Document:

Exhibit 4.22

 

DESCRIPTION OF SECURITIES

 

Authorized and Outstanding Capital Stock

 

The following description of Cinedigm Corp.’s
common stock and provisions of our certificate of incorporation and bylaws are summaries and are qualified by reference to our certificate
of incorporation and bylaws, which have been incorporated by reference as exhibits to the Annual Report on Form 10-K to which this Description
of Securities is an exhibit.

 

Our authorized capital stock consists of
200,000,000 shares of Class A common stock, par value $0.001 per share (the “Class A common stock”), and 15,000,000 shares
of preferred stock, par value $0.001 per share, of which 20 shares are authorized as Series A 10% Non-Voting Cumulative Preferred Stock
(the “Series A Preferred Stock”).

 

As of March 31, 2021, there were 166,228,220
shares of Class A common stock outstanding, and 7 shares of Series A Preferred Stock were outstanding.

 

Description of Common Stock

 

Voting Rights. Holders of Class A common
stock are entitled to one vote per share on all matters submitted to a vote of our stockholders.

 

Holders of a majority of our outstanding shares
of Class A common stock present or represented by proxy at any meeting of our stockholders constitute a quorum.

 

Dividends; Liquidation; Preemptive Rights.
Holders of Class A common stock are entitled to receive dividends only if, as and when declared by our board of directors out of funds
legally available for that purpose. In the event of our liquidation, dissolution or winding-up, holders of Class A common stock are entitled,
subject to any priorities due to any holders of our preferred stock, ratably to share in all assets remaining after payment of our liabilities.
Holders of Class A common stock have no preemptive rights nor any other rights to subscribe for shares or securities convertible into
or exchangeable for shares of Class A common stock.

 

Our Class A common stock is traded on Nasdaq under
the symbol “CIDM.”

 

Description of Warrants

 

The following table presents information on outstanding
warrants to purchase shares of our Class A common stock as of March 31, 2021. All of the outstanding warrants are fully vested and exercisable.

 

	 	 	Amount

 Outstanding	 	 	Expiration	 	Exercise Price Per

 Share	 
	Warrants issued to a strategic management service provider	 	35,000 
17,500	 	 	July 2021 
July 2021	 	$

$ 	17.30

                                                                                30.00
	 
	Warrants issued in connection with exchanges of convertible notes	 	 	246,019	 	 	December 2021	 	$	1.30	 
	Warrants issued in connection with a term loan agreement	 	 	1,400,000	 	 	December 2022	 	$	1.80	 

 

All of such warrants provide for adjustment upon
a stock split, stock dividend, or stock reclassification. The warrants expiring in December 2021 provide for customary anti-dilution rights.

 

     

     

    

 

Preferred Stock

 

Our Board of Directors
is authorized, subject to any limitations prescribed by law, without further stockholder approval, to issue from time to time up to an
aggregate of 15,000,000 shares of our preferred stock, in one or more series.  The Series A Preferred Stock may be redeemed
by the Company at any time after the second anniversary of the date such shares were issued in cash or, at the Company’s option
if certain conditions are met, in shares of Class A common stock.  The holders of Series A Preferred Stock are entitled to receive
cumulative dividends from the date of issuance at an annual rate of 10% of the original issue price.  Such dividends shall be
payable in arrears in cash or, at the Company’s option, in shares of Class A common stock if certain conditions are met, quarterly
on the last day of each calendar quarter, until such shares of Preferred Stock are redeemed.

 

Each other series of preferred
stock to be issued, if any, will have such number of shares, designations, preferences, powers and qualifications and special or relative
rights or privileges as will be determined by our board of directors, which may include, among others, dividend rights, voting rights,
redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights.  The rights of the
holders of our common stock will be subject to the rights of holders of any preferred stock outstanding and issued in the future. The
issuance of preferred stock, while providing desirable flexibility in connection with the possible acquisitions and other corporate purposes,
could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority
of our outstanding voting stock.

 

Anti-Takeover Effects of Delaware Law; Our Certificate
of Incorporation and Our Bylaws

 

Delaware law, our certificate of incorporation
and our bylaws contain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control
of us. These provisions, which are summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids.
These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board.

 

No Cumulative Voting.  Under Delaware law,
the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our Fifth
Amended and Restated Certificate of Incorporation does not grant shareholders the right to vote cumulatively.

