Document:

Exhibit
10.1

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (this “Agreement”) is entered into as of July 3, 2020 by and among MV Finances SARL, a French
company (the “Noteholder”), and Naked Brand Group Limited, an Australian corporation (the “Company”).

 

WHEREAS,
(a) on December 19, 2016, Bendon Limited, a New Zealand company and a wholly owned subsidiary of the Issuer (“Bendon”),
sold and issued to the Noteholder a convertible note in the original principal amount of $1,000,000.00 (the “Note”),
pursuant to that certain Subscription Agreement Relating to Convertible Notes, originally dated of even date, by and between Bendon
and the Noteholder (as amended to date, the “Subscription Agreement”), which Note was issued in book entry
form under that certain Convertible Note Deed Poll, originally dated as of September 29, 2016, made by Bendon (as amended to date,
the “Deed Poll”); and (b) as of June 19, 2018, Bendon assigned, and the Company assumed, all of Bendon’s
rights and obligations under the Note and the Deed Poll, as confirmed by that certain Confirmatory Deed of Assignment by the Company,
Bendon and the Noteholder (the “Deed of Assignment”);

 

WHEREAS,
the Company and the Noteholder desire to exchange (the “Exchange”) the Note for 1,666,667 ordinary shares,
no par value, of the Company (such class of shares, the “Ordinary Shares,” and the Ordinary Shares issued in
the Exchange, the “Exchange Shares”), on with the terms and conditions of this Agreement; and

 

WHEREAS,
the Exchange Shares will be acquired from the Company solely in exchange for the Note.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.
Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this
Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.
The Exchange.

 

(a)
Pursuant to the terms and conditions of this Agreement, at the Closing (as defined below), the Noteholder shall surrender the
Note to the Company, and the Company shall deliver the Exchange Shares to the Noteholder. On the Closing Date, the Note shall
be cancelled and all obligations of the Company under the Note shall be deemed fulfilled.

 

(b)
To the extent that issuance of the Exchange Shares will cause the Noteholder’s beneficial ownership of the Ordinary Shares
to exceed 9.99% of the number of outstanding Ordinary Shares (as determined in accordance with Section 13 of the Securities Exchange
Act of 1934, as amended (the “1934 Act”), and Regulation 13D thereunder), the Company shall, in lieu of issuing
the Exchange Shares in excess of such limit (the “Excess Shares”), instead issue to the Noteholder a pre-funded
warrant, in substantially the form of Exhibit A hereto (a “Prefunded Warrant”), entitling the holder
thereof to acquire a number of Ordinary Shares equal to the sum of (i) the number of Excess Shares, and (ii) a number of Ordinary
Shares with a value equal to the aggregate exercise price of Pre-Funded Warrants issued pursuant to this Section.

 

    	 

     

    

 

(c)
The obligations of the Company to close the transaction contemplated hereby shall be conditioned upon (a) the Noteholder’s
delivery of a duly executed counterpart to this Agreement, (b) the representations and warranties of the Noteholder being true
and correct as of the date of the Closing as if made on the date of the Closing, and (c) the Noteholder and/or the Noteholder’s
broker delivering any certificates or other documents required by the Company’s transfer agent or by the Company’s
counsel for delivery of the Exchange Shares without any legend or stop transfer instructions.

 

(d)
The obligations of the Noteholder to close the transactions contemplated hereby shall be conditioned upon (a) the Company’s
delivery of a duly executed counterpart to this Agreement, (b) the representations and warranties of the Company being true and
correct as of the date of the Closing as if made on the date of the Closing, (c) the Company’s delivery of a copy of irrevocable
instructions to the Company’s transfer agent instructing the transfer agent to issue the Exchange Shares via DWAC to the
Noteholder’s designated brokerage account, and (d) if applicable, the Company’s delivery of a duly executed Prefunded
Warrant.

 

(e)
Each of the Company and the Noteholder shall use its commercially reasonable efforts to take or cause to be taken all actions,
and to do or cause to be done all things, reasonably necessary, proper or advisable to consummate and make effective the transactions
contemplated by this Agreement as promptly as practicable.

 

(f)
The Exchange contemplated herein is intended to comport with the requirements of Section 3(a)(9) of the Securities Act of 1933,
as amended (the “1933 Act”), and paragraph of (d)(3)(ii) of Rule 144 of Regulaton promulgated under the 1933
Act. The parties acknowledge and agree that the Exchange Shares are being issued in exchange for and not in satisfaction of the
Note, and shall not constitute a novation or satisfaction and accord of the Note.

 

3.
Closing. The closing of the transaction contemplated hereby (the “Closing”) shall occur on the date
that the conditions set forth in Sections 2(c) and 2(d) are satisfied or waived or such other date as is mutually
agreed by the Noteholder and the Company.

 

4.
The Company’s Representations, Warranties and Agreements. In order to induce the Notehlder to enter into this Agreement,
the Company hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full power and authority to enter
into this Agreement and to incur and perform all obligations and covenants contained herein, all of which have been duly authorized
by all proper and necessary action, (b) no consent, approval, filing or registration with or notice to any governmental authority
is required as a condition to the validity of this Agreement or the performance of any of the obligations of Borrower hereunder,
other than consents, approvals, filings or registrations that have been obtained and filings required pursuant to the 1933 Act,
the 1934 Act, the rules and regulations thereunder and the rules of The Nasdaq Stock Market LLC, (c) except as specifically set
forth herein, nothing herein shall in any manner release, lessen, modify or otherwise affect the Company’s obligations under
the Note, (e) the issuance of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares
are validly issued, fully paid and non-assessable, free and clear of all taxes, liens, claims, pledges, mortgages, restrictions,
obligations, security interests and encumbrances of any kind, nature and description, other than any restrictions under securities
laws, (f) the Company has not received any consideration in any form whatsoever for entering into this Agreement, other than the
surrender of the Note, and (g) the Company has taken no action which would give rise to any claim by any person for a brokerage
commission, placement agent or finder’s fee or other similar payment by the Noteholder related to this Agreement.

 

    	2

     

    

 

7.
The Noteholder’s Representations, Warranties and Agreements. In order to induce the Comapny to enter into this Agreement,
the Noteholder hereby acknowledges, represents, warrants and agrees as follows: (a) the Noteholder has full power and authority
to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of which have been duly
authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice to any governmental
authority is required as a condition to the validity of this Agreement or the performance of any of the obligations of the Noteholder
hereunder, and (c) the Noteholder has taken no action which would give rise to any claim by any person for a brokerage commission,
placement agent or finder’s fee or other similar payment by the Company related to this Agreement.

 

8.
Sale Restrictions. The Noteholder shall not publicly sell, directly or indirectly, any Exchange Shares, including any Ordinary
Shares issuable upon exercise of the Prefunded Warrant (the “Restricted Shares”), on any trading day, if such
sale, together with all prior sales of Restricted Shares by the Noteholder on such trading day, exceeds 10% of the average daily
trading volume of the Ordinary Shares (as reported by The Nasdaq Stock Market LLC) for the previous five (5) trading days (the
“Daily Limit”); provided, however, that any sales of Restricted Shares at a price greater than
or equal to 100% of the closing sale price of the Ordinary Shares (as reported by The Nasdaq Stock Market LLC) on the immediately
preceding trading day shall be excluded in the Daily Limit calculation above. Each party hereto acknowledges that, in view of
the uniqueness of the provisions contemplated by this Section, the other parties hereto would not have an adequate remedy at law
for money damages in the event that this provisions of this Section have not been performed in accordance with their terms, and
therefore agrees that the other party shall be entitled to specific enforcement of the terms hereof in addition to any other remedy
to which it may be entitled, at law or in equity.

 

9.
Excluded Information Waiver. The Noteholder understands that it may not be privy to certain material non-public information
with respect to the business operations, financial condition and prospects of the Company, including information related to potential
capital raising activity by the Company (“Excluded Information”), and that the Excluded Information could be
negative in nature and, if released to the public, could have a negative impact on the market price of the securities of the Company.
Notwithstanding the foregoing, the Noteholder is still desirous of effectuating this transaction and acquiring the Exchange Shares
from the Company. The Noteholder is not requesting the Excluded Information and agrees that the Company is not obligated to disclose
any Excluded Information to the Noteholder and that the Company shall not have any liability with respect to any non-disclosure
of the Excluded Information. As a condition to the Company’s agreement to issue the Exchange Shares to the Noteholder, to
the fullest extent permitted by law, the Noteholder hereby releases and waives any and all claims, causes of action, actions,
proceedings, suits, judgments, liens and executions and claims, whether known or unknown, now or hereafter arising against the
Company or its officers, directors, agents or controlling stockholders, based upon or relating to such non-disclosure or the Noteholder’s
failure to review the Excluded Information and further covenants not to sue the Company or its officers, directors, agents or
controlling stockholders for any loss, damage or liability arising from or relating to the issuance of the Exchange Shares.

 

    	3

     

    

 

10.
Governing Law; Venue. The provisions set forth in the Deed Poll to determine the governing law and jurisdiction for any
disputes are incorporated herein by this reference.

 

11.
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties
had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of
copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall
constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including
email) shall be deemed to be their original signatures for all purposes.

 

12.
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to
achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force
and effect.

 

13.
Entire Agreement. This Agreement, together with all other documents referred to herein, supersedes all other prior oral
or written agreements between the Company, the Noteholder and their affiliates and persons acting on their behalf with respect
to the matters discussed herein, and this Agreement and the other documents referred to herein contain the entire understanding
of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein,
neither the Noteholder nor the Company makes any representation, warranty, covenant or undertaking with respect to such matters.

 

14.
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision
of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

15.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. Neither the Company nor the Noteholder may assign this Agreement or any of its rights or obligations herein
without the prior written consent of the other party.

 

16.
Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Note and the
Deed Poll shall remain in full force and effect, enforceable in accordance with all of its original terms and provisions. This
Agreement shall not be effective or binding unless and until it is fully executed and delivered by the Noteholder and the Comapny.
If there is any conflict between the terms of this Agreement, on the one hand, and the Note or the Deed Poll, on the other hand,
the terms of this Agreement shall prevail.

 

17.
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

    	4

     

    

 

18.
Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under
this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Deed
Poll.

 

19.
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.

 

20.
General Waiver. In addition to, and without limiting, the waiver and release set forth in Section 9, the Noteholder, on
behalf of itself and its respective present and former parents, subsidiaries, affiliates, officers, directors, shareholders, members,
successors, and assigns (collectively, “Releasors”) hereby releases, waives, and forever discharges the Company
and its present and former, direct and indirect, parents, subsidiaries, affiliates, employees, officers, directors, shareholders,
members, agents, representatives, permitted successors, and permitted assigns (collectively, “Releasees”) of
and from any and all actions, causes of action, suits, losses, liabilities, rights, debts, dues, sums of money, accounts, reckonings,
obligations, costs, expenses, liens, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims, and demands, of every kind and nature whatsoever, whether now known
or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law, admiralty, or equity, whether in contract,
tort or otherwise, which any of such Releasors ever had, now have, or hereafter can, shall, or may have against any of such Releasees
for, upon, or by reason of any matter, cause, or thing whatsoever from the beginning of time through the date of this Agreement,
except the obligations hereunder and any liability for breach of this Agreement.

 

[Remainder
of page intentionally left blank]

 

    	5

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	NAKED
    BRAND GROUP LIMITED
	 	 	 
	 	By:	/s/
    Justin Davis-Rice
	 	Name:	Justin
    Davis-Rice
	 	Title:	Executive
    Chairman
	 	 	 
	 	NOTEHOLDER:
	 	 	 
	 	MV
    FINANCES SARL
	 	 	 
	 	By:	/s/
    Tomy Valentin
	 	Name:	Tomy
    Valentin
	 	Title:	Gerant

 

[Signature
Page to Exchange Agreement]

 

    	 

     

    

 

EXHIBIT
A

 

PREFUNDED
WARRANT

 

[Attached]

 

    	 

     

    

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), FROM REPUTABLE
COUNSEL, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. 

 

NAKED
BRAND GROUP LIMITED

 

Pre-Funded
Warrant To Purchase Ordinary Shares

 

Warrant
No.: PFW-20200703-01

 

Date
of Issuance:                     ,
2020 (“Issuance Date”)

 

Naked
Brand Group Limited, an Australian company (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, MV Finances SARL, the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Ordinary Shares (including any
Warrants to Purchase Ordinary Shares issued in exchange, transfer or replacement hereof, the “Warrant”), at
any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
fully paid and non-assessable Ordinary Shares (as defined below),            subject to adjustment as provided herein (the “Warrant
Shares”). This Warrant is being issued pursuant to that certain Exchange Agreement, dated as of July 3, 2020, by and
between the Holder and the Company (the “Exchange Agreement”). Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 15 or in the Exchange Agreement.

 

    	 

    	 

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(e)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date in whole or in part, by
delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit A (the
“Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following
an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise Price
in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (in
respect of such specific exercise, the “Aggregate Exercise Price”) in cash or via wire transfer of immediately
available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a Cashless
Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original of this Warrant in order to effect
an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall
have the same effect as cancellation of the original of this Warrant certificate and issuance of a new Warrant certificate evidencing
the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining
Warrant Shares shall have the same effect as cancellation of the original of this Warrant certificate after delivery of the Warrant
Shares in accordance with the terms hereof. If this Warrant is submitted in connection with any exercise pursuant to this Section
1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then, at the request of the Holder and upon surrender hereof by the Holder at the principal
office of the Company, the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise
and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the
number of Warrant Shares with respect to which this Warrant is exercised. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale
by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Exercise Notice by the date
that is the latest of (i) two (2) Trading Days after the delivery to the Company of the Exercise Notice, or (ii) one (1) Trading
Day after delivery of the aggregate Exercise Price to the Company. Upon delivery of an Exercise Notice, the Holder shall be deemed
for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery
of the certificates evidencing such Warrant Shares (as the case may be). No fractional Ordinary Shares are to be issued upon the
exercise of this Warrant, but rather the number of Ordinary Shares to be issued shall be rounded up to the nearest whole number.
The Company shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery of Warrant Shares
upon exercise of this Warrant.

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.01, subject to adjustment as
provided herein.

 

(c)
Company’s Failure to Timely Deliver Securities. To the extent permitted by law, the Company’s obligations to
issue and deliver the Ordinary Shares upon exercise of the Warrant in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision
hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder or any other person of any obligation to the Company
or any violation or alleged violation of law by the Holder or any other person, and irrespective of any other circumstance that
might otherwise limit such obligation of the Company to the Holder in connection with the issuance of the Ordinary Shares. Nothing
herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver the Ordinary Shares issuable upon exercise of this Warrant as required pursuant to the terms hereof.

 

    	2

     

    

 

(d)
Cashless Exercise. If at any time after the six-month anniversary of the Issuance Date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A) a “Cashless
Exercise”), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day, (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, or (3) executed
during “regular trading hours” on a Trading Day and delivered within two (2) hours thereafter (including until two
(2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (ii) the
VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 1(d).

 

    	3

     

    

 

(e)
Limitations on Exercises and Exchanges. Notwithstanding anything to the contrary contained in this Warrant, this Warrant
shall not be exercisable or exchangeable by the Holder hereof to the extent (but only to the extent) that the Holder or any of
its affiliates would beneficially own in excess of 9.9% of the number of Ordinary Shares outstanding after giving effect to the
issuance of Ordinary Shares issuable upon exercise of this Warrant calculated in accordance with Section 13(d) of the Exchange
Act (the “Maximum Percentage”). To the extent the above limitation applies, the determination of whether this
Warrant shall be exercisable or exchangeable (vis-à-vis other convertible, exercisable or exchangeable securities owned
by the Holder or any of its affiliates) and of which such securities shall be exercisable or exchangeable (as among all such securities
owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission
to the Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise or exchange this Warrant
pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any
subsequent determination of exercisability or exchangeability. For the purposes of this paragraph, beneficial ownership and all
determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be
determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. The provisions
of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.
The holders of Ordinary Shares shall be third party beneficiaries of this paragraph and the Company may not waive this paragraph
without the consent of holders of a majority of its Ordinary Shares. For any reason at any time, upon the written or oral request
of the Holder, the Company shall within two (2) Business Days confirm orally and in writing to the Holder the number of Ordinary
Shares then outstanding, including by virtue of any prior conversion or exercise or exchange of convertible or exercisable or
exchangeable securities into Ordinary Shares, including, without limitation, pursuant to this Warrant.

 

(f)
Reservation of Shares. The Company shall initially reserve out of its authorized and unissued Ordinary Shares a number
of Ordinary Shares equal to the maximum number of Warrant Shares issuable to satisfy the Company’s obligations to issue
Ordinary Shares hereunder, and the Company shall at all times keep reserved for issuance under this Warrant a number of Ordinary
Shares equal to the maximum number of Warrant Shares issuable to satisfy the Company’s obligation to issue Ordinary Shares
hereunder.

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 2.

 

(a)
Stock Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or after the Issuance
Date, (i) pays a stock dividend on one or more classes of its then outstanding Ordinary Shares or otherwise makes a distribution
on any class of capital stock that is payable in Ordinary Shares, (ii) subdivides (by any stock split, stock dividend, recapitalization
or otherwise) one or more classes of its then outstanding Ordinary Shares into a larger number of shares or (iii) combines (by
combination, reverse stock split or otherwise) one or more classes of its then outstanding Ordinary Shares into a smaller number
of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares
outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective
immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution, and
any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date
of such subdivision or combination. If any event requiring an adjustment under this paragraph occurs during the period that an
Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect
such event. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 2(a), the number of Warrant Shares
that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment
the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

    	4

     

    

 

(b)
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest 1/10000th of cent
and the nearest 1/100th of a share, as applicable. The number of Ordinary Shares outstanding at any given time shall
not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered
an issue or sale of Ordinary Shares.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In
addition to any adjustments pursuant to Section 2 above, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, indebtedness, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, other than a distribution
of Ordinary Shares covered by Section 2(a)) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case, provision shall be made so that upon exercise of this Warrant, the Holder shall be entitled to participate
in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without
limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such
Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distributions would result
in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such
extent (or the beneficial ownership of any such Ordinary Shares as a result of such Distribution to such extent) and such Distribution
to such extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Maximum Percentage).

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues
or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any
limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Maximum
Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held
in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum
Percentage).

 

    	5

     

    

 

(b)
Fundamental Transactions. If at any time while this Warrant is outstanding, the Company completes a Fundamental Transaction,
then, upon any subsequent exercise of this Warrant, in lieu of or in addition to (as the case may be) the number of Warrant Shares
then issuable upon exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the stock, securities, cash
or other property receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which
this Warrant is exercisable immediately prior to such Fundamental Transaction. If holders of Ordinary Shares are given any choice
as to the stock, securities, cash or other property to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to such property it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding
anything herein to the contrary, the number of Ordinary Shares issuable upon exercise of this Warrant shall continue to be limited
by the Maximum Percentage of Ordinary Shares as set forth in Section 1(e).

 

(c)
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions
and shall be applied as if this Warrant (and any such subsequent warrants issued hereunder) were fully exercisable and without
regard to any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit
of the Maximum Percentage, applied however with respect to shares of capital stock registered under the 1934 Act and thereafter
receivable upon exercise of this Warrant (or any such other warrant)).

 

5.
NONCIRCUMVENTION. The Company hereby covenants
and agrees that the Company will not, by amendment of its certificate of incorporation, bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good
faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Ordinary Shares receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Ordinary Shares upon the
exercise of this Warrant.

 

6.
WARRANT HOLDER NOT DEEMED A SHAREHOLDER.
Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of
the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which
it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be
construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or
as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

    	6

     

    

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. If, at
the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall
not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state
securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant, as the case may be, provide to the Company an opinion of counsel selected by the Holder and reasonably acceptable
to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred securities under the Securities Act.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the
right to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right
to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants
for fractional Ordinary Shares shall be given.

 

    	7

     

    

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of Ordinary Shares underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

8.
NOTICES. Whenever notice is required to
be given under this Warrant, unless otherwise provided herein, such notice shall be given as set forth in the “Notices”
section of the Deed Poll. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this
Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality
of the foregoing, the Company will give written notice to the Holder (i) as soon as practicable upon each adjustment of the Exercise
Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s)
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Ordinary Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible
Securities or rights to purchase stock, warrants, securities, indebtedness, or other property pro rata to holders of Ordinary
Shares or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided
in each case that such information (to the extent it constitutes, or contains, material, non-public information regarding the
Company shall be made known to the public prior to or in conjunction with such notice being provided to the Holder) and (iii)
at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided
hereunder (whether under this Section 8 or otherwise) constitutes, or contains, material, non-public information regarding the
Company, the Company shall simultaneously file such notice with the Securities and Exchange Commission (the “SEC”)
pursuant to a Report of Foreign Private Issuer on Form 6-K. It is expressly understood and agreed that the time of execution specified
by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.
AMENDMENT AND WAIVER. Except as otherwise
provided herein, the provisions of this Warrant (other than Section 1(e)) may be amended and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent
of the Holder. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving
party.

 

10.
SEVERABILITY. If any provision of this
Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the
provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent
that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity
of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in
good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    	8

     

    

 

11.
GOVERNING LAW. The provisions set forth
in the Deed Poll to determine the governing law and jurisdiction for any disputes are incorporated herein by this reference.

 

12.
CONSTRUCTION; HEADINGS. This Warrant shall
be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof.
The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this
Warrant.

 

13.
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS,
BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies
available at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein
shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant.
The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly
provided herein. Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation
thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any
other obligation of the Company (or the performance thereof). The Company 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 Company
therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in
addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss
and without any bond or other security being required. The Company shall provide all information and documentation to the Holder
that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of
this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares
as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance
tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent
on its behalf.

 

14.
TRANSFER. This Warrant may be offered
for sale, sold, transferred or assigned without the consent of the Company, provided such sale, transfer or assignment is exempt
from the registration requirements under the 1933 Act.

 

15.
CERTAIN DEFINITIONS. For purposes of this
Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg, L.P.

 

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

 

    	9

     

    

 

(c)
“Ordinary Shares” means (i) the Company’s ordinary shares, without par value, and (ii) any capital stock
into which such ordinary shares of the Company shall have been changed or any share capital resulting from a reclassification
of such ordinary shares.

 

(d)
“Convertible Securities” means any stock or other security (other than Options) that is at any time and under
any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the
holder thereof to acquire, any Ordinary Shares.

 

(e)
“Eligible Market” means The Toronto Stock Exchange, the New York Stock Exchange, the NYSE Amex, the Nasdaq
Global Select Market, the Nasdaq Global Market or the Principal Market.

 

(f)
“Expiration Date” means the date that is             , 2030 or, if such date falls on a day other than a Business Day or
on which trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(g)
“Fundamental Transaction” means that (i) the Company shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company is the surviving entity) any other Person unless
the shareholders of the Company immediately prior to such consolidation or merger continue to hold more than 50% of the outstanding
shares of Voting Stock after such consolidation or merger, or (2) sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of its properties or assets to any other Person, in connection with which the Company is dissolved,
or (3) allow any other Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of
the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the Person
or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange
offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby such other Person acquires
more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party
to, such stock or share purchase agreement or other business combination), or (ii) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
50% of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

 

(h)
“Options” means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible
Securities.

 

    	10

     

    

 

(i)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

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

 

(k)
“Principal Market” means the Nasdaq Capital Market.

 

(l)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(m)
“Trading Day” means, as applicable, (x) with respect to all price determinations relating to the Ordinary Shares,
any day on which the Ordinary Shares is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is
then traded, provided that “Trading Day” shall not include any day on which the Ordinary Shares is scheduled to trade
on such exchange or market for less than 4.5 hours or any day that the Ordinary Shares is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading
on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated
as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations relating to
the Ordinary Shares, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

(n)
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the
holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors,
managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall
have or might have voting power by reason of the happening of any contingency).

 

(o)
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market
on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by
Bloomberg for such hours, the average of the three highest closing bid prices and the three lowest closing ask prices of all of
the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on
such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations shall be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

[signature
page follows]

 

    	11

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Ordinary Shares to be duly executed as of the Issuance Date
set out above.

 

	 	NAKED
    BRAND GROUP LIMITED
	 	 	 
	 	By:	     
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE ORDINARY SHARES

 

NAKED
BRAND GROUP LIMITED

 

The
undersigned holder hereby exercises the right to purchase _________________ of the Ordinary Shares (“Warrant Shares”)
of Naked Brand Group Limited, an Australian Company (the “Company”), evidenced by Warrant No. _______ (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant.

 

		1.	Form
                                         of Exercise Price. The Holder intends that payment of the Exercise Price shall be
                                         made as:

 

____________                  a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________                  a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares, the Holder represents
and warrants that ____________ Ordinary Shares are to be delivered pursuant to such Cashless Exercise, as further specified in
Annex A to this Exercise Notice.

 

2.
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________
Ordinary Shares in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or for its benefit, to the following
address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Date:
    	_______________
    __, ______	 
	 	 
	 	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Account
    Number:	 
	(if
    electronic book entry transfer)
	 
	Transaction
    Code Number:	 
	(if
    electronic book entry transfer)

 

    	 

    	 

    

 

ANNEX
A TO EXERCISE NOTICE

 

CASHLESS
EXERCISE CALCULATION 

 

TO
BE FILLED IN BY THE REGISTERED HOLDER TO EXCHANGE THE

WARRANT
TO PURCHASE ORDINARY SHARES IN A CASHLESS EXERCISE PURSUANT TO SECTION 1(d) OF THE WARRANT

 

Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

[(A-B)
(X)] / (A) = ________________ Ordinary Shares

 

For
purposes of the foregoing formula:

 

A
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day, (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, or (3) executed
during “regular trading hours” on a Trading Day and delivered within two (2) hours thereafter (including until two
(2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (ii) the
VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day = _________________.

 

B
= the Exercise Price of the Warrant, as adjusted thereunder = ______________.

 

X
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise = ______________.

 

	Date:
    	_______________
    __, ______	 
	 	 	 
	 	 
	Name
    of Registered Holder 	 

 

	By:	 	 
	Name:	 	 
	Title:Exhibit 10.7

 

Execution Version

 

 

 

NOTE
PURCHASE AGREEMENT

 

by
and among

 

GPAQ
ACQUISITION HOLDINGS, INC.

 

and

 

the
Purchasers named herein

 

8.00%
Convertible Notes due 2025

  

 

 

Dated
as of July 1, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 1. PURCHASE AND SALE OF NOTES.	2
	1.1	Issue of Notes.	2
	1.2	Purchase and Sale of Notes.	3
	1.3	Registration of Notes.	4
	1.4	Delivery Expenses.	5
	1.5	Issue Taxes.	5
	1.6	Direct Payment.	5
	1.7	Lost, Etc. Note.	5
	1.8	Indemnification.	6
	1.9	Further Actions.	8
	1.10	Other Covenants.	8
	 	 	 
	SECTION 2. CLOSING CONDITIONS.	8
	2.1	Delivery of Documents.	8
	2.2	Consummation of the HOFV Acquisition.	10
	2.3	Representations and Warranties.	10
	2.4	Additional Equity Capital.	10
	2.5	No Material Adverse Effect.	10
	 	 	 
	SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.	10
	3.1	Authorization; Capitalization.	11
	3.2	No Violation or Conflict; No Default.	11
	3.3	Use of Proceeds.	12
	3.4	No Material Adverse Change:  Financial Statements.	12
	3.5	Full Disclosure.	13
	3.6	Third Party Consents.	13
	3.7	No Violation of Regulations of Board of Governors of Federal Reserve System.	13
	3.8	Private Offering.	13
	3.9	Governmental Regulations.	14
	3.10	Brokers.	14
	3.11	Solvency.	14
	3.12	Litigation.	14
	3.13	Labor Relations.	15
	3.14	Taxes.	15
	3.15	ERISA.	16
	3.16	Intellectual Property.	16
	3.17	Compliance with Laws.	16
	3.18	Consummation of the HOFV Acquisition.	17
	3.19	HOFV Acquisition Agreement Representations.	17

 

    	 	i	 

     

    

 

	SECTION 4. REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER.	17
	4.1	Purchase for Own Account.	17
	4.2	Accredited Investor.	17
	4.3	Authorization.	18
	4.4	Notes Restricted.	18
	4.5	ERISA.	18
	 	 	 
	SECTION 5. COVENANTS.	19
	5.1	Payment of Notes.	19
	5.2	Stay, Extension and Usury Laws.	19
	5.3	Reports.	20
	5.4	Compliance Certificate.	21
	5.5	Restricted Payments.	22
	5.6	Dividend and other Payment Restrictions Affecting Subsidiaries.	25
	5.7	Incurrence of Indebtedness and Issuance of Preferred Stock.	27
	5.8	Asset Sales.	30
	5.9	Transactions with Affiliates.	34
	5.10	Liens.	36
	5.11	Merger; Successor Corporation.	37
	5.12	Subsidiary Guarantees.	37
	5.13	Designation of Restricted and Unrestricted Subsidiaries.	37
	5.14	Minimum Cash Equivalents.	38
	5.15	Taxes.	38
	5.16	Corporate Existence.	38
	5.17	Limitation on Business.	39
	5.18	Maintenance of Properties.	39
	5.19	Maintenance of Insurance.	39
	 	 	 
	SECTION 6. REDEMPTION.	39
	6.1	Optional Redemption.	39
	6.2	Selection of Notes to Be Redeemed.	40
	6.3	Notice of Redemption.	40
	6.4	Effect of Notice of Redemption.	41
	6.5	Payment of Redemption Price.	41
	6.6	Purchase at the Option of Holders Upon a Fundamental Change	41
	6.7	Effect of Fundamental Change Purchase Notice	43
	6.8	Withdrawal of Fundamental Change Purchase Notice	43
	6.9	Notes Purchased in Whole or in Part	44
	6.10	Covenant to Comply With Applicable Laws Upon Purchase of Notes	44
	 	 	 
	SECTION 7. DEFAULTS AND REMEDIES.	44
	7.1	Events of Default.	44
	7.2	Acceleration of Notes; Remedies.	46
	7.3	Other Remedies.	47
	7.4	Waiver of Past Defaults.	47
	7.5	Rights of Holders to Receive Payment.	47
	7.6	Undertaking for Costs.	47

 

    	 	ii	 

     

    

 

	SECTION 8. CONVERSION	47
	8.1	Right to Convert.	47
	8.2	Conversion Procedures; Settlement Upon Procedure.	47
	8.3	Adjustment of Conversion Rate.	50
	8.4	Certain Other Adjustments.	59
	8.5	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale.	59
	8.6	Shares to Be Fully Paid.	61
	8.7	Taxes on Shares Issued.	61
	8.8	Reservation of Shares; Shares to be Fully Paid; Compliance With Governmental Requirements; Listing of Common Stock.	61
	8.9	Notice to Holders Prior to Certain Actions.	62
	 	 	 
	SECTION 9. AMENDMENTS AND WAIVERS.	62
	9.1	With Consent of Holders.	62
	9.2	Revocation and Effect of Consents.	64
	9.3	Notation on or Exchange of Notes.	64
	9.4	Payment of Expenses.	64
	 	 	 
	SECTION 10. DEFINITIONS. 	64
	10.1	Definitions.	64
	10.2	Rules of Construction.	90
	 	 	 
	SECTION 11. MISCELLANEOUS.	90
	11.1	Notices.	90
	11.2	Successors and Assigns.	90
	11.3	Counterparts.	91
	11.4	Headings.	91
	11.5	Governing Law;  Submission to Jurisdiction.	91
	11.6	Entire Agreement.	92
	11.7	Severability.	92
	11.8	Further Assurances.	94
	11.9	Disclosure of Financial Information	91
	11.10	Survival	92

 

	Annexes:  	 
	 	 
	Annex
    A	Form
    of Note
	Annex
    B	Wire
    Instructions
	Annex
    C	Form
    of Opinion of Counsel to the Company
	Annex
    D	Form
    of Guarantee
	Annex
    E	Form
    of Warrant Agreement
	Annex
    F	Form
    of Officers’ Certificate
	Annex
    G	Form
    of Registration Rights Agreement

 

    	 	iii	 

     

    

  

 

NOTE
PURCHASE AGREEMENT

 

This
Note Purchase Agreement dated as of July 1, 2020 (this “Agreement”) is entered into by and among GPAQ
Acquisition Holdings, Inc., a Delaware corporation (the “Company”), and the purchasers listed on the signature
pages hereto (each a “Purchaser” and collectively, the “Purchasers” and, together with the
Company, the “Parties”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to
such terms in Section 10.1.

