Document:

Exhibit 10.2

 

 

INVESTOR RIGHTS AGREEMENT

by and between

Plymouth
Industrial REIT, Inc.,

and

MIRELF
VI Pilgrim, LLC

Dated as of December 14, 2018

     

     

    

TABLE OF CONTENTS

Page

	Article I. Resale Shelf Registration	1
	Section 1.1   Resale Shelf Registration Statement	1
	Section 1.2   Effectiveness Period	1
	Section 1.3   Subsequent Shelf Registration Statement	2
	Section 1.4   Supplements and Amendments	2
	Section 1.5   Subsequent Holder Notice	2
	Section 1.6   Underwritten Offering.	3
	Section 1.7   Take-Down Notice	4
	Section 1.8   Piggyback Registration.	4
	Article II. Additional Provisions Regarding Registration Rights	5
	Section 2.1   Registration Procedures	5
	Section 2.2   Suspension	9
	Section 2.3   Expenses of Registration	9
	Section 2.4   Information by Holders	9
	Section 2.5   Rule 144 Reporting	10
	Section 2.6   Holdback Agreement	10
	Article III. Indemnification	11
	Section 3.1   Indemnification by Company	11
	Section 3.2   Indemnification by Holders	12
	Section 3.3   Notification	12
	Section 3.4   Contribution	13
	Article IV. Transfer and Termination of Registration Rights	14
	Section 4.1   Transfer of Registration Rights	14
	Section 4.2   Termination of Registration Rights	14
	Article V. OTHER COVENANTS	14
	Section 5.1   Maintenance of REIT Status	14
	Section 5.2   Election of Directors	14
	Section 5.3   Section 16b-3	16
	Article VI. Miscellaneous	16
	Section 6.1   Amendments and Waivers	16
	Section 6.2   Extension of Time, Waiver, Etc	16
	Section 6.3   Assignment	16
	Section 6.4   Counterparts	16

     

     

    

	Section 6.5   Entire Agreement; No Third Party Beneficiary	17
	Section 6.6   Governing Law; Jurisdiction.	17
	Section 6.7   Specific Enforcement	17
	Section 6.8   Waiver of Jury Trial	18
	Section 6.9   Notices	18
	Section 6.10   Severability	19
	Section 6.11   Expenses	19
	Section 6.12   Interpretation	19
	Section 6.13   Purchaser.	19

 

     

     

    

INVESTOR RIGHTS AGREEMENT

This INVESTOR RIGHTS AGREEMENT
(this “Agreement”) is entered into as of December 14, 2018, by and between PLYMOUTH INDUSTRIAL REIT, INC., a
Maryland corporation (the “Company”), and MIRELF VI Pilgrim, LLC, a Delaware limited liability corporation (the
“Purchaser”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. The Purchaser
and any other party that may become a party hereto pursuant to Section 4.1 are referred to collectively as the “Investors”
and individually each as an “Investor”.

WHEREAS, the Company and
the Purchaser are parties to the Investment Agreement, dated as of November 20, 2018 (as amended from time to time, the “Investment
Agreement”), pursuant to which the Company is selling to the Purchaser, and the Purchaser is purchasing from the Company,
an aggregate of 4,411,764 shares of Series B Preferred Stock, which is convertible into shares of Common Stock;

WHEREAS, as a condition
to the obligations of the Company and the Purchaser under the Investment Agreement, the Company and the Purchaser are entering
into this Agreement for the purpose of granting certain registration and other rights to the Investors.

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

Article
I.

Resale Shelf Registration

Section 1.1         
Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall
use its commercially reasonable efforts to prepare and file, on or prior to the date that is sixty (60) days prior to the third
anniversary of the date hereof, a registration statement covering the sale or distribution from time to time by the Holders, on
a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall
be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders
in accordance with any reasonable method of distribution elected by the Purchaser) (the “Resale Shelf Registration Statement”)
and shall use its commercially reasonable efforts to cause such Resale Shelf Registration Statement to be declared effective by
the SEC as promptly as is reasonably practicable after the filing thereof (it being agreed that the Resale Shelf Registration Statement
shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e)
if Rule 462(e) is available to the Company).

Section 1.2         
Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this
Agreement, use its commercially reasonable efforts to

     

     

    

cause the Resale Shelf Registration Statement
to be continuously effective and usable until such time as there are no longer any Registrable Securities (the “Effectiveness
Period”).

Section 1.3         
Subsequent Shelf Registration Statement. If any Shelf Registration Statement ceases to be effective under the Securities
Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to as
promptly as is reasonably practicable cause such Shelf Registration Statement to again become effective under the Securities Act
(including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and
shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Shelf Registration Statement
in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration
Statement or file an additional registration statement (a “Subsequent Shelf Registration Statement”) for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time
to time by the Holders thereof of all securities that are Registrable Securities as of the time of such filing. If a Subsequent
Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf
Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof
(it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall
become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company) and (b) keep such
Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent
Shelf Registration Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such
form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall provide for the registration
of such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the
Purchaser.

Section 1.4         
Supplements and Amendments. The Company shall supplement and amend any Shelf Registration Statement if required by
the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf
Registration Statement.

Section 1.5         
Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable
Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, as promptly as is
reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for
its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent
Holder Notice”):

(a)            
if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective
amendment to the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration
Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law; provided, however, that the Company shall not be required to file more
than one post-effective amendment or a supplement to the related prospectus for such purpose in any 30-day period;

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(b)           
if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration
Statement that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to
become effective under the Securities Act as promptly as is reasonably practicable; and

(c)            
notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective
amendment filed pursuant to Section 1.5(a).

Section 1.6         
Underwritten Offering.

(a)            
The Purchaser may, at any time after the Resale Shelf Registration Statement becomes effective, deliver a written notice
to the Company (the “Underwritten Offering Notice”) specifying that the sale of some or all of the Registrable
Securities subject to the Shelf Registration Statement, is intended to be conducted through an underwritten offering (the “Underwritten
Offering”); provided, however, that the Holders of Registrable Securities may not, without the Company’s
prior written consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $5,000,000
(unless the Holders are proposing to sell all of their remaining Registrable Securities), (ii) launch more than three Underwritten
Offerings at the request of the Holders within any three-hundred sixty-five (365) day-period, (iii) launch an Underwritten Offering
within the period commencing fourteen (14) days prior to and ending two (2) days following the Company’s scheduled earnings
release date for any fiscal quarter or year, (iv) include in any Underwritten Offering any Registrable Securities that were issued
upon any conversion of Series B Preferred Stock until 90 days following such conversion, (v) include in any Underwritten Offering
more than 50.0% of the Registrable Securities that were issued upon any conversion of Series B Preferred Stock until 180 days following
such conversion.

(b)           
In the event of an Underwritten Offering, the Company shall select the managing underwriter(s) to administer the Underwritten
Offering, which managing underwriter(s) shall be a nationally recognized underwriter and shall be subject to the Investor’s
consent, not to be unreasonably withheld; provided that the Investors may designate a co-managing underwriter to participate
in the Underwritten Offering, subject to the consent of the Company, which is not to be unreasonably withheld. The Company, the
Purchaser and the Holders of Registrable Securities participating in an Underwritten Offering will enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such offering.

(c)            
The Company will not include in any Underwritten Offering pursuant to this Section 1.6 any securities that are not
Registrable Securities without the prior written consent of the Purchaser. If the managing underwriter or underwriters advise the
Company and the Purchaser in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted
hereunder, other securities requested to be included in such offering) exceeds the number of securities which can be sold in such
offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include
in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering,
which securities will be so included in the following order of

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priority: (i) first, the Registrable Securities
of the Holders that have requested to participate in such Underwritten Offering, allocated pro rata among such Holders on
the basis of the percentage of the Registrable Securities requested to be included in such offering by such Holders, and (ii) second,
any other securities of the Company that have been requested to be so included.

(d)           
Notwithstanding anything else herein, if the Purchaser wishes to engage in an underwritten block trade or similar transaction
or other transaction with a 2-day or less marketing period (collectively, “Underwritten Block Trade”) off of
a Shelf Registration Statement, then notwithstanding the foregoing time periods, the Purchaser only needs to notify the Company
of the Underwritten Block Trade on the day such offering is to commence, and the Company shall as expeditiously as possible use
its reasonable best efforts to facilitate such Shelf Offering (as defined below) (which may close as early as three (3) Business
Days after the date it commences); provided, however, that the Purchaser shall use commercially reasonable efforts
to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration
statement, prospectus and other offering documentation related to the Underwritten Block Trade.  In the event the Purchaser
requests such an Underwritten Block Trade, notwithstanding anything to the contrary herein, any holder of securities who does not
constitute a Holder shall have no right to notice of or to participate in such Underwritten Block Trade.

Section 1.7         
Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration
Statement is effective, if the Purchaser delivers a notice to the Company (a “Take-Down Notice”) stating that
it intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration
Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf
Offering, then the Company shall, subject to the other applicable provisions of this Agreement, amend or supplement the Shelf Registration
Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.

Section 1.8         
Piggyback Registration.

(a)            
If the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common
Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, whether or not for sale for its own account
(other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or (ii) filed to effectuate an exchange
offer or any employee benefit or dividend reinvestment plan), then the Company shall give prompt written notice of such filing,
which notice shall be given, to the extent reasonably practicable, no later than five (5) Business Days prior to the filing date
(the “Piggyback Notice”) to the Purchaser on behalf of the Holders of Registrable Securities. The Piggyback
Notice shall offer such Holders the opportunity to include (or cause to be included) in such registration statement the number
of shares of Registrable Securities as each such Holder may request (each, a “Piggyback Registration Statement”).
Subject to Section 1.8(b), the Company shall include in each Piggyback Registration Statement all Registrable Securities
with respect to which the Company has received written requests for inclusion therein (each, a “Piggyback Request”)
within five (5) Business Days after the date of the Piggyback Notice but

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in any event not later than one (1) Business
Day prior to the filing date of a Piggyback Registration Statement. The Company shall not be required to maintain the effectiveness
of a Piggyback Registration Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation
of the distribution by the Holders of the Registrable Securities included in such registration statement.

(b)           
If any of the securities to be registered pursuant to the registration giving rise to the rights under this Section 1.8
are to be sold in an underwritten offering, the Company shall use commercially reasonable efforts to cause the managing underwriter
or underwriters of a proposed underwritten offering to permit Holders of Registrable Securities who have timely submitted a Piggyback
Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s
Piggyback Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Company
included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering
advise the Company that in its or their good faith opinion the number of securities exceeds the number of securities which can
be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company
will include in such offering only such number of securities that can be sold without adversely affecting the marketability of
the offering, which securities will be so included in the following order of priority: (i) first, the number of securities requested
to be included therein by the holder(s) originally requesting such registration, in any, (ii) second, the securities proposed to
be sold by the Company for its own account; (iii) third, the Registrable Securities of the Holders that have requested to participate
in such underwritten offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable Securities
requested to be included in such offering by such Holders; and (iv) fourth, any other securities of the Company that have been
requested to be included in such offering, but in no event shall the amount of securities of the selling Holders included in the
offering be reduced below fifty percent (50%) of the total amount of securities included in such offering by selling shareholders;
provided that Holders may, prior to the earlier of the (a) effectiveness of the registration statement and (b) the time
at which the offering price or underwriter’s discount is determined with the managing underwriter or underwriters, withdraw
their request to be included in such registration pursuant to this Section 1.8.

Article
II.

Additional Provisions Regarding Registration Rights

Section 2.1         
Registration Procedures. Subject to the other applicable provisions of this Agreement, in the case of each registration
of Registrable Securities effected by the Company pursuant to Article I, the Company will:

(a)            
prepare and promptly file with the SEC a registration statement with respect to such securities and use commercially reasonable
efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby,
in accordance with the applicable provisions of this Agreement;

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(b)           
prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration
statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement in accordance with the Purchaser’s intended method
of distribution set forth in such registration statement for such period;

(c)            
furnish to the Purchaser, the Purchaser’s legal counsel, the underwriters and the underwriters’ legal counsel,
if any, copies of the registration statement and the prospectus included therein (including each preliminary prospectus) and any
amendment or supplement thereto proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment
on such registration statement;

(d)           
if requested by the managing underwriter or underwriters, if any, or the Purchaser, promptly include in any prospectus supplement
or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Purchaser may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus
supplement or post-effective amendment as soon as reasonably practicable after the Company has received such request; provided,
however, that the Company shall not be required to take any actions under this Section 2.1(d) that are not, in the
opinion of counsel for the Company, in compliance with applicable law;

(e)            
in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Purchaser and
to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary
prospectus and final prospectus as the Purchaser or such underwriters may reasonably request in order to facilitate the public
offering or other disposition of such securities;

(f)            
as promptly as reasonably practicable notify the Purchaser at any time when a prospectus relating thereto is required to
be delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete
in the light of the circumstances then existing, and, subject to Section 2.2, at as promptly as is reasonably practicable,
prepare and file with the SEC a supplement or post-effective amendment to such registration statement or the related prospectus
or any document incorporated therein by reference or file any other required document, and furnish to the Purchaser a reasonable
number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to
the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light
of the circumstances then existing;

(g)           
use commercially reasonable efforts to register and qualify (or exempt from such registration or qualification) the securities
covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions within
the United States as

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shall be reasonably requested in writing by
the Purchaser; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but for this subsection
or (ii) take any action that would subject it to general service of process in any such jurisdictions;

(h)           
in the event that the Registrable Securities are being offered in a public offering, enter into an underwriting agreement,
a placement agreement or equivalent agreement, in each case in accordance with the applicable provisions of this Agreement and
take all such other actions reasonably requested by the Holders or the Registrable Securities being sold in connection therewith
(including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable
Securities;

(i)             
in connection with an Underwritten Offering, the Company shall cause its officers to use their commercially reasonable efforts
to support the marketing of the Registrable Securities covered by such offering (including participation in “road shows”
or other similar marketing efforts);

(j)             
use commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters
for sale, if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing
the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the
legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering and (iii) a “comfort” letter dated such date from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters;

(k)           
in the event that the Registrable Securities covered by such registration statement are shares of Common Stock, use commercially
reasonable efforts to list the Registrable Securities covered by such registration statement with any securities exchange on which
the Common Stock is then listed;

(l)             
provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration
statement;

(m)          
in connection with a customary due diligence review, make available for inspection by the Purchaser, any underwriter participating
in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Purchaser or underwriter
(collectively, the “Offering Persons”), at the offices where normally kept, during reasonable business hours,
all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the
officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due
diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection
with such Registration Statement; provided, however, that

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any information that is not generally publicly
available at the time of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure
of such information is required by court or administrative order or in connection with an audit or examination by, or a blanket
document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure of such information,
in the reasonable judgment of the Offering Persons, which shall include counsel, is required by law or applicable legal process
(including in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information
is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by
such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons (prior to
its disclosure by the Company) from a source other than the Company when such source, to the knowledge of the Offering Persons,
was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information,
(B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of the Offering
Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such
information or (C) was developed independently by the Offering Persons or their respective representatives without the use of,
or reliance on, information provided by the Company. In the case of a proposed disclosure pursuant to (i) or (ii) above, such Person
shall be required to give the Company written notice of the proposed disclosure prior to such disclosure (except in the case of
(ii) above when a proposed disclosure was or is to be made in connection with a registration statement or prospectus under this
Agreement and except in the case of clause (i) above when a proposed disclosure is in connection with a routine audit or examination
by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor);

(n)           
cooperate with the Purchaser and each underwriter or agent participating in the disposition of Registrable Securities and
their respective counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable
efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing
with the SEC; and

(o)           
as promptly as is reasonably practicable notify the Purchaser (i) when the prospectus or any prospectus supplement or post-effective
amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements to such
registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii)
of the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any
proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of
the Company contained in any agreement contemplated by Section 2.1(f) above relating to any applicable offering cease to
be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening
of any proceeding for such purpose.

