Document:

Exhibit 10.2

 

Execution Version

 

STOCKHOLDERS’ AGREEMENT

 

THIS STOCKHOLDERS’
AGREEMENT (this “Agreement”), is made as of January 27, 2021, by and among Teligent, Inc., a Delaware
corporation (the “Company”), Ares Capital Corporation, a Maryland corporation, and each of the undersigned Affiliates
thereof (collectively, “Ares”), each of the undersigned holders of Investor Exchange Shares (defined below)
of the Company (each an “Investor” and, collectively the “Investors”), and, solely for purposes
of Section 2, B. Riley Securities, Inc. (“B. Riley”). Ares, the Investors, and, solely for
purposes of Section 2, B. Riley are collectively referred to in this Agreement as the “Holders”,
and each individually as a “Holder”. The Company and the Holders are collectively referred to in this Agreement
as the “Parties”, and each individually as a “Party”.

 

RECITALS

 

WHEREAS, the
Parties are parties to that certain Exchange Agreement of even date herewith (the “Exchange Agreement”); and

 

WHEREAS, in
order to induce each Party to enter into the Exchange Agreement, the Parties hereby agree that this Agreement shall govern certain
rights and obligations of the Parties with respect to the equity securities of the Company.

 

NOW, THEREFORE,
the parties hereby agree as follows:

 

		1.	Definitions. For purposes of this Agreement:

 

1.1          “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with such Person, as such terms are used in and construed under Rule 144 under the Securities Act (“Rule 144”).
For the avoidance of doubt, where a Holder is a separate account with multiple managers who each make independent decisions
with respect to the management of a portion of the assets, such other portions of assets shall not be considered or treated as
an “Affiliate” with such Holder. As used in this definition of “Affiliate,” the term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities or partnership or other ownership interest, by contract, or otherwise.

 

1.2          “Ares
Credit Agreements” means (i) the First Lien Revolving Credit Agreement, dated December 13, 2018, by and among
the Company, certain of its subsidiaries, the Lenders from time to time party thereto, and ACF Finco I, LP as Administrative Agent,
as amended, and (ii) the Second Lien Credit Agreement, dated December 13, 2018, by and among the Company, certain of
its subsidiaries, the Lenders from time to time party thereto, and Ares Capital Corporation as Administrative Agent (as amended).

 

1.3          “Ares
Exchange Shares” means the shares of Series D Preferred Stock issued to Ares pursuant to the Exchange Agreement.

 

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1.4          “ATM
Offering” means the sale of shares of Common Stock pursuant to the ATM Sales Agreement.

 

1.5          “ATM
Sales Agreement” means the At Market Issuance Sales Agreement of even date herewith, by and between the Company and B.
Riley Securities Inc.

 

1.6          “Attribution
Parties” means, with respect to any Holder, collectively, any of such Holder’s Affiliates, any Persons acting as
a “group” together with such Holder with respect to the Common Stock for purposes of Section 13(d) of the
Exchange Act, and any other Persons whose beneficial ownership of the Common Stock would be aggregated with such Holder’s
beneficial ownership for purposes of Section 13(d) of the Exchange Act.

 

1.7          “Common
Stock” means the Company’s common stock, par value $0.01 per share.

 

1.8          “Damages”
means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof)
arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any
of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

1.9          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

1.10        “Follow-Up
Offering” means a public offering of shares of the Company’s Common Stock within eleven (11) months after the date
on which the ATM Offering commences.

 

1.11        “Form S-1”
means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities
Act subsequently adopted by the SEC.

 

1.12        “Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company
with the SEC.

 

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1.13        “Investor
Exchange Shares” means the shares of Common Stock issued to the Investors pursuant to the Exchange Agreement.

 

1.14        “Investor
Voting Trust Agreement” means the Voting Trust Agreement of even date herewith between WSFS, as trustee, and each Investor,
in substantially the form attached hereto as Exhibit A.

 

1.15        “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

1.16        “Registrable
Securities” means (i) the shares of Common Stock issued or issuable upon conversion of the Ares Exchange Shares,
(ii) the Investor Exchange Shares and (iii) the shares of Common Stock issued to B. Riley pursuant to Section 3(a)(i) of
that certain letter agreement, dated as of the date hereof, by and between the Company and B. Riley.

 

1.17        “Rule 144
Volume Limitation” means the maximum number of shares of a class of equity securities that an affiliate of an issuer
may sell during a three-month period pursuant to SEC Rule 144.

 

1.18        “SEC”
means the Securities and Exchange Commission.

 

1.19        “SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

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

 

1.21        “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Section 2.4.

 

1.22        “Series D
Preferred Stock” means the Company’s Series D Preferred Stock, par value $0.01 per share.

 

1.23        “WSFS”
means Wilmington Savings Fund Society, FSB.

 

		2.	Registration Rights. The Company covenants and agrees as follows:

 

2.1          Demand
Registration.

 

(a)          Form S-1
Demand. If at any time after April 30, 2021, the Company receives a request from Ares that the Company file a Form S-1
registration statement with respect to the outstanding Registrable Securities held by Ares, then the Company shall (i) within
ten (10) days after the date such request is given, give notice thereof (a “Demand Notice”) to B. Riley;
and (ii) as soon as practicable, and in any event within thirty (30) days after the date such request is given by Ares, file
a Form S-1 registration statement under the Securities Act covering all Registrable Securities that Ares requested to be
registered and all Registrable Securities requested to be included in such registration by B. Riley (as specified by notice given
by B. Riley to the Company within twenty (20) days of the date the Demand Notice is given); provided, however, that
the Company shall not be required to file such a Form S-1 registration statement (A) if all of such Registrable Securities
may at such time be covered under a Form S-3 registration statement pursuant to Section 2.1(b) or (B) while
a Follow-Up Offering is ongoing and within thirty (30) days after the completion of any such Follow-Up Offering.

 

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(b)          Form S-3
Demand. If at any time after April 30, 2021 when it is eligible to use a Form S-3 registration statement, the Company
receives a request from Ares that the Company file a Form S-‍3 registration statement with respect to outstanding Registrable
Securities held by Ares, then the Company shall (i) within ten (10) days after the date such request is given, give a
Demand Notice to the Investors and to B. Riley; and (ii) as soon as practicable, and in any event within thirty (30) days
after the date such request is given by Ares, file a Form S-3 registration statement under the Securities Act covering all
Registrable Securities that Ares requested to be registered and all Registrable Securities requested to be included in such registration
by each Investor and B. Riley (as specified by notice given by each such Investor and B. Riley, respectively) to the Company within
ten (10) days of the date the Demand Notice is given); provided, however, that the Company shall not be required
to file such a Form S-3 registration statement or issue any Demand Notice while a Follow-Up Offering is ongoing.