 

In
consideration of the premises, mutual covenants and agreements hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company agrees, and each of the Purchasers agrees, severally
but not jointly, as follows:

 

SECTION
1. PURCHASE AND SALE OF NOTES.

 

1.1 Issue
of Notes.

 

On
or before the Closing, the Company will have authorized (a) the original issue and sale to the Purchasers (other than the
Converting Founders), in the respective amounts set forth on the signature pages hereof, of $16,500,000 aggregate principal amount
of its 8.00% Convertible Notes due 2025 (the “Notes”), to be issued substantially in the form attached hereto
as Annex A and (b) the original issue to the Converting Founders, in the respective amounts set forth on the signature
pages hereof, of $4,221,293 aggregate principal amount of the Notes, which shall be issued to the Converting Founders pursuant
to the conversion of their Founders Notes described on the signature pages hereof. The aggregate principal amount of the Notes
outstanding at any time may not exceed $20,721,293 plus the aggregate principal amount of PIK Interest issued pursuant to Section
1 of the Notes.

 

    	 	2	 

     

    

 

1.2 Purchase
and Sale of Notes.

 

(a) Purchase
and Sale. The Company agrees to sell and, subject to the terms and conditions set forth herein and in reliance on the representations
and warranties of the Parties contained or incorporated herein, each of the Purchasers (other than the Converting Founders) agrees,
severally but not jointly, to purchase the Notes set forth below such Purchaser’s name on the signature pages hereto at
the purchase price indicated therein. As indicated on each such Purchaser’s signature page, such purchase price will be
paid either in the form of cash or an exchange of or reduction or cancellation of indebtedness owed to such Purchaser by HOF Village.
In addition, the Company shall issue to the Converting Founders, in the respective principal amounts set forth on their respective
signature pages hereof, Notes into which like principal amounts of Founder Notes are being converted pursuant to the terms thereof.

 

(b) Closing.
The purchase, sale and issuance of the Notes shall take place at a closing (the “Closing”) at the offices of
Hunton Andrews Kurth LLP, 200 Park Avenue, New York, NY 10166, at 10:00 a.m. Eastern Time on July 1, 2020, or such other Business
Day as may be agreed upon by the Purchasers and the Company (the “Closing Date”). At the Closing, the Company
will deliver to each of the Purchasers the Notes to be purchased by (or issued upon conversion of Founder Notes to) such Purchaser
(in such denomination or denominations and registered in such Purchaser’s name or the name of such nominee or nominees as
such Purchaser may request), dated the Closing Date. In the case of Notes being issued and sold to Purchasers (other than Converting
Founders) such delivery of Notes by the Company shall be made against payment of the purchase price therefor by either (i)
in the case of a cash payment, intra-bank or Federal funds bank wire transfer of same day funds to such bank account which is
identified on Annex B hereto or such other account as the Company shall designate at least two Business Days prior to the
Closing or (ii) in the case of payment in the form of an exchange of or reduction or cancellation of indebtedness owed to such
Purchaser by HOF Village, the delivery by such Purchaser of documentation, in a form and substance reasonably satisfactory to
the Company, evidencing such exchange or reduction or cancellation of such indebtedness, as applicable. In the case of Notes being
issued to each of the Converting Founders, such delivery of Notes by the Company to such Converting Founder shall be made upon
(i) conversion of the Founder Notes held by such Converting Founder, as indicated on its signature page hereof and (ii) delivery
to the Company by such Converting Founder of documentation, in a form and substance reasonably satisfactory to the Company, evidencing
such conversion (including without limitation, the conversion election notice required pursuant to the terms of such Founder Notes).

 

(c) Fees
and Expenses. Regardless of whether the Notes are sold, the Company agrees to pay or reimburse all reasonable and documented
expenses relating to this Agreement in an amount not to exceed $500,000, including but not limited to:

 

(i) each
Purchaser’s reasonable expenses incurred in connection with the transactions contemplated by this Agreement including, without
limitation, travel and lodging expenses and all costs incurred in connection with such Purchaser’s review of the Company’s
business and operations;

 

    	 	3	 

     

    

 

(ii) the
reasonable fees and expenses of the Purchasers’ counsel, K&L Gates LLP, in connection herewith;

 

(iii) the
reasonable fees and expenses (including the reasonable fees and expenses of counsel) in connection with any registration or qualification
of the Notes required in connection with the offer and sale of the Notes pursuant to this Agreement under the securities or “blue
sky” laws of any jurisdiction requiring such registration or qualification or in connection with obtaining any exemptions
from such requirements;

 

(iv) each
Purchaser’s reasonable expenses (including the reasonable fees and expenses of counsel) relating to any amendment to, or
modification of, or any waiver or consent or preservation of rights under, this Agreement; and

 

(v) all
other expenses, including without limitation reasonable counsel’s fees, accountants’ fees and any rating agency fees
incurred by the Company in connection with the transactions contemplated by this Agreement.

 

The
Company shall deliver to each of the Purchasers or to such other persons as such Purchaser shall direct, concurrently with the
Closing, by intra-bank or Federal funds bank wire transfer of same day funds in the amounts and pursuant to the wire instructions
set forth on Annex B hereto, payment for any documented out-of-pocket expenses for which such Purchaser is entitled to
reimbursement pursuant to this Section 1.2(c), including, without limitation, the documented fees and expenses of such Purchaser’s
counsel.

 

(d) Other
Purchasers. Each Purchaser’s obligations hereunder are subject to the execution and delivery of this Agreement by the
other Purchasers listed on the signature pages hereof. The obligations of each Purchaser shall be several and not joint, and no
Purchaser shall be liable or responsible for the acts of any other Purchaser under this Agreement.

 

1.3 Registration
of Notes.

 

The
Company shall cause to be kept at its principal office a register for the registration and transfer of the Notes (the “Notes
Register”). The names and addresses of the Holders of Notes, the payment of PIK Interest, the transfer of Notes and
the names and addresses of the transferees of the Notes shall be registered in the Notes Register.

 

The
Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes
of this Agreement, and the Company shall not be affected by any notice to the contrary, until due presentment of such Note for
registration of transfer as provided in this Section 1.3. Payment of or on account of the principal, premium, if any, and interest
on any registered Note shall be made to or upon the written order of such registered holder.

 

    	 	4	 

     

    

 

When
Notes are presented to the Company with a request to register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Company shall register the transfer or make the exchange as requested
if its reasonable requirements for such transaction are met.

 

1.4 Delivery
Expenses.

 

If
a Holder surrenders any Note to the Company for any reason, the Company shall pay the cost of delivering to such Holder’s
home office or to the office of such Holder’s designee from the Company, insured to such Holder’s satisfaction, the
surrendered Note and each Note issued in substitution, replacement or exchange for the surrendered Note.

 

1.5 Issue
Taxes.

 

The
Company agrees to pay all documentary stamp taxes and other governmental charges (other than taxes in the nature of income, franchise,
property, estate, inheritance, gift or similar taxes) and governmental fees in connection with the issuance or delivery by the
Company to each Holder of the Notes, and any modification of any of such Notes and will save such Holder harmless without limitation
as to time against any and all liabilities with respect to all such taxes and fees. The obligations of the Company under this
Section 1.5 are in addition to any other obligations of the Company contained elsewhere in this Agreement and shall survive the
payment or prepayment of the Notes, at maturity, upon redemption or otherwise and the termination of this Agreement.

 

1.6 Direct
Payment.

 

The
Company will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without
any notation of such payment being made thereon) by crediting (before 12:00 Noon, Eastern Time), by Federal funds bank wire transfer
in same day funds to each Holder’s account in any bank in the United States of America as may be designated and specified
in writing by such Holder at least two Business Days prior thereto. Each Purchaser’s initial bank account for this purpose
is on Annex B hereto. In the event that the Company elects to make a PIK Interest Payment, then, in addition to making
the wire transfer of the cash portion of the PIK Interest Payment, the Company shall make a record in the Note Register of the
corresponding increase in the principal amount of the applicable Notes.

 

1.7 Lost,
Etc. Note.

 

If
a mutilated Note is surrendered to the Company or if the Holder of a Note claims and submits an affidavit or other evidence, reasonably
satisfactory to the Company, to the effect that the Note has been lost, destroyed or wrongfully taken, the Company shall issue
a replacement Note if the customary requirements relating to replacement securities are reasonably satisfied. If required by the
Company, such Holder must provide an indemnity bond, or other form of indemnity, sufficient in the reasonable judgment of the
Company to protect the Company from any loss which it may suffer if a Note is replaced. If any Purchaser or any other institutional
Holder (or nominee thereof) is the owner of any such lost, stolen or destroyed Note, then the affidavit of an authorized officer
of such owner, setting forth the fact of loss, theft or destruction and of its ownership of the Note at the time of such loss,
theft or destruction shall be accepted as satisfactory evidence thereof, and no further indemnity shall be required as a condition
to the execution and delivery of a new Note other than the unsecured written agreement of such owner reasonably satisfactory to
the Company, to indemnify the Company or at the option of the Purchaser, an indemnity bond in the amount of the Note remaining
outstanding.

 

    	 	5	 

     

    

 

Every
replacement Note is an obligation of the Company.

 

1.8 Indemnification.

 

(a) Indemnification
by the Company. The Company agrees to indemnify each of the Purchasers (i) from all costs, losses, liabilities, damages, or
expenses, and (ii) hold each of them harmless against, any and all actions, suits, proceedings (including any investigations,
litigation or inquiries), demands, and causes of action as a result of, arising out of, or in any way related to the breach of
any of the representations or warranties of the Company contained herein or in any certificate or instrument delivered by or on
behalf of the Company hereunder, and in connection therewith, and promptly upon demand, pay or reimburse each of them for all
costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable
fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing
to defend any such matter that may be incurred by them or asserted against or involve any of them (regardless of whether a party
thereto), provided that such claim for indemnification relating to a breach of the representations or warranties is made prior
to the expiration of such representations or warranties to the extent applicable; and provided further, that no Purchaser shall
be entitled to recover special, consequential (including lost profits) or punitive damages under this Section 1.8(a) (other than
any such damages to the extent that such damages arise from Third Party Claims).

 

(b) Indemnification
by each Purchaser. Each Purchaser agrees, severally and not jointly, to indemnify the Company from, and hold each of them
harmless against, any and all actions, suits, proceedings (including any investigations, litigation, or inquiries), demands and
causes of action and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses,
liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements
of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such
matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related
to the breach of any of the representations, warranties or covenants of such Purchaser contained herein or in any certificate
or instrument delivered by such Purchaser hereunder; provided that such claim for indemnification relating to a breach of a representation
or warranty is made prior to the expiration of such representation or warranty; and provided further, that the Company shall not
be entitled to recover special, consequential (including lost profits) or punitive damages under this Section 1.8(b) (other than
any such damages to the extent that such damages arise from Third Party Claims); provided further, that in no event will such
Purchaser be liable under this Section 1.8(b) for any amount in excess of the sum total of the purchase price set forth on such
Purchaser’s signature page to this Agreement.

 

    	 	6	 

     

    

 

(c) No
Indemnification for Covenant Breach. Notwithstanding any other provision in this Agreement, no indemnification shall be available
for any costs, losses, liabilities, damages, or expenses as a result of, arising out of, or in any way related to the breach by
the Company of any of the covenants set forth in this Agreement.

 

(d) Indemnification
Procedures. Promptly after any Company or Purchaser (hereinafter, the “Indemnified Party”) has received
notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third party, which the
Indemnified Party believes in good faith is an indemnifiable claim under this Agreement (each a “Third Party Claim”),
the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such
claim or the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve
the Indemnifying Party from any liability it may have to such Indemnified Party hereunder, except to the extent that the Indemnifying
Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then
known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be
reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently
and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of
its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially
reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the Indemnifying
Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s
possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying
Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for
so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional
legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided,
however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability
and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ
counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified
Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from those available to the Indemnifying Party, then the Indemnified Party
shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense
of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed
by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not
settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability
or obligation on, involves no admission of wrongdoing or malfeasance by, and includes a complete release from liability of, the
Indemnified Party.

 

    	 	7	 

     

    

 

(e) Tax
Treatment. All indemnification payments under this Section 1.8 shall be adjustments to the purchase price set forth on such
applicable Purchaser’s signature page to this Agreement except as otherwise required by applicable Law.

 

1.9 Further
Actions.

 

During
the period from the date hereof to the Closing Date, the Company shall (i) take all actions necessary or appropriate to cause
its representations and warranties contained in Section 3 hereof to be true and correct as of the Closing Date (unless stated
to refer to another date), both before and after giving effect to the transactions contemplated by this Agreement, as if made
on and as of such date, and (ii) take, or cause to be taken, all action, and do, or cause to be done, all things necessary,
proper or advisable under applicable law and regulations to consummate and make effective the transactions contemplated by this
Agreement, including, without limitation, obtaining all consents and approvals of all Persons and removing all injunctive or other
impediments or delays, legal or otherwise, which are necessary to the consummation of the transactions contemplated by this Agreement.

 

1.10 Other
Covenants.

 

The
Company covenants and agrees to not, and will ensure that no affiliate (as defined in Rule 501(b) of the Securities Act)
of the Company will, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in the Securities Act) that would be integrated with the sale of the Notes in a manner that would require the registration under
the Securities Act of the sale to the Purchasers of the Notes.

 

SECTION
2. CLOSING CONDITIONS.

 

The
obligations of each Purchaser to purchase and pay for the Notes to be delivered to such Purchaser at the Closing shall be subject
to the satisfaction of each of the following conditions on or before the Closing Date:

 

2.1 Delivery
of Documents.

 

The
Company shall have delivered to each Purchaser, in form and substance satisfactory to such Purchaser, the following:

 

(a) The
Notes being purchased by such Purchaser, duly executed by an officer of the Company, in the aggregate principal amount set forth
below such Purchaser’s name on the signature pages hereto.

 

(b) A
legal opinion, dated the Closing Date and addressed to the Purchasers, from Hunton Andrews Kurth LLP, counsel for the Company,
substantially in the form attached hereto as Annex C.

 

    	 	8	 

     

    

 

In
rendering such opinions described in this Subsection (b), counsel may rely as to factual matters upon certificates or other documents
furnished by officers and directors of the Company (copies of which shall be delivered to such Purchaser) and by government officials,
and upon such other documents as such counsel deem appropriate as a basis for their opinion.

 

(c) The
Registration Rights Agreement, duly executed by an officer of the Company.

 

(d) The
Warrant Agreement, duly executed by an officer of the Company.

 

(e) Resolutions
of the Board of Directors of the Company, certified by the Secretary or Assistant Secretary of the Company, to be duly adopted
and in full force and effect on such date, authorizing (i) the execution, delivery and performance of this Agreement, the
Registration Rights Agreement and the consummation of the transactions contemplated hereby, (ii) the issuance of the Notes and
shares of Common Stock issuable upon conversion of the Notes, (iii) the issuance of any warrants pursuant to the terms hereof
upon redemption of any Notes and the issuance of shares of Common Stock issuable upon exercise of such warrants and (iv) specific
officers of the Company to execute and deliver this Agreement, the Registration Rights Agreement and the Notes.

 

(f) Certificates
of the Chief Executive Officer or Chief Financial Officer of the Company, dated the Closing Date, certifying that (i) all
of the conditions set forth in Sections 2.2, 2.3, 2.4 and 2.5 are satisfied on and as of such date and specifying as to each such
condition the satisfaction thereof, (ii) all of the representations and warranties of the Company, as the case may be, contained
or incorporated by reference herein are true and correct on and as of such date as though made on and as of such date (unless
stated to relate to another date), and (iii) as to such other matters as any Purchaser may reasonably request.

 

(g) The
Purchasers shall have received on and as of the Closing Date satisfactory evidence of the good standing of the Company in its
jurisdiction of organization and its good standing in such other jurisdictions as the Purchasers may reasonably request, in each
case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions.

 

(h) Copies
of the Charter Documents of the Company, certified as of a recent date by the Secretary of State of the relevant state of incorporation
and certified by the Secretary or Assistant Secretary of the Company, as true and correct as of the Closing Date.

 

(i) Certificates
of the Secretary or an Assistant Secretary of the Company as to the incumbency and signatures of the officers or representatives
of such Company executing this Agreement, the Registration Rights Agreement, the Notes and any other certificate or other document
to be delivered pursuant hereto or thereto, together with evidence of the incumbency of such Secretary or Assistant Secretary.

 

(j) Such
additional information and materials as any Purchaser may reasonably request, including, without limitation, copies of any debt
agreements, security agreements and other contracts to which the Company is a party.

 

    	 	9	 

     

    

 

2.2 Consummation
of the HOFV Acquisition.

 

All
conditions to the closing of the HOFV Acquisition pursuant to the terms of the HOFV Acquisition Agreement shall be reasonably
satisfied such that the Closing shall occur immediately prior to the closing of the HOFV Acquisition.

 

2.3 Representations
and Warranties.

 

Unless
stated to relate to another date, all of the representations and warranties of the Company contained or incorporated by reference
herein shall be true and correct in all material respects (except that such phrase “in all material respects” shall
be disregarded to the extent that any such representation and warranty is qualified by “material,” “Material
Adverse Effect” or any similar terms or by any phrase using any of such terms) on and as of the Closing Date.

 

2.4 Additional
Equity Capital.

 

The
Company shall have sold newly issued Common Stock for gross proceeds of at least $20,000,000.

 

2.5 No
Material Adverse Effect.

 

Subsequent
to September 30, 2019: (a) the Company shall not have suffered any adverse change in its properties, business, operations,
assets, condition (financial or otherwise) or prospects which could reasonably be expected to result in a Material Adverse Effect;
and (b) (i) except as described the Company’s Registration Statement on Form S-4 filed on November 12, 2019 (as
amended to date) there shall not have been any material change in the capital stock or long-term debt, or material increase in
short-term debt, of any of the Company and (ii) the Company shall not have incurred any liability or obligation, direct or
contingent, that is material to the Company or, is required to be disclosed on a balance sheet in accordance with GAAP and is
not disclosed on the latest balance sheet previously provided to the Purchasers.

 

SECTION
3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants, on the date hereof and as of the Closing, as follows:

 

3.1 Authorization;
Capitalization.

 

The
Company has taken all actions necessary to authorize it (i) to execute, deliver and perform all of its obligations under
the Agreement, and (ii) to consummate the transactions contemplated thereby. Without limiting the generality of the preceding
sentence, the Company has taken all actions necessary to authorize it to issue and perform all of its obligations under the Notes.
The Agreement is a legally valid and binding obligation of the Company, enforceable against it in accordance with its respective
terms, except for (a) the effect thereon of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating
to or affecting the rights of creditors generally and (b) limitations imposed by equitable principles upon the specific enforceability
of any of the remedies, covenants or other provisions thereof and upon the availability of injunctive relief or other equitable
remedies.

 

    	 	10	 

     

    

 

Except
as disclosed in the SEC Filings, on the Closing Date, there are no outstanding (i) securities convertible into or exchangeable
for any Equity Interests of the Company, (ii) options, warrants or other rights to purchase or subscribe to Equity Interests
of the Company or securities convertible into or exchangeable for Equity Interests of the Company, (iii) contracts, commitments,
agreements, understandings, arrangements, calls or claims of any kind relating to the issuance of any Equity Interests of the
Company, any such convertible or exchangeable securities or any such options, warrants or rights or (iv) voting trusts, agreements,
contracts, commitments, understandings or arrangements with respect to the voting of any of the Equity Interests of the Company.

 

Other
than the Registration Rights Agreement, the Company has not entered into an agreement to register its securities under the Securities
Act. Other than this Agreement or as disclosed in the SEC Filings, the Company has not entered into any agreement to issue,
purchase or sell any of its securities.

 

3.2 No
Violation or Conflict; No Default.

 

(a) Neither
the execution, delivery or performance of this Agreement, the Registration Rights Agreement or the Notes by the Company, nor the
compliance with its respective obligations hereunder or thereunder, nor the consummation of the transactions contemplated hereby
and thereby, nor the issuance, sale or delivery of the Notes will:

 

(i) violate
any provision of the Charter Documents of the Company;

 

(ii) violate
any statute, law, rule or regulation or any judgment, decree, order, regulation or rule of any court or governmental authority
or body to which the Company or any of its respective properties may be subject;

 

(iii) permit
or cause the acceleration of the maturity of any debt or obligation of the Company; or

 

(iv) violate,
or be in conflict with, or constitute a default under, or permit the termination of, or require the consent of any Person under,
or result in the creation or imposition of any Lien (other than Permitted Liens) upon any property of the Company under, any mortgage,
indenture, loan agreement, note, debenture, agreement for borrowed money or any other agreement to which the Company is a party
or by which the Company (or its properties) may be bound, other than such violations, conflicts, defaults, terminations and Liens,
or such failures to obtain consents, which could not reasonably be expected to result in a Material Adverse Effect.

 

(b) The
Company is not in default (without giving effect to any grace or cure period or notice requirement) under any agreement for borrowed
money or under any agreement pursuant to which any of its securities were sold.

 

    	 	11	 

     

    

 

3.3 Use
of Proceeds.

 

The
proceeds from the sale of the Notes pursuant to this Agreement will be to (i) fund the Company’s obligations pursuant to
the HOFV Acquisition Agreement, (ii) to satisfy working capital obligations and (iii) to pay transaction fees and expenses.

 

3.4 No
Material Adverse Change: Financial Statements.

 

(a) No
Material Adverse Change. Since September 30, 2019 the Company has not suffered any material adverse change in its properties,
business, operations, assets, condition (financial or otherwise) or prospects which could reasonably be expected to result in
a Material Adverse Effect.

 

(b) Financial
Statements. The Company previously provided to you (i) the audited consolidated balance sheet of the Company as of December
31, 2018 and 2017, (ii) related audited consolidated statements of income, changes in shareholders’ equity and cash
flows for the fiscal years ended December 31, 2018 and 2017 and (iii) a consolidated unaudited balance sheet for the Company
as of September 30, 2019 and 2018 and related statements of income, changes in shareholders’ equity and cash flows for the
three-month periods ended September 30, 2019 and 2018. Such financial statements present fairly the consolidated financial position,
results of operations, shareholders’ equity and cash flows of the Company at the respective dates or for the respective
periods to which they apply. Except as disclosed therein, such statements and related notes have been prepared in accordance with
GAAP consistently applied throughout the periods involved. All financial statements concerning the Company and its Subsidiaries
that will hereafter be furnished by the Company to the Purchasers or any Holder pursuant to this Agreement will be prepared in
accordance with GAAP (except as disclosed therein) and will present fairly in all material respects the financial condition of
the corporations covered thereby as at the dates thereof and the results of their operations for the periods then ended.

 

(c) Projections.
True and complete copies of (i) projections of the consolidated revenues, earnings before depreciation, interest and taxes,
net income and capital expenditures of the Company and its Subsidiaries for each of the fiscal years ending December 31, 2020,
2021, 2022, 2023, 2024 and 2025 as furnished on the Company’s Current Report on Form 8-K filed on January 8, 2020, prepared
by senior management of the Company (the “Projections”) and (ii) the assumptions and supplemental data
used in preparing the Projections (collectively, the “Supplemental Data”) have been delivered by the Company
to the Purchasers. The Projections were prepared on the basis of the Supplemental Data which represent a reasonable basis for
such preparation. The Projections and the Supplemental Data reflect the best currently available estimates and judgment of the
Company’s senior management as to the expected future financial performance of the Company and its Subsidiaries; provided
that it is understood that there can be no assurances that suitable acquisition candidates can be found as shown in the acquisition
model of the Projections.

 

    	 	12	 

     

    

 

3.5 Full
Disclosure.

 

Neither
this Agreement (including without limitation the representations and warranties incorporated herein by reference), the financial
statements referred to in Section 3.4, nor any other document, certificate or written statement furnished by or on behalf of the
Company to any Purchaser in connection with the negotiation and sale of the Notes, when taken as a whole, contains any untrue
statement of a material fact or omits or will omit to state a material fact necessary to make the statements contained herein
or therein not misleading in light of the circumstances under which they were made. There is no material fact known to the Company
that has had or could reasonably be expected to have a Material Adverse Effect and that has not been disclosed herein or in such
other documents, certificates and written statements furnished to the Purchasers for use in connection with the transactions contemplated
hereby.

 

3.6 Third
Party Consents.

 

Neither
the nature of the Company nor of any of its businesses or properties, nor any relationship between the Company and any other Person,
nor any circumstance in connection with the offer, issuance, sale or delivery of the Notes at the Closing nor the performance
by the Company of its other obligations hereunder or thereunder, or the consummation of the transactions contemplated by this
Agreement, the Registration Rights Agreement or the Notes, as the case may be, is such as to require a consent, approval or authorization
of, or notice to, or filing, registration or qualification with, any governmental authority or other Person on the part of the
Company as a condition to the execution and delivery of this Agreement.

 

3.7 No
Violation of Regulations of Board of Governors of Federal Reserve System.

 

None
of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds from the sale of the
Notes) will violate or result in a violation of Section 7 of the Exchange Act or any regulation issued pursuant thereto,
including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System.

 

3.8 Private
Offering.

 

(a) Assuming
the truth and correctness of the representations and warranties set forth in Section 4, the sale of the Notes hereunder is exempt
from the registration and prospectus delivery requirements of the Securities Act.

 

(b) In
the case of each offer or sale of the Notes, no form of general solicitation or general advertising was used by any of the Company
or any of its Subsidiaries or their respective representatives, including, but not limited to, advertisements, articles, notices
or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(c) The
Purchasers are the sole purchasers of the Notes.

 

(d) Except
as disclosed in the SEC Filings, no securities have been issued and sold by the Company within the six-month period immediately
prior to the date hereof. None of the securities issued within such six-month period could be integrated with the issuance of
the Notes as a single offering for purposes of the Securities Act, and the Company agrees that neither it, nor anyone acting on
its behalf, will offer or sell the Notes, or any portion of them, if such offer or sale might bring the issuance and sale of the
Notes to any Purchaser hereunder within the provisions of Section 5 of the Securities Act nor offer any similar securities for
issuance or sale to, or solicit any offer to acquire any of the same from, or otherwise approach or negotiate with respect thereto
with, anyone if the sale of the Notes and any such securities could be integrated as a single offering for the purposes of the
Securities Act, including without limitation Regulation D thereunder.

 

    	 	13	 

     

    

 

(e) It
is not necessary, in connection with the transactions contemplated hereby, to qualify an indenture under the Trust Indenture Act
of 1939, as amended.

 

3.9 Governmental
Regulations.

 

None
of the Company or any of its Subsidiaries is subject to regulation under the Investment Company Act of 1940, as amended, the Federal
Power Act, the Interstate Commerce Act, the Commodity Exchange Act or to any Federal or state statute or regulation limiting its
ability to incur indebtedness for borrowed money or consummate the transactions contemplated hereby.

 

3.10 Brokers.

 

The
Company has not dealt with any broker, finder, commission agent or other such intermediary other than Maxim Group, LLC in connection
with the sale of the Notes and the transactions contemplated by this Agreement, and the Company is not under any obligation to
pay any broker’s or finder’s fee or commission or similar payment in connection with such transactions other than
fees payable to Maxim Group, LLC in an amount not greater than $200,000.

 

3.11 Solvency.

 

Immediately
prior to and after giving effect to the issuance of the Notes and the execution, delivery and performance of this Agreement, the
Company is Solvent.

 

3.12 Litigation.

 

(a) There
is no action, claim, suit, citation or proceeding (including, without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced, or to the knowledge of the Company, threatened (“Proceedings”) against
or affecting the Company or any of its properties or assets, except for such Proceedings that, if finally determined adversely
to the Company, could not reasonably be expected to have a Material Adverse Effect, and there is no Proceeding seeking to restrain,
enjoin, prevent the consummation of or otherwise challenge this Agreement or the transactions contemplated hereby or thereby.

 

(b) The
Company is not subject to any judgment, order, decree, rule or regulation of any court, governmental authority or arbitration
board or tribunal that has had a Material Adverse Effect or that could reasonably be expected to have a Material Adverse Effect.