The Purchaser agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section 2.1(f), 2.1(o)(ii) or 2.1(o)(iii),
the Purchaser shall

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discontinue, and shall cause each Holder to
discontinue, disposition of any Registrable Securities covered by such registration statement or the related prospectus until receipt
of the copies of the supplemented or amended prospectus, which supplement or amendment shall, subject to the other applicable provisions
of this Agreement, be prepared and furnished as soon as reasonably practicable, or until the Purchaser is advised in writing by
the Company that the use of the applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus
or any additional or supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus
(such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the
Company, the Holders shall use commercially reasonable efforts to return to the Company all copies then in their possession of
the prospectus covering such Registrable Securities at the time of receipt of such request. As soon as practicable after the Company
has determined that the use of the applicable prospectus may be resumed, the Company will notify the Purchaser thereof. In the
event the Company invokes an Interruption Period hereunder and in the reasonable discretion of the Company the need for the Company
to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably practicable, provide written
notice to the Purchaser that such Interruption Period is no longer applicable.

Section 2.2         
Suspension. (a) The Company shall be entitled, on one (1) occasion in any one-hundred eighty (180) day period, for
a period of time not to exceed seventy-five (75) days in the aggregate in any twelve (12) month period, to (x) defer any registration
of Registrable Securities and shall have the right not to file and not to cause the effectiveness of any registration covering
any Registrable Securities, (y) suspend the use of any prospectus and registration statement covering any Registrable Securities
and (z) require the Holders of Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a
registration statement, if the Company delivers to the Purchaser a certificate signed by an executive officer certifying that such
registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any bona
fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries
then under consideration. Such certificate shall contain a statement of the reasons for such suspension and an approximation of
the anticipated length of such suspension. The Purchaser shall keep the information contained in such certificate confidential
subject to the same terms set forth in Section 2.1(m). If the Company defers any registration of Registrable Securities
in response to a Underwritten Offering Notice or requires the Purchaser or the Holders to suspend any Underwritten Offering, the
Purchaser shall be entitled to withdraw such Underwritten Offering Notice and if they do so, such request shall not be treated
for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section 1.6.

Section 2.3         
Expenses of Registration. All Registration Expenses incurred in connection with any registration pursuant to Article
I shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne
by the Holders of the Registrable Securities included in such registration.

Section 2.4         
Information by Holders. The Holder or Holders of Registrable Securities included in any registration shall, and the
Purchaser shall cause such Holder or Holders to, furnish to the Company such information regarding such Holder or Holders and their
Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders

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and their Affiliates as the Company or its representatives
may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in
this Agreement. It is understood and agreed that the obligations of the Company under Article I are conditioned on the timely
provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned
on compliance by such Holder or Holders with the following:

(a)            
such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with
the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such
registration statement effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company,
in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information
regarding themselves and their respective Affiliates and such other information as may be required by applicable law to enable
the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering
covering the applicable Registrable Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

(b)           
during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable
Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution,
including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their
Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the Company
in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the
applicable registration statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer
to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or
Holders or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and
documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree;

(c)            
such Holder or Holders shall, and they shall cause their respective Affiliates to, (i) permit the Company and its representatives
to examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to
provide in connection with the offering or other distribution of Registrable Securities by such Holder or Holders and (ii) execute,
deliver and perform under any agreements and instruments reasonably requested by the Company or its representatives to effectuate
such registered offering, including opinions of counsel and questionnaires; and

(d)           
on receipt of any notice from the Company of the occurrence of any of the events specified in Section 2.1(f) or clauses
(ii) or (iii) of Section 2.1(o), or that otherwise requires the suspension by such Holder or Holders and their respective
Affiliates of the offering, sale or distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders
shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities
owned by such Holder or Holders until the offering, sale

    10 

     

    

and distribution of the Registrable Securities
owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law.

Section 2.5         
Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that,
for so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to:

(a)            
make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the
date of this Agreement; and

(b)           
so long as a Holder owns any Restricted Securities, furnish to the Holder upon written request a written statement by the
Company as to its compliance with the reporting requirements of the Exchange Act.

Section 2.6         
Holdback Agreement. If during the Effectiveness Period, the Company shall file a registration statement (other than
in connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or similar plan
or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) with respect
to an underwritten public offering of Common Stock or securities convertible into, or exchangeable or exercisable for, such securities
or otherwise informs the Purchaser that it intends to conduct such an offering utilizing an effective registration statement or
pursuant to an underwritten Rule 144A and/or Regulation S offering and provides the Purchaser and each Holder the opportunity to
participate in such offering in accordance with and to the extent required by Section 1.8, the Purchaser and each Holder
shall, if requested by the managing underwriter or underwriters, enter into a customary “lock-up” agreement relating
to the sale, offering or distribution of Registrable Securities, in the form reasonably requested by the managing underwriter or
underwriters, covering the period commencing on the date of the prospectus pursuant to which such offering may be made and continuing
until 90 days from the date of such prospectus or such shorter period as may be agreed upon by such managing underwriter or underwriters.

Article
III.

Indemnification

Section 3.1         
Indemnification by Company. To the extent permitted by applicable law, the Company will, with respect to any Registrable
Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable
“blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s
current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees,
and each Person controlling such Holder within the meaning of Section 15 of the Securities Act and such Person’s current
and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each
underwriter thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities
Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses,
damages, costs (including costs of preparation and reasonable attorney’s fees and any legal or

    11 

     

    

other fees or expenses actually incurred by
such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement
and other liabilities, joint or several, (or actions in respect thereof) (collectively, “Losses”) to the extent
arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” (as such term is
defined in Rule 433 under the Securities Act) or other document, in each case related to such registration statement, or any amendment
or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation
by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable
to the Company and (without limiting the preceding portions of this Section 3.1), the Company will reimburse each of the
Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented
out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section
3.1, settling any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification
obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior
written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to
a Holder in any such case for any such Losses or action to the extent that it arises out of or is based upon a violation or alleged
violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement
or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with
written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for
use in connection with such registration by or on behalf of any Holder.

Section 3.2         
Indemnification by Holders. To the extent permitted by applicable law, each Holder will, if Registrable Securities
held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue
sky” laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company,
each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities
Act (collectively, the “Holder Indemnified Parties”), against all Losses (or actions in respect thereof) to
the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” or other document,
in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances in which they were made, not misleading, and will reimburse each of the Holder Indemnified Parties for any
reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually
incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.2, settling any
such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement
(or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular,
“issuer free writing prospectus” or other document in reliance upon and in conformity with written

    12 

     

    

information regarding such Holder furnished
to the Company by such Holder or its authorized representatives and stated to be specifically for use therein; provided,
however, that in no event shall any indemnity under this Section 3.2 payable by the Purchaser and any Holder
exceed an amount equal to the net proceeds received by such Holder in respect of the Registrable Securities sold pursuant to the
registration statement. The indemnity agreement contained in this Section 3.2 shall not apply to amounts paid in settlement
of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the applicable
Holder (which consent shall not be unreasonably withheld or delayed).

Section 3.3         
Notification. If any Person shall be entitled to indemnification under this Article III (each, an “Indemnified
Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying
Party”) of any claim or of the commencement of any proceeding as to which indemnity is sought. The Indemnifying Party
shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as reasonably practicable after
the receipt of written notice from such Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s
expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after
notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party
will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance
with this paragraph) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred
by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party shall
have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume
such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure
of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this Article
III only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s
ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior
written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any
judgment or enter into any settlement which (A) does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation and (B) does not include
any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. The indemnity
agreements contained in this Article III shall not apply to amounts paid in settlement of any claim, loss, damage, liability
or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld or delayed. The indemnification set forth in this Article III shall be in addition to any other indemnification
rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume
the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of
interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.

Section 3.4         

    13 

     

    

Contribution. If the indemnification
provided for in this Article III is held by a court of competent jurisdiction to be unavailable to an Indemnified Party,
other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained
in this Article III, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection
with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined
by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied
by such Indemnifying Party, on the one hand, or such Indemnified Party, on the other hand, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and
the Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.4 was determined solely
upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding sentence of this Section 3.4. Notwithstanding the foregoing, the amount the Purchaser
or any Holder will be obligated to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net
proceeds received by such Purchaser or Holder in respect of the Registrable Securities sold pursuant to the registration statement
which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

Article
IV.

Transfer and Termination of Registration Rights

Section 4.1         
Transfer of Registration Rights. Any rights granted to a Holder under this Agreement may be transferred or assigned
to any Investor in connection with a transfer of Series B Preferred Stock to such Person in a transfer permitted by Section 4.08
of the Investment Agreement; provided, however, that (i) prior written notice of such assignment of rights is given
to the Company and (ii) such Investor agrees in writing to be bound by, and subject to, this Agreement as a “Holder”
pursuant to a written instrument in form and substance reasonably acceptable to the Company.

Section 4.2         
Termination of Registration Rights. The rights of any particular Holder hereunder shall terminate with respect to
such Holder upon the date upon which such Holder no longer holds any Registrable Securities.

Article
V.

    14 

     

    

OTHER COVENANTS

Section 5.1         
Maintenance of REIT Status. Until the first day of the first calendar year in which no Series B Preferred Stock remains
issued and outstanding, the Company shall continue to be taxed as a REIT under the Code, and thereafter the Company shall use best
efforts to continue to qualify as a REIT under the Code unless the Company’s board of directors (the “Board”)
determines that it is no longer in the best interests of the Company and its stockholders to be so qualified.

Section 5.2         
Election of Directors.

(a)            
Upon request of the Holders of a majority of the Registrable Securities, the Company agrees to appoint to the Board the
Purchaser Nominees (as defined below) that such Holders are entitled to nominate pursuant to Section 5.2(b), effective within
two (2) Business Days of such nomination, by taking all necessary action to increase the size of the Board unless there otherwise
is a vacancy in the Board and in either event filling the vacancy thereby created with such individual or individuals. The Company
agrees that, the Holders of a majority of the Registrable Securities shall have the right to nominate at each meeting or action
by written consent at which individuals will be elected members of the Board such nominees of such Holders.

(b)           
If, (i) at any time following the closing of the purchase and sale of the Series B Preferred Stock under the Investment
Agreement (the “Closing”) the shares of Common Stock issued upon the conversion of any shares of Series B Preferred
Stock held by Holders exceed twenty percent (20%) of the issued and outstanding shares of Common Stock (on a fully diluted basis),
Holders of a majority of the Registrable Securities shall be entitled to nominate to the Board one person who is a managing director,
officer, employee or advisor of Purchaser, Madison International Realty, LLC, or any of their Affiliates (an “Affiliated
Nominee”) and one person who is not an employee of Purchaser or Madison International Realty, LLC (an “Independent
Nominee”, and together with the Affiliated Nominee, the “Purchaser Nominees”), or (ii) at any time
following the Closing, the shares of Common Stock issued upon the conversion of any shares of Series B Preferred Stock held by
Holders exceed ten percent (10%) of the issued and outstanding shares of Common Stock (on a fully diluted basis), Holders of a
majority of the Registrable Securities shall be entitled to nominate to the Board one Affiliated Nominee.

(c)            
Subject to the terms and conditions of this Section 5.2 and applicable law, the Company agrees to include each Purchaser
Nominee in its slate of nominees for election as directors of the Company at each of the Company’s meetings of stockholders
or action by written consent at which directors are to be elected and use its reasonable efforts to cause the election of each
such Purchaser Nominee to the Board of Directors (for the avoidance of doubt, the Company will be required to use substantially
the same level of efforts and provide substantially the same level of support as is used and/or provided for the other director
nominees of the Company with respect to the applicable meeting of stockholders or action by written consent). For the avoidance
of doubt, failure of the stockholders of the Company to elect any Purchaser

    15 

     

    

Nominee to the Board of Directors shall not
affect the right of the Holders to nominate directors for election pursuant to this Section 5.2 in any future election of
directors.

(d)           
For so long as any Affiliated Nominee is on the Board (including if any Series B Director, as such term is defined in the
Series B Articles Supplementary, is an Affiliated Nominee), (i) the Company shall not implement or maintain any trading policy,
equity ownership guidelines (including with respect to the use of Rule 10b5-1 plans and preclearance or notification to the Company
of any trades in the Company’s securities) or similar guideline or policy with respect to the trading of securities of the
Company that apply to Holders or their Affiliates (including a policy that limits, prohibits, restricts Holders or their Affiliates
from entering into any hedging or derivative arrangements), (ii) any share ownership requirement for any Affiliated Nominee serving
on the Board will be deemed satisfied by the securities owned by Holders and/or their Affiliates and under no circumstances shall
any of such policies, procedures, processes, codes, rules, standards and guidelines impose any restrictions on the Holders’
or their Affiliates’ transfers of securities and (iii) under no circumstances shall any policy, procedure, code, rule, standard
or guideline applicable to the Board be violated by any Affiliated Nominee (x) accepting an invitation to serve on another board
of directors, or (y) receiving compensation from the Holders or any of their Affiliates, or (z) failing to offer his or her resignation
from the Board except as otherwise expressly provided in this Agreement or pursuant to any majority voting policy adopted by the
Board, and, in each case of (i), (ii) and (iii), it is agreed that any such policies in effect from time to time that purport to
impose terms inconsistent with this Section 5.2 shall not apply to the extent inconsistent with this Section 5.2
(but shall otherwise be applicable to the Affiliated Nominee).

(e)            
Subject to the terms and conditions of this Section 5.2, if a vacancy on the Board is created as a result of a Purchaser
Nominee’s death, resignation, disqualification or removal, in each case for whatever reason, or if the Holders of a majority
of the Registrable Securities desire to nominate a different individual to replace any then-existing Purchaser Nominee, then, at
the request of the Holders of a majority of the Registrable Securities, the Holders and the Company (acting through the Board)
shall work together in good faith to fill such vacancy or replace such nominee as promptly as reasonably practical with a replacement
Purchaser Nominee subject to the terms and conditions hereof, and thereafter such individual shall as promptly as reasonably practical
be appointed to the Board to fill such vacancy and/or be nominated as a Company nominee as a “Purchaser Nominee” pursuant
to this Section 5.2 (as applicable).

Section 5.3         
Section 16b-3. So long as the Holders have the right to designate any Purchaser
Nominee (including any Series B Director, as such term is defined in the Series B Articles Supplementary), the Board shall take
such action as is necessary to cause the exemption of acquisitions of the Purchased Securities at the Closing, the disposition
of shares of Series B Preferred Stock and the acquisition of shares of Common Stock upon the conversion of any shares of Series
B Preferred Stock, and any other disposition of securities to or acquisition of securities from the Company, as applicable, from
the liability provisions of Section 16(b) of the Exchange Act pursuant to Rule 16b-3.

Article
VI.

    16 

     

    

Miscellaneous

Section 6.1         
Amendments and Waivers. Subject to compliance with applicable law, this Agreement may be amended or supplemented
in any and all respects by written agreement of the Company and the Purchaser.

Section 6.2         
Extension of Time, Waiver, Etc. The parties hereto may, subject to applicable law, (a) extend the time for the performance
of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the agreements contained
herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding
the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right
hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument
in writing signed on behalf of such party; provided that the Purchaser may execute such waivers on behalf of any Investor.

Section 6.3         
Assignment. Except as provided in Section 4.1, neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without
the prior written consent of the other party hereto; provided, however, that the Purchaser may provide any such consent
on behalf of the Investors.

Section 6.4         
Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail),
each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and
shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other
parties hereto.

Section 6.5         
Entire Agreement; No Third Party Beneficiary. This Agreement, including the Series B Articles Supplementary and the
Investment Agreement, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written
and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. No provision
of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies
hereunder.

Section 6.6         
Governing Law; Jurisdiction.

(a)            
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts
executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable
conflict of laws principles, except that the provisions of the laws of the State of New York are mandatorily applicable.

(b)           
All legal or administrative proceedings, suits, investigations, arbitrations or actions (“Actions”) arising
out of or relating to this Agreement shall be heard and determined

    17 

     

    

in any Federal or state court located in the
Borough of Manhattan in the City of New York, New York and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction
to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 6.6 shall not constitute
general consents to service of process in the State of New York and shall have no effect for any purpose except as provided in
this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that
service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given
by overnight courier at the address set forth in Section 6.9 of this Agreement. The parties hereto agree that a final judgment
in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by applicable law; provided, however, that nothing in the foregoing shall restrict any party’s rights
to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.