 

2.2          Company
Registration. If at any time after April 30, 2021 the Company proposes to register any of its Common Stock under the Securities
Act in connection with the public offering of such Common Stock (other than a Follow-Up Offering and other than any public offerings
in which the Company registers shares of Common Stock on a registration statement on Form S-4 or a registration statement
on Form S-8), the Company shall, at such time, promptly give Ares notice of such registration. Upon the request of Ares given
within twenty (20) days after such notice is given by the Company, the Company shall cause all of the Registrable Securities that
Ares has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 2.2 before the effective date of such registration, whether or not Ares has elected
to include Registrable Securities in such registration.

 

2.3          Company
Obligations. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(a)          prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to three (3) years or, if
earlier, until the distribution contemplated in the registration statement has been completed;

 

(b)          prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities
covered by such registration statement;

 

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(c)          furnish
to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable
Securities;

 

(d)          use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company
shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions,
unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

 

(e)          in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the underwriter(s) of such offering;

 

(f)           use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed;

 

(g)          promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information
in such registration statement and to conduct appropriate due diligence in connection therewith;

 

(h)          notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(i)           in
the case of any underwritten offering, use its reasonable best efforts to obtain (i) one or more comfort letters from the
Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort
letters, and (ii) legal opinions of the Company’s outside counsel, addressed to the underwriters, with respect to the
registration statement, in customary form and covering such matters of the type customarily covered by legal opinions of such nature,
in each case as reasonably requested by the underwriter(s) of such offering; and

 

(j)           after
such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement
such registration statement or prospectus.

 

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2.4          Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees
and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $25,000, of one counsel
for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided,
however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to
Section 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable
Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be included in the withdrawn registration). All Selling Expenses relating to Registrable Securities registered
pursuant to this Section 2 (other than fees and disbursements of counsel to any Holder, other than the Selling Holder Counsel,
which shall be borne solely by the Holder engaging such counsel) shall be borne and paid by the Holders pro rata on the basis of
the number of Registrable Securities registered on their behalf.

 

2.5          Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities.

 

2.6          Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)          To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined
in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling
Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of
any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration.

 

(b)          To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly
for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Section 2.6(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that
in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Section 2.6(b) and
2.6(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder),
except in the case of fraud or willful misconduct by such Holder.

 

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(c)          Promptly
after receipt by an indemnified party under this Section 2.6 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Section 2.6, give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent
the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified
party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right
to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such action.

 

(d)          To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.6
but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Section 2.6 provides for indemnification in such case, or (ii) contribution under the Securities
Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.6, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which
they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no
Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability
pursuant to this Section 2.6(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.6(b),
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the
case of willful misconduct or fraud by such Holder.

 

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(e)          Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Section 2.6 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of this Agreement or any provision(s) of
this Agreement.

 

		3.	Voting Restrictions.

 

3.1          Investor
Voting Restrictions.

 

(a)          Each
Investor hereby agrees that neither it nor any of such Investor’s Attribution Parties shall vote, or cause to be voted, any
shares of Common Stock held by such Investor or such Investor’s Attribution Parties to the extent that such vote would result
in such Investor, together with such Investor’s Attribution Parties, voting or causing to be voted in excess of four and
nine-tenths percent (4.9%) of the outstanding shares of Common Stock of the Company as of the record date for such stockholder
vote, which excess shares shall be subject to an Investor Voting Trust Agreement.

 

(b)          On
the date hereof, each Investor has executed and delivered to the Company and WSFS an Investor Voting Trust Agreement.

 

3.2          Ares
Voting Restrictions. Ares hereby agrees that neither Ares nor any of its affiliates shall vote, or cause to be voted, any shares
of Common Stock held by Ares or its affiliates to the extent that such vote would result in Ares, together with its affiliates,
voting or causing to be voted in excess of fifteen percent (15%) of the outstanding shares of Common Stock of the Company as of
the record date for such stockholder vote.

 

		4.	Transfer Restrictions.

 

4.1          ATM
Offering Restriction. Neither any Holder nor any of its Affiliates shall sell or otherwise transfer or dispose
of, directly or indirectly, any shares of Common Stock or Series D Preferred Stock, or any beneficial interest in such shares,
during the period commencing on the commencement date of the ATM Offering, and ending on the trading day immediately following
the earlier of (a) the date upon which the aggregate amount of Common Stock sold pursuant to the ATM Offering equals the Maximum
Amount (as defined in the ATM Sales Agreement), (b) the final date upon which Common Stock may be validly sold pursuant to
the ATM Offering pursuant to the ATM Sales Agreement and in accordance with applicable SEC rules, and (c) the date of termination
of the ATM Sales Agreement.

 

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4.2          Follow-Up
Offering Restriction. In the event that the Company initiates a Follow-Up Offering, neither any Holder nor any of its Affiliates shall sell or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or Series D
Preferred Stock, or any beneficial interest in any such shares, during the period commencing on the later of (a) the effective
date of the registration statement for such offering and (b) the commencement date of such Follow-Up Offering, and ending
on the earlier of (i) sixty (60) calendar days after the commencement of such period and (ii) five (5) trading days
following the completion, expiration or termination of such Follow-Up Offering.

 

4.3          Volume
Restrictions. For so long as a Holder, together with its Affiliates, beneficially owns at least nine
and nine-tenths percent (9.9%) of the outstanding shares of Common Stock (including shares of Common Stock issuable upon conversion
of shares of Series D Preferred Stock, regardless of whether such shares of Series D Preferred Stock are then convertible),
neither such Holder nor its Affiliates shall sell or otherwise transfer or dispose of, directly or indirectly, shares
of Common Stock or Series D Preferred Stock, or any beneficial interest in any such shares, to the extent that such transfer
or disposition by such Holder and its Affiliates would collectively exceed:

 

(a)          the
Rule 144 Volume Limitation in any consecutive three (3) month period; or

 

(b)          two
percent (2%) of the outstanding shares of Common Stock in any calendar quarter in a single transaction or series of related transactions
to a single transferee or its affiliates.

 

4.4          Section 13
Compliance.

 

(a)          Neither
any Holder nor any of its Affiliates shall sell or otherwise transfer, directly or indirectly, any shares of Common Stock or Series D
Preferred Stock, or any beneficial interest in any such shares, to any Person that such Holder or such Affiliate thereof knows
or reasonably should know is, or will be as a result of such transfer, required to file a statement on Schedule 13D or Schedule 13G
with respect to equity securities of the Company pursuant to the Exchange Act.

  

(b)          Each
Holder hereby represents and warrants that such Holder is not currently a member of a group of Persons that is required to file
a statement on Schedule 13D or Schedule 13G with respect to equity securities of the Company pursuant to the Exchange Act and that
such Holder has no intention to form such a group.

