of a Put Notice to the Investor.

 

Section
10.8 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which may be executed by less than
all of the parties and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing
such counterparts and all of which together shall constitute one and the same instrument. This Agreement may be delivered to the
other parties hereto by email of a copy of this Agreement bearing the signature of the parties so delivering this Agreement.

 

Section
10.9 SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided
that such severability shall be ineffective if it materially changes the economic benefit of this Agreement to any party.

 

Section
10.10 FURTHER ASSURANCES. 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 the 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.

 

Section
10.11 NO STRICT CONSTRUCTION. 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.

 

Section
10.12 EQUITABLE RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or
all of its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor. The Company
therefore agrees that the Investor shall be entitled to temporary and permanent injunctive relief in any such case without the
necessity of proving actual damages.

 

Section
10.13 TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and
are not to be considered in construing or interpreting this Agreement.

 

    	20

    	 

    

 

Section
10.14 AMENDMENTS; WAIVERS. No provision of this Agreement may be amended or waived by the parties from and after the date
that is one (1) Trading Day immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the
immediately preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by
both parties hereto and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the party
against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

Section
10.15 PUBLICITY. The Company and the Investor shall consult with each other in issuing any press releases or otherwise
making public statements with respect to the transactions contemplated hereby and no party shall issue any such press release
or otherwise make any such public statement, other than as required by law, without the prior written consent of the other parties,
which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure
is required by law, in which such case the disclosing party shall provide the other party with prior notice of such public statement.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Investor without the prior written consent
of the Investor, except to the extent required by law. The Investor acknowledges that this Agreement and all or part of the Transaction
Documents may be deemed to be “material contracts,” as that term is defined by Item 601(b)(10) of Regulation
S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration statements filed
under the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents and materials as material
contracts shall be determined solely by the Company, in consultation with its counsel.

 

[Signature
Page Follows]

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

	 	nFÜSZ,
    INC.
	 	 
	 	By:
    	 
	 	Name:	Rory
    J. Cutaia
	 	Title:	Chief
    Executive Officer

 

	 	KODIAK
    CAPITAL GROUP, LLC
	 	 
	 	By:
    	 
	 	Name:	Ryan
    Hodson
	 	Title:	Managing
    Director

 

[Signature
Page to equity purchase agreement]

 

    	22

    	 

    

 

DISCLOSURE
SCHEDULES TO

EQUITY
PURCHASE AGREEMENT

 

Schedule
4.3 – Capitalization

 

Participation
rights issued to Red Diamond.

 

Schedule
4.5 – SEC Documents

 

None.

 

Schedule
4.9 – Litigation

 

None.

 

Schedule
4.10 – Registration Rights

 

None.

 

    	23

    	 

    

EXHIBIT
A

 

FORM
OF PUT NOTICE

 

TO:
KODIAK CAPITAL GROUP, LLC

 

We
refer to the equity purchase agreement, dated as of September 15, 2017, (the “Agreement”), entered into by
and between nFüsz, Inc. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have
the same meaning when used herein.

 

We
hereby:

 

1)
Give you notice that we require you to purchase Put Shares; and

 

2)
Certify that, as of the date hereof, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

	 	nFÜSZ,
    INC.
	 	 
	 	By:	 
	 	Name:	Rory
    J. Cutaia
	 	Title:	Chief
    Executive Officer

 

    	24

    	 

    

 

EXHIBIT
B

 

FORM
OF OFFICER’S CERTIFICATE

OF
nFÜSZ, INC.

 

Pursuant
to Section 7.2(k) of that certain equity purchase agreement, dated as of September 15, 2017 (the “Agreement”),
by and between nFüsz, Inc. (the “Company”) and Kodiak Capital Group, LLC (the “Investor”),
the undersigned, in his capacity as Chief Executive Officer of the Company, and not in his individual capacity, hereby certifies,
as of the date hereof (such date, the “Condition Satisfaction Date”), the following:

 

1.
The representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction
Date as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular
date) with respect to all periods, and as to all events and circumstances occurring or existing to and including the Condition
Satisfaction Date, except for any conditions which have temporarily caused any representations or warranties of the Company set
forth in the Agreement to be incorrect and which have been corrected with no continuing impairment to the Company or the Investor;
and

 

2.
All of the conditions precedent to the obligation of the Investor to purchase Put Shares set forth in the Agreement, including
but not limited to Section 7.2 of the Agreement, have been satisfied as of the Condition Satisfaction Date.