 

    	 	14	 

     

    

 

3.13 Labor
Relations.

 

Neither
the Company, nor any Person for whom the Company is or may be responsible by law or contract, is engaged in any unfair labor practice
that could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice charge or complaint
pending or threatened against the Company, or any Person for whom the Company is or may be responsible by law or contract, before
the National Labor Relations Board or any corresponding state, local or foreign agency, and no grievance or arbitration proceeding
arising out of or under any collective bargaining agreement is so pending or threatened, (b) no strike, labor dispute, slowdown
or stoppage pending or threatened against the Company, or any Person for whom the Company is or may be responsible by law or contract,
and (c) no union representation claim or question existing with respect to the employees of the Company, or any Person for
whom the Company is or may be responsible by law or contract, and no union organizing activities taking place. Neither the Company,
nor any Person for whom the Company is or may be responsible by law or contract, is a party to any collective bargaining agreement.

 

Except
such as could not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, neither the Company
nor any of its Subsidiaries has violated any applicable Federal, state, provincial or foreign law relating to employment or employment
practices or the terms and conditions of employment, including, without limitation, discrimination in the hiring, promotion or
pay of employees, wages, hours of work, plant closings and layoffs, collective bargaining, and occupational safety and health,
or any provisions of ERISA or the rules and regulations promulgated thereunder or any other applicable law (whether foreign or
domestic) relating to or governing the operation or maintenance of any plan or arrangement falling within the definition of an
“employee benefit plan” (as such term is defined in Section 3 of ERISA) or any other employee benefit plan or arrangement.

 

3.14 Taxes.

 

All
material Tax Returns required to be filed by the Company have been timely filed and such returns are true, complete and correct
in all material respects. All material Taxes due or claimed to be due from the Company that are due and payable have been paid,
other than those (i) being contested in good faith and for which an adequate reserve or accrual has been established in accordance
with GAAP or (ii) those currently payable without penalty or interest and for which an adequate reserve or accrual has been
established or extensions duly filed. The Company is not aware of (a) any actual or proposed material additional tax assessments
or (b) any probable basis for the imposition of any material additional tax assessments for any fiscal period against the
Company.

 

    	 	15	 

     

    

 

3.15 ERISA.

 

None
of the following events has occurred or exists: (i) a failure to fulfill the obligations, if any, under the minimum funding
standards of Section 302 of the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (“ERISA”) with respect to a Plan determined without regard to any waiver of such
obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the
U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal, state or foreign governmental or regulatory
agency with respect to the employment or compensation of employees by the Company that would reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect; or (iii) any breach of any contractual obligation, or any violation
of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company that
would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. None of the following
events has occurred or is reasonably likely to occur: (1) a material increase in the aggregate amount of contributions required
to be made to all Plans in the current fiscal year of the Company compared to the amount of such contributions made in the most
recently completed fiscal year of the Company; (2) a material increase in the “accumulated post-retirement benefit
obligations” (within the meaning of Statement of Financial Accounting Standards 106) of the Company compared to the amount
of such obligations in the most recently completed fiscal year of the Company; (3) any event or condition giving rise to
a liability under Title IV of ERISA that would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect; or (4) the filing of a claim by one or more employees or former employees of the Company related to its or
their employment that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
For purposes of this paragraph and the definition of ERISA, the term “Plan” means a plan (within the meaning
of Section 3(3) of ERISA) subject to Title IV of ERISA with respect to which the Company may have any liability.

 

3.16 Intellectual
Property.

 

The
Company owns or possesses adequate licenses or other rights to use all trademarks, service marks, trade names, copyrights, and
know-how necessary to conduct the business now conducted by them, and the Company has not received any notice of infringement
of or conflict with (or knows of such infringement of or conflict with) asserted rights of others with respect to trademarks,
service marks, trade names, copyrights, or know-how which, individually or in the aggregate, could reasonably be expected to result
in any Material Adverse Effect. The Company does not in the conduct of its business as now conducted, infringe or conflict with
any right of any third party, known to the Company, where such infringement or conflict could reasonably be expected to result
in any Material Adverse Effect.

 

3.17 Compliance
with Laws.

 

The
Company has maintained in good standing any licenses, permits, consents and authorizations required to be obtained by it under
all laws or regulations relating to its business (collectively, the “Laws”), the absence of which (individually
or in the aggregate) could reasonably be expected to have a Material Adverse Effect, and any such licenses, permits, consents
and authorizations remain in full force and effect, except as to any of the foregoing the absence of which (individually or in
the aggregate) could not reasonably be expected to have a Material Adverse Effect. The Company is in compliance with the Laws
except for such noncompliance which, singly or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
and there is no pending or, to the Company’s knowledge, threatened, action or proceeding against the Company under any of
the Laws, other than any such actions or proceedings which, individually or in the aggregate, if adversely determined, could not
reasonably be expected to have a Material Adverse Effect.

 

    	 	16	 

     

    

 

3.18 Consummation
of the HOFV Acquisition.

 

The
HOFV Acquisition will be, on the Closing Date, duly consummated in accordance with the terms of the HOFV Acquisition Agreement
without material amendment or waiver of any material term or provision thereof. On or prior the Closing Date, the Company shall
have provided to each Purchaser copies of any material amendment or waiver to the HOFV Acquisition Agreement entered into or granted
on or prior to the Closing Date. True and correct copies of the HOFV Acquisition Agreement have been delivered to each Purchaser.
The Company is not in default under the HOFV Acquisition Agreement or under any instrument or document to be delivered in connection
therewith.

 

3.19 HOFV
Acquisition Agreement Representations.

 

Except
as could not reasonably be expected to have a Material Adverse Effect, the representations and warranties of HOF Village contained
in Sections 3.01, 3.02, 3.03, 3.06, 3.10, 3.11, 3.15, 3.17, 3.18 and 3.19 of the HOFV Acquisition Agreement are true and correct.

 

SECTION
4. REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER.

 

Each
Purchaser (as to itself only) and each Account Manager (as to the managed accounts of Purchasers) represents and warrants to the
Company that:

 

4.1 Purchase
for Own Account.

 

Such
Purchaser or such Account Manager is purchasing the Notes to be purchased by it solely for its own account (or in the case of
Account Managers, on behalf of managed accounts) and not as nominee or agent for any other person (other than for such managed
accounts, if applicable) and not with a view to, or for offer or sale in connection with, any distribution thereof (within the
meaning of the Securities Act) that would be in violation of the securities laws of the United States of America or any state
thereof, without prejudice, however, to its right at all times to sell or otherwise dispose of all or any part of said Notes pursuant
to a registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities
Act, and subject, nevertheless, to the disposition of its property being at all times within its control.

 

4.2 Accredited
Investor.

 

Such
Purchaser or such Account Manager is knowledgeable, sophisticated and experienced in business and financial matters; it has previously
invested in securities similar to the Notes and it acknowledges that the Notes have not been registered under the Securities Act
and understands that the Notes must be held indefinitely unless they are subsequently registered under the Securities Act or such
sale is permitted pursuant to an available exemption from such registration requirement; it (or, in the case of an Account Manager,
the managed account on behalf of which the Account Manager is acting) is able to bear the economic risk of its investment in the
Notes and is presently able to afford the complete loss of such investment; it (or, in the case of an Account Manager, the managed
account on behalf of which the Account Manager is acting) is an “accredited investor” as defined in Regulation D promulgated
under the Securities Act; and it has been afforded access to information about the Company and its financial condition and business
sufficient to enable it to evaluate its investment in the Notes.

 

    	 	17	 

     

    

 

4.3 Authorization.

 

Each
Purchaser has taken all actions necessary to authorize it (or, in the case of an Account Manager, such Account Manager is duly
authorized by the managed account for which it is acting) (i) to execute, deliver and perform all of its obligations under
this Agreement, (ii) to perform all of its obligations under the Notes and (iii) to consummate the transactions contemplated
hereby and thereby. This Agreement is a legally valid and binding obligation of each Purchaser enforceable against it in accordance
with its terms, except for (a) the effect thereon of bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting the rights of creditors generally and (b) limitations imposed by Federal or state law or equitable
principles upon the specific enforceability of any of the remedies, covenants or other provisions thereof and upon the availability
of injunctive relief or other equitable remedies.

 

4.4 Notes
Restricted.

 

Each
Purchaser acknowledges that the Notes have not been registered under the Securities Act and understands that the Notes must be
held indefinitely unless they are subsequently registered under the Securities Act or such sale is permitted pursuant to an available
exemption from such registration requirement.

 

No
transfer or sale (including, without limitation, by pledge or hypothecation) of the Notes by any Holder which is otherwise permitted
hereunder, other than a transfer or sale to the Company, shall be effective unless such transfer or sale is made (a) pursuant
to an effective registration statement under the Act and a valid qualification under applicable state securities or “blue
sky” laws or (b) without such registration or qualification as a result of the availability of an exemption therefrom,
and, if reasonably requested by the Company, counsel for such Holder shall have furnished the Company with an opinion, reasonably
satisfactory in form and substance to the Company, to the effect that no such registration is required because of the availability
of an exemption from the registration requirements of the Securities Act; provided, however, that with respect to
transfers by Holders to their Affiliates, no such opinion shall be required. A transfer made by a Holder which is a state-sponsored
employee benefit plan to a successor trust or fiduciary pursuant to a statutory reconstitution shall be expressly permitted and
no opinions of counsel shall be required in connection therewith.

 

4.5 ERISA.

 

Such
Purchaser represents that either:

 

(a) it
is not acquiring the Notes for or on behalf of any Plan;

 

(b) the
assets used to acquire the Notes are assets of an insurance company general account and the purchase of the Notes would be exempt
under the provisions of the Prohibited Transaction Class Exemption (“PTCE”) 95-60; or

 

(c) if
it is acquiring the Notes on behalf of a Plan, either directly or through an investment fund (such as a “bank collective
investment fund” as defined in PTCE 91-38 or an “insurance company pooled separate account” as defined in PTCE
90-1), then, assuming that the plans listed in Schedule 3.17 are the only employee benefit plans (as defined in Section
3 of ERISA) or Plans with respect to which NFC is a “party in interest” or “disqualified person” (as such
terms are defined in Section 3 of ERISA and Section 4975 of the Internal Revenue Code, respectively), either

 

    	 	18	 

     

    

 

(i) no
part of the funds to be used to purchase the Notes constitutes assets allocable to any trust that contains assets of the employee
benefit plans listed in Schedule 3.17, or

 

(ii) an
exemption from the prohibited transaction rules applies such that the use of such funds does not constitute a non-exempt prohibited
transaction in violation of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, which could be subject to a civil
penalty assessed pursuant to Section 502 of ERISA or a tax imposed under Section 4975 of the Internal Revenue Code.

 

The
representations contained in this Section 4.5 are made in express reliance on the list of employee benefit plans contained in
Schedule 3.17.

 

SECTION
5. COVENANTS.

 

So
long as any of the Notes remain unpaid and outstanding, the Company covenants to the Holders of outstanding Notes as follows:

 

5.1 Payment
of Notes.

 

The
Company shall pay the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the
Notes. To the extent lawful, the Company shall pay interest (including interest accruing after the commencement of any proceeding
under any Bankruptcy Law) on all due and unpaid amounts outstanding under the Notes (including overdue installments of principal
or interest) at a rate equal to 8.00% per annum, compounded quarterly, except as provided in Section 1 of the Notes. PIK Interest
paid pursuant to Section 1 of the Notes shall not constitute due and unpaid amounts outstanding under the Notes.

 

5.2 Stay,
Extension and Usury Laws.

 

The
Company covenants and agrees (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, and will use its best efforts to resist any attempts to claim
or take the benefit of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of its obligations under this Agreement or the Notes; and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Holders, but will suffer and permit the execution
of every such power as though no such law has been enacted.

 

    	 	19	 

     

    

 

5.3 Reports.

 

(a) Regardless
of whether required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to
the Holders of Notes to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations:

 

(i) all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
to file such reports; and

 

(ii) all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

All
such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such
reports and shall certified by the chief financial officer of the Company that they fairly present in all material respects the
consolidated financial condition of the Company and its Subsidiaries as at the dates indicated and the results of their operations
and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. Each
annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s
certified independent accountants.

 

(b) If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by paragraph (a) of this Section 5.3 will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of
Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from
the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.

 

(c) The
Company will be deemed to have furnished the reports required by paragraphs (a) and (b) of this Section 5.3 to the Holders of
the Notes if it has filed such reports or information, respectively, with the SEC using the EDGAR filing system (or any successor
filing system of the SEC) or, if the Company has posted such reports or information, respectively, on its website, and such reports,
certifications or information, respectively, are available to the Holders of the Notes through internet access.

 

(d) Any
and all Defaults or Events of Default arising from a failure to furnish or file in a timely manner a report or certification required
by this Section 5.3 shall be deemed cured (and the Company shall be deemed to be in compliance with this Section 5.3) upon furnishing
or filing such report or certification as contemplated by this Section 5.3 (but without regard to the date on which such report
or certification is so furnished or filed); provided that such cure shall not otherwise affect the rights of the Holders
under Section 7 hereof if the principal, premium, if any, and interest, if any, have been accelerated in accordance with the terms
of this Agreement and the Notes and such acceleration has not been rescinded or cancelled prior to such cure.

 

5.4 Compliance
Certificate.

 

(a) The
Company shall deliver to the Holders, within forty-five (45) days after the end of each fiscal quarter and within ninety (90)
days after each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Restricted
Subsidiaries during the preceding fiscal quarter or fiscal year, as the case may be, has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Agreement and the Notes, and further stating, as to each such Officer signing such certificate, that to his or her knowledge,
the Company has kept, observed, performed and fulfilled each and every covenant contained in this Agreement (or, if a violation
or event that, with notice or the passage of time or both would be a violation shall have occurred, describing all such violations
or prospective violations of which he or she may have knowledge) and that to his or her knowledge no event has occurred and remains
in existence by reason of which payments of interest, principal or premium on the Notes are prohibited or if such event has occurred,
a description of the event. The Officers’ Certificate shall set forth all financial calculations for such fiscal quarter
or fiscal year necessary to demonstrate compliance with the covenants contained in this Section 5.

 

    	 	20	 

     

    

 

(b) The
Company shall deliver to the Holders, forthwith upon becoming aware of (i) any Default or Event of Default or (ii) any default
or event of default under any other loan agreement, mortgage, indenture or instrument referred to in Section 7.1(e), an Officers’
Certificate specifying in reasonable detail such Default, Event of Default or default or event of default and the nature of any
remedial or corrective action the Company proposes to take with respect thereto.

 

5.5 Restricted
Payments.

 

(a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(i) declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company
or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company and other than dividends or distributions payable to the Company or a Restricted Subsidiary of the Company);

 

(ii) purchase,
redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;

 

(iii) make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness,
except a payment of interest or principal at the Stated Maturity thereof; or

 

(iv) make
any Restricted Investment (all such payments and other actions set forth in these clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”),

 

unless,
at the time of and after giving effect to such Restricted Payment:

 

(i) no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

    	 	21	 

     

    

 

(ii) the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment
had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 5.7 hereof; and

 

(iii) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (vii), (viii)
and (xi) of paragraph (b) of this Section 5.5), is less than the sum, without duplication, of:

 

(1) 50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the fiscal
quarter during which the Issue Date occurs to the end of the Company’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period
is a deficit, less 100% of such deficit); plus

 

(2) 100%
of (A)(i) the aggregate net cash proceeds and (ii) the Fair Market Value of (x) marketable securities (other than marketable securities
of the Company), (y) Capital Stock of a Person (other than the Company or an Affiliate of the Company) engaged in a Permitted
Business and (z) other assets used in any Permitted Business, in the case of clauses (i) and (ii), received by the Company since
the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other
than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable
debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests
(or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), (B) the amount by which Indebtedness of the Company
or any Restricted Subsidiary is reduced on the Company’s consolidated balance sheet upon the conversion or exchange after
the Issue Date of any such Indebtedness into or for Equity Interests (other than Disqualified Stock) of the Company, and (C) the
aggregate net cash proceeds, if any, received by the Company or any of its Restricted Subsidiaries upon any conversion or exchange
described in clause (1) or (2) above; plus

 

(3) with
respect to Restricted Investments made by the Company and its Restricted Subsidiaries after the Issue Date, an amount equal to
the sum of (A) the net reduction in such Restricted Investments in any Person resulting from (i) repayments of loans or advances,
or other transfers of assets, in each case to the Company or any Restricted Subsidiary, (ii) other repurchases, repayments or
redemptions of such Restricted Investments, (iii) the sale of any such Restricted Investment or (iv) the release of any Guarantee
(except to the extent any amounts are paid under such Guarantee) plus (B) all amounts representing the return of capital
(excluding dividends and distributions) to the Company or any Restricted Subsidiary in respect of such Restricted Investment plus
(C) with respect to any Unrestricted Subsidiary that the Board of Directors of the Company redesignates as a Restricted Subsidiary,
the Fair Market Value of the Investment in such Subsidiary held by the Company or any of its Restricted Subsidiaries at the time
of such redesignation.

 

    	 	22	 

     

    

 

(b) The
provisions of Section 5.5(a) hereof will not prohibit:

 

(i) the
payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the
dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption
payment would have complied with the provisions of this Agreement and the Notes;

 

(ii) the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially
concurrent contribution (other than by a Subsidiary of the Company) of capital to the Company in respect of its Equity Interests
(other than Disqualified Stock); provided that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment will be excluded from clause (iii)(2) of Section 5.5(a) hereof;

 

(iii) the
repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness (including the payment
of any required premium and any fees and expenses incurred in connection with such repurchase, redemption, defeasance or other
acquisition) with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; provided
that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause
(iii)(2) of Section 5.5(a) hereof;

 

(iv) the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary of the Company to the holders of the Equity Interests (other than Disqualified Stock) of such Restricted Subsidiary;
provided that such dividend or similar distribution is paid to all holders of such Equity Interests on a pro rata basis
based on their respective holdings of such Equity Interests;

 

(v) the
payment of any dividend on the EB-5 Preferred Stock;

 

(vi) the
repurchase, redemption or other acquisition or retirement of Equity Interests deemed to occur upon the exercise or exchange of
stock options, warrants or other similar rights to the extent such Equity Interests represent a portion of the exercise or exchange
price of those stock options, and the repurchase, redemption or other acquisition or retirement of Equity Interests made in lieu
of withholding taxes resulting from the exercise or exchange of stock options, warrants or other similar rights;

 

    	 	23	 

     

    

 

(vii) so
long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of regularly scheduled
or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of the
Company or any class or series of preferred stock of a Restricted Subsidiary of the Company, in each case issued on or after the
Issue Date in accordance with the Fixed Charge Coverage Ratio test described in Section 5.7 hereof;

 

(viii) payments
to fund the purchase by the Company of fractional shares arising out of stock dividends, splits or combination or business combinations;

 

(ix) the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary
of the Company held by any of the Company’s (or any of its Restricted Subsidiaries’) current or former directors or
employees; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests
may not exceed the Fair Market Value thereof and furthermore may not exceed, in any twelve-month period since the Issue Date,
$0.5 million (with unused amounts (with respect to the $0.5 million limit referred to above) in any 12-month period after such
date being permitted to be carried over into succeeding 12-month periods); provided, further, that the amounts in
any such 12-month period may be increased by an amount not to exceed (1) the cash proceeds received by the Company or any of its
Restricted Subsidiaries from the sale of the Company’s Equity Interests (other than Disqualified Stock) to any such directors
or employees that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase,
retirement or other acquisition or retirement will not increase the amount available for Restricted Payments under clause (iii)
of the immediately preceding paragraph and to the extent such proceeds have not otherwise been applied to the payment of Restricted
Payments) plus (2) the cash proceeds of key man life insurance policies received by the Company and its Restricted Subsidiaries
after the Issue Date;

 

(x) the
purchase or redemption of any Acquired Subordinated Indebtedness of the Company or any of its Restricted Subsidiaries, by application
of (i) cash provided from operations in the ordinary course of business or (ii) proceeds from borrowings under the revolving
portion of any Credit Facility (so long as within 30 days prior to such purchase or redemption, a corresponding amount of borrowings
under the revolving portion of such Credit Facility was repaid from cash provided from operations in the ordinary course of business);
provided, in any such case, that the Company is able to incur an additional $1.00 of Indebtedness pursuant to Section 5.5(a)
hereof after giving effect to such purchase or redemption; provided, further, that this clause (x) shall not permit
the application of any proceeds from any other borrowings under any Credit Facility to effect any such purchase or redemption;
and

 

    	 	24	 

     

    

 

(xi) so
long as no Default has occurred and is continuing or would be caused thereby, other Restricted Payments in an aggregate amount
not to exceed $5.0 million since the Issue Date.

 

The
amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the
asset(s) or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may
be, pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted Payment shall be its face amount, and the
Fair Market Value of any non-cash Restricted Payment exceeding $5.0 million shall be determined conclusively by two senior officers
of the Company acting in good faith whose conclusions with respect thereto shall be set forth in an Officers’ Certificate
delivered to the Holders; provided, however, that if the Fair Market Value of any non-cash Restricted Payment exceeds
$10.0 million, such Fair Market Value shall be determined conclusively by the Board of Directors of the Company and set forth
in a board resolution, and a certified copy of such board resolution shall be delivered to the Holders. For purposes of determining
compliance with this Section 5.5, in the event that a Restricted Payment meets the criteria of more than one of the exceptions
described in (i) through (xi) above or is entitled to be made pursuant to Section 5.5(a) hereof, the Company shall, in its sole
discretion, classify such Restricted Payment, or later classify, reclassify or re-divide all or a portion of such Restricted Payment,
in any manner that complies with this Section 5.5.

 

5.6 Dividend
and other Payment Restrictions Affecting Subsidiaries.

 

(a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, create or permit to exist or become effective any
consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(i) (x) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or (y) pay any indebtedness owed to the Company or
any of its Restricted Subsidiaries;

 

(ii) make
loans or advances to the Company or any of its Restricted Subsidiaries; or

 

(iii) sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

(b) The
restrictions in Section 5.6(a) hereof will not apply to encumbrances or restrictions existing under or by reason of:

 

(i) agreements
or instruments governing Existing Indebtedness as in effect on the Issue Date and any amendments, restatements, modifications,
increases, renewals, supplements, refundings, replacements or refinancings of those agreements or instruments; provided
that the amendments, restatements, modifications, increases, renewals, supplements, refundings, replacements or refinancings are
no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those
agreements or instruments on the Issue Date;

 

    	 	25	 

     

    

 

(ii) this
Agreement, the Notes and the Subsidiary Guarantees;

 

(iii) applicable
law, rule, regulation or order;

 

(iv) any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as
in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in
the case of Indebtedness, such Indebtedness was permitted by the terms of this Agreement to be incurred;

 

(v) customary
non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 

(vi) purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions
on the property purchased or leased of the nature described in clause (iii) of Section 5.6(a) hereof;

 

(vii) any
agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary
pending the sale or other disposition;

 

(viii) Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;

 

(ix) Liens
permitted to be incurred under the provisions of Section 5.10 hereof that limit the right of the debtor to dispose of the
assets subject to such Liens;

 

(x) provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements, security agreements, mortgages, purchase money agreements and other similar agreements or instruments
entered into with the approval of the Company’s Board of Directors, which limitation is applicable only to the assets that
are the subject of such agreements;

 

(xi) restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and

 

(xii) any
EB-5 Preferred Stock; provided that the restrictions contained in the agreements or instruments governing such EB-5 Preferred
Stock (x) apply only in the event of a payment default or a default with respect to a financial covenant in such agreement
or instrument or (y) will not materially affect the Company’s ability to make principal, interest and premium, if any,
on the Notes, as determined in the reasonable good faith judgment of the Chief Financial Officer of the Company.

 

    	 	26	 

     

    

 

5.7 Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur;”
with “incurrence” having a correlative meaning) any Indebtedness (including Acquired Debt), and the Company
will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred
stock; provided, however, that the Company may incur Indebtedness (including Acquired Debt) and issue Disqualified Stock,
and the Company’s Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) and issue preferred stock, if
the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or preferred stock is issued, as the case may be, would have been at least 2.0 to 1, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period.

 

(b) Notwithstanding
the foregoing, the provisions of Section 5.7(a) hereof will not prohibit the incurrence of any of the following (the items of
Indebtedness described below in this paragraph (b) being referred to collectively as “Permitted Debt”):

 

(i) the
incurrence by the Company and any Restricted Subsidiary of additional Indebtedness and letters of credit under Credit Facilities
in an aggregate principal amount at any one time outstanding under this clause (i) (with letters of credit being deemed to have
a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to
exceed the greater of (1) $275.0 million or (2) 25% of Consolidated Tangible Assets; provided, that the maximum amount
permitted to be outstanding under this clause (i) shall not be deemed to limit additional Indebtedness under the Credit Facilities
to the extent the incurrence of such additional Indebtedness is permitted pursuant to any of the other provisions of this Section
5.7;

 

(ii) the
incurrence of Existing Indebtedness;

 

(iii) the
incurrence by the Company of Indebtedness represented by the Notes and the related Subsidiary Guarantees to be issued on the Issue
Date;

 

(iv) the
incurrence by the Company or any Restricted Subsidiary of the Company of Indebtedness represented by Capital Lease Obligations,
mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the
purchase price or cost of construction, installation, improvement, deployment, refurbishment, modification or lease of property,
plant or equipment or furniture, fixtures and equipment, in each case used in the business of the Company or such Restricted Subsidiary,
in an aggregate amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness
incurred pursuant to this clause (iv), not to exceed $25.0 million at any time outstanding;

 

    	 	27	 

     

    

 

(v) the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the
net proceeds of which are used to renew, refund, refinance, replace, defease or discharge, any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Agreement to be incurred under Section 5.7(a) hereof or clauses (ii), (iii), (iv), (v),
(xiii), (xv) or (xvi) of this Section 5.7(b);

 

(vi) the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness owing to and held by the Company
or any of its Restricted Subsidiaries; provided, however, that:

 

(1) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Company or a Restricted Subsidiary of the Company; and

 

(2) any
sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company,
will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as
the case may be, that was not permitted by this clause (vi);

 

(vii) the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that:

 

(1) any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Company or a Restricted Subsidiary of the Company; and

 

(2) any
sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the
Company,

 

will
be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted
by this clause (vii);

 

(viii) the
incurrence of a Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted
Subsidiary of the Company that was permitted to be incurred by another provision of this Section 5.7; provided that if
the Indebtedness being guaranteed is Subordinated Indebtedness, then the Guarantee shall be subordinated to the same extent as
the contractual subordination applicable to the Indebtedness guaranteed;

 

    	 	28	 

     

    

 

(ix) the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness constituting reimbursement obligations with respect
to letters of credit issued in the ordinary course of business; provided that, upon the drawing of such letters of credit
or the incurrence of such Indebtedness, such obligations are reimbursed within one year following such drawing or incurrence;

 

(x) the
incurrence by the Company of Indebtedness to the extent that the net proceeds thereof are promptly deposited to fully defease
or to fully satisfy and discharge the Notes;

 

(xi) Indebtedness
consisting of the financing of insurance premiums in customary amounts consistent with the operations and business of the Company
and its Restricted Subsidiaries in the ordinary course of business;

 

(xii) the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from agreements of the Company or any
of its Restricted Subsidiaries providing for indemnification, adjustment of purchase price or similar obligations, in each case,
incurred or assumed in connection with the disposition of any business, assets or Capital Stock of a Subsidiary; provided
that the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received
by the Company and its Restricted Subsidiaries in connection with such disposition;

 

(xiii) the
incurrence of Permitted Public Finance Instruments not to exceed $175.0 million in aggregate principal amount at any one
time outstanding;

 

(xiv) the
incurrence of the EB-5 Preferred Stock; provided that if the EB-5 Preferred Stock constitutes Disqualified Stock, the aggregate
liquidation preference EB-5 Preferred Stock that may be incurred pursuant to this clause 5.7(b)(xiv) shall not exceed $50.0 million;

 

(xv) the
incurrence of Permitted Acquisition Indebtedness; and

 

(xvi) the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or
accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund,
refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (xvi), not to exceed (a) the greater
of $25.0 million or (b) 10% of the Company’s Consolidated Tangible Assets.

 

(c) Notwithstanding
the foregoing provisions of this Section 5.7, the Company will not at any time permit Consolidated Net Funded Debt to exceed the
sum of (i) $300.0 million plus (ii) the aggregate principal amount of the Exempt Funded Debt.

 

    	 	29	 

     

    

 

For
purposes of determining compliance with this Section 5.7, in the event that an item of proposed Indebtedness meets the criteria
of more than one of the categories of Permitted Debt described in clauses (i) through (xvi) above or is entitled to be incurred
pursuant to Section 5.7(a) hereof, the Company will be permitted to classify such item of Indebtedness on the date of its
incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 5.7.
Indebtedness under Credit Facilities outstanding on the date on which Notes are first issued and authenticated under this Agreement
will initially be deemed to have been incurred on such date in reliance on the exception provided by clause (i) of the definition
of Permitted Debt. The accrual of interest, the accretion or amortization of original issue discount, the payment of interest
on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness
due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares
of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified
Stock for purposes of this Section 5.7; provided, in each such case, that the amount of any such accrual, accretion or
payment is included in Fixed Charges of the Company as accrued. Notwithstanding any other provision of this Section 5.7, the maximum
amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 5.7 shall not be
deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 

The
amount of any Indebtedness outstanding as of any date will be:

 

(i) the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(ii) in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A) the
Fair Market Value of such asset at the date of determination; and

 

(B) the
amount of the Indebtedness of the other Person; and

 

(iii) the
principal amount of the Indebtedness, in the case of any other Indebtedness.

 

5.8 Asset
Sales.

 

The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(a) the
Company (or the Restricted Subsidiary, as the case may be) receives consideration in respect of such Asset Sale at least equal
to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

    	 	30	 

     

    

 

(b) either
(x) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of
cash or (y) the Fair Market Value of all forms of consideration other than cash received for all Asset Sales since the Issue Date
does not exceed in the aggregate 10% of the Consolidated Tangible Assets of the Company at the time each determination is made.
For purposes of this provision, each of the following will be deemed to be cash:

 

(i) any
liabilities, as shown on the Company’s most recent consolidated balance sheet (or as would be shown on the Company’s
consolidated balance sheet as of the date of such Asset Sale) of the Company or any Restricted Subsidiary (other than contingent
liabilities, Indebtedness that is by its terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the
transferee of any such assets or Equity Interests pursuant to (1) a written novation agreement that releases the Company or such
Restricted Subsidiary from further liability therefor or (2) an assignment agreement that includes, in lieu of such a release,
the agreement of the transferee or its parent company to indemnify and hold harmless the Company or such Restricted Subsidiary
from and against any loss, liability or cost in respect of such assumed liability;

 

(ii) any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are
converted by the Company or such Restricted Subsidiary into cash within 270 days after the date of the Asset Sale, to the extent
of the cash received in that conversion;

 

(iii) any
stock or assets of the kind referred to in clauses (ii) or (iv) of the next paragraph of this Section 5.8; and

 

(iv) accounts
receivable of a business retained by the Company or any Restricted Subsidiary, as the case may be, following the sale of such
business, provided, that such accounts receivable are not past due more than 90 days and do not have a payment date greater
than 120 days from the date of the invoice creating such accounts receivable.