 

(c)          In
the event that any Investor is required to file a statement on Schedule 13D with respect to equity securities of the Company
pursuant to the Exchange Act, such Investor shall include in such Schedule appropriate disclosures to the effect that such Investor
has no intent to directly or indirectly control the Company or to take any of the actions otherwise prohibited by Section 5
hereof.

 

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4.5          Transfers
to Affiliates. Subject to Section 4.4, but not withstanding anything else in this Agreement to the contrary, any Holder
may at any time transfer or assign any shares of Common Stock and/or Series D Preferred Stock subject to this Agreement to
any Affiliate or Attribution Party of such Holder, provided that such Affiliate or Attribution Party shall continue to be subject
to the terms hereof, and, as a condition precedent to the Company’s recognition of such transfer, each such transferee or
assignee shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering a joinder in a
form mutually acceptable to the Company and the transferor. Upon the execution and delivery of such joinder by any such transferee,
such transferee shall be deemed to be a party hereto as if such transferee were the transferor and such transferee’s signature
appeared on the signature pages of this Agreement and shall be deemed to be an Investor or Ares, as applicable. The Company
shall not permit the transfer of any shares subject to this Agreement on its books or issue a new certificate representing any
such shares unless and until such transferee shall have complied with the terms of this Section 4.5. For the avoidance
of doubt, any Holder may transfer or assign any shares of Common Stock or Series D Preferred Stock subject to this Agreement
to a transferee or assignee that is not an Affiliate of such Holder without compliance with this Section 4.5, but subject
to the other provisions of this Agreement

 

4.6          Enforceability.
For the avoidance of doubt, the Parties hereto acknowledge and agree that the restrictions set forth herein with respect to each
Holder, as applicable, in this Section 4 shall only be enforceable (a) against such Holder and (b) by the
Company.

 

5.            Standstill.
Each Holder hereby agrees that, for a period of eighteen (18) months beginning on the date hereof, neither such Holder nor any
of its Affiliates shall (and neither it nor its Affiliates will assist or encourage others to), without the prior written consent
of the Company: (a) acquire or agree, offer, seek or propose to acquire, or cause to be acquired, directly or indirectly,
by purchase or otherwise, ownership (including, without limitation, beneficial ownership as defined in Rule 13d-3 of the Exchange
Act) of any voting securities or direct or indirect rights or options to acquire any voting securities of the Company or any subsidiary
thereof, or of any successor to or person in control of the Company, other than pursuant to the Exchange Agreement, conversion
of the Series D Preferred Stock, or exercise of warrants currently owned by Ares, (b) seek or propose to influence or
control the management or policies of the Company or to obtain representation on the Company’s Board of Directors, or solicit,
or participate in the solicitation of, any proxies or consents with respect to any securities of the Company, or make any public
announcement with respect to any of the foregoing or request permission to do any of the foregoing, (c) make any public announcement
with respect to, or submit a proposal for, or offer of (with or without conditions) any extraordinary transaction involving the
Company or its securities or assets, (d) enter into any discussions, negotiations, arrangements or understandings with any
third party with respect to any of the foregoing, or otherwise form, join or in any way participate in a “group” (as
defined in Section 13(d)(3) of the Exchange Act) in connection with any of the foregoing, (e) seek or request permission
or participate in any effort to do any of the foregoing or make or seek permission to make any public announcement with respect
to the foregoing or (f) request the Company or any of its representatives, directly or indirectly, to amend or waive any provision
of this paragraph; provided, however, that this Section 5 shall not in any way (a) limit the rights and
remedies of Ares pursuant to the Ares Credit Agreements, or (b) apply to the release of Trust Shares (as defined in the Voting
Trust Agreement) to any Investor pursuant to the Voting Trust Agreement; provided further, that, for the avoidance of doubt,
the Parties hereto acknowledge and agree that the restrictions set forth herein with respect to each Holder, as applicable, in
this Section 5 shall only be enforceable (a) against such Holder and (b) by the Company.

 

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6.            Board
Observer Right. The Investors acknowledge and agree that their right to designate an individual to attend meetings of the Company’s
Board of Directors, pursuant to Section 5(m) of that certain Note Purchase Agreement, dated July 20, 2020, with
the Company, terminated upon the closing of the Exchange Agreement.

 

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

 

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

 

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

 

(c)            furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144, the Securities Act,
and the Exchange Act, and (ii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form S-3.

 

8.            Disclosure.
The Company hereby agrees that contemporaneously with (or immediately following) the completion of the ATM Offering, it will submit
or cause to be submitted an 8-K filing with the SEC disclosing, among other things, the amount of issued and outstanding shares
of Common Stock as of the date thereof and after giving effect to the ATM Offering.

 

		9.	Miscellaneous.

 

9.1          Successors
and Assigns. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned, in
whole or in part, by any Party without the prior written consent of the other Parties. Any purported assignment in violation of
the preceding sentence shall be void. Subject to the foregoing, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective successors and permitted assignees of the Parties. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the Parties or their respective successors and permitted assignees any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

    11

     

    

 

9.2          Governing
Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles
that would result in the application of any law other than the law of the State of Delaware.

 

9.3          Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

9.4          Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

9.5          Notices.

 

(a)            All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic
mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s
next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight
courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications to the Investors
shall be sent to their respective addresses as set forth on such Investors’ respective signature pages hereto (as applicable),
and all communications to the Company or Ares shall be sent to their respective addresses set forth below, or, in each case, to
such email address or address as subsequently modified by written notice given in accordance with this Section 9.5:

 

If to the Company:

 

Teligent, Inc.

105 Lincoln Avenue,

Buena, New Jersey 08310

Attention:  Philip K. Yachmetz, Chief Legal
Officer

Email: pyachmetz@teligent.com

 

    12

     

    

 

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

 

K&L Gates LLP

599 Lexington Avenue

New York, New York 10022

Attention:  Whitney
J. Smith, Esq.

Email: whitney.smith@klgates.com

 

If to Ares:

 

Ares Capital Corporation

245 Park Avenue, 44th Floor

New York, New York 10167

Attention: Ray Wright

Email: wright@aresmgmt.com

 

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

 

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

Attention:  Jeffrey Letalien

Email: jeffrey.letalien@morganlewis.com

 

(b)            Consent
to Electronic Notice. Each of Ares and each Investor consents to the delivery of any stockholder notice pursuant to the Delaware
General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission
pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth in Section 9.5(a) or
below such Investor’s name on Schedule A hereto, as updated from time to time by notice to the Company, or as on the books
of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason,
the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided,
and such attempted electronic notice shall be ineffective and deemed to not have been given. Each of Ares and each Investor agrees
to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall
not affect the foregoing.

