Document:

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT
BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT IN A TRANSACTION WHICH IS REGISTERED UNDER THE SECURITIES
ACT, OR IN A TRANSACTION WHICH IS EXEMPT FROM OR NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. ADDITIONALLY,
THE TRANSFER OF THIS NOTE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THIS NOTE, AND MAKER HEREOF RESERVES THE RIGHT TO REFUSE THE
TRANSFER OF THIS NOTE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER.

 

MRI INTERVENTIONS, INC.

 

SECOND AMENDED AND RESTATED SECURED
NOTE DUE 2018

	 	 	 
	Original Issue Date: April 5, 2011	 	Original Principal Amount: U.S. $2,000,000
	Amended and Restated	 	Amended and Restated
	Issue Date: March 6, 2013	 	Principal Amount: $4,289,444.44
	Second Amended and	 	Second Amended and Restated
	Restated Issue Date:      April 4, 2016	 	Principal Amount:            $2,000,000.00

 

MRI INTERVENTIONS,
INC., a Delaware corporation (the “Company”), for value received, hereby promises to pay to BRAINLAB
AG., a corporation organized under the laws of the Federal Republic of Germany (“Brainlab”), the principal
amount of U.S. $2,000,000 plus accrued but unpaid interest on December 31, 2018 (the “Maturity Date”). This
Note is subject to the following terms and conditions:

 

Brainlab and the Company
are parties to that certain 10% Subordinated Secured Convertible Note Due 2016 (the “Original Note”) pursuant
to which, on the Original Issue Date, Brainlab loaned to the Company the Original Principal Amount. Subsequent to the Original
Issue Date, the Original Note was amended by that certain First Amendment made effective as of September 30, 2011 (the “First
Note Amendment”) and that certain Second Amendment made effective as of February 23, 2012 (the “Second Note
Amendment”). The Original Note, as amended by the First Note Amendment and the Second Note Amendment, is referred to
herein as the “Amended Original Note”. The Amended Original Note was amended and restated in its entirety effective
as of March 6, 2013 (the “Amended and Restated Note”). Brainlab and the Company now desire, subject to the terms
and conditions set forth herein, to further amend and to restate, in its entirety, the Amended and Restated Note as provided herein,
such that this Note shall replace and supersede, in all respects, the Amended and Restated Note.

 

Concurrently with,
or prior to the execution of this Note, the Company has paid to Brainlab the amount of $739,323.46, representing all accrued but
unpaid interest due and payable to Brainlab pursuant to the Amended and Restated Note through the day prior to the Second Amended
and Restated Issue Date.

 

Concurrently with the
execution and delivery of this Note, and as a material inducement to Brainlab entering into this Note, Brainlab and the Company
also entered into that certain Securities Purchase Agreement, dated as of March 22, 2016, and the Series A Warrant, Series B Warrant,
Registration Rights Agreement and certain ancillary documents related thereto, each dated effective as of the Second Amended and
Restated Issue Date (collectively, the “Equity Purchase Documents”).

 

    	 

    	 

    

 

Pursuant
to the terms of the Equity Purchase Documents, $1,289,444.44 of the Amended and Restated Principal Amount is being converted into
Company equity.

 

Furthermore, concurrently
with the execution and delivery of this Note, and in consideration of, and as a material inducement to, Brainlab entering into
this Note, Brainlab and the Company are entering into that certain License Agreement pursuant to which the Company is providing
Brainlab with a perpetual, world-wide, non-exclusive license to enable Brainlab to develop its own software to support the Company’s
SmartFrame device for use in neurosurgery (the “License Agreement”).

 

1.            DEFINITIONS. In addition to those terms defined throughout
this Note, the following terms shall have the meaning set forth below.

 

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

 

“Brainlab”
means Brainlab AG., a corporation organized under the laws of the Federal Republic of Germany or its successors or assigns.

 

“Business
Day” means each day of the year on which banking institutions are not required or authorized to close in Germany or New
York.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, limited liability company interests, partnership interests or any other participation, right
or other interest in the nature of an equity interest in such Person including, without limitation, common stock and preferred
stock of such Person, or any option, warrant or other security convertible into any of the foregoing.

 

“Collateral
Agent” means Landmark Community Bank, in its capacity as collateral agent for the ratable benefit of the Junior Lender.

 

“Company”
means MRI Interventions, Inc., a Delaware corporation.

 

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

 

“Indebtedness”
of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay
the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business,
(iv) all obligations of such Person as lessee which are capitalized in accordance with United States generally accepted accounting
principles, (v) all reimbursement obligations of such Person (whether contingent or otherwise) in respect of letters of credit,
banker’s acceptances, surety or other bonds and similar instruments, (vi) all Indebtedness of others secured by a lien on
any asset of such Person, whether or not such Indebtedness is assumed by such Person, and (vii) all Indebtedness of others guaranteed
by such Person or for which such Person is otherwise liable.

 

“Junior Debt”
means any obligations of the Company under the Junior Debt Documents, including, without limitation, obligations with respect to
the payment of principal, interest (including without limitation interest accruing at the then applicable rate provided in the
Junior Notes after the commencement of any Action by, against or relating to the Company, whether or not a claim for such

 

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interest
is allowed in such Action), fees, costs and expenses before or after the commencement of any Action, in each instance, without
regard to whether or not an allowed claim in any such Action.

 

“Junior Debt
Documents” means the Junior Notes, the Junior Security Agreement, and any and all other documents or instruments evidencing
or further guarantying or securing, directly or indirectly, any of the Junior Debt, whether now existing or hereafter amended or
created.

 

“Junior Lender”
means, collectively, the holders of the Junior Notes.

 

“Junior Notes”
means collectively (i) those certain Junior Secured Promissory Notes due 2020 and (ii) those certain Junior Secured Promissory
Notes due 2019, in each case issued by the Company, and any amendments thereto or extensions thereof.

 

“Junior Security
Agreements” means collectively, (i) that certain Junior Security Agreement dated November 5, 2010, by and between the
Company and the Collateral Agent and (ii) that certain Security Agreement dated March 25, 2014, and in each case and any amendments
thereto.

 

“Lien”
shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, encumbrance, lien or other security
interest or security agreement of any kind or nature whatsoever.

 

“Master Security
Agreement” means that certain Master Security Agreement dated as of April 5, 2011, by and between the Company and Brainlab
and any amendments thereto.

 

“Maturity
Date” means December 31, 2018.

 

“Note”
means this Second Amended and Restated Subordinated Secured Note Due 2018 issued by the Company.

 

“Original
Issue Date” Note means the date on which Original Note was issued as set forth on the face of this Note.

 

“Original
Principal Amount” means the principal amount of the Original Note as set forth on the face of this Note.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government, or any agency or political subdivision thereof.

 

“Second Amended
and Restated Issue Date” means the date on which this Note was issued as set forth on the face of this Note.

 

“Second Amended
and Restated Principal Amount” means the principal amount of this Note on the Second Amended and Restated Date as set
forth on the face of this Note.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Securities Exchange Commission
promulgated thereunder.

 

“Subsidiary”
of any specified Person means any corporation, partnership, joint venture, limited liability company, association, trust or other
business entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than
50% of the total voting power of the

 

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Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, officers or trustees
thereof is held by such specified Person or any of its Subsidiaries or (ii) in the case of a partnership, joint venture, limited
liability company, association, trust or other business entity, with respect to which such specified Person or any of its Subsidiaries
has the power to direct or cause the direction of the management and policies of such entity by contract or otherwise.

 

“Tax or
Taxes” means any present or future tax, duty, levy, impost, assessment or other government charge (including penalties
and interest related thereto) imposed or levied by or on behalf of any Taxing Authority.

 

“Taxing Authority”
means any government or political subdivision or territory or possession of any government or agency therein or thereof having
the power to tax.

 

“Term”
means the period of time from the Amended and Restated Date until all amounts owing by the Company under this Note have been paid
in full in cash.

 

2.            INTEREST; Principal

 

(a)          Accrual and Payment of Interest. The outstanding principal amount of this Note shall accrue interest at a rate per
annum equal to five and one-half percent (5.5%) from the Second Amended and Restated Date to but excluding the Maturity Date. All
accrued but unpaid interest shall be due and payable within ten (10) Business Days following the end of each calendar quarter as
long as any amount remain outstanding under this Note. Interest shall be computed on the basis of a year consisting of 360 days
and charged for the actual number of days during the period for which interest in being charged.

 

(b)          Defaulted Interest. If the Company defaults in a payment of principal or interest on this Note, it shall pay interest
on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) from time to time
on demand at the rate per annum equal to fifteen percent (15%), to the extent lawful, until such time as the Company has paid such
overdue principal and interest.

 

(c)          Principal. All principal and all accrued, but unpaid interest shall be immediately due and payable by the Company
to Brainlab on the Maturity Date.

 

(d)          Prepayment. Amounts owing under this Note may be pre-paid, in whole or in part, by the Company prior to the Maturity
Date, without penalty or premium.

 

3.            METHOD OF PAYMENT

 

All principal and interest
owing by the Company to Brainlab under this Note shall be paid in United States Dollars. The Company shall pay all principal and
interest owing under this Note by wire transfer of immediately available funds, in accordance with the wiring instructions provided
from time to time by Brainlab to the Company in writing, provided that if any applicable law (as determined by the Company)
requires the deduction of withholding of any Tax from any such payment, then the Company shall make such deduction and timely pay
the full amount deducted to the relevant governmental authority in accordance with applicable law and remit the balance of the
payment to Brainlab.

 

4.            SECURITY

 

This Note is a continuation
of the Amended and Restated Note and the Original Agreement and, as such is a continuation of the security interest previously
granted pursuant to the terms of the Master Security Agreement. The Company has granted to Brainlab a continuing first priority
security interest in

 

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and
Lien on all of the properties, assets, and rights of the Company, wherever located and whether now owned or hereafter acquired
or arising, and all proceeds and products thereof (all such properties, assets, rights, proceeds and products hereinafter sometimes
called, collectively, the “Collateral”). This security interest and Lien is evidenced by the Master Security
Agreement, the terms of which are incorporated herein by reference. Upon the request of Brainlab, the Company will execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out and perfect the
security interest granted hereby.

 

5.            SUBORDINATION OF OTHER INDEBTEDNESS  The Company and the Collateral Agent, on behalf of the Junior
Lender, agree that, until such time as all amounts owing by the Company under this Note have been indefeasibly paid in full in
cash (i) the Junior Debt is subordinate in priority and subject in right and priority of payment to the prior performance of any
and all obligations of the Company to Brainlab or its successor or assignee, pursuant to this Note, including, but not limited
to, any interest accruing thereon after the commencement of an insolvency Action, without regard to whether or not such interest
is an allowed claim and (ii) any Liens the Collateral Agent has or may acquire, on behalf
of and for the ratable benefit of the Junior Lender, against any assets or property of the Company to secure any obligations of
the Company to the Junior Lender shall be subordinate and inferior to the Liens of Brainlab under this Note and the related Master
Security Agreement. The priorities set forth in this section are applicable irrespective of the order or time of attachment, or
the order, time or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other
method of perfecting the Lien, and notwithstanding any conflicting terms or conditions which may be contained in the Master Security
Agreement in favor of Brainlab or any other documents.

 

6.            REPRESENTATIONS AND WARRANTIES OF THE COMPANY The Company hereby represents and warrants to Brainlab
as of the Amended and Restated Date as follows, each of which shall survive for the Term of this Note:

 

(a)          Organization and Qualification. The Company is a corporation duly incorporated and validly existing under the laws
of the State of Delaware. The Company has all requisite power and authority to carry on its business as currently conducted, other
than such failures that, individually or in the aggregate, would not have a material adverse effect on the Company’s business,
properties or financial condition taken as a whole (a “Material Adverse Effect”). The Company is duly qualified
to transact business in each jurisdiction in which the failure to be so qualified would reasonably be expected to have a Material
Adverse Effect.

 

(b)          Subsidiaries. Other than MRI Interventions (Canada) Inc., the Company has no subsidiaries. The Company is not a participant
in any joint venture, partnership, or similar arrangement.

 

(c)          Authorization. All action for or on the part of the Company, its officers and directors necessary, including without
limitation, all action required by the Company’s stockholders, for the authorization, execution and delivery of this Note
and the performance of all obligations of the Company hereunder shall have been taken, and this Note will constitute a valid and
legally binding obligation of the Company, enforceable in accordance with its terms, subject to: (i) judicial principles limiting
the availability of specific performance, injunctive relief, and other equitable remedies and (ii) bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect generally relating to or affecting creditors’ rights.

 

(d)          Required Consents. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any Person, including, without limitation any, federal, state or local governmental authority on the
part of the Company is required in connection with the issuance of this Note, except for the following: (i) the filing of such
notices as may be required under

 

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the
Securities Act; (ii) the filing of such notices as may be required under any applicable state securities laws, which, in the case
of each of (i) and (ii), shall be filed by the Company (with the cooperation of Brainlab); and (iii) the compliance with any other
applicable state and/or federal securities laws, which compliance the Company (with the cooperation of Brainlab) will arrange
within the appropriate time periods therefore.