 

Within
360 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or its Restricted Subsidiaries, as the case may
be) may apply an amount equal to such Net Proceeds at its option:

 

(i) to
repay, redeem or repurchase any Senior Debt;

 

(ii) to
acquire all or substantially all of the assets of, or any Capital Stock of, another Person engaged in a Permitted Business, if,
after giving effect to any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary of the Company;

 

(iii) to
make a capital expenditure; or

 

(iv) to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business;

 

provided,
however, that if, during such 360-day period, the Company and/or any of its Restricted Subsidiaries enters into a binding
contract with a Person other than an Affiliate of the Company to apply such amount pursuant to clauses (ii) or (iii) above, then
such 360-day period shall be extended until the earlier of (a) the date on which such acquisition or expenditure is consummated,
and (b) the 180th day following the expiration of the aforementioned 360-day period.

 

    	 	31	 

     

    

 

Pending
the final application of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest
the Net Proceeds in any manner that is not prohibited by this Agreement. Any Net Proceeds from Asset Sales that are not applied
or invested as provided in the second paragraph of this Section 5.8 will constitute “Excess Proceeds.”

 

If
on any date, the aggregate amount of Excess Proceeds exceeds $20.0 million, then within ten Business Days after such date, the
Company will make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness
that is pari passu in right of payment with the Notes containing provisions similar to those set forth in this Agreement
with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of
Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase, and
will be payable in cash. If any Excess Proceeds remain unapplied after consummation of an Asset Sale Offer, the Company and its
Restricted Subsidiaries may use those Excess Proceeds for any purpose not otherwise prohibited by this Agreement or the Notes.
If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds
the amount of Excess Proceeds, the Holders shall select the Notes and such other pari passu Indebtedness to be purchased
on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 

Notwithstanding
anything in this Section 5.8 to the contrary, the sale, conveyance or other disposition of all or substantially all of the assets
of the Company and its Restricted Subsidiaries, considered as a single enterprise, will be governed by Section 5.11 hereof and
not by this Section 5.8.

 

The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 5.8, or compliance
with the provisions of this Section 5.8 would constitute a violation of any such laws or regulations, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section
5.8 by virtue of such compliance.

 

In
the event that, pursuant to the preceding provisions of this Section 5.8, the Company is required to commence an Asset Sale Offer,
it will follow the procedures specified below.

 

The
Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing
provisions similar to those set forth in this Agreement with respect to offers to purchase or redeem with the proceeds of sales
of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not
more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company
will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu
Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness
tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments
are made.

 

    	 	32	 

     

    

 

If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date,
and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

Upon
the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to each of the Holders. The notice
will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.
The notice, which will govern the terms of the Asset Sale Offer, will state:

 

(i) that
the Asset Sale Offer is being made pursuant to this Section 5.8 and the length of time the Asset Sale Offer will remain open;

 

(ii) the
Offer Amount, the purchase price and the Purchase Date;

 

(iii) that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(iv) that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease
to accrue interest after the Purchase Date;

 

(v) that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples
of $1,000 only;

 

(vi) that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company;

 

(vii) that
Holders will be entitled to withdraw their election if the Company receives, not later than the expiration of the Offer Period,
a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the
Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Note purchased;

 

(viii) that,
if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the
Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based
on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed
appropriate by the Company so that only Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof, will
be purchased); and

 

    	 	33	 

     

    

 

(ix) that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer).

 

On
or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has
been tendered, all Notes tendered, and will deliver or cause to be delivered to the Holders the Notes properly accepted together
with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance
with the terms of this Section 5.8. The Company will promptly (but in any case not later than five days after the Purchase Date)
mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted
by the Company for purchase, and the Company, will promptly issue a new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to
the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.

 

5.9 Transactions
with Affiliates.

 

(a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each,
an “Affiliate Transaction”), unless:

 

(1)
the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those
that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person
or, if in the good faith judgment of the Board of Directors of the Company, no comparable transaction is available with which
to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted
Subsidiary from a financial point of view; and

 

(2)
 the Company delivers to the Holders:

 

(A) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$5.0 million but less than or equal to $10.0 million, an Officers’ Certificate certifying that such Affiliate Transaction
or series of related Affiliate Transactions complies with this Section 5.9; and

 

    	 	34	 

     

    

 

(B) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that
such Affiliate Transaction or series of related Affiliate Transactions complies with this this Section 5.9 and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved by either a conflicts committee of the Board of Directors
of the Company (so long as the members of such conflicts committee approving the Affiliate Transaction or series of related Affiliate
Transactions are disinterested) or a majority of the disinterested members of the Board of Directors of the Company, if any.

 

(b) The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
5.9(a) hereof:

 

(1)
 any employment, consulting or similar agreement or arrangement, employee benefit plan, equity award, equity option, equity appreciation,
officer or director indemnification agreement, restricted unit agreement, severance agreement or other compensation plan or arrangement
entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments, awards, grants
or issuances of securities made pursuant thereto;

 

(2)
transactions between or among the Company and/or its Restricted Subsidiaries;

 

(3)
transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely because the Company
owns, directly or through a Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)
payment of reasonable fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of, and compensation
paid to, and indemnity or insurance provided on behalf of, officers, directors, employees or consultants of the Company or any
of its Restricted Subsidiaries, including, but not limited to, reimbursement or advancement of out-of-pocket expenses and provisions
of officers’ and directors’ liability insurance;

 

(5)
any issuance of Equity Interests (other than Disqualified Stock) to, or receipt of capital contributions from, Affiliates of the
Company;

 

(6)
Restricted Payments that do not violate the provisions of Section 5.5 hereof or any Permitted Investments;

 

(7)
transactions between the Company or any of its Restricted Subsidiaries and any other Person, a director of which is also on the
Board of Directors of the Company, and such common director is the sole cause for such other Person to be deemed an Affiliate
of the Company or any of its Restricted Subsidiaries; provided, however, that such director abstains from voting as a member
of the Board of Directors of the Company on any transaction with such other Person;

 

(8)
(a) guarantees by the Company or any of its Restricted Subsidiaries of performance of obligations of Unrestricted Subsidiaries
in the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed money, and (b) pledges by the
Company or any of its Restricted Subsidiaries of Equity Interests in Unrestricted Subsidiaries for the benefit of lenders or other
creditors of Unrestricted Subsidiaries;

 

    	 	35	 

     

    

 

(9)
payments to an Affiliate in respect of the Notes or the Subsidiary Guarantees or any other Indebtedness of the Company or any
Restricted Subsidiary on the same basis as concurrent payments made or offered to be made in respect thereof to non-Affiliates;

 

(10)
payment of loans or advances to employees not to exceed $1.0 million in the aggregate at any one time outstanding;

 

(11)
any Affiliate Transaction with a Person in its capacity as a holder of Indebtedness or Capital Stock of the Company or any Restricted
Subsidiary if such Person is treated no more favorably than the other holders of Indebtedness or Capital Stock of the Company
or such Restricted Subsidiary;

 

(12)
transactions with Unrestricted Subsidiaries, customers, clients, suppliers or purchasers or sellers of goods or services, or lessors
or lessees of property, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement
which are, in the aggregate (taking into account all the costs and benefits associated with such transactions), not materially
less favorable to the Company and its Restricted Subsidiaries than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unrelated person, in the good faith determination of the Company’s
Board of Directors or any Officer of the Company involved in or otherwise familiar with such transaction, or are on terms at least
as favorable as might reasonably have been obtained at such time from an unaffiliated party; and

 

(13)
any transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Holders a letter
from an accounting, appraisal, advisory or investment banking firm of national standing stating that such transaction is fair
to the Company or such Restricted Subsidiary from a financial point of view or that such transaction meets the requirements of
clause (1) of Section 5.9(a) hereof.

 

5.10 Liens.

 

The
Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or suffer to exist any Lien
securing Indebtedness, upon any asset now owned or hereafter acquired, except Permitted Liens.

 

    	 	36	 

     

    

 

5.11 Merger;
Successor Corporation.

 

(a) The
Company shall not consolidate with or merge with or into, or transfer all or substantially all of its assets to, any Person, and
the Company will not permit any of its Restricted Subsidiaries to enter into any such transaction or series of transactions if
such transaction or series of transactions, in the aggregate, would result in a sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries on
a consolidated basis to any other Person or Persons, unless either the Company is the surviving entity or, if such other Person
is the resulting or surviving entity, such Person is a corporation organized and existing under the laws of the United States
of America, a State thereof or the District of Columbia, and such Person expressly assumes all the obligations of the Company
to the Holders of the Notes. Additionally, immediately before and immediately after giving effect to such transaction and treating
any indebtedness that becomes an obligation as a result of the transaction as having been incurred by the Company at the time
of such transaction, no default or event of default (or with notice or passage of time or both) shall have occurred and be continuing
under the Company’s Indebtedness, the obligations of the Company with respect to the Notes or any material contracts, agreements
or arrangements to which the Company is a party. Moreover, immediately after giving effect to such transaction the Consolidated
Net Worth of such surviving entity must be equal to or greater than that of the Company’s immediately prior to giving effect
to such transaction.

 

(b) Upon
any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of Section 5.11(a)
hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this
Agreement and the Notes referring to the “Company” shall refer instead to the successor Person and not to the Company),
and may exercise every right and power of the Company under this Agreement and the Notes with the same effect as if such successor
Person had been named as the Company in this Agreement and in the Notes; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and interest on the Notes, except in the case of a sale
of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.11(a)
hereof.

 

5.12 Subsidiary
Guarantees.

 

If,
on any date after the Issue Date, any Domestic Restricted Subsidiary that is not already a Guarantor, Guarantees (or otherwise
becomes liable for) any Obligations under any Credit Agreement, then, within 20 Business Days after such date, such Domestic Restricted
Subsidiary will unconditionally Guarantee the Notes and concurrently become a Guarantor by executing a Subsidiary Guarantee (or
joinder thereto) in substantially the form specified in Annex D hereto. Each Subsidiary Guarantee of a Guarantor will be
released automatically at such time as such Guarantor is discharged or otherwise released from all its Obligations in respect
of its Guarantee of (or other liability for) any Obligations under any Credit Facility; provided that such discharge or
other release did not result directly from payment by such Guarantor in satisfaction of (a) its liability as a guarantor
pursuant to such Guarantee, or (b) its primary liability for such Obligations (after demand or default under such Credit
Facility).

 

5.13 Designation
of Restricted and Unrestricted Subsidiaries.

 

The
Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation
would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value
of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted
will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted
Payments under Section 5.5 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the
Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary.

 

    	 	37	 

     

    

 

Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced by a resolution of the Board of Directors
of the Company giving effect to such designation and an Officers’ Certificate delivered to the Holders certifying that such
designation complied with the preceding conditions and was permitted by Section 5.5 hereof. If, at any time, any Unrestricted
Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of this Agreement and the Notes and any Indebtedness of such Subsidiary will be deemed to be incurred
by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such
date under Section 5.7 hereof, the Company will be in default of such Section 5.7. The Board of Directors of the Company
may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will
be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such
Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section
5.7 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference
period; and (2) no Default or Event of Default would be in existence following such designation.

 

5.14 Minimum
Cash Equivalents.

 

The
Company will not have less than $1.0 million in Cash Equivalents on hand for a period of 30 consecutive calendar days.

 

5.15 Taxes.

 

The
Company shall, and shall cause the Restricted Subsidiaries to, pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (1) all material taxes, assessments and governmental charges or levies and (2) all lawful claims
for labor, materials and supplies, which, if unpaid, might by law become a lien upon the property of the Company or any Restricted
Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge, levy or claim (a) whose amount, applicability or validity is being contested in good faith
by appropriate proceedings and for which reserves have been established in accordance with GAAP or (b) where the failure
to effect such payment is not adverse in any material respect to the Holders of the Notes.

 

5.16 Corporate
Existence.

 

Subject
to Section 5.11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its
company existence, and the corporate, limited liability company, partnership or other existence of the Restricted Subsidiaries,
in accordance with their respective organizational documents (as the same may be amended from time to time), and (ii) its
(and the Restricted Subsidiaries’) rights (charter and statutory), licenses and franchises; provided that the Company shall
not be required to preserve any such right, license or franchise, if the Board of Directors of the Company on behalf of the Company
shall determine in good faith that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Restricted Subsidiaries considered as a single enterprise and that the loss thereof is not adverse in any material respect
to the Holders.

 

    	 	38	 

     

    

 

5.17 Limitation
on Business.

 

The
Company will not, and will not permit any Restricted Subsidiary to, engage in any business other than Permitted Business, except
to such extent as would not be material to the Company and its Restricted Subsidiaries considered as a single enterprise.

 

5.18 Maintenance
of Properties.

 

The
Company shall, and shall cause each of the Restricted Subsidiaries to, maintain their properties and assets in normal working
order and condition (reasonable wear and tear excepted) and make all necessary repairs, renewals, replacements, additions, betterments
and improvements thereto, as shall be reasonably necessary for the proper conduct of the business of the Company and the Restricted
Subsidiaries taken as a whole; provided that nothing herein shall prevent the Company or any of the Restricted  Subsidiaries
from discontinuing any maintenance of any such properties or assets if (i) the Company determines that such discontinuance is
desirable in the conduct of the business of the Company and the Restricted Subsidiaries considered as a single enterprise or (ii)
in connection with or related to any disposition of property or assets the Company or a Restricted Subsidiary determines is no
longer needed for the conduct of the business of the Company or such Restricted Subsidiary.

 

5.19 Maintenance
of Insurance.

 

The
Company shall, and shall cause the Restricted Subsidiaries to, maintain liability, casualty and other insurance with a reputable
insurer or insurers in such amounts and against such risks as is carried by responsible companies engaged in similar businesses
and owning similar assets.

 

SECTION
6. REDEMPTION.

 

6.1 Optional
Redemption.

 

The
Company may, in its sole discretion, redeem all or any amount of the Notes outstanding, in whole or in part, at any time, at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes
to be redeemed to the Redemption Date; provided that the Redemption Price shall be payable by the Company in cash, or in
the case of redemption of Notes held by any Holder that has provided written notice to the Company at least two Business Days
prior to the applicable Redemption Date of its election to receive the Redemption Price for its Notes in the form of Common Stock,
in the form of a number of shares of Common Stock equal to the quotient of (a) the Redemption Price payable for such Notes being
redeemed divided by (b) the Daily VWAP for the 30 trading days immediately preceding the second Business Day preceding
the Redemption Date; provided, further, that in the event of a redemption of Notes, upon payment of the redemption price
(whether in cash or Common Stock, the Company shall issue to each Holder of the Notes being redeemed a number of warrants (pursuant
to the Warrant Agreement and having an exercise price equal to the Conversion Price of such Notes in effect immediately prior
to such redemption) equal to the number of shares of Common Stock that such Holder would receive if such Holder were to convert
such Notes in full on the Redemption Date pursuant to Section 8 hereof; provided, further, that the Company shall not redeem
Notes pursuant to this Section 6.1 unless the Company has on file with the SEC an effective registration statement under the Securities
Act registering the resale of the shares of Common Stock issuable upon conversion of the Notes and exercise of the warrants by
each Holder that has, after written request from the Company, provided information pertaining to such shares of Common Stock required
to be included in such registration statement in order for such Holder to sell such shares of Common Stock thereunder.

 

    	 	39	 

     

    

 

6.2 Selection
of Notes to Be Redeemed.

 

If
fewer than all of the Notes are to be redeemed, the Company shall redeem the Notes pro rata, in such manner as complies with applicable
legal requirements, if any. Notes in denominations of $1,000 may be redeemed only in whole. The Company may select for redemption
portions (equal to $1,000 or any integral multiple thereof) of the principal of Notes that have denominations larger than $1,000.
Provisions of this Agreement that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

6.3 Notice
of Redemption.

 

At
least thirty (30) days but not more than sixty (60) days before any Redemption Date, the Company shall mail a notice of redemption
(“Notice of Redemption”) by first-class mail to each Holder whose Notes are to be redeemed at such Holder’s
registered address. Each Notice of Redemption shall identify the Notes to be redeemed and shall state:

 

(a) the
Redemption Date;

 

(b) the
Redemption Price;

 

(c) the
name and address of the Company;

 

(d) that
Notes called for redemption must be surrendered to the Company to collect the Redemption Price;

 

(e) that,
unless the Company defaults in making the Redemption Price, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon
surrender to the Company of the Notes redeemed;

 

(f) if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption
Date, and upon surrender of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion thereof
will be issued; provided, however, that any portion of a Note redeemed by the Company and any new Note issued to
the Holder in respect of the unredeemed portion thereof shall be in the principal amount of $1,000 or an integral multiple thereof;

 

    	 	40	 

     

    

 

(g) if
fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion(s) thereof) to be redeemed,
as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Note(s) to be outstanding
after such partial redemption; and

 

(h) the
paragraph of the Notes pursuant to which the Notes are to be redeemed.

 

6.4 Effect
of Notice of Redemption.

 

Once
Notice of Redemption is mailed in accordance with Section 6.3 above, Notes called for redemption become due and payable on the
Redemption Date and at the Redemption Price.

 

6.5 Payment
of Redemption Price.

 

On
presentation and surrender of any Notes with respect to which a notice of redemption has been given, at a place of payment specified
in such notice, such Notes or specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption
Price.

 

If,
on or prior to the Redemption Date, the Company deposits in a segregated account or otherwise sets aside funds sufficient to pay
the Redemption Price of the Notes called for redemption, then, unless the Company defaults in the payment of such Redemption Price,
interest on the Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, regardless of whether such
Notes are presented for payment.

 

6.6 Purchase
at the Option of Holders Upon a Fundamental Change

 

(a) Fundamental
Change Purchase Option. If a Fundamental Change occurs at any time, then each Holder of Notes shall have the right, at such
Holder’s option, to require the Company to purchase for cash any or all of such Holder’s Notes, or any portion of
the principal amount thereof, that is equal to $1,000 or a multiple of $1,000, on a date specified by the Company that is no earlier
than the 20th calendar day following the date of, and no later than the 35th calendar day following the date of, delivery of the
Fundamental Change Company Notice (the “Fundamental Change Purchase Date”), at a purchase price equal to 101%
of the principal amount thereof, together with accrued and unpaid interest thereon to, but excluding, the Fundamental Change Purchase
Date (the “Fundamental Change Purchase Price”); provided, however, that if a Fundamental Change Purchase
Date is after a Regular Record Date and on or prior to the Interest Payment Date to which such Regular Record Date relates, the
interest payable in respect of such Interest Payment Date shall be payable to the Holders of record as of the corresponding Regular
Record Date and the Fundamental Change Purchase Price shall be equal to 101% of the principal amount of the Notes to be purchased
pursuant to this Section 6. The requirement for the Company to purchase any Notes on the Fundamental Change Purchase Date will
be subject to extension to comply with applicable law.

 

Purchases
of Notes under this Section shall be made, at the option of the Holder thereof, upon:

 

(i)
delivery to the Company by a Holder of a duly completed notice (the “Fundamental Change Purchase Notice”) in
the form set forth on the reverse of the Note, prior to the close of business on the Business Day immediately preceding the Fundamental
Change Purchase Date; and

 

    	 	41	 

     

    

 

(ii)
delivery of the Notes to the Company (together with all necessary endorsements for transfer), or book-entry transfer of the Notes,
in compliance with the procedures of the Company, such delivery or transfer being a condition to receipt by the Holder of the
Fundamental Change Purchase Price therefor.

 

The
Fundamental Change Purchase Notice in respect of any Notes to be purchased shall state:

 

(i)
the certificate numbers of such Notes;

 

(ii)
the portion of the principal amount of such Notes, which must be $1,000 or a multiple thereof; and

 

(iii)
that such Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and this Agreement.

 

Notwithstanding
anything herein to the contrary, any Holder delivering to the Company the Fundamental Change Purchase Notice contemplated by this
Section 6.6 shall have the right to withdraw, in whole or in part, such Fundamental Change Purchase Notice at any time prior to
the close of business on the Business Day immediately preceding the Fundamental Change Purchase Date by delivery of a written
notice of withdrawal to the Company in accordance with Section 6.8 below.

 

(b)
Fundamental Change Company Notice. On or before the 20th calendar day after the occurrence of a Fundamental Change, the
Company shall provide to all Holders a notice (the “Fundamental Change Company Notice”) of the occurrence of
such Fundamental Change and of the purchase right at the option of the Holders arising as a result thereof. Such notice shall
be sent by first class mail. Simultaneously with providing such Fundamental Change Company Notice, the Company shall publish a
notice containing the information included therein in a newspaper of general circulation in New York, New York or shall publish
such information on the Company’s website or through such other public medium as the Company may use at such time. Each
Fundamental Change Company Notice shall specify:

 

(i)
the events causing a Fundamental Change;

 

(ii)
the date of the Fundamental Change;

 

(iii)
the last date on which a Holder of Notes may exercise the repurchase right pursuant to this Section 6;

 

(iv)
the Fundamental Change Purchase Price;

 

(v)
the Fundamental Change Purchase Date;

 

(vi)
if applicable, the applicable Conversion Rate and any adjustments to the applicable Conversion Rate;

 

    	 	42	 

     

    

 

(vii)
if applicable, that the Notes with respect to which a Fundamental Change Purchase Notice has been delivered by a Holder may be
converted only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with this Agreement; and

 

(viii)
the procedures that Holders must follow to require the Company to purchase their Notes.

 

No
failure of the Company to give the foregoing notices and no defect therein shall limit the purchase rights of the Holders of Notes
or affect the validity of the proceedings for the purchase of the Notes pursuant to this Section 6.6.

 

(c)
No Payment During Events of Default. There shall be no purchase of any Notes pursuant to this Section 6.6 if there
has occurred and is continuing an Event of Default with respect to the Notes (other than an Event of Default that is cured by
the payment of the Fundamental Change Purchase Price of the Notes). The Company will promptly return to the respective Holders
thereof any Notes held by it during the continuance of an Event of Default (other than an Event of Default that is cured by the
payment of the Fundamental Change Purchase Price with respect to the Notes) and shall deem canceled any instructions for book-entry
transfer of the Notes, in which case, upon such return and cancelation, the Fundamental Change Purchase Notice with respect thereto
shall be deemed to have been withdrawn.

 

6.7
Effect of Fundamental Change Purchase Notice.

 

Upon
receipt by the Company of the Fundamental Change Purchase Notice specified in Section 6.6 hereof, the Holder of the Notes in respect
of which such Fundamental Change Purchase Notice was given shall (unless such Fundamental Change Purchase Notice is withdrawn
in accordance with Section 6.8 hereof) thereafter be entitled to receive solely the Fundamental Change Purchase Price in cash
with respect to such Note. Such Fundamental Change Purchase Price shall be paid to such Holder, on the later of (x) the Fundamental
Change Purchase Date with respect to such Notes (provided, the conditions in Section 6.6 hereof have been satisfied) and
(y) the time of delivery or book-entry transfer of such Note to the Company by the Holder thereof in the manner required by Section
6.6 hereof.

 

6.8 Withdrawal
of Fundamental Change Purchase Notice

 

A
Fundamental Change Purchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered
to the Company in accordance with the Fundamental Change Company Notice at any time prior to the close of business on the Business
Day immediately preceding the Fundamental Change Purchase Date, specifying:

 

(i)
the principal amount of the Notes with respect to which such notice of withdrawal is being submitted;

 

(ii)
the certificate numbers of the withdrawn Notes; and

 

    	 	43	 

     

    

 

(iii)
the principal amount, if any, of such Notes that remains subject to the original Fundamental Change Purchase Notice, which portion
must be in principal amounts of $1,000 or a multiple of $1,000.

 

The
Company will promptly return to the respective Holders thereof any Notes with respect to which a Fundamental Change Purchase Notice
has been withdrawn in compliance with the provisions of this Section 6.8.

 

6.9 Notes
Purchased in Whole or in Part

 

Any
Note that is to be purchased, whether in whole or in part, shall be surrendered at the office of the Company and the Company shall
execute and deliver to the Holder of such Note, without service charge, a new Note or Notes, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the
Notes so surrendered that is not purchased.

 

6.10 Covenant
to Comply With Applicable Laws Upon Purchase of Notes

 

In
connection with any offer to purchase Notes under Section 6.6 hereof, the Company shall, in each case if required, (i) comply
with Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable, (ii) file a Schedule
TO or any other required schedule under the Exchange Act and (iii) otherwise comply with all federal and state securities laws
so as to permit the rights and obligations under Section 6.6 to be exercised in the time and in the manner specified in Section
6.6.

 

SECTION
7. DEFAULTS AND REMEDIES.

 

7.1 Events
of Default.

 

An
“Event of Default” occurs if:

 

(a) the
Company defaults in the payment of the principal of or premium, if any, on any Note when the same becomes due and payable at maturity,
upon redemption or otherwise (including, without limitation, the failure to make a payment to purchase Notes tendered pursuant
to an Asset Sale Offer);

 

(b) the
Company defaults in the payment of interest on any Note or any other amount payable hereunder when the same becomes due and payable
and the Default continues for a period of thirty (30) days (it being understood that making a PIK Interest Payment in accordance
with the provisions of Section 1 of the Notes shall not constitute any Event of Default under this paragraph (b));

 

(c) the
Company fails to comply with any of the covenants set forth in Section 5, 6 or 8 of this Agreement or the Notes and the Default
under this clause (c) continues for the period and after the notice specified below;

 

(d) this
Agreement or the Notes become unenforceable;

 

    	 	44	 

     

    

 

(e) if
(i) the Company or any of its Subsidiaries defaults in the payment of principal or interest payments under any loan agreement,
note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any other
Indebtedness of the Company or any of its Subsidiaries for borrowed money (or the payment of which is guaranteed by the Company
or any of its Subsidiaries), whether such indebtedness or guarantee now exists or shall be created hereafter, and the principal
amount of such indebtedness, together with the principal amount of any other such indebtedness for which there is a default in
the payment of interest, premium, if any, or principal, aggregates $10.0 million or more, or (ii) an event of default occurs
under any loan agreement, note, mortgage, indenture or instrument which shall represent a default in payment upon final maturity
or otherwise result in the acceleration of such indebtedness prior to its expressed maturity and the principal amount of such
indebtedness, together with the principal amount of any other such indebtedness with respect to which there has been a default
in payment upon final maturity or the maturity of which has been so accelerated and has not been paid, aggregates $10.0 million
or more;

 

(f) a
final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against
the Company or any Subsidiary of the Company and such remains undischarged for a period (during which execution shall not be effectively
stayed) of thirty (30) days, provided that the aggregate of all such judgments exceeds $10.0 million;

 

(g) the
filing by the Company or any of its Subsidiaries (any such person, a “Debtor”) of a petition commencing a voluntary
case under section 301 of title 11 of the United States Code, or the commencement by a Debtor of a case or proceeding under any
other Bankruptcy Law seeking the adjustment, restructuring, or discharge of the debts of such Debtor, or the liquidation of such
Debtor, including without limitation the making by a Debtor of an assignment for the benefit of creditors; or the taking of any
corporate action by a Debtor in furtherance of or to facilitate, conditionally or otherwise, any of the foregoing;

 

(h) the
filing against a Debtor of a petition commencing an involuntary case under section 303 of title 11 of the United States Code,
with respect to which case (a) such Debtor consents or fails to timely object to the entry of, or fails to seek the stay
and dismissal of, an order of relief, (b) an order for relief is entered and is pending and unstayed on the 60th day after
the filing of the petition commencing such case, or if stayed, such stay is subsequently lifted so that such order for relief
is given full force and effect, or (c) no order for relief is entered, but the court in which such petition was filed has
not entered an order dismissing such petition by the 60th day after the filing thereof; or the commencement under any other Bankruptcy
Law of a case or proceeding against a Debtor seeking the adjustment, restructuring, or discharge of the debts of such Debtor,
or the liquidation of such Debtor, which case or proceeding is pending without having been dismissed on the 60th day after the
commencement thereof;

 

    	 	45	 

     

    

 

(i) the
entry by a court of competent jurisdiction of a judgment, decree or order appointing a receiver, liquidator, trustee, custodian
or assignee of a Debtor or of the property of a Debtor, or directing the winding up or liquidation of the affairs or property
of a Debtor, and (a) such Debtor consents or fails to timely object to the entry of, or fails to seek the stay and dismissal
of, such judgment, decree, or order, or (b) such judgment, decree or order is in full force and effect and is not stayed
on the 60th day after the entry thereof, or, if stayed, such stay is thereafter lifted so that such judgment, decree or order
is given full force and effect;

 

(j) failure
by the Company to comply with its obligation to convert any Note in accordance with this Agreement upon exercise of a Holder’s
conversion right in accordance with Section 8 hereof;

 

(k) at
any time prior to the first anniversary of the Issue Date, the representation set forth in Section 3.19 proves to have been false
on the date as of which made and the Default under this clause (k) continues for the period and after the notice specified below
and the result thereof is a Material Adverse Effect;

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

 

A
Default under clause (c) of this Section 7.1 shall be an Event of Default without any notice or passage of time in the case of
a breach of any of Sections 5.8 or 5.11 and in the case of any other agreement, covenant or provision of this Agreement or the
Notes, when the Holders of 25% of the aggregate principal amount of the then outstanding Notes notify the Company of the Default
and the Company does not cure the Default within thirty (30) days after receipt of the notice. A Default under clause (e) of this
Section 7.1 (other than a Default resulting from the acceleration of any indebtedness described therein, which Default shall be
an Event of Default without the notice specified in this paragraph) shall not be an Event of Default until the Holders of 25%
of the aggregate principal amount of the then outstanding Notes notify the Company of the Default. A Default under clause (k)
of this Section 7.1 shall be an Event of Default, when the Holders of 25% of the aggregate principal amount of the then outstanding
Notes notify the Company of such Default and the Company does not cure the Default within thirty (30) days after receipt of the
notice. Each notice referred to in this paragraph must specify the Default, demand that it be remedied and state that the notice
is a “Notice of Default.”