 

9.6          Amendments
and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement
may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent
of all of the Parties; provided, however, that any provision hereof may be waived by any waiving party on such party’s
own behalf only, without the consent of any other party. No waivers of or exceptions to any term, condition, or provision of this
Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term,
condition, or provision.

 

    13

     

    

 

9.7          Severability.
In case any one (1) or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement,
and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable
to the maximum extent permitted by law.

 

9.8          Entire
Agreement. This Agreement, together with the Exchange Agreement, constitutes the full and entire understanding and agreement
among the parties with respect to the subject matter hereof, and supersedes any other written or oral agreement relating to the
subject matter hereof existing between the parties.

 

9.9          Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware
and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or
other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding
arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the
District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any
such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that
its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not
be enforced in or by such court. WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING,
WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY
EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

9.10        Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching
or non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

[Signature Page Follows]

 

    14

     

    

 

IN WITNESS WHEREOF,
the undersigned party has executed this Agreement as of the date first written above.

 

	 	 	COMPANY:
	 	 	 
	 	 	TELIGENT, INC.
	 	 	 
	 	 	By:	 /s/ Timothy B. Sawyer                                        
	 	 	 
	 	 	Name: Timothy B. Sawyer
	 	 	 
	 	 	Title: Chief Executive Officer and President

 

 

[Signature Page to
Stockholders’ Agreement]

    

     

    

 

IN WITNESS WHEREOF,
the undersigned party has executed this Agreement as of the date first written above.

 

	 	 	ARES CAPITAL CORPORATION
	 	 	 
	 	 	By:	 /s/ Scott Lem                          
	 	 	 
	 	 	Name: Scott Lem
	 	 	 
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	CION ARES DIVERSIFIED CREDIT FUND
	 	 	 
	 	 	By:	 /s/ Scott Lem                          
	 	 	 
	 	 	Name: Scott Lem
	 	 	 
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	ARES CENTRE STREET PARTNERSHIP, L.P.
	 	 	 
	 	 	By:	 /s/ Scott Lem                          
	 	 	 
	 	 	Name: Scott Lem
	 	 	 
	 	 	Title: Authorized Signatory

 

 

[Signature
Page to Stockholders’ Agreement] 

    

     

    

 

	 	 	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	 	 
	 	 	By:	 /s/ Scott Lem                          
	 	 	 
	 	 	Name: Scott Lem
	 	 	 
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	
        ARES COMMERCIAL FINANCE LP

         

        By: Ares Commercial Finance GP LP, its general partner

        By: AF GP LLC, its general partner

	 	 	 
	 	 	By:	 /s/ Oleh Szczupak                          
	 	 	 
	 	 	Name: Oleh Szczupak
	 	 	 
	 	 	Title: Authorized Signer

 

 

[Signature
Page to Stockholders’ Agreement]

    

     

    

 

IN WITNESS WHEREOF,
the undersigned party has executed this Agreement as of the date first written above.

 

	 	 	HOLDER
	 	 	 
	 	 	Blackwell Partners LLC_Series B (“MACK”)
	 	 	 
	 	 	 
	 	 	 
	 	 	By:	 /s/ Laura Kleber
	 	 	 	Name:	 Laura Kleber                                        
	 	 	 	Title:	 CCO_Silverback Asset Management, LLC_Investment Manager_MACK
	 	 	 
	 	 	 
	 	 	
        Notice Address:

         

        c/o Silverback Asset Management, LLC

        1414 Raleigh Road, Suite 250

        Chapel Hill, NC 27517

        E-mail: operations@silverbackasset.com

        rbarron@silverbackasset.com

        jham@silverbackasset.com

        Attention: Jason Ham

	 	 	 
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	Email: blawrence@stroock.com

 

 

[Signature Page to Stockholders’ Agreement]

     

     

    

 

	 	 	HOLDER
	 	 	 
	 	 	Silverback Opportunistic Credit Master Fund Limited (“SOCMF”)
	 	 	 
	 	 	 
	 	 	 
	 	 	By:	 /s/ Laura Kleber
	 	 	 	Name:	 Laura
Kleber                                       

	 	 	 	Title:	 CCO_Silverback Asset Management,
LLC_Investment Manager_SOCMF
	 	 	 
	 	 	 
	 	 	
        Notice Address:

         

        c/o Silverback Asset Management, LLC

        1414 Raleigh Road, Suite 250

        Chapel Hill, NC 27517

        E-mail: operations@silverbackasset.com

        rbarron@silverbackasset.com

        jham@silverbackasset.com

        Attention: Jason Ham

	 	 	 
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	Email: blawrence@stroock.com
	 	 	 

 

[Signature Page to Stockholders’
Agreement]

     

     

    

 

	 	 	HOLDER
	 	 	 
	 	 	SILVER CREEK CS SAV, L.L.C, solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts as its Investment Manager
	 	 	 
	 	 	
        By: Nantahala Capital Management, LLC

        Its Investment Manager

	 	 	 
	 	 	By:	 /s/ Wilmot Harkey
	 	 	 	Name:	 Wilmot Harkey                                        
	 	 	 	Title:	 Manager 
	 	 	 
	 	 	
         

        Legal Entity Name and Address:

         

        Silver Creek CS SAV, L.L.C.

        1301 5th Avenue, 40th Floor

        Seattle, WA 98101

         

	 	 	
        Notice Address:

         

        130 Main Street, 2nd Floor

        New Canaan, CT 06840

        E-mail: operations@nantahalapartners.com

	 	 	Attention: Operations Team
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	
        Email: blawrence@stroock.com

         

        And

         

        Silver Creek CS SAV, L.L.C.

        1301 5th Avenue, 40th Floor

        Seattle, WA 98101

        Email: operations@silvercreekcapital.com

        Attention: Operations Team

 

 

[Signature Page to Stockholders’
Agreement]

     

     

    

 

	 	 	HOLDER
	 	 	 
	 	 	BLACKWELL PARTNERS LLC – Series A, solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts as its Investment Manager
	 	 	 
	 	 	
        By: Nantahala Capital Management, LLC

        Its Investment Manager

	 	 	 
	 	 	By:	 /s/ Wilmot Harkey
	 	 	 	Name:	 Wilmot Harkey                                        
	 	 	 	Title:	 Manager 
	 	 	 
	 	 	
         

        Legal Entity Name and Address:

         

        Blackwell Partners LLC – Series A

        280 South Mangum Street, Suite 210

        Durham, NC 27701

         

	 	 	
        Notice Address:

         

        130 Main Street, 2nd Floor

        New Canaan, CT 06840

        E-mail: operations@nantahalapartners.com

	 	 	Attention: Operations Team
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	
        Email: blawrence@stroock.com

         

        And

         