 

(e)          Litigation. Other than as set forth on Schedule 7(e), there is no claim, action, suit, proceeding, arbitration,
complaint, charge or investigation (“Action”) pending (i) by, or to the best of the Company’s knowledge,
against (A) the Company or (B) to the best of the Company’s knowledge, any officer or director of the Company arising out
of such officer’s or director’s employment or service to the Company; or (ii) that questions the validity of, or may
materially and adversely impact Brainlab’s rights under, this Note. Other than as set forth on Schedule 7(e), neither
the Company, nor, to the best of the Company’s knowledge, any officer or director of the Company, is a party to or is named
as subject to the provisions of any order, writ, injunction, judgment or decree of any governmental authority (collectively, an
“Order”) (in the case of officers or directors, such as would affect the Company). Other than as set forth on
Schedule 7(e), to the best of the Company’s knowledge, (i) the Company has not received written notice of a threatened
Action or Order against the Company, and (ii) no event has occurred or circumstance exists that may give rise to or serve as a
basis for the commencement or imposition of any such Action or Order. For purposes of this Note, “Company’s knowledge”
shall mean the actual knowledge, following due inquiry, of each of the Company’s Chief Executive Officer, the Company’s
Chief Operating Officer, and Chief Financial Officer.

 

(f)           Intellectual Property.

 

(i)     For purposes of this Note, “Company Intellectual Property” shall mean all patents, patent rights, patent applications,
trademarks and service marks, trademark rights, trademark applications, service mark rights, service mark applications, trade names,
registered copyrights, copyright rights, domain names and proprietary rights and trade secrets, technology and know-how, owned
or used by the Company, that the Company reasonably believes to be necessary to or used in connection with the business of the
Company as presently conducted or as proposed to be conducted, in each case together with any amendments, modifications and supplements
thereto.

 

(ii)   
The Company owns or possesses sufficient legal rights to all Company Intellectual Property for the conduct of its business as presently
conducted or as presently proposed to be conducted without, to the best of the Company’s knowledge, conflict with, or infringement
of, the rights of others.  To the best of the Company’s knowledge, no service marketed or sold, or presently proposed
to be marketed or sold, by the Company violates or will violate any license or infringes or will infringe any intellectual property
rights of any Person. Other than as set forth on Schedule 7(f)(ii) hereto, and other than with respect to commercially available
software products under standard end-user object code license agreements, as of the Amended and Restated Date there are no outstanding
options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual
Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents,
trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any
other Person. Except as set forth on Schedule 7(f)(ii) hereto, the Company has not received any communications alleging
that the Company has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames,
copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person. The Company has obtained and
possesses valid licenses to use all of the software programs present on the computers and other software-enabled electronic devices
that it owns or leases or that it has otherwise provided to its employees for their use in connection with its business. To the
best of the

 

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Company’s
knowledge, except as set forth in Schedule 7(f)(ii) hereto, the Company does not use any inventions of any of the officers,
employees or consultants of the Company (or Persons the Company currently intends to hire) made prior to their employment with
or engagement by the Company. Except as set forth in Schedule 7(f)(ii) hereto, each officer, employee and consultant of
the Company has assigned to the Company all intellectual property rights he or she creates in the performance of services for
the Company that are related to the business of the Company as now conducted and as presently proposed to be conducted by execution
of a binding agreement with the Company.

 

(g)          No Violation of Law.  Other than as set forth in Schedule 7(g), (i) the Company is not in violation,
in any material respect, of any applicable local, state or federal law, ordinance, regulation, order, injunction or decree, or
any other requirement of any governmental body, agency or authority or court binding on it, or relating to its property or business
or its advertising, sales or pricing practices (including, without limitation, any state or federal banking laws and regulations,
antitrust laws and regulations, or consumer protection laws or regulations), and (ii) the Company has not, in any event, received
any written notice of the existence of any of the foregoing.

 

(h)          Compliance with Other Instruments. The Company is not in violation or default of any provision of its Certificate
of Incorporation or Bylaws. The Company is not in violation or default of any provision of any material instrument, mortgage, deed
of trust, loan, contract, commitment, judgment, decree, order or obligation to which it is a party or by which it or any of its
properties or assets are bound which would reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. The execution, delivery and performance of and compliance with this Note will not result in any such violation, be in conflict
with or constitute, with or without the passage of time or giving of notice, a default under any such provision, require any consent
or waiver under any such provision (other than any consents or waivers that have been obtained), or result in the creation of any
mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of the Company pursuant to any such provision.

 

(i)           Permits. The Company has all permits, licenses, and any similar authority necessary for the conduct of its business
as now being conducted by it, the lack of which would reasonably be expected to have a Material Adverse Effect. The Company is
not in default in any material respect under any of such permits, licenses, or other similar authority.

 

(j)           Environmental and Safety Laws. The operations of the Company have been and are in compliance in all respects with
all Environmental Laws (defined below) applicable to the Company and with all licenses required by Environmental Laws applicable
to the Company, except, in each case, such non-compliance as would not have a Material Adverse Effect. For purposes of this Note,
the term “Environmental Laws” shall mean all present federal, state and local laws, statutes, ordinances, regulations,
codes, published policies, rules, directives, orders, decrees, permits, licenses, approvals, authorizations, published guidelines,
covenants, deed restrictions, treaties, conventions, and rules of common law in effect, and in each case as amended, and any judicial
or administrative judgment, opinion or interpretation thereof, relating to the regulation or protection of human health, safety,
natural resources or the environment, including, without limitation, laws and regulations (and all other items recited above) relating
to the use, treatment, storage, management, handling, manufacture, generation, processing, recycling, distribution, transport,
release or threatened release of or exposure to any hazardous material.

 

(k)          Title to Property and Assets. The Company has good and marketable title to all of the material properties and assets
owned by it, free and clear of any and all mortgages, liens, encroachments, easements, restrictions, claims, equities, options,
charges, rights of first refusal, encumbrances, defects of title or other conflicting ownership or security interests whatsoever
(collectively, “Encumbrances”), except (i) Liens for current taxes and assessments not yet due, (ii) Liens under
the Junior Debt

 

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Documents,
(iii) Liens in favor of Brainlab as contemplated hereunder, and (iv) possible minor Encumbrances which do not, in any case, materially
detract from the value of the property subject thereto or materially impair the operations of the Company (collectively, “Permitted
Encumbrances”). With respect to any material property and assets it leases, the Company is in material compliance with
such leases and, to the best of its knowledge, holds a valid leasehold interest free of any and all Encumbrances, except for Permitted
Encumbrances. The Company’s material properties and assets are in good condition and repair, in all material respects, for
the purposes for which they are currently used, ordinary wear and tear excepted.

 

(l)           SEC Filings; Financial Statements. The Company has timely filed all reports required to be filed by the Company with
the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934 (“Exchange
Act”) since the Company became a reporting company under the Exchange Act (collectively, the “SEC Filings”).
Such SEC Filings, as of their respective dates, complied in all material respects with the applicable requirements of the Exchange
Act, and none of such SEC Filings contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. The financial statements (including the related notes) of the Company included in the SEC Filings have been prepared
in accordance with GAAP consistently applied throughout the periods indicated (except as otherwise noted therein or, in the case
of unaudited statements, as permitted by Form 10-Q of the SEC) and fairly present (subject, in the case of unaudited statements,
to normal, recurring year-end adjustments and any other adjustments described therein) the financial position of the Company as
at the dates thereof and the results of operations and cash flows of the Company for the periods then ended.

 

(m)         Agreements; Actions.

 

(i)     Except for (A) agreements set forth on Schedule 7(m)(i) hereto, (B) agreements, plans or arrangements disclosed in
or filed as exhibits to the SEC Filings or (C) standard stock option awards, there are no agreements, understandings or proposed
transactions between the Company and any of its officers, directors, affiliates, or any affiliate thereof.

 

(ii)   
Except as set forth on Schedule 7(m)(ii), there are no agreements, understandings, instruments, contracts, judgments, orders,
writs or decrees to which the Company is a party or by which it is bound that involve (i) provisions restricting the development,
manufacture or distribution of the Company’s products or services or (ii) the payment of indemnification by the Company with
respect to infringement of proprietary rights.

 

(iii)  Since January
1, 2016, the Company has not (i) incurred indebtedness for money borrowed, or (ii) sold, exchanged or otherwise disposed of any
of its assets or rights having an aggregate value of more than $50,000, other than the sale of its inventory and license agreements
in the ordinary course of business.

 

(n)         
Changes. Other than as set forth on Schedule 7(n), since January 1, 2016, there has not been:

 

(i)     any adverse change in the assets, liabilities, financial condition or operating results of the Company, from that reflected in
the most recent financial statements included in the SEC Filings, except for changes arising in the ordinary course of business
that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect;

 

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(ii)   
any damage, destruction or loss of any asset or property of the Company having an aggregate value in excess of $50,000, whether
or not covered by insurance;

 

(iii)    any waiver
by the Company of a valuable right or of a debt owed to it in excess of $50,000;

 

(iv)   any satisfaction
or discharge of any Encumbrance or payment of any obligation by the Company, except in the ordinary course of business and the
satisfaction or discharge of which would not have a Material Adverse Effect;

 

(v)   
any material change or amendment to any contract or agreement that could reasonably be expected to be material to the Company either
in terms of revenue generated thereby or the liabilities incurred by the Company thereunder;

 

(vi)    any material
change in any compensation arrangement or agreement with any key employee;

 

(vii)   any sale, assignment
or transfer of any patents, trademarks, copyrights, trade secrets or other intangible assets;

 

(viii)  any resignation or termination of employment of any key employee or officer of the Company (and to the best of Company’s
knowledge, there is no impending resignation or termination of employment of any such key employee or officer);

 

(ix)    the loss of
any customer or the cancellation of any order of the Company which has historically represented, or is expected to represent, revenue
to the Company in excess of $5,000 per month or $50,000 in the aggregate nor any written notice thereof;

 

(x)   
 any mortgage, pledge, grant of a security interest in, or Encumbrance created by the Company, with respect to any of its material
properties or assets, except for Permitted Encumbrances;

 

(xi)    any loans
or guarantees made by the Company to or for the benefit of any related party, or any members of their immediate families, other
than travel advances and other advances made in the ordinary course of business;

 

(xii)   any declaration,
set aside, payment or other distribution in respect of any of the Capital Stock of the Company, or any direct or indirect redemption,
purchase or other acquisition of any of such Capital Stock by the Company;

 

(xiii)  any other event or condition of any character that would have a Material Adverse Effect; or

 

(xiv)  any agreement or commitment by the Company to do any of the things described in this Section 7(n).

 

(o)          Employee Benefit Plans.

 

(i)     
Except as set forth in Schedule 7(o) hereto, or as disclosed in or filed as an exhibit to the SEC Filings, the Company does
not maintain, sponsor, or make contributions to: any “employee pension benefit plan” or “employee welfare benefit
plan,” as such terms are defined in the Employee Retirement Income Security Act of 1974, as amended, and all regulations
promulgated thereunder

 

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(“ERISA”);
any collective bargaining agreement; any severance agreement or plan, or any medical, life or disability benefit plan or arrangement;
any excess benefit plan, bonus or incentive plan, top hat plan or deferred compensation plan, salary reduction agreement, or change-of-control
agreement; whether or not written with respect to any employee, former employee, director, independent contractor, or any beneficiary
or dependent thereof (all such plans, policies, programs, arrangements, agreements and contracts, including those that are set
forth on Schedule 7(o) hereto are referred to in this Note as “Scheduled Plans”).

 

(ii)   
To the best of the Company’s knowledge, each Scheduled Plan has been operated and administered in compliance in all material
respects, and each Scheduled Plan currently complies in form and in operation in all material respects, with all applicable requirements
of ERISA, the Internal Revenue Code of 1986, as amended, and all regulations promulgated thereunder (the “Code”),
and all other applicable laws. Neither the Company nor any controlled group affiliate, as described in Sections 414(b) or (c) of
the Code, has ever sponsored, maintained, contributed to or had any obligation to contribute to any plan subject to Section 412
of the Code or Title IV of ERISA.

 

(p)          Tax Returns, Payments and Elections. The Company has filed all material tax returns and reports (including information
returns and reports) as the Company is required by law to have filed, and such returns and reports are true and correct in all
material respects. The Company has paid all material taxes and other assessments that have become due and payable. The Company
has not made any elections pursuant to the Code (other than elections that relate solely to methods of accounting, depreciation
or amortization) that would have a Material Adverse Effect. Except as set forth in Schedule 7(p), the Company has never
had any material tax deficiency proposed or assessed against it and the Company has not executed any waiver of any statute of limitations
on the assessment or collection of any tax or governmental charge. Except as set forth in Schedule 7(p), none of the federal
income tax returns, state income or franchise tax or sales or use tax returns of the Company has ever been audited by governmental
authorities. Since January 1, 2016, the Company has not incurred any taxes, assessments or governmental charges other than in the
ordinary course of business and the Company has made adequate provisions on its books of account for all material taxes, assessments
and governmental charges with respect to its business, properties and operations that have accrued but not yet been paid. Except
as set forth in Schedule 7(p) hereto, the Company has withheld or collected from each payment made to each of its employees,
the amount of all taxes (including, but not limited to, federal income taxes, Federal Insurance Contribution Act taxes and Federal
Unemployment Tax Act taxes) required to be withheld or collected therefrom, and has paid the same to the proper tax receiving officers
or authorized depositories.

