Document:

EXHIBIT 10.1

 

Exhibit
10.1

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made as of the 9th day of May, 2014, by and between Aetrium
Incorporated, a Minnesota corporation (the “Company”), and Lone Star Value Investors, LP (“Lone Star”).

 

WITNESSETH

 

WHEREAS,
the Company and Lone Star entered into that certain Securities Purchase Agreement, dated as of April 1, 2014 (the “Purchase
Agreement”), pursuant to which the Company issued and sold to Lone Star and Lone Star purchased from the Company a Convertible
Promissory Note in the original principal amount of $500,000.00 (the “Convertible Promissory Note”); and

 

WHEREAS,
pursuant to Section 4.3 of the Purchase Agreement, the Company and Lone Star agreed to enter into a Registration Rights Agreement
in order to provide Lone Star with certain rights to register shares of the common stock of the Company, par value $0.001 per
share (“Common Stock”), issuable upon conversion of the Convertible Promissory Note.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Company and Lone Star hereby agree as follows:

 

1Registration
Rights.

 

1.1Definitions.
As used in this Agreement:

 

(a)The
terms “register,” “registered,” and “registration” refer to a registration
effected by preparing and filing a registration statement or similar document in compliance with the Securities Act of 1933, as
amended (the “Securities Act”), and the declaration or ordering of effectiveness of such registration statement
or document.

 

(b)The
term “Registrable Securities” means (i) the shares of Common Stock issuable or issued upon conversion of the
Convertible Promissory Note, other than shares for which registration rights have terminated pursuant to Section 1, (ii)
any other shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security
which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the securities
listed in (i); provided, however, that securities shall only be treated as Registrable Securities if and only for
so long as they (A) have not been sold by a Person in a transaction in which his or her rights under this Agreement were not assigned,
(B) have not been disposed of pursuant to a registration statement declared effective by the SEC, or (C) have not been sold in
a transaction exempt from the registration and prospectus delivery requirements of the Securities Act so that all transfer restrictions
and restrictive legends with respect thereto are removed upon the consummation of such sale and (D) may not be disposed of under
Rule 144 without restriction. The number of Registrable Securities that are held by a Person or are outstanding shall be determined
by the number of shares that are Registrable Securities and either are held by such Person or outstanding (as applicable) or are
issuable upon the exercise, exchange or conversion of then exercisable, exchangeable or convertible securities (including the
Convertible Promissory Note) that are held by such Person or outstanding (as applicable).

 

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(c)The
term “Holder” means any Person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.10.

 

(d)The
term “Person” means an individual, partnership, corporation, limited liability company, trust, unincorporated
organization, joint venture, a governmental authority or other entity of whatever nature.

 

(e)The
term “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor form
under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(f)The
term “Registration Expenses” means all expenses incurred by the Company in complying with Sections 1.2
and 1.3, including without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel
for the Company, reasonable fees and disbursements not to exceed $10,000.00 of a single special counsel for the Holders in connection
with each registration, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration
(but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company).

 

(g)The
term “Rule 144” means Rule 144 promulgated under the Securities Act.

 

(h)The
term “SEC” means the Securities and Exchange Commission or any other federal agency at the time administering
the Securities Act.

 

1.2Demand
Registration.

 

(a)At
any time after July 30, 2014, if there is not in existence an effective registration statement (or registration statements) allowing
for the registration and sale of all Registrable Securities held by the Holders, and the Company shall receive a written request
from the Holders of at least sixty-six and two thirds percent (66 2/3%) of the Registrable Securities then outstanding, that the
Company file a registration statement under the Securities Act covering the registration of all or a portion of such Registrable
Securities (a “Demand Registration Statement”) on an appropriate form covering the sale of the Registrable
Securities requested to be registered, then the Company shall use commercially reasonable efforts to effect as soon as practicable,
and in any event shall within ninety (90) days of the receipt of such request, file the Demand Registration Statement, and shall
use its best efforts to cause the Demand Registration Statement to become effective within one hundred and fifty (150) days after
filing.

 

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(b)The
Company shall only be required to file a Demand Registration Statement if the Registrable Securities to be included therein constitute
at least sixty-six and two thirds percent (66 2/3%) of the Registrable Securities. Within fifteen (15) business days of receiving
a written request to file a Demand Registration Statement, the Company shall give written notice of such demand to all other Holders
who hold piggyback registration rights under Section 1.3 that may be exercisable. If the Holders initiating the registration
request hereunder (“Initiating Holders”) intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2
and such information shall be included in the notice to other Holders. The underwriter will be selected by a majority in interest
of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include
his Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority
in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Section 1.4(f)) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision
of this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation
of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities
which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included
in the underwriting shall be allocated among all Holders thereof, including the Initiating Holders, in proportion (as nearly as
practicable) to the amount of Registrable Securities of the Company owned by each Holder; provided, however, that
the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities
are first entirely excluded from the underwriting. If any Holders would thus be entitled to include more securities than such
Holder requested to be registered, the excess shall be allocated among the other remaining requesting Holders in the manner described
in the immediately preceding sentence.

 

(c)Notwithstanding
the foregoing, if the Company shall furnish to Holders requesting a Demand Registration Statement pursuant to this Section
1.2, a certificate signed by the President or Chief Executive Officer of the Company stating that the Company is engaged in
any activity that, in the good faith judgment of the Board of Directors of the Company (the “Board”), is material
and nonpublic and would be required to be disclosed in the applicable Demand Registration Statement and such disclosure would
be seriously detrimental to the Company and its stockholders, then the Company may direct that such request to register Registrable
Securities be delayed for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any twelve (12) month period.