Section 6.7         
Specific Enforcement. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or
injunctions, specific performance or other equitable relief to enforce specifically the terms and provisions hereof in the courts
described in Section 6.6 without proof of damages or otherwise, this being in addition to any other remedy to which they
are entitled under this Agreement and (b) the right of specific enforcement is an integral part of this Agreement and without that
right, neither the Company nor the Purchaser would have entered into this Agreement. The parties hereto agree not to assert that
a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, and agree not to assert
that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law.
The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 6.7 shall not be
required to provide any bond or other security in connection with any such order or injunction.

Section 6.8         
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B)
IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6.8.

Section 6.9         

    18 

     

    

Notices. All notices, requests and other
communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, by facsimile (which
is confirmed), emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following
addresses:

(a)  If to the Company, to it at:

Plymouth Industrial REIT, Inc.

260 Franklin Street, 7th Floor

Boston, MA 02110

Attention: Jeffrey E. Witherell

Fax: (617) 379-2404

Email: jeff.witherell@plymouthrei.com

 

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

Winston & Strawn LLP

2121 N. Pearl Street, Suite 900

Dallas, TX 75201

Attention: Kenneth L. Betts

Fax: (214) 453-6400

Email: KBetts@winston.com

 

If to the Investors or the Purchaser, to the Purchaser at:

Madison International Realty

410 Park Avenue, 10th Floor

New York, NY 10022

Attention: Ronald M. Dickerman

Fax: (212) 688-8774

Email: rdickerman@madisonint.com

 

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

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Attention: Lee S. Parks, Esq.

Fax: (212) 859-4000

Email: Lee.Parks@friedfrank.com

or such other address, email address or facsimile
number as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and other communications
shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the
place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall
be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 6.10      

    19 

     

    

Severability. If any term, condition
or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of
being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless
remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible to the fullest extent permitted by applicable law.

Section 6.11      
Expenses. Except as provided in Section 2.3, all costs and expenses, including fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be
paid by the party incurring such costs and expenses.

Section 6.12      
Interpretation. The rules of interpretation set forth in Section 1.02 of the Investment Agreement shall apply to
this Agreement, mutatis mutandis.

Section 6.13      
Purchaser.

(a)            
Each Holder hereby consents, for so long as any Holder holds any Registrable Securities, to (i) the appointment of the Purchaser
as the attorney-in-fact for and on behalf of such Holder and (ii) the taking by the Purchaser of any and all actions and the making
of any decisions required or permitted by, or with respect to, this Agreement and the transactions contemplated hereby, including,
without limitation, (A) the exercise of the power to agree to execute any consents under this Agreement and all other documents
contemplated hereby and (B) to take all actions necessary in the judgment of the Purchaser for the accomplishment of the foregoing
and all of the other terms, conditions and limitations of this Agreement and the transactions contemplated hereby. Any reference
to any action by the Purchaser in this Agreement shall require an instrument in writing signed by the Purchaser.

(b)           
Each Holder shall be bound by the actions taken by the Purchaser exercising the rights granted to it by this Agreement or
the other documents contemplated by this Agreement, and the Company shall be entitled to rely on any such action or decision of
the Purchaser.

 

[Signature pages follow]

    20 

     

    

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

	 	COMPANY:
	 	Plymouth Industrial REIT, Inc.
	 	By:	/s/ Pendleton P. White, Jr.
	 	 	Name: Pendleton P. White, Jr.
	 	 	Title: President

 

 

 

 

[Signature Page to Investor Rights Agreement]

     

     

    

 

 

	 	
        Purchaser:

        MIRELF VI Pilgrim,
        LLC

	 	By:	/s/ Ronald M. Dickerman
	 	 	Name: Ronald M. Dickerman
	 	 	Title: President

 

 

 

 

[Signature Page to Investor Rights Agreement]

     

     

    

 

EXHIBIT A

DEFINED TERMS

 

1. The following capitalized
terms have the meanings indicated:

“Adverse Disclosure”
means public disclosure of material non-public information that, in the good faith judgment of the Company (after consultation
with legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the Company so that such
registration statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing,
effectiveness or continued use of such registration statement; and (iii) the Company has a bona fide business purpose for not disclosing
publicly.

“Affiliates”
shall have the meaning given to such term in the Series B Articles Supplementary.

“Series B Articles
Supplementary” means the Articles Supplementary classifying the Series B Preferred Stock.

“Business Day”
means any day, other than a Saturday, Sunday or a day on which banking institutions in the City of New York, New York are authorized
or obligated by law or executive order to close.

“Code”
means the Internal Revenue Code of 1986, as amended.

“Common Stock”
means all shares currently or hereafter existing of the Company’s common stock, par value $0.01 per share.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

“Holder”
means any Investor holding Registrable Securities.

“Person”
means an individual, corporation, association, partnership, group (as such term is used in Section 13(d)(3) of the Exchange Act),
trust, joint venture, business trust or unincorporated organization, or a government or any agency or political subdivision thereof.

“register”,
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement or the automatic effectiveness of such registration statement, as applicable.

“Registration Expenses”
means all (a) expenses incurred by the Company in complying with Article I, including all registration, qualification, listing
and filing fees, printing expenses, escrow fees, and fees and disbursements of counsel for the Company, blue sky fees and expenses
and (b) reasonable, documented out-of-pocket fees and expenses of one outside legal counsel to the Purchaser and all Holders retained
in connection with registrations contemplated hereby;

    A-1 

     

    

provided, however, that Registration
Expenses shall not be deemed to include any Selling Expenses.

“Registrable Securities”
means, as of any date of determination, any shares of Common Stock hereafter acquired by any Investor pursuant to the conversion
of the Series B Preferred Stock, and any other securities issued or issuable with respect to any such shares of Common Stock or
Series B Preferred Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement or
similar event or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable
Securities when (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the
Securities Act, (ii) such securities shall have ceased to be outstanding, (iii) such securities have been transferred in a transaction
in which the Holder’s rights under this Agreement are not assigned to the transferee of the securities or (iv) such securities
are sold in a broker’s transaction under circumstances in which all of the applicable conditions of Rule 144 (or any similar
provisions then in force) under the Securities Act are met.

“REIT”
means a real estate investment trust pursuant to Sections 856 through 860 of the Code.

“Restricted Securities”
means any Common Stock required to bear the legend set forth in Section 4.04(b) of the Investment Agreement.

“Rule 144”
means Rule 144 promulgated under the Securities Act and any successor provision.

“Rule 462(e)”
means Rule 462(e) promulgated under the Securities Act and any successor provision.

“Selling Expenses”
means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders,
and the fees and expenses of any counsel to the Holders (other than such fees and expenses expressly included in Registration Expenses).

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

“Securities Act”
means the Securities Act of 1933, as amended.

“Shelf Registration
Statement” means the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable.

    A-2 

     

    

 

2. The following terms are
defined in the Sections of the Agreement indicated:

INDEX OF TERMS

 

	Term	Section
	Actions	Section 6.6(b)
	Affiliated Nominee	Section 5.2(b)
	Agreement	Preamble
	Board	Section 5.1
	Closing	Section 5.2(a)
	Company	Preamble
	Company Indemnified Parties	Section 3.1
	Effectiveness Period	Section 1.2
	Holder Indemnified Parties	Section 3.2
	Indemnified Party	Section 3.3
	Indemnifying Party	Section 3.3
	Independent Nominee	Section 5.2(b)
	Interruption Period	Section 2.1(o)
	Investment Agreement	Recitals
	Investor	Preamble
	Investors	Preamble
	Losses	Section 3.1
	Offering Persons	Section 2.1(m)
	Piggyback Notice	Section 1.8(a)
	Piggyback Registration Statement	Section 1.8(a)
	Piggyback Request	Section 1.8(a)
	Purchaser	Preamble
	Purchaser Nominee	Section 5.2(b)
	Resale Shelf Registration Statement	Section 1.1
	Shelf Offering	Section 1.7
	Subsequent Holder Notice	Section 1.5
	Subsequent Shelf Registration Statement	Section 1.3
	Take-Down Notice	Section 1.7
	Underwritten Block Trade	Section 1.6(d)
	Underwritten Offering	Section 1.6(a)
	Underwritten Offering Notice	Section 1.6(a)

 

 

    A-3Exhibit 4.1

 

THESE SECURITIES HAVE
NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH
APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

Cryoport,
Inc.

 

CONVERTIBLE
NOTE

 

	Issuance Date: December 14, 2018	Original Principal Amount: U.S. $15,000,000

 

FOR VALUE RECEIVED,
Cryoport, Inc., a Nevada corporation (the “Company”), hereby promises to pay to Petrichor Opportunities Fund
I LP or registered assigns (the “Holder”) in cash the amount set out above as the Original Principal Amount
(as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal”) when
due, whether upon the Maturity Date, acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and
to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate from the date set
out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether upon an
Interest Date, the Maturity Date, acceleration, conversion, redemption or otherwise (in each case in accordance with the terms
hereof). This Convertible Note (including all Convertible Notes issued in exchange, transfer or replacement hereof, this “Note”)
is one of a series of Convertible Notes issued pursuant to the Securities Purchase Agreement on the Issuance Date (collectively,
the “Notes” and such other Convertible Notes, the “Other Notes”). Certain capitalized terms
used herein are defined in Section 31.

 

1.       Payments
of Principal. On the Maturity Date, the Company shall pay to the Holder an amount in cash equal to (i) all outstanding Principal,
plus (ii) all accrued and unpaid Interest and accrued and unpaid Late Charges on such Principal and Interest. Other than as specifically
permitted by this Note, the Company may not prepay any portion of the outstanding Principal, accrued and unpaid Interest, or accrued
and unpaid Late Charges on Principal or Interest, if any. Notwithstanding anything herein to the contrary, with respect to any
repayment, conversion or redemption hereunder, as applicable, the Company shall repay, convert or redeem, as applicable, (i) first,
all accrued and unpaid Interest hereunder and under any other Notes held by such Holder, (ii) second, all accrued and unpaid
Late Charges on any Principal and Interest hereunder and under any other Notes held by such Holder, (iii) third, all other
amounts (other than Principal, but including any Redemption Premium) outstanding under any other Notes held by such Holder, and
(v) fourth, all Principal outstanding hereunder and under any other Notes held by such Holder, in each case, allocated pro
rata among this Note and such other Notes held by such Holder.

 

2.       Interest.
Interest on this Note shall commence accruing on the Issuance Date at the Interest Rate and shall be computed on the basis of a
360-day year and the actual number of days elapsed per month and shall be payable in arrears for each Calendar Quarter on the first
(1st) Business Day of each Calendar Quarter after the Issuance Date (each, an “Interest Date”). Interest
shall be payable on each Interest Date, to the record holder of this Note on the applicable Interest Date, by wire transfer of
immediately available funds pursuant to wire instructions provided by the Holder in writing to the Company. Prior to the payment
of Interest on an Interest Date, Interest on this Note shall accrue at the Interest Rate and be payable by way of inclusion of
the Interest in the Conversion Amount in connection with any conversion of this Note under Section 3, on each Redemption Date and/or
in connection with any required payment upon any Bankruptcy Event of Default.

 

    1 

     

    

  

3.            Conversion
of Notes. At any time after the Issuance Date, this Note shall be convertible into validly issued, fully paid and non-assessable
shares of Common Stock, on the terms and conditions set forth in this Section 3.

 

3.1         Conversion
Right. Subject to the provisions of Section 3.4, at any time or times on or after the Issuance Date, the Holder shall be entitled
to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable shares of Common Stock
in accordance with Section 3.3, at the Conversion Rate. The Company shall not issue any fraction of a share of Common Stock upon
any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round
such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar
taxes, costs and expenses (including, without limitation, fees and expenses of the transfer agent of the Company (the “Transfer
Agent”)) that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion
Amount.

 

3.2         Conversion
Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to Section 3 shall be
determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

3.3         Mechanics
of Conversion.

 

(a)          Optional
Conversion.

 

1.       To
convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”), the Holder shall
deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York time, on such date,
a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company. If required by Section 3.3(c), within two (2) Trading Days following a conversion of this Note as aforesaid, the
Holder shall surrender this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification
undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 17.2).

 

2.       On
or before the second (2nd) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit
by facsimile or electronic mail the transfer agent instructions and representation as to whether such shares of Common Stock may
then be resold pursuant to (A) an effective and available registration statement, (B) Rule 144 unless the Holder affirmatively
indicates on the applicable Conversion Notice that the shares of Common Stock issuable in connection with such Conversion Notice
are not being resold either (x) prior to, (y) contemporaneously with, or (z) within thirty (30) days after, as applicable, the
date of the applicable Conversion Notice by the Holder, or (C) Rule 144 without having to comply with the information requirements
under Rule 144(c)(1) (each, a “Permitted Securities Transaction”), in the form attached hereto as Exhibit
II, to the Holder and the Transfer Agent which shall instruct the Transfer Agent to process such Conversion Notice in accordance
with the terms herein.

 

    2 

     

    

  

3.       On
or before the third (3rd) Trading Day following the date on which the Company has received a Conversion Notice (the “Share
Delivery Deadline”), the Company shall (1) provided that the Transfer Agent is participating in The Depository Trust
Company’s (“DTC”) Fast Automated Securities Transfer Program, with respect to the shares of Common Stock
included in the Conversion Notice that may then be resold by the Holder pursuant to a Permitted Securities Transaction, credit
such aggregate number of shares of Common Stock to which the Holder shall be entitled pursuant to such conversion to the Holder’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (2) if the Transfer Agent
is not participating in the DTC Fast Automated Securities Transfer Program or with respect to the shares of Common Stock included
in the Conversion Notice that may not then be resold by the Holder pursuant to a Permitted Securities Transaction, a certificate,
registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled
pursuant to such conversion.

 

4.       If
this Note is physically surrendered for conversion pursuant to Section 3.3(c) and the outstanding Principal of this Note is greater
than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event
later than five (5) Business Days after receipt of this Note and at its own expense, issue and deliver to the Holder (or its designee)
a new Note (in accordance with Section 17.4) representing the outstanding Principal not converted.