 

7.2 Acceleration
of Notes; Remedies.

 

Subject
to the following paragraph, if an Event of Default (other than an Event of Default specified in clause (g), (h) or (i) of Section
7.1) occurs and is continuing, the Holders of 25% of the aggregate principal amount of the then outstanding Notes, by notice to
the Company, may declare the unpaid principal of and any accrued and unpaid interest on all the Notes to be due and payable, and
immediately upon such declaration, the principal and accrued but unpaid interest shall be due and payable. If an Event of Default
specified in clause (g), (h) or (i) of Section 7.1 occurs, such an amount shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of any Holder.

 

The
Majority Holders, by notice to the Company, may rescind an acceleration and its consequences if the rescission would not conflict
with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or
interest that has become due solely because of the acceleration.

 

    	 	46	 

     

    

 

7.3 Other
Remedies.

 

If
an Event of Default occurs and is continuing, Holders of the Notes may pursue any available remedy to collect the payment of principal
or interest on the Notes or to enforce the performance of any provision of the Notes or this Agreement.

 

A
delay or omission by any Holder of any Notes in exercising any right or remedy accruing upon an Event of Default shall not impair
the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent
permitted by law.

 

7.4 Waiver
of Past Defaults.

 

The
Majority Holders, by notice to the Company, may waive an existing Default or Event of Default and its consequences except a continuing
Default or Event of Default in the payment of the principal of or interest on any Notes.

 

7.5 Rights
of Holders to Receive Payment.

 

Notwithstanding
any other provision of this Agreement, the right of any Holder of a Note to receive payment of principal and interest on the Note,
on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of the Holder.

 

7.6 Undertaking
for Costs.

 

In
any suit for the enforcement of any right or remedy under this Agreement, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.

 

SECTION
8. Conversion

 

8.1 Right
to Convert.

 

Subject
to and upon compliance with the provisions of this Agreement, each Holder of Notes shall have the right, at such Holder’s
option, to convert the principal amount of any such Notes, or any portion of such principal amount equal to $1,000 or a multiple
of $1,000 thereof, at the Conversion Rate in effect on the Conversion Date for such Notes.

 

8.2 Conversion
Procedures; Settlement Upon Procedure.

 

Subject
to this Section 8.2 and Section 8.5, upon conversion of any Note, the Company shall pay or deliver, as the case may be, to the
converting Holder, in respect of each $1,000 principal amount of Notes being converted, shares of Common Stock (“Settlement”).

 

    	 	47	 

     

    

 

(a) The
shares of Common Stock in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as
follows: the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted
a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date, together with cash in lieu of
fractional shares as set forth in Section 8.2(l);

 

(b) The
Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly
following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily
Conversion Values, as the case may be, and the amount of cash payable in lieu of any fractional share, the Company shall notify
the Holders of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable
in lieu of fractional shares of Common Stock.

 

(c) Each
Note shall be convertible at the office of the Company.

 

(d) In
order to exercise the conversion privilege with respect to any interest in any Note, the Holder must complete the appropriate
instruction form for conversion attached to the Note, furnish appropriate endorsements and transfer documents if required by the
Company, and pay the funds, if any, required by Section 8.2(i) and any taxes or duties if required pursuant to Section 8.7. In
order to exercise the conversion privilege with respect to any Notes, the Holder of any such Notes to be converted, in whole or
in part, shall:

 

(i) complete
and manually sign the conversion notice provided on the back of the Note (the “Conversion Notice”) or a facsimile
of the Conversion Notice;

 

(ii) deliver
the Conversion Notice, which is irrevocable, and the Note to the Company;

 

(iii) if
required, furnish appropriate endorsements and transfer documents,

 

(iv) make
any payment required under Section 8.2(d); and

 

(v) if
required, pay all transfer or similar taxes as set forth in Section 8.7.

 

The
date on which the Holder satisfies all of the applicable requirements set forth above is the Conversion Date (the “Conversion
Date”). Except as set forth in Section 8.5, the Company shall pay or deliver, as the case may be, the consideration
due in respect of any conversion of the Notes on the third Business Day immediately following the relevant Conversion Date. If
any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to such Holder,
or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Company for the full number of shares
of Common Stock to which such Holder shall be entitled.

 

    	 	48	 

     

    

 

(e) Each
Conversion Notice shall state the name or names (with address or addresses) in which any certificate or certificates for shares
of Common Stock which shall be issuable on such conversion shall be issued. All such Notes surrendered for conversion shall, unless
the shares issuable on conversion are to be issued in the same name as the registration of such Notes, be duly endorsed by, or
be accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder or his duly authorized
attorney.

 

(f) In
case any Notes of a denomination greater than $1,000 shall be surrendered for partial conversion, the Company shall execute deliver
to the Holder of the Notes so surrendered, without charge, new Notes in authorized denominations in an aggregate principal amount
equal to the unconverted portion of the surrendered Notes.

 

(g) Upon
the conversion of an interest in any Notes, the Company shall make a notation on such Notes as to the reduction in the principal
amount represented thereby.

 

(h) Notwithstanding
the foregoing, a Note in respect of which a Holder has delivered a Fundamental Change Purchase Notice exercising such Holder’s
option to require the Company to purchase such Note may be converted only if such notice of exercise is withdrawn in accordance
with Section 8 hereof prior to the close of business on the Business Day prior to the relevant Fundamental Change Purchase Date.

 

(i) Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth
below. The Company’s delivery to the Holder Common Stock into which a Note is convertible shall be deemed to satisfy in
full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the
Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the Conversion Date shall be deemed
to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the foregoing, if Notes are converted after
the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date
will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date (as defined in the Note)
notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record
Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount
of interest payable on the Notes so converted; provided that no such payment shall be required (1) if the Company has specified
a Fundamental Change Purchase Date that is after a Regular Record Date and on or prior to the corresponding Interest Payment Date;
or (2) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such Note.

 

(j) The
Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as
a stockholder of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall
no longer be a Holder of such Notes surrendered for conversion.

 

    	 	49	 

     

    

 

(k) The
Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of
any fractional share of Common Stock issuable upon conversion based on the Daily VWAP on the relevant Conversion Date.

 

(l) Solely
for purposes of determining the payments and deliveries due upon conversion under this Section 8.2, “Trading Day”
means a day on which (i) there is no Market Disruption Event and (ii) trading in the Common Stock generally occurs on The NASDAQ
Capital Market or, if the Common Stock is not then listed on The NASDAQ Capital Market, on the principal other U.S. national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock (or
other security for which a Daily VWAP must be determined) is not so listed or traded, “Trading Day” means a Business
Day.

 

8.3 Adjustment
of Conversion Rate.

 

The
Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company
will not make any adjustment to the Conversion Rate if Holders of Notes participate at the same time and on the same terms as
holders of Common Stock and solely, as a result of holding the Notes, in any of the transactions described under Section 8.3(a)
(but only with respect to stock dividends or distributions), Section 8.3(b), Section 8.3(c), and Section 8.3(d), at the same time
as holders of the Common Stock participate, without having to convert their Notes as if such Holders held a number of shares of
Common Stock equal to (i) the Conversion Rate in effect for such Notes immediately prior to the Ex-Dividend Date for such event
multiplied by (ii)(x) the principal amount of Notes held by such a Holder divided by (y) $1,000.

 

(a) If
the Company issues shares of its Common Stock as a dividend or distribution on shares of Common Stock, or if the Company effects
a share split or share combination, then the Conversion Rate shall be adjusted based on the following formula:

 

 

where

	 CR0
	=	The
    Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution,
    or immediately prior to the open of business on the effective date of such share split or share combination, as applicable;
	CR1	=	The
    Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or such effective date;
	OS0	=	The
    number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or such effective
    date; and
	OS1	=	The
    number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or
    share combination.

 

Such
adjustment shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution
or the effective date for such share split or share combination. If any dividend or distribution of the type described in this
Section 8.3(a) is declared but not so paid or made, the Conversion Rate shall again be adjusted to the Conversion Rate which would
then be in effect if such dividend or distribution had not been declared.

 

    	 	50	 

     

    

 

(b) If
the Company issues to all or substantially all holders of the Common Stock any rights or warrants entitling them for a period
of not more than 60 calendar days after the announcement date of such issuance to subscribe for or purchase shares of the Common
Stock at a price per share less than the average of the Last Reported Sale Prices of Common Stock for the 10 consecutive Trading
Day period ending on the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall
be adjusted based on the following formula:

 

 

 

where

	

        CR0
	=	The
    Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
	CR1	=	The
    Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	OS0	=	The
    number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	X	=	The
    total number of shares of Common Stock issuable pursuant to such rights or warrants; and
	Y	=	The
    number of shares of Common Stock equal to the aggregate price payable to exercise such rights or warrants divided by the
    average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on the Trading
    Day immediately preceding the date of announcement of the issuance of such rights or warrants.

 

To
the extent such rights or warrants are not exercised prior to their expiration or termination, the Conversion Rate shall be readjusted
to the Conversion Rate that would be in effect had the adjustments made upon the issuance of such rights or warrants been made
on the basis of the delivery of only the number of shares of Common Stock actually delivered. In the event that such rights or
warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate which would then be in effect
if the date fixed for the determination of shareholders entitled to receive such rights or warrants had not been fixed. For the
purposes of this Section 8.3(b), in determining whether any rights or warrants entitle the holders to subscribe for or purchase
shares of Common Stock at less than the average of the Last Reported Sale Prices of Common Stock for the 10 consecutive Trading
Day period ending on the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate
exercise price payable for such shares of Common Stock, there shall be taken into account any consideration received by the Company
for such rights or warrants and any amount payable on the exercise thereof, with the value of such consideration, if other than
cash, as shall be determined in good faith by the Board of Directors.

 

    	 	51	 

     

    

 

(c) If
the Company distributes shares of any class of Capital Stock of the Company, evidences of its indebtedness, other assets or property
of the Company or rights or warrants to acquire the Company’s Capital Stock or other securities to all or substantially
all holders of its Common Stock, excluding:

 

(i) dividends
or distributions and rights or warrants as to which an adjustment was effected pursuant to Section 8.3(a) or Section 8.3(b);

 

(ii) dividends
or distributions paid exclusively in cash; and

 

(iii) Spin-Offs
to which the provisions set forth below in this Section 8.3(c) shall apply;

 

then
the Conversion Rate shall be adjusted based on the following formula:

 

where

	 CR0
	=	the
    Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
	CR1	=	the
    Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	SP0	=	the
    average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on the Trading
    Day immediately preceding the Ex-Dividend Date for such distribution; and
	FMV	=	the
    fair market value (as determined by the Company’s Board of Directors) of the shares of Capital Stock, evidences of indebtedness,
    assets, property, rights or warrants distributed with respect to each outstanding share of the Common Stock on the Ex-Dividend
    Date for such distribution.

 

Such
adjustment shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If the
Company’s Board of Directors determines the “FMV” (as defined above) of any distribution for purposes of this
Section 8.3(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices
in such market over the same period used in computing the average of the Last Reported Sale Prices of the Common Stock. Notwithstanding
the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above),
in lieu of the foregoing adjustment, each Holder shall receive, in respect of each $1,000 principal amount of its Notes at the
same time and upon the same terms as holders of the Common Stock, the amount and kind of securities, assets and other property
such Holder would have received if such Holder owned on the relevant Regular Record Date for such distribution a number of shares
of Common Stock equal to the Conversion Rate in effect on such Regular Record Date for the distribution of the securities or assets.

 

    	 	52	 

     

    

 

With
respect to an adjustment pursuant to this Section 8.3(c) where there has been a payment of a dividend or other distribution on
the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary
or other business unit and such dividend or distribution is listed for trading on a securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

where

	 CR0
	=	the
    Conversion Rate in effect immediately prior to the end of the Valuation Period (as defined below);
	CR1	=	the
    Conversion Rate in effect immediately after the end of the Valuation Period;
	FMV0	=	the
    average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Common
    Stock applicable to one share of Common Stock (determined for purposes of the definition of Last Reported Sale Price as if
    such Capital Stock or similar equity interest were the Common Stock) over the first ten consecutive Trading Day period after,
    and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	MP0	=	the
    average of the Last Reported Sale Prices of Common Stock over the Valuation Period.

 

The
adjustment to the Conversion Rate under the preceding paragraph will occur on the last day of the Valuation Period; provided,
that in respect of any conversion during the Valuation Period, references above to ten Trading Days shall be deemed replaced with
such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining
the applicable Conversion Rate; provided further that if the Ex-Dividend Date for the Spin-Off is less than 10 consecutive
Trading Days before, and including, the end of the Observation Period in respect of any conversion, references in this clause
(c) related to Spin-Offs to 10 consecutive Trading Days shall be deemed replaced, for purposes of calculating the Daily Conversion
Values or Daily Settlement Amounts in respect of that conversion, with such lesser numbers of Trading Days as have elapsed from,
and including, the Ex-Dividend Date for such Spin-Off to, and including, the last Trading Day of such Observation Period.

 

    	 	53	 

     

    

 

(d) If
the Company pays any cash dividend or distribution to all or substantially all holders of Common Stock, the Conversion Rate shall
be adjusted based on the following formula:

 

where

	

        CR0
	=	The
    Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
	CR1	=	The
    Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
	SP0	=	The
    Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend
    or distribution; and
	C	=	The
    amount in cash per share the Company distributes to holders of the Common Stock

 

Such
adjustment shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. Notwithstanding
the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above),
in lieu of the foregoing adjustment, each Holder of Notes shall receive, in respect of each $1,000 principal amount of its Notes
at the same time and upon the same terms as holders of the Common Stock, the amount of the cash dividend or distribution such
Holder would have received if such Holder owned on the relevant Regular Record Date for such dividend or distribution a number
of shares of Common Stock equal to the Conversion Rate in effect on such Regular Record Date.

 

(e) If
the Company or any of its Subsidiaries make a payment in respect of a tender offer or exchange offer for Common Stock, to the
extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Last Reported
Sale Price per share of Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made
pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:

 

where

	

        CR0
	=	the
    Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the date such tender
    or exchange offer expires;
	CR1	=	the
    Conversion Rate in effect immediately after the open of business on the  Trading Day next succeeding the date such
    tender or exchange offer expires;
	AC	=	the
    aggregate value of all cash and any other consideration (as determined by the Company’s Board of Directors) paid or
    payable for shares purchased in such tender or exchange offer;
	OS0	=	the
    number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires;
	OS1	=	the
    number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving
    effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer); and
	SP1	=	the
    Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the date such tender or exchange offer expires.

 

    	 	54	 

     

    

 

The
adjustment to the Conversion Rate under this Section 8.2(c) will be determined immediately after the close of business on the
Trading Day next succeeding the date such tender or exchange offer expires, but will be given effect immediately after the open
of business on such Trading Day.

 

(f) If
the Company issues shares of Common Stock for a consideration per share less than the Specified Value per share on the date the
Company fixes the offering price of such additional shares, the Conversion Rate shall be adjusted in accordance with the following
formula:

 

 

 

where:

	CR1

        
	=	the
    adjusted Conversion Rate.
	CR0
	=	the
    Conversion Rate immediately prior to any such issuance.
	OS0	=	the
    number of shares of Common Stock outstanding immediately prior to the issuance of such additional shares of Common Stock.
	AC	=	the
    aggregate consideration received for the issuance of such additional shares of Common Stock.
	SV1	=	the
    Specified Value per share of Common Stock on the date of issuance of such additional shares of Common Stock.
		=	the
    number of shares of Common Stock outstanding immediately after the issuance of such additional shares of Common Stock.

 

This
Subsection 8.3(f) shall not apply to any of the transactions for which an adjustment has been made pursuant to other provisions
of this Section 8.3.

 

“Specified
Value” per share of Common Stock or per unit or share of any other security (herein collectively referred to as a “Security”)
at any date shall be:

 

(i) if
the Security is not registered under the Exchange Act, (1) the value of the Security determined in good faith by the Board of
Directors of the Company and certified in a board resolution, based on the most recently completed arm’s-length transaction
between the Company and a person other than an Affiliate of the Company in which such determination is necessary and the closing
of which occurs on such date or shall have occurred within the six months preceding such date, (2) if no such transaction shall
have occurred on such date or within such six-month period, the value of the Security most recently determined as of a date within
the six months preceding such date by an Independent Financial Expert or (3) if neither clause (1) nor (2) is applicable, the
value of the Security as mutually agreed by the Company and Holders of a majority of the warrants outstanding; provided,
however, that if the Company and such Holders are unable to mutually agree upon such value, the Company shall select an
Independent Financial Expert who shall determine the value of such Security;

 

    	 	55	 

     

    

 

(ii) if
the Security is registered under the Exchange Act, the average of the daily market prices (as hereinafter defined) for each business
day during the period commencing 10 Business Days before such date and ending on the date one day prior to such date or, if the
Security has been registered under the Exchange Act for less than 30 consecutive business days before such date, then the average
of the daily market prices for all of the business days before such date for which daily market prices are available. If the market
price is not determinable for at least 15 Business Days in such period, the Specified Value of the Security shall be determined
as if the Security was not registered under the Exchange Act; or

 

(iii) if
the Security is registered under the Exchange Act and is being sold in a firm commitment underwritten public offering registered
under the Securities Act, the public offering price of such Security set forth on the cover page of the prospectus relating to
such offering.

 

The
“market price” for any Security on each business day means: (A) if such Security is listed or admitted to trading
on any securities exchange, the closing price, regular way, on such day on the principal exchange on which such Security is traded,
or if no sale takes place on such day, the average of the closing bid and asked prices on such day or (B) if such Security is
not then listed or admitted to trading on any securities exchange, the last reported sale price on such day, or if there is no
such last reported sale price on such day, the average of the closing bid and the asked prices on such day, as reported by a reputable
quotation source designated by the Company. If there are no such prices on a Business Day, then the market price shall not be
determinable for such Business Day.

 

In
the case of Common Stock, if more than one subclass of Common Stock is outstanding, the “Specified Value” shall be
the highest of the Specified Values per share of such subclasses of Common Stock.

 

“Independent
Financial Expert” shall mean a nationally recognized investment banking firm selected by the Company that (i) does not
(and whose directors, officers, employees and Affiliates do not) have a direct or indirect financial interest in the Company or
any of its Affiliates, (ii) has not been, and, at the time it is called upon to serve as an Independent Financial Expert under
this Agreement is not (and none of whose directors, officers, employees or Affiliates is), a promoter, director or officer of
the Company, (iii) has not been retained by the Company or any of its Affiliates for any purpose, other than to perform an equity
valuation, within the preceding 12 months, and (iv) in the reasonable judgment of the Board of Directors of the Company, is otherwise
qualified to serve as an independent financial advisor. Any such person may receive customary compensation and indemnification
by the Company for opinions or services it provides as an Independent Financial Expert.

 

    	 	56	 

     

    

 

(g) Notwithstanding
the above, certain listing standards of The NASDAQ Capital Market may limit the amount by which the Company may increase the conversion
rate pursuant to the events described in clauses (b) through (f) in this Section. These standards generally require the Company
to obtain the approval of its stockholders before entering into certain transactions that potentially result in the issuance of
20% or more of the Common Stock outstanding on the Issue Date unless the Company obtains stockholder approval of issuances in
excess of such limitations. In accordance with these listing standards, these restrictions will apply at any time when the Notes
are outstanding, regardless of whether the Company then has a class of securities listed on The NASDAQ Capital Market. Accordingly,
in the event of an increase in the Conversion Rate above that which would result in the Notes, in the aggregate, becoming convertible
into shares in excess of such limitations, the Company shall, at its discretion, either obtain stockholder approval of such issuances
or deliver cash in lieu of any shares otherwise deliverable upon conversions in excess of such limitations based on the daily
VWAP on each Trading Day of the relevant Observation Period in respect of which, in lieu of delivering shares of Common Stock,
the Company delivers cash pursuant to this Section 8.3(g).

 

(h) The
Company from time to time may increase the Conversion Rate by any amount for any period of time of at least 20 Business Days,
so long as the Company’s Board of Directors shall have made a determination that such increase would be in the best interests
of the Company, which determination shall be conclusive. Whenever the Conversion Rate is increased pursuant to this Section 8.3(h),
the Company shall mail to Holders of record of the Notes a notice of the increase at least one day prior to the date the increased
Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be
in effect.

 

(i) The
Company may (but shall not be required to) increase the Conversion Rate, in addition to any adjustments pursuant to Sections 8.3(a)
– Section 8.3(f), if the Company’s Board of Directors considers such increase to be advisable to avoid or diminish
any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of
shares (or rights to acquire shares) or similar event.

 

(j) All
calculations under this Section 8 shall be made by the Company and shall be made to the nearest cent (including, in the case of
any adjustment to the Conversion Rate, the resulting adjustment to the Conversion Price) or to the nearest one ten-thousandth
of a share. No adjustment shall be required to be made for the Company’s issuance of Common Stock or any securities convertible
into or exchangeable for shares of Common Stock or rights to purchase shares of Common Stock or such convertible or exchangeable
securities, other than as provided in this Section 8.3 and in Section 8.5 hereof.

 

    	 	57	 

     

    

 

(k) Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly provide to the Holders an Officers’ Certificate
setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment.
Unless and until the Holders shall have received such Officers’ Certificate, the Holders shall not be deemed to have knowledge
of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge
is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the
Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail
such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment.

 

(l) For
purposes of this Section 8.3, the number of shares of Common Stock at any time outstanding shall not include shares held in the
treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held
in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions
of shares of Common Stock.

 

(m) Notwithstanding
anything in this Section 8.3 or any other provision in this Agreement or the Notes, if a Conversion Rate adjustment becomes effective
on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related
Regular Record Date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date as described
under Section 8.2(k) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate
adjustment provisions in this Section 8.3, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made
for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common
Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

 

(n) Notwithstanding
the foregoing, if the application of the foregoing formulas set forth in this Section 8.3 would result in a decrease in the Conversion
Rate, no adjustment to the Conversion Rate shall be made (other than as a result of a share combination).

 

(o) Notwithstanding
anything to the contrary in this Section 8, no adjustment to the Conversion Rate shall be made:

 

(i) upon
the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends
or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock
under any plan;

 

(ii) upon
the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries in an amount not to exceed
10.0% of the outstanding shares of Common Stock on the Issue Date;

 

    	 	58	 

     

    

 

(iii) upon
the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in clause (ii) above and outstanding as of the Issue Date;

 

(iv) for
a change in the par value of the Common Stock; or

 

(v) for
accrued and unpaid interest on the Notes.

 

(p) The
Company shall not be required to make an adjustment in the Conversion Rate unless the adjustment would require a change of at
least 1% in the Conversion Rate. However, the Company will carry forward any adjustments that are less than 1% of the Conversion
Rate and make such carried forward adjustment, regardless of whether the aggregate adjustment is less than 1%, (i) upon any Conversion
Date for any Notes and (ii) on each Trading Day of any Observation Period.

 

8.4 Certain
Other Adjustments.

 

Whenever
a provision of this Agreement requires the calculation of Last Reported Sale Prices or Daily VWAP over a span of multiple days,
the Board of Directors will make appropriate adjustments to such Last Reported Sale Prices or Daily VWAP, the Conversion Rate,
or the amount due upon conversion to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring
an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, at any time during the period from which
such Last Reported Sale Prices or Daily VWAP are to be calculated.

 

8.5 Effect
of Recapitalization, Reclassification, Consolidation, Merger or Sale.

 

(a) If
any of the following events occur:

 

(i) any
recapitalization or reclassification of, or change in, the Common Stock (other than changes resulting from a subdivision or combination);

 

(ii) a
consolidation, merger or combination involving the Company;

 

(iii) a
sale, lease or other transfer to a third party of the consolidated assets of the Company and its Restricted Subsidiaries substantially
as an entirety; or

 

    	 	59	 

     

    

 

(iv) any
statutory share exchange;

 

in
each case as a result of which the Common Stock would be converted into, or exchanged for, or would be reclassified or changed
into, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a “Merger
Event”), then at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the
case may be, shall execute an agreement providing that at and after the effective time of such Merger Event, the right to convert
a Note will be changed into a right to convert such Note as set forth in this Agreement into the kind and amount of shares of
stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares
of Common Stock equal to the Conversion Rate prior to such Merger Event would have owned or been entitled to receive (the “Reference
Property”, with each “unit of Reference Property” meaning the type and amount of Reference Property
that a holder of one share of Common Stock is entitled to receive) upon such Merger Event; provided, however, (A) the Company
shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion
of Notes in accordance with Section 8.2 and (B) any shares of Common Stock that the Company would have been required to deliver
upon conversion of the Notes in accordance with Section 8.2 shall instead be deliverable in the amount and type of Reference Property
that a holder of that number of shares of Common Stock would have been entitled to receive in such Merger Event and (III) the
Daily VWAP shall be calculated based on the value of a unit of Reference Property.

 

If,
as a result of the Merger Event, each share of Common Stock is converted into the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), then (x) the Reference Property into which the
Notes will be convertible will be deemed to be the weighted average of the types and amounts of consideration received by the
holders of Common Stock that affirmatively make such an election, and (y) the unit of Reference Property for purposes of the foregoing
sentence shall refer to the consideration referred to in clause (x) attributable to one share of Common Stock. If the holders
receive only cash in such Merger Event, then for all conversions that occur after the effective date of such Merger Event (x)
the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the
Conversion Rate in effect on the Conversion Date (as may be increased by any additional Shares pursuant to Section 8.3), multiplied
by the price paid per share of Common Stock in such Merger Event and (y) the Company shall satisfy the conversion obligation
by paying cash to converting Holders on the third Business Day immediately following the Conversion Date. The Company shall notify
the Holders of such weighted average as soon as practicable after such determination is made.

 

The
Company shall not become a party to any such Merger Event unless its terms are consistent with this Section 8.5. Such agreement
shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Section 8 in the judgment of the Company’s Board of Directors or the Board of Directors of the successor Person. If, in
the case of any such recapitalization, reclassification, change, consolidation, merger, combination, sale, lease, other transfer
or statutory share exchange, the Reference Property receivable thereupon by a holder of Common Stock includes shares of stock,
securities or other property or assets (including cash or any combination thereof) of a Person other than the successor or purchasing
Person, as the case may be, in such reorganization, reclassification, change, consolidation, merger, combination, sale, lease,
other transfer or statutory share exchange, then such agreement shall also be executed by such other Person. None of the foregoing
provisions shall affect the right of a holder of Notes to convert its Notes into shares of Common Stock, as set forth in Section
8.1 and Section 8.2 prior to the effective date of such Merger Event

 

    	 	60	 

     

    

 

(b) The
Company shall cause notice of the execution of such agreement to be mailed to each Holder, at the address of such Holder as it
appears on the register of the Notes maintained by the Company, within 20 days after execution thereof. Failure to deliver such
notice shall not affect the legality or validity of such agreement. The above provisions of this Section 8.5 shall similarly apply
to successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. If this Section 8.5 applies
to any Merger Event, Section 8.3 shall not apply.

 

8.6 Shares
to Be Fully Paid.

 

The
Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient
shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming
that at the time of computation of such number of shares, all such Notes would be converted by a single Holder).

 

8.7 Taxes
on Shares Issued.

 

The
Company will pay any documentary, stamp or similar issue or transfer tax due on the issue or delivery of shares of Common Stock
on conversion of Notes pursuant hereto; provided, however, that if such documentary, stamp or similar issue or transfer
tax is due because the Holder of such Notes has requested that shares of Common Stock be issued in a name other than that of the
Holder of the Notes converted, then such taxes will be paid by the Holder, and the Company shall not be required to issue or deliver
any stock certificate evidencing such shares unless and until the Holder shall have paid to the Company the amount of such tax
or shall have established to the satisfaction of the Company that such tax has been paid.

 

8.8 Reservation
of Shares; Shares to be Fully Paid; Compliance With Governmental Requirements; Listing of Common Stock.

 

The
Company shall reserve, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock
to satisfy conversion of the Notes from time to time as such Notes are presented for conversion (assuming that, at the time of
the computation of such number of shares or securities, all such Notes would be converted by a single Holder).

 

The
Company covenants that all shares of Common Stock that may be issued upon conversion of Notes shall be newly issued shares or
treasury shares, shall be duly authorized, validly issued, fully paid and non-assessable and shall be free from preemptive rights
and free from any tax, lien or charge (other than those created by the Holder).

 

The
Company shall list or cause to have quoted any shares of Common Stock to be issued upon conversion of Notes on each national securities
exchange or over-the-counter or other domestic market on which the Common Stock is then listed or quoted.

 

    	 	61	 

     

    

 

8.9 Notice
to Holders Prior to Certain Actions.

 

In
case:

 

(a) the
Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the Conversion
Rate pursuant to Section 8.3; or

 

(b) the
Company shall authorize the granting to the holders of all or substantially all of its Common Stock of rights or warrants to subscribe
for or purchase any share of any class or any other rights or warrants that would require an adjustment in the Conversion Rate
pursuant to Section 8.3 or Section 8.9 hereof; or

 

(c) of
any reclassification or reorganization of the Common Stock of the Company (other than a subdivision or combination of its outstanding
Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation
or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale,
lease or transfer of all or substantially all of the assets of the Company and its Restricted Subsidiaries; or

 

(d) of
the voluntary or involuntary dissolution, liquidation or winding up of the Company or any of its Restricted Subsidiaries;

 

then,
in each case (unless notice of such event is otherwise required pursuant to another provision of this Agreement or the Notes),
the Company shall cause to be delivered to each Holder at such Holder’s address appearing on the Note Register, as promptly
as practicable but in any event at least 10 days prior to the applicable date hereinafter specified, a notice stating (x) the
date on which a record is to be taken for the purpose of such dividend (or any other distribution) or rights or warrants, or,
if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution
or rights or warrants are to be determined, or (y) the date on which such reclassification, reorganization, consolidation, merger,
sale, lease, transfer, dissolution, liquidation or winding up is expected to become effective or occur, and the date as of which
it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation
or winding up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend
(or any other distribution), reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation
or winding up.

 

SECTION
9. AMENDMENTS AND WAIVERS.