 

(q)          Labor Agreements and Actions; Employee Compensation. The Company is not bound by or subject to (and none of its assets
or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any
labor union, and no labor union has requested or, to the best of the Company’s knowledge, has sought to represent any of
the employees, representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending,
or to the best of the Company’s knowledge, threatened, that could have a Material Adverse Effect, nor is the Company aware
of any labor organization activity involving its employees. To the best of the Company’s knowledge none of its officers or
key employees or any group of key employees intends to terminate their employment with the Company, nor does the Company have a
present intention to terminate the employment of any of the foregoing. The Company has complied in all material respects with all
applicable state and federal equal employment opportunity laws.

 

(r)           Brokers or Finders. The Company has not agreed to incur, directly or indirectly, any liability for brokerage or finders’
fees, agents’ commissions or other similar charges in connection with this Note or any of the transactions contemplated hereby.

 

    	10

    	 

    

 

(s)          Disclosure. Neither this Note nor any and all written statements furnished or made to Brainlab by or on behalf of
the Company in connection with this Note, taken as a whole, and including any corrective materials furnished or made available
to Brainlab, contains any untrue statement of a material fact or omits or will omit to state a material fact necessary in order
to make the statements contained herein and therein not materially misleading in light of the circumstances under which they were
made.

 

7.            COVENANTS and other agreements

 

(a)          Payment of Note. The Company shall promptly make all payments in respect of this Note on the dates and in the manner
provided in this Note. The Company shall, to the extent permitted by law, pay interest on overdue amounts at the rate set forth
in Section 2 of this Note, which interest on overdue amounts (to the extent that the payment of such interest shall be legally
enforceable) shall accrue from the date such amounts become overdue.

 

(b)          Additional Indebtedness. During the Term of this Note the Company shall incur no new secured Indebtedness and no
new unsecured Indebtedness in excess of $6,000,000, individually or in the aggregate, except with the prior written consent of
Brainlab which consent, in the case of Indebtedness that is, by its terms, subordinate to Indebtedness owed to Brainlab, shall
not unreasonably be withheld or delayed. 

 

(c)          Financial Reporting. As long as any amounts remain outstanding under this Note, the Company shall deliver to Brainlab
(i) as soon as practicable after the end of each fiscal year of the Company, and in any event within 120 days thereafter, a balance
sheet of the Company and statement of stockholders’ equity as of the end of such year and statements of income and cash flow
for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting
principles, consistently applied (subject however to the absence of footnotes in the event the Company does not engage an independent
certified public accounting firm to audit and certify such financial statements); and (ii) as soon as practicable after the end
of each fiscal quarter (except the last quarter of each fiscal year), and in any event within forty-five (45) days thereafter,
an unaudited balance sheet of the Company as of the end of such fiscal quarter, and an unaudited statement of income for each fiscal
quarter and for the current fiscal year to date.

 

(d)          Information and Inspection Rights. During the Term of this Note, in addition to any rights that may be available
under Delaware or other applicable law, subject to the execution of a standard confidentiality agreement, Brainlab shall have the
right, at its sole expense and upon reasonable prior notice to the Company, to inspect and examine the Company’s properties,
operations and books of account; provided, however, that any such inspection or examination shall be conducted in a manner that
is reasonably designed to minimize any interference with the operations of the Company’s business; provided, further, that
the Company shall be under no obligation to provide, give access to or discuss with Brainlab any information regarding the Company’s
properties, operations or books of account to the extent necessary to comply with the terms and conditions of confidentiality agreements
between the Company and any third parties or to the extent the Company has determined that there exists an actual or potential
conflict of interest between Brainlab and the Company.

 

(e)          Board Observation Rights. During the Term of this Note, Brainlab shall be entitled to appoint one individual who
shall be invited to attend and observe all meetings of the Company’s board of directors; provided, however, that such board
observer agrees to hold in confidence and trust, to act in a fiduciary manner with respect to and not to disclose any information
provided to or learned by the board observer acting in such capacity. Notwithstanding the provisions of this Section 7(e), the
Company reserves the right to exclude the board observer from portions of any meeting where and to the extent that

 

    	11

    	 

    

 

the
Company reasonably believes that excluding the board observer from attending such portion of the meeting is reasonably necessary
(i) to preserve attorney-client, work product or similar privilege between the Company and its counsel with respect to any matter,
(ii) to comply with the terms and conditions of confidentiality agreements between the Company and any third parties, or (iii)
because the Company has determined, in good faith, that there exists, with respect to the subject of such deliberation or such
information, an actual or potential conflict of interest between Brainlab and the Company. Furthermore, the members of the Company’s
board of directors shall be entitled to hold reasonable executive sessions which the board observer may not be invited to attend.
Brainlab’s board observer shall use the same degree of care to protect the Company’s confidential and proprietary
information as Brainlab uses to protect its confidential and proprietary information of like nature, but in no circumstances with
less than reasonable care.

 

(f)           Further Instruments and Acts. Upon the reasonable request of Brainlab, the Company will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the provisions
of this Note.

 

8.            DEFAULTS AND REMEDIES

 

(a)          Events of Default. Each of the following shall be an “Event of Default” for purposes of this Note:

 

(1)          failure to pay principal of or interest on this Note on the dates specified in Section 2 hereof, to and including the Maturity
Date;

 

(2)          failure to perform any other covenant, representation, warranty or agreement of the Company under this Note, continued for
30 days or more after written notice to the Company by Brainlab;

 

(3)          there shall be, with respect to any issue or issues of Indebtedness (other than Indebtedness created or as a result of this
Note) of the Company or any of its Subsidiaries, whether such Indebtedness now exists or shall hereafter be created, (x) an event
of default that has caused the holders thereof (or their representatives) (i) to declare such Indebtedness to be due and payable
prior to its scheduled maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded
or annulled within 45 days following such acceleration and/or (ii) to commence judicial Actions to exercise remedies under applicable
law and such judicial Actions have not been dismissed or stayed within 45 days following such commencement and/or (y) the failure
to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made,
waived or extended within 45 days of such payment default;

 

(4)          except for judgments related to matters disclosed on the schedules to this Note, the rendering of a final judgment or judgments
against the Company or any of its Subsidiaries in an amount that exceeds $500,000 in excess of insurance coverage, which judgment
remains in force, undischarged, unsatisfied, unbonded or unstayed for a period of 60 days;

 

(5)          the Company or any of its Subsidiaries pursuant to or within the meaning of any Bankruptcy Law:

 

(A)          admits in writing its inability to pay its debts generally as they become due,

 

(B)          commences a voluntary case or Action,

 

    	12

    	 

    

 

(C)           consents to the entry of an order for relief against it in an involuntary case or Action,

 

(D)           consents or acquiesces in the institution of a bankruptcy or insolvency Action against it,

 

(E)           consents to the appointment of a custodian of it or for all or substantially all of its property, or

 

(F)            makes a general assignment for the benefit of its creditors, or any of them takes any action to authorize or effect any
of the foregoing;

 

(6)          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)           is for relief against the Company or any of its Subsidiaries in an involuntary case or Action,

 

(B)           appoints a custodian for the Company or any of its Subsidiaries or for all or substantially all of their property, or

 

(C)           orders the liquidation of the Company or any of its Subsidiaries, and in each case the order or decree remains unstayed
and in effect for 60 days; provided, however, that if the entry of such order or decree is appealed and dismissed
on appeal, then the Event of Default hereunder by reason of the entry of such order or decree shall be deemed to have been cured;
or

 

(7)          a breach or default by the Company of or under any of the terms of any other agreement between the Company and Brainlab
or any affiliate of Brainlab that is not remedied within 30 days following the Company’s receipt of a notice of such breach
from Brainlab.

 

(b)          If an Event of Default with respect to this Note (other than an Event of Default specified in clause (5) or (6) of Section
8(a) with respect to the Company) occurs and is continuing, Brainlab by notice in writing to the Company may declare the unpaid
principal of and accrued interest to the date of acceleration on this Note to be due and payable immediately and, upon any such
declaration, such principal amount and accrued interest, notwithstanding anything contained in this Note to the contrary, will
become immediately due and payable, subject, however, to Section 5(a) and the Subordination Agreement. If an Event of Default specified
in clause (5) or (6) of Section 8(a) with respect to the Company occurs, this Note will ipso facto become immediately due and payable
without any declaration or other act on the part of Brainlab, subject, however, to Section 5(a) hereof and the Subordination Agreement.

 

(c)          Remedies. Subject to Section 5(a) and the Subordination Agreement, if an Event of Default occurs and is continuing,
Brainlab may pursue any available remedy by Action at law or in equity to collect the payment of principal of or interest on this
Note or to enforce the performance of any provision of this Note. A delay or omission by Brainlab in exercising any right or remedy
maturing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of
Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

(d)          Waiver of Usury, Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim

 

    	13

    	 

    

 

or
take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Note; and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Company, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

9.            EXCHANGE; TAXES; LEGEND; REPLACEMENT

 

(a)          Exchange. For so long as this Note is outstanding, and subject to the other provisions of this Note, this Note may
be exchanged for other promissory notes of a like aggregate principal amount and subject to substantially the same terms and conditions
as set forth in this Note, executed by the Company, upon surrender of this Note to the Company.

 

(b)          Payment of Taxes. Notwithstanding any other provision of this Section 9, no transfer of this Note shall be permitted,
and no registration of transfer shall be effected unless, prior to the time of such transfer or registration of transfer, Brainlab
has made arrangements reasonably satisfactory to the Company for payment or reimbursement of any and all Taxes which would, in
the absence of payment by the transferor, be required to be paid by the Company as a result of such transfer. No service charge
shall be made for any registration of transfer or exchange.

 

(c)          Legend. Except as permitted by Section 9(e), this Note (and all promissory notes issued in exchange therefor or substitution
of this Note) shall, so long as appropriate, bear a legend (the “Legend”) to substantially the following effect
(each, a “Transfer Restricted Security”):

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY
NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT IN A TRANSACTION WHICH IS REGISTERED UNDER THE SECURITIES
ACT, OR IN A TRANSACTION WHICH IS EXEMPT FROM OR NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. ADDITIONALLY,
THE TRANSFER OF THIS NOTE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THIS NOTE, AND THE MAKER HEREOF RESERVES THE RIGHT TO REFUSE
THE TRANSFER OF THIS NOTE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER.

 

(d)          Removal of Legend. At such time as any Transfer Restricted Security may be freely transferred without registration
under the Securities Act and without being subject to transfer restrictions pursuant to the Securities Act, the Company shall permit
the holder of such Transfer Restricted Security to exchange such Transfer Restricted Security for a new Note which does not bear
the applicable portion of the Legend upon receipt of an appropriate certification from such holder and, at the request of the Company,
upon receipt of an opinion of counsel, reasonably acceptable to the Company, that the transfer restrictions contained in the Legend
are no longer applicable.

 

(e)          Replacement of Lost, Stolen or Destroyed Note. Upon receipt of an executed lost note affidavit in form and substance
satisfactory to the Company regarding the loss, theft, destruction, or mutilation of this Note and, if requested by the Company
in the case of any such loss, theft or destruction,

 

    	14

    	 

    

 

upon
delivery of an indemnity bond or other agreement or security reasonably satisfactory to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of this Note, the Company will issue a new Note, of like tenor, in the amount of unpaid
principal of this Note, in lieu of such lost, stolen, destroyed or mutilated Note.

 

10.          MISCELLANEOUS

 

(a)          Notices. All notices, consents, waivers and other communications required or permitted by this Note shall be in writing
and shall be deemed given to a party when (a) delivered to the appropriate address by hand, (b) two (2) Business Days following
delivery to a nationally recognized overnight courier service (costs prepaid), (c) sent by electronic mail or facsimile with no
indication that such notice was not properly sent and delivered or (c) received or rejected by the addressee, if sent by certified
mail, return receipt requested, in each case to the following addresses and marked to the attention of the person (by name or title)
designated below (or to such other address or person as a party may designate by notice to the other party):

 

	the Company:	
        MRI Interventions,
Inc.

        Attention: Chief
Financial Officer

        5 Musick

        Irvine, CA 92618

        e-mail: fgrillo@mriintertventions.com

        fax: (949) 900-6834

	 	 
	Brainlab:	
        Brainlab AG.