        Blackwell Partners LLC – Series A

        280 South Mangum Street, Suite 210

        Durham, NC 27701

        Email: jlall@duke.dumac.com

        Attention: Jannine Lall

 

 

[Signature Page to Stockholders’
Agreement]

     

     

    

 

	 	 	HOLDER
	 	 	 
	 	 	NANTAHALA CAPITAL PARTNERS SI, LP
	 	 	 
	 	 	
        By: Nantahala Capital Management, LLC

        Its Investment Manager

	 	 	 
	 	 	By:	 /s/ Wilmot Harkey
	 	 	 	Name:	 Wilmot Harkey                                        
	 	 	 	Title:	 Manager 
	 	 	 
	 	 	
        Notice Address:

         

        130 Main Street, 2nd Floor

        New Canaan, CT 06840

        E-mail: operations@nantahalapartners.com

	 	 	Attention: Operations Team
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	Email: blawrence@stroock.com

 

 

[Signature Page to Stockholders’
Agreement]

     

     

    

 

	 	 	HOLDER
	 	 	 
	 	 	NANTAHALA CAPITAL PARTNERS II LIMITED PARTNERSHIP
	 	 	 
	 	 	
        By: Nantahala Capital Management, LLC

        Its Investment Manager

	 	 	 
	 	 	By:	 /s/ Wilmot Harkey
	 	 	 	Name:	 Wilmot Harkey                                        
	 	 	 	Title:	 Manager 
	 	 	 
	 	 	
        Notice Address:

         

        130 Main Street, 2nd Floor

        New Canaan, CT 06840

        E-mail: operations@nantahalapartners.com

	 	 	Attention: Operations Team
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stroock & Stroock & Lavan LLP
	 	 	180 Maiden Lane
	 	 	New York, NY 10038
	 	 	Attention: Brett Lawrence
	 	 	Email: blawrence@stroock.com

 

 

[Signature Page to Stockholders’
Agreement]

     

     

    

 

IN WITNESS WHEREOF,
the undersigned party has executed this Agreement as of the date first written above.

 

	 	 	B. RILEY SECURITIES, INC.
	 	 	 
	 	 	By:	 /s/ Patrice McNicoll                                   
	 	 	 
	 	 	Name: Patrice McNicoll
	 	 	 
	 	 	Title: Co-Head of Investment Banking

  

 

[Signature Page to Stockholders’ Agreement]Exhibit 10.3

 

Execution Version

 

voting
TRUST AGREEMENT

 

This VOTING TRUST
AGREEMENT (together with all schedules, exhibits and annexes hereto, this “Agreement”), dated as of January
27, 2021 (the “Effective Date”), between Teligent, Inc. a Delaware corporation (the “Company”),
[MANAGER] (“Manager”), on behalf of the funds or accounts managed or sub-advised by them, severally and not
jointly, as set forth on Annex A hereto (the “Accounts” and, collectively with Manager, “Holder”),
and Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”). Capitalized terms used herein and not
otherwise defined shall have the meaning set forth in Annex B hereto.

 

WHEREAS, the
Company and Holder have entered into that certain Exchange Agreement (the “Exchange Agreement”), pursuant to
which Holder exchanged certain debt issued by the Company and held by Holder for Shares (the “Exchange”), upon
the terms and conditions set forth in the Exchange Agreement;

 

WHEREAS,
in connection with, and as a condition to, the Exchange Agreement, the Company and Holder agreed to establish a voting trust to
hold all Shares issuable to Holder in connection with the closing of the Exchange in excess of the Ownership Threshold (the “Initial
Trust Shares”) as well as Excess Shares subsequently acquired or owned by Holder, as set forth on Annex A hereto;

  

WHEREAS, the
Voting Trust created by this Agreement (the “Voting Trust”) is being formed to hold the Trust Shares and for
the Trustee to vote such Trust Shares strictly in accordance with the terms hereof;

 

WHEREAS, the
Company (with Holder’s consent) irrevocably instructed the Transfer Agent to deliver the Initial Trust Shares to the Voting
Trust, as set forth in the Transfer Agent Instruction Letter; and

 

WHEREAS, Holder
desires to have the Trustee accept the Trust Shares, and irrevocably instructs the Trustee to, upon receipt of a Vote Notification,
grant a proxy to vote the Trust Shares in accordance with this Agreement, as more fully set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing, the parties hereto agree as follows:

 

		1.	Declaration of Trust.

 

a.            Purpose
of the Voting Trust. The purpose of the Voting Trust is to hold the Trust Shares and to set forth the manner in which the Trustee
shall vote the Trust Shares

 

b.            Issuance
of Trust Shares. On or prior to the Effective Date, the Company (with Holder’s consent) shall direct the Transfer Agent
to deliver to the Trustee the Initial Trust Shares, as set forth in the Transfer Agent Instruction Letter. Within thirty (30) calendar
days of a change in capitalization or ownership (however occurring) which results in Holder owning Shares in excess of the Buffer
Threshold, Holder agrees to transfer to the Trustee all Shares which constitute Excess Shares. The Trustee shall hold
a book-entry position on the records of the Transfer Agent with respect to all Trust Shares (as adjusted pursuant to the terms
of this Agreement). The Trustee is hereby fully authorized and empowered to receive the allocation of the Trust Shares from the
Transfer Agent, and upon such issuance, such Trust Shares shall become assets of the Voting Trust. The Company’s stock ledger
shall reflect that the Trust Shares are issued pursuant to this Agreement.

 

     

     

    

 

c.            Acceptance
by Trustee. The Trustee hereby accepts (a) the trust created by this Agreement, (b) the appointment to serve as trustee
hereunder and (c) the transfer of all Trust Shares to be held as the assets of the Voting Trust. The Trustee agrees to hold
the Trust Shares, to perform any act in respect of the Trust Shares and to release the Trust Shares only in accordance with the
terms of this Agreement, and shall not have the power or authority to engage in any other activity or perform any act except in
pursuit of the foregoing purpose and any activity that is necessary or incidental to the foregoing purpose.

 

d.            Evidence
of Beneficial Interest. Holder shall be the beneficiary of the Voting Trust. Ownership of a beneficial interest in the Voting
Trust shall not be evidenced by any certificate, security or receipt or in any other form or manner whatsoever, except as evidenced
by this Agreement and maintained on the books and records of the Voting Trust by the Trustee.

 

e.            No
Legal Title to Trust Shares in Holder. The Holder shall not have legal title to any part of the Trust Shares and shall not
be entitled to transfer or convey any interest in (including, without limitation, any encumbrance on) the Trust Shares except as
provided in Section 4. No creditor of the Holder shall be able to obtain legal title to or exercise legal or equitable remedies
with respect to the Trust Shares. No transfer, by operation of law or otherwise, of any right, title and interest of Holder in
its undivided beneficial interest in the Trust Shares or hereunder shall operate to terminate this Agreement or the Voting Trust
created in this Agreement except as provided in Section 8 of this Agreement.