 

5.       The
Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all
purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

 

    3 

     

    

  

(b)       Company’s
Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share
Delivery Deadline, to either (A) if (i) the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program
or (ii) such applicable shares of Common Stock may not then be resold by the Holder pursuant a Permitted Securities Transaction,
deliver a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common
Stock on the Company’s share register, or (B) if (i) the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program and (ii) such applicable shares of Common Stock may then be resold by the Holder pursuant to a Permitted Securities
Transaction, credit the balance account of the Holder or the Holder’s designee with DTC for such number of shares of Common
Stock to which the Holder is entitled upon the Holder’s conversion of this Note (as the case may be) (the occurrence of an
event described in either clause (A) or (B) above, a “Conversion Failure”), then, in addition to all other remedies
available to the Holder, (1) the Company shall pay in cash to the Holder on each day after such Share Delivery Deadline that the
issuance of such shares of Common Stock is not timely effected an amount equal to 1.00% of the product of (A) the sum of the number
of shares of Common Stock not issued to the Holder on or prior to the Share Delivery Deadline and to which the Holder is entitled,
multiplied by (B) the greater of (x) the Closing Sale Price of the Common Stock on the applicable Conversion Date, and (y) the
highest Closing Sale Price during the period (a) beginning on the later of (i) the applicable Conversion Date and (ii) the 45th
day prior to the Share Delivery Date (as defined below), and (b) ending on the date on which the Company shall deliver the shares
of Common Stock to which the Holder shall be entitled pursuant to such conversion in accordance with Section 3.3(a)(3) above (such
date, the “Share Delivery Date”), and (2) the Holder, upon written notice to the Company, may void its Conversion
Notice with respect to, and retain or have returned (as the case may be) any portion of this Note that has not been converted pursuant
to such Conversion Notice, provided that the voiding of a Conversion Notice shall not affect the Company’s obligations to
make any payments which have accrued prior to the date of such notice pursuant to this Section 3.3(b) or otherwise. In addition
to the foregoing, if a Conversion Failure occurs and if on or after such Share Delivery Deadline the Holder purchases (in an open
market transaction or otherwise) shares of Common Stock corresponding to all or any portion of the number of shares of Common Stock
issuable upon such conversion that the Holder is entitled to receive from the Company and has not received from the Company in
connection with such Conversion Failure (a “Buy-In”), then, in addition to all other remedies available to the
Holder, the Company shall, within three (3) Business Days after receipt of the Holder’s request and in the Holder’s
discretion, either: (I) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation,
by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s
obligation to so issue and deliver such certificate (and to issue such shares of Common Stock) or credit the balance account of
such Holder or such Holder’s designee, as applicable, with DTC for the number of shares of Common Stock to which the Holder
is entitled upon the Holder’s conversion hereunder (as the case may be) (and to issue such shares of Common Stock) shall
terminate, or (II) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing
such shares of Common Stock or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC
for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s conversion hereunder (as the case
may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (x) such number
of shares of Common Stock multiplied by (y) the lower of (a) the Closing Sale Price of the Common Stock on the applicable Conversion
Date, and (b) the lowest Closing Sale Price during the period (A) beginning on the later of (i) the applicable Conversion Date
and (ii) the 45th day prior to the Share Delivery Date, and (B) ending on the Share Delivery Date. Nothing 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 certificates
representing shares of Common Stock (or to electronically deliver such shares of Common Stock) upon the conversion of this Note
as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, with respect to any given Conversion
Failure, this Section 3.3(b) shall not apply to the Holder to the extent the Company has already paid such amounts in full to such
Holder with respect to the facts underlying such Conversion Failure, as applicable, pursuant to the analogous sections of the Securities
Purchase Agreement.

 

    4 

     

    

  

(c)       Registration;
Book-Entry. The Company shall maintain a register (the “Register”) for the recordation of the names and
addresses of the holders of each Note and the principal amount of the Notes held by such holders (the “Registered Notes”).
The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company and the holders
of the Notes shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes (including,
without limitation, the right to receive payments of Principal and Interest hereunder) notwithstanding notice to the contrary.
A Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or sale on the
Register. Upon its receipt of a written request to assign, transfer or sell all or part of any Registered Note by the holder thereof,
the Company shall record the information contained therein in the Register and issue one or more new Registered Notes in the same
aggregate principal amount as the principal amount of the surrendered Registered Note to the designated assignee or transferee
pursuant to Section 17, provided that if the Company does not so record an assignment, transfer or sale (as the case may be)
of all or part of any Registered Note within two (2) Business Days of such a request, then the Register shall be automatically
deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything to the contrary set
forth in this Section 3, following conversion of any portion of this Note in accordance with the terms hereof, the Holder
shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by this
Note is being converted (in which event this Note shall be delivered to the Company following conversion thereof as contemplated
by Section 3.3(a)) or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion
Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records
showing the Principal, Interest and Late Charges converted and/or paid (as the case may be) and the dates of such conversions and/or
payments (as the case may be) or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not
to require physical surrender of this Note upon conversion. If the Company does not update the Register to record such Principal,
Interest and Late Charges converted and/or paid (as the case may be) and the dates of such conversions, and/or payments (as the
case may be) within two (2) Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect
such occurrence.

 

(d)       Pro
Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder of Notes for
the same Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for conversion,
the Company, subject to Section 3.4, shall convert from each holder of Notes electing to have Notes converted on such date a pro
rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount of Notes submitted
for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted for conversion on
such date. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in connection with a conversion
of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in dispute and resolve such dispute
in accordance with Section 22.

 

    5 

     

    

  

3.4          Limitations
on Conversions.

 

(a)          General.
Subject to Section 3.4(b) below, the Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include
the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock
issuable upon conversion of this Note with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or nonconverted portion
of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or
warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous
to the limitation contained in this Section 3.4. For purposes of this Section 3.4, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act. For purposes of determining the number of outstanding shares of Common Stock
the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent public
announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number
of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company receives a Conversion
Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding
Share Number, the Company shall notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the
extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this
Section 3.4, to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of shares of Common Stock
to be purchased pursuant to such Conversion Notice. For any reason at any time, upon the written or oral request of the Holder,
the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Note, by the Holder and any other Attribution
Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of
Common Stock to the Holder upon conversion of this Note results in the Holder and the other Attribution Parties being deemed to
beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined
under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s and the other Attribution
Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be
deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess
Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase not effective
until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage
as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the
Holder and the other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the Holder. In
addition, the Maximum Percentage shall be modified in the manner set forth in Section 3.4(b) below. For purposes of clarity, the
shares of Common Stock issuable pursuant to the terms of this Note in excess of the Maximum Percentage shall not be deemed to be
beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act.
No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability of the provisions
of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 to the extent necessary to correct
this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 3.4 or to make changes or supplements necessary or desirable to properly give effect to such
limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Note.

 

    6 

     

    

  

(b)          Mandatory
Conversion and Optional Redemption Adjustments. Notwithstanding the provisions of Section 3.4(a), the Maximum Percentage shall
be adjusted as set forth in Section 3.5(b)(iv) and Section 8.1(f)(iv), as applicable.

 

3.5         Mandatory
Conversion.

 

(a)          General.
If, at any time on or prior to December 14, 2021 (the “Mandatory Conversion Expiration Date”), (x) the VWAP
of the Common Stock listed on the Principal Market exceeds 1331/3% of the Conversion Price (the “Mandatory
Conversion Minimum Price”) for fifteen (15) consecutive Trading Days (each, a “Mandatory Conversion Measuring
Period”), and (y) no Equity Conditions Failure exists as of the last day of such Mandatory Conversion Measuring Period
(the last day of the first occurring Mandatory Conversion Period satisfying the conditions set forth in clause (x) and (y), the
“Mandatory Conversion Date”), then, on the Mandatory Conversion Date, all of the Conversion Amount of this Note
shall automatically convert into fully paid, validly issued and nonassessable shares of Common Stock in accordance with Section 3.3
hereof at the Conversion Rate as of the Mandatory Conversion Date (a “Mandatory Conversion”). The Company shall
deliver within two (2) Trading Days following the Mandatory Conversion Date a written notice thereof by facsimile and overnight
courier to all, but not less than all, of the holders of Notes and the Transfer Agent (the “Mandatory Conversion Notice”).
The Mandatory Conversion Notice shall state (i) the Mandatory Conversion Date, (ii) the aggregate Conversion Amount of the
Notes subject to mandatory conversion from the Holder and all of the holders of the Notes pursuant to this Section 3.5 (and
analogous provisions under the Other Notes) (the “Mandatory Conversion Amount”), (iii) the number of shares
of Common Stock issued to the Holder on the Mandatory Conversion Date and (iv) that there has been no Equity Conditions Failure
as of the last day of the applicable Mandatory Conversion Measuring Period. Notwithstanding anything herein to the contrary, at
any time prior to the date all of the shares of Common Stock to be delivered to the Holder (or its designee) in such Mandatory
Conversion have been delivered in full in compliance with Section 3.3 above, the Mandatory Conversion Amount may be converted,
in whole or in part, by the Holders into shares of Common Stock pursuant to Section 3.

 

    7 

     

    

  

(b)          Maximum
Percentage. Notwithstanding the provisions of Section 3.5(a) above, in the event that (x) a Mandatory Conversion Date
would otherwise be deemed to have occurred but for the existence of an Equity Condition Failure resulting solely as a result of
the failure of the condition set forth in clause (iii) of the definition of “Equity Conditions” and (y) such Mandatory
Conversion Date would have so occurred on a date on or prior to the Mandatory Conversion Expiration Date (such date satisfying
clauses (x) and (y), the “First Deemed Mandatory Conversion Date”), then, notwithstanding anything to the contrary
set forth herein:

 

(i)       the
condition set forth in clause (iii) of the definition of “Equity Conditions” shall be deemed satisfied on such First
Deemed Mandatory Conversion Date;

 

(ii)       on
the First Deemed Mandatory Conversion Date, the portion of this Note representing the maximum portion of the Conversion Amount
of this Note that could be converted into shares of Common Stock pursuant to Section 3.5(a) on such date such that the Holder together
with the other Attribution Parties did not collectively own in excess of the then effective Maximum Percentage of the shares of
Common Stock outstanding immediately after giving effect to such conversion (such portion of the Conversion Amount, the “First
Conversion Amount”) shall be converted into fully paid, validly issued and nonassessable shares of Common Stock in accordance
with Section 3.5(a) hereof at the Conversion Rate (assuming, for such purpose, that (x) the “Conversion Amount” referred
to in Section 3.5(a) were equal to the First Conversion Amount and (y) the “Mandatory Conversion Date” referred to
in Section 3.5(a) was the First Deemed Mandatory Conversion Date);

 

(iii)       the
Company shall otherwise comply with the provisions of Section 3.5(a) as though the “Mandatory Conversion Date” referred
to in Section 3.5 was the First Deemed Mandatory Conversion Date;

 

(iv)       upon
the delivery by the Company to the Holder of the Mandatory Conversion Notice in accordance with Section 3.5(a), the Maximum Percentage
shall automatically be increased, effective as of the sixty-first (61st) day following the First Deemed Mandatory Conversion
Date (the “Second Deemed Mandatory Conversion Date”), to a percentage sufficient to permit the conversion in
full of the remaining portion of this Note representing the remaining portion of the Conversion Amount (after giving effect to
the conversion of the First Conversion Amount pursuant to clause (ii) above) as of the Second Deemed Mandatory Conversion Date
(the “Remaining Conversion Amount”); and

 

(v)       on
the Second Deemed Mandatory Conversion Date, the portion of this Note representing the Remaining Conversion Amount shall be converted
into fully paid, validly issued and nonassessable shares of Common Stock in accordance with Section 3.5(a) hereof at the Conversion
Rate (assuming, for such purpose, that (x) the “Conversion Amount” referred to in Section 3.5(a) were equal to the
Remaining Conversion Amount and (y) the “Mandatory Conversion Date” referred to in Section 3.5(a) was the Second Deemed
Mandatory Conversion Date).

 

    8 

     

    

  

(c)          Expiration.
For the avoidance of doubt, the provisions of this Section 3.5 shall expire and cease to exist on the Mandatory Conversion Expiration
Date; provided, however, if a First Deemed Mandatory Conversion Date occurs, then the provisions of this Section 3.5 shall expire
and cease to exist on the Second Deemed Mandatory Conversion Date.

 

4.            Rights
Upon and Event of Default.

 

4.1         Event
of Default. Each of the following events shall constitute an “Event of Default” and each of the events in
clauses (f), (g) and (h) below shall constitute a “Bankruptcy Event of Default”:

 

(a)          the
Company’s failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock within ten (10)
Trading Days after the applicable Conversion Date;

 

(b)          except
to the extent the Company is in compliance with Section 10.2 below, at any time following the tenth (10th) Trading Day
that the Holder’s Authorized Share Allocation is less than the number of shares of Common Stock that the Holder would be
entitled to receive upon a conversion of the full Conversion Amount of this Note (without regard to any limitations on conversion
set forth in Section 3.4 or otherwise);

 

(c)          the
Company’s or any Subsidiary’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or other
amounts within three (3) Trading Days after such amounts were due under this Note (including, without limitation, the Company’s
or any Subsidiary’s failure to pay any redemption payments or amounts hereunder) or any other Transaction Document or any
other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and
thereby;

 

(d)          the
Company fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to the Holder as and when
required by the Securities Purchase Agreement or this Note, unless otherwise then prohibited by applicable federal securities laws,
and any such failure remains uncured for at least five (5) Trading Days;

 

(e)          the
occurrence of any default under, redemption of or acceleration prior to maturity of, any Indebtedness of the Company or any of
its Subsidiaries, other than with respect to any Other Notes;

 

(f)           bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not be dismissed
within thirty (30) days of their initiation;

 

    9 

     

    

  

(g)          the
commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or
any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the
consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance of any such action
or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under
federal, state or foreign law;

 

(h)          the
entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary
or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt or
insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

(i)           any
default by the Company in the due performance and observance of any of the covenants or agreements contained Section 13;

 

(j)           any
representation, warranty or other written statement of the Company set forth in any Transaction Document or any certification provided
by the Company pursuant to any Transaction Document is incorrect or misleading in any material respect when given;

 

(k)          other
than as specifically set forth in another clause of this Section 4.1, any default by the Company in the due performance and observance
of any of the covenants or agreements of any Transaction Document, except, in the case of a breach of a covenant that is curable,
only if such breach remains uncured for a period of two (2) consecutive Trading Days;

 

    10 

     

    

  

(l)           a
false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the Equity
Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Event of Default has occurred;

 

(m)         any
material provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof)
cease to be valid and binding on or enforceable against the parties thereto in any material respect, or the validity or enforceability
thereof shall be contested by any party thereto, or a proceeding shall be commenced by the Company or any Subsidiary or any governmental
authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company
or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document;
or

 

(n)          any
Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

4.2         Notice
of an Event of Default: Event of Default Redemption Right. Upon the occurrence of an Event of Default with respect to this
Note or any Other Note, the Company shall within one (1) Business Day of becoming aware of such Event of Default deliver written
notice thereof via facsimile or electronic mail and overnight courier (with next day delivery specified) (an “Event of
Default Notice”) to the Holder. At any time after the earlier of the Holder’s receipt of an Event of Default Notice
and the Holder becoming aware of an Event of Default and ending (such ending date, the “Event of Default Right Expiration
Date”) on the twentieth (20th) Trading Day after the later of (x) the date such Event of Default is cured
and (y) the Holder’s receipt of an Event of Default Notice that includes (I) a reasonable description of the applicable Event
of Default, (II) a certification as to whether, in the opinion of the Company, such Event of Default is capable of being cured
and, if applicable, a reasonable description of any existing plans of the Company to cure such Event of Default and (III) a certification
as to the date the Event of Default occurred and, if cured on or prior to the date of such Event of Default Notice, the applicable
Event of Default Right Expiration Date, the Holder may require the Company to redeem (regardless of whether such Event of Default
has been cured on or prior to the Event of Default Right Expiration Date) all or any portion of this Note by delivering written
notice thereof (the “Event of Default Redemption Notice”) to the Company, which Event of Default Redemption
Notice shall indicate the portion of this Note the Holder is electing to redeem. Each portion of this Note subject to redemption
by the Company pursuant to this Section 4.2 shall be redeemed by the Company at a price equal to the product of (A) the Conversion
Amount to be redeemed multiplied by (B) the Redemption Premium as of the date of the Event of Default (the “Event of Default
Redemption Price”). Redemptions required by this Section 4.2 shall be made in accordance with the provisions of Section
11. To the extent redemptions required by this Section 4.2 are deemed or determined by a court of competent jurisdiction to be
prepayments of this Note by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything
to the contrary in this Section 4.2, but subject to Section 3.4, until the Event of Default Redemption Price (together with any
Late Charges thereon) is satisfied in full, the Conversion Amount submitted for redemption under this Section 4.2 (together with
any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to the terms of Section
3. In the event of the Company’s redemption of any portion of this Note under this Section 4.2, the Holder’s damages
would be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and the uncertainty
of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption premium due under
this Section 4.2 is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss
of its investment opportunity and not as a penalty. Any redemption upon an Event of Default shall not constitute an election of
remedies by the Holder, and all other rights and remedies of the Holder shall be preserved.

 

    11 

     

    

  

4.3         Mandatory
Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding any conversion
that is then required or in process, upon any Bankruptcy Event of Default, whether occurring prior to or following the Maturity
Date, the Company shall immediately pay to the Holder an amount in cash representing (i) all outstanding Principal, accrued and
unpaid Interest, and accrued and unpaid Late Charges on such Principal and Interest, multiplied by (ii) the Redemption Premium
as of the date of the Bankruptcy Event of Default, in addition to any and all other amounts due hereunder, without the requirement
for any notice or demand or other action by the Holder or any other person or entity; provided that the Holder may, in its sole
discretion, waive such right to receive payment upon a Bankruptcy Event of Default, in whole or in part, and any such waiver shall
not affect any other rights of the Holder hereunder, including any other rights in respect of such Bankruptcy Event of Default,
any right to conversion, and any right to payment of the Event of Default Redemption Price or any other Redemption Price, as applicable.

