Document:

Exhibit 10.53

 

HELIX
TCS, INC.

UNSECURED
CONVERTIBLE PROMISSORY NOTE

 

	Maximum Loan Amount:
    Up to $5,000,000	 	November
    15, 2019

 

FOR
VALUE RECEIVED, Helix TCS, Inc., a Delaware corporation (the “Company”),
hereby promises to pay in accordance with the terms of this Unsecured Convertible Promissory Note (this “Note”),
RSF4 II, LLC, a Delaware limited liability company, (together with any permitted successor holder hereof, the “Holder”),
the principal sum of up to Five Million Dollars ($5,000,000), or such lesser amounts as shall be extended by the Holder from time
to time in its sole and absolute discretion hereunder pursuant to the procedure set forth in Section 1(c) below and as
reflected on the attached Exhibit A under the heading “Funded Loan Amount” (as such Exhibit A
shall be amended from time to time), together with interest on the amount of each borrowing hereunder, accruing from the
date of the applicable borrowing at a per annum rate of 12.00%, compounded annually on the basis of a 360-day year. Payments of
accrued interest shall be made quarterly commencing March 31, 2020, and continuing on each such calendar quarter thereafter through
the Maturity Date. As of the date of this Note, the aggregate amount of proceeds loaned to the Company in exchange for this Note
(the “Funded Loan Amount”) is $325,000. For the avoidance of doubt, any future borrowing or borrowings
pursuant to this Note shall (i) not exceed the Maximum Loan Amount and (ii) be subject to the approval of the Holder, in its sole
and absolute discretion.

 

The
outstanding principal of, and accrued interest on, this Note shall be due and payable, subject to Section 2 hereof, on
November 15, 2021 (the “Maturity Date”).

 

The
Company shall pay all outstanding principal of, and accrued interest on, this Note by wire transfer of immediately available funds
denominated in United States Dollars.

 

1. Use of Proceeds; Restrictions on Debt; Future Borrowings.

 

(a) 
Unless expressly permitted in writing by the Holder, the Company will use the proceeds of this Note solely for the uses (within
the budgeted amounts) set forth on Exhibit B hereto (as such Exhibit B shall be amended from time
to time in connection with any future borrowing or borrowings pursuant to this Note).

 

     

     

    

 

(b) The Company will not incur any liability or obligation with respect to indebtedness which is senior to or pari passu
with the obligations hereunder (i.e., any future indebtedness of the Company must be contractually subordinate to the obligations
hereunder and, prior to the incurrence of any such indebtedness, the Company shall cause any such future lender to execute and
deliver to the Holder a subordination agreement in form and substance reasonably satisfactory to the Holder). 

 

(c) In order to request additional advances under this Note, the Company must provide a written request for such advance to the
Holder no less than 10 days’ prior to the requested advance date. Such written request must include the proposed
date of the requested advance and the amount of the advance.

 

2. 
Conversion. Notwithstanding anything in this Note to the contrary, if, prior
to the Maturity Date, the Company consummates:

  

(a) a third party equity financing (which, for the avoidance of doubt, shall include a financing lead by Rose Capital Fund I,
LP or any affiliate thereof) transaction pursuant to which the Company receives (either individually, or collectively in the aggregate,
in a singular transaction or in a series of transactions) at least $5,000,000 of proceeds (a “Qualified Equity Financing”),
concurrent with the closing of such Qualified Equity Financing, the outstanding principal balance of, and the accrued but unpaid
interest on, this Note (the “Note Value”) as of the date of such closing shall automatically convert
into Conversion Shares at a price per share equal to 75% of the price per share paid by the other purchasers of the Conversion
Shares issued in such Qualified Equity Financing; or

 

(b)
(i) a sale or transfer of all or substantially all of the assets of the Company or (ii) a sale or transfer (whether by merger,
consolidation or otherwise) of the Company’s capital stock if such sale or transfer results, directly or indirectly, in
a change in ownership or control of more than 50% of the outstanding voting securities of the Company (each such transaction described
in the foregoing clauses (i)-(ii), a “Company Sale”), immediately prior to the closing of such Company
Sale, the Note Value shall automatically convert into a number of Conversion Shares equal to the quotient obtained by dividing
the Note Value as of the date of such conversion by the Conversion Price. For purposes of this Section 2(b), “Conversion
Price” shall mean the quotient resulting from dividing 75% of the Company’s enterprise value (as determined
in connection with such Company Sale) by the aggregate number of issued and outstanding equity interests of the Company (determined
on a fully-diluted basis) as of immediately prior to such conversion.