 

9.1 With
Consent of Holders.

 

The
Company, when authorized by a resolution of its Board of Directors, with the written consent of the Majority Holders, may amend
this Agreement or the Notes, provided that each Holder shall have received prior notice of such proposed amendment. The
Majority Holders may waive compliance by the Company with any provision of this Agreement or the Notes, provided that each
Holder shall have received prior notice of such proposed waiver. Without the consent of each Holder affected, however, no amendment
or waiver may (with respect to any Notes held by a nonconsenting Holder of Notes):

 

    	 	62	 

     

    

 

(a) reduce
the principal amount of Notes whose Holders must consent to an amendment or waiver of any provision of this Agreement or the Notes;

 

(b) reduce
the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of Notes, reduce
the purchase price payable in connection with repurchases of the Notes pursuant to Section 5.8;

 

(c) reduce
the rate of or change the time for payment of interest on any Note;

 

(d) waive
a Default or an Event of Default in the payment of principal of or premium, if any, or interest on the Notes or that resulted
from a failure to comply with Section 5.8(except a rescission of acceleration of the Notes by the Majority Holders and a waiver
of the payment default that resulted from such acceleration);

 

(e) make
the principal of, premium, if any, or the interest on, any Note payable in any manner other than that stated in this Agreement
and the Notes;

 

(f) make
any change in the provisions of this Agreement relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, premium (if any) or interest on the Notes;

 

(g) waive
the payment of the Redemption Price with respect to any Note;

 

(h) make
any change that adversely affects the conversion rights of any Holder; or

 

(i) make
any change in the foregoing amendment and waiver provisions.

 

It
shall not be necessary for the consent of the Holders under this Section 9 to approve the particular form of any proposed amendment
or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After
an amendment or waiver under this Section 9 becomes effective, the Company shall provide to the Holders affected thereby a notice
briefly describing the amendment or waiver. Any failure of the Company to provide such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amendment or waiver. The Company shall provide a copy of such amendment
or waiver upon request by any Holder.

 

In
connection with any amendment under this Section 9, the Company may offer, but shall not be obligated to offer, to any Holder
who consents to such amendment or waiver, consideration for such Holder’s consent.

 

    	 	63	 

     

    

 

9.2 Revocation
and Effect of Consents.

 

Until
an amendment or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion
of his Note by notice the Company received before the date on which the Majority Holders have consented (and not theretofore revoked
such consent) to the amendment or waiver.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to
any amendment or waiver, which record date shall be at least thirty (30) days prior to the first solicitation of such consent.
If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those persons who were
Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to revoke any consent
previously given, regardless of whether such persons continue to be Holders after such record date. No such consent shall be valid
or effective for more than ninety (90) days after such record date.

 

After
an amendment or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (a) through
(h) of Section 9.1, in which case, the amendment or waiver shall bind only each Holder of a Note who has consented to it and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided
that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, premium (if any)
and interest on a Note, on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any
such payment on or after such respective dates without the consent of such Holder.

 

In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver, consent or
amendment, Notes owned by the Company or any Affiliate of the Company shall be considered as though not outstanding.

 

9.3 Notation
on or Exchange of Notes.

 

If
an amendment or waiver changes the terms of a Note, the Company may require the Holder of the Note to deliver it to the Company
so that it may place an appropriate notation on the Note that reflects the amendment or waiver and return it to the Holder.

 

9.4 Payment
of Expenses.

 

The
Company shall pay or reimburse each Purchaser’s out-of-pocket expenses (including the reasonable fees and expenses of counsel)
relating to any amendment or modification of, or any waiver or consent under, this Agreement and the Notes.

 

SECTION
10. DEFINITIONS.

 

10.1 Definitions.

 

As
used in this Agreement, the following terms shall have the following meanings:

 

“Account
Manager” means each Purchaser, if any, duly authorized to act as attorney in-fact on behalf of any Person in purchasing,
in the name of and using funds provided by such Person, Notes hereunder.

 

    	 	64	 

     

    

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)
Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such
specified Person, regardless of whether such Indebtedness is incurred in connection with, or in contemplation of, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified Person, but excluding Indebtedness which is extinguished,
retired or repaid in connection with such Person merging with or becoming a Subsidiary of such specified Person; and

 

(2)
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquired
Subordinated Indebtedness” means Subordinated Indebtedness of the Company or any of its Restricted Subsidiaries, that
is Acquired Debt and was not incurred in connection with, or in contemplation of, another Person merging with or into, or becoming
a Restricted Subsidiary of, the Company or any of its Subsidiaries.

 

“Affiliate”
means, with respect to any referenced Person, a Person (i) which directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, such referenced Person, (ii) which directly or indirectly
through one or more intermediaries beneficially owns or holds 10% or more of the combined voting power of the total Voting Securities
of such referenced Person or (iii) of which 10% or more of the combined voting power of the total Voting Securities directly
or indirectly through one or more intermediaries is beneficially owned or held by such referenced Person or a Subsidiary of such
referenced Person. When used herein without reference to any Person, Affiliate means an Affiliate of the Company. For purposes
of this definition, “control” when used with respect to any person means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of such person, whether through the ownership of Voting
Securities, by agreement or otherwise; and the terms “affiliated,” “controlling” and “controlled”
have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement, the Purchasers and
their Affiliates shall not be considered Affiliates of the Company or any of its Subsidiaries.

 

“Affiliate
Transaction” has the meaning given to such term in Section 5.9.

 

“Agreement”
means this Note Purchase Agreement dated as of July 1, 2020, by and among the Company and the Purchasers.

 

“Asset
Sale” means:

 

(1)
the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries considered as a single
enterprise will be governed by the provisions Section 5.11 hereof and not by Section 5.8; and

 

(2)
the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any
of its Subsidiaries.

 

    	 	65	 

     

    

 

Notwithstanding
the preceding, none of the following items will be deemed to be an Asset Sale:

 

(1)
any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $5.0 million;

 

(2)
a transfer of assets between or among the Company and its Restricted Subsidiaries;

 

(3)
an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the
Company;

 

(4)
the sale, lease or other disposition of (a) products, services, inventory or accounts receivable in the ordinary course of business
or (b) equipment or other assets pursuant to a program for the maintenance or upgrading of such equipment or assets, including,
without limitation, the disposition of either obsolete equipment or equipment that is damaged or worn out;

 

(5)
the sale or other disposition of cash or Cash Equivalents;

 

(6)
a surrender or waiver of contract rights or settlement, release or surrender of contract, tort or other claims in the ordinary
course of business or a grant of a Lien not prohibited by this Agreement;

 

(7)
a Restricted Payment that does not violate Section 5.5, including the issuance or sale of Equity Interests or the sale, lease
or other disposition of products, services, equipment, inventory, accounts receivable or other assets pursuant to any such Restricted
Payment;

 

(8)
the consummation of a Permitted Investment, including, without limitation, the issuance or sale of Equity Interests or the sale,
lease or other disposition of products, services, equipment, inventory, accounts receivable or other assets pursuant to any such
Permitted Investment;

 

(9)
the creation or perfection of a Permitted Lien and the exercise by any Person in whose favor a Permitted Lien is granted of any
of its rights in respect of that Permitted Lien, so long as no Default has occurred or is continuing as a result thereof; and

 

(10)
the conveyance, licensing or sublicensing of intellectual property rights, airspace rights, rights of way and other similar rights,
in each case, that does not materially interfere with the business of the Company and its Restricted Subsidiaries.

 

“Asset
Sale Offer” shall have the meaning set forth in Section 5.8(a).

 

“Board
of Directors” means, as to any Person, the board of directors of such Person or any duly authorized committee thereof.

 

“Business
Day” means any day which is not a Legal Holiday.

 

“Capital
Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be prepaid by the lessee without payment of a penalty.

 

    	 	66	 

     

    

 

“Capital
Stock” means:

 

(1)
in the case of a corporation, corporate stock;

 

(2)
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)
in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock,
regardless of whether such debt securities include any right of participation with Capital Stock.

 

“Cash
Equivalents” means:

 

(1)
United States dollars;

 

(2)
Government Securities having maturities of not more than one year from the date of acquisition;

 

(3)
marketable general obligations issued by any state of the United States of America or any political subdivision of any such state
or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition
thereof, having a credit rating of “A” or better from either S&P or Moody’s;

 

(4)
certificates of deposit, demand deposit accounts and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with
any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B”
or better;

 

(5)
repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2),
(3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above;

 

(6)
commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within
one year after the date of acquisition; and

 

    	 	67	 

     

    

 

(7)
money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(6) of this definition.

 

“Charter
Documents” means the Articles of Incorporation or Certificate of Incorporation and Bylaws (or any similar organizational
documents), as amended or restated (or both) to date, of the Company, or any of their respective Subsidiaries, as applicable.

 

“Closing”
has the meaning given to such term in Section 1.2(b).

 

“Closing
Date” has the meaning given to such term in Section 1.2(b).

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

“Consolidated”
or “consolidated,” when used with reference to any accounting term, means the amount described by such accounting
term, determined on a consolidated basis in accordance with GAAP, after elimination of intercompany items.

 

“Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication:

 

(1)
any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent deducted
in computing such Consolidated Net Income; plus

 

(2)
all extraordinary, unusual or non-recurring items of loss or expense to the extent deducted in computing such Consolidated Net
Income; plus

 

(3)
provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that
such provision for taxes was deducted in computing such Consolidated Net Income; plus

 

(4)
the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted
in computing such Consolidated Net Income; plus

 

(5)
depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that
it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was
paid in a prior period) of such Person and its Restricted Subsidiaries for such period, to the extent that such depreciation,
amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus

 

(6)
all non-cash charges related to restricted stock and redeemable stock interests granted to officers, directors and employees,
to the extent deducted in computing such Consolidated Net Income; plus

 

(7)
for any acquisitions which are consummated on or after the Issue Date, add-backs calculated in accordance with the provisions
of clause (1) of the definition of “Fixed Charge Coverage Ratio”; plus

 

    	 	68	 

     

    

 

(8)
non-cash charges for accretion on closure and post-closure obligations; plus

 

(11)
non-cash charges (or minus non-cash benefits, if applicable) reflecting the adoption of SFAS No. 123 (and all amendments
thereto); minus

 

(12)
non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course
of business,

 

in
each case, on a consolidated basis and determined in accordance with GAAP.

 

“Consolidated
Net Funded Debt” means, as of any date of determination, the greater of (a) zero and (b) total of (i) all
Funded Debt of the Company and its Restricted Subsidiaries outstanding on such date, after eliminating all offsetting debits and
credits between the Company and its Restricted Subsidiaries and all other items required to be eliminated in the course of the
preparation of consolidated financial statements of the Company and its Restricted Subsidiaries in accordance with GAAP minus
(ii) the sum, without duplication, of all Cash Equivalents held by the Company or any of its Restricted Subsidiaries
on such date.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided
that:

 

(1)
the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method
of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified
Person or a Restricted Subsidiary of the Person;

 

(2)
the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar
distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary
or its stockholders; provided, however, that the operation of this clause (2) shall be suspended with respect to
any Restricted Subsidiary that is acquired by the Company or any of its Subsidiaries (regardless of whether such acquisition is
effected pursuant to a merger or otherwise), but such suspension shall cease immediately after the first six months following
such acquisition;

 

(3)
the cumulative effect of a change in accounting principles will be excluded;

 

(4)
any non-cash mark-to-market adjustments to assets or liabilities resulting in unrealized gains or losses in respect of Hedging
Obligations (including those resulting from the application of SFAS No. 133) shall be excluded;

 

(5)
all non-cash charges related to restricted stock and redeemable stock interests granted to officers, directors and employees,
shall be excluded;

 

    	 	69	 

     

    

 

(6)
any charges associated with any write-down, amortization or impairment of goodwill or other tangible or intangible assets shall
be excluded; and

 

(7)
to the extent deducted in the calculation of Net Income, any non-cash or nonrecurring charges associated with any premium or penalty
paid, write-off of deferred financing costs or other financial recapitalization charges in connection with redeeming or retiring
any Indebtedness will be excluded.

 

“Consolidated
Net Worth” with respect to any Person, means, as at any date of determination, the sum of (i) the consolidated
equity of the common stockholders of such Person and its consolidated Subsidiaries determined in accordance with GAAP plus (ii) the
respective amounts reported on such Person’s most recent balance sheet with respect to any series of preferred stock (other
than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and
paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash received
by such Person upon issuance of such preferred stock, provided that the consolidated net worth of any Person shall exclude
the effect of any non-cash charges relating to the acceleration of stock options or similar securities of such Person or another
Person with which such Person is merged or consolidated; provided further that for purposes of calculating consolidated
equity of the common stockholders all liabilities in respect of Permitted Public Finance Instruments and the Johnson Controls
Agreement shall not be included as a liability (regardless of GAAP).

 

“Consolidated
Tangible Assets” means, with respect to any Person as of any date, the amount which, in accordance with GAAP, would
be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person
and its Restricted Subsidiaries, less all goodwill, patents, tradenames, trademarks, copyrights, customer contracts, customer
lists, covenants not to compete, organization expenses and any other amounts classified as intangible assets in accordance with
GAAP.

 

“Conversion
Price” means, in respect of each Note, as of any date, $1,000, divided by the Conversion Rate as of such date.

 

“Conversion
Rate” means 86.9565 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as set forth
herein; provided that if the Last Reported Sale Price of the Common Stock is less than or equal to $6.00 for any 10 Trading
Days within any 30 Trading Day period preceding the Maturity Date, then the Conversion Rate shall be adjusted to a number of shares
of Common Stock equal to the Conversion Rate in effect immediately prior to such adjustment multiplied by 1.6667, subject to further
adjustment as set forth herein.

 

“Converting
Founders” means the holders of Founder Notes who, pursuant to the terms thereof, and as indicated on their signature
pages hereof, have elected to convert Founder Notes into Notes.

 

    	 	70	 

     

    

 

“Credit
Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, one or more Indebtedness facilities,
commercial paper facilities or Debt Issuances with banks, investment banks, insurance companies, mutual funds, other institutional
lenders, institutional investors or any of the foregoing providing for revolving credit loans, term loans, sale leaseback arrangements,
receivables financing (including through the sale of receivables to such lenders, other financiers or to special purpose entities
formed to borrow from (or sell such receivables to) such lenders or other financiers against such receivables), letters of credit,
bankers’ acceptances, other borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, extended,
refunded, replaced or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time (including
through one or more Debt Issuances) and any agreements and related documents governing Indebtedness or Obligations incurred to
refinance amounts then outstanding or permitted to be outstanding, regardless of whether with the original administrative agent,
lenders, investment banks, insurance companies, mutual funds, other institutional lenders, institutional investors or any of the
foregoing and whether provided under the original agreement, indenture or other documentation relating thereto).

 

“Daily
Conversion Value” means, for each of the 30 consecutive Trading Days during the Observation Period, one thirtieth (1/30th)
of the product of (1) the Conversion Rate on such Trading Day and (2) the Daily VWAP on such Trading Day.

 

“Daily
Measurement Value” means the Specified Dollar Amount (if any) divided by 30.

 

“Daily
Settlement Amount” means, for each of the 30 consecutive Trading Days during the Observation Period:

 

(1)
cash equal to the lesser of (i) the Daily Settlement Value and (ii) the Daily Conversion Value; and

 

(2)
if the Daily Conversion Value exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i) the difference
between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day.

 

“Daily
VWAP” means, for each of the 30 consecutive Trading Days during the applicable Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “GPAQ.Q <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until
the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is
unavailable, the market value of one share of Common Stock on such Trading Day determined, using a volume-weighted average method,
by a nationally recognized independent investment banking firm retained for such purpose by the Company). The “Daily VWAP”
will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

“Debt
Issuances” means, with respect to the Company or any Restricted Subsidiary, one or more issuances after the Issue Date
of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments.

 

“Default”
means any event which is, or after notice or passage of time would be, an Event of Default.

 

    	 	71	 

     

    

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock
have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset
sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or
redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 5.5 hereof.
The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount
that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

 

“Domestic
Restricted Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States
or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for
any Indebtedness of the Company.

 

“EB-5
Preferred Stock” means the preferred stock or other preferred Equity Interests issued to ADC American Football &
GY Lender, LLC, a Delaware limited liability company, or an affiliate thereof.

 

“Equity
Interest” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock).

 

“ERISA”
has the meaning given to such term in Section 3.15.

 

“Event
of Default” has the meaning given to such term in Section 7.1.

 

“Ex-Dividend
Date” means, in respect of any dividend or distribution, the first date upon which the shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such dividend or distribution.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, from time to time, and any successor statute or law thereto.

 

“Excess
Proceeds” has the meaning given to such term in Section 5.8(a).

 

“Exempt
Funded Debt” means, (a) the Notes issued and outstanding on the Issue Date, (b) up to $175.0 million
in aggregate principal amount of Permitted Public Finance Instruments and (c) all Permitted Refinancing Indebtedness incurred
to refund, refinance or replace any Indebtedness referred to in clauses (a) or (b) of this definition, or to refund, refinance
or replace any Permitted Refinancing Indebtedness described in this clause (c).

 

“Existing
Indebtedness” means the aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries (other than
Indebtedness under the Notes and the related Subsidiary Guarantees) in existence on the Issue Date, until such amounts are repaid.

 

    	 	72	 

     

    

 

“Fair
Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless
otherwise provided in this Agreement), which determination will be conclusive for all purposes under this Agreement.

 

“Fixed
Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash
Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person
or any of its Restricted Subsidiaries incurs, repays, repurchases or redeems any Indebtedness (other than the incurrence or repayment
of revolving credit borrowings, except to the extent that a repayment is accompanied by a permanent reduction in revolving credit
commitments) or issues, repurchases or redeems Disqualified Stock subsequent to the commencement of the period for which the Fixed
Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed
Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated
giving pro forma effect to such incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase
or redemption of Disqualified Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of such
period.

 

In
addition, for purposes of calculating the Fixed Charge Coverage Ratio:

 

(1)
acquisitions and dispositions of business entities or property and assets constituting a division or line of business of any Person
that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations,
during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be
given pro forma effect as if they had occurred on the first day of the four-quarter reference period, and Consolidated Cash Flow
for such reference period will be calculated on a pro forma basis in good faith on a reasonable basis by a responsible financial
or accounting Officer of the Company; provided, that such Officer may in his discretion include any pro forma changes to
Consolidated Cash Flow, including any pro forma reductions of expenses and costs, and other operating improvements that have occurred
or are reasonably expected by such Officer to occur (regardless of whether such pro forma changes or adjustments could then be
reflected properly in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act or any
other regulation or policy of the SEC);

 

(2)
the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, will be excluded;

 

(3)
the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, will be excluded, but only to
the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date;

 

(4)
any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all
times during such four-quarter period; and

 

    	 	73	 

     

    

 

(5)
any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary
at any time during such four-quarter period.

 

“Fixed
Charges” means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(1)
the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including,
without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations,
commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings,
and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus

 

(2)
the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 

(3)
any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured
by a Lien on assets of such Person or one of its Restricted Subsidiaries, regardless of whether such Guarantee or Lien is called
upon; plus

 

(4)
all dividends, whether paid or accrued and regardless of whether in cash, on any series of preferred stock of such Person or any
of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other
than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company.

 

“Founder
Notes” means 10% Convertible Subordinated Notes due November 5, 2025 issued by HOF Village.

 

“Fundamental
Change” will be deemed to have occurred at the time after the Issue Date if any of the following occurs:

 

(1) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act other than the Company, its
Subsidiaries and its and their employee benefit plans, has become the direct or indirect “beneficial owner,” as defined
in Rule 13d-3 under the Exchange Act, of the Company’s common equity representing more than 50% of the voting power of the
Company’s common equity;

 

(2) consummation
of any share exchange, consolidation or merger of the Company or any other transaction or series of transactions pursuant to which
the Common Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction
or a series of transactions of all or substantially all of the consolidated assets of the Company and its Restricted Subsidiaries,
considered as a single enterprise, to any Person other than one of its Subsidiaries; provided, however, that a transaction
where the holders of all classes of the Company’s common equity immediately prior to such transaction that is a share exchange,
consolidation or merger own, directly or indirectly in substantially the same proportion as such ownership immediately before
such transaction, more than 50% of all classes of common equity of the continuing or surviving corporation or transferee or the
parent thereof immediately after such event shall not be a Fundamental Change;

 

    	 	74	 

     

    

 

(3)
the Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(4)
the Common Stock (or other common stock into which the Securities are then convertible) ceases to be listed or quoted on a national
securities exchange in the United States.

 

A
Fundamental Change as a result of clause (2) above will not be deemed to have occurred, however, if 100% of the consideration
received or to be received by the holders of the Common Stock, excluding cash payments for fractional shares, in connection with
the transaction or transactions constituting the Fundamental Change consists of shares of common stock traded on the New York
Stock Exchange or the NASDAQ Capital Market (or any of their respective successors) or which will be so traded or quoted when
issued or exchanged in connection with a Fundamental Change (“publicly traded securities”) and as a result
of such transaction or transactions the Securities become convertible into such publicly traded securities, excluding cash payments
for fractional shares, subject to the provisions regarding payment upon conversion set forth in Section 8 of this Agreement.

 

“Fundamental
Change Company Notice” has the meaning specified in Section 6.6.

 

“Fundamental
Change Purchase Date” has the meaning specified in Section 6.6.

 

“Fundamental
Change Purchase Notice” has the meaning specified in Section 6.6.

 

“Fundamental
Change Purchase Price” has the meaning specified in Section 6.6.

 

“Funded
Debt” means, with respect to any Person, all Indebtedness of such Person that by its terms or by the terms of any instrument
or agreement relating thereto matures, or which is otherwise payable or unpaid, one year or more from, or is directly or indirectly
renewable or extendible at the option of the obligor in respect thereof to a date one year or more (including, without limitation,
an option of such obligor under a revolving credit or similar agreement obligating the lender or lenders to extend credit over
a period of one year or more) from, the date of the creation thereof.

 

“GAAP”
means generally accepted accounting principles in the United States, that are in effect from time to time. All ratios and computations
based on GAAP contained in this Agreement will be computed in conformity with GAAP. At any time after the Issue Date, the Company
may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP
and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided
in this Agreement); provided that any such election, once made, shall be irrevocable; provided, further, that any
calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters
ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with
GAAP. The Company shall give notice of any such election made in accordance with this definition to the Holders of Notes.

 

    	 	75	 

     

    

 

“Government
Body” means any Federal, state, local or foreign governmental authority or regulatory body, any subdivision, agency,
commission or authority thereof or any quasi-governmental or private body exercising any governmental regulatory authority thereunder
and any Person directly or indirectly owned by and subject to the control of any of the foregoing, or any court, arbitrator or
other judicial or quasi-judicial tribunal.

 

“Government
Securities” means direct obligations of, or obligations Guaranteed by, the United States of America, and the payment
for which the United States pledges its full faith and credit.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements,
or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).  When used as a verb, “Guarantee” has a correlative meaning.

 

“Guarantor” means
any Restricted Subsidiary of the Company that Guarantees the Notes in accordance with the provisions of this Agreement and the
provisions of the Subsidiary Guarantee, and its successors and assigns, in each case, until the Subsidiary Guarantee of such Person
has been released in accordance with the provisions of this Agreement and the provisions of the Subsidiary Guarantee.

 

“Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under:

 

(1)
interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements;

 

(2)
other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)
other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices.

 

“Holder”
or “Holders” means each Purchaser (so long as it holds any Notes) and any other registered holder of any of
the Notes.

 

“HOFV
Acquisition” shall mean the acquisition of HOF Village by the Company pursuant to the HOFV Acquisition Agreement.

 

    	 	76	 

     

    

 

“HOFV
Acquisition Agreement” shall mean the Agreement and Plan of Merger, by and between the Company, Gordon Pointe Acquisition
Corp., a Delaware corporation, GPAQ Acquiror Merger Sub, Inc., a Delaware corporation, GPAQ Company Merger Sub, LLC, a Delaware
limited liability company, and HOF Village, LLC, a Delaware limited liability company and HOFV Village NewCo LLC, a Delaware limited
liability company.

 

“HOF
Village” means HOF Village, LLC, a Delaware limited liability company.

 

“Indebtedness”
means, with respect to any Person, the aggregate amount of, without duplication, the following:

 

(a) all
obligations for borrowed money;

 

(b) all
obligations evidenced by bonds, debentures, notes or other similar instruments;

 

(c) all
obligations to pay the deferred purchase price of property or services due more than six months after such property is acquired
or such services are completed (except Trade Payables, accrued commissions and other similar accrued current liabilities in respect
of such obligations, in any case, not overdue, arising in the ordinary course of business);

 

(d) all
Capital Lease Obligations;

 

(e) all
obligations of such Person or Persons, contingent or otherwise, in respect of any letters of credit or bankers’ acceptances;
and

 

(f) all
Hedging Obligations,

 

if
and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes (a) all Indebtedness of others secured by a Lien on any asset of the specified Person (regardless of whether such Indebtedness
is assumed by the specified Person); provided, that the amount of such Indebtedness will be the lesser of (i) the Fair
Market Value of such asset at such date of determination and (ii) the amount of such Indebtedness of such other Person, and (b)
to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness
shall be calculated without giving effect to the effects of FASB ASC 815 and related interpretations to the extent such effects
would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting
for any embedded derivatives created by the terms of such Indebtedness.

 

Notwithstanding
the foregoing, the following shall not constitute “Indebtedness:”

 

(i) accrued
expenses and trade accounts payable arising in the ordinary course of business;

 

    	 	77	 

     

    

 

(ii) any
indebtedness that has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Government Securities
(in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments
of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such indebtedness,
and subject to no other Liens, and the other applicable terms of the instrument governing such indebtedness;

 

(iii) any
unrealized losses or charges in respect of Hedging Obligations (including those resulting from the application of the FASB ASC
815);

 

(iv) any
obligations in respect of (a) bid, performance, completion, surety, appeal and similar bonds, (b) bankers’ acceptances,
(c) workers’ compensation claims, health or other types of social security benefits, unemployment or other insurance or
self-insurance obligations, reclamation and statutory obligations and (d) any guarantees or standby letters of credit functioning
as or supporting any of the foregoing bonds or obligations, to the extent not drawn; provided, however, that such bonds
or obligations mentioned in subclause (a), (b), (c) or (d) of this clause (v) are incurred in the ordinary course of the business
of the Company and its Restricted Subsidiaries and do not relate to obligations for borrowed money;

 

(v) any
obligation arising from any agreement providing for indemnities, guarantees, purchase price adjustments, holdbacks, earnouts,
contingency payment obligations based on the performance of the acquired or disposed assets or similar obligations (other than
guarantees of Indebtedness) incurred by any Person in connection with the acquisition or disposition of any business, assets or
Capital Stock;

 

(vi) any
obligation arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided that such obligation is extinguished within five Business
Days of its incurrence;

 

(vii) any
Treasury Management Arrangement; and

 

(viii) any
obligation arising out of advances on trade receivables, factoring of receivables, customer prepayments and similar transactions
in the ordinary course of business and consistent with past practice.

 

“Indemnified
Party” has the meaning given to such term in Section 1.8(d).

 

“Indemnifying
Party” has the meaning given to such term in Section 1.8(d).

 

“Investment”
means, with respect to any Person, any direct, indirect or beneficial investment by such Person, whether by means of share purchase,
loan, advance, extension of credit (other than accounts receivable and trade credits arising in the ordinary course of business),
capital contribution or otherwise, in or to any other Person, the guaranty by such Person of any Indebtedness of any other Person
or the subordination of any claim against any other Person to other Indebtedness of such other Person.

 

    	 	78	 

     

    

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute or law
thereto.

 

“Issue
Date” means the first date on which Notes are issued under this Agreement.

 

“Johnson
Controls Agreement” means the secured loan with a financial institution entered into by a subsidiary of the Company,
JCIHOFV Financing, LLC, that is collateralized by the entire payment stream of the Johnson Controls Naming Rights Agreement dated
November 17, 2016.

 

“Last
Reported Sale Price” of the Common Stock on any date means the closing sale price per share of Common Stock (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. securities exchange
on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange
on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the
over-the-counter market on the relevant date as reported by Pink Sheets LLC or a similar organization. If the Common Stock is
not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices
for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms
selected by the Company for this purpose.

 

“Laws”
has the meaning given to such term in Section 3.17.

 

“Legal
Holiday” means a Saturday, Sunday or day on which banks and trust companies in the principal place of business of the
Company or in New York are not required to be open.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect
of such asset, regardless of whether filed, recorded or otherwise perfected under applicable law, including any conditional sale
or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction.

 

“Majority
Holders” means, at any time, the Holder or Holders of at least a majority in aggregate principal amount of the then
outstanding Notes.

 

“Market
Disruption Event” means (i) a failure by the primary U.S. national securities or regional securities exchange or market
on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (ii) the
occurrence or existence prior to 1:00 pm., New York City time, on any Trading Day for the Common Stock for more than a one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements
in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options, contracts
or future contracts relating to the Common Stock.

 

“Material
Adverse Effect” means (a) a material adverse effect upon the business, operations, properties, assets or condition
(financial or otherwise) of the Company and its Restricted Subsidiaries considered as a single enterprise or (b) a material
adverse effect on the ability of the Company to perform its obligations under this Agreement or of any Purchaser or Holder to
enforce or collect any of the obligations hereunder. In determining whether any individual event could reasonably be expected
to result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse
Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing events could reasonably
be expected to result in a Material Adverse Effect.

 

    	 	79	 

     

    

 

“Maturity
Date” means March 31, 2025.

 

“Merger
Event” has the meaning given to such term in Section 8.5.

 

“Net
Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
with GAAP and before any reduction in respect of preferred stock dividends, excluding, however:

 

(1)
any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (a) any Asset
Sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any
Indebtedness of such Person or any of its Restricted Subsidiaries; and

 

(2)
any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss.

 

“Net
Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect
of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration
received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting
and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes
paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions
and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than Indebtedness
under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale.

 

“Non-Recourse
Debt” means Indebtedness:

 

(1)
as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor
or otherwise, or (c) constitutes the lender; and

 

(2)
no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the
Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness
to be accelerated or payable prior to its Stated Maturity.

 

    	 	80	 

     

    

 

“Notes”
has the meaning given to such term in Section 1.1.

 

“Notes
Register” has the meaning given to such term in Section 1.3.

 

“Notice
of Redemption” has the meaning given to such term in Section 6.3.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

 

“Observation
Period” with respect to any Note surrendered for conversion the 30 consecutive Trading Day period beginning on and including
the second Trading Day after such Conversion Date.

 

“Offer
Amount” has the meaning given to such term in Section 5.8(a).