 

5.            Fundamental
Transactions; Change of Control.

 

5.1         Fundamental
Transactions.

 

(a)          Restrictions.
The Company shall not enter into or be party to a Fundamental Transaction unless: either (i) the Company is the surviving
Person; or (ii) the Successor Entity (if other than the Company) assumes in writing all of the obligations of the Company under
this Note and the other Transaction Documents as provided in Section 5.1(b).

 

(b)         Assumption.
To satisfy clause (ii) of Section 5.1(a), (i) the Successor Entity shall assume in writing all of the obligations of the Company
under this Note and the other Transaction Documents pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and the Company (or the Successor Entity, as applicable), including agreements to deliver to each holder of Notes
in exchange for such Notes a security of the Successor Entity evidenced by a written instrument substantially similar in form and
substance to the Notes, including, without limitation, having a principal amount and interest rate equal to the principal amounts
then outstanding and the interest rates of the Notes, respectively, held by such holder, having similar conversion rights as the
Notes and having similar ranking and security to the Notes, and reasonably satisfactory to the Holder and the Company (or the Successor
Entity, as applicable) and (ii) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose
common stock is quoted on or listed for trading on an Eligible Market. Upon the occurrence of any Fundamental Transaction, the
Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the
provisions of this Note and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    12 

     

    

  

(c)          Confirmation.
Upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall
be issued upon conversion or redemption of this Note at any time after the consummation of such Fundamental Transaction, in lieu
of the shares of Common Stock (or other securities, cash, assets or other property) issuable upon the conversion or redemption
of the Notes prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the
Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such
Fundamental Transaction had this Note been converted immediately prior to such Fundamental Transaction (without regard to any limitations
on the conversion of this Note), as adjusted in accordance with the provisions of this Note.

 

(d)          Waiver.
Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive
this Section 5.1 to permit the Fundamental Transaction without the assumption of this Note.

 

(e)          Applicability.
The provisions of this Section 5 shall apply similarly and equally to successive Fundamental Transactions and shall be applied
without regard to any limitations on the conversion of this Note.

 

5.2         Notice
of a Change of Control; Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior
to the consummation of a Change of Control (the “Change of Control Date”), but not prior to the public announcement
of such Change of Control, the Company shall deliver written notice thereof via facsimile or electronic mail and overnight courier
to the Holder (a “Change of Control Notice”). At any time during the period beginning after the Holder’s
receipt of a Change of Control Notice or the Holder becoming aware of a Change of Control if a Change of Control Notice is not
delivered to the Holder in accordance with the immediately preceding sentence (as applicable) and ending on the later of ten (10)
Trading Days after (A) the date of receipt of such Change of Control Notice or (B) only if a Change of Control Notice is not delivered
to the Holder in accordance with the immediately preceding sentence, the Holder becoming aware of the consummation of such Change
of Control, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof (“Change
of Control Redemption Notice”) to the Company, which Change of Control Redemption Notice shall indicate the Conversion
Amount the Holder is electing to redeem. The portion of this Note subject to redemption pursuant to this Section 5.2 shall be redeemed
by the Company in cash at a price (the “Change of Control Redemption Price”) equal to (a) so long as the Company
has timely delivered to the Holder a Change of Control Notice in accordance with this Section 5.2, with respect to such portion
of this Note that represents the portion of this Note that could be immediately converted by the Holder into shares of Common Stock
in accordance with Section 3.3 (subject to the limitations set forth in Section 3.4) the product of (w) the Redemption Premium
as of the date of the date of the Change of Control multiplied by (y) such portion of the Conversion Amount being redeemed, and
(b) with respect to (A) in the event the Company shall have not timely delivered to the Holder a Change of Control Notice in accordance
with this Section 5.2, the entire Conversion Amount being redeemed, or (B) in the event the Company shall have timely delivered
to the Holder a Change of Control Notice in accordance with this Section 5.2, the portion of the Conversion Amount being redeemed
that is not subject to clause (a) above, the greater of (i) the product of (w) the Redemption Premium as of the date of the date
of the Change of Control multiplied by (y) the Conversion Amount being redeemed, and (ii) the product of (y) the Redemption Premium
as of the date of the Change of Control multiplied by (z) the product of (A) the Conversion Amount being redeemed multiplied by
(B) the quotient of (I) the aggregate cash consideration plus the aggregate cash value of any non-cash consideration per share
of Common Stock to be paid to the holders of the shares of Common Stock upon consummation of such Change of Control (any such non-cash
consideration constituting publicly-traded securities shall be valued at the highest of the Closing Sale Price of such securities
as of the Trading Day immediately prior to the consummation of such Change of Control, the Closing Sale Price of such securities
on the Trading Day immediately following the public announcement of such proposed Change of Control and the Closing Sale Price
of such securities on the Trading Day immediately prior to the public announcement of such proposed Change of Control) divided
by (II) the Conversion Price then in effect (the “Change of Control Redemption Price”). Redemptions required
by this Section 5.2 shall be made in accordance with the provisions of Section 11 and shall have priority to payments to stockholders
in connection with such Change of Control. To the extent redemptions required by this Section 5.2 are deemed or determined by a
court of competent jurisdiction to be prepayments of this Note by the Company, such redemptions shall be deemed to be voluntary
prepayments. Notwithstanding anything to the contrary in this Section 5.2, but subject to Section 3.4, until the Change of Control
Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under
this Section 5.2 (together with any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock
pursuant to Section 3. In the event of the Company’s redemption of any portion of this Note under this Section 5.2, the Holder’s
damages would be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and
the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption
premium due under this Section 5.2 is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s
actual loss of its investment opportunity and not as a penalty.

 

    13 

     

    

  

6.            Intentionally
Omitted.

 

7.            Adjustments
to the Conversion Price.

 

7.1         Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock or Stock Dividend. If the Company issues solely shares
of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects
a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Fundamental Transaction,
as to which the provisions set forth in Section 5 will apply), then the Conversion Price will be adjusted based on the following
formula:

 

 

 

Where:

 

	CP0	=	the Conversion Price in effect immediately before
the open of business on the ex-dividend date for such dividend or distribution, or immediately before the open of business on
the effective date of such stock split or stock combination, as applicable

 

	CP1	=	the Conversion Price in effect immediately after
the open of business on such ex-dividend date or the open of business on such effective date, as applicable

 

	OS0	=	the number of shares of Common Stock outstanding
immediately before the open of business on such ex-dividend date or effective date, as applicable

 

	OS1	=	the number of shares of Common Stock outstanding
immediately after giving effect to such dividend, distribution, stock split or stock combination

 

    14 

     

    

  

For the avoidance of doubt, pursuant
to the definition of CP1 above, any adjustment to the Conversion Price made pursuant to this Section 7.1 will become
effective immediately after the open of business on such ex-dividend date or the open of business on such effective date, as applicable.
If any dividend, distribution, stock split or stock combination of the type described in this Section 7.1 is declared or announced,
but not so paid or made, then the Conversion Price, if previously adjusted, will be readjusted, effective as of the date the Board
of Directors of the Company determines not to pay such dividend or distribution or to effect such stock split or stock combination,
to the Conversion Price that would then be in effect had such dividend, distribution, stock split or stock combination not been
declared or announced.

 

7.2         Rights,
Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants
entitling such holders, for a period of not more than sixty (60) calendar days after the record date of such distribution,
to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Closing Sale Prices
per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately
before the date such distribution is publicly announced (excluding such distributions made in connection with a bona fide capital
raise by the Company where (x) the price per share of Common Stock is not less than sixty five percent (65%) of the average of
the Closing Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the
Trading Day immediately before the date such distribution is publicly announced, and (y) the exercise period in which the holder
of such right, option or warrant may exercise such right, option or warrant to purchase shares of Common Stock shall expire no
later than the 60th day following the date of such distribution), then the Conversion Price will be decreased based
on the following formula:

 

 

Where:

 

	CP0	=	the Conversion Price in effect immediately before
the open of business on the ex-dividend date for such distribution

 

	CP1	=	the Conversion Price in effect immediately after
the open of business on such ex-dividend date

 

	OS	=	the number of shares of Common Stock outstanding
immediately before the open of business on such ex-dividend date

 

	X	=	the total number of shares of Common Stock issuable
pursuant to such rights, options or warrants

 

	Y	=	a number of shares of Common Stock obtained by dividing
(x) the aggregate price amount to exercise all such rights, options or warrants distributed by the Company by (y) the
average of the Closing Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including,
the Trading Day immediately before the date such distribution is announced

 

    15 

     

    

 

For the avoidance of doubt, any
adjustment to the Conversion Price made pursuant to this Section 7.2 will be made successively whenever any such rights, options
or warrants are issued and, pursuant to the definition of CP1 above, will become effective immediately after the open
of business on the ex-dividend date for the applicable distribution. To the extent that shares of Common Stock are not delivered
after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised),
the Conversion Price, if previously adjusted, will be readjusted effective as of such expiration date to the Conversion Price that
would then be in effect had the decrease to the Conversion Price for such distribution been made on the basis of delivery of only
the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. To the extent such rights,
options or warrants are not so distributed, the Conversion Price will be readjusted effective as of the date the Board of Directors
of the Company determines not to distribute such rights, options or warrants, to the Conversion Price that would then be in effect
had the ex-dividend date for the distribution of such rights, options or warrants not occurred. For purposes of this Section 7.2,
in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common
Stock at a price per share that is less than the average of the Closing Sale Prices per share of Common Stock for the ten (10) consecutive
Trading Days ending on, and including, the Trading Day immediately before the date of the distribution of such rights, options
or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will
be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise
thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors of the Company.

 

7.3         Voluntary
Adjustment by Company. The Company may at any time during the term of this Note, with the prior written consent of the Required
Holders, reduce the then current Conversion Price to any amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

 

8.            Redemptions
at the Company’s Election.

 

8.1   
     Company Optional Redemption.

 

(a)          At
any time after June 14, 2019, the Company shall have the right to redeem all, but not less than all, of the Conversion Amount then
remaining under this Note (the “Company Optional Redemption Amount”) on the Company Optional Redemption Date
(a “Company Optional Redemption”). The portion of this Note subject to redemption pursuant to this Section 8.1
shall be redeemed by the Company in cash at a price (the “Company Optional Redemption Price”) equal to the product
of (A) the Redemption Premium as of the Company Optional Redemption Date multiplied by (B) the Conversion Amount being redeemed
as of the Company Optional Redemption Date.

 

    16 

     

    

 

(b)          The
Company may exercise its right to require redemption under this Section 8.1 by delivering a written notice thereof by facsimile
or electronic mail and overnight courier to all, but not less than all, of the holders of Notes (the “Company Optional
Redemption Notice” and the date all of the holders of Notes received such notice is referred to as the “Company
Optional Redemption Notice Date”). The Company may deliver only one Company Optional Redemption Notice hereunder and
such Company Optional Redemption Notice shall be irrevocable. The Company Optional Redemption Notice shall (x) state the date on
which the Company Optional Redemption shall occur (the “Company Optional Redemption Date”) which date shall
not be less than ten (10) Trading Days nor more than twenty (20) Trading Days following the Company Optional Redemption Notice
Date, (y) certify that there has been no Equity Conditions Failure and (z) state the aggregate Conversion Amount of the Notes which
is being redeemed in such Company Optional Redemption from the Holder and all of the other holders of the Notes pursuant to this
Section 8.1 (and analogous provisions under the Other Notes) on the Company Optional Redemption Date.

 

(c)          Notwithstanding
anything herein to the contrary, (i) if no Equity Conditions Failure has occurred as of the Company Optional Redemption Notice
Date but an Equity Conditions Failure occurs at any time prior to the Company Optional Redemption Date, (A) the Company shall provide
the Holder a subsequent notice to that effect, and (B) unless the Holder waives the Equity Conditions Failure, the Company Optional
Redemption shall be cancelled and the applicable Company Optional Redemption Notice shall be null and void, and (ii) at any time
prior to the date the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted,
in whole or in part, by the Holder into shares of Common Stock pursuant to Section 3.

 

(d)          All
Conversion Amounts converted by the Holder after the Company Optional Redemption Notice Date shall reduce the Company Optional
Redemption Amount of this Note required to be redeemed on the Company Optional Redemption Date. Redemptions made pursuant to this
Section 8.1 shall be made in accordance with Section 11.

 

(e)          In
the event of the Company’s redemption of any portion of this Note under this Section 8.1, the Holder’s damages would
be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and the uncertainty
of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any redemption premium due under
this Section 8.1 is intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss
of its investment opportunity and not as a penalty. For the avoidance of doubt, the Company shall have the right to effect a Company
Optional Redemption if any Event of Default has occurred and continuing.

 

    17 

     

    

 

(f)           Notwithstanding
the foregoing provisions of this Section 8.1, in the event that (x) the Company desires to effect a Company Optional Redemption
of this Note on a Company Optional Redemption that, but for the existence of an Equity Condition Failure resulting solely as a
result of the failure of the condition set forth in clause (iii) of the definition of “Equity Conditions” as of the
Company Optional Redemption Notice Date or the Company Optional Redemption Date, otherwise complies with this Section 8.1 and (y)
such Company Optional Redemption Date would occur on a date not less than sixty one days prior to the Maturity Date (a Company
Optional Redemption Date satisfying clauses (x) and (y), the “First Deemed Optional Redemption Date”), then,
notwithstanding anything to the contrary set forth herein:

 

(i)       the
condition set forth in clause (iii) of the definition of “Equity Conditions” shall be deemed satisfied on such First
Deemed Optional Redemption Date;

 

(ii)       on
the First Deemed Optional Redemption Date, the portion of this Note representing the maximum portion of the Conversion Amount of
this Note that could be converted into shares of Common Stock pursuant to Section 3.3 (subject to the limitations in Section 3.4)
on such date such that the Holder together with the other Attribution Parties did not collectively own in excess of the then effective
Maximum Percentage of the shares of Common Stock outstanding immediately after giving effect to such conversion (such portion of
the Conversion Amount, the “First Redemption Amount”) shall be redeemed by the Company in cash at the Company
Optional Redemption Price in accordance with the foregoing provisions of this Section 8.1 (assuming, for such purpose, that (x)
the “Company Optional Redemption Amount” referred to in Section 8.1(a) were equal to the First Redemption Amount and
(y) the “Company Optional Redemption Date” referred to in Section 8.1(b) was the First Deemed Optional Redemption Date);
provided, that, at any time prior to the date the Company Optional Redemption Price in respect of such redemption is paid, in full,
the First Redemption Amount may be converted, in whole or in part, by the Holder into shares of Common Stock pursuant to Section
3;

 

(iii)       the
Company shall otherwise comply with the provisions of this Section 8.1 as though the “Company Optional Redemption Date”
referred to in Section 8.1(b) was the First Deemed Optional Redemption Date;

 

(iv)       upon
the delivery by the Company to the Holder of the Company Optional Redemption Notice in accordance with Section 8.1(b), the Maximum
Percentage shall automatically be increased, effective as of the sixty-first (61st) day following the First Deemed Optional
Redemption Date (the “Second Deemed Optional Redemption Date”), to a percentage sufficient to permit the conversion
in full of the remaining portion of this Note representing the remaining portion of the Conversion Amount (after giving effect
to the redemption of the First Redemption Amount pursuant to clause (ii) above) as of the Second Deemed Optional Redemption Date
(the “Remaining Redemption Amount”); and

 

(v)       on
the Second Deemed Optional Redemption Date, the portion of this Note representing the Remaining Redemption Amount shall be redeemed
by the Company in cash at the Company Optional Redemption Price in accordance with the foregoing provisions of this Section 8.1
(assuming, for such purpose, that (x) the “Company Optional Redemption Amount” referred to in Section 8.1(a) were equal
to the Remaining Redemption Amount and (y) the “Company Optional Redemption Date” referred to in Section 8.1(b) was
the Second Deemed Optional Redemption Date); provided, that, at any time prior to the date the Company Optional Redemption Price
in respect of such redemption is paid, in full, the Remaining Redemption Amount may be converted, in whole or in part, by the Holder
into shares of Common Stock pursuant to Section 3 (and, for the avoidance of doubt, in the that the Holder delivers a Conversion
Notice with respect to such Remaining Redemption Amount prior to the Second Optional Redemption Date, such the redemption contemplated
by this clause (v) shall not occur).