 

(d)In
addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section
1.2:

 

(i)After
the Company has effected one (1) such registration on behalf of the Holders pursuant to this Section 1.2 and such registration
has been declared or ordered effective, provided that the Registrable Securities requested for inclusion in such registration
were so included; or

 

(ii)During
the period starting with the date thirty (30) days prior to the Company’s good faith estimate of the date of filing of,
and ending on a date ninety (90) days after the effective date of, a Company initiated registration subject to Section 1.3
hereof.

 

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1.3Company
Registration. At any time after July 30, 2014 that there is not in existence an effective registration statement covering
all of a Holder’s Registrable Securities (a “Precluded Holder”), if the Company proposes to register
(including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its stock under
the Securities Act in connection with the “public offering” (as such term is interpreted by Nasdaq under its rules
and regulations) of such securities (other than a registration relating solely to the sale of securities to participants in a
Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration relating to an “equity
line of credit” or similar offering, a registration in which the only stock being registered is Common Stock issuable upon
conversion of debt securities which are also being registered, or any registration on any form which does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities),
the Company shall, at such time, promptly give each such Precluded Holder written notice of such registration. Upon the written
request of each Precluded Holder given within fifteen (15) days after mailing of such notice by the Company in accordance with
Section 2.3, the Company shall, subject to the provisions of Section 1.5, cause to be registered under the Securities
Act all of the Registrable Securities that each such Precluded Holder has requested to be registered; provided, however,
that in connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall
not be required under this Section 1.3 to include any of the Precluded Holders’ securities in such underwriting unless
they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other
Persons entitled to select the underwriters), and then only in such quantity as the underwriters determine will not jeopardize
the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the amount of securities (sold other than by the Company) that the underwriters
advise the Company in writing is compatible with the success of the offering, then the Company shall be required to include in
the offering only that number of such securities, including Registrable Securities, which the underwriters have advised the Company
in writing will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling
stockholders according to the total amount of securities entitled to be included therein owned by each selling stockholder or
in such other proportions as shall mutually be agreed to by such selling stockholders).

 

1.4Obligations
of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities,
the Company shall promptly:

 

(a)Subject
to Section 1.2(a), prepare and file with the SEC a registration statement with respect to such Registrable Securities and use
best efforts to cause such registration statement to become effective, and, in the case of registrations pursuant to Section
1.2, keep such registration statement effective until the distribution is completed, but not more than one hundred twenty
(120) days, provided that such one hundred twenty (120) day period shall be extended for a period of time equal to the
period the Holder refrains from selling any Registrable Securities included in such registration statement due to circumstances
described in Section 1.4(h). 

 

(b)Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with
such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such registration statement.

 

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(c)Respond
as promptly as reasonably practicable to any comments received from the SEC with respect to such registration statement or any
amendment thereto and, as reasonably practicable to provide the Holders true and complete copies of all correspondence from and
to the SEC relating to such registration statement.

 

(d)Within
a reasonable time before filing such registration statement, prospectus or amendments or supplements thereto, furnish to one counsel
selected by holders of a majority of such Registrable Securities copies of such documents proposed to be filed, which documents
shall be subject to the review, comment and approval of such counsel;

 

(e)Furnish
to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, and any amendments and supplements
to such prospectus in conformity with the requirements of the Securities Act, and such other documents as they may reasonably
request in order to facilitate the disposition of Registrable Securities owned by them that are included in such registration.

 

(f)Use
commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company
shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdiction, unless the Company is already subject to service in such jurisdiction
and except as may be required by the Securities Act.

 

(g)In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering.

 

(h)Notify
each Holder of Registrable Securities covered by such registration statement (and each underwriter in the case of an underwritten
offering), promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending
the effectiveness of such registration statement or the initiation or threatening of any proceeding for that purpose or any proceeding
against the Company under Section 8A of the Securities Act in connection with such registration statement, and promptly use its
commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should
be issued.

 

(i)Notify
each Holder of Registrable Securities covered by such registration statement (and each underwriter in the case of an underwritten
offering) at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening
of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing, and, following such notification, promptly deliver to
each Holder and each such underwriter that number of copies of all amendments or supplements referred in paragraphs (b) and (d)
of this Section 1.4 as may be necessary so that, as thereafter delivered to the purchaser of such Registrable Securities,
such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances then existing.

 

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(j)Cause
all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange on which similar
securities issued by the Company are then listed.

 

(k)Upon
reasonable notice and during normal business hours, make available for inspection by any selling Holder of Registrable Securities,
any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
agent retained by any such holder or underwriter, all pertinent financial and other records, pertinent corporate documents and
properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to
exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such underwriter, advisor, or agent in connection with such Registration Statement.

 

(l)Provide
a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later than the effective
date of such registration.

 

(m)In
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter
of such offering reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including,
without limitation, making appropriate officers of the Company available to participate in “road show” and other customary
marketing activities, including one-on-one meetings with prospective purchasers of the Registrable Securities).

 

(n)Use
its best efforts to obtain (i) a legal opinion of the Company’s outside counsel, dated
the effective date of such Registration Statement (and, if such registration includes an underwritten public offering, dated the
date of the closing under the underwriting agreement), in form and substance as is customarily given in opinions of the Company’s
counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed by the Company’s
independent certified public accountants in form and substance as is customarily given in accountants’ letters to underwriters
in underwritten public offerings.

 

(o)Subject
to the other provisions of this Agreement, otherwise use its reasonable best efforts to take all other steps necessary to effect
the registration of such Registrable Securities contemplated hereby.

 

1.5Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section
1 with respect to any Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be
required to timely effect the registration of such Holder’s Registrable Securities. Such Holders agree to notify the Company
as promptly as practicable of any inaccuracy or change in information they have previously furnished to the Company.

 

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1.6Expenses
of Registration. All Registration Expenses incurred in connection with any Demand Registration Statement and all issuances
off any Demand Registration Statement (pursuant to Section 1.2) shall be borne by the Company.