 

Capitalized
terms used herein shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN
WITNESS WHEREOF, the undersigned has hereunto affixed his hand as of the September __, 2017.

 

	 	By:	 
	 	Name:	Rory
    J. Cutaia
	 	Title:	Chief
    Executive Officer

 

    	25

    	 

    

 

EXHIBIT
C

 

COMMITMENT
NOTE

 

    	26

    	 

    

 

EXHIBIT
D

 

FORM
OF INVESTMENT NOTE

 

    	27

    	 

    

 

EXHIBIT
E

 

FORM
OF TRANSFER AGENT

INSTRUCTION
LETTER

 

    	28

    	 

    

 

EXHIBIT
F

 

FORM
OF FIRST WARRANT

 

    	29

    	 

    

 

EXHIBIT
G

 

FORM
OF SECOND WARRANT

 

    	30

    	 

    

 

EXHIBIT
H

 

FORM
OF THIRD WARRANT

 

    	31Exhibit 10.2

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”), dated as of [●], 2017 is by and among Vanguard Natural Resources, Inc., a Delaware
corporation (the “Company”), and [NAME OF DIRECTOR] (the “Indemnitee”).

 

WHEREAS, Indemnitee
is a director of the Company;

 

WHEREAS, both the Company
and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors, officers and managers;

 

WHEREAS, the Board
of Directors of the Company (the “Board”), has determined that enhancing the ability of the Company and its
Affiliates to retain and attract as directors and officers the most capable persons is in the best interests of the Company and
its Affiliates and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is
available; and

 

WHEREAS, in recognition
of the need to provide Indemnitee with substantial protection against personal liability in order to procure Indemnitee’s
service as a director of the Company and/or its Affiliates and to enhance Indemnitee’s ability to serve the Company and/or
its Affiliates in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to
be enforceable irrespective of, among other things, any amendment to the Company’s or its Affiliates’ certificate of
incorporation, certificate of formation, bylaws, operating agreement or other organizational document (collectively, the “Constituent
Documents”), any change in the composition of the Board, or any change in control or business combination transaction
relating to the Company or the relevant Affiliate), the Company wishes to provide in this Agreement for the indemnification of,
and the advancement of Expenses (as defined in Section 1(h) below) to, Indemnitee as set forth in this Agreement and, to
the extent insurance is maintained, for the coverage of Indemnitee under the Company’s directors’ and officers’
liability insurance policies.

 

NOW, THEREFORE, in
consideration of the foregoing and the Indemnitee’s agreement to provide services to the Company and/or its Affiliates, the
parties agree as follows:

 

1.             Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)          “Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such particular Person,
where “control” means the possession, directly or indirectly, of the power to direct the management and policies of
a Person whether through the ownership of voting securities, contract or otherwise.

 

(b)         “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

    	 		 

    	 

    

 

(c)          “Board”
shall have the meaning ascribed to it in the recitals.

 

(d)         “Change
in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i)       Any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing forty percent (40%)
or more of the combined voting power of the Company’s then outstanding securities;

 

(ii)       the
consummation of a reorganization, merger or consolidation of the Company, unless immediately following such reorganization, merger
or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially
own, directly or indirectly, more than fifty percent (50)% of the combined voting power of the outstanding Voting Securities of
the entity resulting from such transaction;

 

(iii)       the
stockholders of the the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of its assets; or

 

(iv)       any
other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a
response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is
then subject to such reporting requirement.

 

(e)         “Claim” means:

 

(i)       any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)       any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(f)          “Court”
shall have the meaning ascribed to it in Section 9(e) below.

 

(g)         “Disinterested
Director” means a director of the Company or the relevant Affiliate who is not and was not a party to the Claim in respect
of which indemnification is sought by Indemnitee.

 

(h)         “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond
or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the
interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses,
however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments, penalties or fines against Indemnitee.