 

    18 

     

    

 

8.2         Pro
Rata Redemption Requirement. If the Company elects to cause a Company Optional Redemption of this Note pursuant to Section
8.1, then it must simultaneously take the same action with respect to all of the Other Notes.

 

9.            Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its certificate or articles of incorporation,
bylaws or other governing document 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 Note, and will at all times in good faith carry out all of the provisions of this Note and take all action
as may be required to protect the rights of the Holder of this Note. Without limiting the generality of the foregoing or any other
provision of this Note or the other Transaction Documents, the Company (a) shall not increase the par value of any shares
of Common Stock receivable upon conversion of this Note above the Conversion Price then in effect, and (b) shall take all
such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the conversion of this Note.

 

10.          Reservation
of Authorized Shares.

 

10.1       Reservation.
The Company shall initially reserve out of its authorized and unissued shares of Common Stock a number of shares of Common Stock
for each of this Note and the Other Notes equal to 120% of the Conversion Rate with respect to the Conversion Amount of each such
Note as of the Issuance Date. So long as any of this Note and the Other Notes are outstanding, the Company shall take all action
necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the
conversion of this Note and the Other Notes, the number of shares of Common Stock as shall from time to time be necessary to effect
the conversion of all of the Notes then outstanding; provided, that at no time shall the number of shares of Common Stock so reserved
be less than the number of shares required to be reserved pursuant hereto (in each case, without regard to any limitations on conversions)
(the “Required Reserve Amount”). The initial number of shares of Common Stock reserved for conversions of this
Note and the Other Notes and each increase in the number of shares so reserved shall be allocated pro rata among the Holder and
the holders of the Other Notes based on the Principal amount of this Note and the Other Notes held by each holder at the Closing
(as defined in the Securities Purchase Agreement) or at the time of the increase in the number of reserved shares, as the case
may be (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer this
Note, or a portion thereof, or any of such holder’s Other Notes, each transferee shall be allocated a pro rata portion of
such holder’s Authorized Share Allocation.

 

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10.2       Insufficient
Authorized Shares.

 

(a)          If
at any time while any of the Notes remain outstanding the Company does not have a sufficient number of authorized and unreserved
shares of Common Stock to satisfy its obligation to have reserved for issuance upon conversion of the outstanding Notes at least
a number of shares of Common Stock equal to the Required Reserve Amount (an “Authorized Share Failure”), then
the Company shall promptly take all action necessary to increase the Company’s authorized shares of Common Stock to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall either (x) obtain
the written consent of its stockholders for the approval of an increase in the number of authorized shares of Common Stock and
provide each stockholder with an information statement with respect thereto or (y) file with the SEC a proxy statement for
a meeting of its stockholders at which meeting the Company will seek the approval of its stockholders for an increase in the number
of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy
statement and shall use commercially reasonable efforts to solicit its stockholders’ approval of such increase in authorized
shares of Common Stock and to cause its Board of Directors to recommend to the stockholders that they approve such proposal. Notwithstanding
the foregoing, if during any such time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority
of the shares of its issued and outstanding Common Stock to approve the increase in the number of authorized shares of Common Stock,
the Company may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement
on Schedule 14C.

 

(b)          If,
upon any conversion of this Note, the Company does not have sufficient authorized shares to deliver in satisfaction of such conversion,
then unless the Holder elects to rescind such attempted conversion, the Holder may require the Company, in lieu of issuing Common
Stock in connection with such conversion and in full satisfaction of the Company’s obligations with respect to such conversion,
to pay to the Holder within three (3) Trading Days of the applicable attempted conversion, cash in an amount equal to the
product of (i) the number of shares of Common Stock that the Company is unable to deliver pursuant to this Section 10,
and (ii) the highest Closing Sale Price of the Common Stock during the period beginning on the applicable Conversion Date
and ending on the date the Company makes the applicable cash payment.

 

11.          Redemptions.

 

11.1       Mechanics.

 

(a)          If
the Holder has submitted an Event of Default Redemption Notice in accordance with Section 4.2, the Company shall deliver the applicable
Event of Default Redemption Price to the Holder in cash within five (5) Business Days after the Company’s receipt of the
Holder’s Event of Default Redemption Notice (each, an “Event of Default Redemption Date”).

 

(b)          If
the Holder has submitted a Change of Control Redemption Notice in accordance with Section 5.2, the Company shall deliver the applicable
Change of Control Redemption Price to the Holder in cash concurrently with the consummation of such Change of Control if such notice
is received prior to the consummation of such Change of Control and within five (5) Business Days after the Company’s receipt
of such notice otherwise (each, a “Change of Control Redemption Date”).

 

    20 

     

    

 

(c)       In
the event of a Company Optional Redemption, the Company shall deliver the applicable Company Optional Redemption Price to the Holder
in cash on the applicable Company Optional Redemption Date (which, to the extent the provisions of Section 8.1(f) apply, include
the First Deemed Optional Redemption Date and Second Deemed Optional Redemption Date, as applicable).

 

(d)       Notwithstanding
anything herein to the contrary, in connection with any redemption hereunder at a time the Holder is entitled to receive a cash
payment under any of the other Transaction Documents, at the option of the Holder delivered in writing to the Company, the applicable
Redemption Price hereunder shall be increased by the amount of such cash payment owed to the Holder under such other Transaction
Document and, upon payment in full or conversion in accordance herewith, shall satisfy the Company’s payment obligation under
such other Transaction Document.

 

(e)       In
the event of a redemption of less than all of the Conversion Amount of this Note, the Company shall promptly cause to be issued
and delivered to the Holder a new Note (in accordance with Section 17.4) representing the outstanding Principal which has not been
redeemed.

 

(f)       In
the event that the Company does not pay the applicable Redemption Price to the Holder within the time period required, at any time
thereafter and until the Company pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption,
to require the Company to promptly return to the Holder all or any portion of this Note representing the Conversion Amount that
was submitted for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been
paid. Upon the Company’s receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect
to such Conversion Amount, and (y) the Company shall immediately return this Note, or issue a new Note (in accordance with Section
17.4), to the Holder; provided, that, notwithstanding the applicable Redemption Notice being deemed null and void and such return
or issuance of this Note or a new Note in accordance with the foregoing, a continual Event of Default shall thereafter be deemed
to have occurred and be continuing until the subsequent repayment or conversion of this Note in full. Furthermore, the Holder’s
delivery of a notice voiding a Redemption Notice and exercise of its rights following such notice shall not affect the Company’s
obligations to make any payments of Late Charges which have accrued prior to the date of such notice with respect to the Conversion
Amount subject to such notice.

 

11.2       Redemption
by Other Holders. Upon the Company’s receipt of notice from any of the holders of the Other Notes for redemption or repayment
as a result of an event or occurrence substantially similar to the events or occurrences described in Section 4 or Section 5.2
(each, an “Other Redemption Notice”), the Company shall immediately, but no later than two (2) Business Days
after its receipt thereof, forward to the Holder by facsimile or electronic mail a copy of such notice. If the Company receives
a Redemption Notice and one or more Other Redemption Notices, during the seven (7) Business Day period beginning on and including
the date which is two (2) Business Days prior to the Company’s receipt of the Holder’s applicable Redemption Notice
and ending on and including the date which is five (5) Business Days after the Company’s receipt of the Holder’s applicable
Redemption Notice and the Company is unable to redeem all principal, interest and other amounts designated in such Redemption Notice
and such Other Redemption Notices received during such seven (7) Business Day period, then the Company shall redeem a pro rata
amount from each holder of the Notes (including the Holder) based on the principal amount of the Notes submitted for redemption
pursuant to such Redemption Notice and such Other Redemption Notices received by the Company during such seven (7) Business Day
period.

 

    21 

     

    

 

12.          Voting
Rights. The Holder shall have no voting rights as the holder of this Note, except as required by law and as expressly provided
in this Note.

 

13.          Covenants.
Until all of the Notes have been converted, redeemed or otherwise satisfied, in full, in accordance with their terms:

 

13.1       Rank.
All payments due under this Note (a) shall rank pari passu with all Other Notes and (b) shall be senior to all other Indebtedness
of the Company and its Subsidiaries.

 

13.2       Incurrence
of Indebtedness. The Company shall not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly,
incur or guarantee, assume or suffer to exist any Indebtedness (other than (i) the Indebtedness evidenced by this Note and the
Other Notes and (ii) other Permitted Indebtedness).

 

13.3       Existence
of Liens. The Company shall not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly, allow
or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by the Company or any of its Subsidiaries (collectively, “Liens”)
other than Permitted Liens.

 

13.4       Redemption
and Dividends. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
redeem, repurchase or declare or pay any dividend or distribution on any of its capital stock (any of the foregoing, a “Restricted
Payment”), other than (i) Restricted Payments made by any Subsidiary to the Company or any other Subsidiary of the Company,
(ii) any dividend payments or other distributions by the Company or any Subsidiary payable solely in shares of capital stock of
such Person and (iii) purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of capital stock deemed
to occur upon the exercise of stock options, warrants or other rights in respect thereof if such capital stock represents a portion
of the exercise price thereof.

 

13.5       Transfer
of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, sell,
lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of substantially all of the assets or
rights of the Company and its Subsidiaries owned or hereafter acquired whether in a single transaction or a series of related transactions.

 

13.6       Transactions
with Affiliates. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party
to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any affiliate, except (i) transactions entered
into in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable for
the prudent operation of its business, and (ii) transactions entered into for fair consideration and on terms no less favorable
to it or its Subsidiaries than would be obtainable in a comparable arm’s length transaction with a Person that is not an
affiliate thereof.

 

    22 

     

    

 

13.7       Liquidity.
The Company shall not permit, at any time, the Liquidity to be less than $3,000,000.

 

13.8       Maintenance
of Existence. The Company shall preserve and maintain its legal existence.

 

13.9       Books
and Records. The Company shall, and the Company shall cause its Subsidiaries to, keep books and records in accordance with
GAAP which accurately reflect all of its business affairs and transactions.

 

14.          Distribution
of Assets. If (x) the Company shall declare or make any dividend or other distributions of its assets (or rights to acquire
its assets) to any or all holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (the “Distribution”), and (y) the Holder
shall deliver a Conversion Notice pursuant to Section 3 within fifteen (15) Business Days following the date of such Distribution,
then, upon the conversion of this Note contemplated by such Conversion Notice (and, if, within fifteen (15) Business Days following
the date of such Distribution, the Holder shall deliver a notice to the Company pursuant to Section 3.4 to increase the Maximum
Percentage, upon the subsequent conversion of this Note into the additional shares of Common Stock issuable upon such conversion
as a result of such increase in the Maximum Percentage), the Holder shall be entitled to receive, in addition to the shares of
Common Stock otherwise issuable to the Holder in respect of such conversion (the “Applicable Shares”), such
amount of cash, stock or other assets that were distributed in such Distribution equal to the amount of such cash, stock or other
assets that the Holder would have received on the date of such Distribution had the Holder held the number of shares of Common
Stock equal to the Applicable Shares immediately prior to 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 Common Stock are to be determined for such Distributions. For the purposes
of permitting the Holder to receive the benefit of this Section 14, in connection with any Distribution, the Company shall retain
from such Distribution and hold in abeyance for the benefit of the Holder the maximum amount of cash, stock or other assets that
may be deliverable to the Holder under this Section 14 (assuming, for such calculation, that the Holder shall deliver the notices
described in clause (y) above with respect a complete conversion of this Note (without taking into account the effect of any Maximum
Percentage hereunder)).

 

15.          Amendments
and Waivers. The affirmative vote at a meeting duly called for such purpose or the written consent without a meeting of the
Required Holders shall be required for any change or amendment or waiver of any provision to this Note or any of the Other Notes;
provided that any such amendment or waiver that complies with the foregoing but that disproportionately, materially and adversely
affects the rights and obligations of any Holder relative to the comparable rights and obligations of the other Holders shall require
the prior written consent of such adversely affected Holder. Any change, amendment or waiver by the Company and the Required Holders
shall be binding on the Holder of this Note and all holders of the Other Notes.

 

16.          Transfer.
This Note may be offered, sold, assigned or transferred by the Holder upon notice to, but without the consent of, the Company,
subject only to the provisions of Section 4.1 of the Securities Purchase Agreement. Any shares of Common Stock issued upon conversion
of this Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company, subject only to the
provisions of Section 4.1 of the Securities Purchase Agreement.

 

    23 

     

    

 

17.          Reissuances;
New Notes.

 

17.1       Transfer.
If this Note is to be transferred in accordance with the terms of this Note, the Holder shall surrender this Note to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 17.4
and subject to Section 3.3(c)), registered as the Holder may request, representing the outstanding Principal being transferred
by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance with Section 17.4)
to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this
Note, acknowledge and agree that, by reason of the provisions of Section 3.3(c) following conversion or redemption of any
portion of this Note, the outstanding Principal represented by this Note may be less than the Principal stated on the face of this
Note.

 

17.2       Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company
shall execute and deliver to the Holder a new Note (in accordance with Section 17.4) representing the outstanding Principal.

 

17.3       Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section 17.4) representing in the aggregate the outstanding
Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the
Holder at the time of such surrender.

 

17.4       Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 17.1 or Section 17.3, the Principal designated by the Holder which,
when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions
as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal and Interest of this Note,
from the Issuance Date.

 

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18.          Remedies,
Characterizations, other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. No failure
on the part of the Holder to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by the Holder of any right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. In addition, the exercise of any right or remedy of the Holder at
law or equity or under this Note or any of the documents shall not be deemed to be an election of Holder’s rights or remedies
under such documents or at law or equity. 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, conversion
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 shall be
entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary and permanent injunctive
or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages
and without posting a bond or other security. 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 Note.

 

19.          Payment
of Collection, Enforcement and Other Costs. If (a) an Event of Default has occurred and this Note is placed in the hands of
an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes
action to collect amounts due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization,
receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note,
then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such
bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

20.          Construction;
Headings. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall not be construed
against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part
of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Note
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note. Terms used in this Note and not otherwise defined herein, but defined in the other Transaction Documents, shall have
the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing
by the Holder.

 

21.          Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

    25 

     

    

 

22.          Dispute
Resolution.

 

22.1       Submission
to Dispute Resolution.

 

(a)          In
the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, a VWAP or a fair market value
or the arithmetic calculation of a Conversion Rate or the applicable Redemption Price (as the case may be) (including, without
limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall
submit the dispute to the other party via facsimile or electronic mail (A) if by the Company, within five (5) Business Days after
the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder, within five (5) Business Days after the
Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such
dispute relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such VWAP or such fair market value,
or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price (as the case may be), at any time after
the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be) of such
dispute to the Company or the Holder (as the case may be), then then the Holder may, with the consent of the Company not to be
unreasonably or untimely withheld, select an independent, reputable investment bank to resolve such dispute.

 

(b)          The
Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in
accordance with the first sentence of this Section 22 and (B) written documentation supporting its position with respect to such
dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).

 

(c)          The
Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and
the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The reasonable
fees and reasonable expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution
of such dispute shall be final and binding upon all parties absent manifest error. 