 

1.7Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 1.

 

1.8Indemnification.
In the event any Registrable Securities are included in a registration statement under this Section 1:

 

(a)To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, such
Holder’s officers, directors, managers, members, partners, stockholders and affiliates, each underwriter, broker or any
other Person acting on behalf of such holder of Registrable Securities and each other Person, if any, who controls any of the
foregoing Persons within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or
liabilities (joint or several) to which any of the foregoing Persons may become subject under the Securities Act, the Exchange
Act or other federal or state law, or otherwise, as a result of any breach by the Company of its obligations under Section
1.4(g) or insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based
upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each
such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the
indemnity agreement contained in this Section 1.8(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld or delayed), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim,
damage, liability, or action to the extent that it arises out of a Violation which is based solely upon information regarding
such Holder, underwriter or controlling person furnished in writing to the Company by such Holder, underwriter or controlling
person expressly for use in connection with such registration by such Holder, underwriter or controlling person.

 

(b)To
the extent permitted by law, each selling Holder will indemnify and hold harmless (severally and not jointly) the Company, each
of its directors, each of its officers who has signed the registration statement, each Person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement
and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint
or several) to which any of the foregoing Persons may become subject, under the Securities Act, the Exchange Act or other federal
or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of any Violation,
in each case to the extent (and only to the extent) that such Violation is based solely upon information regarding such Holder
furnished in writing to the Company by such Holder expressly for use in connection with such registration; and each such Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any Person intended to be indemnified pursuant to this
Section 1.8(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this Section 1.8(b) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, (which
consent shall not be unreasonably withheld or delayed); provided, further that such consent shall not be deemed
to have been unreasonably withheld or delayed if any settlement (i) does not include as an unconditional term thereof, the giving
by the plaintiff or claimant to the Holder of a release from all liability in respect of such loss, claim, damage, liability or
action or (ii) includes an admission of guilt on behalf of the Holder; provided, further that in no event shall
any indemnity under this Section 1.8(b) exceed the net proceeds (after underwriting fees, commissions, or discounts) from
the offering received by such Holder, except in the case of fraud by such Holder.

 

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(c)Promptly
after receipt by an indemnified party under this Section 1.8 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 1.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party,
if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual
or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding.
The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action,
if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified
party under this Section 1.8, but the omission so to deliver written notice to the indemnifying party will not relieve
it of any liability that it may have to any indemnified party otherwise than under this Section 1.8.

 

(d)If
the indemnification provided for in this Section 1.8 is held by a court of competent jurisdiction to be unavailable to
an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or
omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations;
provided, that in no event shall any contribution by a Holder under this Section 1.8(d) exceed the net proceeds
(after underwriting fees, commissions, or discounts) from the offering received by such Holder, except in the case of fraud by
such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates
to information supplied by the indemnifying party and by the indemnified party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission.

 

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(e)Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control for the parties to such agreement, provided,
that no Holder of Registrable Securities included in any underwritten registration shall be required to make any representations
or warranties to the Company or the underwriters (other than representations and warranties regarding such Holder, such Holder’s
ownership of its shares of Common Stock to be sold in the offering and such Holder’s intended method of distribution) or
to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided
in Section 1.8(b).

 

(f)The
obligations of the Company and Holders under this Section 1.8 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

 

1.9Reports
Under Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144 and any
other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form S-3, the Company agrees to:

 

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

 

(b)use
its commercially reasonable efforts to take such action as is necessary to enable the Holders to utilize Form S-3 for the sale
of their Registrable Securities;

 

(c)use
its commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act; and

 

(d)furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, or that it qualifies
as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such
other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the
selling of any such securities without registration or pursuant to such form.

 

1.10Assignment
of Registration and Information Rights. The rights to cause the Company to register Registrable Securities pursuant to
this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of Registrable
Securities that (a) is a subsidiary, parent, general partner, limited partner, member or stockholder of a Holder or (b)
acquires at least 100,000 shares of Registrable Securities (as adjusted for stock splits and combinations); provided the
Company is, within ten (10) days after such transfer, furnished with written notice of the name and address of such transferee
or assignee and the securities with respect to which such registration rights are being assigned; and provided, further,
that such transferee shall agree in writing to be subject to all applicable restrictions set forth in this Agreement. In each
case, such rights may only be transferred together with the underlying Registrable Securities in a transfer permitted by the Securities
Act and applicable state securities laws. Any such permitted transferee or assignee shall be deemed a Holder hereunder.

 

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1.11Termination
of Registration Rights. This Agreement shall terminate and be of no further force or effect when there shall no longer
be any Registrable Securities outstanding; provided that the provisions of Sections 1.6 and 1.8 shall survive
any such termination.

 

2Miscellaneous.

 

2.1Successors
and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees of the
Convertible Promissory Note or any Common Stock issued upon conversion thereof). Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

2.2Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the
Company and the Holders of a majority of the outstanding Registrable Securities. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or
waiver, each future holder of all such Registrable Securities, and the Company. Any failure by the Company or a Holder to enforce
any rights hereunder shall not be deemed a waiver of such rights.

 

2.3Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given when delivered personally, one
day after being delivered to a nationally recognized overnight courier or on the business day received (or the next business day
if received after 5:00 p.m. local time or on a weekend or day on which banks are closed) when sent via facsimile (with a confirmatory
copy sent by overnight courier) to the parties at the following addresses (or at such other address for a party as shall be specified
by like notice):

 

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If
to a Holder:

 

The
Holder’s address or fax number set forth on the Holder’s signature page to this Agreement

 

If
to the Company:

 

Aetrium
Incorporated

2350 Helen Street

North St. Paul, Minnesota 55109

Fax: (651) 770-7975

 

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

 

Olshan
Frome Wolosky LLP

Park Avenue Tower

65 East 55th Street

New York, New York 10022

Attn: Adam Finerman, Esq.