 

Blank Check Preferred Stock. We believe
that the availability of the preferred stock under our Fifth Amended and Restated Certificate of Incorporation provides us with flexibility
in addressing corporate issues that may arise. Having these authorized shares available for issuance will allow us to issue shares of
preferred stock without the expense and delay of a special stockholders’ meeting. The authorized shares of preferred stock, as well
as shares of Class A common stock, will be available for issuance without further action by our stockholders, with the exception of any
actions required by applicable law or the rules of any stock exchange on which our securities may be listed. Our Board of Directors will
have the power, subject to applicable law, to issue classes or series of preferred stock that could, depending on the terms of the class
or series, impede the completion of a merger, tender offer or other takeover attempt.

 

Stockholder Action by Written Consent. Our
Fifth Amended and Restated Certificate of Incorporation provides that any action required or permitted to be taken at any annual or special
meeting of our stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing,
setting forth the action so taken, are signed by the holders of outstanding capital stock of having not less than the minimum number of
votes necessary to authorize such action at a meeting at which all shares of capital stock entitled to vote thereon were present and voted.Exhibit 10.7.1

 

EXECUTION

 

AMENDMENT NO. 1 TO TERM LOAN
AGREEMENT

 

AMENDMENT NO. 1 TO TERM LOAN
AGREEMENT dated as of August 12, 2013 (this “Amendment”) among CINEDIGM DC HOLDINGS, LLC, a Delaware limited liability
company (the “Borrower”), ACCESS DIGITAL MEDIA, INC., a Delaware corporation (“Access”), ACCESS
DIGITAL CINEMA PHASE 2, CORP., a Delaware corporation (“Access Phase 2,” and together with Access, the “Guarantors”),
the Lenders, and Prospect Capital Corporation, a Maryland corporation (“Prospect”),
as Administrative Agent and Collateral Agent. All capitalized terms used but not otherwise defined herein have the meanings given to them
in the Loan Agreement (as defined below).

 

WHEREAS, the Borrower, the
Guarantors, the Lenders (including Prospect), and Prospect as Administrative Agent and as Collateral Agent, entered into the Term Loan
Agreement dated as of February 28, 2013 (as amended, supplemented or otherwise modified, renewed or replaced from time to time, the “Loan
Agreement”) and have agreed that the Loan Agreement shall be amended as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

SECTION
1 Amendments. The Loan Agreement is hereby amended as follows:

 

(a) Section
1.01 of the Loan Agreement is hereby amended by adding thereto the following defined terms in their proper alphabetical places:

 

“Alternate
Rate” means the sum of the Prime Rate plus the Margin, minus the lesser of (x) one percent (1.00%) and (y) the difference between
the Prime Rate and the last available LIBOR Rate.

 

“Prime Rate”
means the prime rate of interest that under current practice is listed as such under the heading “Money Rates” in the Eastern
Edition of The Wall Street Journal.

 

(b) Section
2.05(a)(i) of the Loan Agreement is hereby amended by deleting it in its entirety, and replacing it with the following in lieu thereof:

 

“(i) the greater of (x)
the Fixed Rate and (y) the LIBOR Rate in effect hereunder from time to time, in each case plus the Margin; plus”

 

(c) Section
2.06(a) of the Loan Agreement is hereby amended by deleting from the final paragraph thereof the words “Fixed Rate”, and replacing
them with the words “Alternate Rate” in lieu thereof.

 

     

     

    

 

(d) Clause
(B) of Section 7.01(c) of the Loan Agreement is hereby amended by inserting at the present end thereof the following proviso:

 

“; except that,
for the Fiscal Year ended March 31, 2013, such Consolidated Financial Statements, to be furnished not later than September 1, 2013 or
such other date acceptable to the Administrative Agent in its sole discretion, shall consist only of (1) the Consolidated balance sheet
of the Borrower and its Subsidiaries as of the end of such Fiscal Year, prepared in accordance with GAAP, together with a certification
by the Accountants that (i) such Consolidated balance sheet fairly presents in all material respects the Consolidated financial position
of the Borrower and its Subsidiaries as at the dates indicated and for the periods indicated therein in accordance with GAAP without qualification
as to the scope of the audit or as to going concern and without any other similar qualification and (ii) in the course of the regular
audit of the businesses of the Borrower and its Subsidiaries, which audit was conducted in accordance with the standards of the United
States’ Public Company Accounting Oversight Board (or any successor entity), such Accountants have obtained no knowledge that a
financial related Default has occurred and is continuing or, if in the opinion of the Accountants such a Default has occurred and is continuing,
a statement as to the nature thereof (which certification with respect to clause (ii) may be limited or omitted to the extent required
by accounting rules or guidelines) and (2) the Consolidated unaudited statements of income and cash flow of the Borrower and its Subsidiaries
for the period beginning March 1, 2013 and ending March 31, 2013, in each case certified by an Authorized Officer of the Borrower as fairly
presenting in all material respects the results of operations and cash flow of the Borrower and its Subsidiaries as at the dates indicated
and for the period indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments).”