        Attention: Chief Financial Officer

        Kapellenstr. 12,

        85622 Feldkirchen, Germany

        e-mail: joseph.doyle@brainlab.com

        fax: +49 89 99 15 68-109

	 	 
	With copy to:	
        Legal Department

        Attention: General Counsel, Brainlab
AG

        Kapellenstr. 12,

        85622 Feldkirchen, Germany

        e-mail: michaela.oberrecht-heusler@brainlab.com

        fax: +49.89.991.568-497

 

(b)          Successors. All agreements of the Company in this Note shall bind its successor.

 

(c)          Severability. Each provision of this Note shall be considered separable and if for any reason any provision which
is not essential to the effectuation of the basic purpose of this Note shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(d)          Applicable Law; Dispute Resolution. 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 Delaware, without giving effect to provisions thereof regarding conflict of laws. The parties hereby submit to the exclusive
jurisdiction of any state or federal court located within the State of Delaware, over any dispute arising out of or relating to
this Note or any of the transactions contemplated hereby, and further agree that venue for all such matters shall lie exclusively
in those courts and that process for any such action or Action may be served

 

    	15

    	 

    

 

on
any party anywhere in the world. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any
objection which they may now or hereafter have, including, but not limited to, any claim of forum non conveniens, to venue in
the courts noted above. Each of the parties agrees that a judgment in any such dispute may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each of the parties hereto hereby agrees that this Note involves
at least One Hundred Thousand Dollars ($100,000), and that it has been entered into in express reliance on 6 Del. C. § 2708.
EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY in any dispute,
and consents to any and all relief ordered by the court, after the time for appeal has expired.

 

(e)          Time is of the Essence. The Company hereby agrees that time is of the essence in the performance of this Note.

 

(f)           No Third Party Beneficiaries. This Note is for the sole benefit of the parties hereto and nothing herein, express
or implied, is intended to or shall confer upon any other Person any legal or equitable benefit, claim, cause of action, remedy
or right of any kind.

 

(g)          Restatement. This Note amends, restates, replaces and supersedes, in all respects, the Amended Original Note.

 

[Signature Page Follows]

 

    	16

    	 

    

 

[Signature
Page to Second Amended and Restated Subordinated Secured Note Due 2018]

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed this as of the date first written above.

 

MRI INTERVENTIONS, INC.

	 	 	 	 
	By:	 	 	 
	Name:	 
	Title:	 	 

 

Acknowledged, accepted and agreed to as
of the date set forth above:

 

BRAINLAB AG

	 	 	 	 
	By:	 	 	 
	Name:	 
	Title:	 	 

 

Acknowledged, accepted and agreed to as of the date set forth above with respect to Section 5(b) hereof
on behalf of the Junior Lender:

 

LANDMARK
COMMUNITY BANK

   as collateral agent for the ratable benefit

   of
the Junior Lender

	 	 	 	 
	By:	 	 	 
	Name:	 
	Title:	 	 

 

    	17This
Securities Purchase Agreement (this “Agreement”) is dated as of March 22, 2016 by and between MRI
Interventions, Inc., a Delaware corporation (the “Company”), and Brainlab
AG, a German corporation (the “Purchaser”).

 

RECITALS

 

A.          In
March 2013, the Company issued an amended and restated secured note in the principal amount of $4,289,444 to the Purchaser (the
“Old Note”). The Old Note matures in April 2016, and principal and accrued interest of approximately $740,000
under the Old Note is payable in a single installment upon maturity.

 

B.          The
desires to induce the Purchaser to further amend and restate the Old Note.

 

C.          The
Purchaser hereby agrees to amend and restate the Old Note, and to cancel $2,289,444.44 of the principal amount of the Old Note,
provided that the Company agrees to:

 

(i)
pay to the Purchaser all accrued and unpaid interest on the Old Note described above, in the amount of $739,323.46 (the “Interest
Payment”);

 

(ii)
enter into a patent and technology license agreement with the Purchaser for the development of software relating to the Company’s
SmartFrame® device (the “License Agreement”); and

 

(iii)
issue to the Purchaser 3,972,410 units (“Units”), consisting of: (a) one share of the Company’s common
stock, par value $0.01 per share (the “Common Stock”); (b) a warrant to purchase 0.40 shares of Common Stock;
and (c) a warrant to purchase 0.30 shares of Common Stock (the “Offering”).

 

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

 

D.         Contemporaneously
with the closing of the transactions contemplated by this Agreement, the parties shall execute and deliver the following agreements:

 

(i)
the amended and restated Old Note, substantially in the form attached hereto as Exhibit A (the “New Note”),
which shall have the same terms as the Old Note, except that: (a) the principal amount of the New Note shall be $2,000,000; (b)
the New Note shall bear interest at 5.5% per annum, compounded simply, paid in arrears quarterly; and (c) the maturity date of
the New Note shall be December 31, 2018;

 

(ii)
the License Agreement, substantially in the form attached hereto as Exhibit B; and

 

(iii)
a Registration Rights Agreement, substantially in the form attached hereto as Exhibit C (the “Registration Rights
Agreement”), pursuant to which, among other things, the Company will agree to provide certain registration rights with
respect to the Shares (defined below) and the Warrant Shares (as defined below) under the Securities Act and the rules and regulations
promulgated thereunder and applicable state securities laws.

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

    	1

    	 

    

 

ARTICLE I

DEFINITIONS

 

1.1          
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the
following terms shall have the meanings indicated in this Section 1.1:

 

“8-K Filing”
has the meaning set forth in Section 4.5.

 

“Action”
means any action, suit, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or, to the knowledge of the Company, overtly threatened in writing against the Company, any Subsidiary or any of their
respective properties or any officer, director or employee of the Company or any Subsidiary acting in his or her capacity as an
officer, director or employee, before or by any federal, state, county, local or foreign court, arbitrator, governmental or administrative
agency, regulatory authority, stock market, stock exchange or trading facility.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls,
is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the
Securities Act.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“A Warrant”
has the meaning set forth in Section 2.1.

 

“BHCA”
has the meaning set forth in Section 3.1(rr).

 

“Board of
Directors” means the board of directors of the Company.

 

“Business
Day” means any day except Saturday, Sunday, any day which is 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.

 

“B Warrant”
has the meaning set forth in Section 2.1.

 

“Closing”
means the closing of the purchase and sale of the Units pursuant to this Agreement.

 

“Closing Date”
means April 4, 2016 or such other date as the parties may agree provided all of the conditions set forth in Sections 2.1,
2.2, 5.1 and 5.2 hereof are satisfied or waived, as the case may be.

 

“Commission”
has the meaning set forth in the Recitals.

 

“Common Stock”
has the meaning set forth in the Recitals, and also includes any other class of securities into which the Common Stock may hereafter
be reclassified or changed.

 

“Common Stock
Equivalents” means any securities of the Company or any Subsidiary which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or
other securities that entitle the holder to receive, directly or indirectly, Common Stock.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company Counsel”
means Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, or such other legal counsel as may be engaged by the Company.

 

    	2

    	 

    

 

“Company Deliverables”
has the meaning set forth in Section 2.2(a).

 

“Control”
(including the terms “controlling,” “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

 

“Disclosure
Materials” has the meaning set forth in Section 3.1(h).

 

“Effective
Date” means the date on which the initial Registration Statement required by Section 2(a) of the Registration Rights
Agreement is first declared effective by the Commission.

 

“Environmental
Laws” has the meaning set forth in Section 3.1(dd).

 

“Evaluation
Date” has the meaning set forth in Section 3.1(t).

 

“Evercore
Transfer” means the transfer, as consideration for services rendered, by Purchaser to its financial advisor, Evercore,
of the right to acquire up to 12% of the Warrant Shares issuable under each of the A Warrant and the B Warrant.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“FDA”
has the meaning set forth in Section 3.1(pp).

 

“FDCA”
has the meaning set forth in Section 3.1(pp).

 

“Federal Reserve”
has the meaning set forth in Section 3.1(rr).

 

“GAAP”
means U.S. generally accepted accounting principles, as applied by the Company.

 

“Indebtedness”
means: (i) any liabilities for borrowed money in excess of USD $50,000 (which, for the avoidance of doubt, does not include trade
accounts payable); (ii) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether
or not the same are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by endorsement
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (iii) the present
value of any lease payments in excess of USD $50,000 due under leases required to be capitalized in accordance with GAAP.

 

“Indemnified
Person” has the meaning set forth in Section 4.10(b).

 

“Intellectual
Property Rights” has the meaning set forth in Section 3.1(p).

 

“Interest
Payment” has the meaning set forth in the Recitals.

 

“License Agreement”
has the meaning set forth in the Recitals.

 

“Lien”
means any lien, charge, claim, encumbrance, security interest, right of first refusal, preemptive right or other restriction of
any kind.

 

“Material
Adverse Effect” means a material adverse effect on the results of operations, assets, business or condition (financial
or otherwise) of the Company and its Subsidiaries, taken as a whole, except that any of the following, either alone or in combination,
shall not be deemed a Material Adverse Effect: (i) effects caused by changes or circumstances affecting general market or
other conditions in the U.S. economy or which are generally applicable to the industry in which the Company operates, provided

 

    	3

    	 

    

 

that such effects are not borne to a materially disproportionate degree by the Company compared to other companies operating in
the same industry as the Company; (ii) effects resulting from or relating to the announcement or disclosure of the sale of
the Securities or other transactions contemplated by this Agreement or the Offering; or (iii) effects caused by any event,
occurrence or condition resulting from or relating to the taking of any action in accordance with this Agreement.

 

“Material
Contract” means any contract of the Company that has been filed or was required to have been filed as an exhibit to the
SEC Reports pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.

 

“Material
Permits” has the meaning set forth in Section 3.1(n).

 

“Money Laundering
Laws” has the meaning set forth in Section 3.1(ss).

 

“New York
Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“OFAC”
has the meaning set forth in Section 3.1(kk).

 

“Offering”
has the meaning set forth in the Recitals.

 

“Old Note”
has the meaning set forth in the Recitals.

 

“New Note”
has the meaning set forth in the Recitals.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Product”
has the meaning set forth in Section 3.1(pp).

 

“Press Release”
has the meaning set forth in Section 4.5.

 

“Principal
Trading Market” means the Trading Market on which the Common Stock is primarily listed on and/or quoted for trading,
which, as of the date of this Agreement and the Closing Date, shall be the OTCQB tiered marketplace organized by OTC Markets Group
Inc.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or overtly threatened in writing.

 

“Purchase
Price” means USD $0.3246 per Unit.

 

“Purchaser”
has the meaning set forth in the Preamble.

 

“Purchaser
Deliverables” has the meaning set forth in Section 2.2(b).

 

“Purchaser
Party” has the meaning set forth in Section 4.10(a).

 

“Registration
Rights Agreement” has the meaning set forth in the Recitals.

 

“Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and
covering the resale by the Purchaser of the Registrable Securities (as defined in the Registration Rights Agreement).

 

    	4

    	 

    

 

“Regulation
S” has the meaning set forth in the Recitals.

 

“Required
Approvals” has the meaning set forth in Section 3.1(e).

 

“Required
Delivery Date” has the meaning set forth in Section 4.1(c).

 

“Restricted
Period” has the meaning set forth in Section 3.2(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC Reports”
has the meaning set forth in Section 3.1(h).

 

“Securities”
means, collectively, the Units, the Shares, the A Warrants, the B Warrants and the Warrant Shares underlying both the A Warrants
and the B Warrants.

 

“Securities
Act” has the meaning set forth in the Recitals.

 

“Shares”
means the shares of Common Stock being acquired by the Purchaser pursuant to this Agreement.

 

“Short Sales”
include, without limitation: (i) all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis); and (ii) sales and other transactions through non-U.S. broker dealers
or foreign regulated brokers (but shall not be deemed to include the location and/or reservation of borrowable shares of Common
Stock).

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, include any subsidiary
of the Company formed or acquired after the date hereof.

 

“Trading Day”
means: (i) a day on which the Common Stock is listed or quoted on its Principal Trading Market; or (ii) if the Common
Stock is not listed or quoted on any Trading Market, a day on which the Common Stock is quoted in the over the counter market as
reported in the OTC Pink (also known as “Pink Sheets”) by OTC Markets Group Inc. (or any similar organization or agency
succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted
as set forth in clause (i) or (ii) above, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Stock Market (any market tier) or the OTCQX or OTCQB tiered
marketplace organized by OTC Markets Group Inc., on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transaction
Documents” means this Agreement, the schedules and exhibits attached hereto, the A Warrants, the B Warrants, the Registration
Rights Agreement, the New Note, the License Agreement, the Transfer Agent Instructions and any other documents or agreements explicitly
contemplated hereunder.

 

“Transfer
Agent” means Continental Stock Transfer & Trust Co., the current transfer agent of the Company, or any successor
transfer agent for the Company.

 

“Unit”
has the meaning set forth in the Recitals.

 

    	5

    	 

    

 

“USD”
means United States dollars.