 

    	 	2	 

    	 

    

 

(i)           “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section
5 hereof.

 

(j)           “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any Affiliate of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any
Loss is incurred for which indemnification can be provided under this Agreement).

 

(k)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
performs, nor in the past five years has performed, services for either: (i) the Company, any Affiliate of the Company or Indemnitee
(other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements)
or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing the Company, any Affiliate of the Company or Indemnitee in an action
to determine Indemnitee’s rights under this Agreement.

 

(l)           “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(m)         “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(n)         “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(o)         “Voting
Securities” means any securities of a Person that vote generally in the election of directors, or other applicable governing
body, of such Person.

 

    	 	3	 

    	 

    

 

2.             Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company and/or its Affiliates for
so long as Indemnitee is duly elected or appointed or until Indemnitee tenders [his/her] resignation or is no longer serving in
such capacity. This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise)
and Indemnitee. Indemnitee specifically acknowledges that [his/her] service to the Company or any of its Affiliates or Enterprise
is at will and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise
provided in any written employment agreement between Indemnitee and the Company (or any of its Affiliates or Enterprise), other
applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the Company
and/or of its Affiliates, by the Company’s or the relevant Affiliates’ Constituent Documents or applicable law. This
Agreement shall continue in force after Indemnitee has ceased to serve as a director or officer of the Company or any of its Affiliates
or Enterprise, as provided in Section 12 hereof.

 

3.             Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall defend, indemnify, and hold Indemnitee
harmless from and against, to the fullest extent permitted by applicable law in effect on the date hereof, or as such laws may
from time to time hereafter be amended to increase the scope of such permitted indemnification, any and all Claims and Losses
if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any
Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the
right of the Company or its Affiliate, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

 

4.             Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of
any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably
paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to
such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the
foregoing, within thirty (30) days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay
such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse
Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide
any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. Indemnitee shall execute and deliver to the Company a written undertaking (which shall be accepted without reference
to Indemnitee’s ability to repay the Expense Advances) to repay any amounts paid, advanced, or reimbursed by the Company
for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee
is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse the Company for Expense Advances shall
be unsecured and no interest shall be charged thereon.

 

    	 	4	 

    	 

    

 

5.             Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also
indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4,
any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee
for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement,
or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating
to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained
by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance
recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required
to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous
or not made in good faith.

 

6.             Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the
Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7.             Notification
and Defense of Claims.

 

(a)            Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder
shall not relieve the Company from any liability hereunder unless the Company’s ability to participate in the defense of
such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has
directors’ and officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events
is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures
set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable
insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially
concurrently with the delivery or receipt thereof by the Company.

 

    	 	5	 

    	 

    

 

(b)           Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense
of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s
own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized
by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company
in the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved
by the Independent Counsel, or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then
Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel
in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

8.             Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall
submit to the Company a written request therefor, including in such request such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification
following the final disposition of the Claim, provided that documentation and information need not be so provided to the
extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be
made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.             Determination
of Right to Indemnification.

 

(a)            Mandatory
Indemnification; Indemnification as a Witness. 

 

(i)       To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent
allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

    	 	6	 

    	 

    

 

(ii)       To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as
a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest
extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b)           Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of
conduct under applicable law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating
to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

(i)       if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii)       if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

 

The Company shall
indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee,
within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons
making such Standard of Conduct Determination.

 

(c)            Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard
of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt
by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt
being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to
be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided
that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making
such determination in good faith requires such additional time to obtain or evaluate information relating thereto.

 

    	 	7	 

    	 

    

 

(d)            Payment
of Indemnification. If, in regard to any Losses:

 

(i)       Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)       no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)       Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct
Determination,

 

then the Company
shall pay to Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on which the applicable
criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)            Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising [him/her] of the identity of the Independent Counsel so selected. If a Standard
of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall
be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice
of selection from the other, deliver to the other a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth
in the definition of “Independent Counsel” in Section 1(k), and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to
the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this
sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding
sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions
of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company
gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant
to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court
of Chancery of the State of Delaware (“Court”) to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected
by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are
so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the
reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9(b).