Fax: (212) 451-2222

 

2.4Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public
policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon
such determination that any term or other provision is invalid, illegal, or incapable of being enforced, 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
an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
extent possible.

 

2.5Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota applicable
to contracts made and performed in such State, without reference to conflict of law rules that would require the application of
the laws of another jurisdiction.

 

2.6Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original copy of this Agreement
and all of which, when taken together, shall be deemed to constitute one and the same agreement, and photostatic, .pdf or facsimile
copies of fully-executed counterparts of this Agreement shall be given the same effect as originals.

 

2.7Headings.
The headings or captions contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

2.8Pronouns.
Whenever the pronouns “it” or “its” are used herein, they shall also be deemed to mean “he”
or “his” or “she” or “hers” whenever applicable. Words in the singular shall be read and construed
as though in the plural and words in the plural shall be read and construed as though in the singular in all cases where they
would so apply.

 

2.9Aggregation
of Securities. All Registrable Securities held or acquired by affiliated Persons shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement.

 

2.10Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
contained herein and supersedes all prior oral or written agreements, if any, between the parties hereto with respect to such
subject matter, and, except as otherwise expressly provided herein, is not intended to confer upon any other Person any rights
or remedies hereunder.

 

[Signature
Page Follows]

  

    	11

    	 

    

 

[SIGNATURE
PAGE TO Registration Rights Agreement]

  

The
parties have executed this Registration Rights Agreement as of the date first above written.

 

	 	Aetrium
    Incorporated
	 	 
	 	By:	/s/
                                         Paul Askegaard

	 	Name:	Paul Askegaard
	 	Title:	Chief Financial
    Officer

 

	 	HOLDER:
	 	 
	 	Lone
    Star Value Investors, LP
	 	 
	 	By: 	Lone Star Value Investors GP, LLC,
	 	 	its General Partner
	 	 
	 	By:	/s/
                                         Jeffrey E. Eberwein

	 	Name:	Jeffrey E.
    Eberwein
	 	Title:	Managing Member
	 	 	 
	 	Holder Notice Information:
	 	 
	 	 	Lone
Star Value Investors, LP
	 	 	53 Forest Avenue, 1st Floor
	 	 	Old Greenwich, Connecticut 06870
	 	 	Fax: (203) 990-0727
	 	 	 
	 	 	With
a copy to (which shall not constitute notice):
	 	 	 
	 	 	Dorwart
Lawyers
	 	 	Old City Hall
	 	 	124 East Fourth Street
	 	 	Tulsa, Oklahoma 74103-5010
	 	 	Attn: Frederic Dorwart, Esq.
	 	 	Fax: (918) 583-8251

 

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

 

 

    	12EXHIBIT 10.4

 

MASTER
LOAN AGREEMENT

 

THIS
MASTER LOAN AGREEMENT, dated this 9th day of May 2014 (this “AGREEMENT”), is by and between
ON-AIR IMPACT, INC., a Nevada corporation (the “Company” or the “Borrower”), and
BACCARAT HOLDINGS, INC. (“Baccarat” or the “Lender,” and together with the Company,
the “Parties,” and each, a “Party”).

 

RECITALS

 

WHEREAS,
the Company wishes to sell, and Lender wishes to purchase, a series of one-year Promissory Notes, bearing interest at the rate
of eight percent (8%) per annum (collectively, the “Promissory Notes,” and each, a “Promissory Note”),
for up to an aggregate principal amount of Five Hundred Thousand United States Dollars and No Cents ($500,000.00 USD) on
the terms and conditions of the Promissory Note substantially in the form as Exhibit A attached hereto;

 

NOW,
THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

Article
I

Definitions

 

Section
1.01 Definitions. Capitalized terms used herein shall have the meanings set forth in this Section 1.01.

 

“Agreement” means
this Master Loan Agreement, as the same may be amended, amended and restated, supplemented or otherwise modified from time to
time to the extent permitted under this Master Loan Agreement.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time, or any similar federal or state law
for the relief of debtors.

 

“Borrower” has
the meaning specified in the Preamble.

 

“Borrowing
Date” means any Business Day specified by the Borrower in a Borrowing Notice as a date on which the Borrower requests
the relevant Lenders to make Loans under the Loan Agreement.

 

“Borrowing
Notice” with respect to any request for a borrowing of Loans hereunder, means a written notice from the Borrower
to the Lender.

 

    	 

    	 

    

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to close.

 

“Change
of Control” means the sale of all or substantially all of the assets, in one or series of transactions, of the
Company to any Person, other than an affiliate or a Subsidiary of the Company.

 

“Commitment” means
the obligations of the Lender to purchase the Promissory Notes under this Agreement.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Debtor
Relief Laws” means the Bankruptcy Code and all other liquidation, bankruptcy, assignment for the benefit of creditors,
conservatorship, moratorium, receivership, insolvency, rearrangement, reorganization or similar debtor relief laws of the US or
other applicable jurisdictions in effect from time to time.

 

“Dollars” means
the lawful currency of the United States of America.

 

“Equity
Interests” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership (or profit) interests in a Person (other than a corporation), securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person, and any
and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and whether or not such shares,
warrants, options, rights or other interests are authorized or otherwise existing on any date of determination.

 

“Governmental
Action” means any consent, approval, waiver, authorization, exception, variance, order, exemption, publication,
filing, declaration, concession, grant, franchise, agreement, permission, permit or license of or with any Governmental Authority,
any required notice to or registration with any Governmental Authority or any other action in respect of any Governmental Authority.

 

“Governmental
Authority” means the government of any nation or any political subdivision thereof, whether at the national, state,
territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of,
or pertaining to, government.