 

“Offer
Period” has the meaning given to such term in Section 5.8(a).

 

“Officer”
of a Person mean its Chairman of the Board, Chief Executive Officer, President, Treasurer, any Vice President, Secretary or any
Assistant Secretary.

 

“Officers’
Certificate” means a certificate in the form attached hereto as Annex F signed by any two Officers, one of whom
must be the Chairman of the Board, the Chief Executive Officer, Chief Financial Officer, the President, the Treasurer or a Vice
President of the Company.

 

“Permitted
Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of the Company’s Restricted
Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of (1) a Subsidiary
prior to the date on which such Subsidiary became a Restricted Subsidiary or (2) a Person that was merged, consolidated or amalgamated
into the Company or a Restricted Subsidiary, provided that, in the case of clause (1) or (2), on the date such Subsidiary
became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated into the Company or a Restricted
Subsidiary, as applicable, after giving pro forma effect thereto, either (a) the Restricted Subsidiary or the Company, as applicable,
would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described
in Section 5.7 hereof or (b) the Company would, on the date of such transaction after giving pro forma effect thereto and any
related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, have a Fixed
Charge Coverage Ratio that is greater than or equal to the Fixed Charge Coverage Ratio of the Company immediately prior to such
transaction.

 

“Permitted
Business” means any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on
the Issue Date and other businesses reasonably related or ancillary thereto.

 

“Permitted
Investments” means:

 

(1)
any Investment in the Company or in a Restricted Subsidiary of the Company;

 

(2)
any Investment in Cash Equivalents;

 

    	 	81	 

     

    

 

(3)
any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

 

(a)
such Person becomes a Restricted Subsidiary of the Company; or

 

(b)
such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or
is liquidated into, the Company or a Restricted Subsidiary of the Company;

 

(4)
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 5.8 hereof;

 

(5)
any Investment in any Person solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company
or any of its Subsidiaries;

 

(6)
any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or
other disputes with Persons who are not Affiliates;

 

(7)
Investments represented by Hedging Obligations;

 

(8)
advances to or reimbursements of employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures
in the ordinary course of business;

 

(9)
loans or advances to employees in the ordinary course of business or consistent with past practice;

 

(10)
repurchases of the Notes;

 

(11)
advances, deposits and prepayments for purchases of any assets, including any Equity Interests;

 

(12)
advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts
receivable, prepaid expenses or deposits on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for
collection or deposit arising in the ordinary course of business;

 

(13)
receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable
or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include
such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

 

    	 	82	 

     

    

 

(14)
Investments received as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured
Investment in default;

 

(15)
surety and performance bonds and workers’ compensation, utility, lease, tax, performance and similar deposits and prepaid
expenses in the ordinary course of business;

 

(16)
Guarantees of Indebtedness permitted under Section 5.7 hereof;

 

(17)
Investments existing on the Issue Date; and

 

(18)
other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause
(18) that are at the time outstanding not to exceed $10.0 million.

 

“Permitted
Liens” means:

 

(1)
Liens securing Indebtedness incurred under Credit Facilities that is permitted to be incurred pursuant to clause (i) of the definition
of Permitted Debt in Section 5.7(b);

 

(2)
Liens in favor of the Company or any Restricted Subsidiary;

 

(3)
Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation
and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Subsidiary;

 

(4)
Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary
of the Company; provided that such Liens were in existence prior to such acquisition, and not incurred in contemplation
of, such acquisition;

 

(5)
bankers’ Liens, rights of setoff and Liens to secure the performance of bids, tenders, trade or governmental contracts,
leases, licenses, statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred
in the ordinary course of business;

 

(6)
Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 5.7(b)(iv) covering only the assets
acquired with or financed by such Indebtedness;

 

(7)
Liens existing on the Issue Date;

 

(8)
Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

    	 	83	 

     

    

 

(9)
Liens imposed by law, such as carriers’, warehousemen’s, repairmen’s, landlord’s and mechanics’
Liens or other similar Liens, in each case, incurred in the ordinary course of business;

 

(10)
survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph
and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred
in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person;

 

(11)
Liens securing Hedging Obligations and/or Obligations with respect to Treasury Management Arrangements;

 

(12)
Liens created for the benefit of (or to secure) the Notes (or the Subsidiary Guarantees);

 

(13)
Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Agreement; provided, however,
that:

 

(a)
the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant
to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds
or distributions thereof); and

 

(b)
the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal
amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees
and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(14)
Liens arising by reason of a judgment, decree or court order, to the extent not otherwise resulting in an Event of Default, and
any Liens that are required to protect or enforce any rights in any administrative, arbitration or other court proceedings in
the ordinary course of business;

 

(15)
Liens contained in purchase and sale agreements limiting the transfer of assets pending the closing of the transactions contemplated
thereby;

 

(16)
Liens that may be deemed to exist by virtue of contractual provisions that restrict the ability of the Company or any of its Subsidiaries
from granting or permitting to exist Liens on their respective assets;

 

(17)
Liens securing liabilities associated with any Permitted Public Finance Instruments and Liens in favor of governmental entities
to secure payments under any contract or statute to secure progress or advance payments;

 

(18)
Liens securing liabilities associated with the Johnson Controls Agreement;

 

    	 	84	 

     

    

 

(19)
Liens securing obligations that, at any one time outstanding, do not exceed $25.0 million; and

 

(20)
Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any joint venture owned by the Company or any Restricted
Subsidiary to the extent securing Non-Recourse Debt of such Unrestricted Subsidiary or joint venture.

 

“Permitted
Public Finance Instruments” means any Tourism Development District Bonds or Tax Increment Financing Bonds issued to
the Company that have a Stated Maturity after the Maturity Date.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries, any Disqualified
Stock of the Company or any preferred stock of any Restricted Subsidiary issued (a) in exchange for, or the net proceeds
of which are used to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value, in whole or
in part, or (b) constituting an amendment, modification or supplement to or a deferral or renewal of ((a) and (b) above,
collectively, a “Refinancing”), any other Indebtedness of the Company or any of its Restricted Subsidiaries
(other than intercompany Indebtedness), any Disqualified Stock of the Company or any preferred stock of a Restricted Subsidiary
in a principal amount or, in the case of Disqualified Stock of the Company or preferred stock of a Restricted Subsidiary, liquidation
preference, not to exceed (after deduction of reasonable and customary fees and expenses incurred in connection with a Refinancing)
the lesser of:

 

(1)
the principal amount or, in the case of Disqualified Stock or preferred stock, liquidation preference, of the Indebtedness, Disqualified
Stock or preferred stock so Refinanced (plus, in the case of Indebtedness, the amount of premium, if any paid in connection therewith);
and

 

(2)
if the Indebtedness being Refinanced was issued with any original issue discount, the accreted value of such Indebtedness (as
determined in accordance with GAAP) at the time of such Refinancing.

 

Notwithstanding
the preceding, no Indebtedness, Disqualified Stock or preferred stock will be deemed to be Permitted Refinancing Indebtedness,
unless:

 

(1)
such Indebtedness, Disqualified Stock or preferred stock has a final maturity date or redemption date, as applicable, later than
the final maturity date or redemption date, as applicable, of, and has a Weighted Average Life to Maturity equal to or greater
than the Weighted Average Life to Maturity of, the Indebtedness, Disqualified Stock or preferred stock being Refinanced;

 

(2)
if the Indebtedness, Disqualified Stock or preferred stock being Refinanced is contractually subordinated or otherwise junior
in right of payment to the Notes, such Indebtedness, Disqualified Stock or preferred stock has a final maturity date or redemption
date, as applicable, later than the final maturity date or redemption date, as applicable, of, and is contractually subordinated
or otherwise junior in right of payment to, the Notes, on terms at least as favorable to the Holders of Notes as those contained
in the documentation governing the Indebtedness, Disqualified Stock or preferred stock being Refinanced at the time of the Refinancing;
and

 

    	 	85	 

     

    

 

(3)
such Indebtedness or Disqualified Stock is incurred or issued by the Company or such Indebtedness, Disqualified Stock or preferred
stock is incurred or issued by the Restricted Subsidiary who is the obligor on the Indebtedness being Refinanced or the issuer
of the Disqualified Stock or preferred stock being Refinanced.

 

“Person”
means an individual, partnership, corporation, limited liability company, trust or unincorporated organization or a government
or agency or political subdivision thereof.

 

“PIK
Interest” means interest paid pursuant to a PIK Interest Payment in accordance with the provisions of Section 1 of the
Notes.

 

“PIK
Interest Payment” means the payment of all or a portion of a payment of interest on the Notes by increasing the principal
amount of each Note by the amount of such payment on the applicable Interest Payment Date in accordance with the provisions of
Section 1 the Notes.

 

“Plan”
has the meaning given to such term in Section 3.15.

 

“Preferred
Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock
of such Person with respect to dividends or redemptions or upon liquidation.

 

“Proceedings”
has the meaning given to such term in Section 3.12.

 

“Purchase
Date” has the meaning given to such term in Section 5.8(a).

 

“Purchasers”
means the purchasers on the signature pages hereto.

 

“Redemption
Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption pursuant to this
Agreement and the Notes.

 

“Redemption
Price” means, when used with respect to any Note to be redeemed, the price fixed for such redemption pursuant to this
Agreement and the Notes.

 

“Reference
Property” has the meaning given to such term in Section 8.5.

 

“Registration
Rights Agreement” means the agreement between the Purchasers and the Company granting registration rights to the Purchasers
substantially in the form attached hereto as Annex G.

 

“Regular
Record Date” for the interest payable on any Interest Payment Date means the 15th day of the calendar month during which
such Interest Payment Date occurs.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 

    	 	86	 

     

    

 

“SEC”
means the United States Securities and Exchange Commission and any successor thereto.

 

“SEC
Filings” means the Company’s publicly available documents filed with the SEC under the EDGAR filing system (or
any successor filing system of the SEC).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and any successor statute or law thereto.

 

“Senior
Debt” means:

 

(1)
all Indebtedness of the Company or any of its Restricted Subsidiaries outstanding under Credit Facilities and all Hedging Obligations
with respect thereto;

 

(2)
the Notes and any other Indebtedness of the Company or any of its Restricted Subsidiaries permitted to be incurred under the terms
of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated
in right of payment to the Notes or any Subsidiary Guarantee; and

 

(3)
all Obligations with respect to the items listed in the preceding clauses (1) and (2) of this definition.

 

Notwithstanding
anything to the contrary in the preceding sentence, Senior Debt will not include:

 

(A) any
intercompany Indebtedness of the Company or any of its Subsidiaries to the Company or any of its Affiliates;

 

(B) any
Indebtedness that is incurred in violation of this Indenture; or

 

(C) any
Trade Payables or taxes owed or owing by the Company or any of its Restricted Subsidiaries.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date, (a) the fair saleable value of the assets of such
Person exceeds its probable liability on its debts as they become absolute and mature; (b) all of such Person’s assets,
at a fair valuation, exceed the sum of such Person’s debts; (c) such Person is able to pay its debts or liabilities
as such debts and liabilities mature; and (d) such Person is not engaged in a business or transaction, and is not about to
engage in a business or transaction, for which such Person’s assets would constitute an unreasonably small capital.

 

“Specified
Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as
specified in the Settlement Notice related to any converted Notes.

 

“Spin-Off”
has the meaning specified in Section 8.3(c).

 

“Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the
Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior
to the date originally scheduled for the payment thereof.

 

    	 	87	 

     

    

 

“Subordinated
Indebtedness” means Indebtedness of the Company or a Guarantor that is contractually subordinated in right of payment
(by its terms or the terms of any document or instrument relating thereto), to the Notes or the Subsidiary Guarantee of such Guarantor,
as applicable.

 

“Subsidiary”
means, with respect to any Person, (i) a corporation a majority of whose Capital Stock with voting power, under ordinary
circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person, by one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person or (ii) a partnership in which
such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership,
but, in the case of a limited partner, only if such Person or its Subsidiary is entitled to receive more than 50% of the assets
of such partnership upon its dissolution, or (iii) any limited liability company or any other Person (other than a corporation
or a partnership) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person,
directly or indirectly, at the date of determination, has (a) at least a majority ownership interest or (b) the power
to elect or direct the election of a majority of the directors or other governing body of such Person.

 

“Subsidiary
Guarantee” means any Guarantee of the Company’s obligations under this Agreement and the Notes by any Guarantor
in accordance with the provisions of this Agreement.

 

“Taxes”
means all Federal, state, local and foreign taxes, and other assessments of a similar nature (whether imposed directly or through
withholding), including any interest, additions to tax, or penalties applicable thereto.

 

“Tax
Returns” means all Federal, state, local and foreign tax returns, declarations, statements, reports, schedules, forms
and information returns and any amended Tax Return relating to Taxes.

 

“Third
Party Claim” has the meaning given to such term in Section 1.8(d).

 

“Trade
Payables” means, with respect to any Person, accounts payable and other similar accrued current liabilities in respect
of obligations or indebtedness to trade creditors created, assumed or guaranteed by such Person or any of its Subsidiaries in
the ordinary course of business in connection with the obtaining of property or services.

 

“Trading
Day” has the meaning given to such term in Section 8.2(l).

 

“Treasury
Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management
services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts,
returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services
and other cash management services.

 

    	 	88	 

     

    

 

“U.S.
Legal Tender” means such coin or currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts.

 

“Unrestricted
Subsidiary” means (i) JCIHOFV FINANCING, LLC, a Delaware limited liability company, so long as it constitutes a Subsidiary
of the Company, unless and until designated by the Board of Directors of the Company as a Restricted Subsidiary in compliance
with Section 5.13 and (ii) any Subsidiary of the Company that is designated by the Board of Directors of the Company
as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary:

 

(1)
has no Indebtedness other than Non-Recourse Debt;

 

(2)
except as permitted by Section 5.9 hereof, is not party to any agreement, contract, arrangement or understanding with the Company
or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are
no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who
are not Affiliates of the Company;

 

(3)
is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation
(a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results, except to the extent permitted by Section 5.5 hereof;
and

 

(4)
has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its
Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation.

 

“Voting
Securities” means any class of Equity Interests of a Person pursuant to which the holders thereof have, at the time
of determination, the general voting power under ordinary circumstances to vote for the election of directors, managers, trustees
or general partners of such Person (regardless of whether at the time any other class or classes will have or might have voting
power by reason of the happening of any contingency).

 

“Warrant
Agreement” means the agreement between the Purchasers and the Company providing for the possible issuance of warrants
to the Purchasers in connection with a redemption of the Notes substantially in the form attached hereto as Annex E.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)
the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

    	 	89	 

     

    

 

(2)
the then outstanding principal amount of such Indebtedness.

 

10.2 Rules
of Construction.

 

Unless
the context otherwise requires:

 

(a) a
term has the meaning assigned to it;

 

(b) “or”
is not exclusive;

 

(c) words
in the singular include the plural, and words in the plural include the singular;

 

(d) provisions
apply to successive events and transactions;

 

(e) “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to
any particular Section or other subdivision; and.

 

(f) any
reference to a “Section,” “Annex” or “Schedule” refers to a Section of, an Annex to, or a
Schedule to this Agreement, respectively.

 

SECTION
11. MISCELLANEOUS.

 

11.1 Notices.

 

All
notices and other communications provided for or permitted hereunder shall be made by hand-delivery, first-class mail, telex,
telecopier, or overnight air courier guaranteeing next day delivery:

 

(a) if
to any Purchaser at the address or telecopy number set forth on Annex B hereto, with a copy to counsel for such Purchaser;
and

 

(b) if
to the Company, to GPAQ Acquisition Holdings, Inc., 2626 Fulton Dr., Canton, OH 44718, Attn: Michael Crawford, with a copy to
Hunton Andrews Kurth LLP, 2200 Pennsylvania Avenue NW, Washington, DC 20037, Attention: J. Steven Patterson.

 

All
notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; at
the time of transmittal, if sent via electronic mail prior to 5:00 p.m., Eastern Time on the date submitted; on the next succeeding
Business Day, if sent via electronic mail at or after 5:00 p.m., Eastern Time on the date submitted; upon actual receipt if sent
by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and
upon actual receipt when delivered to an air courier guaranteeing overnight delivery.

 

11.2 Successors
and Assigns.

 

Except
as expressly contemplated by Section 5.11 hereof, the Company may not assign any of its rights, or delegate any of its obligations,
under this Agreement without the prior written consent of the Majority Holders, and any such purported assignment by the Company
without the written consent of the Majority Holders shall be null and void ab initio and of no force or effect. Subject
to the foregoing restriction, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto.

 

    	 	90	 

     

    

 

11.3 Counterparts.

 

This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Any
signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted
by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement
or document related to the transactions contemplated hereby, and any contract formation or record-keeping through electronic means
shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system
to the fullest extent permitted by applicable law, and the parties hereby waive any objection to the contrary.

 

11.4 Headings.

 

The
headings in this Agreement are for convenience of reference only-and shall not limit or otherwise affect the meaning hereof.

 

11.5 Governing
Law; Submission to Jurisdiction.

 

THIS
AGREEMENT, THE NOTES AND ALL ISSUES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, THE COMPANY HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
JURISDICTION OF THE AFORESAID COURTS. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER OF A NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEEDING AGAINST THE COMPANY IN ANY OTHER JURISDICTION.

 

    	 	91	 

     

    

 

11.6 Entire
Agreement.

 

This
Agreement, together with the Registration Rights Agreement and the Notes, is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein and therein. This Agreement, together with the Registration Rights Agreement
and the Notes, supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

11.7 Severability.

 

In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way impaired or affected, it being intended that each
Purchaser’s rights and privileges shall be enforceable to the fullest extent permitted by law.

 

11.8 Further
Assurances.

 

The
Company shall, and shall cause each of their Subsidiaries to, at its cost and expense, upon request of any Purchaser or Holder,
duly execute and deliver, or cause to be duly executed and delivered, to such Purchaser or Holder such further instruments and
do or cause to be done such further acts as may be necessary or proper in the reasonable opinion of such Purchaser or Holder to
carry out more effectually the provisions and purposes of this Agreement.

 

11.9 Disclosure
of Financial Information

 

Each
Holder is hereby authorized to deliver a copy of any financial statement or any other information relating to the business, operations
or financial condition of the Company and each of its Subsidiaries which may be furnished to it hereunder or otherwise, to any
other Holder, any court, Government Body having jurisdiction over such Holder, as may be required or appropriate in response to
any summons or subpoena in connection with any litigation, to the extent necessary to comply with any law, order, regulation or
ruling applicable to such Holder, to any rating agency, in order to protect its investment hereunder, or to any Person which shall,
or shall have any right or obligation to, succeed to all or any part of such Holder’s interest in any of the Notes and this
Agreement or to any actual or prospective purchaser or assignee thereof.

 

11.10 Survival

 

The
representations and warranties set forth in Sections 3.1, 3.4, 3.8, 3.10, 4.1, 4.2, 4.3 and 4.4 of this Agreement shall survive
the execution and delivery of this Agreement indefinitely, and the other representations and warranties set forth in this Agreement
shall survive until the date that is 60 days following the filing of the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 regardless of any investigation made by or on behalf of the Company or any Purchaser.

 

(Signature
pages follow)

 

    	 	92	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties set forth below as of the date first written above.

 

	 	GPAQ ACQUISITION HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Michael Crawford
	 	Name:	Michael Crawford
	 	Title:	Chief Executive Officer

 

    	 		 

     

    

 

	 	MAGNETAR CONSTELLATION MASTER FUND, LTD.
	 	By: Magnetar Financial, LLC, its investment manager
	 	 	 
	 	By:	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title:	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $2,290,000

 

Aggregate
purchase price of Notes to be purchased: $2,290,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	MAGNETAR STRUCTURED CREDIT FUND, LP.
	 	By: Magnetar Financial, LLC, its general manager
	 	 	 
	 	By:	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title:	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $865,000

 

Aggregate
purchase price of Notes to be purchased: $865,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	MAGNETAR XING HE MASTER FUND LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 	 
	 	By:	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title:	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $780,000

 

Aggregate
purchase price of Notes to be purchased: $780,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	MAGNETAR XING HE MASTER FUND LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 	 
	 	By:	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title:	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $600,000

 

Aggregate
purchase price of Notes to be purchased: $600,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	PURPOSE ALTERNATIVE CREDIT FUND – T LLC
	 	By: Magnetar Financial, LLC, investment manager
	 	 	 
	 	By:	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title:	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $310,000

 

Aggregate
purchase price of Notes to be purchased: $310,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	PURPOSE ALTERNATIVE CREDIT FUND – F LLC
	 	By: Magnetar Financial, LLC, investment manager
	 	 	 
	 	By:  	/s/ Michael Turro
	 	Name:	Michael Turro
	 	Title: 	Chief Compliance Officer

 

Principal
amount of Notes to be purchased: $155,000

 

Aggregate
purchase price of Notes to be purchased: $155,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

  

	 	TIMKEN FOUNDATION OF CANTON
	 	 	 
	 	By:	/s/ Ward J. Timken
	 	Name:	Ward J. Timken
	 	Title:	President

 

Principal
amount of Notes to be purchased: $1,000,000

 

Aggregate
purchase price of Notes to be purchased: $1,000,000

 

Form
of payment of such aggregate purchase price: Cash in U.S. dollars.

 

    	 		 

     

    

 

	 	STARK COMMUNITY FOUNDATION
	 	 	 
	 	By:	/s/ Mark J. Samolcyzk
	 	Name: 	Mark J. Samolcyzk
	 	Title: 	President and CEO

  

Principal
amount of Notes to be purchased: $1,000,000

 

Aggregate
purchase price of Notes to be purchased: $1,000,000

 

Form
of payment of such aggregate purchase price: The cancellation in full of indebtedness in the amount of $1,000,000 owed to such
purchaser by HOF Village under the promissory note dated June 22, 2020 issued by HOF Village and payable to Stark Community Foundation.

 

    	 		 

     

    

 

	 	CH Capital Lending, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: Holdings SPE Manager, LLC,
	 	a Delaware limited liability company, its Manager
	 	 	 
	 	By:	/s/ Richard H. Klein
	 	Name:	Richard H. Klein
	 	Title:	Chief Financial Officer

 

Principal
amount of Notes to be purchased: $9,000,000

 

Aggregate
purchase price of Notes to be purchased: $9,000,000

 

Form
of payment of such aggregate purchase price: A reduction, in the amount of $9,000,000, of the principal component of the indebtedness
owed to Industrial Realty Group, LLC, a Nevada limited liability company (“Industrial Realty Group”) under
the Promissory Note, dated as of November 27, 2019 (the “IRG November Note”), from the Borrowers listed
on Exhibit B thereto and payable to Industrial Realty Group. Industrial Realty Group has assigned to CH Capital Lending,
LLC, a Delaware limited liability company, its right to receive Notes in exchange for the reduction of the principal balance of
the IRG November Note.

 

    	 		 

     

    

 

	 	Gordon Pointe Management, LLC
	 	 	 
	 	By:	/s/ James J. Dolan
	 	Name:	James J. Dolan
	 	Title:	Manager

 

Principal
amount of Notes to be purchased: $500,000

 

Aggregate
purchase price of Notes to be purchased: $500,000

 

Form
of payment of such aggregate purchase price: A reduction in the amount of $500,000 of the principal component of the indebtedness
owed to such Purchaser by Gordon Pointe Acquisition Corp. under loan agreements and related promissory notes issued by the Borrowers
listed therein and payable to Gordon Pointe Management, LLC or an affiliate of Gordon Pointe Management, LLC.

 

    	 		 

     

    

 

	 	JMJS Group, LLLP
	 	 	 
	 	By:	/s/ Jerre Stead
	 	Name:	Jerre Stead
	 	Title:	General Partner

 

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $1,158,806

 

    	 		 

     

    

 

	 	Glenn R. August
	 	 	 
	 	By:	/s/ Glenn R. August

	 	Name:	Glenn R. August

 

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $1,158,806

 

    	 		 

     

    

 

	 	michael
    s. Gross
	 	 	 
	 	By:	/s/
    Michael S. Gross
	 	Name:	Michael
                                    S. Gross

 

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $869,104 

  

    	 		 

     

    

 

	 	Bradley M. Chase and Judith E. Chase, as Tenants-in-Common
	 	 	 
	 	By:	/s/ Bradley M. Chase
	 	Name:	Bradley M. Chase
	 	 	 
	 	By:	/s/ Judith E. Chase
	 	Name:	Judith E. Chase

  

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $284,577

 

    	 		 

     

    

 

	 	Kevin O'Callaghan
	 	 	 
	 	By:	/s/ Kevin O’Callaghan
	 	Name:	Kevin O'Callaghan

 

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $250,000

 

    	 		 

     

    

 

	 	John and kelly warner
	 	 	 
	 	By:	/s/ John Warner
	 	Name:	John Warner
	 	 	 
	 	By:	/s/ Kelly Warner
	 	Name:	Kelly Warner

  

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $250,000

 

    	 		 

     

    

 

	 	Jeffrey Slovin
	 	 	 
	 	By:	/s/ Jeffery Slovin
	 	Name:	Jeffrey Slovin

 

Principal
amount of Founder Notes held by such Purchaser and being converted into like principal amount of Notes: $250,000

 

    	 		 

     

    

 

ANNEX A

 

[FORM
OF NOTE]

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR AN EXEMPTION THEREFROM UNDER THE ACT, THE RULES AND REGULATIONS THEREUNDER AND APPLICABLE STATE LAWS. THE TRANSFER OF THIS
NOTE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE NOTE PURCHASE AGREEMENT DATED AS OF JULY 1, 2020 BY AND GPAQ ACQUISITION HOLDINGS,
INC. AND THE PURCHASERS PARTY THERETO.

 

8.00%
Convertible Note due 2025

 

	No. ____	$________

 

GPAQ
ACQUISITION HOLDINGS, INC.

 

promises
to pay to __________________ or registered assigns, the principal sum of _________ Dollars ($________) on March 31, 2025
(the “Maturity Date”) plus accrued and unpaid interest as provided below.

 

Interest
Payment Dates: March 31, June 30, September 30 and December 31 of each year; provided, that the first
Interest Payment Date shall be September 30, 2020.

 

Record
Dates: 15th day of each calendar month during which each Interest Payment Date occurs.

 

Capitalized
terms used herein shall have the meanings ascribed to them in the Agreement (as defined below) unless otherwise indicated.

 

1. INTEREST.
GPAQ Acquisition Holdings, Inc., a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Note at 8.00% per annum from September 30, 2020 until maturity. The Company will pay interest quarterly
on March 31, June 30, September 30 and December 31 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each an “Interest Payment Date”). In lieu of paying all of such installment
of interest on the Notes in cash, the Company may pay all of such installment (or a portion thereof) by payable by increasing
the principal amount of each Note by the amount of such installment (with such increased amount accruing interest as well) on
the applicable Interest Payment Date (such interest, “PIK Interest”; provided, however, that
in the event all or a portion of any installment of interest on the Notes is so paid in PIK Interest, the interest rate used
to calculate the amount of such payment of PIK Interest shall be 10.00%. Interest on the Notes will accrue from the most recent
date on which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that the
first Interest Payment Date shall be September 30, 2020. Upon the occurrence of an Event of Default, and as long as such Default
continues, interest to be paid in PIK Interest shall accrue at a rate of 12.00%. PIK Interest paid in accordance with the terms
hereof shall not constitute unpaid amounts hereunder. Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

 

    	 		 

     

    

 

2. METHOD
OF PAYMENT. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of
business on the March 15, June 15, September 15, or December 15, as applicable, next preceding the Interest Payment Date, even
if such Notes are cancelled after such record date and on or before such Interest Payment Date. The Notes will be payable
both as to principal and interest by Federal funds wire transfer of U.S. Legal Tender to each Holder’s account in any bank
in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior
thereto; provided, however, that if, pursuant to Section 1 hereof, the Company elects to pay a portion of an interest
payment on the Notes in the form of a PIK Interest Payment, then the Company shall make a record on in the Note Register of the
corresponding increase in the principal amount of the Notes.

 

3. SECURITIES
PURCHASE AGREEMENT. The Company issued the Notes under the Note Purchase Agreement dated as of July 1, 2020 (the “Agreement”)
by and among the Company the purchasers party thereto (the “Purchasers”). The Notes are subject to, and qualified
by, all such terms, certain of which are summarized herein, and Holders of Notes are referred to the Agreement for a statement
of such terms. The Notes are general senior obligations of the Company. The Notes are limited to $20,721,293 in aggregate principal
amount plus the aggregate principal amount of any additional Notes issued in accordance with Section 1 hereof in lieu of a portion
of any cash interest payments.

 

4. CONVERSION.
As provided in and subject to the provisions of the Agreement, the Holder hereof has the right, at its option, to convert this
Note or a portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock, at the applicable Conversion
Rate specified in the Agreement, as adjusted from time to time as provided in the Agreement.

 

5. REDEMPTION.

 

(a) The
Company may, in its sole discretion, redeem all or any amount of the Notes outstanding, in whole or in part, at any time, at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes
to be redeemed to the Redemption Date.

 

(b) Immediately
upon any redemption of the Notes prior to the Maturity Date, a redemption of Notes prior to the Maturity Date, the Company shall
issue to each Holder of the Notes being redeemed a number of warrants (pursuant to the Warrant Agreement substantially in the
form attached hereto as Annex E), equal to the number of shares of Common Stock that such Holder would receive if such
Holder were to convert such Notes on the Redemption Date pursuant to Section 8 hereof.

 

(c) The
Company shall redeem all the outstanding Notes on the Maturity Date at a redemption price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon to the redemption date.

 

6. OFFERS
TO REPURCHASE. Following the occurrence of any Fundamental Change, a Holder may elect to require the Company to offer to purchase
the Notes held by the Holder upon the terms set forth in the Agreement. Following the occurrence of an Asset Sale, the Company
will be required to apply the Excess Proceeds therefrom to an offer to purchase outstanding Notes upon the terms set forth in
the Agreement.

 

    	 		 

     

    

 

7. NOTICE
OF REDEMPTION. Written notice of redemption shall be provided at least thirty (30) days but not more than sixty (60) days
before a Redemption Date to each Holder whose Notes are to be redeemed at such Holder’s registered address. Notes in denominations
larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed. If, on or prior to the Redemption Date, the Company deposits in a segregated account or otherwise sets aside funds
sufficient to pay the Redemption Price of the Notes called for redemption, then, on and after the Redemption Date, interest ceases
to accrue on Notes or portions thereof called for redemption, unless the Company defaults in paying the redemption price.