 

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22.2       Miscellaneous.
The Company expressly acknowledges and agrees that (i) this Section 22 constitutes an agreement to arbitrate between the Company
and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil Practice Law and Rules
(“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration pursuant to CPLR §
7503(a) in order to compel compliance with this Section 22, (ii) a dispute relating to a Conversion Price includes, without limitation,
disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 7, (B) the consideration
per share at which an issuance or deemed issuance of Common Stock occurred, and (C) whether an agreement, instrument, security
or the like constitutes and Option or Convertible Security, (iii) the terms of this Note and each other applicable Transaction
Document shall serve as the basis for the selected investment bank’s resolution of the applicable dispute, such investment
bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment
bank determines are required to be made by such investment bank in connection with its resolution of such dispute and in resolving
such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Note and any other
applicable Transaction Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to submit
any dispute described in this Section 22 to any state or federal court sitting in The City of New York, Borough of Manhattan in
lieu of utilizing the procedures set forth in this Section 22 and (v) nothing in this Section 22 shall limit the Holder from obtaining
any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in this
Section 22).

 

22.3       Pendency
of Dispute. Notwithstanding anything to the contrary set forth herein, during either (i) the pendency of any dispute under
this Section 22 with respect to either (A) whether the existence or continuation of an Event of Default has occurred, (B) whether
the conditions to a Mandatory Conversion pursuant to Section 3.5 have been satisfied or (C) whether the conditions to a Company
Optional Redemption pursuant to Section 8 have been satisfied, or (ii) the time that both an Event of Default is continuing and
the pendency of any other dispute under this Section 22, with the prior written consent of the Holder, (x) the provisions of Section
3.5 shall be inapplicable and no Mandatory Conversion pursuant to Section 3.5 shall be effective, any (y) the Company shall not
be permitted to exercise its rights under Section 8 and no Company Optional Redemption pursuant to Section 8 shall be effective.

 

23.          Notices;
Currency; Payments.

 

23.1       Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with Section 8.4 of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions
taken pursuant to this Note, including in reasonable detail a description of such action and the reason therefore. Without limiting
the generality of the foregoing, the Company will give written notice to the Holder immediately upon any adjustment of the Conversion
Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

23.2       Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts owing
under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the
U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an
amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period
of time).

 

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23.3       Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful
money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
such Person at such address as previously provided to the Company in writing (which address, in the case of each of the Purchasers,
shall initially be as set forth on the Schedule of Investors attached to the Securities Purchase Agreement); provided, that the
Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior
written notice setting out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to be
due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding
day which is a Business Day. Any amount of Principal or other amounts due under the Transaction Documents which is not paid within
three (3) Trading Days after such amounts were due shall result in a late charge being incurred and payable by the Company in an
amount equal to interest on such amount at the rate of fourteen percent (14.0%) per annum from the date such amount was due until
the same is paid in full (“Late Charge”).

 

24.          Cancellation.
After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have been satisfied in full,
this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

25.          Waiver
of Notice. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all
other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the
Securities Purchase Agreement.

 

26.          Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Except as otherwise required by Section
22 above, the Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City
of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. Nothing contained herein (i) shall be deemed or operate to
preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on
the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce
a judgment or other court ruling in favor of the Holder or (ii) shall limit, or shall be deemed or construed to limit, any provision
of Section 22. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

27.          Attorneys’
Fees. In the event any legal action or other proceeding is brought by one party against the other party to enforce any provision
of this Note or in which the subject matter of such legal action or other proceeding arises under, or is with respect to, the provisions
of this Note, the prevailing party in any such legal action or other proceeding is entitled to recover from the other party attorneys’
fees and costs associated with defending or prosecuting such legal action or other proceeding, any appeal therefrom, and any ancillary
or related proceedings.

 

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28.          Severability.
If any provision of this Note 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 Note so long as this Note 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).

 

29.          Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to such Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

30.          Usury.
This Note is subject to the express condition that at no time shall the Company be obligated or required to pay interest hereunder
at a rate or in an amount which could subject the Holder to either civil or criminal liability as a result of being in excess of
the maximum interest rate or amount which the Company is permitted by applicable law to contract or agree to pay. If by the terms
of this Note, the Company is at any time required or obligated to pay interest hereunder at a rate or in an amount in excess of
such maximum rate or amount, the rate or amount of interest under this Note shall be deemed to be immediately reduced to such maximum
rate or amount and the interest payable shall be computed at such maximum rate or be in such maximum amount and all prior interest
payments in excess of such maximum rate or amount shall be applied and shall be deemed to have been payments in reduction of the
principal balance of this Note.

 

31.          Definitions.
As used in this Note, the following terms shall have the following meanings:

 

31.1       “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

31.2       “Allowable
Grace Period” has the meaning specified in the Securities Purchase Agreement.

 

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31.3       “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by
the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated
with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose
of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

31.4       “Authorized
Share Allocation” has the meaning specified in Section 10.1.

 

31.5       “Authorized
Share Failure” has the meaning specified in Section 10.2.

 

31.6       “Bankruptcy
Event of Default” has the meaning specified in Section 4.1.

 

31.7       “Business
Day” means any day other than Saturday, Sunday, any day which shall be a federal legal holiday in the United States or
any day on which banking institutions in The State of New York are authorized or required by law or other governmental action to
close.

 

31.8       “Buy-In”
has the meaning specified in Section 3.3(b).

 

31.9       “Buy-In
Price” has the meaning specified in Section 3.3(b).

 

31.10       “Calendar
Quarter” means each of: (i) the period beginning on and including January 1 and ending on and including the next
occurring March 31; (ii) the period beginning on and including April 1 and ending on and including the next occurring June
30; (iii) the period beginning on and including July 1 and ending on and including the next occurring September 30; (iv) and
the period beginning on and including October 1 and ending on and including the next occurring December 31.

 

31.11       “Change
of Control” means (A) that the Company shall, directly or indirectly, including through any of its subsidiaries, in one
or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another
Subject Entity if, after giving effect to such consolidation or merger, any Subject Entity individually or Subject Entities in
the aggregate becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock (or of the
common stock or other equity interests of the surviving entity of such consolidation or merger), or (y) a percentage of the aggregate
ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of the Company (or
of the common stock or other equity interests of the surviving entity of such consolidation or merger) sufficient to allow such
Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company (or of
the surviving entity of such consolidation or merger) to surrender their shares of Common Stock (or of the common stock or other
equity interests of the surviving entity of such consolidation or merger) without approval of the stockholders of the Company (or
of the surviving entity of such consolidation or merger), or (ii) sell, assign, transfer, convey or otherwise dispose of all or
substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in
Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or
allow the Company to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase,
tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock,
or (y) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule
13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire,
either (x) at least 50% of the outstanding shares of Common Stock, or (y) such number of shares of Common Stock such that the Subject
Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding
shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock wherein holders of the Company’s voting
power immediately prior to such reorganization, recapitalization or reclassification after such reorganization, recapitalization
or reclassification do not continue to both (1) hold publicly traded securities and, (2) directly or indirectly, in all material
respects, hold the voting power of the surviving entity (or entities with the authority or voting power to elect the members
of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization,
recapitalization or reclassification, or (B) that the Company shall, directly or indirectly, including through any of its subsidiaries,
in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, or (y) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory
short form merger or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without
approval of the stockholders of the Company.

 

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31.12       “Change
of Control Date” has the meaning specified in Section 5.2.

 

31.13       “Change
of Control Notice” has the meaning specified in Section 5.2.

 

31.14       “Change
of Control Redemption Date” has the meaning specified in Section 11.1.

 

31.15       “Change
of Control Redemption Notice” has the meaning specified in Section 5.2.

 

31.16       “Change
of Control Redemption Price” has the meaning specified in Section 5.2.

 

31.17       “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by FactSet, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time,
as reported by FactSet, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by FactSet, or if the foregoing do not apply, the last closing bid price
or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by FactSet, or, if no closing bid price or last trade price, respectively, is reported for such security by FactSet,
the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink
sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as
the case may be) of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved
in accordance with the procedures in Section 22. All such determinations shall be appropriately adjusted for any stock splits,
stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

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31.18       “Common
Stock” means (i) shares of Common Stock, par value $0.001 per share of the Company, and (ii) any share capital
into which such Common Stock shall be changed or any share capital resulting from a reclassification of such Common Stock.

 

31.19       “Company”
has the meaning specified in the preamble to this Note.

 

31.20       “Company
Optional Redemption” has the meaning specified in Section 8.1.

 

31.21       “Company
Optional Redemption Amount” has the meaning specified in Section 8.1.

 

31.22       “Company
Optional Redemption Date” has the meaning specified in Section 8.1.

 

31.23       “Company
Optional Redemption Notice” has the meaning specified in Section 8.1.

 

31.24       “Company
Optional Redemption Notice Date” has the meaning specified in Section 8.1.

 

31.25       “Company
Optional Redemption Price” has the meaning specified in Section 8.1.

 

31.26       “Conversion
Amount” means the sum of (w) the portion of the Principal to be converted, redeemed or otherwise with respect to which
this determination is being made, (x) all accrued and unpaid Interest with respect to such portion of the Principal amount, and
(y) accrued and unpaid Late Charges with respect to such portion of such Principal and such Interest, if any.

 

31.27       “Conversion
Date” has the meaning specified in Section 3.3(a).

 

31.28       “Conversion
Failure” has the meaning specified in Section 3.3(b).

 

31.29       “Conversion
Notice” has the meaning specified in Section 3.3(a).

 

31.30       “Conversion
Price” means, as of any Conversion Date or other date of determination, $13.11, subject to adjustment as provided herein.

 

31.31       “Conversion
Rate” has the meaning specified in Section 3.2.

 

31.32       “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
shares of Common Stock.

 

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31.33       “Current
Public Information Failure” has the meaning specified in the Securities Purchase Agreement.

 

31.34       “Dispute
Submission Deadline” has the meaning specified in Section 22.1(b).

 

31.35       “DTC”
has the meaning specified in Section 3.3(a).

 

31.36       “Effectiveness
Deadline” has the meaning specified in the Securities Purchase Agreement.

 

31.37       “Eligible
Board or Market” means the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global
Market, the NASDAQ Capital Market or the OTCBB.

 

31.38       “Equity
Conditions” means, with respect to a given date of determination, as of such date of date of determination: (i) either
(x) one or more Registration Statements filed pursuant to the Securities Purchase Agreement shall be effective and the prospectus
contained therein shall be available on such applicable date of determination (with, for the avoidance of doubt, any shares of
Common Stock previously sold pursuant to such prospectus deemed unavailable) for the resale of all shares of Common Stock to be
issued in connection with the event requiring this determination (each, a “Required Minimum Securities Amount”),
in each case, in accordance with the terms of the Securities Purchase Agreement and there shall not have been during such period
any Grace Periods or (y) all Registrable Securities shall be eligible for sale pursuant to Rule 144 without the need for registration
under any applicable federal or state securities laws (in each case, disregarding any limitation on conversion of the Notes or
other issuance of securities with respect to the Notes) and no Current Public Information Failure exists or is continuing; (ii)
the Common Stock (including all Registrable Securities) is listed or designated for quotation (as applicable) on an Eligible Market
and shall not have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and
occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by an Eligible Market have been threatened (with a reasonable prospect of delisting occurring after giving effect to all applicable
notice, appeal, compliance and hearing periods) or reasonably likely to occur or pending as evidenced by (A) a writing by such
Eligible Market or (B) the Company falling below the minimum listing maintenance requirements of the Eligible Market on which the
Common Stock is then listed or designated for quotation (as applicable); (iii) subject to the provisions of Section 3.5(b) and
8.1(f), any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion
of the Conversion Amount being redeemed in the event requiring this determination) may be issued in full without violating Section
3.4 hereof; (iv) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon
conversion of the Conversion Amount being redeemed in the event requiring this determination at the Conversion Price then in effect
(without regard to any limitations on conversion set forth herein)) may be issued in full without violating the rules or regulations
of the Eligible Market on which the Common Stock is then listed or designated for quotation (as applicable); (v) the Company shall
have no knowledge of any fact that would reasonably be expected to cause (1) any Registration Statement required to be filed pursuant
to the Securities Purchase Agreement to not be effective or the prospectus contained therein to not be available for the resale
of the applicable Required Minimum Securities Amount of Registrable Securities in accordance with the terms of the Securities Purchase
Agreement or (2) any Registrable Securities to not be eligible for sale pursuant to Rule 144 without the need for registration
under any applicable federal or state securities laws (in each case, disregarding any limitation on conversion of the Notes or
other issuance of securities with respect to the Notes) or that any Current Public Information Failure exists or is continuing;
(vi) except with respect to any determination of whether the Equity Conditions are satisfied in connection with a Mandatory Conversion
or Company Optional Redemption, the Holder shall not be in (and no other holder of Notes shall be in) possession of any material,
non-public information provided to any of them by the Company, any of its Subsidiaries or any of their respective affiliates, employees,
officers, representatives, agents or the like; (vii) the Company otherwise shall have been in compliance with each, and shall not
have breached any representation or warranty in any material respect (other than representations or warranties subject to material
adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of any Transaction
Document, including, without limitation, the Company shall not have failed to timely make any payment pursuant to any Transaction
Document; (viii) (A) no Authorized Share Failure shall exist or be continuing, (B) the applicable Required Minimum Securities Amount
of shares of Common Stock are available under the certificate of incorporation of the Company and reserved by the Company to be
issued pursuant to the Notes and (C) all shares of Common Stock to be issued in connection with the event requiring this determination
(or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination at the Conversion
Price then in effect (without regard to any limitations on conversion set forth herein)) may be issued in full without resulting
in an Authorized Share Failure; (ix) there shall not have occurred and then be continuing an Event of Default or an event that
with the passage of time or giving of notice would constitute an Event of Default; and (x) the shares of Common Stock issuable
pursuant the event requiring the satisfaction of the Equity Conditions (or issuable upon conversion of the Conversion Amount being
redeemed in the event requiring this determination at the Conversion Price then in effect (without regard to any limitations on
conversion set forth herein)) are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

 

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31.39       “Equity
Conditions Failure” means, as applicable, that (i) on any day during the period commencing ten (10) Trading Days prior
to the applicable Company Optional Redemption Notice Date through the applicable Company Optional Redemption Date, (ii) on any
day during the period commencing ten (10) Trading Days prior to the applicable Mandatory Conversion Date through the applicable
Mandatory Conversion Date or (iii) with respect to any other date of determination, any day during the period commencing ten (10)
Trading Days prior to such date of determination through such date, the Equity Conditions have not been satisfied (or waived in
writing by the Holder).

 

31.40       “Event
of Default” has the meaning specified in Section 4.1.

 

31.41       “Event
of Default Notice” has the meaning specified in Section 4.2.

 

31.42       “Event
of Default Redemption Date” has the meaning specified in Section 11.1.

 

31.43       “Event
of Default Redemption Notice” has the meaning specified in Section 4.2.

 

31.44       “Event
of Default Redemption Price” has the meaning specified in Section 4.2.

 

31.45       “Event
of Default Right Expiration Date” has the meaning specified in Section 4.2.

 

31.46       “Excess
Shares” has the meaning specified in Section 3.4.

 

31.47       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

31.48       “Filing
Deadline” has the meaning specified in the Securities Purchase Agreement.

 

    34 

     

    

  

31.49       “First
Conversion Amount” has the meaning specified in Section 3.5(b).

 

31.50       “First
Deemed Mandatory Conversion Date” has the meaning specified in Section 3.5(b).

 

31.51       “First
Deemed Optional Redemption Date” has the meaning specified in Section 8.1(f).

 

31.52       “First
Redemption Amount” has the meaning specified in Section 8.1(f).

 

31.53       “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through any of its subsidiaries, in
one or more related transactions, (i) consolidate or merge the Company with or into (whether or not the Company is the surviving
corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities (including through a consolidation or merger involving any subsidiary of the Company), or
(iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common Stock be subject
to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at
least either (x) 50% of the outstanding shares of Common Stock, or (y) such number of shares of Common Stock such that all Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer,
become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding
shares of Common Stock, or (iv) consummate a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all
such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock,
or (y) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined
in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize
or reclassify its Common Stock, or (B) that the Company shall, directly or indirectly, including through any of its subsidiaries,
in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, or (y) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory
short form merger or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without
approval of the stockholders of the Company.

 

31.54       “GAAP”
means United States generally accepted accounting principles, consistently applied.