 

“Lender” has
the meaning set forth in the Preamble to this Agreement and any other Person that becomes a party hereto pursuant to an Assignment
and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 2

    	 

    

 

“Loan
Documents” means, collectively, this Agreement, the Promissory Notes, and all other agreements, documents, certificates
and instruments executed and delivered in connection with this transactions contemplated by this Agreement.

 

“Loans”
means the aggregate borrowed by the Company from the Lender pursuant to this Agreement and Promissory Notes.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, properties, liabilities (actual or
contingent), operations of the Borrower, individually, or the Borrower and its Subsidiaries taken as a whole, (b) the validity
or enforceability of any Loan Document, (c) the rights or remedies of the Lender under any Loan Document or (d) the ability of
the Borrower to perform any of its material payment obligations under any Loan Document to which it is a party.

 

“Maximum
Amount” means Five Hundred Thousand United States Dollars and No Cents ($500,000.00 USD).

 

“Promissory
Notes” means, collectively, the Promissory Notes issued by the Borrower for the benefit of the Lender pursuant
to this Agreement.

 

“Person” means
any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership,
unincorporated organization, Governmental Authority or other entity or group (which term will include a "group" as such
term is defined in Section 13(d)(3) of the Exchange Act).

 

“Requirement
of Law” as to any Person, means the certificate of incorporation and by-laws or other organizational or governing
documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree, judgment,
writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject.

 

“SEC” means
the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority).

 

"Subsidiary" means,
when used with respect to any party, any corporation or other organization, whether incorporated or unincorporated, a majority
of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of
directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly
owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more of its subsidiaries.

 

“USD”
or “$” means United States Dollars.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 3

    	 

    

 

Article
II

Commitment

 

Section
2.01 Commitment.

 

(a)
Subject to the terms and conditions set forth herein the Lender agrees, from time to time on any Business Day to purchase from
the Borrower, and the Borrower agrees to sell and issue to the Lender, one or more Promissory Notes substantially in the form
of Exhibit A attached hereto for the account of the Lender, provided, however, that the aggregate
principal amount of all Promissory Notes then outstanding shall not exceed the Maximum Amount. 

 

(b)
Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed.

 

(c)
The Lender shall not be obligated to purchase nor shall the Borrower shall be obligated to issue any Promissory Note if:

 

(i)
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the
Borrower from issuing such Promissory Note, or any Requirement of Law applicable to the Parties or any request or directive (whether
or not having the force of law) from any Governmental Authority with jurisdiction over the Parties shall prohibit, or request
that the Parties refrain from the issuance of letters of credit generally or such Promissory Note in particular; 

 

(ii)
the issuance of such Promissory Note would violate one or more policies of the Parties generally applicable to the issuance or
purchase, as the case may be, of letters of credit;

 

(d)
The Parties shall not amend any Promissory Note if the Parties would not be permitted at such time to issue such Promissory Note
in its amended form under the terms hereof.

 

Section
2.02 Procedures for Borrowing.

 

(a)
The Borrower may borrow under this Agreement on any Business Day by delivering a Borrowing Notice to the Lender. 

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 4

    	 

    

 

(b)
Within ten (10) Business Days of receipt of any such Borrowing Notice from the Borrower, the Lender shall use its commercially
reasonable best efforts to wire the requested amount of immediately available funds to the Company’s bank account or Company’s
counsel, Philip Magri, Esq. of The Magri Law Firm, PLLC, who shall act as the escrow agent pursuant to this Agreement (the “Escrow
Agent”). The Escrow Agent shall hold the wired funds (the “Escrow Funds”) in the attorney IOLA escrow
bank account listed on Exhibit B attached hereto (the “Escrow Account”), subject to the terms
and conditions of this Agreement. The Escrow Funds shall be held as a trust fund and shall not be subject to any lien, attachment,
trustee process or any other judicial process of any creditor of any party hereto. The Escrow Agent shall not distribute or release
the Escrow Funds from the Escrow Account except in accordance with written instructions received by the Escrow Agent from the
Company.

 

Article
III

Representations
and warranties

 

To
induce the Parties to enter into this Agreement and to consummate the transactions contemplated hereby, each Party hereby represents
and warrants to the other Party that:

 

Section
3.01 Existence; Compliance with Laws.

 

(a)
It and its Subsidiaries (i) are duly organized, validly existing and in good standing under the laws of the jurisdiction of its
formation, (ii) are duly qualified as a foreign corporation or other organization and in good standing under the laws of each
jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except
to the extent that the failure to qualify in such jurisdiction would not reasonably be expected to have a Material Adverse Effect
and (iii) are in compliance with all Requirements of Law except to the extent that the failure to comply therewith would not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section
3.02 Power; Authorization; Enforceability.

 

(a)
It has the power and authority, and the legal right, to own or lease and operate its property, and to carry on the business as
now conducted and as proposed to be conducted, and to execute, deliver and perform the Loan Documents to which it is a party.
It has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to
which it is a party. No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental
Authority or any other Person is required in connection with the execution, delivery, performance, validity or enforceability
of this Agreement or any of the Loan Documents. 

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 5

    	 

    

 

(b)
This Agreement constitutes, and each other Loan Document when delivered hereunder will constitute, a legal, valid and binding
obligation of the Party, enforceable against the Party in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

Section
3.03 No Contravention.

 

(a)
The execution, delivery and performance of this Agreement and the other Loan Documents, the borrowings hereunder and the use of
the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of any the Parties and will not result
in, or require, the creation or imposition of any lien on any of their respective properties or assets pursuant to any Requirement
of Law or any such Contractual Obligation (other than the Liens created by the Loan Documents). No Requirement of Law or Contractual
Obligation applicable to the Borrower or any of its Subsidiaries would reasonably be expected to have a Material Adverse Effect.

 

Section
3.04 No Litigation.