 

“Warrants”
means, as the context requires the warrants being acquired by the Purchaser pursuant to this Agreement, including both the A Warrant
and the B Warrant.

 

“Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Warrants.

 

ARTICLE II

PURCHASE AND SALE

 

2.1         
Closing.

 

(a)        
Issuance. Subject to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue
to the Purchaser: (i) 3,972,410 shares of Common Stock; (ii) one Warrant to purchase 1,588,964 Warrant Shares (“A Warrant”);
and (iii) one Warrant to purchase 1,191,723 Warrant Shares (“B Warrant”). The A Warrants shall have an exercise
price equal to USD $0.4058 per Warrant Share. The B Warrants shall have an exercise price equal to USD $0.5275 per Warrant Share.

 

(b)        
Closing. The Closing shall take place at the offices of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC on
the Closing Date or at such other location or remotely by facsimile transmission or other electronic means as determined by the
Company.

 

2.2         
Closing Deliveries.

 

(a)        
On the Closing Date, the Company shall issue, deliver or cause to be delivered to the Purchaser, the following (the “Company
Deliverables”):

 

(i)        
the issued and duly executed Shares and Warrants being issued to the Purchaser at the Closing pursuant to this Agreement;

 

(ii)      
the Interest Payment, in USD and in immediately available funds, by wire transfer in accordance with the Purchaser’s
written instructions;

 

(iii)      
the New Note, duly executed by the Company;

 

(iv)      
the License Agreement, duly executed by the Company;

 

(v)       
the Registration Rights Agreement, duly executed by the Company; and

 

(vi)     
a certificate of the Secretary of the Company, dated as of the Closing Date: (a) certifying the resolutions adopted
by the Board of Directors approving the transactions contemplated by this Agreement and the other Transaction Documents and the
issuance of the Securities; and (b) certifying the current versions of the certificate of incorporation and bylaws of the
Company.

 

(b)         
At or prior to the Closing, the Purchaser shall deliver or cause to be delivered to the Company the following (the “Purchaser
Deliverables”):

 

(i)        
the New Note, duly executed by the Purchaser;

 

(ii)       
the License Agreement, duly executed by the Purchaser; and

 

(iii)      
the Registration Rights Agreement, duly executed by the Purchaser.

 

    	6

    	 

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1         
Representations and Warranties of the Company. The Company hereby represents and warrants as of the date hereof (except
for the representations and warranties that speak as of a specific date, which shall be made as of such date), to the Purchaser:

 

(a)         
Subsidiaries. The Company has no direct or indirect Subsidiaries other than those listed in Schedule 3.1(a)
hereto. Except as disclosed in Schedule 3.1(a) hereto, the Company owns, directly or indirectly, all of the capital stock
or comparable equity interests of each Subsidiary, if any, free and clear of any and all Liens, and all the issued and outstanding
shares of capital stock or comparable equity interest of each Subsidiary, if any, are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)         
Organization and Qualification. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable),
with the requisite power and authority to own or lease and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate
of incorporation, bylaws or other organizational or charter documents. The Company and each of its Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not have a Material Adverse Effect, and no Proceeding has been instituted, is pending,
or, to the knowledge of the Company, has been threatened in writing in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)         
Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by each of the Transaction Documents to which it is a party and otherwise to carry
out its obligations hereunder and thereunder. The Company’s execution and delivery of each of the Transaction Documents to
which it is a party and the consummation by it of the transactions contemplated hereby and thereby (including, but not limited
to, the sale and delivery of the Shares and the Warrants and the reservation for issuance and the subsequent issuance of the Warrant
Shares upon exercise of the Warrants) have been duly authorized by all necessary corporate action on the part of the Company, and
no further corporate action is required by the Company, its Board of Directors or its stockholders in connection therewith other
than in connection with the Required Approvals. Each of the Transaction Documents to which the Company is a party has been (or
upon delivery will have been) duly executed by the Company and is, or when delivered in accordance with the terms hereof, will
constitute the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except: (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application; (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.

 

(d)         
No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is
a party and the consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation,
the issuance of the Shares and Warrants and the reservation for issuance and issuance of the Warrant Shares) do not and will not:
(i) conflict with or violate any provisions of the Company’s certificate of incorporation or bylaws or otherwise result
in a

 

    	7

    	 

    

 

violation of the organizational documents of the Company; (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would result in a default) under, result in the creation of any Lien upon any of the properties
or assets of the Company or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any Material Contract; or (iii) subject to the Required Approvals, conflict with or result
in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company is subject (including federal and state securities laws, assuming the correctness of the representations
and warranties made by the Purchaser herein), or by which any property or asset of the Company is bound or affected, except in
the case of clauses (ii) and (iii) such as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(e)          
Filings, Consents and Approvals. Neither the Company nor any of its Subsidiaries is required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority, self-regulatory organization (including the Principal Trading Market) or other Person in
connection with the execution, delivery and performance by the Company of the Transaction Documents (including, without limitation,
the issuance of the Shares and Warrants and the reservation for issuance and issuance of the Warrant Shares), other than: (i) the
filing with the Commission of a Registration Statement in accordance with the requirements of the Registration Rights Agreement;
(ii) the filing of any requisite notices and/or application(s) to the Principal Trading Market for the issuance and sale of the
Securities and the listing of the Shares and Warrant Shares for trading or quotation, as the case may be, thereon in the time and
manner required thereby; (iii) the filings contemplated in Section 4.5 of this Agreement; and (iv) those
that have been made or obtained prior to the date of this Agreement (collectively, the “Required Approvals”).

 

(f)           
Issuance of the Securities. The Shares have been duly authorized and, when issued and paid for in accordance with
the terms of the Transaction Documents, will be duly and validly issued, fully paid and nonassessable and free and clear of all
Liens, other than restrictions on transfer provided for in the Transaction Documents or imposed by applicable securities laws,
and shall not be subject to preemptive or similar rights of stockholders. The Warrants have been duly authorized and, when issued
and paid for in accordance with the terms of the Transaction Documents, will be duly and validly issued, free and clear of all
Liens, other than restrictions on transfer provided for in the Transaction Documents or imposed by applicable securities laws,
and shall not be subject to preemptive or similar rights of stockholders. The Warrant Shares issuable upon exercise of the Warrants
have been duly authorized and, when issued and paid for in accordance with the terms of the Transaction Documents and the Warrants
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, other than restrictions on transfer
provided for in the Transaction Documents or imposed by applicable securities laws, and shall not be subject to preemptive or similar
rights of stockholders. Assuming the accuracy of the representations and warranties of the Purchaser in this Agreement, the Securities
will be issued in compliance with all applicable federal and state securities laws. As of the Closing Date, the Company shall have
reserved from its duly authorized capital stock the number of shares of Common Stock issuable upon exercise of the Warrants (without
taking into account any limitations on the exercise of the Warrants set forth in the Warrants). The Company shall, so long as any
of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued capital
stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock issuable upon exercise
of the Warrants (without taking into account any limitations on the exercise of the Warrants set forth in the Warrants).

 

(g)         
Capitalization. The number of shares and type of all authorized, issued and outstanding capital stock, options and
other securities of the Company as of December 31, 2015 (whether then convertible into or exercisable or exchangeable for shares
of capital stock of the Company) is set

 

    	8

    	 

    

 

forth in Schedule 3.1(g) hereto. Except as set forth in Schedule 3.1(g),
no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents that have not been effectively waived as of the Closing Date. Except as
set forth in Schedule 3.1(g), the issuance and sale of the Units will not obligate the Company to issue shares of Common
Stock or other securities to any Person and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company
are validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or
purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for
the issuance and sale of the Securities.

 

(h)         
SEC Reports; Disclosure Materials. The Company has filed with the Commission all reports, schedules, forms, statements
and other documents required to be filed by the Company under the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the “SEC Reports” or the “Disclosure Materials,” as context requires),
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective filing dates, or to the extent corrected or updated by a subsequent amendment or
restatement, the SEC Reports complied in all material respects with the requirements of the Exchange Act and the rules and regulations
of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. Each of the Material Contracts to which the Company or any
Subsidiary is a party or to which the property or assets of the Company or any of its Subsidiaries are subject has been filed (or
incorporated by reference) as an exhibit to the SEC Reports.

 

(i)          
Financial Statements. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing (or to the extent corrected or updated by a subsequent amendment or restatement). Such financial statements
have been prepared in accordance with GAAP, except as may be otherwise specified in such financial statements or the notes thereto
and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated subsidiaries taken as a whole as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal
year-end audit adjustments.

 

(j)           Material Changes. Since December 31, 2014: (i) there have been no events, occurrences or developments that have
had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; (ii) except as
disclosed in the SEC Reports, the Company has not incurred any material liabilities (contingent or otherwise) other than: (A) trade
payables and accrued expenses incurred in the ordinary course of business consistent with past practice; and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the
Commission; (iii) the Company has not altered materially its method of accounting or the manner in which it keeps its accounting
books and records; (iv) the Company has not declared or made any dividend or distribution of cash or other property to its
stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and; (v) except
as disclosed in the SEC Reports, there has not been any material change or amendment to, or any waiver of any material right by
the Company under, any Material Contract under which the Company or any of its Subsidiaries is bound or subject.

 

    	9

    	 

    

 

(k)          Litigation. There is no Action which: (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the issuance of the Securities; or (ii) except as disclosed in the SEC Reports, would,
if there were an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any Subsidiary, nor any director or executive officer thereof, is or has within the past
five years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. To the knowledge of the Company, within the past five years there has not been, and there
is not pending or contemplated, any investigation by the Commission involving the Company or any current director or executive
officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(l)           Employment Matters. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect
to any of the employees of the Company which would have a Material Adverse Effect. None of the Company’s or any Subsidiary’s
employees is a member of a union that relates to such employee’s relationship with the Company or Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement. The Company and each Subsidiary believes
that its relationship with its employees is good. No current executive officer of the Company (as defined in Rule 501(f) under
the Securities Act) has notified the Company or any such Subsidiary that such officer intends to leave the Company or any such
Subsidiary or otherwise terminate such officer’s employment with the Company or any such Subsidiary. To the knowledge of
the Company, no current executive officer is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement with the Company, or any other contract
or agreement or any restrictive covenant in favor of a third party, and to the knowledge of the Company, the continued employment
of each such executive officer does not subject the Company or any Subsidiary to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
to be in compliance would not, individually or in the aggregate, have a Material Adverse Effect.

 

(m)         Compliance. Neither the Company nor any of its Subsidiaries: (i) is in default under or in violation of (and
no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company
or any of its Subsidiaries under), nor has the Company or any of its Subsidiaries received written notice of a claim that it is
in default under or that it is in violation of, any Material Contract (whether or not such default or violation has been waived);
(ii) is in violation of any order of any court, arbitrator or governmental body having jurisdiction over the Company, its
Subsidiaries or their respective properties or assets; or (iii) is in violation of, or in receipt of written notice that it
is in violation of, any statute, rule or regulation of any governmental authority or self-regulatory organization (including the
Principal Trading Market) applicable to the Company, except in each case as would not, individually or in the aggregate, have a
Material Adverse Effect.

 

(n)          Regulatory Permits. The Company and each of its Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its respective business
as currently conducted and as described in the SEC Reports, except where the failure to possess such permits, individually or in
the aggregate, has not and would not have a Material Adverse Effect (“Material Permits”). Neither the Company
nor any of its Subsidiaries has received any notice of Proceedings relating to the revocation or material adverse modification
of any such Material Permits.

 

(o)          Title to Assets. The Company and its Subsidiaries have good and marketable title in fee simple to all real property
owned by them, if any. The Company and its Subsidiaries have good and

 

    	10

    	 

    

 

marketable title to all tangible personal property owned
by them that is material to the business of the Company and its Subsidiaries, taken as whole, in each case free and clear of all
Liens except as disclosed in Schedule 3.1(o) or such as do not materially affect the value of such property and do not interfere
with the use made and proposed to be made of such property by the Company and any of its Subsidiaries. Any real property and facilities
held under lease by the Company and any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and facilities
by the Company and its Subsidiaries.

 

(p)          Patents and Trademarks. To the knowledge of the Company, the Company and its Subsidiaries own, possess, license or
have other rights to use, all patents, patent applications, trade and service marks, trade and service mark applications and registrations,
trade names, trade secrets, inventions, copyrights, licenses, technology, know-how and other intellectual property rights and similar
rights necessary or material for use in connection with their respective businesses as described in the SEC Reports and which the
failure to so have would have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
There is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by any Person that the Company’s
business as now conducted infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights
of such Person. To the knowledge of the Company, there is no existing infringement by another Person of any of the Intellectual
Property Rights that would have a Material Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights, except where failure to do so would
not, individually or in the aggregate, have a Material Adverse Effect.

 

(q)          Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as the Company believes to be prudent and customary in the businesses and locations
in which the Company and the Subsidiaries are engaged. Neither the Company nor any of its Subsidiaries has received any notice
of cancellation of any such insurance, nor, to the knowledge of the Company, will it or any Subsidiary be unable to renew their
respective existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business.