 

f.            Nature
of Voting Trust. The Voting Trust is intended to be a common law trust and is not intended to be and shall not be deemed to
be, and shall not be treated as, a Delaware statutory trust, a general partnership, limited partnership, joint venture, corporation,
joint stock company, association or any other type of business entity.

 

g.            Filing;
Inspection. Copies of counterparts of this Agreement, signed by the Holder, and of every amendment or supplement hereto,
shall be filed in the registered office of the Company in the State of Delaware or in the Company’s principal place of business
where it shall be available for inspection by any stockholder of the Company or beneficiary under this Agreement daily during business
hours.

 

		2.	Trustee.

 

a.            Term
of Service. The Trustee shall serve until the earlier of (a) the termination of the Voting Trust in accordance with Section 8
of this Agreement or (b) such Trustee’s resignation, removal or liquidation.

 

b.            T
rust Continuance. The resignation, removal or liquidation of the Trustee shall not terminate the Voting Trust or revoke any
existing agency created by the Trustee pursuant to this Agreement or invalidate any action theretofore taken by the Trustee, and
each successor Trustee agrees that the provisions of this Agreement shall be binding upon and inure to the benefit of the successor
Trustee and all his, her or its heirs and legal and personal representatives, successors or assigns.

 

    2

     

    

 

c.            Services.
The Trustee shall be entitled to engage in such other activities as it reasonably deems appropriate that are not in conflict with
this Agreement.

 

d.            Resignation.
The Trustee may resign at any time upon thirty (30) days written notice to the Company; provided, that such resignation
shall only become effective upon the appointment of a successor Trustee by the mutual agreement of the Company and the Holder that
shall become fully vested with all of the rights, powers, duties and obligations of its predecessor, whereupon the predecessor
Trustee shall be fully released from all responsibilities relating to the Voting Trust.

 

e.            Removal.
The Trustee may be removed at any time, with or without cause, by mutual agreement of the Holder and the Company; provided, such
removal shall not become effective until a successor Trustee has been appointed by the Company with the consent of the Holder.
An individual or individuals and/or bank or trust company may be appointed by the Company as successor Trustee. If the Trustee
resigns or is removed or otherwise ceases to serve as Trustee hereunder and the Company fails to select a successor a replacement
Trustee reasonably acceptable to Holder within fifteen (15) days thereafter, Holder may appoint a successor Trustee in its reasonable
discretion.

 

f.            Successor
by Merger, etc. Any corporation or other entity into which Trustee may be merged or converted or with which it may be
consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which Trustee shall
be a party, or any corporation or other entity to which substantially all the corporate trust business of Trustee may be transferred,
shall be Trustee under this Agreement without further act by or on behalf of any of the parties to this Agreement.

 

g.            Compensation.
Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed to on or before the date
hereof pursuant to a separate agreement. To the extent that reasonable costs and expenses not contemplated by such fee agreement
are incurred by Trustee in the administration of this Agreement which are not due to gross negligence or bad faith on Trustee’s
part or otherwise subject to indemnification in connection with Sections 5 or 6, Trustee shall send written notice
to the Company itemizing such costs or expenses and requesting reimbursement for such reasonable costs and expenses. The Company
hereby agrees to reimburse Trustee for such reasonable costs and expenses. The obligations of the Company contained in this Section 2(g) shall
survive the resignation or removal of Trustee and the termination of this Agreement.

 

		3.	Voting Agreement;
Proxy.

 

a.            Voting
Agreement. During the term of this Agreement, and upon receipt of a Vote Notification, the Trustee agrees (with respect to
all Trust Shares held by the Voting Trust) to vote (or cause to be voted) such Trust Shares at every annual, special or other meeting
of the stockholders of the Company, and at any adjournment thereof, or pursuant to any consent in lieu of a meeting, or otherwise,
pursuant to the instruction set forth in Section 3(d) (the “Voting Instruction”). The Trustee
(i) shall have the right to waive notice of any meeting of stockholders of the Company in respect of all Trust Shares and
(ii) may exercise any power or perform any act hereunder by an agent, proxy or attorney duly authorized and appointed by it.

 

    3

     

    

 

b.            Proxy. Upon receipt of a Vote Notification, in furtherance of the voting agreement contained in Section 3(a), the
Trustee shall, with respect to each Trust Share held by the Trust as of such date, deliver a proxy to the Company
in the form attached hereto as Exhibit B (the “Proxy”), authorizing the persons named
therein (with full power of substitution and re-substitution) to execute a written consent (or vote at a meeting) and to cause
the Trust Shares to be present at a meeting of stockholders for quorum and voting purposes in accordance with the Voting Instruction
with respect to such Trust Shares.

 

c.            Vote
Notifications. The Company shall timely, and in no event less than ten (10) Business Days prior to the deadline for such
vote, provide the Trustee with notification of any of the following (each a “Vote Notification”): (i) any
matter subject to a vote of holders of Common Stock of the Company, at a meeting of the stockholders of the Company, or (ii) any
matter subject to an action by written consent by holders of Common Stock of the Company. For the avoidance of doubt, Trustee shall
have no obligation to deliver a consent for any Trust Shares if the Trustee has not, in a timely manner, received an applicable
Vote Notification.

 

d.            Voting
Instruction. Holder irrevocably and unconditionally directs the Trust, during the term hereof, to vote the Trust Shares
(or give or deny consent in lieu thereof) in the same proportions as the Qualifying Shares (as more fully set forth in the form
of Proxy). For the purposes of this Agreement, at any given time, the “Qualifying Shares” shall
mean all Shares other than (a) the Trust Shares, (b) the Holder Shares and (c) the Shares held by the parties
listed on Annex C hereto.

 

		4.	Release of Trust Shares.

 

a.            Officer’s
Certificate. At any time during the term of this Agreement, Holder may deliver an Officer’s Certificate to Trustee in
the form attached as Exhibit A hereto (the “Certificate”). Holder shall simultaneously send a copy
of the Certificate to the Company. As set forth in the Certificate, the Required Parties shall certify, as of the date indicated
therein, (a) the amount of Holder Shares, (b) the Total Shares, (c) the Percentage Ownership; (d) the Requested
Trust Shares; and (e) the Pro Forma Percentage Ownership. For the avoidance of doubt, in calculating the amounts for clauses
(a), (b), (c), (d) and (e) to be contained in the Officer’s Certificate, Holder and each Required Party shall be entitled
to rely upon, and shall be fully protected in (and not incur liability for) relying upon, (a) the Total Shares reported by the
Company in its most recent publicly available filing with the SEC (unless the Holder has reason to believe such information is
not current), and/or (b) the most recent weekly sales reported delivered to Holder pursuant to Section 6.2 of the Exchange
Agreement, as applicable.