 

For
purposes of this Note, “Conversion Shares” shall mean, in the case of clause (a) above, the equity interests
in the Company issued in connection with a Qualified Equity Financing, and, in the case of clause (b) above, the equity interests
in the Company at the time of such Company Sale.

 

For
the avoidance of doubt, an otherwise qualifying equity financing lead by Rose Capital Fund I, LP, or any affiliate thereof, shall
constitute a Qualified Equity Financing.

 

3.
Conversion At Maturity. If at the Maturity Date, (a) a conversion has not occurred
pursuant to Section 2 above, and (b) the Company does not have sufficient cash on hand to repay the Note Value, then the
Note Value shall convert into shares of common stock of the Company at 70% of the average of the five lowest daily VWAPs of the
Company’s common stock during the 15 consecutive trading days prior to the Maturity Date.

 

4.
Mechanics of Conversion. Upon conversion of this Note as provided above, the
Company, shall promptly issue the Holder one or more certificates in the Holder’s name for the number of Conversion Shares
to which the Holder is entitled by reason of such conversion. Upon issuance of such certificates, this Note shall be deemed cancelled
and fully paid with no need for surrender hereof. 

 

5.
Fully Paid Stock; Taxes. The Company agrees that the securities represented
by each and every certificate for Conversion Shares delivered on the conversion of this Note shall, at the time of such delivery,
be validly issued and outstanding, fully paid and non-assessable. The Company further covenants and agrees that it will pay, when
due and payable, all federal and state stamp, original issue or similar taxes, if any, which are payable in respect of the issuance
of this Note and/or any Conversion Shares or certificates therefor.

 

6.
Reservation of Shares. The Company shall at all times reserve and keep available
out of its authorized but unissued capital stock, for the purpose of effecting the conversion in Section 2 above, such
number of its duly authorized shares of capital stock as shall from time to time be sufficient to effect such conversion; and
if at any time the number of authorized but unissued shares of capital stock of the Company shall not be sufficient to effect
such conversion, the Company shall take such corporate action as may be necessary to increase its authorized but unissued shares
of capital stock to such number of shares as shall be sufficient for such purposes, including, without limitation, obtaining the
requisite stockholder approval of any necessary amendment to the Company’s certificate of incorporation.

 

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7. 
Representations and Warranties of the Company. The Company hereby represents
and warrants to the Holder as of the date hereof as follows:

 

(a)
the Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware
and has the requisite power and authority, and the legal right, to own, lease and operate its properties and assets and to conduct
its business as it is now being conducted;

 

(b) the Company has the power and authority, and the legal right, to execute and deliver this Note and to perform its obligations
hereunder;

 

(c) the execution and delivery of this Note by the Company and the performance of its obligations hereunder have been duly authorized
by all necessary corporate action in accordance with all applicable laws;

 

(d) this Note, when executed and delivered by the Company and the Holder, will constitute the legal and binding obligation of
the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium or other similar laws not in effect or hereafter in effect generally relating to or affecting creditors’ rights
and general principles of equity;

 

(e) no consent or authorization of, filing with, or notice to or other act by, or in respect of, any governmental authority is
required in order for the Company to execute, deliver, or perform any of its obligations under this Note; 

 

(f) the execution and delivery of this Note and the consummation by the Company of the transactions contemplated hereby do not
and will not violate any provision of the Company’s organizational documents or any law or governmental order applicable
to the Company; 

 

(g)
except as set forth on Schedule 6(g), the Company has complied with and is in compliance in all material respects with
all applicable laws and the Company is not party to any (i) action, suit, claim, proceeding or investigation pending or threatened,
(ii) arbitration proceeding, (iii) governmental inquiry, audit or investigation which is pending or, to the knowledge of the Company,
threatened, or (iv) settlement agreement; 