 

(r)           Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the executive officers
or directors of the Company and, to the knowledge of the Company, none of the employees of the Company is presently a party to
any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), that would be
required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act.

 

(s)           Internal Accounting Controls. The Company and its Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset and liability accountability; (iii) access to assets or incurrence of liabilities is permitted
only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets
and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with
respect to any differences.

 

(t)           Sarbanes-Oxley; Disclosure Controls. The Company is in compliance in all material respects with all of the provisions
of the Sarbanes-Oxley Act of 2002 which are applicable to it as of the Closing Date. The Company has established disclosure controls
and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) for the Company and designed such
disclosure controls and procedures to ensure that information required to be disclosed by the Company in

 

    	11

    	 

    

 

the reports it files or
submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls
and procedures as of the end of the period covered by the Company’s most recently filed periodic report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under
the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based
on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the Company’s internal
control over financial reporting (as such term is defined in the Exchange Act) that has materially affected, or is reasonably likely
to materially affect, the Company’s internal control over financial reporting.

 

(u)           Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of
the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term
is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by
Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to
a Disqualification Event.

 

(v)           Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2
of this Agreement, to the knowledge of the Company, no registration under the Securities Act is required for the offer and sale
of the Securities by the Company to the Purchaser under the Transaction Documents. The issuance and sale of the Securities hereunder
does not contravene the rules and regulations of the Principal Trading Market.

 

(w)          Investment Company. The Company is not, and immediately after receipt of payment for the Shares and Warrants, will
not be an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall
conduct its business in a manner so that it will not become subject to the Investment Company Act of 1940, as amended.

 

(x)           Registration Rights. Except in connection with the Offering, and except as set forth in the Registration Rights Agreement
and Schedule 3.1(x) hereto, no Person has any right to cause the Company to effect the registration under the Securities
Act of any securities of the Company.

 

(y)           Listing and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12(g) of
the Exchange Act, and the Company has taken no action designed to terminate the registration of the Common Stock under the Exchange
Act, nor has the Company received any notification that the Commission is contemplating terminating such registration. The Company
has not, in the twelve (12) months preceding the date hereof, received written notice from the Principal Trading Market to
the effect that the Company is not in compliance with the listing or maintenance requirements of the Principal Trading Market.
The Company is in compliance with all listing and maintenance requirements of the Principal Trading Market on the date hereof.

 

(z)           Rights
Agreements. The Company has not adopted any stockholder rights plan or similar arrangement relating to accumulations of beneficial
ownership of Common Stock or a change in control of the Company.

 

(aa)         Disclosure. The Company confirms that it has not provided, and to the knowledge of the Company, none of its executive
officers or directors nor any other Person acting on its or their behalf has provided, the Purchaser or its respective agents or
counsel with any information that it

 

    	12

    	 

    

 

believes constitutes material, non-public information: (i) except insofar as the existence,
provisions and terms of the Transaction Documents and the proposed transactions hereunder may constitute such information, all
of which will be disclosed by the Company in the manner contemplated by Section 4.5 hereof; or (ii) unless the Purchaser
shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands and
confirms that the Purchaser will rely on the foregoing representations in effecting transactions in securities of the Company.

 

(bb)        No Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in
Section 3.2, neither the Company nor, to the knowledge of the Company, any Person acting on its behalf has, directly
or indirectly, at any time within the past six (6) months, made any offers or sales of any Company security or solicited any
offers to buy any Company security under circumstances that would: (i) eliminate the availability of the exemption from registration
under Regulation S under the Securities Act in connection with the offer and sale by the Company of the Units as contemplated hereby;
or (ii) cause the Offering to be integrated with prior offerings by the Company for purposes of any stockholder approval provisions,
including, without limitation, under the rules and regulations of any Trading Market on which any of the securities of the Company
are listed or quoted.

 

(cc)         Tax Matters. The Company and each of its Subsidiaries: (i) has prepared and filed (or has requested valid extensions
for) all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to
which it is subject; and (ii) has paid all taxes and other governmental assessments and charges that are material in amount,
shown or determined to be due on such returns, reports and declarations, except those being contested in good faith, with respect
to which adequate reserves have been set aside on the books of the Company, except in either case where the failure to prepare,
file or pay would not have a Material Adverse Effect. There are no unpaid taxes in any material amount claimed to be due by the
Company or any of its Subsidiaries by the taxing authority of any jurisdiction.

 

(dd)        Environmental Matters. To the knowledge of the Company, neither the Company nor any of its Subsidiaries: (i) is
in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment
or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”); (ii) owns or operates
any real property contaminated with any substance that is in violation of any Environmental Laws; (iii) is liable for any
off-site disposal or contamination pursuant to any Environmental Laws; or (iv) is subject to any claim relating to any Environmental
Laws, which violation, contamination, liability or claim has had or would have, individually or in the aggregate, a Material Adverse
Effect; and, to the knowledge of the Company, there is no pending investigation or investigation threatened in writing that could
reasonably be expected to lead to such a claim.

 

(ee)         Neither the Company nor, to the knowledge of the Company, any Person acting on behalf of the Company has offered or sold
any of the Units by any form of general solicitation or general advertising (within the meaning of the Securities Act).

 

(ff)          Purchaser Status. Upon Closing, and assuming the accuracy of the Purchasers’ representations and warranties
under this Agreement, the Company has offered and sold the Securities only to “accredited investors” as such term is
defined pursuant to the Securities Act and Rule 501 under the Securities Act, a sophisticated person as defined in Rule 506 under
the Securities Act, a Non-U.S. Person as defined in Regulation S, and whom is deemed not to be a U.S. person under Rule 902(k)(2)
of the Securities Act.

 

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(gg)        Unlawful Payments. To the knowledge of the Company, none of the Company, any of its Subsidiaries, nor any directors,
executive officers, employees, agents or other Persons acting at the direction of or on behalf of the Company or any of its Subsidiaries,
has, in the course of its actions for or on behalf of the Company: (a) used any corporate funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to foreign or domestic political activity; (b) made any unlawful
payments to any foreign or domestic governmental officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds; (c) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (d) made
any other unlawful bribe, rebate, payoff, influence payment, kickback or other material unlawful payment to any foreign or domestic
government official or employee.

 

(hh)        Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company (or
any Subsidiary) and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its
SEC Reports and is not so disclosed and would have a Material Adverse Effect.

 

(ii)           Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that the Purchaser
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by the Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchaser’s purchase of the Shares and Warrants. The
Company represents to the Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents
has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(jj)           Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has: (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Securities; or (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Securities in violation of Regulation M under the Exchange Act.

 

(kk)         PFIC. Neither the Company nor any of its Subsidiaries is or intends to become a “passive foreign investment
company” within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(ll)           OFAC. Neither the Company nor any of its Subsidiaries is, and, to the knowledge of the Company, no director, executive
officer, agent, employee, Affiliate or other Person acting for or on behalf of the Company or any of its Subsidiaries is, currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).
The Company will not knowingly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other Person or entity, towards any sales or operations in Cuba, Iran,
Syria, Sudan, Myanmar or any other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently
subject to any U.S. sanctions administered by OFAC.

 

(mm)      
No Additional Agreements. The Company does not have any agreement or understanding with the Purchaser with respect
to the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

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(nn)        Accountants. Cherry Bekaert LLP, who will express their opinion with respect to the audited financial statements
and schedules to be included as a part of any Registration Statement prior to the filing of any such Registration Statement, are
independent accountants as required by the Securities Act.

 

(oo)        Application of Takeover Protections. The execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby will not impose any restriction on the Purchaser, or create in any party (including any current stockholder
of the Company) any rights, under any share acquisition, business combination, poison pill (including any distribution under a
rights agreement), or other similar anti-takeover provisions under the Company’s charter documents or the laws of its state
of incorporation.

 

(pp)        Solvency. Based on the financial condition of the Company as of the Closing Date, and except as described in the
SEC Reports, immediately after giving effect to the transactions contemplated by this Agreement: (i) the fair saleable value of
the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing
debts and other liabilities (including known contingent liabilities) as they mature; and (ii) the Company’s assets do not
constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital
needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected
capital requirements and capital availability thereof. The Company has no knowledge of any facts or circumstances which lead it
to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within one year from the Closing Date. The SEC Reports set forth as of the date hereof all outstanding secured and unsecured Indebtedness
of the Company, or for which the Company has commitments. The Company is not in default with respect to any Indebtedness.

 

(qq)        FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (the “FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (the “FDCA”) that
is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company (each such product, a “Product”),
such Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with
all applicable requirements under the FDCA and similar laws, rules and regulations relating to registration, investigational use,
premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical
practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be
in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the knowledge of the Company, threatened,
Action against the Company, and the Company has not received any notice, warning letter or other communication from the FDA or
any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of,
the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Product,
(ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising
or sales promotional materials relating to, any Product, (iii) imposes a clinical hold on any clinical investigation by the Company,
(iv) enjoins production at any facility of the Company, (v) enters or proposes to enter into a consent decree of permanent injunction
with the Company, or (vi) otherwise alleges any violation of any such laws, rules or regulations by the Company, and which, either
individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the
FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United
States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to

 

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approving or clearing for marketing any product being developed or proposed to be developed by the Company.

 

(rr)          Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Purchaser’s
reasonable request.

 

(ss)         Bank Holding Company Act. The Company is not subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Company
does not own or control, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities
or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation
by the Federal Reserve. The Company does not exercise a controlling influence over the management or policies of a bank or any
entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(tt)          Money Laundering Laws. The operations of the Company are and have been conducted in compliance in all material respects
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes of all jurisdictions where the Company conducts its business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending, or to the
knowledge of the Company, threatened.

 

3.2         
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof
and as of the Closing Date to the Company as follows:

 

(a)          Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated
by the applicable Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and
delivery of this Agreement by the Purchaser and performance by the Purchaser of the transactions contemplated by this Agreement
have been duly authorized by all necessary action on the part of the Purchaser. Each Transaction Document to which the Purchaser
is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will
constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, except:
(i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application; (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.

 

(b)          No Conflicts. The execution, delivery and performance by the Purchaser of this Agreement and the other Transaction
Documents to which it is a party, and the consummation by the Purchaser of the transactions contemplated hereby and thereby, will
not: (i) if applicable, result in a violation of the organizational documents of the Purchaser; (ii) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Purchaser
is a party; or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and
state securities laws) applicable to the Purchaser, except in the case of

 

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clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which would not, individually or in the aggregate, have a material adverse effect on the ability
of the Purchaser to perform its obligations hereunder or any of the other Transaction Documents to which the Purchaser is a party.

 

(c)          Investment Intent. The Purchaser understands that the New Note and the Securities are “restricted securities”
and have not been registered under the Securities Act or any applicable state securities law, and the Purchaser is acquiring the
New Note and the Units and, upon exercise of the Warrants, will acquire the Warrant Shares issuable upon exercise thereof, as principal
for its own account and not with a view to, or for distributing or reselling such New Note or Securities or any part thereof in
violation of the Securities Act or any applicable state securities laws, provided, however, that by making the representations
herein, the Purchaser does not agree to hold any of the Securities for any minimum period of time and reserves the right, subject
to the provisions of this Agreement, the Warrant and the Registration Rights Agreement, at all times to sell or otherwise dispose
of all or any part of such Securities pursuant to an effective registration statement under the Securities Act or under an exemption
from such registration and in compliance with applicable federal and state securities laws and, provided further, however,
that the parties acknowledge that the Purchaser may, in its sole discretion, effect the Evercore Transfer. The Purchaser is acquiring
the New Note and Securities hereunder in the ordinary course of its business. Other than the potential Evercore Transfer, the Purchaser
does not presently have any agreement, plan or understanding, directly or indirectly, with any Person to distribute or effect any
distribution of any of the New Note or Securities (or any securities which are derivatives thereof) to or through any person or
entity. The Purchaser is not a registered broker-dealer under Section 15 of the Exchange Act or an entity engaged in a business
that would require it to be so registered as a broker-dealer.

 

(d)          Purchaser Status. At the time the Purchaser was offered the Units, it was, and at the date hereof it is, and on each
date on which it exercises any Warrant it will be, an “accredited investor” as defined in Rule 501(a) under the Securities
Act. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and
has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the
Securities and, at the present time, is able to afford a complete loss of such investment. At the time the Purchaser was offered
the Units, the Purchaser was also a Non-U.S. Person as defined in Regulation S, and whom is deemed not to be a U.S. person under
Rule 902(k)(2) of the Securities Act. The Purchaser is not a “distributor” (as defined in Regulation S) or a “dealer”
(as defined in the Securities Act).