 

b.            Release
Requirements. Provided that (i) Holder complies with the delivery and notification
requirements set forth in Section 4(a), (ii) the Certificate complies with the form attached hereto (and the Pro Forma Percentage
Ownership listed therein is less than or equal to the Ownership Threshold), and (iii) during the Notice Period, the Company does
not provide to Holder a written objection to the release of the Requested Trust Shares (based on the Company’s good faith
belief that the Holder’s calculations in the applicable Officer’s Certificate, including without limitation the Holder
Shares or Ownership Percentage contained therein, are inaccurate or misleading), then, upon the expiration of the Notice Period,
the Trust shall promptly release the Requested Trust Shares to the Holder in accordance with the Delivery Instructions attached
to the Certificate.

 

c.            Transfer Agent. The Company shall use commercially
reasonable efforts to cause the Transfer Agent to (i) effectuate the issuance of the Trust Shares to Holder pursuant to the Delivery
Instructions promptly at the end of Notice Period, and (ii) promptly deliver via electronic mail a copy of the Direct Registration
Statement reflecting the issuance to Holder’s counsel (Brett Lawrence (blawrence@Stroock.com) and Robert Levine (rlevine@stroock.com)).
Holder may contact the following representatives of the Transfer Agent directly regarding these matters at the following contact
information: Bryan Anderson (BAnderson@astfinancial.com) and Jana Nitti (Jnitti@astfinancial.com).

 

 

		5.	Trustee Liability.

 

a.            Trustee
undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement (including Sections
1 through 4 hereof). No implied covenants or obligations shall be read into this Agreement against Trustee. If this
Agreement requires that Trustee receive a Vote Notification or other written notice prior to the taking of an action hereunder,
under no circumstances shall Trustee take such action without first having received such Vote Notification or written notice. Trustee
does not have any discretion hereunder and is acting in a purely ministerial capacity. Neither Trustee nor any of its officers,
directors, employees, agents or affiliates shall have any implied duties (including common law fiduciary duties) or liabilities
under this Agreement or with respect to Holder or any other person, which implied duties and liabilities are hereby eliminated.
Trustee shall not be answerable or accountable to the Company, Holder or other stockholders or creditors of the Company under any
circumstances except that Trustee shall be liable, in its individual capacity solely to the Company and Holder, (i) for Trustee’s
own gross negligence, bad faith, willful misconduct or fraud, or (ii) for any taxes on or measured by the fees received by
Trustee for acting hereunder or for services rendered in connection with the transactions contemplated hereby.

 

    4

     

    

 

b.            In
the absence of bad faith on its part, Trustee may conclusively rely upon any notices, instructions, directions, certificates or
opinions furnished to Trustee and conforming to the requirements of this Agreement. Trustee may comply with any order or decree
of any court of competent jurisdiction

 

c.            Trustee
shall not be personally liable or accountable to any person or entity under any circumstances; provided, however, that Trustee
may be liable, solely to Company and Holder, for Trustee’s own gross negligence, bad faith, willful misconduct or fraud;
provided, further, that Trustee shall have no personal liability for any error or judgment made in good faith by any employee
or agent of Trustee unless such person was grossly negligent.

 

d.            Trustee
shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of this
Agreement or any of, or filings with respect to, the securities of the Company. Trustee shall not be responsible for or in respect of and makes no representation
as to the validity or sufficiency of any provision of this Agreement or for the due execution hereof by the other parties hereto,
or for the form, character, genuineness, sufficiency, value or validity of any of the securities of the Company, and Trustee shall
in no event assume or incur any liability, duty or obligation to the Company, Holder or other stockholders or creditors of the
Company, other than as expressly provided for herein.

 

e.            Trustee
shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions, notices
or directions provided to it in a Vote Notification, if applicable, by Holder or the Company in accordance with and subject to
this Agreement.

 

f.            No
provision of this Agreement or any other document or instrument related hereto shall require Trustee to expend or risk funds or
otherwise incur any financial liability in the performance of any of its rights or powers hereunder.

 

g.            Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this Agreement, at the request, order or direction of
Holder or the Company, unless Holder has offered to Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities that may be incurred by Trustee therein or thereby. The right of Trustee to perform any discretionary
act enumerated in this Agreement (if any) shall not be construed as a duty, and Trustee shall not be personally liable or accountable
for the performance of any such act except as specifically provided in Sections 1 through 5 herein.

 

    5

     

    

 

h.            Trustee
shall not be required to take any action hereunder or otherwise if Trustee shall have reasonably determined, or shall have been
advised by counsel, that such action is likely to result in liability on the part of Trustee or is contrary to the terms hereof
or is otherwise contrary to law.

 

i.            Whenever
Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement, or is unsure
as to the application, intent, interpretation or meaning of any provision of this Agreement, Trustee shall promptly give notice
(in such form as shall be appropriate under the circumstances) to Holder requesting instruction as to the course of action to be
adopted, and, to the extent Trustee acts in good faith in accordance with any such instruction received, Trustee shall not be liable
on account of such action to any person or entity. If Trustee shall not have received instructions within five (5) Business
Days of sending such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may refrain from taking any action and Trustee shall have no liability to any person or entity for
any such inaction.

 

j.            Trustee
shall incur no liability to anyone in acting upon any signature, instrument, notice, instruction, direction, resolution, request,
consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably
believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document as
long as Trustee has otherwise satisfied its obligations under this Agreement. Trustee may accept a certified copy of a resolution
of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of
which is not specifically prescribed herein, Trustee may for all purposes hereof rely on a certificate, signed by the president
or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to Trustee for any action taken or omitted to be taken by it in good faith in reliance
thereon.

 

k.            Trustee
shall not be personally liable for any losses due to forces beyond its reasonable control, including strikes, work stoppages, pandemics,
epidemics, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services, and closures mandated by executive or
other similar orders.

 

l.            Trustee
shall not be personally liable for any damages in the nature of special, indirect or consequential damages, however styled, including
lost profits.

 

m.            Trustee
shall have the discretion and right to select and employ legal counsel to assist it in the exercise and performance of its authority
and obligations, and Trustee may rely upon the advice so obtained, and may pay to them reasonable compensation, which shall be
promptly reimbursed by Holder. Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance
with the advice or opinion of any such counsel, unless the loss to Holder was primarily caused by the gross negligence, bad faith,
willful misconduct or fraud of Trustee as determined in a final and non-appealable judgment by a court of competent jurisdiction.