 

(h) except as set forth on Schedule 6(h), the Company does not have any obligation (including any guarantee) for any indebtedness
which is senior to or pari passu with the obligations hereunder; 

 

(i) except as set forth on Schedule 6(i), the Company has good and marketable title in all of its properties and assets
(whether tangible or intangible), free and clear of all liens; 

 

(j) the Company (and not any other affiliated entity or related entity) owns all the assets, properties and rights, whether tangible
or intangible necessary for the conduct of the business of the Company as presently conducted and no other affiliated entity or
related entity is utilized to conduct such business; and 

 

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(k)
the Company has (i) filed on a timely basis all material tax returns required to be filed on or before the date hereof pursuant
to all applicable laws, and (ii) has paid, or established a reasonable reserve set forth on its financial statements for all taxes
due and payable. 

 

8.
Prepayment. The Company may not prepay all or any part of this Note without
the prior written consent of the Holder. 

 

9.
Replacement of Note. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Note, and of indemnity in form and amount reasonably satisfactory
to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Note, if mutilated, and upon reimbursement
of the Company’s reasonable incidental expenses, the Company shall execute and deliver to the Holder a new note of like
date, tenor and denomination.

 

10. Events of Default. Upon the occurrence of any of the following events (each,
an “Event of Default”), the Company shall be in default hereunder, and the Holder may immediately accelerate
payment of the unpaid principal of this Note, together with all accrued and unpaid interest, upon written notice to the Company:

 

(a)
the Company fails to pay the principal of, and interest on, this Note when due, whether by conversion or payment of money
as hereinabove provided;

 

(b)
the Company is the debtor in a bankruptcy, receivership, “Chapter 11” or other insolvency proceeding, is
generally unable to pay its debts when due, or makes an assignment for the benefit of creditors;

 

(c) the Company violates any other covenant, agreement or condition contained in this Note, which violation to the extent curable
has not been cured to the reasonable satisfaction of the Holder within 20 days after the Company’s receipt of written notice
of any such default from the Holder specifying such violation; and/or 

 

(d) the Company is liquidated, dissolved or ceases to operate its business. 

 

Upon
the occurrence of an Event of Default or an event that, with notice or lapse of time or both, would reasonably be expected to
result in an Event of Default, the Company shall immediately give notice thereof to the Holder, specifying the nature of the Event
of Default. Upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount hereof shall
bear interest at the rate of 20.00% per annum, retroactive to the date such Event of Default occurred.

 

11. Exercise of Remedies. Upon the occurrence and during the continuance of any
Event of Default, the Holder shall be entitled to exercise and enforce all rights and remedies available to the Holder under this
Note. 

 

12. Miscellaneous.

 

(a)
This Note will be a contract made under and governed by the internal laws of the state of New York applicable to contracts
made and to be performed entirely within that state, without regard to conflict of laws principles.

 

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(b) Each of the Company and Holder irrevocably and unconditionally agree that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the other, in any way
relating to this Note or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York,
and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, and each
of the parties hereto irrevocably and unconditionally submits to the jurisdiction of those courts and agrees that all claims in
respect of any action, litigation or proceeding may be heard and determined in the New York State court in New York County or,
to the fullest extent permitted by applicable law, in the federal court. The Company and Holder each agree that a final judgment
in any action, litigation or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Note will affect any right that Holder or the Company may otherwise have
to bring any action or proceeding relating to this Note against the other or its properties in the courts of any other jurisdiction.
The Company and Holder each irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in
any court referred to in this Section 12(b). The Company and Holder each hereby irrevocably waive, to the fullest extent
permitted by applicable law, the defense of an inconvenient forum to the maintenance of the action or proceeding in the indicated
court.

 

(c) The Company waives presentment for payment, demand, notice of non-payment, notice of protest or protest of this Note (except
as otherwise provided herein), and the Holder’s diligence in collection or bringing suit and hereby consents to any and
all extensions of time, renewals, waivers or modifications as may be granted by the Holder with respect to payment or any other
provisions of this Note. If any amount due under this Note is not paid at the earlier of (i) the due date hereunder or (ii) at
acceleration of maturity as herein provided and is placed in the hands of an attorney for collection, or if it is collected through
bankruptcy, probate or other court after maturity or the acceleration thereof, the Company shall pay all reasonable attorneys’
fees and collection costs of Holder incurred with respect to the collection of amounts due under this Note promptly on the demand
of Holder.