 

(e)          Certain Restrictions. The Purchaser has been advised and acknowledges that: (i) the Securities have not been registered
under the Securities Act, the securities laws of any state of the United States or the securities laws of any other country; (ii)
in issuing the Securities to the Purchaser pursuant to the terms set forth herein, the Company is relying upon the “safe
harbor” provided by Regulation S and/or on Section 4(a)(2) under the Securities Act; (iii) it is a condition to the availability
of the Regulation S “safe harbor” that the Securities not be offered or sold in the United States or to a U.S. person
until the expiration of a period of one year following the Closing Date; notwithstanding the foregoing, prior to the expiration
of one year after the Closing Date (the “Restricted Period”), the Securities may be offered and sold by the
holder thereof only if such offer and sale is made in compliance with the terms of this Agreement and either: (A) if the offer
or sale is within the United States or to or for the account of a U.S. person, the securities are offered and sold pursuant to
an effective registration statement or pursuant to Rule 144 under the Securities Act or pursuant to an exemption from registration
requirements of the Securities Act; or (B) the offer and sale is outside the United States and to other than a U.S. person.

 

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(f)           Compliance with Laws. The Purchaser is satisfied as to the full observance of the laws of such Purchaser’s
jurisdiction in connection with the transactions contemplated herein, including: (i) the legal requirements within the Purchaser’s
jurisdiction; (ii) foreign exchange restrictions; (iii) any governmental or other consents that may need to be obtained; and (iv)
the income tax and other tax consequences, if any, that may be relevant to the exchange, holding, redemption, sale or transfer
of such securities. The Purchaser’s entrance into this Agreement, the transactions contemplated herein and the Purchaser’s
continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Purchaser’s
jurisdiction.

 

(g)          Solicitation. The Purchaser is not purchasing the Securities as a result of any directed selling efforts, advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or any other general advertisement. The Purchaser further represents and warrants
that it is not acquiring the Securities for the account or benefit of any U.S. person, nor is the undersigned a U.S. person who
is purchasing the Securities in a transaction with the present intention of dividing its participation in the Company with others,
or reselling or otherwise participating, directly or indirectly, in a distribution of the Securities, and the undersigned shall
not make any sale, transfer, or other disposition of the Securities in violation of the Securities Act or the general rules and
regulations promulgated thereunder by the Commission.

 

(h)          Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Disclosure Materials
and has been afforded: (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the Offering and the merits and risks of investing in the
Securities; (ii) access to information about the Company and its Subsidiaries and their respective financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor any other
investigation conducted by or on behalf of the Purchaser or its representatives shall modify, amend or affect the Purchaser’s
right to rely on the truth, accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties
contained in the Transaction Documents. The Purchaser has sought such accounting, legal and tax advice as it has considered necessary
to make an informed decision with respect to its acquisition of the Securities. The Purchaser has received no representations or
warranties from the Company, its employees, agents or attorneys in making this investment decision other than as set forth in this
Agreement.

 

(i)           Certain Trading Activities. Other than consummating the transactions contemplated hereunder, the Purchaser has not
directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, engaged in
any transactions in the securities of the Company (including, without limitation, any Short Sales involving the Company’s
securities) since the time that the Purchaser was first contacted by the Company or any other Person regarding the specific investment
contemplated hereby. Other than to other Persons party to this Agreement, the Purchaser has maintained the confidentiality of all
disclosures made to it in connection with this transaction, including the existence and terms of this transaction. Other than to
other Persons party to this Agreement, the Purchaser has maintained the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction).

 

(j)           Brokers and Finders. Other than Purchaser’s obligations to its financial advisor, Evercore, as to which Purchaser
shall be solely liable, no Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or the

 

    	18

    	 

    

 

Purchaser for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of the Purchaser.

 

(k)           Independent Investment Decision. The Purchaser has independently evaluated the merits of its decision to purchase
Securities pursuant to the Transaction Documents, and the Purchaser confirms that it has not relied on the advice of any other
Purchaser’s business and/or legal counsel in making such decision. The Purchaser understands that nothing in this Agreement
or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities
constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its
sole discretion, has deemed necessary or appropriate in connection with its purchase of the Securities.

 

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

 

(m)          Transfer or Resale. The Purchaser understands that except as provided in the Registration Rights Agreement and Section
4.1(b) hereof: (i) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless: (A) subsequently registered thereunder; or (B) other
than in connection with the Evercore Transfer, the Purchaser shall have delivered to the Company (if requested by the Company)
an opinion of counsel to the Purchaser, in a form reasonably acceptable to the Company, to the effect that such Securities to be
sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration; (ii) any sale
of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule
144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through whom the sale
is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other
exemption under the Securities Act or the rules and regulations of the SEC promulgated thereunder; and (iii) neither the Company
nor any other Person is under any obligation to register the Securities under the Securities Act or any state securities laws or
to comply with the terms and conditions of any exemption thereunder.

 

(n)           No Governmental Review. The Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability
of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the Offering.

 

(o)          Tax Matters. The Purchaser has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax
consequences of this investment and the transaction contemplated by this Agreement. The Purchaser understands that it (and not
the Company) shall be responsible for its own tax liability that may arise as a result of the Offering and the transactions contemplated
by this Agreement.

 

(p)          Disqualification Events. None of the Purchaser, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Purchaser participating in the offering contemplated hereby, any beneficial owner of 20% or more
of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that
term is defined in Rule 405 under the Securities Act) connected with the Purchaser in any capacity at the time of sale (each, a
“Purchaser Covered Person”) is subject to any of the “Bad Actor” disqualifications described in
Rule

 

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506(d)(1)(i) to (viii) under the Securities Act, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3).
The Purchaser has exercised reasonable care to determine whether any Purchaser Covered Person is subject to a Disqualification
Event.

 

ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1          Transfer Restrictions.

 

(a)          Compliance with Laws. Notwithstanding any other provision of this Article IV, the Purchaser covenants that
the Securities may be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements
of, 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 any applicable state and federal securities laws. In connection with any transfer
of the Securities other than: (i) pursuant to an effective registration statement; (ii) to the Company; (iii) pursuant
to Rule 144 (provided that the Purchaser provides the Company with reasonable assurances (in the form of seller and, if
applicable, broker representation letters) that the securities may be sold pursuant to such rule); (iv) the Evercore Transfer or
(v) in connection with a bona fide pledge as contemplated in Section 4.1(b), the Company may require the transferor
thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the
form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not
require registration of such transferred Securities under the Securities Act. As a condition of such transfer, any such transferee
shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the rights
of the Purchaser under this Agreement and the Registration Rights Agreement with respect to such transferred Securities.

 

(b)          Legends. Certificates evidencing the Securities shall bear any legend as required by the “blue sky” laws
of any state and a restrictive legend in substantially the following form, until such time as they are not required under Section 4.1(c):

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED [THESE SECURITIES HAVE NOT BEEN REGISTERED] UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

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The Company acknowledges
and agrees that the Purchaser may from time to time pledge, and/or grant a security interest in, some or all of the legended Securities
in connection with applicable securities laws, pursuant to a bona fide margin agreement in compliance with a bona fide margin loan.
Such a pledge would not be subject to approval or consent of the Company and no legal opinion of legal counsel to the pledgee,
secured party or pledgor shall be required in connection with the pledge, but such legal opinion shall be required in connection
with a subsequent transfer or foreclosure following default by the Purchaser transferee of the pledge. No notice shall be required
of such pledge, but the Purchaser’s transferee shall promptly notify the Company of any such subsequent transfer or foreclosure.
The Purchaser acknowledges that the Company shall not be responsible for any pledges relating to, or the grant of any security
interest in, any of the Securities or for any agreement, understanding or arrangement between the Purchaser and its pledgee or
secured party. At the Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee
or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including the
preparation and filing of any required prospectus supplement under Rule 424(b) under the Securities Act or other applicable provision
of the Securities Act to appropriately amend the list of Selling Stockholders thereunder. The Purchaser acknowledges and agrees
that, except as otherwise provided in Section 4.1(c), any Securities subject to a pledge or security interest as contemplated
by this Section 4.1(b) shall continue to bear the legend set forth in this Section 4.1(b) and be subject
to the restrictions on transfer set forth in Section 4.1(a).

 

(c)          Removal of Legends. The legend set forth in Section 4.1(b) above shall be removed and the Company shall
issue or caused to be issued a certificate without such legend or any other legend to the holder of the applicable Securities upon
which it is stamped, if: (i) such Securities are registered for resale under the Securities Act (provided that, if
the Purchaser is selling pursuant to the Registration Statement, the Purchaser agrees to only sell such Securities during such
time that such registration statement is effective and not withdrawn or suspended, and only as permitted by such registration statement);
(ii) such Securities are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the Company);
(iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 (provided that the Purchaser provides
the Company with reasonable assurances that such Securities are eligible for sale, assignment or transfer under Rule 144 which
shall not include an opinion of counsel); (iv) in connection with a sale, assignment or other transfer (other than under Rule 144),
provided that the Purchaser provides the Company with an opinion of counsel to the Purchaser, in a form reasonably acceptable to
the Company, to the effect that such sale, assignment or transfer of the Securities may be made without registration under the
applicable requirements of the Securities Act; or (v) if such legend is not required under applicable requirements of the Securities
Act (including, without limitation, controlling judicial interpretations and pronouncements issued by the Commission). The Company
shall cause its counsel to issue any legal opinion (including, without limitation, the opinion referred to in the Transfer Agent
Instructions) to the Company’s transfer agent on each Effective Date and in connection with any sale or transfer pursuant
to Rule 144 in compliance with this Section 4.1(c). Any fees (with respect to the Transfer Agent, Company Counsel or otherwise)
associated with the removal of such legend shall be borne by the Company. Following the Effective Date, or at such earlier time
as a legend is no longer required for certain Securities, the Company will no later than three Trading Days following the delivery
by the Purchaser: (i) to the Transfer Agent (with notice to the Company) of a legended certificate representing Shares or
Warrant Shares (endorsed or with stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance
and/or transfer); or (ii) to the Company of an Exercise Notice in the manner stated in the Warrants to effect the exercise
of such Warrant in accordance with its terms, and any other documents required by Section 4.1(a), deliver or cause
to be delivered to the Purchaser either: (A) provided that the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program, credit the aggregate number of shares of Common Stock to which the Purchaser shall be entitled to the Purchaser’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system; or (B) if the Transfer Agent
is not participating in the DTC Fast

 

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Automated Securities Transfer Program, issue and deliver (via reputable overnight courier)
to the Purchaser, a certificate representing such Securities that is free from all restrictive and other legends, registered in
the name of the Purchaser or its designee (the date by which such credit is so required to be made to the balance account of the
Purchaser’s or the Purchaser’s nominee with DTC or such certificate is required to be delivered to the Purchaser pursuant
to the foregoing is referred to herein as the “Required Delivery Date”). The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1.
Notwithstanding any of the foregoing to the contrary, certificates for Shares or Warrant Shares subject to legend removal hereunder
shall, upon the Purchaser’s request, be transmitted by the Transfer Agent to the Purchaser by crediting the applicable balance
account at the Depository Trust Company as directed by the Purchaser.

 

(d)          Acknowledgement. The Purchaser hereby acknowledges its primary responsibilities under the Securities Act and accordingly
will not sell or otherwise transfer the Securities or any interest therein without complying with the requirements of the Securities
Act. While the Registration Statement remains effective, the Purchaser hereunder may sell the Shares and Warrant Shares in accordance
with the plan of distribution contained in the Registration Statement and if it does so it will comply therewith and with the related
prospectus delivery requirements unless an exemption therefrom is available or unless the Securities are sold pursuant to Rule
144. The Purchaser agrees that if it is notified by the Company in writing at any time that the Registration Statement registering
the resale of the Shares or the Warrant Shares is not effective or that the prospectus included in such Registration Statement
no longer complies with the requirements of Section 10 of the Securities Act, the Purchaser will refrain from selling such
Shares and Warrant Shares until such time as the Purchaser is notified by the Company that such Registration Statement is effective
or such prospectus is compliant with Section 10 of the Securities Act, unless the Purchaser is able to, and does, sell such
Shares or Warrant Shares pursuant to an available exemption from the registration requirements of Section 5 of the Securities
Act. Both the Company and its Transfer Agent, and their respective directors, officers, employees and agents, may rely on this
Section 4.1(d) and the Purchaser will indemnify and hold harmless each of such persons from any breaches or violations
of this Section 4.1(d).

 

4.2           Reservation of Common Stock. The Company shall take all action necessary to at all times have authorized, and reserved
for the purpose of issuance from and after the Closing Date, the number of shares of Common Stock issuable upon exercise of the
Warrants issued at the Closing (without taking into account any limitations on exercise of the Warrants set forth in the Warrants).

 

4.3           Furnishing of Information. In order to enable the Purchaser to sell the Securities under Rule 144, until the earlier
of: (i) one year from the Closing Date; or (ii) the occurrence of a Fundamental Transaction (as defined in the Warrant) pursuant
to which the Company is no longer a reporting company under the Exchange Act, the Company shall use its commercially reasonable
efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to the Exchange Act. Except as set forth in clause (ii) above, during
such period, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchaser
and make publicly available in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Securities
under Rule 144.