 

(a)
No action, suit, litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or,
to the knowledge of the Borrower, threatened by or against the Party or any of its Subsidiaries or against any of its property
or assets with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby.

 

Article
IV

Covenants

 

Section
4.01 Use of Proceeds.

 

(a)
The Company covenants to use the proceeds
of the Loans for general corporate purposes of the Company, including capital expenditures permitted hereunder. 

 

Article
V

Events
of Default

 

Section
5.01 Events of Default. Each of the following events or conditions shall constitute an “Event of Default”
(whether it shall be voluntary or involuntary or come about or be effected by any Requirement of Law or otherwise):

 

(a)
the Borrower fails to pay any principal of any Promissory Note when due whether at stated maturity, by acceleration, by notice
of voluntary prepayment, by mandatory prepayment or otherwise and such failure remains unremedied for a period of ten (10) Business
Days;

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 6

    	 

    

 

(b)
any representation, warranty, certification or other statement of fact made or deemed made by or on behalf of the Company herein
or in any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, proves to
have been false or misleading in any material respect on or as of the date made or deemed made;

 

(c)
the Borrower fails to perform or observe any covenant, term, condition or agreement contained in this Agreement or other Loan
Document; and such failure continues unremedied for a period of ten Business Days after written notice to the Borrower from Lender;

 

(d)
the Borrower or any of its Subsidiaries (x) commences any case, proceeding or other action under any existing or future Debtor
Relief Law, seeking (A) to adjudicate it as bankrupt or insolvent, or (B) reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts, or (C) appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, or (y) makes a general
assignment for the benefit of its creditors;

 

(e)
there is commenced against the Borrower or any of its Subsidiaries in a court of competent jurisdiction any case, proceeding or
other action of a nature referred to in clause (d) above which (x) results in the entry of an order for relief or any such adjudication
or appointment or (y) remains undismissed, undischarged, unstayed or unbonded for ninety (90) days;

 

(f)
there is commenced against the Borrower or any of its Subsidiaries, in any case, a proceeding or other action seeking issuance
of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the
entry of an order for any such relief which has not been vacated, discharged, stayed or bonded pending appeal within ninety (90)
days from the entry thereof; or 

 

(g)
any Change of Control occurs.

 

Section
5.02 Remedies. If any Event of Default occurs and is continuing, then, the Commitments of the Lender as set forth herein shall
automatically and immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Loan
Agreement and the other Loan Documents shall immediately become due and payable.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 7

    	 

    

 

Article
VI

Termination

 

Section
6.01 Termination. This Agreement will automatically terminate and be of no further force and effect upon the earlier to occur
of (i) the satisfaction of all indebtedness, including the Promissory Notes and any additional indebtedness issued hereafter,
between the Company and the Lender and (ii) written termination notice is delivered by the Company or the Lender to the other
party. Notwithstanding anything in the previous sentence, Section 7.07, Section 7.08, Section 7.09 and Section
7.10 shall survive the termination of this Agreement and the termination of this Agreement shall not affect any rights any Party
has with respect to the breach of this Agreement by another Party prior to such termination.

 

Article
VII

Miscellaneous Provisions

 

Section
7.01 Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive;
and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. Unless the context otherwise requires, references herein to: (x) Articles, Sections, and
Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement; (y) an agreement, instrument or other document
means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof; and (z) a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The
Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they
were set forth verbatim herein.

 

Section
7.02 Amendment and Modification. This Amendment may only be amended, modified or supplemented by an agreement in writing signed
by each Party hereto.

 

Section
7.03 Assignment. Neither Party may assign any of its rights or delegate any of its obligations hereunder without the prior
written consent of the other Party. Any purported assignment or delegation in violation of this Section shall be null and void.
No assignment or delegation shall relieve the assigning or delegating Party of any of its obligations hereunder.

 

Section
7.04 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and
their respective permitted successors and permitted assigns.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 8

    	 

    

 

Section
7.05 No Third-party Beneficiaries. This Agreement is for the sole benefit of the Parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any
legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
7.06 Notices.

 

(a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone
(or by e-mail as provided in paragraph (b) below), all notices and other communications provided for herein shall be made in writing
and mailed by certified or registered mail, delivered by hand or overnight courier service, or sent by facsimile as follows:

 

	 	(i)	If
    to the Borrower:
	 	 	
	 	 	On-Air
                                         Impact, Inc.

        420
        Jericho Turnpike, Suite 110

        Jericho,
        NY 11753-1319

        Attn:
        Joel Falitz, President

	 	 	 
	 	With
    a copy to: 
	 	 
	 	 	Philip
                                         Magri, Esq.

        The
        Magri Law Firm, PLLC

        2642
        NE 9th Avenue

        Fort
        Lauderdale, FL 33334

        T:
        (646) 502-5900

        F:
        (646) 836-9200

        pmagri@magrilaw.com

        www.magrilaw.com

	 	 	 
	 	(ii)
     	If
    to Lender: 
	 	 	 
	 	 	To
    the address provided to Borrower.

 

(b)
Delivery. Notices mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to
have been given when received. Notices sent by facsimile during the recipient's normal business hours shall be deemed to have
been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient's
business on the next business day). 

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 9

    	 

    

 

(c)
Change of Address, Etc.  Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto.

 

Section
7.07 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising any right, remedy, power or privilege
hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

Section
7.08 Survival of Representations and Warranties. All representations and warranties made hereunder and in the other Loan Documents
(or in any amendment, modification or supplement hereto or thereto) and in any certificate delivered pursuant hereto or such other
Loan Documents shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

 

Section
7.09 Governing Law; Jurisdiction; Etc.

 

(a)
Governing Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except,
as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed
by, and construed in accordance with, the laws of the State of Nevada.