 

    6

     

    

 

6.            Indemnification.
Holder and the Company shall, jointly and severally, at all times (i) defend, indemnify and hold harmless Trustee from
and against any claim, damage, loss, liability, cost or expense of any kind or character whatsoever arising out of, from, or in
connection with this Agreement or Trustee’s execution of or performance or inaction under this Agreement, except to the extent
such claim, damage, loss, liability, cost or expense is found by a final non-appealable judgment of any court of competent jurisdiction
to have resulted from the Trustee’s own gross negligence, bad faith, willful misconduct or fraud, and (ii) pay in advance
all costs and expenses of any proceeding with respect to which Trustee shall be made a party thereto (including reasonable fees
and expenses of counsel), subject to receipt of an undertaking by or on behalf of Trustee to repay such amounts if it shall ultimately
be determined that the Trustee is not entitled to be indemnified under this Section 6; provided, however, that
Holder shall not be liable for any losses or damage primarily caused by the Company (and vice versa). The indemnities and other
rights set forth in this Section 6 shall be in addition to any other rights of Trustee hereunder or at common law or
otherwise and shall survive the resignation or removal of the Trustee and the termination of this Agreement.

 

7.            Dividends
and Distributions. All dividends or distributions declared and paid on the Trust Shares deposited hereunder shall be distributed
to Holder upon receipt provided that any dividends or distributions of Shares issued with respect to the Trust Shares by reason
of any capital reorganization, stock split, combination, stock dividend or the like shall be held by the Trustee as Trust Shares;
provided, that Trustee or the Trust may retain so much of such payment or amounts as shall be required to pay or reimburse
it for any properly invoiced and unpaid or unreimbursed fees or expenses to which it is entitled hereunder.

 

8.            Termination.
The Trustee shall be discharged and the Voting Trust shall be terminated and dissolved, and this Agreement shall no longer continue
to be in effect (except as to provisions that by their terms survive), on the earliest to occur of (a) mutual agreement of
the Company and the Holder to terminate this Agreement and the Voting Trust, (b) the termination of the Stockholders’
Agreement in accordance with its terms, and (c) the date upon which all of the Trust Shares have been released to Holder pursuant
to Section 4. Upon the occurrence of (a), (b) or (c) in the preceding sentence, this Agreement shall automatically
terminate in its entirety.

 

9.            Miscellaneous.

 

a.            Successors
and Assigns. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned, in
whole or in part, by any party without the prior written consent of the other parties hereto. Any purported assignment in violation
of the preceding sentence shall be void. Subject to the foregoing, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and permitted assignees of the parties hereto. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the Parties or their respective successors and permitted assignees
any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

b.            Interpretation.
The enumeration and section headings contained in this Agreement are solely for convenience of reference and shall not affect the
meaning or interpretation of this Agreement or of any term or provision hereof. Unless context otherwise requires, whenever used
in this Agreement the singular shall include the plural and the plural shall include the singular, and words importing the masculine
gender shall include the feminine and the neuter, if appropriate, and vice versa, and words importing persons shall include partnerships,
associations, corporations and other entities. The words herein, hereby and hereunder, and words with similar import, refer to
this Agreement as a whole and not to any particular section or subsection hereof unless the context requires otherwise.

 

    7

     

    

 

c.            Legal
Matters. The Company, the Holder and the Trustee shall reasonably cooperate with each other to comply with any applicable securities
and/or other regulatory requirements with respect to this Agreement.

 

d.            Irrevocability.
Subject to the termination provisions hereunder, this Agreement and the Voting Trust created hereunder shall be irrevocable to the fullest extent
permitted by law.

 

e.            Governing
Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles
that would result in the application of any law other than the law of the State of Delaware.

 

f.            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

g.            Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

h.            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent
by electronic mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the
recipient’s next Business Day; (iii) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid; or (iv) one (1) Business Day after the Business Day of deposit with a nationally
recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications
to the parties hereto shall be sent to their respective addresses on their respective signature page.

 

i.            Amendments
and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement
may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent
of all of the parties; provided, however, that any provision hereof may be waived by any waiving party on such party’s
own behalf only, without the consent of any other party. No waivers of or exceptions to any term, condition, or provision of this
Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term,
condition, or provision.

 

j.            Severability.
In case any one (1) or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement,
and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable
to the maximum extent permitted by law.

 

    8

     

    

 

k.            Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and supersedes any other written or oral agreement relating to the subject matter hereof existing between
the parties.

 

l.            Dispute
Resolution. Each of the parties hereto (i) hereby irrevocably and unconditionally submits to the jurisdiction of the state
courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of
any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agrees not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District
Court for the District of Delaware, (iii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not
be enforced in or by such court and (iv) agrees to accept service of process when directed to such party at such party’s
notice address as set forth on the signature pages hereto in accordance with the provisions of Section 9(h). WAIVER OF
JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT
CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS
BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO
HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

m.            Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching
or non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

n.            Further
Assurances. Subject to the other provisions of this Agreement, from and after the Effective Date, the parties hereto covenant
and agree to execute and deliver all such documents and notices and to take all such further actions as may reasonably be required
from time to time to carry out the intent and purposes of this Agreement, and to consummate the transactions contemplated hereby.

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

IN WITNESS WHEREOF,
each party hereto has duly executed and delivered this Agreement as of the date first written above.

 

	 	
        HOLDER

         

         

        [MANAGER], on behalf of the Accounts listed on Annex A
        hereto.

	 	
         

         

	 	By	 
	 	 	
        Name:

        Title:

 

	 	Notice Address:
	 	 
	 	Street Address:
	 	City/State/Zip Code:
	 	Fax:
	 	Email:

 

[Signature
Page to Voting Trust Agreement]

 

    

     

    

 

IN WITNESS WHEREOF,
each party hereto has duly executed and delivered this Agreement as of the date first written above.

 

	 	
        COMPANY

         

         

        TELIGENT, INC.

	 	
         

         

	 	By	 
	 	 	
        Name: Timothy B. Sawyer

        Title: President and Chief Executive Officer

 

	 	Notice Address:
	 	 
	 	Street Address: 105 Lincoln Avenue, PO Box 687
	 	City/State/Zip Code: Buena, New Jersey 08310
	 	Attention:Philip K. Yachmetz, Chief LegalOfficer
	 	Email: pyachmetz@teligent.com

 

[Signature
Page to Voting Trust Agreement]

 

    

     

    

 

IN WITNESS WHEREOF,
each party hereto has duly executed and delivered this Agreement as of the date first written above.

 

	 	
        

        TRUSTEE

         

         

        Wilmington Savings Fund
        Society, FSB

	 	
         

         

	 	By	 
	 	 	
        Name:

        Title:

 

	 	Notice Address:
	 	 
	 	Street Address:
	 	City/State/Zip Code:
	 	Fax:
	 	Email:

 

[Signature
Page to Voting Trust Agreement]

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