 

4.4           No Integration. The Company shall not, and shall use its reasonable best efforts to ensure that no Affiliate of the
Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the Securities Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration
under the Securities Act of the sale of the Securities to the Purchaser, or that will be integrated with the offer or sale of the
Securities for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior
to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

    	22

    	 

    

 

4.5           Securities Laws Disclosure; Publicity. The Company shall issue a press release disclosing the material terms of the
transactions contemplated hereby (the “Press Release”) no later than 9:00 A.M., New York City time, on the Trading
Day immediately following the date of this Agreement. In addition, the Company shall file a Current Report on Form 8-K (the “8-K
Filing”) with the Commission describing the terms of the Transaction Documents (and including as exhibits to such Current
Report on Form 8-K this Agreement, the form of the A and B Warrants and the Registration Rights Agreement) on or before the fourth
Business Day following the date hereof. From and after the issuance of the Press Release, the Purchaser shall be in possession
of no material, non-public information received from the Company, any Subsidiary or any of their respective officers, directors,
employees or agents, that is not disclosed in the Press Release unless the Purchaser shall have executed a written agreement regarding
the confidentiality and use of such information, which written agreement shall survive the execution of this Agreement and the
Closing.

 

4.6           Confidentiality. The Purchaser covenants that, until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company as described in Section 4.5: (i) the Purchaser shall maintain the confidentiality
of all disclosures made to it in connection with this transaction, including the existence and terms of this transaction and the
information included in the Transaction Documents; and (ii) neither the Purchaser nor any Person acting on its behalf or pursuant
to any understanding with it shall engage in any purchase or sale of securities of the Company (including Short Sales).

 

4.7           Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any
other Person, that the Purchaser is an “acquiring person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, in either
case solely by virtue of receiving Securities under the Transaction Documents or under any other written agreement between the
Company and the Purchaser.

 

4.8           Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, including this Agreement, the Company covenants and agrees that neither it, nor any other Person
acting on its behalf, will provide the Purchaser or its agents or counsel with any information regarding the Company that the Company
believes constitutes material non-public information without the express written consent of the Purchaser, unless prior thereto
the Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands
and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.9          
Evercore Transfer. Upon written notice from Purchaser to the Company, following the date hereof, of the Purchaser’s
decision, in its sole discretion, to effect the Evercore Transfer specifying the number of Warrant Shares from each of the A Warrant
and the B Warrant to be transferred to Evercore, the Company shall cancel the A Warrant and the B Warrant and replace each of the
A Warrant and the B Warrant with two separate new A Warrants and B Warrants, one issued to Evercore for the specified number of
Warrant Shares being transferred and one to the Purchaser for the remaining number of Warrant Shares, in each case on the identical
terms to the A Warrant and the B Warrant, provided that Evercore represents and warrants that it: (i) is an “accredited investor”
as defined in Rule 501(a) under the Securities Act, a sophisticated person as defined in Rule 506 under the Securities Act, and/or
a Non-U.S. Person as defined in Regulation S, deemed not to be a U.S. person under Rule 902(k)(2) of the Securities Act as well;
and (ii) is not acquiring the securities transferred to it by the Purchaser for the account or benefit of any U.S. person, nor
is the undersigned a U.S. person who is purchasing the Securities in a transaction with the present intention of dividing its participation
in the Company with others, or reselling or otherwise participating, directly or indirectly, in a distribution of the securities;
and (iii) will not make

 

    	23

    	 

    

 

any sale, transfer, or other disposition of the securities in violation of the Securities Act or the general
rules and regulations promulgated thereunder by the Commission. Purchaser represents and warrants that it has not engaged in any
form of general solicitation or general advertising (within the meaning of the Securities Act) in connection with the Evercore
Transfer. To the extent necessary in connection with the Evercore Transfer, the Company agrees to use commercially reasonable efforts
to provide Evercore with information reasonably requested, provided such information is (x) not material, non-public information,
as defined in Rule 10b5-1 of the Exchange Act and (y) necessary for Evercore to satisfy its obligations under applicable “know
your customer” regulations.

 

4.10       
Indemnification of Purchaser.

 

(a)           Subject to the provisions of this Section 4.10, the Company will indemnify and hold the Purchaser, the Purchaser’s
directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”),
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to: (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents; or (b) any action instituted against
the Purchaser in any capacity, or any other Purchaser Party, by any stockholder of the Company who is not an Affiliate of the Purchaser,
with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of
the Purchaser’s representations, warranties or covenants under any of the Transaction Documents or any agreements or understandings
the Purchaser may have with any such stockholder or any violations by the Purchaser of any applicable laws or any conduct by the
Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance).

 

(b)           Promptly after receipt by any Purchaser Party (the “Indemnified Person”) of notice of any demand, claim
or circumstances which would or might give rise to a claim or the commencement of any action, proceeding or investigation in respect
of which indemnity may be sought pursuant to this Section 4.10, such Indemnified Person shall promptly notify the Company
in writing and the Company shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Person, and shall assume the payment of all fees and expenses relating to such action, proceeding or investigation;
provided, however, that the failure of any Indemnified Person so to notify the Company shall not relieve the Company
of its obligations hereunder except to the extent that the Company is actually and materially prejudiced by such failure to notify.
In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually
agreed to the retention of such counsel; (ii) the Company shall have failed promptly to assume the defense of such proceeding
and to employ counsel reasonably satisfactory to such Indemnified Person in such proceeding; or (iii) in the reasonable judgment
of counsel to such Indemnified Person, representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel. The Company shall not be liable for any settlement of any proceeding effected without
its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent
of the Indemnified Person, which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not

 

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effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party
and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release
of such Indemnified Person from all liability arising out of such proceeding.

 

4.11       
Principal Trading Market Listing. If necessary, the Company shall prepare and file with the Principal Trading Market,
in the time and manner required by such Principal Trading Market, an additional shares listing application covering all of the
Shares and Warrant Shares and shall use its commercially reasonable efforts to take all steps necessary to cause all of the Shares
and Warrant Shares to be approved for listing or quotation on the Principal Trading Market as promptly as possible thereafter.

 

ARTICLE V

CONDITIONS PRECEDENT TO CLOSING

 

5.1         
Conditions Precedent to the Obligations of the Purchaser to Close. The obligation of the Purchaser to acquire Units
at the Closing is subject to the fulfillment, on or prior to the Closing Date, of each of the following conditions, any of which
may be waived by the Purchaser:

 

(a)          
Representations and Warranties. The representations and warranties made by the Company in Section 3.1 shall
be true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case such representations and warranties shall be true and correct in all respects) as of the date when made, except for
such representations and warranties that speak as of a specific date.

 

(b)           Performance. The Company shall have performed, satisfied and complied in all material respects with any and all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to
the Closing.

 

(c)           No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation
of any of the transactions contemplated by the Transaction Documents.

 

(d)           No Suspensions of Trading in Common Stock. The Common Stock: (i) shall be designated for listing or quotation
on the Principal Trading Market; and (ii) shall not have been suspended, as of the Closing Date, by the Commission or the
Principal Trading Market from trading on the Principal Trading Market nor shall suspension by the Commission or the Principal Trading
Market have been threatened, as of the Closing Date, either: (A) in writing by the Commission or the Principal Trading Market;
or (B) by falling below any minimum listing maintenance requirements of the Principal Trading Market.

 

(e)           Company Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.2(a).

 

5.2         
Conditions Precedent to the Obligations of the Company to Close. The Company’s obligation to sell and issue
the Units at the Closing to the Purchaser is subject to the fulfillment on or prior to the Closing Date of the following conditions,
any of which may be waived by the Company:

 

(a)           Representations and Warranties. The representations and warranties made by the Purchaser in Section 3.2 hereof
shall be true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case such representations and warranties shall be true and correct in all respects) as of the date when made, except for
representations and warranties that speak as of a specific date.

 

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(b)          Performance. The Purchaser shall have performed, satisfied and complied in all material respects with any and all
covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by such
Purchaser at or prior to the Closing Date.

 

(c)          No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation
of any of the transactions contemplated by the Transaction Documents.

 

(d)          Purchaser Deliverables. The Purchaser shall have delivered its Purchaser Deliverables in accordance with Section 2.2(b).

 

ARTICLE VI

MISCELLANEOUS

 

6.1          Fees
and Expenses. The Company and the Purchaser shall each pay the fees and expenses of their respective advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party in connection with the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties
levied in connection with the sale and issuance of the Units to the Purchaser.

 

6.2          Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire
understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions
and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules. At or after the Closing, and without further consideration, the Company and the Purchaser will execute
and deliver to the other such further documents as may be reasonably requested in order to give practical effect to the intention
of the parties under the Transaction Documents.

 

6.3          Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice
or communication is delivered via facsimile (provided the sender receives a machine-generated confirmation of successful transmission)
at the facsimile number specified in this Section 6.3 prior to 5:00 P.M., New York City time, on a Trading Day; (b) the
next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
specified in this Section 6.3 on a day that is not a Trading Day or later than 5:00 P.M., New York City time, on any
Trading Day; (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
with next day delivery specified; or (d) upon actual receipt by the party to whom such notice is required to be given, if
such notice or communication is delivered via electronic mail or any other method not identified in the preceding clauses (a) –
(c). The address for such notices and communications shall be as follows:

 

	If to the Company:	 	MRI Interventions, Inc.
	 	 	5 Musick 
	 	 	Irvine, CA 92618 
	 	 	Telephone No.: (949) 900-6833
	 	 	Facsimile No.: (949) 900-6834
	 	 	Attention: Harold A. Hurwitz, Chief Financial Officer

 

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	With a copy to:	 	Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
	 	 	165 Madison Avenue, Suite 2000
	 	 	Memphis, TN  38103
	 	 	Telephone No.: (901) 526-2000
	 	 	Facsimile No.:  (901) 577-4234
	 	 	Attention: Richard F. Mattern, Esq.

 

	If to the Purchaser:	 	Brainlab AG
	 	 	Kapellenstraβe 12
	 	 	85622 Feldkirchen, Germany
	 	 	Facsimile No: +49 89 99 15 68 33;
	 	 	Attention: Joseph Doyle, Chief Financial Officer

 

or
such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

6.4          Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived, modified, supplemented
or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser at the time of
the amendment, or, in the case of a waiver, by the party against whom enforcement of any such waiver provision is sought. No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

6.5          Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall
not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This
Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement or any other Transaction Documents.

 

6.6          Successors and Assigns. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties
and their successors and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by the
Company without the prior written consent of the Purchaser at that time, except in the event of a merger or in connection with
another entity acquiring all or substantially all of the Company’s assets. The Purchaser may assign its rights hereunder
in whole or in part to any Person to whom the Purchaser assigns or transfers any Securities in compliance with the Transaction
Documents and applicable law, provided such transferee shall agree in writing to be bound, with respect to the transferred Securities,
by the terms and conditions of this Agreement that apply to the “Purchaser.”

 

6.7          No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
except each Purchaser Party is an intended third party beneficiary of Section 4.10.

 

6.8          Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretation, enforcement and
defense of the

 

    	27

    	 

    

 

transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto
hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that
it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

6.9           Survival. Subject to applicable statute of limitations, the representations, warranties, agreements and covenants
contained herein shall survive the Closing and the delivery of the Securities pursuant to the Closing.

 

6.10         Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

6.11         Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

6.12         Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any
similar provisions of) the Transaction Documents, whenever the Purchaser exercises a right, election, demand or option under a
Transaction Document and the Company does not timely perform its related obligation within the period therein provided, then the
Purchaser may, in its sole discretion, rescind or withdraw any such notice, demand or election in whole or in part, without prejudice
to its future actions and rights, upon written notice to the Company prior to the Company’s performance of the related obligation.

 

6.13         Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company and the Transfer Agent of such loss, theft or destruction and the execution by the holder thereof of a customary
lost certificate affidavit of that fact and an agreement to indemnify and hold harmless the Company and the Transfer Agent for
any losses in connection therewith or, if required by the Transfer Agent, a bond in such form and amount as is required by the
Transfer Agent. The applicants for a new certificate or

 

    	28

    	 

    

 

instrument under such circumstances shall also pay any reasonable third-party
costs associated with the issuance of such replacement Securities. If a replacement certificate or instrument evidencing any Securities
is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition
precedent to any issuance of a replacement.

 

6.14         Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery
of damages, each of the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
described in the foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other
than in connection with any action for a temporary restraining order) the defense that a remedy at law would be adequate.

 

6.15         Payment Set Aside. To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction
Document or the Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed as of the date first indicated above.

	 	 	 	 
	MRI Interventions, Inc.	 
	 	 	 
	By: 	/s/	 Francis P. Grillo	 
	Name: 	 Francis P. Grillo	 
	Title: 	 President, CEO	 

	 	 	 	 
	BRAINLAB AG	 
	 	 	 
	By:  	/s/	 Joseph Doyle	 
	Name: 	 Joseph Doyle	 
	Title: 	 CFO	 

 

[SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

    	30

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