 

8. DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are without coupons in the principal amount of $1,000 or integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Agreement. The Company
may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require
a Holder to pay any taxes and fees required by law or permitted by the Agreement. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Company need not exchange or register the transfer of any Notes for a period of fifteen (15) days before a
selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

 

9. PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 

10. AMENDMENTS
AND WAIVERS. Subject to certain exceptions, the Agreement and the Notes may be amended or supplemented and any existing Default
under, or compliance with any provision of, the Agreement may be waived with the written consent of the Majority Holders. The
right of any Holder to participate in any consent required or sought pursuant to any provision of the Agreement (and the obligation
of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder
shall have been the Holder of record of any Notes with respect to which such consent is required or sought as of a date identified
by the Company in a notice furnished to Holders in accordance with the terms of this Agreement.

 

11. DEFAULTS
AND REMEDIES. An Event of Default is, in general: default in the payment of the principal of or premium, if any, of any Note
when the same becomes due and payable at maturity, upon redemption or otherwise (including, without limitation, the failure to
make a payment to purchase Notes tendered pursuant to an Asset Sale Offer); default in the payment of interest on any Note or
any other amount payable hereunder when the same becomes due and payable and such default continues for a period of thirty (30)
days (it being understood that making a PIK Interest Payment in accordance with the terms hereof shall not constitute any Event
of Default under the terms hereof); failure by the Company for thirty (30) days after notice to it to comply with any of the covenants
or provisions of the Agreement or the Notes; if any of the representations or warranties of the Company made in the Agreement
are untrue in any respect, the result of which could reasonably be expected to have a Material Adverse Effect; if the Agreement
or the Notes become unenforceable; certain defaults under and/or acceleration prior to maturity of certain other indebtedness
of the Company; certain final judgments which remain undischarged after notice; and certain events of bankruptcy or insolvency.
If an Event of Default occurs and is continuing, the Holders of 25% of the aggregate principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately. The Company is obligated to furnish a monthly compliance certificate
to the Holders.

 

    	 		 

     

    

 

12. NO
RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder of the Company, as such, shall not have any liability
for any obligations of the Company under the Notes or the Agreement or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for the issuance of the Notes.

 

13. ASSIGNMENT.
A Note may be assigned in whole or in part only with the written consent of the Company, which shall not be unreasonably withheld,
and by registration of such assignment or sale on the Note Register upon receipt from the Holder of a completed Assignment Form
substantially in the form attached hereto. Upon its receipt of a satisfactory request to assign all or part of any Note by a Holder
and the physical surrender of this Note to the Company, the Company shall record the information contained therein in the Note
Register and issue one or more new Notes, the aggregate outstanding principal balance of which shall be the same as the entire
outstanding principal balance of the surrendered Note, to the designated assignee or transferee.

 

14. ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

15. GOVERNING
LAW, SUBMISSION TO JURISDICTION. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, THE COMPANY HEREBY IRREVOCABLY SUBMIT T-0 THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH
OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE COMPANY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER OF A
NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEEDING AGAINST THE
COMPANY ANY OTHER JURISDICTION.

 

    	 		 

     

    

 

The
Company will furnish to any Holder upon written request and without charge a copy of the Agreement. Requests may be made to GPAQ
Acquisition Holdings, Inc., 2626 Fulton Dr NW, Canton, OH 44718, Attn: Michael Crawford.

 

	 	GPAQ ACQUISITION HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name: 	Michael Crawford
	 	Title: 	Chief Executive Officer

 

Date:
, 2020

 

    	 		 

     

    

 

Assignment
Form

 

To
assign this Note, fill in the form below:

 

(I)
or (we) assign and transfer this Note to:                                                                                                                                              

                                                                                                                     (Insert
assignee’s legal name)

 

                                                                                                                                                                                                                          

(Insert
assignee’s soc. sec. or tax I.D. no.)

 

                                                                                                                                                                                                                           

 

                                                                                                                                                                                                                          

 

                                                                                                                                                                                                                           

 

                                                                                                                                                                                                                           

(Print
or type assignee’s name, address and zip code)

 

and
irrevocably appoint                                                                                                                                                                               

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date:
_______________

 

Your
Signature:                                                                                               

(Sign
exactly as your name appears on the face of this Note)

 

Signature
Guarantee*: _________________________

 

* Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Company).

 

    	 		 

     

    

 

Option
of Holder To Elect Purchase 

 

If
you want to elect to have all or part of the Note purchased by the Company pursuant to Section 5.8 of the Agreement, state the
amount you elect to have purchased:

 

$
______________

 

Date:
___________

 

Your

Signature: _____________________________________

(Sign
exactly as your name appears on the face of this Note)

 

Tax
Identification No.: _______________________________

 

Signature
Guarantee*: ____________________________________

 

		*	Participant
                                         in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable
                                         to the Company).

    	 		 

     

    

 

[FORM
OF FUNDAMENTAL CHANGE PURCHASE NOTICE]

 

To:
GPAQ Acquisition Holdings, Inc.

 

The
undersigned registered owner of this Note hereby acknowledges receipt of a notice from GPAQ Acquisition Holdings, Inc. (the “Company”)
as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase Date and
requests and instructs the Company to repay to the registered holder hereof in accordance with the applicable provisions of this
Note and the Agreement referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is
$1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Purchase Date does
not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and
unpaid interest thereon to, but excluding, such Fundamental Change Purchase Date.

 

In
the case of certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below:

 

Dated:_____________

	 	_____________________________________
	 	Signature(s)

         

	 	_____________________________________
	 	Social
        Security or Other Taxpayer Identification Number

         

	 	Principal
        amount to be repaid (if less than all):

        $__________,
        000

         

	 	NOTICE: The signature
    on the Fundamental Change Purchase Notice must correspond with the name as written upon the face of the Security in every
    particular without alteration or enlargement or any change whatever.

 

    	 		 

     

    

 

[FORM
OF NOTICE OF CONVERSION]

 

To:
GPAQ Acquisition Holdings, Inc.

 

The
undersigned registered Holder of this Note hereby irrevocably exercises the option to convert this Note, or a portion hereof (which
is $1,000 or an integral multiple hereof) below designated, into cash, shares of Common Stock or a combination of cash and shares
of Common Stock, as applicable, and directs that cash payable and any shares of Common Stock issuable and deliverable upon conversion,
together with any check in payment for fractional shares of Common Stock, and any Notes representing any unconverted principal
amount hereof, be paid or issued and delivered, as the case may be, to the registered Holder hereof unless a different name has
been indicated below. Subject to certain exceptions set forth in the Agreement, if this notice is being delivered on a date after
the close of business on a Regular Record Date and prior to the opening of business on the related Interest Payment Date, this
notice is accompanied by payment of an amount equal to the interest payable on such Interest Payment Date of the principal of
this Note to be converted. If any shares of Common Stock or any portion of this Security not converted are to be issued in the
name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect hereto. Any amount
required to be paid by the undersigned on account of interest accompanies this Note.

 

Principal
amount to be converted (in an integral multiple of $1,000, if less than all):

 

	 	 
	 	______________________________
	 	Signature(s)
	 
	 	
        Signature(s) must be guaranteed

        by an institution which is a member of
        one of the following recognized signature Guarantee Programs:

 

Fill
in for registration of any shares of Common Stock and Notes if to be issued otherwise than to the registered Holder.

 

	____________________________	 	 
	(Name)	 	 
	 
	____________________________	 	 
	(Address)	 

  

     

     

    

 

ANNEX D

 

 

 

 

 

 

 

 

 

 

Subsidiary
Guarantee

 

 

 

Dated as of ________ __, 202__

 

 

 

of

 

 

 

[Name of Guarantor(s)]

 

 

 

 

 

 

 

 

 

     

     

    

 

Table of
Contents

 

	 	 	Page
	 	 	 
	Section 1.	Guarantee.	1
	Section 2.	Obligations Absolute.	2
	Section 3.	Waiver.	3
	Section 4.	Subrogation.	3
	Section 5.	Merger, Consolidation, etc.	4
	Section 6.	Representations and Warranties of Each Guarantor.	5
	6.1	Authorization, Etc	5
	6.2	No Violation or Conflict	5
	6.3	Governmental Authorizations, Etc	5
	6.4	Solvency	5
	Section 7.	Term and Release of Guarantee.	6
	Section 8.	Additional Guarantors.	6
	Section 9.	Amendment and Waiver.	6
	9.1	Requirements	6
	9.2	Binding Effect	7
	Section 10.	Miscellaneous.	7
	10.1	Notices	7
	10.2	Successors and Assigns	7
	10.3	Entire Agreement	7
	10.4	Severability	7
	10.5	Headings	8
	10.6	Governing Law	8
	10.7	Counterparts	8

 

Exhibit A - Guarantee Joinder

  

    -i-

     

    

 

Subsidiary Guarantee

 

This
Subsidiary Guarantee, dated as of ________ __, 202__ (this “Guarantee”), is made by each of the undersigned
(each, a “Guarantor” and, together with each of the other signatories hereto and any other entities from time
to time parties hereto pursuant to Section 10.2 hereof, the “Guarantors”) in favor of the Holders from time
to time of the Notes (as defined below), including without limitation each Purchaser (as defined below).

 

Capitalized terms used
herein have the meanings specified in the Note Agreement (as defined below), unless otherwise defined herein.

 

Preliminary Statements:

 

WHEREAS, GPAQ Acquisition
Holdings, Inc., a Delaware corporation (the “Company”), entered into a Note Purchase Agreement dated as of July
1, 2020 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”) with the
Persons listed on the signature pages thereto (each, a “Purchaser” and collectively, the “Purchasers”);
and

 

WHEREAS, the Company
has authorized the issuance and sale, pursuant to the Note Agreement, of 8.00% Convertible Notes due 2025 in the aggregate principal
amount of $20,721,293 (the “Notes”). The Notes and any other notes that may from time to time be issued pursuant
to the Note Agreement (including any notes issued in substitution for any of the aforementioned notes) are herein collectively
called the “Notes” and individually a “Note;”

 

Now
Therefore, each Guarantor hereby covenants and agrees with, and represents and warrants to, each of the Holders as follows:

 

Section 1. Guarantee.

 

(a) Each
Guarantor hereby irrevocably, unconditionally and jointly and severally with the other Guarantors, if any, guarantees to each Holder,
the due and punctual payment in full of the principal of, interest on (including, without limitation, to the fullest extent permitted
by applicable law, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, regardless of whether a claim for post-filing or post-petition interest is allowed in such proceeding), and
any other amounts due under, the Notes or the Note Agreement when and as the same shall become due and payable (whether at stated
maturity or upon redemption or by acceleration or otherwise) (all such payment obligations being collectively hereinafter referred
to as the “Guaranteed Obligations”). The guarantee in the preceding sentence is an absolute, present and continuing
guarantee of payment and not of collectability and is in no way conditioned or contingent upon any attempt to collect from the
Company or any other guarantor of the Notes (including, without limitation, any other Guarantor hereunder) or upon any other action,
occurrence or circumstance whatsoever. In the event that the Company shall fail so to pay any such Guaranteed Obligations, each
Guarantor agrees to pay the same when due to the Holders entitled thereto, without demand, presentment, protest or notice of any
kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the
Note Agreement. Each Guarantor agrees that the Notes issued in connection with the Note Agreement may (but need not) make reference
to this Guarantee.

 

     

     

    

 

(b) Each
Guarantor hereby acknowledges and agrees that such Guarantor’s liability hereunder is joint and several with the other Guarantors,
if any, and any other Person(s) who may guarantee any of the Guaranteed Obligations.

 

(c) To the
fullest extent permitted by applicable law, each Guarantor, promptly after demand, will pay to the Holders the reasonable costs
and expenses of collecting such amounts or otherwise enforcing or defending this Guarantee, including, without limitation, the
reasonable fees and expenses of counsel and all expenses resulting from any legal action commenced to challenge the validity or
enforceability of this Guarantee or any other instrument referred to herein. To the fullest extent permitted by applicable law,
and notwithstanding the foregoing provisions or any other provision of this Guarantee, if at any time the Guaranteed Obligations
exceed the Maximum Guaranteed Amount (as defined below) determined as of such time with regard to such Guarantor, then this Guarantee
shall be automatically amended to reduce the Guaranteed Obligations to the Maximum Guaranteed Amount. Such amendment shall not
require the written consent of any Guarantor or any Holder and shall be deemed to have been automatically consented to by each
Guarantor and each Holder. Each Guarantor agrees that the Guaranteed Obligations may at any time exceed the Maximum Guaranteed
Amount without affecting or impairing the obligation of such Guarantor. “Maximum Guaranteed Amount” means, as
of the date of determination with respect to a Guarantor, the lesser of (i) the amount of the Guaranteed Obligations outstanding
on such date and (ii) the maximum amount that would not render such Guarantor’s liability under this Guarantee subject
to avoidance under Section 548 of the United States Bankruptcy Code (or any successor provision) or any comparable provisions
of applicable state law.

 

Section 2. Obligations
Absolute.

 

The obligations of
each Guarantor hereunder shall be absolute, irrevocable and unconditional, shall not be subject to any counterclaim, setoff, deduction
or defense based upon any claim such Guarantor may have against the Company or any Holder or otherwise, and, to the fullest extent
permitted by applicable law, shall remain in full force and effect (subject to Section 7 hereof) without regard to, and shall not
be released, discharged or in any way affected by, any circumstance or condition whatsoever (regardless of whether such Guarantor
shall have any knowledge or notice thereof), including, without limitation: (a) any amendment, modification or restatement of or
deletion from or addition or supplement to any of the Notes or the Note Agreement (it being agreed that the obligations of each
Guarantor hereunder shall apply to the Notes and the Note Agreement as so amended, modified or restated) or any assignment or transfer
of any thereof or of any interest therein; (b) the addition, substitution or release of any other Guarantor or any other entity
or other Person primarily or secondarily liable in respect of the Guaranteed Obligations; (c) any waiver, consent, extension,
indulgence or other action or inaction under or in respect of the Notes or the Note Agreement; (d) any bankruptcy, insolvency,
arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property;
(e) any merger, amalgamation or consolidation of any Guarantor or of the Company into or with any other Person or any sale,
lease or transfer of any or all of the assets of any Guarantor or of the Company to any Person; (f) any failure on the part
of the Company for any reason to comply with or perform any of the terms of any agreement with any Guarantor; or (g) any other
event or circumstance that might otherwise constitute a legal or equitable discharge or defense of a Guarantor (regardless of whether
similar to the foregoing), and in any event however material or prejudicial it may be to any Guarantor or to any subrogation, contribution
or reimbursement rights any Guarantor may otherwise have. Each Guarantor covenants to the fullest extent permitted by applicable
law that (subject to Section 7 hereof) its obligations hereunder will not be discharged except by indefeasible payment in full
in cash of all of the Guaranteed Obligations and all other obligations hereunder.

 

    -2-

     

    

 

Section 3. Waiver.

 

Each Guarantor unconditionally
waives, to the fullest extent permitted by applicable law, (a) notice of acceptance of this Guarantee, of any action taken
or omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes or the Note Agreement,
and of any of the matters referred to in Section 2 hereof, (b) all notices that may be required by statute, rule of law or
otherwise to preserve any of the rights of any Holder against such Guarantor, including, without limitation, presentment to or
demand for payment from the Company or any Guarantor with respect to any Note, notice to the Company or to any Guarantor of default
or protest for nonpayment or dishonor, (c) any right to require any Holder to enforce, assert or exercise any right, power
or remedy including, without limitation, any right, power or remedy conferred in the Note Agreement or the Notes, (d) any
requirement for diligence on the part of any Holder and (e) any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge, release (other than a release of such Guarantor from its guarantee of the Guaranteed Obligations
hereunder pursuant to Section 5.12 of the Note Agreement or pursuant to Section 7 hereof) or defense of a guarantor (other
than the defense of payment) or that might otherwise limit recourse against such Guarantor.

 

Section 4. Subrogation.

 

(a) Each
Guarantor covenants to the fullest extent permitted by applicable law that it will not exercise any rights that it may have acquired
by way of subrogation under this Guarantee, by any payment made hereunder or otherwise, or accept any payment on account of such
subrogation rights, or any rights of reimbursement, contribution or indemnity pursuant to the Notes or this Guarantee, unless and
until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash.

 

(b) So long
as any of the Guaranteed Obligations remain outstanding, if any amount shall be paid by or on behalf of the Company to any Guarantor
on account of any of the rights waived in Section 4(a), such amount shall be held by such Guarantor in trust for the benefit of
the Holders and shall, forthwith upon receipt by such Guarantor, be turned over to the Holders, in the form received (together
with any necessary endorsements) to be applied against the Guaranteed Obligations, whether matured or unmatured, as may be directed
by the Majority Holders.

 

    -3-

     

    

 

(c) Each
Guarantor hereby agrees that, to the extent that a Guarantor shall have paid an amount hereunder to any Holder that is greater
than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the issuance and sale
of the Notes (such net value, its “Proportionate Share”), such paying Guarantor shall, subject to Section 4(a),
be entitled to contribution from any Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations. Any amount
payable as a contribution under this Section 4(c) shall be determined as of the date on which the related payment is made by such
Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder shall constitute an asset
of such Guarantor to which such contribution is owed. Notwithstanding the foregoing, the provisions of this Section 4(c) shall
in no respect limit the obligations and liabilities of any Guarantor to the Holders hereunder or under the Notes or the Note Agreement,
and each Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations.

 

Section 5. Merger,
Consolidation, etc.

 

(a) Each
Guarantor hereby agrees that it shall not consolidate with or merge with any other Person or convey, transfer, lease or otherwise
dispose of all or substantially all of its assets in a single transaction or series of transactions to any Person unless:

 

(i) the successor
formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or
substantially all of the assets of any such Guarantor as an entirety, as the case may be, shall be a corporation, limited partnership
or limited liability company organized and existing under the laws of the United States of America or any state thereof (including
the District of Columbia), and, if such Guarantor is not such corporation, limited partnership or limited liability company, such
corporation, limited partnership or limited liability company shall have executed and delivered to each Holder of any Notes its
assumption of the due and punctual performance and observance of each covenant and condition of this Guarantee; and

 

(ii) immediately
before and immediately after giving effect to such transaction or each transaction in any such series of transactions, no Default
or Event of Default shall have occurred and be continuing.

 

(b) Upon
any consolidation or merger, or any conveyance, transfer, lease or other disposition of all or substantially all of the properties
or assets of a Guarantor in a transaction that is subject to, and that complies with the provisions of Section 5(a) hereof, the
successor Person formed by such consolidation or into or with which such Guarantor is merged or to which such conveyance, transfer,
lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, conveyance, transfer, lease or other disposition, the provisions of this Guarantee referring to such Guarantor shall refer
instead to the successor Person and not to such Guarantor), and may exercise every right and power of such Guarantor under this
this Guarantee with the same effect as if such successor Person had been named as such Guarantor herein.

 

    -4-

     

    

 

(c) Notwithstanding
any contrary provision of this Guarantee, the Note Agreement or the Notes, nothing contained in this Guarantee, the Note Agreement
or the Notes will in any way prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor,
or will prevent any sale, transfer or conveyance of all or substantially all of the assets of a Guarantor as an entirety to the
Company or another Guarantor.

 

Section 6. Representations
and Warranties of Each Guarantor.

 

Each Guarantor represents
and warrants to each Holder as follows:

 

6.1 Authorization,
Etc. Such Guarantor has taken all actions necessary to authorize it to execute, deliver and perform all of its obligations
under this Guarantee. This Guarantee is a legally valid and binding obligation of such Guarantor, enforceable against it in accordance
with its terms, except for (a) the effect thereon of bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting the rights of creditors generally and (b) limitations imposed by equitable principles upon the specific
enforceability of any of the remedies, covenants or other provisions hereof and upon the availability of injunctive relief or
other equitable remedies.

 

6.2 No Violation
or Conflict. Neither the execution, delivery or performance of this Guarantee by such Guarantor, nor the compliance with its
obligations hereunder, will:

 

(a) violate
any provision of the Charter Documents of such Guarantor;

 

(b) violate
any statute, law, rule or regulation or any judgment, decree, order, regulation or rule of any court or governmental authority
or body to which such Guarantor or any of its respective properties may be subject;

 

(c) permit
or cause the acceleration of the maturity of any debt or obligation of such Guarantor; or

 

(d) violate,
or be in conflict with, or constitute a default under, or permit the termination of, or require the consent of any Person under,
or result in the creation or imposition of any Lien (other than Permitted Liens) upon any property of such Guarantor under, any
mortgage, indenture, loan agreement, note, debenture, agreement for borrowed money or any other agreement to which such Guarantor
is a party or by which such Guarantor (or its properties) may be bound, other than such violations, conflicts, defaults, terminations
and Liens, or such failures to obtain consents, which could not reasonably be expected to result in a Material Adverse Effect.

 

6.3 Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any governmental
authority or body is required in connection with the execution, delivery or performance by such Guarantor of this Guarantee.

 

6.4 Solvency.
After giving effect to the transactions contemplated herein and in the Note Agreement, such Guarantor will be Solvent.

 

    -5-

     

    

 

Section 7. Term and
Release of Guarantee.

 

This Guarantee and
all guarantees, covenants and agreements of the Guarantors contained herein shall continue in full force and effect and shall not
be discharged until such time as all of the Guaranteed Obligations shall be indefeasibly paid in full in cash; provided
that notwithstanding any other provision hereof to the contrary, each Guarantor shall automatically, completely and immediately
be released from its guarantee hereunder of the Guaranteed Obligations without any further act by any Person upon the occurrence
of any of the following events:

 

(a) any sale
or other disposition of all or substantially all of the properties or assets of such Guarantor, by way of merger, consolidation
or otherwise, to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary
of the Company;

 

(b) any sale
or other disposition of the Capital Stock of such Guarantor (by way of merger, consolidation or otherwise) to a Person that is
not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company; provided
that the Guarantor ceases to be a Restricted Subsidiary as a result of such sale or other disposition;

 

(c) the designation
of such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of the Note Agreement;

 

(d) the liquidation
or dissolution of such Guarantor: provided that no Default or Event of Default occurs as a result thereof or has occurred
or is continuing;

 

(e) such
Guarantor consolidating with, merging into or transferring all of its properties or assets to the Company or another Guarantor,
and as a result of, or in connection with, such transaction such Guarantor dissolves or otherwise ceases to exist; or

 

(f) as provided
in (and subject to) Section 5.12 of the Note Agreement, the discharge or other release of such Guarantor from all its Obligations
in respect of its Guarantee of (or other liability for) any Obligations under any Credit Facility.

 

Section 8. Additional
Guarantors.

 

Subsequent to the date
hereof, any Person may become a Guarantor under this Guarantee by executing a Guarantee Joinder substantially in the form of Exhibit
A attached hereto and delivering the same to the Holders. Any such Person shall thereafter be a “Guarantor”
for all purposes under this Guarantee.

 

Section 9. Amendment
and Waiver.

 

9.1 Requirements.
Except as otherwise provided in Section 1(c) hereof, this Guarantee may be amended, and the observance of any term hereof may
be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Majority
Holders, except that no amendment or waiver that results in the limitation of the liability of any Guarantor hereunder (except
to the extent provided in Section 1(c) hereof) will be effective as to any Holder, unless consented to by such Holder in writing.

 

    -6-

     

    

 

9.2 Binding Effect.
Any amendment or waiver consented to as provided in this Section 9 applies equally to all Holders and is binding upon them and
upon each future Holder and upon each Guarantor without regard to whether any Note has been marked to indicate such amendment
or waiver. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or
waived or impair any right consequent thereon. No course of dealing between a Guarantor and the Holder nor any delay in exercising
any rights hereunder or under any Note shall operate as a waiver of any rights of any Holder. As used herein, the term this “Guarantee”
and references thereto shall mean this Guarantee as it may be amended, modified, supplemented or restated from time to time, including
without limitation pursuant to any Guarantee Joinder.

 

Section 10. Miscellaneous.

 

10.1 Notices.
All notices and communications provided for hereunder shall be in writing and sent (i) by telecopy if the sender on the same day
sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (ii) by registered or
certified mail with return receipt requested (postage prepaid), or (iii) by a recognized overnight delivery service (with charges
prepaid). Any such notice must be sent:

 

(a) if to
any Guarantor, to such Guarantor at the address specified immediately under its executed signature block hereto or in any Guarantee
Joinder, or such other address as such Guarantor shall have specified to the Holders in writing; or

 

(b) if to
any Holder, to such Holder at the address specified for such communications set forth in the Note Agreement, or such other address
as such Holder shall have specified to the Guarantors in writing.

 

10.2 Successors
and Assigns. Except as expressly contemplated by Section 5 hereof, each Guarantor may not assign any of its rights, or
delegate any of its obligations, under this Guarantee without the prior written consent of the Majority Holders, and any such
purported assignment by any Guarantor without the written consent of the Majority Holders shall be null and void ab initio
and of no force or effect. Subject to the foregoing restriction, this Guarantee shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties hereto.

 

10.3 Entire Agreement.
This Guarantee and the Note Agreement embody the entire agreement and understanding between each Holder and the Guarantors and
supersedes all prior agreements and understandings relating to the subject matter hereof.

 

10.4 Severability.
Any provision of this Guarantee that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the fullest extent permitted by law) not invalidate or render unenforceable
such provision in any other jurisdiction.

 

    -7-

     

    

 

10.5 Headings.
The headings in this Guarantee are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

10.6 Governing
Law. THIS GUARANTY AND ALL ISSUES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, EACH GURANTOR HEREBY IRREVOCABLY SUBMITS TO
THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER OF A NOTE TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEEDING AGAINST ANY
GUARANTOR IN ANY OTHER JURISDICTION.

 

10.7 Counterparts.
This Guarantee may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(Signature page(s) follow)

  

    -8-

     

    

 

IN WITNESS WHEREOF,
each Guarantor has caused this Guarantee to be duly executed and delivered as of the date and year first above written.

 

	 	[Name of Guarantor]
	 	 	 
	 	By:	 
	 		Name:  
	 		Title:  

 

	 	Notice Address for such Guarantor
	 	 
	 	 
	 	
	 	 
	 	Attn: 	          

  

     

     

    

 

Exhibit A

 

Guarantee Joinder

 

This
Guarantee Joinder (this “Guarantee Joinder”), dated as of ________ __, 202__ is made by ______________________,
a ____________ (the “Additional Guarantor”), in favor of the Holders from time to time of the Notes issued pursuant
to the Note Agreement (as defined below).

 

Capitalized terms used
and not otherwise defined herein have the definitions set forth in the Note Agreement or the Guarantee (as defined below).

 

Preliminary Statements:

 

WEHEREAS, pursuant
to the Note Purchase Agreement dated as of July 1, 2020 (as amended, modified, supplemented or restated from time to time, the
“Note Agreement”), by and among GPAQ Acquisition Holdings, Inc., a Delaware corporation (the “Company”),
and the Purchasers listed on the signature pages thereto (the “Purchasers”), the Company has issued and sold
$20,726,047 aggregate principal amount of its 8.00% Convertible Notes due 2025 (the “Notes”);

 

WHEREAS, prior to the
date hereof, one or more Subsidiaries of the Company have entered into the Subsidiary Guarantee dated as of ________ __, 202__
(the “Guarantee”), pursuant to which such Subsidiary or Subsidiaries guaranteed all the Company’s obligations
under the Notes and the Note Agreement; and

 

WHEREAS, the Company
is required pursuant to the Note Agreement to cause the Additional Guarantor to deliver this Guarantee Joinder in order to cause
the Additional Guarantor to become a Guarantor of the Notes pursuant to a Subsidiary Guarantee;

 

NOW THEREFORE, the
Additional Guarantor hereby becomes a Guarantor (as defined in the Guarantee) for all purposes of the Guarantee and accordingly
assumes all obligations as such. Without limiting the foregoing, the Additional Guarantor hereby (a) jointly and severally with
the other Guarantors under the Guarantee, guarantees to the Holders the prompt payment in full when due (whether at stated maturity,
upon redemption, by acceleration or otherwise) and the full and prompt performance and observance of all of the Guaranteed Obligations
in the same manner and to the same extent as is provided in the Guarantee, (b) accepts and agrees to perform and observe all
of the covenants set forth therein, (c) waives the rights set forth in Section 3 of the Guarantee, (d) agrees to perform
and observe the covenants contained in the Guarantee and (e) makes the representations and warranties set forth in Section 6 of
the Guarantee.

 

The address for notices
and other communications to be delivered to the Additional Guarantor pursuant to 10.1 of the Guarantee is set forth below the signature
of the Additional Guarantor on this Guarantee Joinder.

 

     

     

    

 

In
Witness Whereof, the Additional Guarantor has caused this Guarantee Joinder to be duly executed and delivered as of the
date first above written.

 

(Signature page follows)

 

    A-2

     

    

 

	 	[Name of Guarantor]
	 	 	 
	 	By:	 
	 		Name:  
	 		Title:  

 

	 	Notice Address for such Guarantor
	 	 
	 	 
	 	 
	 	 

 

    A-3

     

    

 

ANNEX F

 

[Form of Officer’s Certificate]

 

GPAQ ACQUISITION HOLDINGS, INC.

 

_______, ______

 

Pursuant to Section 2.1(f) of the Note Purchase
Agreement by and among GPAQ Acquisition Holdings, Inc., a Delaware corporation (the “Company”), and each of
the Purchasers party thereto, dated July 1, 2020 (the “Purchase Agreement”), the undersigned, being the Chief
Executive Officer of the Company hereby certifies as follows:

 

1. All
of the conditions set forth in Sections 2.2, 2.3, 2.4 and 2.5 of the Purchase Agreement are satisfied on and as of the date hereof.

 

2. The
representations and warranties of the Company contained or incorporated by reference in the Purchase Agreement were true and correct
on and as of such date as though made on and as of the date hereof (unless stated to relate to another date).

 

3. Hunton
Andrews Kurth LLP is entitled to rely on this certificate in connection with the legal opinions that they are rendering on the
date hereof.

 

Capitalized terms used but not defined in
this Officer’s Certificate shall have the respective meanings ascribed to them in the Purchase Agreement.

 

(Signature page follows)

 

    

     

    

 

The undersigned has executed this Officer’s
Certificate as of the date first written above, in his capacity as Chief Executive Officer of GPAQ Acquisition Holdings, Inc.

 

	 	 
	 	Name:
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]