 

(d) Acceptance by the Holder of any payment in an amount less than the amount then due shall be deemed an acceptance on account
only, and the Company’s failure to pay the entire amount then due shall be and continue to be a default. Upon the occurrence
of any default, neither the failure of the Holder promptly to exercise its right to declare the outstanding principal and accrued
unpaid interest hereunder to be immediately due and payable, nor the failure of the Holder to demand strict performance of any
other obligation of the Company hereunder, shall constitute a waiver of any such rights, nor a waiver of such rights in connection
with any future default on the part of the Company hereunder.

 

(e) This Note may be amended only with the written consent of the Company and the Holder. 

 

(f) Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Note.

 

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The
Company has duly executed this Unsecured Convertible Promissory Note as of the date first set forth above. 

 

	 	Helix
    TCS, Inc.
	 	 	 
	 	By:	 
	 	Name:	Zachary
    Venegas
	 	Title:	CEO
    and Executive Chairman

 

	Accepted
    and Agreed:	 
	 	 	 
	RSF4
    II, LLC	 
	 	 
	By:
    	Rose
    Management Group LLC, its manager	 
	 	 	 
	By:	 	 
	Name:
    	Andrew
    Schweibold	 
	Title:
    	Member	 
	 	 	 
	By:	 	 
	Name:
    	Jonathan
    Rosenthal	 
	Title:
    	Member	 

 

 

6Exhibit 10.1

 

THE EXCHANGE CONTEMPLATED HEREIN IS INTENDED
TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

EXCHANGE AGREEMENT

This Exchange Agreement
(this “Agreement”) is entered into as of November 21, 2019 by and between Iliad Research and Trading, L.P.,
a Utah limited partnership (“Lender”), and Inpixon, a Nevada corporation (“Borrower” or the
“Company”). Capitalized terms used in this Agreement without definition shall have the meanings given to them
in the Original Note (defined below).

A.       Borrower
previously sold and issued to Lender that certain Promissory Note dated December 21, 2018, as amended (the “Original Note”),
in the original principal amount of $1,895,000.00 pursuant to that certain Note Purchase Agreement dated December 21, 2018 by and
between Lender and Borrower, as amended (the “Purchase Agreement,” and together with the Original Note and all
other documents entered into in conjunction therewith, the “Transaction Documents”).

B.       Subject
to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the form of the Original Note
(the “Partitioned Note”) in the original principal amount of $150,000.00 (“Exchange Amount”)
from the Original Note and then cause the outstanding balance of the Original Note to be reduced by an amount equal to the Exchange
Amount, which represents the total outstanding balance of the Partitioned Note.

C.       Borrower
and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 3,000,000 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”,
and such 3,000,000 shares of Common Stock, the “Exchange Shares”), at an effective price per Exchange Share
equal to $0.05, according to the terms and conditions of this Agreement.

D.       The
Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend. Other than the surrender of the Partitioned Note, no consideration of any kind whatsoever
shall be given by Lender to Borrower in connection with this Agreement.

E.       Lender
and Borrower have agreed to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

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

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

     

     

    

2.       Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Original Note.
Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall remain in full force and
effect, provided that the outstanding balance of the Original Note shall be reduced by an amount equal to the Exchange Amount.

3.       Issuance
of Exchange Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender
on or before November 22, 2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the
Free Trading Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of
Borrower under the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC
to Lender’s designated brokerage account. Borrower agrees to provide all necessary cooperation or assistance that may be
required to cause all Exchange Shares delivered hereunder to become Free Trading (the first date such occurs, the “Free
Trading Date”). For purposes hereof, the term “Free Trading” means that (a) the Exchange Shares have
been cleared and approved for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm
servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing Lender’s brokerage firm
and have been deposited into such clearing firm’s account for the benefit of Lender.