 

    	 	8	 

    	 

    

 

(f)            Presumptions
and Defenses. 

 

(i)       Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Court. No determination by the Company (including
by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as
a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses
by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

 

(ii)       Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements
furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or
by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable
care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent
or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

(iii)       No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

    	 	9	 

    	 

    

 

(iv)       Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

10.           Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated
to:

 

(a)           indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)       proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)       where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)           indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c)           indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d)           indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the
purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

11.           Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of
any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent,
which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company
shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the
settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses
on the Indemnitee without the Indemnitee’s prior written consent. Neither the Company nor Indemnitee shall unreasonably
withhold its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does
not provide a complete and unconditional release of Indemnitee (without any admission of fault of Indemnitee).

 

    	 	10	 

    	 

    

 

12.           Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director
or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including
any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if,
in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13.           Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
applicable law, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided,
however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other
Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made
to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as
of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to
any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification
under this Agreement or any Other Indemnity Provision.

 

14.           Liability
Insurance. For the duration of Indemnitee’s service as a director of the Company, and thereafter for so long
as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable
efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain
in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’
and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.
Without limiting the generality or effect of the foregoing, the Company shall not discontinue or materially reduce the scope or
amount of coverage from one policy period to the next without the prior written consent of Indemnitee (which consent shall not
be unreasonably withheld or delayed).

 

    	 	11	 

    	 

    

 

15.           No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in
respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents,
Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.           Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

 

17.           Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party
against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure
to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.           Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all
or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

19.           Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

    	 	12	 

    	 

    

 

20.           Notices.
All notices, requests, demands and other communications given or made pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given (a) if delivered by hand to the party to be notified, upon the personal delivery, (b) when sent
by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then,
on the next business day, (c) if mailed by certified or registered mail with postage prepaid, on the third business day after
the date on which it is so mailed, or (d) if sent via a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt, on the next business day after the date on which it is so mailed:

 

(a)            if
to Indemnitee, to the address set forth on the signature page hereto, or any other address as Indemnitee may provide to the Company
from time to time.

 

(b)           if
to the Company, to:

 

Vanguard Natural
Resources, Inc.

Attn: Chief
Executive Officer and Board of Directors

5847
San Felipe, Suite 3000

Houston, TX
77057

 

21.           Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of
conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in the Court, (b) consent to submit to the
exclusive jurisdiction of the Court for purposes of any action or proceeding arising out of or in connection with this
Agreement, (c) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware,
Cogency Global Inc., 850 New Burton Road, Suite 201, Dover, Delaware 19904 as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding
against such party with the same legal force and validity as if served upon such party personally within the State of
Delaware and (d) waive, and agree not to plead or make, any claim that the Court lacks venue or that any such action
or proceeding brought in the Court has been brought in an improper or inconvenient forum.

 

22.           Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23.           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

    	 	13	 

    	 

    

 

24.           Legal
Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur legal fees and or other Expenses
associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise
because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.
Accordingly, without limiting the generality or effect of any other provision hereof, if it should appear to Indemnitee that the
Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person
takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action
or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder,
the Company irrevocably authorizes the Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense
of the Company as hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement
or defense, including without limitation the initiation or defense of any litigation or other legal action, whether by or against
the Company or any director, officer, member or other person affiliated with the Company, in any jurisdiction. Notwithstanding
any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to Indemnitee’s
entering into an attorney-client relationship with such counsel, and in that connection the Company and Indemnitee agree that a
confidential relationship shall exist between Indemnitee and such counsel. Without respect to whether Indemnitee prevails, in whole
or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all
attorneys’ and related fees and expenses incurred by Indemnitee in connection with any of the foregoing.

 

[Signature
Page Follows]

 

    	 	14	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.

 

	Company:	VANGUARD NATURAL RESOURCES, INC.
	 	By:	     
	 	Name:	 
	 	Title:	 

 

	Indemnitee:	[INDEMNITEE]
	 	 
	 	Name:	         
	 	Address:	 
	 	 
	 	 
	 	Email:	 

 

[Signature
Page to Indemnification Agreement]

 

    	 	15

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