 

(e) Section
7.13(a) of the Loan Agreement is hereby amended by inserting in the first sentence thereof the phrase “or by such later date as
determined by the Administrative Agent in its sole discretion” after the phrase “Closing Date”.

 

(f) Section
7.16(b)(i) of the Loan Agreement is hereby amended by deleting the second to last sentence thereof in its entirety, and replacing it with
the following in lieu thereof:

 

“No more than
thirty (30) days after the Closing Date or by such later date as determined by the Administrative Agent in its sole discretion, the Borrower
shall enter into an Account Control Agreement with the applicable Deposit Bank and the Collateral Agent which provides for the Collateral
Agent’s exclusive control over all cash collections and deposits received in the Borrower Collection Account upon delivery to the
Deposit Bank of a Notice of Exclusive Control.”

 

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(g) Section
7.16(b)(ii) of the Loan Agreement is hereby amended by deleting the fourth to last sentence thereof in its entirety, and replacing it
with the following in lieu thereof:

 

“No more than
thirty (30) days after the Closing Date or by such later date as determined by the Administrative Agent in its sole discretion, the Borrower
shall enter into an Account Control Agreement with the applicable Deposit Bank and the Collateral Agent which provides for the Collateral
Agent’s exclusive control over all cash collections and deposits received in the Borrower Operating Account upon delivery to the
Deposit Bank of a Notice of Exclusive Control.”

 

(h) Section
7.16(c) of the Loan Agreement is hereby amended by inserting in the second sentence thereof the phrase “or by such later date as
determined by the Administrative Agent in its sole discretion” after the phrase “Closing Date”.

 

SECTION
2Limitation of Amendments. The amendments contained in Section 1 hereof are each effective only for the express purposes
set forth therein, shall be limited precisely as written, shall not be deemed to be a waiver, amendment or other modification of any other
term or condition of the Loan Agreement or any other Loan Document, and shall not prejudice any right or remedy which any Agent or any
Lender may now have or may have in the future under or in connection with the Loan Agreement or any other Loan Document.

 

SECTION
3Loan Agreement in Full Force and Effect. Except as otherwise expressly provided in this Amendment, the Loan Agreement
and the other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed in all respects. From
and after the date hereof, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import, and each reference to the Loan Agreement in any other Loan Document shall mean and be a
reference to the Loan Agreement to the extent modified by this Amendment.

 

SECTION
4Representations and Warranties. The Borrower and each of the Guarantors hereby represents and warrants to the Agents
and the Lenders as follows: (i) each such Person is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization; (ii) the execution, delivery and performance of this Amendment by each such Person are within such Person’s corporate,
company or similar powers, have been duly authorized by all necessary corporate or similar action, and do not (w) contravene its Constituent
Documents, (x) violate any Applicable Law, (y) conflict with, contravene, constitute a default or breach under, or result in or permit
the termination or acceleration of, any material Contractual Obligation other than those that would not, in the aggregate, have a Material
Adverse Effect, or (z) require any Permit of, or filing with, any Governmental Authority or any consent of, or notice to, any Person;
(iii) this Amendment has been duly executed and delivered by such Person; and (iv) this Amendment constitutes such Person’s legal,
valid and binding obligation, enforceable against such Person in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and the effects of general principles of equity.

 

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SECTION
5Reaffirmations.

 

(a) The
Borrower hereby (i) agrees that, except as expressly provided herein, this Amendment shall not limit or diminish the obligations of the
Borrower under the Loan Agreement or any other Loan Document, (ii) reaffirms its obligations under the Loan Agreement (as expressly modified
hereby) and each of the Loan Documents to which it is a party, (iii) agrees that the Loan Agreement (as expressly modified hereby) and
each such Loan Document (including, without limitation, the Security Agreement) remains in full force and effect and is hereby ratified
and confirmed, and (iv) acknowledges and agrees that as of the date hereof it has no defense, offset, counterclaim, cross-claim, or demand
of any kind or nature whatsoever that can be asserted to reduce or eliminate all or any part of the Borrower’s liability to repay
the Obligations or to seek affirmative relief or damages of any kind or nature from any Secured Party.