4.       Closing.
The closing of the transactions contemplated hereby (the “Closing”) along with the delivery of the Exchange
Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of
..pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

5.       Holding
Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the
Partitioned Note and the Exchange Shares will include Lender’s holding period of the Original Note from December 21, 2018,
as amended or modified pursuant to that certain Global Amendment, dated February 8, 2019. Borrower agrees not to take a position
contrary to this Section 5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to issue
the Exchange Shares without restriction, and not containing any restrictive legend without the need for any action by Lender; provided
that the applicable holding period has been met. In furtherance thereof, at the Closing, counsel to Lender may, in its sole discretion,
provide an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions;
and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with the requirements
of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange Shares are being
issued in substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute
a novation or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that the representations and
agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated
herein.

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6.       Representations,
Warranties and Agreements.

(a)       Borrower
Representations, Warranties and Agreement. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default that may have occurred
thereunder have not been, and are not hereby, waived by Lender, (d) except as specifically set forth herein, nothing herein shall
in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Original Note, (e) the issuance
of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares, when issued in accordance
with the terms hereof, will be validly issued, fully paid and non-assessable, free and clear of all taxes, liens, claims, pledges,
mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature and description, (f) Borrower has
not received any consideration in any form whatsoever for issuing the Exchange Shares, other than the surrender of the Partitioned
Note, and (g) Borrower has taken no action which would give rise to any claim by any person for a brokerage commission, placement
agent or finder’s fee or other similar payment by Borrower related to this Agreement.

(b)       Lender
Representations Warranties and Agreement. In order to induce the Company to enter into this Agreement, Lender for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Lender hereunder, (c) the Lender understands that the Exchange Shares are being offered and exchanged in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and the Lender’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Lender set forth herein and in the Exchange Documents in order to determine the availability of such
exemptions and the eligibility of the Lender to acquire the Exchange Shares, (d) the Lender understands that no United States federal
or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the the
Partitioned Note or the Exchange Shares or the fairness or suitability of the investment in the Partitioned Note or the Exchange
Shares nor have such authorities passed upon or endorsed the merits of the offering of the Partitioned Note or the Exchange Shares,
(e) the Lender is acquiring the Partitioned Note in the ordinary course of its business, the Lender has such knowledge, sophistication,
and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective investment
in the Partitioned Note and Exchange Shares and has so evaluated the merits and risk of such investment and the Lender is an “accredited
investor” as defined in Regulation D under the Securities Act, (f) the Lender owns the Original Note free and clear of any
liens, (g) the Lender shall not sell, purchase, trade or otherwise dispose of or acquire any shares of Common Stock or other securities
of the Company until a Current Report on Form 8-K disclosing the transactions contemplated hereunder is filed with the U.S. Securities
and Exchange Commission, which shall be filed no later than 5:30pm EST as of the date hereof, (h) the issuance of the Exchange
Shares shall not result in the Lender beneficially owning a number of shares of Common Stock, when aggregated with any other shares
of Common Stock beneficially owned at such time, that would result in the Lender beneficially owning (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder) more than 4.99% of
all of the issued and outstanding shares of Common Stock and (i) the Lender understands that this Agreement does not constitute
an admission of liability by any party, including any admission of default under the Transaction
Documents.

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7.       Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

8.       Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

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

10.       Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore
be entitled to an additional award of the full amount of the attorneys’ fees and expenses  paid by such prevailing party
in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon the individual claims
or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or impair an arbitrator’s or
a court’s power to award fees and expenses for frivolous or bad faith pleading.

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11.       No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

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

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

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

15.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder
may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign this
Agreement or any of its obligations herein without the prior written consent of Lender.

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

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

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

    5 

     

    

 

19.       Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    6 

     

    

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

	 	COMPANY:
	 	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/ Nadir Ali
	 	Name:	Nadir Ali
	 	Title:	CEO
	 	 	 
	 	LENDER:
	 	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 	 
	 	By: 	Iliad Management, LLC, its
	 	 	General Partner
	 	 	 
	 	By: 	Fife Trading, Inc., its Manager
	 	 	 
	 	 	 
	 	   By: 	/s/ John M. Fife
	 	 	 John M. Fife, President

 

 

 

[Signature Page to Exchange Agreement]

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