 

(b)
Waiver of Venue. Each Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable law,
any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any such court referred to in subsection (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

 

Section
7.10 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. EACH PARTY
HERETO (A) CERTIFIES THAT NO AGENT, ATTORNEY, REPRESENTATIVE OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 10

    	 

    

 

Section
7.11 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
7.12 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. 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.

 

Section
7.13 Counterparts; Integration; Effectiveness. This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in counterparts (and by different parties hereto in different counterparts); each of which shall constitute an
original, but all taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the
entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings,
oral or written, with respect thereto. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or in electronic (“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

Section
7.14 Electronic Execution. The words “execution,” “signed,” “signature,” and words of
similar import in any Loan Document shall be deemed to include electronic or digital signatures or the keeping of records in electronic
form, each of which shall be of the same effect, validity and enforceability as manually executed signatures or a paper-based
recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures
in Global and National Commerce Act of 2000 (15 USC § 7001 et seq.), or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 11

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Loan Agreement as of the date first written above.

 

	 	ON-AIR
    IMPACT, INC. 
	 	 	 
	 	By:	/s/
    Joel Falitz
	 	Name:	Joel
    Falitz
	 	Title:	President
	 	 	 
	 	BACCARAT
    HOLDINGS, INC. 
	 	 	 
	 	By:	/s/
    Tony Killarney
	 	Name:	Tony
    Killarney
	 	Title:	Director

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 12

    	 

    

 

EXHIBIT
A

 

8%
PROMISSORY NOTE

 

	$_____________	Date:  _______________

 

FOR
VALUE RECEIVED, ON-AIR IMPACT, INC.., a Nevada corporation, (“Maker”), promises to pay __________________
(“Holder”), in lawful money of the United States, the principal sum of ______________________
Dollars ($___________.00), plus interest thereon (the “Promissory Note”) from the date of issuance
until paid in full, as set forth below.

 

	1.	Interest
                                         Rate

 

Interest
on the principal sum of this Promissory Note shall accrue at the rate of eight percent (8%) per annum, compounded annually, based
on a 365-day year and the actual number of days elapsed. Interest shall be payable by Maker on an annual basis and, except as
provided in Paragraph 2 below, shall not be forgiven.

 

	2.	Payments/Forgiveness

 

The
entire principal sum and all accrued but unpaid interest and any other sums payable hereunder shall be due and payable in full
on the one year anniversary date of the date hereof. All payments hereunder shall be applied first to interest then
to principal.

 

	3.	Prepayment

 

The
Maker may prepay all or any portion of the principal of this Promissory Note at any time and from time to time without premium
or penalty. Any such prepayment shall be applied against the installments of principal due under this Promissory Note in the inverse
order of their maturity and shall be accompanied by payment of accrued interest on the amount prepaid to the date of prepayment.

 

	4.	Application
                                         of Payments

 

All
payments received by Holder shall be applied first to accrued interest, then to other charges due with respect to this Promissory
Note, and then to then-unpaid principal balance.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 13

    	 

    

 

	5.	Cancellation
                                         of Promissory Note.

 

Upon
the repayment by the Maker of all of its obligations hereunder to the Holder, including, without limitation, the principal amount
of this Promissory Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid
in full.

 

	6.	Severability.

 

If
any provision of this Promissory Note is, for any reason, invalid or unenforceable, the remaining provisions of this Promissory
Note will nevertheless be valid and enforceable and will remain in full force and effect. Any provision of this Promissory Note
that is held invalid or unenforceable by a court of competent jurisdiction will be deemed modified to the extent necessary to
make it valid and enforceable and as so modified will remain in full force and effect.

 

	7.	Default
                                         and Remedies

 

		a.	Default

 

Maker
will be in default under this Promissory Note if (i) Maker fails to make a payment of principal and/or interest hereunder when
due; or (ii) Maker breaches any other covenant or agreement under this Promissory Note; or (iii) Maker defaults under any other
provision of this Promissory Note or under any guarantee or other agreement providing security for the payment of this Promissory
Note; or (iv) Maker breaches any representation or warranty under this Promissory Note or any such guarantee or other agreement;
or (v) there occurs the liquidation, dissolution, death or incompetency of the Maker or any individual, corporation, partnership
or other entity guaranteeing or providing security for the payment of this Promissory Note; or (vi) there occurs the sale of a
material portion of the business and assets of the Maker or any corporation, partnership or other entity guaranteeing or providing
security for the payment of this Promissory Note; or (vii) there occurs the making of any assignment for the benefit of creditors
by the Maker or by any individual, corporation, partnership or other entity guaranteeing or providing security for the payment
of this Promissory Note; or (viii) Maker is declared to be in default by a court of competent jurisdiction or by an arbitrator
for any reason.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 14

    	 

    

 

		b.	Remedies

 

Upon
Maker's default, Holder may (i) upon fifteen (15) days' written notice to Maker, declare the entire principal sum and all accrued
and unpaid interest hereunder immediately due and payable and (ii) exercise any and all remedies provided under applicable law.
The Holder’s remedies provided in this Promissory Note shall be cumulative and in addition to all other remedies available
to the Holder under this Promissory Note, at law or in equity (including a decree of specific performance and/or other injunctive
relief), no remedy of the Holder contained herein shall be deemed a waiver of compliance with the provisions giving rise to such
remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Maker to comply
with the terms of this Promissory Note. No remedy conferred under this Promissory Note upon the Holder is intended to be exclusive
of any other remedy available to the Holder, pursuant to the terms of this Promissory Note or otherwise. No single or partial
exercise by the Holder of any right, power or remedy hereunder shall preclude any other or further exercise thereof. The failure
of the Holder to exercise any right or remedy under this Promissory Note or otherwise, or delay in exercising such right or remedy,
shall not operate as a waiver thereof. Every right and remedy of the Holder under any document executed in connection with this
transaction may be exercised from time to time and as often as may be deemed expedient by the Holder. The Maker acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Maker therefore agrees that, in the event of any such breach or threatened breach, the Holder shall
be entitled, in addition to all other available remedies, to an injunction restraining any breach, and specific performance without
the necessity of showing economic loss and without any bond or other security being required.