 

(b) Each
Guarantor (i) reaffirms its obligations under the Security Agreement and each of the other Loan Documents to which it is a party, (ii)
acknowledges and agrees that the Security Agreement and each of the other Loan Documents to which it is a party is, and shall continue
to be, in full force and effect, (iii) acknowledges and agrees that all sums previously and now or hereafter advanced for, or on behalf,
of the Borrower under the Loan Agreement shall constitute part of the Obligations guaranteed by the Guarantors in the Security Agreement,
and (iv) acknowledges and agrees that as of the date hereof it has no defense, offset, counterclaim, cross-claim, or demand of any kind
or nature whatsoever that can be asserted to reduce or eliminate all or any part of the Obligations guaranteed by the Guarantors in the
Security Agreement or to seek affirmative relief or damages of any kind or nature from any Secured Party.

 

SECTION
6Miscellaneous.

 

(a) This
Amendment may be executed in any number of counterparts (including by facsimile or other electronic means of transmission), and by the
different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which
together shall constitute one and the same agreement.

 

(b) The
descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not affect the
meaning or construction of any of the provisions hereof or thereof.

 

(c) This
Amendment may not be changed, amended, restated, waived, supplemented, discharged, canceled, terminated or otherwise modified orally or
by any course of dealing or in any manner other than as provided in the Loan Agreement with respect to Loan Documents generally. This
Amendment shall be considered a “Loan Document” for all purposes under the Loan Agreement and the other Loan Documents.

 

(d) This
Amendment, the Loan Agreement and the other Loan Documents constitute the final, entire agreement and understanding among the parties
with respect to the subject matter hereof and thereof and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements between the parties, and shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto
and thereto. There are no unwritten oral agreements between the parties with respect to the subject matter hereof and thereof.

 

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(e) THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE CHOICE OF LAW PROVISIONS SET FORTH IN SECTION 11.13 OF THE LOAN AGREEMENT. ARTICLE XII OF THE LOAN AGREEMENT IS HEREBY INCORPORATED
HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AMENDMENT MUTADIS MUTANDIS AS IF FULLY SET FORTH HEREIN.

 

(f) This
Amendment shall be binding upon the parties hereto and their respective successors and assigns. Neither the Borrower nor the Guarantors
may assign, delegate or transfer this Amendment or any of their respective rights or obligations hereunder. No rights are intended to
be created under this Amendment for the benefit of any third party.

 

[signatures begin on next page]

 

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IN WITNESS WHEREOF, each of
the parties has duly executed this Amendment as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	CINEDIGM DC HOLDINGS, LLC
	 	 
	 	By	/s/ Gary S. Loffredo
	 	Name: 	 Gary S. Loffredo
	 	Title:	President
	 	 
	 	GUARANTORS:
	 	 
	 	ACCESS DIGITAL MEDIA, INC.
	 	 
	 	By	/s/ Gary S. Loffredo
	 	Name:	 Gary S. Loffredo
	 	Title:	President
	 	 
	 	ACCESS DIGITAL CINEMA PHASE 2, CORP.
	 	 
	 	By	/s/ Gary S. Loffredo
	 	Name:	 Gary S. Loffredo
	 	Title:	President

 

     

     

    

 

	 	ADMINISTRATIVE AGENT AND COLLATERAL AGENT:
	 	 
	 	PROSPECT CAPITAL CORPORATION
	 	 
	 	By	 /s/ M. Grier Eliasek
	 	Name:	M. Grier Eliasek
	 	Title:	President and Chief Operating Officer
	 	 
	 	LENDER:
	 	 
	 	PROSPECT CAPITAL CORPORATION
	 	 
	 	By	 /s/ M. Grier Eliasek
	 	Name: 	M. Grier Eliasek
	 	Title:	 President and Chief Operating Officer

 

     

     

    

 

Acknowledgement of the Parent:

 

By signing below, CINEDIGM DIGITAL CINEMA CORP.,
a Delaware corporation, (i) reaffirms its obligations under the Limited Recourse Guaranty and each of the other Loan Documents to which
it is a party, (ii) acknowledges and agrees that the Limited Recourse Guaranty and each of the other Loan Documents to which it is a party
is, and shall continue to be, in full force and effect, (iii) acknowledges and agrees that all sums previously and now or hereafter advanced
for, or on behalf, of the Borrower under the Loan Agreement shall constitute part of the Obligations guaranteed in the Limited Recourse
Guaranty, and (iv) acknowledges and agrees that as of the date hereof it has no defense, offset, counterclaim, cross-claim, or demand
of any kind or nature whatsoever that can be asserted to reduce or eliminate all or any part of the Obligations guaranteed by it in the
Security Agreement or to seek affirmative relief or damages of any kind or nature from any Secured Party.

 

CINEDIGM DIGITAL CINEMA CORP.

 

	By	/s/ Gary S. Loffredo	 
	Name: Gary S. Loffredo	 
	Title: SVP-General Counsel

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