 

31.55       “Grace
Period” has the meaning specified in the Securities Purchase Agreement.

 

31.56       “Group”
means a “group” as that term is used in Section 13(d) of the Exchange Act and as defined in Rule 13d-5 thereunder.

 

    35 

     

    

  

31.57       “Holder”
has the meaning specified in the preamble to this Note.

 

31.58       “Holder
Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount of this Note on the Issuance
Date and (ii) the denominator of which is the aggregate original principal amount of all Notes issued to the initial purchasers
pursuant to the Securities Purchase Agreement on the Issuance Date.

 

31.59       “Indebtedness”
means, with respect to any Person, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken
or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course
of business), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments,
(D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired
with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event
of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement
which, in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, and (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security
interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by such Person,
even though such Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness.

 

31.60       “Intellectual
Property” means all patents, trademarks, service marks, logos and other business identifiers, trade names, trade styles,
trade dress, copyrights, proprietary know-how, processes, computer software and all registrations, applications and licenses therefor.

 

31.61       “Interest”
has the meaning specified in the preamble to this Note.

 

31.62       “Interest
Date” has the meaning specified in Section 2.

 

31.63       “Interest
Rate” means, as of any date, an annual rate per annum equal to the sum of (i) the greater of (x) the LIBOR Rate as of
such date, and (y) 2.00%, plus (ii) 6.00%; provided, that, on any date when an Event of Default shall have occurred and be continuing,
the “Interest Rate” shall be the “Interest Rate” determined in accordance with the foregoing plus 1.50%.

 

31.64       “Issuance
Date” has the meaning specified in the preamble to this Note.

 

31.65       “Late
Charge” has the meaning specified in Section 23.3.

 

31.66       “LIBOR
Rate” means, with respect to any Calendar Quarter, the three-month London Interbank
Offered Rate for deposits in U.S. Dollars at approximately 11:00 a.m. (London, England time), quoted by the Holder from the appropriate
page selected by the Holder, two Business Days prior to the last Business Day of the such Calendar Quarter. 

 

31.67       “Lien”
has the meaning specified in Section 13.3.

 

    36 

     

    

  

31.68       “Liquidity”
means, as of any date, an amount equal to the aggregate amount of the unrestricted cash of the Company and its Subsidiaries (excluding
for this purpose cash held in restricted accounts or otherwise unavailable for unrestricted use by the Company or any of its Subsidiaries
for any reason) as of such date of determination held in bank accounts of financial banking institutions in the United States of
America.

 

31.69       “Mandatory
Conversion” has the meaning specified in Section 3.5(a).

 

31.70       “Mandatory
Conversion Amount” has the meaning specified in Section 3.5(a).

 

31.71       “Mandatory
Conversion Date” has the meaning specified in Section 3.5(a).

 

31.72       “Mandatory
Conversion Expiration Date” has the meaning specified in Section 3.5(a).

 

31.73       “Mandatory
Conversion Measuring Period” has the meaning specified in Section 3.5(a).

 

31.74       “Mandatory
Conversion Minimum Price” has the meaning specified in Section 3.5(a).

 

31.75       “Mandatory
Conversion Notice” has the meaning specified in Section 3.5(a).

 

31.76       “Maturity
Date” shall mean December 14, 2023; provided, however, the Maturity Date may be extended at the option of the Holder
(i) in the event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred
and be continuing that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the
date that is twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction
is publicly announced or a Change of Control Notice is delivered prior to the Maturity Date; provided further that if a Holder
elects to convert some or all of this Note pursuant to Section 3 hereof, and the Conversion Amount would be limited pursuant to
Section 3.4 hereunder, the Maturity Date may be extended at the option of the Holder until such time as such provision shall not
limit the conversion of this Note.

 

31.77       “Maximum
Percentage” has the meaning specified in Section 3.4.

 

31.78       “Note”
has the meaning specified in the preamble to this Note.

 

31.79       “Options”
means any rights, warrants, grants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

31.80       “Other
Notes” has the meaning specified in the preamble to this Note.

 

31.81       “Other
Redemption Notice” has the meaning specified in Section 11.2.

 

31.82       “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.

 

    37 

     

    

  

31.83       “Permitted
Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness secured by Permitted
Liens under (iii) of the definition of Permitted Liens in an aggregate amount outstanding not to exceed $5,000,000, (iv) other
unsecured Indebtedness in an aggregate amount outstanding not to exceed $1,000,000, and (v) any other Indebtedness incurred by
the Company in connection with an Acquisition (as defined in the Securities Purchase Agreement) so long as, in the case of this
clause (v), the Holder shall have provided its prior written consent to the incurrence of such Indebtedness (which consent shall
not be unreasonably withheld). With respect to any Indebtedness contemplated by clause (v) above, upon the Holder’s receipt
of written notice from the Company of the Company’s desire to incur any such Indebtedness contemplated by clause (v) and
the Company’s request that the Holder consent thereto, the Holder will consider the Company’s request for the Holder’s
consent thereto in good faith; provided, that, the Company acknowledges that it will be reasonable for the Holder to withhold its
consent with respect to any such Indebtedness if the Holder reasonably determines that the incurrence of such Indebtedness (or
the consummation of the related Acquisition) would adversely affect the value of this Note or the rights or interests of Holder
hereunder.

 

31.84       “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with GAAP, (ii) any Lien created by operation of law, such as materialmen’s
liens, mechanics’ liens and other similar liens, arising in the ordinary course of business with respect to a liability that
is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iii) Liens (A) upon or in any
equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase price of such equipment or Indebtedness
incurred solely for the purpose of financing the acquisition or lease of such equipment, (B) existing on such equipment at the
time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, or (C)
in respect of capitalized lease obligations, provided that the Lien is confined solely to the property leased by the Company or
any of its Subsidiaries pursuant to the applicable capital lease, in the case of any of clause (A), (B) or (C), with respect to
Indebtedness in an aggregate amount not to exceed $5,000,000, (iv) Liens in favor of customs and revenue authorities arising as
a matter of law to secure payments of custom duties in connection with the importation of goods, and (v) Liens existing on the
Issuance Date to the extent the existence thereof does not result in the representations set forth in Section 3.1(j) of the Securities
Purchase Agreement being incorrect or misleading in any material respect.

 

31.85       “Permitted
Securities Transaction” has the meaning specified in Section 3.3(a).

 

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

 

31.87       “Principal”
has the meaning specified in the preamble to this Note.

 

31.88       “Principal
Market” means the Nasdaq Capital Market.

 

31.89       “Redemption
Date” means, as applicable, the Event of Default Redemption Date, the Change of Control Redemption Date or Company Optional
Redemption Date.

 

31.90       “Redemption
Notice” means, as applicable, an Event of Default Redemption Notice, a Company Optional Redemption Notices and a Change
of Control Redemption Notice.

 

    38 

     

    

 

31.91     “Redemption
Premium” means:

 

		(a)	as of any date after the Issuance Date but on or prior to December 14, 2019, 112%;

 

		(b)	as of any date after December 14, 2019 but on or prior to December 14, 2020, 109%; and

 

		(c)	as of any date after December 14, 2020, 106%;

 

provided, that, notwithstanding the foregoing,
solely in the event that (A) either (i) the Company repays the entire outstanding Principal amount of this Note, together with
all other outstanding obligations hereunder, on the Maturity Date or (ii) the Company effects a Company Optional Redemption of
the entire Conversion Amount of this Note in accordance with Section 8 on the Maturity Date, and (B) no Event of Default or Equity
Conditions Failure has occurred and is continuing on the Maturity Date, then the Redemption Premium as of the Maturity Date shall
equal 100%.

 

31.92     “Redemption
Price” means, as applicable, the Event of Default Redemption Price, the Change of Control Redemption Price and the Company
Optional Redemption Price.

 

31.93     “Register”
has the meaning specified in Section 3.3(c).

 

31.94     “Registered
Notes” has the meaning specified in Section 3.3(c).

 

31.95     “Registrable
Securities” has the meaning specified in the Securities Purchase Agreement.

 

31.96     “Registration
Statement” has the meaning specified in the Securities Purchase Agreement.

 

31.97     “Regulatory
Authorizations” means all governmental licenses, authorizations, registrations, permits, consents and approvals required
under all applicable laws and regulations in order to carry on the business of the Company and its Subsidiaries as currently conducted
or proposed to be conducted, including any newly introduced or revised applicable laws and regulations as they may become introduced,
altered or otherwise evolve over time.

 

31.98     “Remaining
Conversion Amount” has the meaning specified in Section 3.5(b).

 

31.99     “Remaining
Redemption Amount” has the meaning specified in Section 8.1(f).

 

31.100   “Reported
Outstanding Share Number” has the meaning specified in Section 3.4.

 

31.101   “Required
Dispute Documentation” has the meaning specified in Section 22.1(b).

 

31.102   “Required
Holders” means the holders of Notes (including the Other Notes) representing at least a majority of the aggregate principal
amount of the Notes (including the Other Notes) then outstanding.

 

31.103   “Required
Reserve Amount” has the meaning specified in Section 10.1.

 

31.104   “Restricted
Payment” has the meaning specified in Section 13.4.

 

    39 

     

    

 

31.105   “Rule
144” has the meaning specified in the Securities Purchase Agreement.

 

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

 

31.107    “Second
Deemed Mandatory Conversion Date” has the meaning specified in Section 3.5(b).

 

31.108   “Second
Deemed Optional Redemption Date” has the meaning specified in Section 8.1(f).

 

31.109  “Securities
Purchase Agreement” means that certain Securities Purchase and Registration Rights Agreement, dated as of December 14,
2018, among the Company and the investors identified therein, pursuant to which the Company issued, among other securities, the
Notes, as such agreement may be amend, restated or otherwise modified from time to time.

 

31.110   “Share
Delivery Deadline” has the meaning specified in Section 3.3(a).

 

31.111   “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

31.112   “Subsidiary”
means any Person in which the Company, directly or indirectly, (i) owns more than 50% of the outstanding capital stock or any equity
or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of
such Person.

 

31.113   “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.

 

31.114   “Trading
Day” has the meaning specified in the Securities Purchase Agreement.

 

31.115   “Transaction
Documents” means the Securities Purchase Agreement, including the schedules, annexes and exhibits attached hereto, the
Notes, and each of the other agreements or instruments entered into or executed by the parties hereto in connection with the transactions
contemplated by this Securities Purchase Agreement.

 

31.116   “Transfer
Agent” has the meaning specified in Section 3.1.

 

31.117   “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 FactSet 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 FactSet, or, if no dollar volume-weighted average
price is reported for such security by FactSet for such hours, the average of the highest closing bid price and the lowest closing
ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC). If the 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. If the
Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in
accordance with the procedures in Section 22. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination, recapitalization or other similar transaction during such period.

 

[Signature Page Follows] 

 

    40 

     

    

 

IN WITNESS WHEREOF,
the Company has executed this Convertible Note as of the Issuance Date set out above.

 

	 	Cryoport, Inc.
	 	 
	 	By:	 /s/ Robert Stefanovich
	 	Name:  Robert Stefanovich
	 	Title: Chief Financial Officer

 

Accepted and Agreed:

 

PETRICHOR OPPORTUNITIES FUND I LP

By PETRICHOR OPPORTUNITIES FUND I GP LLC

 

	By:	/s/ Tadd Wessel	 
	Name:	Tadd Wessel	 
	Title:	Managing Member	 

 

     

     

    

 

EXHIBIT I

 

Cryoport,
Inc.

CONVERSION NOTICE

 

Reference is made to
the Convertible Note (the “Note”) issued to the undersigned by Cryoport, Inc., a Nevada corporation (the “Company”).
In accordance with and pursuant to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the
Note) of the Note indicated below into shares of Common Stock, $0.001 par value per share (the “Common Stock”),
of the Company, as of the date specified below. Capitalized terms not defined herein shall have the meaning as set forth in the
Note.

 

	 	Date of Conversion:	 

 

	 	Aggregate Principal to be converted:	 

 

	 	Aggregate accrued and unpaid Interest and accrued and unpaid Late Charges with respect to such portion of the Principal and such Interest to be converted: 	 

 

	 	AGGREGATE CONVERSION AMOUNT TO BE CONVERTED:	 

 

Please confirm the following information:

 

	 	Conversion Price:	 

 

	 	Number of shares of Common Stock to be issued (the “Shares”):	 

 

		 ̈	Check here if the Holder does not intend to resell the Shares to be issued either (x) prior to,
(y) contemporaneously with or (z) no later than thirty days after, as applicable, the date of this Conversion Notice

 

Notwithstanding anything to the contrary
contained herein, unless the Holder shall have checked the box above, the Holder agrees to notify the Company in the event that
the Holder has not resold the Shares to be issued on or prior to thirty days after the date of this Conversion Notice.

 

Notwithstanding anything to the contrary
contained herein, this Conversion Notice shall constitute a representation by the Holder of the Note submitting this Conversion
Notice that after giving effect to the Conversion provided for in this Conversion Notice, such Holder (together with its Attribution
Parties) will not have beneficial ownership (together with the beneficial ownership of such Person’s Attribution Parties)
of a number of shares Common Stock which exceeds the Maximum Percentage (as defined in the Note) of the total outstanding shares
of Common Stock of the Company as determined pursuant to the provisions of Section 3.4 of the Note.

 

     

     

    

 

Please issue the Common Stock into which
the Note is being converted to Holder, or for its benefit, as follows:

 

		 ̈	Check here if requesting delivery as a certificate to the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 

 

		 ̈	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC Participant:	 
	 	DTC Number:	 
	 	Account Number:	 

 

	Date: 	 	 
	 	 
	 	 
	Name of Registered Holder	 

 

	By:	 	 
	Name:	 
	Title:	 

 

	Tax ID:	 	 

 

	Facsimile:	 	 

 

	Email Address:	 	 

  

    2 

     

    

 

EXHIBIT II

 

TRANSFER
AGENT INSTRUCTIONS

 

Cryoport,
Inc.

 

_________
___, 20__

 

[Transfer Agent]

[Address]

[Address]

[Address]

 

		Re:	Order to Issue Common Stock of Cryoport, Inc.

 

Ladies and Gentlemen:

 

Reference is made to (A) the Securities
Purchase Agreement, dated as of December 14, 2018, as amended, by and among Cryoport, Inc., a Nevada corporation (the “Company”),
and the investors who are parties thereto, pursuant to which the Company is issuing to the purchasers (collectively, the “Holders”)
senior convertible notes (the “Notes”), which are convertible into shares of the Company’s Common Stock,
par value $0.001 per share (the “Common Stock”); (B) the related Transfer Agent Instructions, dated as of December
14, 2018 (the “December 2018 Instruction”); (C) the conversion notice attached hereto (the “Conversion
Notice”); and (D) the attached copy of a written instruction from the general counsel of the Company (or its outside
legal counsel) that (1) a registration statement covering the resale of the shares of the Common Stock, subject to this letter,
has been declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “1933
Act”), (2) the Holders may transfer such shares of the Common Stock under Rule 144 promulgated under the 1933 Act (“Rule
144”), or (3) the Holders may transfer such shares of the Common Stock under Rule 144, without having to comply with
the information requirements under Rule 144(c)(1).

 

This instruction letter shall serve as
our authorization and direction to you to issue:

 

		·	to the recipient identified under “Issue to” in the applicable Conversion Notice,

		·	in book-entry form,

		·	such number of shares of the Common Stock as set forth under “Number of shares of the Common
Stock to be issued” in the Conversion Notice,

		·	out of the Transfer Agent Reserve (as defined in the December 2018 Instruction), and

		·	by crediting the designated recipient’s balance account with the Depository Trust Company,
identified in the Conversion Notice under “DTC Participant,” “DTC Number,” and “Account Number,”
through its Deposit Withdrawal at Custodian system.

  

[Signature Page Follows]

 

     

     

    

 

 

Should you have any questions concerning this
matter, please contact me at [_______].

 

	 	Very Truly Yours,
	 	 
	 	CRYOPORT, INC.
	 	 
	 	By: 	           
	 	Name:
	 	Title:

  

    2

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