 

	8.	Waivers

 

		a.	Maker,
                                         and any endorsers or guarantors hereof, severally waive diligence, presentment, protest
                                         and demand and also notice of dishonor of this Promissory Note. No extension of time
                                         for the payment of this Promissory Note, or any installment hereof, agreed to by Holder
                                         with any person now or hereafter liable for the payment of this Promissory Note, shall
                                         affect the original liability of Maker under this Promissory Note, even if Maker is not
                                         a party to such agreement. Holder may waive its right to require performance of or compliance
                                         with any term, covenant or condition of this Promissory Note only by express written
                                         waiver.

 

		b.	The
                                         failure or delay by Holder in exercising any of its rights hereunder in any instance
                                         shall not constitute a waiver thereof in that or any other instance. Holder may not waive
                                         any of its rights except by an instrument in writing signed by the holder.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 15

    	 

    

 

	9.	Miscellaneous

 

		a.	Maker
                                         shall pay all costs, including, without limitation, reasonable attorneys' fees and costs
                                         incurred by Holder in collecting the sums due hereunder, whether or not any legal action
                                         is actually filed, litigated or prosecuted to judgment or award. In the event of any
                                         action or legal proceeding concerning this Promissory Note or the enforcement of any
                                         rights hereunder, Holder shall be entitled to, in addition to any other relief to which
                                         Holder may be entitled, all legal and court costs and expenses, including reasonable
                                         attorneys' fees, incurred by Holder in connection with such action.

 

		b.	This
                                         Promissory Note may be modified only by a written agreement executed by Maker and Holder.

 

		c.	This
                                         Promissory Note and the obligations of the undersigned shall be governed in all respects
                                         by and construed in accordance with the laws of the State of Nevada. This Promissory
                                         Note shall be deemed a contract made under the laws of the State of Nevada and the validity
                                         of this Promissory Note and all rights and liabilities hereunder shall be determined
                                         under the laws of said State. For purposes of any proceeding involving this Promissory
                                         Note or any of the obligations of the undersigned, the undersigned hereby submits to
                                         the non-exclusive jurisdiction of the courts of the State of Nevada having jurisdiction
                                         in the State of Nevada, and agrees not to raise and waives any objection to or defense
                                         based upon the venue of any such court or based upon forum non convenience. The undersigned
                                         agrees not to bring any action or other proceeding with respect to this Promissory Note
                                         or with respect to any of its obligations in any other court unless such courts of the
                                         State of Nevada determine that they do not have jurisdiction in the matter.

 

		d.	The
                                         terms of this Promissory Note shall inure to the benefit of and bind Maker and Holder
                                         and their respective heirs, legal representatives and successors and assigns.

 

		e.	Time
                                         is of the essence with respect to all matters set forth in this Promissory Note.

 

		f.	If
                                         this Promissory Note is destroyed, lost or stolen, Maker will deliver a new Promissory
                                         Note to Holder on the same terms and conditions as this Promissory Note, with a notation
                                         of the unpaid principal and accrued and unpaid interest in substitution of the prior
                                         Promissory Note. Holder shall furnish to Maker reasonable evidence that the Promissory
                                         Note was destroyed, lost or stolen and any security or indemnity that may be reasonably
                                         required by Maker in connection with the replacement of this Promissory Note. 

 

		g.	All
                                         payments of principal and interest shall be made in lawful currency of the United States
                                         of America to the Holder at the address shown above or to a different location upon receipt
                                         of written notice from the Holder.

 

		h.	The
                                         Maker agrees to pay on demand (i) all expenses (including, without limitation, legal
                                         fees and disbursements) incurred in connection with the negotiation and preparation of
                                         this Promissory Note and any documents in connection with this Promissory Note, and (ii)
                                         all expenses of collecting and enforcing this Promissory Note and any guarantee or collateral
                                         securing this Promissory Note, including, without limitation, expenses and fees of legal
                                         counsel, court costs and the cost of appellate proceedings.

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 16

    	 

    

 

		i.	The
                                         headings of the sections of this Promissory Note are inserted for convenience only and
                                         shall not be deemed to constitute a part of this Promissory Note.

 

		j.	This
                                         Promissory Note may not be amended without the written approval of Holder and Maker.

 

		k.	None
                                         of the parties hereto will hereafter enter into any agreement, which is inconsistent
                                         with the rights granted to the parties in this Promissory Note.

 

		l.	Nothing
                                         herein expressed or implied is intended or shall be construed to confer upon or give
                                         to any person or entity, other than the parties to this Promissory Note and their respective
                                         permitted successor and assigns, any rights or remedies
                                         under or by reason of this Promissory Note.

 

		m.	As
                                         a material inducement for the Holder to loan to the Maker the monies hereunder, the Maker
                                         hereby waives any right to trial by jury in any legal proceeding related in any way to
                                         this agreement and/or any and all of the other documents associated with this transaction.

 

		n.	This
                                         Promissory Note (including any recitals hereto) set forth the entire understanding of
                                         the parties with respect to the subject matter hereof, and shall not be modified or affected
                                         by any offer, proposal, statement or representation, oral or written, made by or for
                                         any party in connection with the negotiation of the terms hereof, and may be modified
                                         only by instruments signed by all of the parties hereto.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 17

    	 

    

 

IN
WITNESS WHEREOF, this Promissory Note is executed by the undersigned as of the date set forth above.

 

	 	PROMISSORY
    NOTE MAKER:
	 	 
	 	ON-AIR
    IMPACT, INC.  
	 	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	 

 

    	On-Air Impact, Inc. - Master Loan Agreement	Page 18

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